Indirect Tax
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RBI
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FDI increases by 13%, $16.6 billion received in first half of current fiscal
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Miscellaneous Laws
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No rise in inflation due to Swachh Bharat cess: Government
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China's all-important services sector weakens in November
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Economy & News
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UK begins airstrikes in Syria, targets oil fields
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Meetesh Shiroya
Cabinet approves signing of tax protocol between India and Japan
The
Union Cabinet today approved signing of a protocol between India and
Japan for amending the Double Taxation Avoidance Convention (DTAC) in
order to facilitate tax-related exchange of information. DTAC was signed
between the two countries in 1989 for avoidance of double taxation and
prevention of fiscal evasion through a protocol. "The protocol will
facilitate exchange of information as per accepted international
standards on tax matters, including bank information and informat [….]
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Govt. introduces e-governance in Haryana VAT
Determination
of input tax.- (1) Input tax in respect of any goods purchased by a VAT
dealer shall be the amount of tax actually paid to the State on the
sale of such goods to him and shall, in case of a dealer who is liable
to pay tax under sub-section (1) of section 3 or, as the case may be,
makes an application for registration in time under sub-section (2) of
section 11, include the tax paid under this Act and the Act of 1973 in
respect of goods (except capital goods) held in stock by him on the day
he bec [….] Read more at:
Govt. hikes limit for turnover tax under Odisha VAT from 40 lakhs to 50 lakhs
BE
it enacted by the Legislature of the State of Odisha in the Sixty-sixth
Year of the Republic of India as follows:- • 1. (1) This Act may be
called the Odisha Value Added Tax (Amendment) Act, 2015. (2) It shall
Come into force on such date as the state Government may, by
notification, appoint. 2. In the Odisha Value Added Tax Act,
2004(hereinafter OdishaAct4 of 2005. referred to as the principal Act),
in section 9, in clause (b), for the words "rupees forty lakhs", the
words "rupees fif [….] Read more at:
Company Law
DIR-3, DIR-6, FC-4, MGT-14, INC-7, INC-22, SH-7, INC-29, DIR-12, CHG-1 and Form 23ACA modified
Versions
of Forms DIR-3, DIR-6, FC-4, MGT-14, INC-7, INC-22, SH-7, INC-29,
DIR-12, CHG-1 and Form 23ACA are modified w.e.f 02 Dec 2015.
Stakeholders are requested to plan accordingly. [….] Read more at:
SEBI
Exit offer if 10% investors dissent
Capital
market regulator Securities and Exchange Board of India (Sebi) has
proposed a framework for exit offers for dissenting shareholders. In a
discussion paper, it has said promoters will have to return money to
investors if at least 10 per cent of shareholders dissent to change in
objectives stated in the offer document or prospectus filed during
fund-raising.The treatment of dissenting shareholders is part of the
Companies Act, 2013, which states, “The dissenting shareholders being
those shar [….] Read more at:
Sebi likely to unveil electronic platform for corporate bonds
The
Securities and Exchange Board of India (Sebi) is set to announce a
platform for online sale of privately placed corporate debt. The
announcement is likely after the regulator's quarterly board meeting on Monday.
Currently, most of the sale of privately placed corporate debt happens
through the over-the-counter (OTC) route. The new system is likely to
act as an alternative to OTC sales, which are typically conducted
between two parties over phone. "The objective is to push all issuan
[….] Read more at:
Sebi green light for exchange IPOs
The Securities and Exchange Board of India (Sebi) on Monday
cleared the decks for initial public offerings (IPOs) by stock
exchanges and depository firms by providing clarity on the listing
framework. It said the combined shareholding of trading members,
associates and brokers in a listed exchange cannot exceed 49 per cent.
Every shareholder will have to declare their “fit & proper” status
at the time of the IPO. The depositories will monitor the investment
caps for single entities. [….] Read more at:
Biz responsibility reports must for top 500 listed cos: Sebi
Top
500 listed companies will now be required to prepare annual business
responsibility reports, covering their activities related to
environment, stakeholder relationships, governance and other areas,
according to Sebi. At present, top 100 listed firms are required to
prepare their annual business responsibility reports. The move by the
regulator is part of larger efforts to improve corporate governance
practices and more transparency in terms of reporting of various
socially-respons [….] Read more at:
Narayana Hrudayalaya gets Sebi nod for IPO
Narayana
Hrudayalaya has received capital market regulator Sebi's approval to
raise an estimated Rs 700 crore through an initial public offer (IPO).
The company, on September 29
had filed its draft red herring prospectus (DRHP) with Sebi. The
Securities and Exchange Board of India (Sebi) issued its final
observations on the draft offer documents on November 27, which is
necessary for any company to launch a public offer. As per the draft
papers, Narayana Hrudayalaya's IPO [….] Read more at:
RBI
Tracking RBI's central concerns
The Reserve Bank of India (RBI) is not expected to tinker with rates at its fifth bi-monthly monetary policy review on Tuesday.
Analysts would be looking for clues on how many more cuts the central
bank would be ready to accommodate and what RBI has to say about its
preparedness to face financial market volatility after the US Federal
Reserve starts hiking its rates, possibly as early as in a fortnight.
The language of the policy and Governor Raghuram Rajan’s statement
[….] Read more at:
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RBI seen holding rates, room for cuts narrows
India's central bank is likely to keep its policy rate unchanged on Tuesday,
following a big cut two months ago, and to sound cautious about the
scope for more easing as it aims to meet its 2017 inflation target and
braces for a US rate hike. All 45 respondents surveyed by Reuters last
week expected the Reserve Bank of India to hold the repo rate at 6.75
percent, after easing it by 50 basis points at its last policy review in
late September. RBI Governor Raghuram Rajan will also likely [….]
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RBI eases overseas borrowing rules for local companies
The Reserve Bank of India (RBI) on Monday
put its stamp of approval on a more liberalised external commercial
borrowing (ECB) norms and allowed Indian companies to
raise rupee resources from overseas lenders without incurring currency
risks. The new norms will be effective 1 April, 2016.
Such rupee-denominated bonds are getting issued in large numbers and
are a hit with Japanese retail investors. Once Indian companies start
raising rupee resources from abroad, more such b [….] Read more at:
RBI to hold interviews for dy guv on Dec 8
A
search committee headed by Reserve Bank of India (RBI)
Governor Raghuram Rajan next month will interview nine candidates for
the post of central bank's deputy governor. According to sources, the
government-appointed search committee will meet on December 8
in New Delhi. RBI has four deputy governors — two filled from the rank
and the other two hired from outside. Of the last two, one is a
commercial banker and the other is an economist. The interview is being
held to fill the va [….] Read more at:
RBI keeps rates on hold, for now
The Reserve Bank of India (RBI) on Tuesday
kept its policy rates unchanged, as banks are yet to pass on more than
half of the cumulative 125 basis points rate cut in the year. But the
central bank said more cuts could be expected in an economy that had
started showing signs of some robust growth in a few pockets. “We are
still accommodative. That is very clear. And we are always vigilant,”
RBI Governor Raghuram Rajan said in a post-policy interaction with the
media, adding “What we have is [….] Read more at:
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Banks should clean balance sheets by FY17, says regulator
With
many initiatives in place to tackle stressed assets, Reserve Bank of
India governor Raghuram Rajan expects banks to finish the task of
cleaning their balance sheets by March 2017.Bankers termed as reasonable
the governor’s goal. While the system continues to show signs of
stress, the effect of the efforts in recent years to monitor credit,
early recognition and early resolution of stressed assets would begin to
show results. Also recovery in the economy would “lift some boats’ (mea
[….] Read more at:
Foreign borrowing norms relaxed
The Reserve Bank of India (RBI) on Monday
approved a set of more liberal external commercial borrowing norms
(ECB), allowing Indian companies to raise rupee resources from overseas
lenders, without incurring currency risks. The new norms will be
effective April 1
next year. Such rupee-denominated bonds are being issued in large
numbers. They are a hit with Japanese retail investors. Once Indian
companies start raising rupee resources from abroad, more such bonds
will be iss [….] Read more at:
http://www.business-standard.
India receives $32.87 bn FDI in Oct-Sep period
India
received USD 32.87 billion foreign direct investment (FDI) during
October 2014 to September this year, Parliament was informed today. The
sectors, which attracted FDI during the period include computer software
and hardware, services sector, trading, automobile, construction
activities, chemicals, power, pharmaceuticals, industrial machinery and
food processing. In the defence and railway related components, the
country received only USD 0.08 million (Rs 0.48 crore) and USD [….]
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FDI increases by 13%, $16.6 billion received in first half of current fiscal
India
received $16.6 billion in foreign direct investment in the first half
of the current fiscal, a 13% increase from $14.69 billion recorded a
year ago, data released by the Department of Industrial Policy and
Promotion (DIPP) showed. Investment of $6.69 billion FDI came from
Singapore, followed by $3.66 billion from Mauritius, $1.09 billion from
the Netherlands and $815 million from Japan. Computer software and
hardware drew the highest amount of FDI, at $3.05 billion, follow
[….] Read more at:
Cabinet gives ex-post-facto nod to FDI reforms in 15 sectors
The
Union cabinet has given ex-post facto approval to the changes in the
foreign direct investment (FDI) policy in 15 sectors announced and
notified last month. The government had raised the foreign investment
limit for some sectors, eased the conditions for others and put many on
the automatic route ina significant policy drive on November 10. The
sectors that benefited from the relaxation include defence, real estate,
private banking, defence, civil aviation, single brand retail [….]
Read more at:
Miscellaneous Laws
Clashes in LS during 'intolerance' debate
Lok
Sabha today witnessed clashes and repeated adjournments as it took up
the debate on 'intolerance' with the opposition targeting the government
and triggering a storm after a CPI(M) member attributed 'Hindu leader'
comments to Home Minister Rajnath Singh who denied it. The comments by
Mohd Salim, who cited a report in a news magazine while initiating the
debate on 'intolerance, led to a deadlock with the ruling side demanding
that he either withdraw these comments or apolo [….] Read more at:
Bharti Airtel commits Rs 60Kcr network investment in 3 yrs
Private
telecom company Bharti Airtel today announced the launch of a massive
network transformation program – "Project Leap." Aimed at improving
network quality, this project will see an investment of Rs. 60,000 crore
in the next 3 years, stated the company. This investment will be over
and above the Rs 1,60,000 crore the company Airtel has already invested
in its active and passive network, spectrum, fiber, submarine cables
and systems till date. Announcing the launch, Gopal Vittal, [….]
Read more at:
UAE earmarks key sectors like railways, housing, ports, roads for investments in India
Oil-rich
United Arab Emirates (UAE) has identified key sectors including
railways, housing, ports, roads and renewable energy (mainly solar) for
investments in India as part of the $75 billion announced during Prime
Minister's August trip to the Gulf nation that marked a paradigm shift
in bilateral strategic and economic partnership. UAE had announced to
investment $75 billion for various sectors in India when Narendra Modi
made a two-day trip to Abu Dhabi and Dubai last August — first by
[….] Read more at:
You can soon make government payments via Mwallets
Feeling
hassled about making a paltry payment of Rs 10 orRs 5 through net
banking or a credit card for a government service? Fret not — such
transactions can soon be done through mobile wallets such as Paytm and
Mobikwik. The government is creating a framework for all financial
payments — inter-ministerial, vendor transactions or small payments by
citizens for government services — to be made electronically. This is
part of a larger initiative by the Modi government for a cashless, or
less [….] Read more at:
CESC signs pact with US firm for smart grid business
CESC
Ltd today entered into a pact with US-based Silver Spring for exploring
business opportunities in India in the smart grid space. "A Memorandum
of Understanding has been executed on December 2, 2015 with Silver
Spring, a US-based Company and a market leader in Smart Grid space
across the globe, for exploring business opportunities in India in the
same space," CESC Ltd said in a filing to the BSE. As part of its
ongoing drive for modernising its transmission and distribution network,
a [….] Read more at:
No rise in inflation due to Swachh Bharat cess: Government
Inflation has not gone up since the imposition of Swachh Bharat cess in November, Rajya Sabha was informed on Wednesday.
Responding to a question on whether the cess had triggered a rise in
inflation, Minister of State for Drinking Water and Sanitation Ram
Kripal Yadav replied in negative. Answering other questions relating to
the campaign, Yadav said the government has constructed 1.10 crore
toilets including 60.88 lakh toilets this year, ever since Swachh Bharat
Mission (Rural) [….] Read more at:
States collected Rs 24K crore construction cess, spent Rs 4K crore
States collected Rs 24,014.51 crore as construction workers welfare cess till September 30,
but spent only Rs 4,255.57 crore out of it, Parliament was informed
today. Under the Building and Other Construction Workers' Welfare Cess
Act 1996, realty developers are required to pay cess of 1 per cent of
the total cost of construction incurred by the employer. The cess is
levied for augmenting the resources of the Building and Other
Constructions Workers Welfare Board. States collected Rs [….] Read
more at:
China's all-important services sector weakens in November
Activity
in China's services sector-the biggest contributor to gross domestic
product-slowed in November from the previous month, according to a
private survey. The Caixin/Markit Purchasing Managers' Index (PMI) for
November fell to 51.2 from October's three-month high of 52. In
September, the index hit a 14-month low of 50.5. A number above 50
indicates activity is expanding while one below that level indicates a
contraction. Caixin's November report was also remarkably [….] Read
more at:
Nokia shareholders approve Alcatel-Lucent acquisition
Nokia
shareholders have overwhelmingly approved the acquisition of ailing
French telecom Alcatel-Lucent, removing one of the last hurdles to the
15.6 billion euro deal that will make the Finnish company a market
leader in networks. The authorization for the Nokia board to finalize
the takeover came at an extraordinary general meeting Tuesday
following last month's launch of a public exchange offer for all
outstanding Alcatel shares. In October, Nokia said it would pay 4
billion euros [….] Read more at:
Economy & News
Air India launches first direct flight to Silicon Valley
Air
India launched its first non-stop flight to San Francisco which landed
here connecting America's west coast with India and making Silicon
Valley its fourth destination in the US. The flight AI 173 from Delhi
with 230 passengers on board landed here at 5:40 AM
with airport traffic control tower lit in the Indian tricolour to
welcome the maiden Air India flight to the city. The passengers
applauded when the aircraft touched down. A number of officials from the
US and India, includi [….] Read more at:
US hails PM Modi's 'enormously impressive' renewable pledge
The
US said that the ambitious renewable programme including scaling up
solar and wind energy pledged by Prime Minister Narendra Modi is
"enormously impressive" and it will work with Indian partners to provide
assistance in realising their goals. "Prime Minister Narendra Modi has
made pledges which are enormously impressive with respect to the
development of renewable energy, solar wind and renewable beyond that.
The total that he has pledged is 175 GW by 2022 which is an [….]
Read more at:
Record rains flood Tamil Nadu; more to come
The
heaviest rainfall in over a century caused massive flooding across
Tamil Nadu, driving thousands from their homes, shutting auto factories
and paralysing the airport in capital Chennai. The national weather
office predicted three more days of torrential downpours in the southern
state of nearly 70 million people. "There will be no respite," Laxman
Singh Rathore of the India Meteorological Department told reporters on Wednesday. No deaths were reported in the latest floods, but sinc [….] Read more at:
PM announces Rs 1,000 crore more for TN relief works
After
an aerial survey of the flood-hit areas, Prime Minister Narendra Modi
today announced an immediate release of Rs 1,000 crore for relief and
rehabilitation works in Tamil Nadu. "A sum of Rs 1,000 crore will be
released immediately by the Government of India to carry out relief
works. This will be in addition to Rs 940 crore which was released
earlier (by the Centre)," he said in a brief statement at the naval base
"INS Adyar" here. Flanked by Governor K Rosaiah and Chief Minister J
[….] Read more at:
Drought crisis worsens: nine states declared hit
Tamil
Nadu may be drowning, but nine other states in the country are
thirsting for a drop of water and have approached the central government
for emergency drought relief. CNBC-TV18's Archana Shukla reports that
with India in the throes of one of the most severe droughts in recent
times, the numbers of drought-hit districts is only expected to rise in
the coming weeks. The monsoon deficit this year has hit 14 percent from
last year’s 12 percent leaving this year's crop either destroyed
[….] Read more at:
Finance Ministry asks public sector banks, LIC to help people in Tamil Nadu
The
finance ministry has asked public sector banks and state-owned insurers
to extend facilitation including swifter processing of insurance claims
in the flood hit Tamil Nadu. The instructions comes after PM Narendra
Modi's visit to the state and announcement of Rs 1000 crore package. "It
is imperative that all steps be taken to extend every possible
facilitation to the affected people who are insured persons/nominees and
may have been injured/lost their lives/property due to this
disaster," [….] Read more at:
UK begins airstrikes in Syria, targets oil fields
Britain
today began bombing Islamic State strongholds in Syria targeting the
oil fields under its control, hours after a crucial parliamentary vote
backed military airstrikes against the terror group. Four Tornados took
off from the Royal Air Force (RAF) base in Akrotiri, Cyprus, shortly
after the House of Commons vote gave the go-ahead for Britain to assist
in the US-led bombing of Islamic State of Iraq and Syria (ISIS). The
strikes targeted the Omar oil fields in eastern Syria, which is under
ISIS [….] Read more at:
India to grow at 7.5% in current fiscal: Suresh Prabhu
Indian
economy will grow at 7.5 per cent in the current fiscal year and the
country's growth will accelerate in the coming years despite slowing
world economy, Railway Minister Suresh Prabhu said today. "We are
passing through an interesting time. World economy has slowed down.
Despite that, this year India will grow at 7.5 per cent. We will
accelerate it to much higher level in next few years," he said at an
event organised by CII and Doha Bank. The Minister further said that
infrastructure [….] Read more at:
Thanks & Regards,
Meetesh Shiroya
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