Daily Archives: May 4, 2016

CNG Trains

CNG Trains Madam one Diesel Electrical Multiple Unit (DEMU) train comprising of 2 CNG DPCs (Driving Power Car) and 6 TC (Trailing Coach) has been in operations since January, 2015. Six CNG DEMU trains have been introduced which run in Delhi, Haryana and U.P. Indian Railways has sanctioned projects under following major developments for research… Read More »

Tour Packages For Gatimaan Express Travellers

Tour Packages For Gatimaan Express Travellers Indian Railway Catering and Tourism Corporation has started operating two different tour packages for those travelling in Gatimaan Express. The one day comprehensive package offers visit to Agra Fort and Taj Mahal in AC vehicle, food at hotel, guide etc. The two days / one night comprehensive package offers… Read More »

Re-Designing of Railway Coaches

Re-Designing of Railway Coaches Re-designing of coach sub-assemblies and components is continually undertaken by RDSO (Research Designs and Standards Organisation) and Design centers of coach Production Units of Indian Railways. In the recent past, following major projects for redesigning of coaches were undertaken: – • Linke Hofmann Busch (LHB) Air-Conditioned (AC) coach to LHB non-AC… Read More »

Perishable parcel traffic transported by Railway

Arrangements for Perishable Parcel Traffic Perishable parcel traffic is transported by Railway in the Brakevan (SLRs) of passenger carrying trains. Preference is accorded for clearance of perishable parcels over hard parcels. To meet the demand of full load of Parcel Van(s) perishable traffic, Parcel Vans (VPs) are attached to passenger carrying trains subject to availability… Read More »

Luxury Trains of Indian Railways

Luxury Trains of Indian Railways Presently, Indian Railways operate 5 luxury tourist trains (Palace on Wheels, Royal Rajasthan on Wheels, Deccan Odyssey, Golden Chariot and Maharajas’ Express) in association with State Tourism Corporations / Indian Railway Catering and Tourism Corporation. There has been decline in the occupancy of luxury tourist train Palace on Wheels over… Read More »

Minimum Pension under Employees’ Pension Scheme (EPS)

Minimum Pension The Government has notified a minimum pension of Rs. 1000/- per month to the pensioners under Employees’ Pension Scheme (EPS), 1995 vide Notification No. G.S.R. 593 (E), dated 19th August, 2014 effective from 01.09.2014 for the year 2014-15 which is continued beyond March, 2015 without any break. However, no proposal is under consideration… Read More »

Minimum Wages in Center and State

Minimum Wages Under the provisions of the Minimum Wages Act, 1948, both Central and State Governments are appropriate Governments to fix, review and revise the minimum wages of the workers employed in the scheduled employment consisting of agriculture and non-agricultural sector under their   respective  jurisdictions. The rates of minimum wages fixed for scheduled employments in… Read More »

Sugar Stock holding Limit Notified by Govt

Sugar Stock holding Indian Govt has notified the sugar stock holding as per the following notification THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)] MINISTRY OF CONSUMER AFFAIRS, FOOD AND PUBLIC DISTRIBUTION (Department of Food and Public Distribution) ORDER New Delhi, the 29th April, 2016 G.S.R. 471(E).—In exercise of the powers conferred by section… Read More »

Namami Gange Programme ,Rs. 2446 Crore approved

Projects worth Rs. 2446 Crore approved under Namami Gange Programme Giving a major fillip to Namami Gange programme the Empowered Steering Committee (ESC) of the National Ganga River Basin Authority (NGRBA) has approved projects for Development of Ghats and crematoria in the stretch from Haridwar to Uttarakhand Border in Uttarakhand, Garhmukteshwar in UP, Buxar, Hajipur… Read More »

Extension of E-Visa to Boost Tourism in India

Extension of E-Visa to Boost Tourism The Government of India has launched e-Tourist Visa on 27.11.2014 with a view to facilitate foreign tourist visiting India. Initially, the scheme was introduced for 43 countries. However, the scheme has since been extended to 150 countries. A list of these countries is attached as Annexure-I.  The visa service… Read More »

India’s Share in Foreign Tourist Arrivals

India’s Share in Foreign Tourist Arrivals Share of Foreign Tourist Arrivals in India in the International Tourist Arrivals around the world during 2015 were 0.68%. Initiatives undertaken by the Ministry of Tourism in the recent past for development and promotion of tourism and attract more tourists in the country are as below: i) E –… Read More »

India and UAE Signs for Skill Development

Agreement between India and UAE   The Minister of State (Independent Charge) for Skill Development and Entrepreneurship Shri Rajiv Pratap Rudy has said that the Ministry of Skill Development and Entrepreneurship on 29.4.2016 signed a Memorandum of Understanding with National Qualifications Authority of United Arab Emirates (UAE) on cooperation for Skill development and mutual recognition of… Read More »

India skill on Seasonal Forecasting System better than other countries in the world

India Meteorological Department’s skill on Seasonal Forecasting System, is better than other countries in the world – Dr. Harsh Vardhan  During the current year, normal/ above normal rainfall has been predicted by many forecasting agencies including India Meteorological Department (IMD). No forecast assessment for pre-monsoon season is issued by any agencies. According to the IMD’s… Read More »

Different Rates for Supply of Natural Gas in States

Different Rates for Supply of Natural Gas in States The Minister of State (I/C) for Petroleum & Natural Gas Shri Dharmendra Pradhan informed the Rajya Sabha in a written reply today that the delivered price of gas varies from customer to customer depending upon the basic price of gas, transportation cost, local taxes and levies.… Read More »

Reforms in Oil and Gas Exploration

Reforms in Oil and Gas Exploration The Minister of State (I/C) for Petroleum & Natural Gas Shri Dharmendra Pradhan informed the Rajya Sabha in a written reply today that the Government takes various policy and administrative initiatives from time to time to facilitate hydrocarbon exploration in the country. Some of the policy decisions taken by… Read More »

space : India Sign MOU with 37 countries

MOU with Foreign Countries Indian Space Research Organisation (ISRO) of Department of Space, Government of India has signed MoU/ Cooperative agreements for exploration and use of outer space with 37 countries viz. Argentina, Australia, Brazil, Brunei Darussalam, Bulgaria, Canada, Chile, China, Egypt, France, Germany, Hungary, Indonesia, Israel, Italy, Japan, Kazakhstan, Kuwait, Mauritius, Mexico, Mongolia, Myanmar,… Read More »

Radiation Sterilisation products acceptable by Food & Drug Administration

Atomic Material Radiation Sterilisation is a cold process that uses gamma radiation for sterilisation of Healthcare Products. Controlled gamma energy which is released by radioisotope such as Cobalt-60 is used for sterilisation. Cobalt-60 is most preferred radioisotope as it is readily available from single nuclear reaction in reactor and also cost effective. Gamma radiation is… Read More »

Unabsorbed depreciation allowed to be carried forward even if return filed belatedly

Issue Where the assessee  filed the return after expiry of time prescribed u/s 139(1), whether he is eligible to carry forward and set off of such unabsorbed depreciation as per section 139(3) and section 80 of the Act. ? Held Whereas, section 80 of the Act requires that return be filed as per section 139(3) of the Act… Read More »

Margin Requirements for non-Centrally Cleared Derivatives : RBI Discussion Paper

Reserve Bank of India Released the Discussion Paper on Margin Requirements for non-Centrally Cleared Derivatives Derivatives are an integral risk management tool for most of the business entities and financial institutions. Most of the bigger and mid-size companies in India use derivatives to manage foreign currency, interest rate and commodity price risks. Derivatives foster financial innovation… Read More »

Consultation Paper on Peer to Peer Lending

RBI Released the following Consultation Paper on  Peer to Peer Lending Introduction The financial sector is not immune from the advent of online industry and its potential impact. For this reason, it is attracting attention of analysts, investors, customers, businesses and regulators in a major way. Peer-to-Peer (P2P) lending is one such business model that has… Read More »

Peer to Peer Lending :RBI releases Consultation Paper

The Reserve Bank of India has today placed on its website the Consultation Paper on Peer to Peer Lending , for seeking comments/views from all interested parties and general public. The suggestions/comments on the Paper may be emailed or sent by post to the Chief General Manager, Department of Non-Banking Regulation, Reserve Bank of India,… Read More »

HOW TO EXPORT FROM INDIA

HOW TO EXPORT Introduction India’s Foreign Trade i.e. Exports and Imports are regulated by Foreign Trade Policy notified by Central government in exercise of powers conferred by section 5 of foreign trade (Development and Regulation) Act 1992. Presently Foreign Trade Policy 2015-20 is effective from 1st April, 2015.  As per FTD & R act, export… Read More »

SCOMET list updated ,Appendix 3 to Schedule 2 of ITC (HS) Classification of Export & Import Items

[TO BE PUBLISHED IN THE GAZETTE OF INDIA EXTRAORDINARY PART – II, SECTION – 3, SUB SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF COMMERCE AND INDUSTRY DEPARTMENT OF COMMERCE DIRECTORATE GENERAL OF FOREIGN TRADE NOTIFICATION No._05 /(2015-2020) NEW DELHI, DATED: 29th April, 2016 Subject: Updation of SCOMET list [Appendix 3 to Schedule 2 of ITC… Read More »

Status Holder-Amendment in Para 3.20(b) of FTP 2015-20

(To be published in the Gazette of India Extraordinary Part II Section 3, Sub Section (ii)) Government of India Ministry of Commerce & Industry Department of Commerce Directorate General of Foreign Trade Notification No.04/2015-2020 New Delhi, 29thApril, 2016 Subject: Status Holder-Amendment in Para 3.20(b) of ForeignTrade Policy 2015-20 S.O.(E) In exercise of the powers conferred… Read More »

Services Counted towards discharge of Export Obligation under EPCG for which payment received in Indian Rupees

Notification of new Appendix 5D containing the list of services for which payment is received in Rupee terms which could be counted towards discharge of Export Obligation under the Export Promotion Capital Goods(EPCG) Scheme. Government of India Ministry of Commerce and Industry Department of Commerce Directorate General of Foreign Trade Public Notice No. 04/2015-2020 New… Read More »

On line filing of Grant of Status Certificate , ANF 3C Amended

(TO BE PUBLISHED IN THE GAZETTE OF INDIA EXTRAORDINARY PART-1 SECTION-1) GOVERNMENT OF INDIA MINISTRY OF COMMERCE & INDUSTRY DEPARTMENT OF COMMERCE DIRECTORATE GENERAL OF FOREIGN TRADE PUBLIC NOTICE No.05 /2015-20 Dated: 3rd May, 2016 Subject: Amendment of ANF 3C – Application for on line filing of Grant of Status Certificate In exercise of powers… Read More »

ICAI President Message May 2016

Dear Members, The Indian accountancy profession has consolidated itself internationally to register its wise, strong and empowering global presence. Today, The Institute of Chartered Accountants of India produces world-class professionals who along with the desired IT and soft skills are professionally competent and fit to work in and for international economies in multicultural environment. Well… Read More »

Draft on Treatment of Costs Relating to CSR Activities

19th April 2016 Cost Accounting Standards Board (CASB), the standard-setting body of the Institute, has approved the release of Exposure Draft of Guidance Note on ‘Treatment of Costs Relating to Corporate Social Responsibility (CSR) Activities’ in its 82nd meeting held on 16th March 2016. The exposure draft is hosted on the Institutes website for obtaining… Read More »

Interest subsidy on housing loans for the urban poor increased from 5.00% to 6.50%

No discrimination in housing sanctions to States, asserts Shri M.Venkaiah Naidu States empowered to sanction houses, more funds will be sought based on proposals received, says Minister Central Assistance to Prime Minister’s Awas Yojana (Urban ) substantially hiked Members say availability of land and resources key for success of housing mission Minster warns of strict… Read More »

High Level Committee Report on CSR Compliance

High Level Committee Report on CSR Compliance A High Level Committee, set up by the Ministry of Corporate Affairs to suggest measures for monitoring the progress of implementation of Corporate Social Responsibility (CSR) policies by companies, submitted its report on 22nd September, 2015. The report, including the recommendations of the Committee, has been placed in… Read More »

CSR Spends on Swachh Bharat CESS

CSR Spends on Swachh Bharat CESS As per Union Budget 2016-2017, the estimated amount to be collected from Swachh Bharat Cess during the year 2016-17 is 10,000 crores. However, there is no proposal of the Government to mandate Corporates to set aside 30% of their CSR spend for Swachh Bharat under consideration of this Ministry.… Read More »

Govt Action Against Ponzi Scheme Offenders

Action Against Ponzi Scheme Offenders The Government is committed to tackle the menace of unregulated ponzi deposit-taking schemes and take action against the offenders. The Ministry of Corporate Affairs has ordered investigations through Serious Fraud Investigation Office (SFIO) under Section 235 of the Companies Act, 1956 and Section 212 of the Companies Act, 2013 into… Read More »

Banning of Unregulated Deposit Schemes and Protection of Depositors’ Interests Bill

Legislative Framework for Regulating Deposit Taking Activities The Government of India had constituted an Inter-Ministerial Group (IMG) for identifying gaps in the existing regulatory framework for deposit taking activities and to suggest administrative / legislative measures, including formulation of a new law, to cover all relevant aspects of ‘Deposit Taking’. IMG has finalized its Report… Read More »