THOUGHT OF THE DAY
“With self-discipline most anything is possible…”
Finance Minister Arun Jaitley today said the government will press ahead
with Rs 40,000 crore tax demand on foreign institutional investors as FIIs
lost a case against levy of tax on capital gains they made.
India's economic growth clip this year and, the International Monetary
Fund (IMF) and the World Bank see India's growth rising to 7.5 per cent in
2015 from 7.2 per cent in the preceding year.
The government plans to auction 69 small and marginal oilfields of state-
owned Oil and Natural Gas Corp (ONGC) and Oil India Ltd to private
companies, on a new revenue-sharing model. As many as 63 discovered oil
and gas fields are being surrendered by ONGC and another six by OIL.
IRDA announces norms to regulate Insurance business in SEZs.
The Ministry of Labour & Employment has proposed to come out with a
Labour Code on Wages by amalgamating the relevant provisions of the
Minimum Wages Act 1948, The Payment of Wages Act 1936, The Payment
of Bonus Act 1965, and The Equal Remuneration Act 1976.
Despite its earlier move to waive cabinet approval for projects of up to Rs
1,000 crore, the government has now asked departments to seek cabinet
nod for new schemes, and policy initiatives.
RBI/TAX LAW UPDATES
RBI debuts on social media with Twitter handle launch. To connect
directly with the citizens, The Reserve Bank of India will send alerts about
announcements from its Twitter handle, @RBI Official, and is also
planning to have a Facebook page.
In case of Reliance Infratel Ltd. Vs. Commissioner of Service
tax, Mumbai – II [2015 (4) TMI 129 – CESTAT MUMBAI] held that no
service tax liability arise on loans & advances, if it is revealed in audited
100th Boston Marathon won by Moses Tanui of Kenya in 2:09:15.9
MCX CRUDE OIL
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