Direct, indirect tax wings to be merged under revenue dept
India
has begun to merge its tax departments. For the upcoming Budget, the
departments of direct and indirect tax will operate under a single
financial authority - department of revenue. The orders were issued over
the weekend after top-level consultations within the government.
Finance minister Arun Jaitley has given the go-ahead for the step, which
is being seen as a major reform of India's tax administration by the
investors. However, a government official said it would be t [….]
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Indirect Tax
Open to scrapping 1% additional tax for GST Bill passage: FM Arun Jaitley
Finance
Minister Arun Jaitley today hinted at accepting Congress' stand on
scrapping of one per cent additional tax but said that their demand for
incorporating the GST rate in the Constitution Bill was not agreeable.
Congress has been stalling passage of the GST Bill over its demand for a
simple Goods & Services Tax (GST) regime where states do not have
powers to levy additional tax over a 18 per cent tax rate that forms
part of the Constitutional Amendment Bill. Speaking at an industry meet
on G [….] Read more at:
Company Law
Version of LLP Form 4 and Form 27 are going to be modified w.e.f Dec 18th 2015
Version of LLP Form 4 and Form 27 are going to be modified w.e.f Dec 18th 2015. Stakeholders are requested to plan accordingly. [….] Read more at:
SEBI
Investment bankers should promote start-up listing: Sebi
The Securities and Exchange Board of India (Sebi) on Tuesday
urged investment bankers to promote a listing platform for start-ups.
“Nowhere in the world is the regulator involved in road shows for
promoting a platform,” said U K Sinha, chairman of Sebi, at an event
organised by the Association of Investment Bankers in India. He pointed
out that even after six months of guidelines being finalised, not a
single start-up has listed. Sebi had cleared alternate fund-raising
platform for start [….] Read more at:
Sebi attaches PACL assets in Rs 49,100-cr order
The Securities and Exchange Board of India (Sebi) on Monday
began attachment proceedings against PACL Ltd (formerly Pearl Agrotech)
to recover Rs 49,100 crore the company had raised from around 50
million investors through a collective investment scheme (CIS), which is
illegal. This surpasses the previous record, the Rs 24,000-crore
recovery proceedings against the Sahara group of companies. They money
in question was collected over a long period for a land purc [….] Read
more at:
RBI
Raghuram Rajan discusses asset quality with bankers
Reserve Bank of India (RBI) governor Raghuram Rajan and other senior central bank officials on Monday
met chiefs of public and private sector banks to discuss asset quality
and the cleaning up of bank balance sheets.The meeting was chaired by
Rajan, while RBI deputy governors R Gandhi and S S Mundra were present
along with other senior officials from banking regulation and
supervision departments. Bankers including SBI chairman Arundhati
Bhattacharya, ICICI Bank MD & CEO Chanda [….] Read more at:
Bank mergers have to be focused and strategic: RBI
India's
central bank supports mergers among commercial lenders but they have to
be focused and strategic, a deputy governor of the Reserve Bank of
India said on Monday.
S S Mundra, speaking at a business school in Mumbai, warned that
merging a weak bank with a strong bank might weaken the stronger lender.
"I would believe merger for the sake of merger really would not serve
the intended purpose," he said. India has more than two dozen
state-run banks which dominate its banking landsca [….] Read more at:
More rate cut by RBI unlikely this fiscal: Ind-Ra
There
is no scope for further reduction in policy rates by RBI in the current
fiscal as the central bank focuses on transmission of rate cuts made so
far, rating agency India Ratings & Research said today. "Although
Ind-Ra believes RBI's policy stance will continue to be accommodative in
the near term, there is no scope for further rate cuts in 2015-16. "If
conditions permit, there may be rate cuts in 2016-17. The current focus
of RBI is to work with the government to clear the impediments for t
[….] Read more at:
Miscellaneous Laws
FDI in services rises 20% to $1.46 bn in first half of FY16
With
the government taking steps to improve ease of doing business and
attract investments, FDI inflows into the services sector grew by about
20 per cent to $1.46 billion (Rs 9,404 crore) in the first six months of
the current fiscal. The services sector, which includes banking,
insurance, outsourcing, R&D, courier and technology testing, had
received foreign direct investment (FDI) worth $1.22 billion (Rs 7,366
crore) in the same period last fiscal, according to the Department of
Industrial [….] Read more at:
Wipro issues Q3 revenue warning over Chennai floods
IT
major Wipro today followed in the footsteps of peer TCS , and said it
expects the recent deluge in Chennai to have a material impact on its
third-quarter earnings. "The Chennai rains have impacted business at our
Chennai facilities," the company said. "We see an impact on Q3
revenues." The company said it expects its third quarter revenues to be
in the lower half of the guidance range. The company had forecast Q3
revenues for IT services to be in the range of USD 1,841-1,878 million.
The news [….] Read more at:
FB, Google, Twitter pledge to delete hate speech in 24 hrs
Facebook, Google and Twitter have agreed to delete hate speech deemed illegal in Germany within 24 hours.
The move follows pressure from German authorities concerned about the
increasing volume of racist abuse being posted on social networking
sites. In a joint statement Tuesday,
the Justice Ministry and the three companies said that it will become
easier for users and anti-racism groups to flag hate speech. The content
will be examined by specialist teams and remov [….] Read more at:
Aim to award 5000 km projs, raise Rs 19-20K cr FY16: NHAI
Raghav
Chandra, Chairman, NHAI is confident of awarding a total of 5000
Kilometers (km) by the end of fiscal, adding that the company is still
receiving bids for projects. So far they have awarded 43 projects for
2600 km but several others have received bids and are in final stages of
evaluation, he said. As of now the company has spent around Rs 30,000
crore and would end up spending about Rs 55,000 crore by end of fiscal
due to lot of commitments in terms of land acquisitions and civil
projects, [….] Read more at:
Asian women stride into billionaire ranks
The
number of women from Asia entering the billionaire ranks is on the rise
and unlike their Western counterparts, they tend to be self-made, a new
survey from UBS and PwC found. "Over 50 percent of Asian female
billionaires are self-made and over 95 percent of them identify as
wealth creators within the family, which means they are driving (wealth
creation) going forward as well," James Purcell, head of ultra-high net
worth cross-asset strategy at UBS, told CNBC Wednesday. He compared [….] Read more at:
Economy & News
States receive Rs 1,396 crore from coal mines auction, allotment: Source
A
little over Rs 1,395 crore has been transferred to the coal-bearing
states including Odisha, West Bengal and Jharkhand for coal blocks that
were both auctioned and alloted during the year. "So far, Rs 1,395.69
crore has been transferred to the states as upfront payment and monthly
charges," a source said. Jharkhand is the biggest beneficiary with an
amount of Rs 453.32, followed by Chhattisgarh at Rs 411.89 crore and
West Bengal Rs 215.62 crore, the source added. The other sta [….] Read
more at:
Fiscal deficit target to be met without budgetary cuts: FM Arun Jaitley
ley
today said for the first time fiscal deficit target will be met without
budgetary cuts, as Opposition charged the government with
"profiteering" from the fall in global oil prices. "This will happen for
first time, we will achieve fiscal deficit (target) without fiscal
cuts," he said in Rajya Sabha, during Zero Hour on the Opposition
criticism over government's decision to hike excise duty on diesel and
petrol as global crude pri [….] Read more at:
Gujarat got Rs 2,928 crore for irrigation programme in last 3 fiscals
The
Union Ministry of Water Resources has released Rs 2,928 crore to
Gujarat under the Accelerated Irrigation Benefit Flood Management
Programme (AIBFMP) in last three financial years. As per the statement
tabled by Union Minister of State for Water Resources, River Development
and Ganga Rejuvenation Sanwar Lal Jat in the Rajya Sabha, the Central
government released grants of Rs 1,285.93 crore, Rs 607.57 crore and Rs
1,033.94 crore in 2012-13, 2013-14 and 2014-15, respectively, [….] Read
more at:
Budget 2016: PM Modi seen pivoting from roads to fields
Prime
Minister Narendra Modi will recalibrate budget priorities in 2016 to
focus on social initiatives, such as the country's first major crop
insurance scheme, while capping previously prioritised infrastructure
spending, officials say. Modi splurged on roads and railways this year
in a strategy to spur economic growth. But it came partly at the expense
of federal programmes for farmers and the poor, suffering through
back-to-back drought years. In the first confirmation of a shift in
strategy, a [….] Read more at:
Decision making may shift to executive actions in future: FM Arun Jaitley
Finance
Minister Arun Jaitley today accused Congress of setting a wrong
precedence for future opposition parties by continuously disrupting
Parliament and said decision making in future will have to shift to
executive actions and money bills. Irked by Congress disrupting Rajya
Sabha for the second session in a row to stall passage of the
all-important Constitution Amendment Bill to bring Goods and Services
Tax (GST), he said history would not be kind to the "outlaws of
Parliamentary" sys [….] Read more at:
India recorded $17.5 billion PE investments in 2015: PwC
Private
equity investments in India touched a record high of $17.5 billion in
2015 across 685 deals, breaching the previous high of $14.7 billion
recorded in 2007, a PwC report says. According to the report, PE
investments (excluding real estate deals) till December 14, this year
stood at $17.5 billion, registering a jump of 34 per cent over calender
year 2014, which saw $13 billion invested across 560 deals. The surge in
PE investments this year was largely owed to the e-commerce sector,
which saw deals [….] Read more at:
All states except Tamil Nadu, J&K meet Smart City deadline
Barring
Tamil Nadu and Jammu & Kashmir, all the other 34 states and Union
territories have submitted 85 Smart City proposals with an approximate
investment of Rs 2 lakh crore in the next five years. While Telengana
wants to replace Hyderabad with Karim Nagar, Uttar Pradesh has submitted
proposal for only 12 cities and is yet to take a call on whether to
include Meerut or Rae Bareli. Jammu & Kashmir is demanding inclusion
of two cities instead of one, and has not sent the proposal so
far.Tamil [….] Read more at:
Thanks & Regards,
Meetesh Shiroya
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