BUDGET HIGHLIGHTS 2014 -15 INDIA BY CS RAJIV BAJAJ

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Law Updates :
MARKET WATCH:
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CS Rajiv Bajaj
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Date: 10th July 2014
THOUGHT OF THE DAY
All that we see or seem
is but a dream within a dream.
Law Updates :
· The Securities Appellate Tribunal has upheld capital market
regulator Sebi's order directing Jignesh Shahled Financi
Technologies India BSE to sell its shares in MCX
exchanges on the ground that it failed to meet the "fit and
proper" criteria required for a shareholder of an exchange or
clearing-corporation.
· A mandate to take defaulters head-on and various initiatives to
tackle stressed assets helped public sector banks (PSBs) improve
recoveries from non-performing assets (NPAs) last financial year
· Electronic voting has been made mandatory by the Ministry of
Corporate Affairs (MCA) since June. Tata Motors
ratify the salary of three top executives
participation by institutional and individual
e-voting-is an alarm bell for many companies that will soon ne
to take shareholder approval-for-key-decisions
· The government is likely to allow banks to raise long
free bonds to fund infrastructure projects.
PROFESSIONALS INPUTS:
· Competition Law : Where Gas Sales Agreement
opposite party (gas company) with its buyers provided for
payment of interest by buyer on delayed payment and for
termination of contract by opposite party on account of failure to
off- take 50 per cent or more of cumulative
Quantity by buyer during a period of 45 consecutive days as
against longer period available to opposite party from GAIL, GSA
imposed unfair conditions in contravent
Competition-Act.
· Service-tax: Contract engaged in laying electrical lines,
construction of sub-stations and erection, installation and
commissioning of electrical transformers, etc., for power
distribution companies, prima facie, exempt under Notification
No. 45/2010-ST.
GOLD (MCX): 27593.00 -20.00
USD/INR: 59.68 -0.09
CRUDE OIL: 6087.00 -0.49
THOUGHT OF THE DAY
All that we see or seem
is but a dream within a dream.
has upheld capital market
order directing Jignesh Shahled Financial
to sell its shares in MCX-SX and other
exchanges on the ground that it failed to meet the "fit and
lder of an exchange or
on and various initiatives to
helped public sector banks (PSBs) improve
performing assets (NPAs) last financial year.
voting has been made mandatory by the Ministry of
Tata Motors 'resolutions to
alary of three top executives -triggered by greater
ndividual shareholders through
is an alarm bell for many companies that will soon need
decisions.
The government is likely to allow banks to raise long-term tax-
Where Gas Sales Agreement entered into by
opposite party (gas company) with its buyers provided for
payment of interest by buyer on delayed payment and for
termination of contract by opposite party on account of failure to
50 per cent or more of cumulative Daily Contracted
by buyer during a period of 45 consecutive days as
against longer period available to opposite party from GAIL, GSA
imposed unfair conditions in contravention of section 4 of
: Contract engaged in laying electrical lines,
stations and erection, installation and
commissioning of electrical transformers, etc., for power
distribution companies, prima facie, exempt under Notification

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Union Budget 2014-15- Highlights
Finance Minister Arun Jaitley will present his maiden budget on Today
that may contain measures aimed at reviving India's slowing economy.
ü Committee will be set up to examine how unused money in postal
schemes can be utilised.
ü Banks to be allowed to raise long-term funds with no CRR/SLR obligations.
This means more funds will flow to infrastructure. Banking system needs
to be further strengthened, need to infuse Rs 2.40 lakh cr in our banks.
Banks are giving loans to farmers on 7% and will allow further incentive of
3% for them for timely payment. There should be atleast 2 bank accounts
in each household. Direct share holding in banks for citizens of India.
ü PPF Annual ceiling increased from 1 lakh to 1.5 lakhs.
ü Introduction of New Indian Accounting Standards for Indian companies.
ü Modernisation of armed forces is important. Rs.5000 crore will be spent on
this.
ü Double gas pipeline from 15,000km to 30,000km through appropriate PPP
model.
ü 100 crores for preparatory work for ultra modern super critical thermal
power tec.
ü Indian companies can issue bonds overseas easily. Expect forex loans to
replace costly Indian loans to cut interest costs.
ü Pension scheme for senior citizens being revived. Tax laws will be revived.
Subsidy will be revived.
ü Amendments to Mining Act & Apprenticeship act. EPFO will launch unified
scheme for portability of PF.
ü Rs. 200 cr for 6 more textile clusters in Lucknow, Surat, Kutch, tamilnadu,
Rae Bareily, Lucknow, Surat, Bhagalpur.
ü 4200 cr set aside for the Jal Marg Vikas project on river Ganga connecting
Allahabad to Haldia,over 1620 km
ü Promoting enterpreneurship :Rs 10,000 cr for startup countries
ü Rs.37, 800 cr for NHAI and State Highways and Rs. 3,000 cr for roads in
North East
ü 16 new port projects. SEZs in Kandla and JNPT. Effective steps to
operationlise SEZs.
ü All Government departments, ministeries will be integrated through E-
platform. Manufacturing units will be allowed to sell their products through
retail and e-commerce.
ü 10,000 cr fund for startup companies.

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ü Agriculture & Farming - Allocation of Rs 5000 cr for increase in
warehousing capacity in agriculture. Rs. 100 cr set aside for Kisan
Television to provide real time information on various farming and
agriculture issues. Rs 50 cr set aside for indigenous cattle breed and blue
revolution for inland fisheries. FM proposes to provide finance to 5 lakh
landless farmers through NABARD. Private markets and farmers markets
to enable the farmers to sell their products directly. Integrating markets
across the country. Govt will initiate scheme to provide a soil health card;
Rs.100 cr set aside. Rs. 56 cr for soil testing labs across the country.
ü Additional tax incentives for housing loan. Rs 500 crore to boast the rural
power infrastructure.
ü For state having more than 20 lakhs. People, metro will be constructed.
ü Five new IITs and 5 new IIMs to be set up. 12 more medical colleges will
be added. Rs. 500 crore allocated for this. An AIIMS in every state. Four
more AIIMS institutions in AP, West Bengal, Vidarbha in Maharashtra and
Purvanchal.
ü Rs 3650 cr for providing safe drinking water programme. Government
committed to providing 24/7 power supply to all homes.
ü To approve Goods & Services Tax by end of year, intend to introduce
incentives for taxation for infrastrure projects.
ü E- Visas will facilitate Visa on arrival. E- visas will be introduced.
ü FDI in several sectors is needed. FDI in defence and insurance raised to
49%.
ü FDI will also boost manufacturing industry, job opportunities.