Government sets up panel on minimum alternate tax.
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New Delhi: The government on Friday set up a high-levelcommittee on minimum alternate tax (MAT) on foreign institutional investors (FIIs), following the passing of the Finance Bill, 2015-16, in the Rajya Sabha on Thursday.
Replying to the debate on the bill, Finance Minister Arun Jaitley announced a high-level committee for looking into the controversial issue of levy of MAT on FIIs.
“I have received a large number of representations on MAT applicable to FIIs as well as a few other tax issues, which are essentially legacy issues, we have decided to refer to a committee headed by Justice A.P. Shah, the chairman of the Law Commission,” Jaitley said.
“Recently, the affected parties moved the Supreme Court for an early hearing. On behalf of the government, it was conveyed to the court that the government had no objection to an early hearing.” “And we are also keen on a final settlement of the issue. It is expected that the Supreme Court will fix an early hearing,” the finance minister added.
Jaitley had announced exempting FIIs from paying MAT on the capital gains earned by them, but soon after the Income tax department sent notices to at least 90 foreign portfolio investors (FPIs).
He has assured foreign investors that a very simplified income tax return form will soon replace the MAT. With the uncertainty created by MAT, foreign investors sold around $630 million in Indian shares and bonds on Wednesday, marking the biggest single-day sales since January 2014.
As per preliminary depositary data, it was the biggest single day sell-off since foreign investors sold around a net $877 million on January 27, 2014, when emerging markets suffered from withdrawals sparked by fears of the US Federal Reserve raising interest rates.
Shares and bonds have wiped out entire gains for the year over the past few weeks, with the Nifty down 11 percent since hitting a record high on March 4. According to depository data last week, FIIs are set to break an 11-month streak of net inflows into the Indian debt market, having turned net sellers in April for the first time since April 2014.
Net outflows till April 27 have been Rs.817 crore – in the wake of recent tax notices demanding tax at 20 percent on interest income, as opposed to five percent without minimum alternate tax.
“I am considering a high-level committee to explore what can be done to resolve the past and move beyond it in a way that would provide real predictability and certainty to investors,” Jaitley wrote last month in an opinion piece in the Financial Times.
New Delhi: The government on Friday set up a high-levelcommittee on minimum alternate tax (MAT) on foreign institutional investors (FIIs), following the passing of the Finance Bill, 2015-16, in the Rajya Sabha on Thursday.
Replying to the debate on the bill, Finance Minister Arun Jaitley announced a high-level committee for looking into the controversial issue of levy of MAT on FIIs.
“I have received a large number of representations on MAT applicable to FIIs as well as a few other tax issues, which are essentially legacy issues, we have decided to refer to a committee headed by Justice A.P. Shah, the chairman of the Law Commission,” Jaitley said.
“Recently, the affected parties moved the Supreme Court for an early hearing. On behalf of the government, it was conveyed to the court that the government had no objection to an early hearing.” “And we are also keen on a final settlement of the issue. It is expected that the Supreme Court will fix an early hearing,” the finance minister added.
Jaitley had announced exempting FIIs from paying MAT on the capital gains earned by them, but soon after the Income tax department sent notices to at least 90 foreign portfolio investors (FPIs).
He has assured foreign investors that a very simplified income tax return form will soon replace the MAT. With the uncertainty created by MAT, foreign investors sold around $630 million in Indian shares and bonds on Wednesday, marking the biggest single-day sales since January 2014.
As per preliminary depositary data, it was the biggest single day sell-off since foreign investors sold around a net $877 million on January 27, 2014, when emerging markets suffered from withdrawals sparked by fears of the US Federal Reserve raising interest rates.
Shares and bonds have wiped out entire gains for the year over the past few weeks, with the Nifty down 11 percent since hitting a record high on March 4. According to depository data last week, FIIs are set to break an 11-month streak of net inflows into the Indian debt market, having turned net sellers in April for the first time since April 2014.
Net outflows till April 27 have been Rs.817 crore – in the wake of recent tax notices demanding tax at 20 percent on interest income, as opposed to five percent without minimum alternate tax.
“I am considering a high-level committee to explore what can be done to resolve the past and move beyond it in a way that would provide real predictability and certainty to investors,” Jaitley wrote last month in an opinion piece in the Financial Times.
MoU Between Indian Army and Bank of India
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On 08th May 2015, an MoU was signed between the Indian Army and Bank of India (BOI) on the Defence Salary Package. The signing ceremony was chaired by the Adjutant General, Lt Gen Rakesh Sharma, and was attended by senior dignitaries of BOI headed by Mr Arun Shrivastava, Executive Director.
The first MoU between BOI and the Indian Army was signed in 2011 and was valid for a period of three years. The revised MoU is tailor made to suit the requirements of serving soldiers, pensioners and families. Number of additional facilities have been incorporated in the revised MoU after concerted efforts. Army is hoping that this MoU will benefit a large number of serving and retired Army personnel who are having their accounts with BOI; and also provide them an opportunity to access modern banking facilities.
The basic features of the MoU are the same as before. It includes the standard bundle of free / concessional services including free drafts, free cheque books, free funds transfers to any bank in India through RTGS / NEFT, free ATM cards etc.
Some features which have been improved from the previous MoU are that the Personal Accident Insurance (PAI) cover has been extended upto Rs 10 lacs from Rs 5 lacs including air insurance, Home Loan Insurance on Army Welfare housing Organisation (AWHO) for deaths on account of war/external aggression/ terrorist attack up to Rs 50 lacs. Two major additions are the applicability of PAI and overdraft facility to pensioners and waiver of merchant service fee (MSF) for transaction on BOI POS Terminal installed at CSD Canteens for BOI Card holders. The MoU also has a provision for yearly review of specific features and requests.
The first MoU between BOI and the Indian Army was signed in 2011 and was valid for a period of three years. The revised MoU is tailor made to suit the requirements of serving soldiers, pensioners and families. Number of additional facilities have been incorporated in the revised MoU after concerted efforts. Army is hoping that this MoU will benefit a large number of serving and retired Army personnel who are having their accounts with BOI; and also provide them an opportunity to access modern banking facilities.
The basic features of the MoU are the same as before. It includes the standard bundle of free / concessional services including free drafts, free cheque books, free funds transfers to any bank in India through RTGS / NEFT, free ATM cards etc.
Some features which have been improved from the previous MoU are that the Personal Accident Insurance (PAI) cover has been extended upto Rs 10 lacs from Rs 5 lacs including air insurance, Home Loan Insurance on Army Welfare housing Organisation (AWHO) for deaths on account of war/external aggression/ terrorist attack up to Rs 50 lacs. Two major additions are the applicability of PAI and overdraft facility to pensioners and waiver of merchant service fee (MSF) for transaction on BOI POS Terminal installed at CSD Canteens for BOI Card holders. The MoU also has a provision for yearly review of specific features and requests.
Google's first Asia start-up campus opens in Seoul.
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Google’s first campus for start-ups and entrepreneurs in Asia has opened in Seoul.
Google on Friday cited South Korea’s flourishing start-up scene and pervasive smartphone use as the reasons for picking Seoul after opening similar sites in London and Tel Aviv.
Located in Gangnam, Campus Seoul rents out its 21,528 square foot space to start-ups.
It also plans to host events for tech start-ups and for female entrepreneurs with children.
“Our goal with Campus Seoul is to create a space where entrepreneurs can thrive,” Mary Grove, Director of Global Entrepreneurship, said on Google’s official blog. “Where they can feel at home with the local community, yet have everything they need to build a global company.”
Google’s first campus for start-ups and entrepreneurs in Asia has opened in Seoul.
Google on Friday cited South Korea’s flourishing start-up scene and pervasive smartphone use as the reasons for picking Seoul after opening similar sites in London and Tel Aviv.
Located in Gangnam, Campus Seoul rents out its 21,528 square foot space to start-ups.
It also plans to host events for tech start-ups and for female entrepreneurs with children.
“Our goal with Campus Seoul is to create a space where entrepreneurs can thrive,” Mary Grove, Director of Global Entrepreneurship, said on Google’s official blog. “Where they can feel at home with the local community, yet have everything they need to build a global company.”
Missing link of cellular life found
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WASHINGTON: Deep beneath the Atlantic Ocean between Greenland and
Norway, scientists have found microorganisms they call a missing link connecting the simple cells that first populated Earth to the complex cellular life that emerged 2 billion years ago.
The researchers said on Wednesday a group of microorganisms called Lokiarchaeota, or Loki for short, were retrieved from the inhospitable, frigid seabed about 2.35 km under the ocean surface. The discovery provides insight into how larger, complex cell types that are the building blocks for fungi, plants and animals including people, a group called eukaryotes, evolved from small, simple microbes, they said.
The Lokiarchaeota have relatively simple cells lacking internal structures such as a nucleus. But the researchers found the Lokiarchaeota share with eukaryotes a significant number of genes. These genes would have provided Lokiarchaeota "with a 'starter-kit' to support the development of cellular complexity," said evolutionary microbiologist Lionel Guy of Sweden's Uppsala University.
The researchers said on Wednesday a group of microorganisms called Lokiarchaeota, or Loki for short, were retrieved from the inhospitable, frigid seabed about 2.35 km under the ocean surface. The discovery provides insight into how larger, complex cell types that are the building blocks for fungi, plants and animals including people, a group called eukaryotes, evolved from small, simple microbes, they said.
The Lokiarchaeota have relatively simple cells lacking internal structures such as a nucleus. But the researchers found the Lokiarchaeota share with eukaryotes a significant number of genes. These genes would have provided Lokiarchaeota "with a 'starter-kit' to support the development of cellular complexity," said evolutionary microbiologist Lionel Guy of Sweden's Uppsala University.
CRPF troopers open up, say government apathy sags fighting spirit of men.
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On the eve of Prime Minister Narendra Modi's maiden trip to Dantewada in Chhattisgarh's tribal-dominated Bastar region on Saturday, expectations are rife.
While 51 deaths attributed to the Maoist insurgency have already occurred in 2015, some believe Modi may build upon his offer to Maoists to drop the gun and embrace the pen while others feel he may outline his government's much-awaited line of action in tackling the Reds. Not too far from the Dantewada is the location of a Central Reserve Police Force (CRPF) company in what used to be a government campus.
It is the Government of India's chosen tool to counter the Maoists. It is a scenic location where birds chirp to provide a sense of normality, even as the marauding insurgency prevails outside the fence.
This is where three CRPF troopers (names changed on request) met us in an effort to bare their hearts so that words can reach where their voices can't. Only recently have they seen an active operation but they don't want to talk anything about that. "It will give out who we are," said Ratnesh Kumar, a constable who recently joined the force. Avoiding direct eye contact, Ahmed, a head constable starts talking.
"I have seen J&K before coming here. The way we fight there, flush with funds and intelligence, it is almost a hunt. And here it is like being hunted every time we set out. The locals speak their (read Maoists) language, which we neither speak nor understand. The locals also support them despite the goodies we shower on them under our civic action programme," he said.
On the eve of Prime Minister Narendra Modi's maiden trip to Dantewada in Chhattisgarh's tribal-dominated Bastar region on Saturday, expectations are rife.
While 51 deaths attributed to the Maoist insurgency have already occurred in 2015, some believe Modi may build upon his offer to Maoists to drop the gun and embrace the pen while others feel he may outline his government's much-awaited line of action in tackling the Reds. Not too far from the Dantewada is the location of a Central Reserve Police Force (CRPF) company in what used to be a government campus.
It is the Government of India's chosen tool to counter the Maoists. It is a scenic location where birds chirp to provide a sense of normality, even as the marauding insurgency prevails outside the fence.This is where three CRPF troopers (names changed on request) met us in an effort to bare their hearts so that words can reach where their voices can't. Only recently have they seen an active operation but they don't want to talk anything about that. "It will give out who we are," said Ratnesh Kumar, a constable who recently joined the force. Avoiding direct eye contact, Ahmed, a head constable starts talking.
BJP president Amit Shah kicks off mass contact campaign in Gujarat.
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On the eve of Prime Minister Narendra Modi's maiden trip to Dantewada in Chhattisgarh's tribal-dominated Bastar region on Saturday, expectations are rife.
While 51 deaths attributed to the Maoist insurgency have already occurred in 2015, some believe Modi may build upon his offer to Maoists to drop the gun and embrace the pen while others feel he may outline his government's much-awaited line of action in tackling the Reds. Not too far from the Dantewada is the location of a Central Reserve Police Force (CRPF) company in what used to be a government campus.
It is the Government of India's chosen tool to counter the Maoists. It is a scenic location where birds chirp to provide a sense of normality, even as the marauding insurgency prevails outside the fence.
This is where three CRPF troopers (names changed on request) met us in an effort to bare their hearts so that words can reach where their voices can't. Only recently have they seen an active operation but they don't want to talk anything about that. "It will give out who we are," said Ratnesh Kumar, a constable who recently joined the force. Avoiding direct eye contact, Ahmed, a head constable starts talking.
"I have seen J&K before coming here. The way we fight there, flush with funds and intelligence, it is almost a hunt. And here it is like being hunted every time we set out. The locals speak their (read Maoists) language, which we neither speak nor understand. The locals also support them despite the goodies we shower on them under our civic action programme," he said.
While 51 deaths attributed to the Maoist insurgency have already occurred in 2015, some believe Modi may build upon his offer to Maoists to drop the gun and embrace the pen while others feel he may outline his government's much-awaited line of action in tackling the Reds. Not too far from the Dantewada is the location of a Central Reserve Police Force (CRPF) company in what used to be a government campus.
It is the Government of India's chosen tool to counter the Maoists. It is a scenic location where birds chirp to provide a sense of normality, even as the marauding insurgency prevails outside the fence.
This is where three CRPF troopers (names changed on request) met us in an effort to bare their hearts so that words can reach where their voices can't. Only recently have they seen an active operation but they don't want to talk anything about that. "It will give out who we are," said Ratnesh Kumar, a constable who recently joined the force. Avoiding direct eye contact, Ahmed, a head constable starts talking.
"I have seen J&K before coming here. The way we fight there, flush with funds and intelligence, it is almost a hunt. And here it is like being hunted every time we set out. The locals speak their (read Maoists) language, which we neither speak nor understand. The locals also support them despite the goodies we shower on them under our civic action programme," he said.
Salman Khan gets multiple bails while lakhs of undertrials languish in jails
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Bollywood superstar Salman Khan relaxes at his Bandra home despite getting a "harsh" five-year jail term in the 2002 hit-and-run case as the Bombay High Court on Friday ruled that he does not have to go to jail till his appeal against conviction has been decided.
However, the pace at which the wheels of justice moved for the celebrity - interim bail on Wednesday and regular bail within two days - has raised eyebrows. Several legal expert say such swiftness has no precedence.
"If you can afford an expensive lawyer, justice is very cheap in India", "those who have money can get away with anything", "it is difficult for the poor to get justice in this country, it is difficult to punish those who wield influence" were some of the messages which went viral on social media after Salman walked free.
Common bail applicants, especially from the weaker sections of society, languish in jail for several months or years together before their bail or appeal comes up for hearing in the "regular course". It is a well-known fact that the Indian judiciary is not as proactive in their case.
At least 2.73 lakh undertrials, many of whom may be innocent and are unable to secure bail, languish behind bars across the country.
Bollywood superstar Salman Khan relaxes at his Bandra home despite getting a "harsh" five-year jail term in the 2002 hit-and-run case as the Bombay High Court on Friday ruled that he does not have to go to jail till his appeal against conviction has been decided.
However, the pace at which the wheels of justice moved for the celebrity - interim bail on Wednesday and regular bail within two days - has raised eyebrows. Several legal expert say such swiftness has no precedence.
"If you can afford an expensive lawyer, justice is very cheap in India", "those who have money can get away with anything", "it is difficult for the poor to get justice in this country, it is difficult to punish those who wield influence" were some of the messages which went viral on social media after Salman walked free.
Common bail applicants, especially from the weaker sections of society, languish in jail for several months or years together before their bail or appeal comes up for hearing in the "regular course". It is a well-known fact that the Indian judiciary is not as proactive in their case.
At least 2.73 lakh undertrials, many of whom may be innocent and are unable to secure bail, languish behind bars across the country.
Today's Questions (P.T)
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1.
In context of Dryzone Agriculture, which of the following are its
characteristics
1.
Low rainfall
2. Lack of assured irrigation
3. Mainly subsistence farming practised
4. Low Manpower availability
5. Plain surface topography
Codes:
(a) 1, 2 and 3 (b) 3, 4 and 5
(c) 1, 3 and 5 (d) 1, 2 and 5
(e) 2, 4 and 5
2. Geological Timescale is divided in Era, Period, Epoch and years. Consider
the following statements:
1.
Epoch is smaller time scale than a period and a period smaller than era.
2. Epoch holocene comes under Era Mesozoic
3. Period silurian comes under era, Palaeozoic
4. Epoch Plieistocene comes under period quarternary.
5. Epoch Palaeocene comes under period Tertiary, Era Cenozoic.
Codes:
(a) 1, 4 and 5 (b) 1, 3 and 5
(c) 2, 3 and 4 (d) 2, 4 and 5
(e) 1, 2 and 5
3. Following is the name of the country and name of their parliaments. Choose
the incorrect code:
(a)
China - National People's Congress
(b) Bangladesh - Jatiya Sansad
(c) Japan - Diet
(d) Russia - Duma
(e) Myanmar- Rashtriya Panchayat
4. Which of the following Day is celebrated as International Day of solidarity
with Palestinian People.
(a)
Nov. 27
(b) Nov. 28
(c) Nov. 29
(d) Nov. 30
(e) Nov. 31
5. Match the following:
1. Durand Line A. France and Germany
2. McMohan Line B. India and Pakistan
3. Radcliffe Line C. India and China
4. Maginot Line D. Afghanistan and Pakistan
Code:
1 2 3 4
(a) D C B A
(b) C D A B
(c) B A D C
(d) A B C D
Answers
1.
(a)
2. (a)
3. (e)
4. (c)
5. (a)
1.
In context of Dryzone Agriculture, which of the following are its
characteristics
Answers
1.
Low rainfall
2. Lack of assured irrigation
3. Mainly subsistence farming practised
4. Low Manpower availability
5. Plain surface topography
Codes:
(a) 1, 2 and 3 (b) 3, 4 and 5
(c) 1, 3 and 5 (d) 1, 2 and 5
(e) 2, 4 and 5
2. Geological Timescale is divided in Era, Period, Epoch and years. Consider the following statements:
2. Lack of assured irrigation
3. Mainly subsistence farming practised
4. Low Manpower availability
5. Plain surface topography
Codes:
(a) 1, 2 and 3 (b) 3, 4 and 5
(c) 1, 3 and 5 (d) 1, 2 and 5
(e) 2, 4 and 5
2. Geological Timescale is divided in Era, Period, Epoch and years. Consider the following statements:
1.
Epoch is smaller time scale than a period and a period smaller than era.
2. Epoch holocene comes under Era Mesozoic
3. Period silurian comes under era, Palaeozoic
4. Epoch Plieistocene comes under period quarternary.
5. Epoch Palaeocene comes under period Tertiary, Era Cenozoic.
Codes:
(a) 1, 4 and 5 (b) 1, 3 and 5
(c) 2, 3 and 4 (d) 2, 4 and 5
(e) 1, 2 and 5
3. Following is the name of the country and name of their parliaments. Choose the incorrect code:
2. Epoch holocene comes under Era Mesozoic
3. Period silurian comes under era, Palaeozoic
4. Epoch Plieistocene comes under period quarternary.
5. Epoch Palaeocene comes under period Tertiary, Era Cenozoic.
Codes:
(a) 1, 4 and 5 (b) 1, 3 and 5
(c) 2, 3 and 4 (d) 2, 4 and 5
(e) 1, 2 and 5
3. Following is the name of the country and name of their parliaments. Choose the incorrect code:
(a)
China - National People's Congress
(b) Bangladesh - Jatiya Sansad
(c) Japan - Diet
(d) Russia - Duma
(e) Myanmar- Rashtriya Panchayat
4. Which of the following Day is celebrated as International Day of solidarity with Palestinian People.
(b) Bangladesh - Jatiya Sansad
(c) Japan - Diet
(d) Russia - Duma
(e) Myanmar- Rashtriya Panchayat
4. Which of the following Day is celebrated as International Day of solidarity with Palestinian People.
(a)
Nov. 27
(b) Nov. 28
(c) Nov. 29
(d) Nov. 30
(e) Nov. 31
5. Match the following:
1. Durand Line A. France and Germany
2. McMohan Line B. India and Pakistan
3. Radcliffe Line C. India and China
4. Maginot Line D. Afghanistan and Pakistan
(b) Nov. 28
(c) Nov. 29
(d) Nov. 30
(e) Nov. 31
5. Match the following:
1. Durand Line A. France and Germany
2. McMohan Line B. India and Pakistan
3. Radcliffe Line C. India and China
4. Maginot Line D. Afghanistan and Pakistan
Code:
1 2 3 4
(a) D C B A
(b) C D A B
(c) B A D C
(d) A B C D
(a) D C B A
(b) C D A B
(c) B A D C
(d) A B C D
Answers
1.
(a)
2. (a)
3. (e)
4. (c)
5. (a)
2. (a)
3. (e)
4. (c)
5. (a)
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