Government of India has constituted a seven member Technology Advisory Group for Unique Projects (TAGUP) on June 1, 2010, headed by the Chairman, Unique Identification Authority of India (UIDAI), Shri Nandan Nilekani to address various technological and systemic issues relating to the reliable, secure and efficient functioning of IT intensive systems in Government such as Tax Information Network (TIN),
The roadmap to implement a countrywide goods and services tax (GST) has entered its final lap, with the Centre easing its federal stronghold to make it happen. Finance Minister Pranab Mukherjee will seek Cabinet approval for the Constitution Amendment Bill this week that would pave the way for its introduction in Parliament next week before its monsoon session comes to an end.
As per the Foreign Trade Policy, 2009-14, India’s exports of goods and services are expected to double by 2014. Government reviews the export performance of the various sectors through consultation with the Export Promotion Councils (EPC) and the Trade & Industry on continuous basis and based on the suggestions so received, extends need based support measures from time to time as per the requirement and the revenue implications thereof.
The Government of India has approved the Operational Guidelines for the Swavalamban Scheme which was announced by the Union Finance Minister in his speech of 2010-11. The Scheme is applicable to all citizens in the unorganised sector who join the New Pension Scheme (NPS) subject to their meeting the eligibility criteria.
The Finance Ministry on Monday said Cairn Energy Plc is likely to pay close to $1 billion as capital gains tax on the $8.48 billion it expects to get from selling majority stake in its India arm to Vedanta Resources. “This deal will attract a capital gains tax of 11.33 per cent,” a Finance Ministry official said. Edinburgh-based Cairn Energy Plc is selling up to 51 per cent stake in Cairn India at Rs 405 per share to billionaire Anil Agarwal-controlled Vedanta Resources Plc.
As a follow-up to one of the recommendations of the 13th Finance Commission, the Government has set-up a committee headed by Deputy Governor, Reserve Bank of India for comprehensive review of National Small Savings Fund (NSSF) structure, interest rate, tenor and other administrative matters. The terms of reference of the Committee include, inter alia, review of the existing parameters for the small saving schemes, terms of lending to States and other related issues.
The profitability of RRBs, as a segment, has been improving. However, some of the factors responsible for losses in RRBs are identified as : low recovery, high NPA, low business level, low productivity per branch and per staff, high cost structure, poor financial management, limited area of operation, non-viable level of operation in branches located in resource-poor areas etc. Further, one of the RRBs, namely Puduval Bharthiar Grama Bank, which was set up in March 2008, has not yet reached a breakeven point;
Take, for instance, India’s solitary 50-year-old aircraft carrier INS Viraat. A careful reading of the latest CAG report makes it clear Viraat may just be a paper tiger, left as it is with only eight upgraded Sea Harrier jump-jets to operate from its deck. Similarly, take India’s rapidly-shrinking underwater combat arm. As frequently reported , Navy is left with only 15 submarines — 10 Russian Kilo-class, four German HDW and one virtually-obsolete Foxtrot — at present. And the number may dip to just half by 2015 due to progressive retirements.
Attention of the members is invited to the announcement regarding requirement relating to mentioning the firm registration number in the audit reports and resolution passed by the company for appointment of statutory auditors, published on page 1312 of the February 2010 issue of the Journal.
The Supreme Court of New York has asked Upaid Systems Ltd to cooperate with IDBI Bank, the Escrow Agent, and allow it to withhold any applicable taxes from the $70-million settlement amount. This might result in savings of taxes for the scam-hit company.
