Wednesday, 18 November 2015

Daily Updates and News


Direct Tax

Good news for taxpayers! I-T grievances like high-pitched assessments to be addressed in 2 months 

Taxpayers facing "high-pitched" assessments or unfair scrutiny by the Income Tax Department can now attempt to get their grievances redressed in a short time before undertaking the arduous litigation route of courts or other appellate mechanisms. In a maiden initiative, the Finance Ministry, through the Central Board of Direct Taxes (CBDT), has asked the department to create "local committees" comprising senior officers in each region, and has directed them to dispose such grie    [….] Read more at:

http://economictimes.indiatimes.com/articleshow/49817397.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
 
 
Indirect Tax
 
Hike in duty drawback rates won't help much, say exporters

Exporters are not impressed by the Centres' decision to increase duty drawback rates for merchandise exports of certain products. Terming the move a 'temporary measure', exporters have demanded the government should take more concrete measures to stem the fall in exports. Exports stood at $21.35 billion in October 2015 - a 17.53 per cent fall on a year-on-year basis. On Monday, the government had raised the duty drawback rates by two per cent for many sectors including engineering,     [….] Read more at:

http://www.business-standard.com/article/economy-policy/hike-in-duty-drawback-rates-won-t-help-much-say-exporters-115111800045_1.html
 
 
SEBI

Weak European cues drag market; Sensex down over 300 points, Nifty slips below 7,750

Benchmark share indices extended losses in late noon trades, amid weak global cues following fresh developments in Paris, with financials and IT major leading the decline. At 2:25pm, the Sensex was down 344 points at 25,520 and the Nifty was down 97 points at 7,741. "Markets are tracking weakness in European shares amid fresh developments in Paris. Meanwhile, selling by foreign funds in the previous sessions is also weighing on the markets. Overall, the sentiment is weak," says Alex Mathew, He    [….] Read more at:

http://www.business-standard.com/article/markets/sensex-down-over-250-points-nifty-slips-below-7-800-115111800420_1.html
 
 
 

RBI

RBI staff to go on mass leave today

About 16,700 employees of the Reserve Bank of India (RBI), including chief general managers, would go on mass casual leave on Thursday, in protest, they say, against the Centre's intervention in the autonomy of the central bank and to sort pension-related issues. While the mass leave is not a strike, union leaders say they could go for longer strikes if the government does not change its stance. The employees will try not to inconvenience the markets, and the settlement system and real-ti    [….] Read more at:

http://www.business-standard.com/article/finance/rbi-staff-to-go-on-mass-leave-today-115111900067_1.html
 
 
 
Miscellaneous Laws
 
 
SBI sees credit growth from power, road sectors

State Bank of India, which is seeing subdued growth in corporate credit, expects it to pick up in the second half with investment opportunities opening up in power and road sectors. Speaking after inaugurating its Golden Jubilee Branch in the upmarket Banjara Hills here today, Rajnish Kumar, managing director and group executive, SBI, said, "The corporate credit growth had been subdued in the first half at 8.4 per cent but as investment picks up in sectors like renewable energy, road and      [….] Read more at:



Air India to soon sell four flats in Mumbai to SBI for Rs 90 crore

Debt-laden Air India will soon sell four residential flats in Mumbai to public sector lender SBI for about Rs 90 crore as the airline looks to raise funds by sale of certain assets. The proposal, which has been in the works for some months, was recently approved by the Cabinet, sources said. Air India would be selling four residential flats to SBI in Mumbai soon and the sale is expected to fetch around Rs 90 crore, they added. These flats are the Sterling Apartments on the upmarket Peddar Ro    [….] Read more at:



Maharashtra Government to Take Back Industrial Land if Not Used for 10 Years

The Maharashtra Cabinet today decided that henceforth if entrepreneurs acquire land to start an industry but fail to use it for the purpose within ten years, then the government will take back the land and return it to the farmers. This decision, however, will not be applicable to the entrepreneurs, who have not acquired land, but have so far failed to start an industry. "Henceforth, if entrepreneurs fail to start industries even in ten years, the government will take away the land from them and give it back     [….] Read more at:

http://www.newindianexpress.com/nation/Maharashtra-Government-to-Take-Back-Industrial-Land-if-Not-Used-for-10-Years/2015/11/18/article3133398.ece
 
 
 
Economy & News
 

With moves like Coal India stake sale and exports subsidy, Modi sarkar sets the ball rolling on reforms 

The government announced a spate of policy changes on Wednesday, maintaining the pace of its hectic reform drive after the Bihar elections. The Cabinet Committee on Economic Affairs (CCEA) approved a 10 per cent stake sale in Coal India Ltd, an initial public offering at Cochin Shipyard and a five-year interest subsidy scheme to boost sagging exports. CCEA also empowered the National Highways Authority of India (NHAI) to revive 34 stalled projects by compensating developers     [….] Read more at:



Potato output to take a hit this season over bad weather, lack of interest among farmers 

Potato production is likely to fall in Uttar Pradesh, West Bengal and Punjab in the current season due to lack of interest among farmers to sow the crop as well as unfavourable weather conditions. Store gate prices have already firmed up for the old stock of the crop and the new season crop that will be available from January end is expected to be even costlier. A glut in production last year had pushed down potato prices below the cost of production, leading to a spurt in suicides     [….] Read more at:

http://economictimes.indiatimes.com/articleshow/49838945.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst 
     
 
 
India's growth to be consumption driven: Stanchart 

India's economic growth in FY'17 is expected to be driven by consumption growth due to the impending pay revision of government employees. This would reverse the trend of FY'16 in which growth has been largely investment driven, said a report by British Bank Stanchart. "We expect consumption to drive India's GDP growth in FY17 (year starting April 2016), taking over from investment," say Saurav Anand and Anubhuti Sahay of South Asia Research at Stanchart in their report. "Impending pay ri    [….] Read more at:



Karnataka aims for Rs 5 lakh crore investments at Global Investors Meet 

The Karnataka government is expecting investments worth Rs 5 lakh crore during the 'Global Investors Meet (GIM)-2016' in February next year. "The government is hopeful of attracting Rs 5 lakh crore investments that would help the state to grow and create jobs," State Industries Minister R V Deshpande said on the sidelines of 'Invest Karnataka 2016' roadshow here. The global investors meet will be held between February 3-5 next year. The state plans to woo investors in various     [….] Read more at:

http://economictimes.indiatimes.com/articleshow/49837787.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
 
 
Ease of doing business: A few positive developments but still long way to go, says entertainment industry 

The pain of getting 60 permits to shoot a Bollywood film at Madh Island in Mumbai or bribing 'a room full of police officials' to get licences for an event in Goa makes India's entertainment business bigwigs scoff at the phrase "ease of doing business". It's no secret that Bollywood loves its foreign outdoor shoots. And it's not just good lighting and crowd control that makes Bollywood love foreign locales. There are fewer licences required, the process is simpler and the costs are lower as bribing     [….] Read more at:



Centre's nod to enhanced cost for road-cum-rail bridge over Ganga 

The Centre today gave its nod to an enhanced cost estimate for construction of a rail-cum-road bridge over river Ganga in Bihar with Rs 2774 crore, asserting that it stands committed to the state's development despite BJP's rout in assemly polls there. The Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi today gave its approval for revised cost estimate amounting to Rs 2774 crore with Railway and Ministry of Road Transport and Highways sharing Rs     [….] Read more at:

http://economictimes.indiatimes.com/articleshow/49833630.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
 
 
Thanks & Regards,
Meetesh Shiroya   

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