Daily Archives: February 26, 2016

Procedure for Response to Outstanding Tax Demand

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

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 »

Loans extended under the Pradhan Mantri Mudra Yojana

MUDRA Scheme Loans are extended under the Pradhan Mantri Mudra Yojana (PMMY), Scheme by banks and Micro Finance Institutions (MFIs) in three categories: Shishu (loans upto Rs. 50,000); Kishore (loans from Rs. 50002 to Rs. 5 lakh); Tarun (loans from Rs.5 lakh to Rs. 10 lakh) Till 12th February, 2016, the loans extended are as… Read More »

Policy for Adequate Autonomy to Companies

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 »

605 Special Courts set up across the country under POCSO Act

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 »

Revised creche scheme of the Women & Child Development

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

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

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

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

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

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

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

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

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

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

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

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 »

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

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

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

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 »

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

 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 »

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

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

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

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

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 »

RBI Review of Guidelines on Revitalising Stressed Assets in the Economy

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

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

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

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 »

PPP mode being implemented by National Highways Authority of India

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

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

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

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

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 »