Profit This Week: Telcos oppose TRAI recommendations, rupee weakens

Telecom companies lobbied against telecom regulator TRAI's recommendations on spectrum pricing and 2G auction. The RBI released final guidelines on Implementation of Basel III Capital Regulations in India effective January 2013. The Indian currency weakened to a fresh four month of low of 53.92 to the dollar. The tax department may agree on waiving off the penalty on Vodafone, if the company pays its capital gains liability.