Daily Archives: February 26, 2016

Procedure for Response to Outstanding Tax Demand

By | February 26, 2016

SECTION 143 OF THE INCOME-TAX ACT, 1961 – ASSESSMENT PROCEDURE FOR RESPONSE TO ARREAR DEMAND BY TAXPAYER AND VERIFICATION AND CORRECTION OF DEMAND BY AOs CIRCULAR NO.8/2015 [F.NO.225/151/2014/ITA.II], DATED 14-5-2015 The CBDT vide instruction No.4 of 2014, dated 7th April, 2014, inter alia, prescribed Standard Operating Procedure for Verification and Correction of Demand available or… Read More »

CBDT System for identification of duplicate PANs

By | February 26, 2016

ITBA-PAN INSTRUCTION NO.3 [F.NO.PDGIT(S)/ADG(S)-1/ITBA-PAN INSTRUCTIONS/0001/2016], DATED 24-2-2016 As per current process, PAN holder who wants to update core field and address details of the PAN allotted to him/her can file request for update through service providers (NSDL/UTIITSL). Details received from SPs in this regard in text file format are now uploaded in the system automatically… Read More »

Policy for Adequate Autonomy to Companies

By | February 26, 2016

Policy for Adequate Autonomy to Companies In its endeavour to ease the process for FDI applications, Government launched a new secured FIPB website namely http://fipb.gov.in in 2015. Website offers increased portfolio services to applicants in an efficient manner and also allows more transparent way of business to keep applicant informed on the current status of… Read More »

Cases reported under Indecent Representation of Women (Prohibition) Act,

By | February 26, 2016

Cases reported under Indecent Representation of Women (Prohibition) Act, 1986 As per the National Crime Records Bureau (NCRB) data which is available upto 2014, a total of 895, 453, 141, 362 and 47 cases were reported in the country under Indecent Representation of Women (Prohibition) Act, 1986 during last five year i.e 2010, 2011,2012, 2013… Read More »

605 Special Courts set up across the country under POCSO Act

By | February 26, 2016

605 Special Courts set up across the country till date under POCSO Act, 2012 45498 cases registered under POCSO Act,2012, from November,2012 till March,2015 As per information available with the National Commission for Protection of Child Rights (NCPCR), 605 Special Courts have been set up across 654 Districts under the Protection of Children from Sexual… Read More »

More than 22000 cases of violation of women’s rights registered

By | February 26, 2016

More than twenty two thousand cases of violation of women’s rights registered with NCW in the year 2015-16 till date The National Commission for Women has reported that they have registered 16584, 22422, 32118 and 22292 cases of violation of women’s rights in 2012-13, 2013-14, 2014-15 and 2015-16 (till date). The highest number of such… Read More »

Revised creche scheme of the Women & Child Development

By | February 26, 2016

The revised crèche scheme of the M/o Women & Child Development being implemented Honorarium of crèche worker and supplementary nutrition for child increased under the new norms The RGN Crèche Scheme (RGNCS) of the Ministry of Women and Child Development has been revised and the revised scheme is being implemented from 01.01.2016. The scheme focuses… Read More »

Reforms in Tax Rates

By | February 26, 2016

Reforms in Tax Rates The details of the tax rates of the major countries of Asia have been taken from the KPMG Report on Global Rates, 2015 and are mentioned below: Country Corporate Individual Income Afghanistan 20 —– Bangladesh 27.5 30 China 25 45 India 34.61 33.91 Japan 33.06 50.84 Kazakhstan 20 10 Malaysia 25… Read More »

Per Capital Income in the Country

By | February 26, 2016

Per Capital Income in the Country As per the estimates of the Central Statistics Office (CSO), the per capita net national income of the country at current prices for the year 2015-16 is estimated to attain the level of Rs. 93231/-. The per capita net national income at constant (2011-12) prices for the year 2015-16… Read More »

Cyber Security measures by Armed Forces

By | February 26, 2016

Cyber Security It is common practice for hackers / spies of Intelligence agencies to hack computer systems to gain intelligence about target countries. There have been cyber attacks on some isolated internet connections of Defence Personnel. However, all computers employed for official work by the Defence forces are comprehensively isolated from the internet to obviate… Read More »

Govt approved Women Fighter Pilots

By | February 26, 2016

Women Fighter Pilots Government has accorded approval for women to join as Short Service Commission Officers in the fighter stream of the Indian Air Force on experimental basis for a period of five years. Three women trainees have volunteered and have been inducted in the Fighter Stream and are undergoing training. This information was given… Read More »

Cases Reported to Competition Commission of India in last 3 years

By | February 26, 2016

Assessment and Functioning of CCI   Competition Commission of India (CCI) is a Statutory Body established under the Competition Act, 2002 to prevent practices having adverse effect on competition, to promote and sustain competition in markets while protecting the interests of the consumers.  The Commission prepares and forwards to the Central Government an annual report… Read More »

Govt Steps to curb Corporate Frauds

By | February 26, 2016

Corporate Frauds From 2012-13 up to 31-01-2016 the Ministry has ordered investigations through Serious Fraud Investigation Office (SFIO) of this Ministry into the affairs of 258 companies allegedly indulging in fraudulent/ illegal activities. Of these, 116 investigations have been completed and reports submitted to the Ministry, while in 08 cases, investigations have been stayed by… Read More »

Activities by Companies Under CSR

By | February 26, 2016

Activities by Companies Under CSR   The provisions of Corporate Social Responsibility (CSR) under Section 135 of the Companies Act, 2013 and rules made thereunder have been notified on 27.02.2014. These notifications are available on the Ministry’s website (www.mca.gov.in). The salient features of CSR provision inter-alia, are as follows: companies above the specified threshold of … Read More »

Companies Registered Under Companies Act

By | February 26, 2016

Companies Registered Under Companies Act The Number of Companies registered under the Companies Act during the year 2014-15 is 64,395. The number of Companies listed  in stock exchange during the year 2014-15 is 66. The total authorised capital of public and private limited companies registered during the year 2014-15 is Rs.8,826.80 crore and 22,953.93 crore… Read More »

KPMG Survey on CSR

By | February 26, 2016

KPMG Survey on CSR The KPMG report available in public domain regarding a survey of Corporate Responsibility (CR) Reporting by 4500 companies across 45 countries in 2015, places India as the leading country in terms of reporting Corporate Responsibility. The key findings of the survey suggest inter alia, (a) India has the highest CR reporting… Read More »

Competition Commission of India may impose penalties

By | February 26, 2016

Institutional Guidelines Adopted by CCI As mandated under the Competition Act, 2002, the Competition Commission of India may impose penalties, and/or issue cease & desist order in appropriate cases. However, while imposing penalties under section 27 of the Act, the Commission takes into account the aggravating and mitigating factors before arriving at the fair and… Read More »

Spreading JAM across India’s Economy :The Economic Survey 2015-16

By | February 26, 2016

Spreading Jam across India’s Economy The Economic Survey 2015-16 presented here today in the Parliament by the Union Finance Minister Shri Arun Jaitley emphasizes that JAM Trinity –Jan dhan, Aadhaar, Mobile- can help government to implement large-scale, technology-enabled and real-time Direct Benefit Transfers (DBTs) to improve economic lives of India’s poor. First variety of JAM-… Read More »

Reform Package of the Fertilizer Sector :The Economic Survey 2015-16

By | February 26, 2016

Reform Package of the Fertilizer Sector The Economic Survey 2015-16 presented here today in the Parliament by the Union Finance Minister Shri Arun Jaitley emphasizes that the Government budgeted Rs. 73,000 crore- about 0.5 per cent of GDP- on fertilizer subsidies in 2015-16. Nearly 70 per cent of this amount was allocated to urea, the… Read More »

Outlook of Multilateral Institutions positive for India :Economic Survey 2015-16

By | February 26, 2016

Economy will continue to Weather Global Sluggishness with Resilience; Outlook of Multilateral Institutions positive for India Multilateral Institutions in their latest assessments have underlined that in the short run, Indian growth may fall short of its growth potential of 8-9 per cent, but the economy could continue weathering the global sluggishness with resilience and consolidate… Read More »

More crop per drop motto to improve Agriculture Sector :Economic Survey 2015-16

By | February 26, 2016

Agriculture Sector needs a Transformation to ensure Sustainable Livelihoods for the Farmers and Food Security Economic Survey Emphasizes to Improved Productivity in Agriculture  Disbursal of Subsidy on Fertilizers should Shift to DBT Fixed Amount of Subsidy in the case of P And K Fertilizer Subsidy There needs to be a Shift to Demand-Driven Agricultural Advisory… Read More »

Leading cause of Infant death is low birth weight. :The Economic Survey 2015-16

By | February 26, 2016

Making Investments in Maternal Nutrition and Sanitation and Changing Social Norms to Enhance their Effectiveness can help to Exploit India’s Demographic Dividend The National Food Security Act and Swachh Bharat are part of the Government’s Policy Agenda to Improve Maternal and Early Life Health The Economic Survey 2015-16 presented today in the Parliament by the… Read More »

Economy to clock more than 7 % growth this fiscal : Economic Survey 2015-16

By | February 26, 2016

Economy to clock more than 7 per cent growth this fiscal; Economic Survey 2015-16 predicts over 8 per cent growth in next couple of years. The Economic Survey 2015-16 presented here today in the Parliament by the Union Finance Minister Shri Arun Jaitley emphasizes that Indian economy will continue to grow more than 7 percent… Read More »

Sweeping changes made in the power sector :The Economic Survey

By | February 26, 2016

Impressive strides made in the power sector in the last two years: addition of record generation capacity, moves towards one market in power, reform of discoms and development of renewable energy Time is ripe for industries to absorb excess generation capacity through “Open Access” to energize “Make in India”  A progressive tariff structure can reduce… Read More »

India require 4R’s to resolve twin balance sheet challenge of Public Sector Banks:Economic Survey 2015-16

By | February 26, 2016

 Twin balance sheet Challange of Public Sector Banks and Corporate Houses Economic Survey 2015-16  cautions that one of the most critical short term challenges confronting the Indian economy is the twin balance sheet problem – the impaired financial positions of the Public Sector Banks (PSBs) and some corporate houses. The twin balance sheet challenge is… Read More »

India has 2nd Highest Number of Undernourished People : Economic Survey 2015-16

By | February 26, 2016

In order to provide Food Security, in the current Agriculture Scenario, India has to Focus on Supplies which are timely and Uninterrupted and Affordable for the Poor 57 % of Households had Calorie intake below 2160 KCal/Consumer unit/day Average Protein intake Per Capita per day Rises Steadily India Has the Second Highest Number of Undernourished… Read More »

Indian Economy needs to create well-paying Jobs :Economic Survey 2015-2016

By | February 26, 2016

Indian Economy needs to create enough “good” Safe Productive well-paying Jobs The Economic Survey 2015-2016 stresses that India being in the midway through its demographic dividend is providing an economic growth in terms of the working age share of the population. Hence to exploit this dividend and meet the growing aspiration of those entering the… Read More »

Higher Property Tax Rates to check speculation in real estate :Economic Survey

By | February 26, 2016

GST rollout to mark an unprecedented reforms measure in the modern global tax history Economic Survey 2015-16 proposes widening tax net from 5.5 percent of earning individuals to more than 20 percent, reasonable taxation of the better-off individuals with income from Real Estate and Agriculture, phasing out of the tax exemption Raj   Higher Property… Read More »

India’s Free Trade Agreements increased Imports and Exports

By | February 26, 2016

FTAs leading to increased Imports and Exports Since the mid- 2000s India’s Free Trade Agreements have doubled to about 42 today. They have increased trade with FTA countries more than would have happened otherwise. Increased trade has been more on the import than export side, because India maintains relatively high tariffs and hence had larger… Read More »

2015 Landmark Year for India in Climate Change Initiatives: Economic Survey 2015-16;

By | February 26, 2016

2015 – Landmark Year for India in Climate Change Initiatives: Economic Survey 2015-16; India plays important role in adoption of Paris Agreement and Launch of International Solar Alliance Economic Survey 2015-16 tabled in Parliament here today by the Union Finance Minister Shri Arun Jaitley states that the year 2015 has been a landmark year for… Read More »

Need more investment in Human Capital :Economic Survey 2015-16

By | February 26, 2016

Economic Survey 2015-16 highlights need for more investment in Human Capital, expresses concern at declining educational outcomes, emphasizes importance of improving efficiency in delivery of services in the health sector. The Economic Survey 2015-16, presented in the Parliament today by the Union Finance Minister Shri Arun Jaitley, states that the social infrastructure scenario in the… Read More »

Economic Survey Data released by Govt

By | February 26, 2016

Labour Force participation Rate higher in Rural Areas than Urban Areas, significantly lower for females than males: Economic Survey Women account for 57% of employment given under MGNREGA in the Current Financial Year   1.75 lakh Rural Youth trained under Deen Dayal Upadhyaya Grameen Kaushalya Yojana during 2015-16  The Economic Survey (2015-16) states that the… Read More »

Govt released seized pulses in markets

By | February 26, 2016

116334.85 MT seized pulses released in markets Delivery of 8,500 MT imported pulses is expected shortly The rise in the prices of pulses is due to several factors leading to demand & supply mismatch. Hoarding is one such factor. De-hoarding operations are carried out by the State Governments under the Essential Commodities Act, 1955. All… Read More »

Govt preparing Indian Medicine and Homoeopathy Bill 2016

By | February 26, 2016

Ensuring good quality AYUSH Drugs to people is topmost priority of the Government: Shri Shripad Naik ‘The Indian Medicine and Homoeopathy Pharmacy Central Council Bill, 2016’ circulated for Inter-ministerial appraisal and consultations with states: AYUSH Minister The Union Minster of State for AYUSH (Independent Charge) and Health & Family Welfare Shri Shripad Yesso Naik has… Read More »

Bank Procedure for Opening accounts of foreign students

By | February 26, 2016

Procedure to be followed by banks while opening accounts of foreign students (a) Banks shall, at their option, open a Non Resident Ordinary (NRO) bank account of a foreign student on the basis of his/her passport (with visa & immigration endorsement) bearing the proof of identity and address in the home country together with a photograph… Read More »

RBI Review of Guidelines on Revitalising Stressed Assets in the Economy

By | February 26, 2016

Source Reserve Bank of India RBI/2015-16/330 DBR.BP.BC.No.82/21.04.132/2015-16 February 25, 2016 All Scheduled Commercial Banks (excluding RRBs) All-India Term-lending and Refinancing Institutions (Exim Bank, NABARD, NHB and SIDBI) Dear Sir, Review of Prudential Guidelines – Revitalising Stressed Assets in the Economy The Reserve Bank of India has issued various guidelines aimed at revitalising the stressed assets… Read More »

RBI partially modifies Prudential Guidelines on Revitalising Stressed Assets

By | February 26, 2016

Source Reserve Bank of India RBI partially modifies/clarifies Prudential Guidelines on Revitalising Stressed Assets in the Economy Date : Feb 25, 2016 On a review and based on feedback received from stakeholders, the Reserve Bank of India has partly modified and also clarified, some aspects of its Prudential Guidelines for Revitalising Stressed Assets in the… Read More »

Skill Development Programmes in Telangana and Andhra Pradesh

By | February 26, 2016

Skill Development Programmes in Telangana and Andhra Pradesh The Minister of State (Independent Charge) for Skill Development and Entrepreneurship Shri Rajiv Pratap Rudy has said that the Pradhan Mantri Kaushal Vikas Yojana (PMKVY) is being implemented in the State of Telangana and Andhra Pradesh since 2015-16 under which trainings are being imparted in various sectors.… Read More »

Job Guarantee after Skill Training

By | February 26, 2016

Job Guarantee after Skill Training The Minister of State (Independent Charge) for Skill Development and Entrepreneurship Shri Rajiv Pratap Rudy has said that the government has set up National Skill Development Corporation (NSDC) as a Public Private Partnership entity to promote private training providers to set up skill development centres across the Country. Private training… Read More »

Pradhan Mantri Kaushal Vikas Yojana in Puducherry

By | February 26, 2016

Pradhan Mantri Kaushal Vikas Yojana in Puducherry The Minister of State (Independent Charge) for Skill Development and Entrepreneurship Shri Rajiv Pratap Rudy has said that government has launched the flagship scheme, ‘Pradhan Mantri Kaushal Vikas Yojana (PMKVY)’ on 15th July, 2015 to enable and mobilize a large number of youth to take up outcome based… Read More »

Beneficiary under Pradhan Mantri Kaushal Vikas Yojana

By | February 26, 2016

Beneficiary under Pradhan Mantri Kaushal Vikas Yojana The Minister of State (Independent Charge) for Skill Development and Entrepreneurship Shri Rajiv Pratap Rudy has said that the government has launched the flagship scheme, ‘Pradhan Mantri Kaushal Vikas Yojana (PMKVY)’ on 15th July, 2015 to enable and mobilize a large number of youth to take up outcome… Read More »

PPP mode being implemented by National Highways Authority of India

By | February 26, 2016

Bot Model Projects The Government has permitted one time fund infusion to revive and physically complete languishing national highway projects under Public-Private Partnership (PPP) mode and also allowed Rationalised Compensation to concessionaires, in case delays are not attributable to them, to increase funds to highway sector. Various steps have also been taken by the Government/… Read More »

Enforcement of BS-VI Emission Norms

By | February 26, 2016

Enforcement of BS-VI Emission Norms The Ministry of Road Transport & Highways has amended the Central Motor Vehicles Rules, 1989 to implement Bharat Stage-IV (BS-IV) mass emission standards for four wheeled vehicles since the year 2010 onwards in select cities in a phase-wise manner. Bharat Stage-IV mass emission standards for two wheeled, three wheeled and… Read More »

Bridge Over River Brahmaputra

By | February 26, 2016

Bridge Over River Brahmaputra The Ministry of Road Transport & Highways has awarded the consultancy work to M/s AECOM India Pvt. Ltd. on 10.07.2015 for the preparation of Detailed Project Report for “Construction of a Bridge over river Brahmaputra Between Dhubri and Phulbari” for an amount of Rs. 697.88 lakhs. The Consultant has submitted the… Read More »

Govt steps for Safety of Women in Public Transport

By | February 26, 2016

Safety Measures for Women in Public Transport The Government of India has undertaken a project “Security for Women in Public Road Transport in the Country”. The objective of the scheme is to ensure safety of women and girl child in public transport by monitoring location of public road transport vehicles to provide immediate assistance in… Read More »

Measures to Improve Education Facilities for Women

By | February 26, 2016

Measures to Improve Education Facilities for Women The expansion of education among girls/women has been an integral part of educational policies and programmes. The National Policy on Education 1986 (as modified in 1992) lays emphasis on education of girls/women through empowerment programmes. Accordingly, Ministry of Human Resource Development has taken a number of initiatives for… Read More »