Keeping with his promise, Finance Minister Pranab Mukherjee has tabled the white paper on black money in Lok Sabha House of Parliament on Monday for giving the detail regarding black money parked abroad.

Last week during a debate on the Finance Bill, Mukherjee promising to bring the White Paper in the on-going Budget Session and said, “I will try to give all the relevant and possible information.”

Being accused the govt, BJP claimed to pace slowly on the black money probe and also said that the White paper does not contain all the information about the unaccounted for money lying overseas.

However the expert committees that appointed by the government in May 2011, under the chairmanship of Central Board of Direct Taxes (CBDT) are expected to submit their reports in July or August.

“In respect of estimates of black money, three institutions are studying it independently and they will give their reports at the end of an 18-month period, and that period is coming to a close around July or August,” Mukherjee had said last week.

According to source, it has been said in the white paper that a multi-pronged strategy, however, is needed to deal with generation and transfer of black money abroad.

Main focus is on the real estate and gold jewellery and bullion sectors along with the manufacturing sector where the largest chunk of unaccounted money flows are forwarded.

Yielding “good results”, the govt. may provide tax incentives on use of debit/credit card as it leaves audit trail and by proper planning, committee has tried to tackle the problem of black money.

In bad fall down in the India’s business sector, International Euro Crisis put its affect on rupee, weaken it.

For Indian govt the steep fall in the rupee was a matter of great concern and the Centre was trying to resolve the situation, said by Finance minister Pranab Mukherjee on Sunday.

In front of media, Minister claimed, “This is due to the Eurozone crisis” that rupee has fallen sharply. He added, emerging markets such as Brazil were also experiencing a currency crisis.

As per him, the government is all rime keeping a straight watch on situation. “It is a matter of great concern. We are watching the situation. The Centre is not (sitting) idle. We are trying to resolve (the issue),” he added.

At Friday trading, threat was to falling down the value of rupee as it sharply fell to 54.91 against the dollar, hitting the doors of Eurozone worries.

From past few days, Indian currency value has been depreciated against dollar in the foreign exchange market

However as per analysts and investors, American dollar appreciated because of high demand from importers especially oil refiners with seeking effort to further strong dollar value, caused the steep fall of rupee.

The national airline Air India’s financial position seems to be falling down as causing a loss of Rs 200 crore by 13 days long agitation of AI pilots in protest against management, AI also has piled up about Rs 454 crore of tax dues.

“The total service tax dues of Air India are Rs 395 crore. We will recover interest at the rate of 15 per cent. Once the capital infusion happens, the company will repay the dues,” airline official sources told reporters.

In December, 2011, 11 AI accounts had frozen by the Central Board of Excise and Customs (CBEC) because of non payment of service taxes and debts.

However payment of partial dues had settled the situation, while once again situation is back. But the airline promised to clear all its dues along with 15 % tax very soon as Rs 30,000 crore equity infusion from the government is received.

Such capital infusion will offer under a financial restructuring plan that was approved by government last month that over with a nine-year period.

This is not end; even more pressure is set to for Air India management. An action to boycott AI has been set by the International Federation of Air Line Pilots’ Association.

In a written statement, Association called the Indian Pilots Guild union to left out from Air India in protest.

Ringing international support to union, Captain Anil Rao, Joint Secretary, IPG, said, “At domestic level we have support, now we have international support. Hope management would understand and come forward.”

AI management’s fate is seeking a right track to move, because International action against it will raise more troubles for the debt ridden airline that removed with end of strike.

Facebook’s IPO did not mark the stock market as per investors’ expectation, but on the first day of trading company shares end on a low of $38.23 and raised as much as $18.4 billion in one of the biggest initial public offerings in U.S. history.

The eight-year-old social network site’s share value rose up 11 per cent and rose to $45 in starting and after that fall down at $38.23, 16% above the company’s initial pricing of $38.

There was a delay of about half an hour due to a technical glitch for Facebook to debut on the Nasdaq exchange on the first day of trading that drove up anxiety levels.

Source said that while asking about delay, the Nasdaq later said it intended to reach a resolution for orders entered in that period through an “offline matching process”.

However after normal processing of trading, more than 566 million shares in the company changed hands, a record volume for US market debuts.

Later as rang Nasdaq’s opening bell, Mark Zuckerberg, the world’s largest shareholder and his team at Facebook appeared in front of fanfare via a video link from a celebration at the company’s Menlo Park headquarters in California.

The No.1 social networking site, Facebook is trading at 108 times its earnings in the 12 months through March, 18 times more for Google, the major rival in part of advertising revenue.

With the $38 share price the company has a market capitalisation of $104.81 billion, but one reason that make it far away from most expensive site – for each users how much value of it in the market places. Although Google went public in 2004, but still values at $172 and seven times higher to make $35 in revenue for each user.

Meanwhile, the market may be not as per Facebook at the first-day of trading, that’s why Facebook lost its investors’ expected level of producing enormous profits of $105 billion. Though company worth is less than expected, around $ 25 billions, but there is more expectation for a very long time.

Telecom Company, Bharti Airtel, providing 3G services across 21 telecom service recently said to offer 70 % cut prices of its third-generation 3G mobile data services under some plans, in wake of a direct move to boost usage of the services in the country which allow faster Internet on phones and video calls.

This price slash move that may change market dynamics also brought by leading mobile phone companies that have announced mobile tariffs could go up by 100% if the government accepts Trai’s proposals.

“Volume based browsing rate on 3G down from 10 paise per 10kb to 3 paise per 10 Kb. This will be applicable for 3G non-pack users with effect from May 17, 2012,” the company said.

As per plan, It has raised data download on existing plans. The special tariff for pre-paid users will starting at Rs 10, providing 30 minutes of internet access on its 3G network with validity of 1 day.

Airtel 3G pre-paid users can also buy 3G high speed Internet service starting Rs 45 for 150 MB for 7 days to Rs 1,500 for 10 Gigabit (GB) to be used for 30 days.

However presently, the company offers 1GB internet usage to its pre- paid users for Rs 98 which is valid for 30 days. Reducing the price for 3G data services on video calls and internet on mobile phones, the company offers plan for those who have not subscribed for 3G service under any special offer and want to use high speed Internet as per their need.

Source said, the company also launched additional data usage plans called smartbytes by which postpaid users can purchase 200 MB of data download capacity for 80 and 1 GB can be bought for Rs 300.

Airtel’s slash 3G rates move will set off new battles in the 3G space even and surely followed by its primary competitors in the GSM space – Vodafone Essar and Idea Cellular soon.

The company has got 3G service in 2010 and since then, it has about 9 million customers who use this facility, but only 25% of these are active data subscribers.

India’s top mobile phone operator Bharti Airtel, earlier has charged under ED scanner for money laundering, announced its partnership with Axis Bank to offer Airtel mCommerce banking and payment services to India’s customers.

Introducing its subsidiary’s plan, the company said, “No-frills savings account of Axis Bank will be opened for customers on the Airtel Money platform called Airtel Money Super Account powered by Axis Bank, offering customers banking transactions, including cash deposit, money transfer and withdrawal.”

Source said, IT giant Infosys is the technology innovation partner for the service.

Through this platform, the joint partners will offer micro-recurring deposits, micro-fixed deposits, small loans and micro-insurance products services, securing customer’s account with financial inclusion and interest on savings.

“The all-new service acts as a no-frills bank account that comes with remittance capabilities which empower customers to send money, withdraw cash from the nearby designated Airtel Money outlets, keep money safe and even enjoy interest on savings through their mobile device,” Sanjay Kapoor, chief executive officer (India and South Asia), Bharti Airtel told reporters while announcing services.

Facebook, the world’s most liking social networking site, record 900 millions active users, has strong demand by big money managers to be a part in the biggest Internet IPO in history.

As seeking more money scope, Facebook has set its IPO at least $16 billion for the company by selling 421.2 million shares and its early investors in a transaction that values Facebook at $104 billion.

On Thursday, Facebook raised its initial public offering of stock at $38 per share that makes a market value of US$104 billion, more than of Amazon and half that of Google’s.

A big windfall for eight years old company is outcome of a year’s worth of Internet IPOs that began last May with trailblazer LinkedIn Corp, source reported, after that site of web have gone public with success.

Talking to reporters, Nick Einhorn, research analyst at IPO investment advisory firm Renaissance Capital said,”They could have gone public in 2009 at a much lower price,” adding, “They waited as long as they could to go public, so it makes sense that it’s a very large offering.”

With $16 billion U.S. IPO, Facebook is being the third-largest valued company to ever go public that more than 10 times of Google’s IPO raised in 2004 and the largest U.S. IPO of all time, Visa which raised $17.86 billion in 2008, according to data compiled by Renaissance Capital.

Recently, the company raised its price to US$38 a share to get more money to build on the features and services it offers and now big insiders’ investors or the banks will sell the stock to their clients at this price. As per source said, an early investor, who took a chance seeding the young social network with start-up funds six, seven and eight years ago, can reap big rewards.

Facebook’s IPO is shaping up at this time, but something is also went wrong as General Motors decided to stop US$10 million worth of Facebook advertising.

Last month also site reported slow growth while it acknowledged that as of yet it has no way to make money from its biggest growth area–mobile.

All in all, every company go with success after hurdling with several problems and this time same done with Facebook’s CEO Mark Zuckerberg who is of 28, one of the world’s youngest billionaires, but counted the late Apple CEO Steve Jobs among his mentors. Although, he is selling about 30 million shares, but still will remain Facebook’s largest shareholder.

Seeking debt demand of 3 states- West Bengal, Punjab and Kerala, Finance minister Pranab Mukherjee favored Bengal to firstly fulfill their demands for a debt package.

On Wednesday over the discussion on the Finance Bill, he said that however packages would be offer to Bengal but not restricted to be just one state. A comprehensive package could be for two other debt-ridden states — Punjab and Kerala, source reported.

Stating a statement in his speech, Mukherjee said that a team of officers have been appointed by the govt. that inspects this aspect. Also Chief Ministers of 3 states have met the Prime Minister Manmohan Singh for discussion so that a valid result would be out.

“I come from West Bengal, I represent the state…naturally I have an obligation to that. But as federal Finance Minister, I have equal responsibility for all the 28 states,” he added.

Source said, while debate on amend the Income Tax Act retrospectively issue, Mukherjee said Vodafone representatives knew the situation and he was telling them that India was not a tax haven.

Asking about weaken rupees situation, he said, “Yes, I want foreign exchange. But for that, I would not like to convert India into Cayman Island or Isle of Man. India will have to be a country which honours its international commitment. At the same time, we will have the legitimate tax demands.”

Air Indian national airline has to pay a lot for 8 days the agitation by over 200 pilots of the Indian Pilots Guild as result of cancellation of flight operations, sacked pilots, ticket cancellations and unused labour have cost AI more than Rs.150 crore , an official source said Monday.

On the eighth day following the cancellation of 24 more flights on Tuesday, no sign offend of the woes of the passengers have to be seen.

The bookings on some of its long-haul routes such as North America and Europe has stopped till May 15, following canceling more than 15 flights per day to the US, Europe, and some other destinations like Shanghai, Hong Kong and Singapore, according to source.

“Within two or three days” the airline is planned to implement the contingency plan in wake of a minimum guaranteed international operation.

After Supreme Court order, Government refused to talk with the agitating pilots, though earlier pilots said they were ready to hold talks. Calling AI pilots’ stir “meaningless”, the government has said that after pilots resumed their work then there will be any negotiations.

An emergency meeting of AI’s five independent directors has called for discussing the management’s decision to sack pilots and deframed the Indian Pilots Guild (IPG) union.

Source said, the AI Board endorsed the stand taken by the management in terminating the services of 71 striking pilots.

Following the Turnaround Plan, Air India said a statement, “As per the plan approved by the government, Air India plans to monetize Rs. 5,000 crore over 10 years to support its Financial Restructuring Plan at an average of Rs. 500 crore per year.”

However the Executive Pilots Association comes ahead in support of the pilots, suggesting the management to take back all the sacked pilots. But civil aviation minister Ajit Singh clearly said, pilots have to first withdraw their strike for negotiations to be held.

Moreover, troubles for airline have not ground to be little as it has to follow the Supreme Court and Delhi High Court for hearing of petitions. Earlier the Indian Commercial Pilots Association (ICPA), the union of erstwhile Indian Airlines pilots has filled the special leave petition (SLP) in the Court.

In yet, big controversial fact in telecom sector is of Telecom Regulatory Authority of India [TRAI] proposed spectrum auction related reserve price issue.

From all corners, a huge pressure come up to TRAI regulator, but being stand with its recommendation of high base price, TRAI on Sunday agreed to gave relief in the reserve price of CDMA spectrum, not for GSM.

Proposing concession to telecom operators over CDMA spectrum’s reserved price in the 800 Mhz frequency band to 1.3 times the 1800 MHz band reserve price, now a telecom operator have to pay Rs 23,530 crore instead of around Rs 36,200 crore in bidding of spectrum.

Clarifying that this relief will only be for those states where airwaves less than 5 MHz are available for auction, the regulator said, “The Authority would be open to the Government fixing the Reserve price of 800 MHz spectrum at 1.3 times the 1800 MHz reserve price. This is only where 5 MHz spectrum is not being made available.”

This move will be significant for CDMA spectrum-holders Reliance Communications, Tata Teleservices and Sistema Shyam as TRAI also increased the spectrum usage charge from 1 %to 3% of the telcos’ gross revenues, in wake to hike savings with “37% payment of the total amount of the renewal fees by the entire industry”.

Maintaining single auction for all, TRAI strongly rejected for making any change in it’s reserve price recommendation for GSM that is of 3,622 crore per unit pan-India spectrum for 1800 Mhz band, along with re-farming the 900MHz and 800MHz bands those price has double the price of 1,800 Mhz.

According to source report, 900 Mhz spectrum is cost-effective for 2G services and all existing operators of GSM players, mainly Bharti Airtel, BSNL, Vodafone and Idea Cellular, presently using this service.

If regulator’s refarming is approved, and then they will all again in bidding in the upcoming 2G auctions via high spectrum 1800 Mhz band with low frequencies, this would cost them a lot, that’s why they said to hike tariff up to 100 per cent over existing rates.

Beside this, replying to DoT on impact of telecom tariff through Spectrum auction proposals, TRAI claimed that there would be no “adversely impact over the profitability of the wireless industry or the entry of new operators” , while adding that the impact on call tariffs for customers would be 4 paise per minute or lower.