The Commerce and Industry Ministry has taken up with the Finance Ministry the issue of ‘angel tax’ notices being sent to start-ups, Commerce Minister Suresh Prabhu has said. Several start-ups have raised concerns over taxation of angel funds under the Section 56 of the Income Tax Act, which provides for …
Read More »Monthly Archives: December 2018
Patel warned of upside risks to inflation due to fiscal slippages
Former Reserve Bank of India Governor Urjit Patel as well as Deputy Governor Viral Acharya have cautioned the government on the upside risks to inflation due to fiscal slippages, minutes of the December Monetary Policy Committee (MPC) meeting showed. Admitting the pace of inflation slowed in October, Dr. Patel highlighted …
Read More »Packaging of foodgrain in jute bags made mandatory
The Centre has mandated the packaging of 100% of foodgrain and 20% of sugar in jute bags for 2018-19 but has also left the window open for the dilution of the order. This includes a stipulation on placing 10% of the orders through reverse auction on the government e-marketplace. The …
Read More »‘India may need 2,300 planes’
Airlines in India will need 2,300 moreplanes, valued at $320 billion, until 2037, aerospace major Boeing said on Wednesday in its market outlook. Globally, the number needed in the next 20 years is projected at 42,370 planes worth $6.3 trillion. The Asia-Pacific region accounts for almost 40% of the worldwide …
Read More »Four banks may come out of PCA
Relaxations to risk thresholds mulled; Centre may infuse capital to help banks meet regulatory norms Four public sector banks — Bank of Maharashtra, Corporation Bank, Allahabad Bank and Bank of India — that are under the prompt corrective action framework of RBI, may come out of the restrictions following improved …
Read More »Rajapaksa’s appointment as Leader of Opposition challenged
Following a crisis marked by two competing claims to the office of the Prime Minister, R. Sampanthan — Leader of Opposition since 2015 — on Wednesday challenged the Speaker on his naming of former President Mahinda Rajapaksa for the position. Referring to Speaker Karu Jayasuriya’s announcement on Tuesday, following a …
Read More »Senate passes criminal justice reform Bill
The U.S. Senate on Tuesday overwhelmingly passed the First Step Act, a criminal justice reform Bill, that would roll back what are seen as excessively punitive criminal justice policies that have been in place since the crackdown on crime in the 1980s. The Bill, which had wide bipartisan support (only …
Read More »Olive ridleys congregate for mating season
Debris caused by Titli cyclone cleared by forest department for nesting Thousands of olive ridleys, as part of their annual mating season, have assembled near the Rushikulya rookery on the Odisha coast. The forest department has stepped up its patrol in the area to safeguard the turtles. Source : https://www.thehindu.com/todays-paper/tp-national/olive-ridleys-congregate-for-mating-season/article25785560.ece
Read More »Reducing GST is ‘belated wisdom’
Former Finance Minister P. Chidambaram on Wednesday described Prime Minister Narendra Modi’s statement that the government was trying to reduce goods and services tax (GST) on 99% of the items below 18% as ‘belated wisdom’. “Having scrambled the egg needlessly when GST was introduced, government is trying to unscramble it! …
Read More »LS passes Bill banning commercial surrogacy
“The hon. Supreme Court, Madam, has recently decriminalised Section 377 and the LGBT community has been accepted to be a part of the mainstream. So, we have same sex couples now. But, in this Bill, there is no mention of them,” she said. The Trinamool MP also called for stopping …
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