Direct Tax
Tenure of committee on taxation extended
The
government has extended the tenure of a high level committee set up
under former Chief Economic Adviser Ashok Lahiri by a year to suggest
steps to sort out taxation problem being faced by the trade and
industry. The panel was given the task of interacting with the industry
on tax related issues on regular basis and ascertain areas where clarity
in tax laws is required. "The tenure of the committee which was till November 25 is now further extended for one year as per Office [….] Read more at:
Indirect Tax
Taxed India Inc asks Modi government to delay Swachh Bharat cess
Indian
industry hasn't taken too kindly to the recent imposition of a cess to
help fund the Swachh Bharat initiative, with lobby groups saying that
companies haven't been given enough time to implement the levy and that
it goes against the government's push to improve ease of doing business.
The 0.5 per cent cess on all taxable services was notified by the
Centre on November 6 and will take effect on November 15. The government had said in the Budget in February that it may impose [….] Read more at:
SEBI
Diwali gift to brokers: SC dismisses Sebi plea in 18-yr-old case
Scores
of stock brokers whose capital had been stuck with bourses for years
got something to cheer about ahead of Diwali, with the Supreme Court
dismissing a Securities and Exchange Board of India (Sebi) appeal,
pending since 2006, in an 18-year-old case. The apex court decision,
which came in relation to a Sebi appeal against Pune-based broker
Alliance Finstock, is applicable to more than 50 brokers affected by a
Sebi missive of 2002. A senior Delhi-based broker said this was a b
[….] Read more at:
Sebi bans Vasundhara Realcon from mobilising money from public
Clamping
down on illegal money pooling activities, capital markets
regulator Sebi has barred Vasundhara Realcon and its directors from
raising money from investors through issuance of securities. The
Securities and Exchange Board of India had received a complaint alleging
that Vasundhara Realcon was collecting money through various schemes
and investment plans. A Sebi probe found that Vasundhara had garnered
over Rs 2.23 crore by issuing Non-Convertible Redeemable Debentures
[….] Read more at:
Sebi lifts curbs on Tea Time in public holding norms case
Markets
regulator Sebi has lifted the restrictions it had imposed on Tea Time,
its directors and promoters, for failing to meet the minimum 25 per cent
public shareholding norms. The curbs have been revoked by Securities
and Exchange Board of India (Sebi) after the company complied with the
minimum public shareholding (MPS) requirements. Earlier in an order
dated June 4, 2013, the regulator had imposed various curbs on 105
non-compliant firms, including Tea Time, the [….] Read more at:
RBI
RBI employees to go on mass casual leave on November 19
Reserve Bank of India (RBI) employees will go on a day's mass casual leave on November 19
to protest the government's move to take away from the central bank
some of its vital operations "in the name of the draft financial code
and legislative reforms". The cease-work programme is intended, inter
alia, to strongly oppose the government of India's current moves to
cripple RBI in the name of the draft financial code and legislative
reforms," an United Forum of Reserve Bank Officers and [….] Read more
at:
Gokarn appointed IMF Executive Director
Subir
Gokarn, former deputy governor of the Reserve Bank of India (2009-12)
has been appointed executive director at the International Monetary Fund
(IMF). Gokarn will represent the Indian constituency which comprises
India, Bangladesh, Bhutan and Sri Lanka. He replaces Rakesh Mohan whose
term ended on October 31. Gokarn is currently director of research at
the Brookings Institution India Center. As deputy governor of RBI, he
oversaw monetary policy, research, [….] Read more at:
Miscellaneous Laws
Govt. authorizes post offices to receive sovereign gold bond applications
In
continuation of Notification G.S.R. 827(E), dated the 30th October,
2015 the list of designated post offices for sovereign gold bonds is as
under: “In terms of para 9 readwith para 2 (b) of Sovereign Gold Bonds
Scheme, 2015, the following designated post offices are authorized to
receive the applications either directly or through agents: List Of Post
Offices Identified For Sale Of Sovereign Gold Bonds Sl. No. Circle
Region Division Head Office Name Of Office Office Type PIN 1 Andhra Pra
[….] Read more at:
Economy & News
7th pay panel's draft report riddled with dissent notes
The
seventh Pay Commission’s draft report to determine the new salary
structure for the 5.5 million civil servants in the central government
has got riddled with several dissent notes. The notes, mainly about
bringing in parity between the top-ranked Indian Administrative Service
(IAS) and the specialised central services, argue that it will widen the
talent base available to the government to deliver increasingly complex
services to a demanding population. But the dissensions could
exacerbate [….] Read more at:
75 railways stations, 5,000 buildings to get disabled-friendly in 7 months
Taking
the first step towards making India truly accessible, all international
airports, 75 railways stations and 5,000 public buildings in the major
cities will be made disabled-friendly by July. As a part of an
Accessible India campaign, the government has started auditing 27
international airports and 75 railway stations to identify areas that
need to be improved and made disabled-friendly. The list includes
airports at Srinagar, Amritsar, Jaipur, New Delhi, Lucknow, Varanasi,
Guwahati, Ahme [….] Read more at:
Broadly support Modi government's economic reforms: IMF
The
International Monetary Fund has said it broadly supports the series of
economic reforms undertaken by India, which is moving in the right
direction. "We have been broadly supportive of the reforms being
undertaken by Modi's government," IMF spokesman Gerry Rice, told
reporters at a news conference yesterday. Rice was responding to
questions about the recent economic reforms announced by Modi early this
week. "We have been broadly supportive that those reforms [….] Read
more at:
Economy not out of danger zone as inflation up, IIP down
Industrial
growth came in below expectations in September and higher food prices
pushed consumer inflation to a four-month high, marking a twin setback
for the economy and dampening hopes of a rate cut next month. Industrial
output growth slowed to 3.6 per cent in September, the lowest in four
months and down sharply from an almost threeyear high of 6.3 per cent in
August, data released on Thursday showed. The consensus estimate was growth of 4.5 per cent. Separately, the [….] Read more at:
FDI reforms to revitalise India-UK partnership: CII
The
reforms in foreign direct investment (FDI) are likely to set the tone
for a revitalised investment partnership between India and the UK,
industry chamber CII said today. The liberalisation of FDI rules
announced by the government on Tuesday
came just two days before Prime Minister Narendra Modi's first visit to
the UK. "As Prime Minister Narendra Modi embarks on a state visit to
the UK, the FDI reforms announced by the Government this week are likely
to set the tone for a revitalised [….] Read more at:
New Delhi, with just 3% of NCT population, in Smart City race
The
historic city of Delhi has not made it to the shortlist of Smart
Cities. Only the small 44 sq km New Delhi area, comprising the VVIP
Lutyens' Bungalow Zone and the seat of central authority, is in the race
for the Smart City tag, officials said. If New Delhi makes it to the
list of 20 cities to be chosen from among the shortlist of 98 cities,
its inclusion will benefit just about three per cent of the total land
and population of the National Capital Territory of Delhi. The New Delhi
area includes governme [….] Read more at:
Thanks & Regards,
Meetesh Shiroya
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