The government on Tuesday proposed to retain the income-tax exemption for up to Rs 1.5 lakh paid as interest on housing loans in a year, a step that brings cheers back to home loan borrowers.

The Company Law Board (CLB) on Tuesday asked the Union corporate affairs ministry to submit its reply within 15 days on the plea of Mahindra Satyam seeking time till September 30 to file its financial accounts from 2008 to 2010.

Giving relief to the working class, the government has decided not to tax withdrawals from provident funds, pension schemes and life insurance schemes in the revised draft Direct Taxes Code (DTC) released on Tuesday.

Seeking to contain runaway inflation, the Reserve Bank of India on Tuesday said that it may take action even before the scheduled monetary policy review next month, a move that could result in higher interest rate.

As it bets on a good monsoon for food prices to ease, the government on Wednesday said the Reserve Bank will consider appropriate policy actions to tighten money supply to bring down inflation.

Union human resource development minister Kapil Sibal’s pet project, which was successfully scuttled by the UPA-1 HRD minister, Mr Arjun Singh, is all set to be cleared by the Union Cabinet. After years of delay and politics, Council for Scientific and Industrial Research (CSIR) is soon likely to be accorded the status of a university.
“The Cabinet note seeking approval for the university is likely to be taken up for discussion in the next few days,” sources added.

Passengers on board an Air India (domestic) flight had a narrow escape when a rear tyre of the aircraft got deflated after landing at the New Delhi IGI airport on Tuesday morning. The aircraft, which had flown on the Mumbai-Indore-Bhopal-Delhi sector, landed at Delhi and then taxied down when ground staff noted sparks from the tyre.

“I would like to stay here and continue my studies” replied a 16-year-old boy — caught in the crossfire of inter-continental marital dispute between his parents — to lawyers’ queries in the Supreme Court.

The UPA government is all set to showcase the start of the construction of the strategic Rohtang tunnel later this month as the fulfilment of the dream of former Prime Minister Rajiv Gandhi. Following clearance from the Cabinet Committee on Security (CCS) for the project at a cost of about Rs 1,500 crore, UPA chairperson Sonia

The government has decided to deploy Central security forces to remove the blockade of the national highways that form the vital supply line to Manipur, setting Friday as the deadline for the Naga groups to end the blockade. “If they don’t withdraw the blockade, we will move a convoy of goods trucks on Friday with tight security,” a government official said on Tuesday.