New Delhi: In a move aimed at combating black money stashed abroad, India signed an agreement with Switzerland Thursday that would allow automatic sharing of tax-related information from January 1 next year, the CBDT said.

"With the completion of the parliamentary procedure in Switzerland and signing of mutual agreement, India and Switzerland are set for automatic exchange of information for the period beginning from January 1, 2018," the Central Board of Direct Taxes (CBDT) said.

To create ‘service differentiation’ in the highly exclusive luxury performance segment, India’s largest luxury car manufacturer Mercedes-Benz inaugurated its first dedicated AMG Service Bay at the AMG Performance Centre, Pune, on Thursday. “The dedicated AMG service bay will offer personalised, prioritised servicing at the shortest turnaround time. Only trained manpower from Mercedes-Benz Academy will be working on the AMG and Specialty cars, using AMG special tools recommended by Mercedes-Benz.

Maruti Suzuki India chairman and chief executive RC Bhargava said on Thursday that the company is committed to meeting its target of delivering its first electric vehicle (EV) by 2020. However, while the government has an ambitious plan to have an all-EV market by 2030, Bhargava believes that only some 14.4 million of the 71 million cars to be sold by 2030 would be EVs. A survey of the potential EV market, commissioned by Maruti, will start in another two-three weeks and will conclude by February 2018.

Coal India subsidiaries have finally issued electronic letters of intent for supplies of 27 million tonnes of coal annually for 25 years to 10 companies that won them through an e-auction on discounts offered over their existing tariffs.

It is expected to soon fire up 9,000 MW of thermal capacity that has been languishing due to want of coal while consumers can save close to Rs 126 crore every year.

NEW DELHI: Fresh restrictions on work visas for technology workers proposed by the Trump administration are set to further exacerbate difficulties faced by Indian outsourcing companies. The proposed regulations — like the HR 170 — as well as the doubling of visa fees announced earlier, have increased the burden on local technology firms placing them at a disadvantage compared to overseas rivals, according to a software industry lobby.

"The US government's immigration policy is creating an artificial distinction between one company and another," said R Chandrashekhar, president of the National Association for Software and Services Companies.

In what is the biggest-ever outsourcing deal for an Indian IT company so far, Tata Consultancy Services (TCS) has bagged a mega $2.25-billion contract by Nielsen, a television rating management firm.

The new deal assures $320 million worth of business annually for the Mumbai IT giant., from 2017 to 2020. Prospective annual revenue from 2021 till 2024 is being seen at $186 million, and at $139.5 million in 2025.

Bitcoin has yet to redefine the global payments system. But it could raise questions about how to define a bear market.

Stock strategists — and financial journalists — typically use a 20 per cent tumble from a high as the trigger for calling a bear market. Bitcoin at one point on Wednesday met that description, according to Bloomberg’s composite price. The low for the day was 20 per cent below the record, set way back on Monday.

Lenders to Reliance Communications (RCom) discussed the bids the firm has received for the sale of assets and conversion of part debt into equity to avert the provisioning burden if the asset were to turn bad at the at the joint lenders’ forum (JLF) on Wednesday. The JLF meeting will continue on Friday.

Senior public sector bankers said though the firm was trying to sell some assets to repay loans and clear bank dues, no decision has been taken so far.

Air India's operational profit rose to Rs 215 crore and net losses narrowed to Rs 3,643 crore in 2016-17, according to the government.

To revive the loss-making national carrier, the government is working on the modalities for its strategic disinvestment while Ernst & Young LLP has been appointed as the transaction advisor.

Pakistan army chief General Qamar Javed Bajwa has urged the country’s lawmakers to improve relations with India and has assured that the military would back the civilian government‘s initiative for normalisation of relations with New Delhi.

His statement came at a rare briefing to Pakistan's Senate on security situation and regional issues on December 19.

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