Budget, 2016
Exempt startups from direct, indirect taxes: Nasscom
IT
industry body Nasscom said exempting startups from direct and indirect
taxes, including MAT, will help reduce compliance burden and cash
outflows for these new businesses. The suggestion is part of Nasscom's
pre-Budget recommendations for startup and e-commerce ecosystem to the
Finance Ministry. "There is also an urgent need to remove angel tax that
serves to tax the capital receipts, when the availability of financing
from recognized sources such as banks and venture [….] Read more
at:
Budget 2016: India Inc seeks more public spend in infrastructure, rural sectors
Some
of the big-ticket items on India Inc's wish list ahead of the Union
budget for 2016-17 include big boost to public spending, no slippage in
fiscal consolidation, cut in corporate tax rate, calibrated phase-out of
tax exemptions, overhaul of tax administration and clarity in tax
policy. Industry chambers want the government to step up public spending
in infrastructure and rural sectors to give a big demand push to the
economy. "Capital expenditure on key projects in sectors such as
[….] Read more at:
Direct Tax
Government plans to make PAN as Business Identification Number for companies and firms
In
a step towards a single-window clearance mechanism at the central
level, the government plans to make the permanent account number (PAN)
as the Business Identification Number (BIN) for companies and firms. The
move is aimed at doing away with the need for separate registration
with authorities ranging from the registrar of companies to the direct
and indirect tax wings, the labour department and for export and import.
Currently, entities first need to get a Company Identifi [….] Read
more at:
Indirect Tax
Govt scraps export duty on iron ore pellets
Meeting
yet another demand of steel and mining companies to make domestic
industry competitive, the government scrapped export duty on iron ore
pellets. In 2014, the government had imposed a five per cent export duty
on iron ore pellets, which are value-added products of the leftover
material or low-grade iron ore, generally used in steel making. This
measure comes at a time when the government is also thinking of
imposing minimum import price (MIP) on steel imports. It has [….]
Read more at:
Odisha govt hikes VAT on petrol, diesel by 3%
The Odisha government on Tuesday
increased the Value Added Tax (VAT) on petrol and diesel by 3% each,
making the fuel dearer. The finance department issued a notification
stating that the VAT on petrol and diesel would be 26% from earlier rate
of 23%. Petrol and diesel across the state will cost more by Rs 1.39
per litre and Rs 1.14 per litre respectively from today. "By increasing
VAT by 3% on the fuel, the state government will get additional revenue
of Rs 361 crore per annum. It would [….] Read more at:
SEBI
Sebi issues Rs 1.6-cr impounding order in BoR case
The
Securities and Exchange Board of India (Sebi) has issued an impounding
order of Rs 1.6 crore against seven entities that made alleged unlawful
gains by trading on inside information. The trades took place in shares
of Bank of Rajasthan (BoR) ahead of its merger with ICICI Bank in 2010.
The order was passed on Wednesday
under sections 11(1), 11(4)(d) and 11B of the Sebi Act, 1992. The
market regulator also asked all banks and depositories to ensure that no
debits are made from the bank a [….] Read more at:
Valecha Engineering stocks plummet on Sebi ban
Market
regulator Securities and Exchange Board of India (Sebi) imposed a ban
on Mumbai-based Valecha Engineering (VEL), its managing director and a
dozen other entities for indulging in fraudulent trading. The road
builder’s shares saw its worst single-day fall in nearly five months.
The stock, after falling as much as 15 per cent, ended at Rs 48.1, down
10.2 per cent. Sebi has imposed a market ban of up to three years for
violation of provisions of Prohibition of Fraudulent and [….] Read
more at:
RBI
India set to extend RBI term for Rajan's lieutenant Urjit Patel
The
government is set to extend the term of the central banker behind
monetary policy changes that have helped reduce the country's
chronically high inflation, signaling confidence in Governor Raghuram
Rajan's team at the Reserve Bank of India (RBI). Urjit Patel — the
architect of a switch to formally target inflation, among other changes —
is likely to stay on as a deputy governor when his three-year term ends
next week, government and policymaker sources said. An announcement is
[….] Read more at:
Siti Cable Network jumps after RBI relaxes foreign investment ceiling
Siti Cable Network rose 8.70% to Rs 40 at 9:27 IST on
BSE after the central bank allowed foreign investors to buy up to 49%
stake in the company. Meanwhile, the BSE Sensex was up 53.42 points, or
0.21%, to 25,676.77. On BSE, so far 6.43 lakh shares were traded in the
counter, compared with an average volume of 73,563 shares in the past
one quarter. The stock hit a high of Rs 41.70 and a low of Rs 39.50 so
far during the day. The stock hit a 52-week high of Rs 41.70 on 5
January 2016. [….] Read more at:
The Reserve Bank on Monday allowed foreign investors to buy up to 49% stake in SITI Cable Network
The Reserve Bank on Monday
allowed foreign investors to buy up to 49% stake in SITI Cable
Network.Foreign institutional investors (FIIs)/registered foreign
portfolio investors (RFPIs) can now invest up to 49% of the paid-up
capital of SITI Cable Network Limited under the Portfolio Investment
Scheme (PIS), RBI said in a statement.The company has passed resolutions
at its Board of Directors level and a special resolution through
shareholders, agreeing to raising the limit for the purch [….] Read
more at:
RBI to auction new 10-year benchmark bond on Friday
The Reserve Bank of India (RBI) said on Monday that it would raise Rs 8,000 crore through a new benchmark 10-year bond on Friday.This is part of the Rs 14,000-crore bond auction the central bank would be undertaking on Friday,
including Rs 2,000 crore through a 40-year bond. The 40-year bond, the
longest duration bond, was issued in October last year and only Rs 5,000
crore has been raised so far. The other bonds against which Rs 2,000
crore each will be raised will mature in sev [….] Read more at:
Miscellaneous Laws/News
Birlas stitch mega plan to spur women's wear exports
Aditya
Birla Group, the world's largest viscose staple fibre (VSF)
manufacturer, is creating a one-stop platform for fabric-makers to reach
out directly to women's wear exporters and international brands. The
move is being driven by the group's fibre business arm Birla Cellulose.
It is an expansion of its ongoing LIVA Accredited Partners Forum (LAPF)
initiative to aggregate the top talent in fabrics industry. Birla
Cellulose would bring together LAPF partners and international brands at
[….] Read more at:
Apple paid CEO Tim Cook $10.3 million in 2015
Apple Inc Chief Executive Tim Cook's compensation rose 11.5 percent to USD 10.3 million in 2015, the company said on Wednesday,
a year when its sales grew 28 percent and profits by 35 percent but its
shares fell for the first time since 2008. Chief Financial Officer Luca
Maestri's annual compensation rose about 81 percent to USD 25.3 million
in 2015. In fact, Cook was the lowest-paid of the company's top
executives. Angela Ahrendts, the senior vice president for retail and
online stores, was [….] Read more at:
Internet both dangerous and democratic: Nobel laureates
A
group of Noble laureates opined that the "rule of the mob" finds a
quick expression in today's times due to social media, while stating
that internet provided a platform that was "both dangerous and
democratic". "Mobs existed before internet but now mob rule can express
much more quickly because of social media. To me that is a danger.
Crowds though have their own momentum," Nobel laureate V Ramakrishnan,
who received a Nobel for Chemistry in 2009 said at an event here. The
India-born [….] Read more at:
Petronas Lubes eyes 5% market share by 2019
Petronas
Lubricants India, an arm of the Malaysian oil major Petronas, said it
hopes to more than treble its market share in the 2-billion liters per
annum domestic lubes market to 5 percent by 2019. Launching cobranded
lubes with Tata Motors , Petronas Lubricants India chief executive MP
Singh said currently its market share is a low 1.5 percent in the almost
Rs 40,000-crore lubes market. Under the partnership, he said the
Malaysian company will sell Tata Motors Genuine Oil for the [….]
Read more at:
Eyeing over Rs 2700 cr revenues in CY15: ITD Cementation
S
Ramnath, CFO, ITD Cementation in an interview to CNBC-TV18 said the
company has not received any order under Namami Gange Programme because
they basically are not into water treatment business. However, the
company would be looking for opportunities to create water
infrastructure alongside the Ganga River as they did alongside Narmada
River. “ So on the cleaning aspect, no role for companies like us,” he
added. The Union Cabinet today approved a proposal for taking up
[….] Read more at:
FY16 advertising revenue could grow by 40%: UFO Moviez
UFO
Moviez is targeting a 30 percent compounded growth in advertising
revenues over the next three years, Kapil Agarwal, Joint Managing
Director of the company tells CNBC-TV18. This year, he expects ad
revenues to grow 40 percent. Agarwal says there is scope to improve ad
minutes per screen from the current duration of 4 minutes. As of H1FY16,
the company had 4940 screens. Annually, the company releases 1600
movies, he adds. On the Caravan Talkies business, Agarwal says the
[….] Read more at:
Economy & News
Government seeks private funds to build roads and skywalks in Bengaluru
Basic
infrastructure for Bengaluru, such as public toilets, bus shelters and
skywalks, will be looking for private investors at Invest Karnataka, the
state's flagship global investors' meet, to be held next month. As many
as 48 projects in Bengaluru worth over Rs 45,000 crore will be
showcased at the first global investors' meet during the
Siddaramaiah-led government. Besides some capital-intensive projects,
authorities have made public a list of investment opportunities that
include development of six [….] Read more at:
PM Narendra Modi sets up eight groups of secretaries to crank up economic growth
In
an unprecedented exercise, Prime Minister Narendra Modi has set up
eight groups of secretaries to come up with ideas to drive economic
growth ahead of the Budget and beyond it. Each group has to make a
presentation later this month to the prime minister on action points
along with detailed plans about how these can be implemented, officials
said. Many of these ideas are likely to find their way into the Budget,
which is being seen as a make-or-break one by a government under
pressure to lift [….] Read more at:
World Bank cuts global economic growth outlook
The
World Bank cut its global economic growth forecast for 2016, saying the
weak performance of major emerging market economies will tamp activity
overall, as will anemic showings from developed countries such as the
United States. Global growth should accelerate to 2.9 percent this year
from 2.4 percent in 2015, the bank said, but that still represents a
downgrade from its June forecast for 3.3 percent growth. The bank raised
particular concern about the flagging performance of [….] Read more
at:
Commissioning of new projects decline 44% in last quarter
Commissioning
of new projects fell an annual 44% in the last quarter although the
number is expected to improve after companies disclose details in their
October-December earnings, the Centre for Monitoring Indian Economy
(CMIE) said. It said 269 projects with investments worth Rs 496 billion
were commissioned. Average quarterly commissioning of projects in the
first three quarters of the current fiscal was Rs 874 billion, 1% lower
than the average quarterly commissioning in the [….] Read more at:
Government to adopt ILO proposals on unorganised labour
The cabinet on Wednesday
also approved a proposal to adopt International Labour Organization
(ILO) recommendations on formalising the unorganised workforce in the
country. The initiative, which will now be presented to Parliament for
approval, seeks to ensure the inclusion of such workers in the formal
economy. The government will have to facilitate the transition of
workers and economic units from the informal to the formal economy while
respecting workers' fundamental rights and [….] Read more at:
Modi government decides to shut 3 HMT units, offer VRS to employees
Its
curtains for iconic timekeeper of the nation — HMT Watches. The cabinet
committee on economic affairs (CCEA) gave its goahead to a Rs 427-crore
financial assistance package for closure of unviable units of HMT,
including the watch manufacturing entity. The CCEA has approved
voluntary retirement scheme ( VRS) package at 2007 pay scales to
mitigate the hardships being faced by the employees of HMT Watches Ltd,
HMT Chinar Watches Ltd & HMT Bearings Ltd and to close their
[….] Read more at:
Government taking steps to ensure low-cost housing for all: Mukhtar Abbas Naqvi
Government
has been taking "strong and honest" steps to ensure low-cost housing
and social security cover for every citizen, Union Minister Mukhtar
Abbas Naqvi said here today. "Reform bills, such as the Real Estate
(Regulation and Development) Amendment Bill, are essential for speedy
economic development of the country. "This Bill will not only make real
estate sector consumer-friendly, but also fulfil the target of 'Housing
for All' by 2022," the Union Minister of State for Parliame [….] Read
more at:
J&K Chief Minister Mufti Mohammad Sayeed dies at 79
Jammu
and Kashmir Chief Minister Mufti Mohammad Sayeed died on Thursday in
Delhi's All India Medical Institute of Medical Sciences after ailing for
a long ailment. He was admitted to AIIMS on December 24 after he
complained of neck pain and fever. He had been put on ventilator
support. The 79-year-old was detected with sepsis, decreased blood
counts and pneumonia. His health had sparked off speculation that there
could be a possible change of guard. Mufti Mohammad Sayeed had himself
[….] Read more at:
Thanks & Regards,
Meetesh Shiroya
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