Indirect Tax
Swachh Bharat Cess on all taxable services from 15.11.2015
Government
decides to impose a Swachh Brarat Cess at the rate of 0.5% on all
services presently liable to service tax, with effect from 15th November 2015;
Proceeds from this cess to be exclusively used for Swachh Bharat
initiatives In Budget, 2015, a provision was made for levying a Swachh
Bharat Cess on all or any of the services, for the purposes of financing
and promoting Swachh Bharat initiatives or for any other purpose
relating thereto. We are a country of more than 120 crore people. F [….] Read more at:
Madras HC upholds amendments in Excise Notifications to deny conditional exemptions on CVD payable by importers
https://gst.taxmann.com//
SEBI
Sebi directs Essar Oil to match Rosneft's price for delisting
The
capital markets regulator, Securities and Exchange Board of India
(Sebi), has directed Essar Oil to match its delisting price with that
being paid by Russian oil giant Rosneft for a 49 per cent stake in the
company. The regulator has also agreed to certain relaxations sought by
the company for its delisting bid. Rosneft is reportedly buying a 49 per
cent stake in Essar Oil for $2.8 billion (Rs 18,500 crore), valuing the
company at $5.7 bn (Rs 37,600 crore). In comparison, Essar Oil’s market
capit [….] Read more at:
Sebi may tighten redemption rules after JPMorgan fund woes
India's
market regulator plans to tighten mutual-fund redemption rules after
JPMorgan Chase & Co in September restricted payouts from its local
funds holding Amtek Auto bonds as some investors demanded their money
back. "We're going to make some changes in our regulations" for funds
capping repurchases, U K Sinha, chairman of the Securities &
Exchange Board of India, said in an interview at his office in Mumbai.
"We're going to fine tune them further - what situation can you do [….] Read more at:
Sebi probe of Castex finds no evidence of manipulation
The
Securities and Exchange Board of India (Sebi), which is probing unusual
movements this year in the shares of Castex Technologies, said it
hadn't yet found any signs of wrongdoing. Some holders of Castex's
convertible bonds complained to the Sebi in September, alleging
manipulation of its shares with an aim to inflate the price and trigger
conditions for a mandatory conversion of the debt. After surging almost
five per cent in 12 of the 16 sessions through July 13 to a rec [….] Read more at:
RBI
RBI working on rules to strengthen financial customer protection: Rajan
Reserve Bank of India (RBI) Governor Raghuram Rajan said on Friday
the central bank was working on strengthening the protection to
financial customers from scams, Ponzi schemes and the like. Such rules
could be implemented by the end of the financial year, he said. “We have
in the works rules on consumer protection which we are looking at,
along with the banks. These may be rolled out by the end of the year,”
Rajan said in his address at the Delhi Economics Conclave. The RBI
governor was [….] Read more at:
Government joins monetary framework with RBI to curb inflation: PM
Prime Minister Narendra Modi on Friday
said that the government has for the first time entered into a monetary
framework with the Reserve Bank of India (RBI) to curb inflation."We
embarked on a course of fiscal consolidation. We entered for the first
time into a monetary framework agreement with RBI to curb inflation,"
Modi said while speaking at the inauguration of Delhi Economic Conclave
here. Modi said that by almost every major economic indicator, India is
doing better than when [….] Read more at:
RBI allows foreign currency-rupee swap transactions
The Reserve Bank of India (RBI) on Thursday
allowed residents having a long-term foreign currency liability to
enter into foreign currency-rupee swaps with multilateral or
international financial institutions (MFI/IFI) in which the government
of India is a shareholding member, subject to certain conditions. RBI
said that such swap transactions could be undertaken by the MFI/IFI
concerned on a back-to-back basis with an authorised dealers (AD)
Category-I bank in India. The tenu [….] Read more at:
Govt, RBI have agreed on MPC composition: Raghuram Rajan
Reserve Bank of India (RBI) governor Raghuram Rajan on Thursday
said the government and the central bank have agreed on the composition
of the interest rate-setting monetary policy committee (MPC). “The MPC
agreement has been largely done. Only fine-tuning is left. The
government and RBI are broadly on the same page on the MPC’s
composition,” Rajan told reporters.The government has proposed to set up
the MPC, which will consist of representatives from the finance ministr [….] Read more at:
Dhanlaxmi Bank fined for flouting KYC norms
The
Reserve Bank of India (RBI) has imposed a penalty of Rs 1 crore
on Dhanlaxmi Bank for not adhering to Know Your Customer (KYC) and
anti-money laundering (AML) guidelines. The regulator said the penalty
had been imposed after taking into account the violation of the
instructions, directions and guidelines laid down by RBI. “This action
is based on deficiencies in regulatory compliance and is not intended to
pronounce upon the validity of any transaction or agreement ente [….] Read more at:
Miscellaneous Laws
Cabinet approves Mylan’s $750-million FDI proposal
The Cabinet on Thursday
approved a proposal by Mylan Luxembourg and Mylan Group BV Netherlands
to invest up to $750 million in its Indian arm Mylan Laboratories Ltd
(MLL) through subscription of equity shares or compulsorily convertible
debentures. This will be used by MLL for the acquisition of the entire
shareholding of Jai Pharma Ltd, “post the demerger from its then
shareholders”. “With this approval, FDI of $750 million will be received
in the country,” an official statement said. [….] Read more at:
Irdai draft soon on e-commerce portals selling insurance policy
In
a bid to expand the reach of insurance and promote financial inclusion,
the Insurance Regulatory and Development Authority of India (Irdai)
will soon come out with a draft exposure on e-commerce portals selling
insurance policies. The regulator will also release norms on management
expenses that an insurance company can charge on premuims. Speaking at
the CII Financial Distribution Summit, 2015, Nilesh Sathe, wholetime
member-Life-Irdai, said: “We are working on it (the no [….] Read more
at:
Economy & News
Indian economy better placed today, reforms will be pursued: PM Narendra Modi
Prime
Minister Narendra Modi said the Indian economy was in much better shape
than it had been when he took over thanks to his government's policy
changes and that this improvement had come about despite a deteriorating
global situation. "By almost every major economic indicator, India is
doing better, than when we took office 17 months ago," Modi said on Friday at the Delhi Economics Conclave. "GDP growth is up and inflation is down, foreign investment is up and the current accoun [….] Read more at:
India, US have busy commercial calendar ahead
The
India-US commercial relationship has a busy calender ahead in the next
12 months, which is aimed at encouraging greater ambition in expanding
bilateral trade and addressing market access challenges facing US
companies, a senior Obama administration official has said. "In the
coming months, our commercial engagement will be focused on encouraging
greater ambition in expanding US-India trade and address market access
challenges facing US companies," Arun M [….] Read more at:
Oilmeal exports down 94% at 13,716 tonnes in October
Oilmeal
exports have declined 94 per cent to 13,716 tonnes in October due to
sharp fall in soyabean meal and rapeseed meal shipments, industry body
SEA said today. The country had shipped 238,703 tonnes of oilmeals, used
as animal feed, in the same period last year. The overall export of
oilmeals during April-Oct, 2015 reduced 40 per cent at 763,113 tonnes
compared to 1,263,073 tonnes during the same period last year,
Mumbai-based Solvent Extractors Association (SEA) said in a state [….]
Read more at:
India positioned more favourably for future than China: World Economic Forum
In
the coming years, India is positioned much more favourably than China
in terms of growth, the World Economic Forum has said though it observed
that it is not entirely smooth sailing just yet. "There is now a
consensus among analysts that there are only a few bright spots in the
global economy, and India is one of them," Viraj Mehta, head of India
and South Asia for World Economic Forum, said in an op-ed on its
website. Based on pure fundamentals, India's outlook is promising; the
art is in [….] Read more at:
Japanese delegation visits Sri City SEZ
A
high-level delegation from Japan's Toyama state visited Sri City
special economic zone (SEZ) here to strengthen bilateral trade ties. The
five-member delegation headed by Japan's tourism and regional promotion
bureau Urushibata visited the (Sri City) SEZ after calling on Andhra
Pradesh Chief Minister N Chandrababu Naidu, Sri City said in a
statement. Sri City SEZ is situated about 100 km from here and is home
to several manufacturing facilities set up by various companies
including Fox [….] Read more at:
Enough leeway for DBT scheme to go on after SC order: PK Sinha
Allaying
fears over any affect of the Supreme Court order about use of Aadhaar
on direct benefit transfer (DBT) scheme, Cabinet Secretary P K Sinha
today said there is enough leeway for DBT to go on and it is not a
banned activity. "The order says the usage of Aadhaar is limited to
certain schemes and it should not be made mandatory. it should be made
voluntary. But recently, number of other schemes have also been allowed,
so I think there is enough leeway for DBT to go on," Sinha said at the [….] Read more at:
Thanks & Regards,
Meetesh Shiroya
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