International:Nepal's children in a crisis: UN
The UN has warned that Nepal's children, already hit by the devastating earthquakes, are facing a new humanitarian crisis as the country reels under political strife and blockade in the Terai region bordering India, severely impacting their health.
United Nations Children Fund (UNICEF) Executive Director Anthony Lake issued a statement and warned that natural devastation following the earthquake and political conflict are compounding the misery for Nepal's children.
Nepal asks India to ease supplies, calls protesters for talks
Nepal's Cabinet on 9th November passed a special resolution asking India to open the border entry points to ease supplies of essential goods like medicines, gas and petroleum to the landlocked country, reeling under acute shortage due to blockade of key trade points. The Cabinet called on the Indian government to further improve the bilateral relations and make the bond of friendship strong by easing the supplies. The Office of the Prime Minister and Council of Ministers (OPMCM) also asked the agitating Madhesi-based parties to seek solutions to their demands through dialogue.
The development came amid a political crisis over the new Constitution opposed by Indian-origin Madhesis who have led an agitation and blockaded key border trade points of Nepal with India, bringing supplies of essential goods including fuel and cooking gas for over a month.
UN conference reaches a deal on using radio frequencies to track airliners via satellite
A UN conference has reached a landmark deal on using radio frequencies to track airliners via satellite in the hope of avoiding a repeat of the disappearance of a Malaysian plane last year.
Current methods for tracking aircrafts depend on radar, which has a limited range and a radio system called ADSP. This allows an aircraft to broadcast signals to ground stations which can then be used to calculate its position.
The loss of MH370 and the subsequent mystery over its whereabouts highlighted the need for better mechanism. Under plans being drawn up by the International Civil Aviation Organisation, satellites will also be used to pick up ADSP signals, enabling aircraft to be tracked continually around the globe.
Aung San Suu Kyi's NLD party wins majority in Myanmar's polls
The election, the first Suu Kyi's National League for Democracy party has contested since 1990, saw a huge turnout that has yielded more than 80 percent of seats for the NLD.
A big majority gives Suu Kyi, 70, leverage in the political wrangling ahead with a military establishment that has been chastened at the polls but retains sweeping powers. Suu Kyi is barred from the presidency by a junta-scripted constitution, which also guarantees the Army a 25 per cent bloc of seats.
Europe Pledges $1.9 Billion for 'Root Causes' of African Migration
At a summit in Malta attended by European and African leaders, the European Union agreed on a nearly $2 billion aid package aimed at tackling the root causes of migration. Hundreds of thousands of people have crossed the Mediterranean this year, overwhelming many European states' ability to cope with the influx. The European Union agreed on a $1.9 billion fund aimed at addressing what it called 'the root causes of migration." The money is aimed at creating jobs, improving healthcare and conflict prevention.
The plan received a mixed response from many African leaders, including Niger President Mahamadou Issoufou. Issoufou said $1.9 billion is not enough; it is far from being enough. The needs are enormous. That is why the EU is calling on other partners to participate in the setting up of trust funds.
European leaders presented a 17-page "action plan" to tackle the crisis. In addition to the fund, Europe will attempt to sign individual migration agreements with African countries in return for development aid. The number of people crossing the Mediterranean from Africa is small compared to the arrival of over 650,000, mostly Syrians, who came through Turkey and Greece. Most are trying to reach northern Europe. Sweden, long seen as the beacon of support for migrant rights on the continent, became the latest member of Europe's passport-free Schengen zone to re-introduce temporary border checks on 12th November.
Over 125 killed in multiple attacks in Paris; ISIS claims responsibility
In France, over 125 people have been killed in a series of attacks targeting young concert-goers, soccer fans and Parisians on 14th November. The worst carnage was at a concert hall hosting an American rock band, where scores of people were held hostage and attackers ended the standoff by detonating explosive belts killing at least 87 people.
Eight attackers also reported killed. Meanwhile, French President has declared a state of emergency in Paris. This was a day the French never imagined a series of attacks across Paris with blood and screams all around and people were running for safety. A second attack on French soil within a year's time but the magnitude is magnanimous this time. Over a hundred people killed and hundreds others injured.
The agencies and administration were left clueless. The attack comes as France has heightened security measures ahead of a major global climate conference that starts in two weeks, out of fear of violent protests and potential terrorist attacks.
National:Grand Alliance wins over two-third majority in Bihar Assembly elections
RJD President Lalu Prasad's two sons Tej Pratap and Tejashvi Yadav have won their seats from Mahua and Raghopur assembly constituenies.
The legislative assembly election was being held over five-phases in Bihar through October–November 2015
This election saw highest voter turnout in Bihar assembly polls since 2000, with overall 56.8% voter turnout in this election
The Grand Alliance
It consists of- Janata Dal (United), Rashtriya Janata Dal, and Indian National CongressJanata dal contested in 101 seats and won 71Rashtriya Janata Dal contested in 101 and won 80Indian national Congress contested in 41 and won 27
NDA alliance
Bharatiya Janata Party – contested in 159, won 53Lok Janshakti Party- contested 40, won 2Rashtriya Lok Samata Party- contested 23, won 2Hindustani Awam Morcha, contested 21, won 1
House panel seeks views on climate impact on food
The Parliamentary Standing Committee on Agriculture has sought expert and individual views on tackling food security in the face of the growing impact of climate change on crops.
Headed by BJP leader Hukum Deo Narayan Yadav, the panel has invited suggestions within three weeks on subjects such as the need to evolve new varieties of crops that can withstand climatic fluctuation, improved methods of irrigation, popularisation of consumption of crops/fruits that can provide better nutrition, developing indigenous varieties of cattle that can withstand extreme climatic stress, among other things. After getting the suggestions, the Standing Committee will take oral evidence on the subject.
Telangana launches cleanliness drive under Swachh Hyderabad initiative
In Telangana state, a major drive to keep Hyderabad clean has been launched under the Swachh Hyderabad initiative in line with the Swachh Bharat programme. Chief Minister Chandrasekhar Rao has formally flagged off over one thousand auto trollies at a special programme to collect segregated garbage at source.
He also launched distribution of two dustbins to each of 44 lakh households for segregate dry and wet garbage separately. The Greater Hyderabad Municipal Corporation (GHMC) is providing the dustbins of two colours to every household and it will be completed by the month-end.
The state government is spending about Rs.42 crore on garbage bins for segregation of dry solid waste or non-biodegradable and recyclable, and wet municipal solid waste or biodegradable waste, which is mandatory as per the Municipal Solid Waste Rules and National Green Tribunal orders.
OROP issues for judicial committee
Indian Prime Minister, Narendra Modi has said that any issue relating to OROP can be taken up with the judicial committee set up by government to make it fool-proof. Mr. Modi said this while visiting military installations associated with the 1965 Indo-Pak war and interacting with the troops.
Hyderabad Records Highest Level of Office Net Absorption
According to the latest report on commercial office space market released by Cushman & Wakefield, a global property consultant, net absorption in the eight cities (including Mumbai, Delhi-National Capital Region (NCR), Kolkata, Bengaluru, Ahmedabad) in July-September quarter declined by over 50 percent to 5.4 million sqft (msf) over same period last year, but Hyderabad staged a comeback.
Hyderabad in Telangana recorded highest levels of office net absorption and Mumbai leads pre-commitment in Q3 2015 (July-September) while Bangalore saw a decline in both net absorption and pre-commitments in the same period.
India ranks 127th on gender inequality index out of 142 countries: Report
India ranks 141st out of 142 nations and 2062 districts in the world that are categorized as gender critical when it comes to health and survival of women as compared to men. As a whole the country ranks 127th on gender inequality index and 114th on gender gap in the world.
Pam Rajput, chairperson of the high-level committee on status of women, formed by the central government revealed that India needs 200 million more women to join the formal workforce to improve the GDP as targeted in 2025.
As per McKinsey's report in 2013—The Power of Parity: How advancing women's equality can add $12 trillion to global growth of which Indian alone can contribute to $700 billion and upping the country's GDP by 1.4 points.
On 12th November, the report of the committee with shocking revelations was discussed at length during the International Conference on Gender Equality 2015, organized by UN Women and Kerala government. This event was of prime importance for Kerala as it released the first ever policies for transgender community in the state.
The report claims that only 30.3% of women are in the workforce in India as per the World Bank WDI report among the eight South East Asian countries and ranks 134th in the world when it comes to economic participation of women. Nepal has the highest with 83.1% women formally employed.
Rajput says that this is after 40 years that the country is looking at a comprehensive report on status of women after 1974 and has sent recommendations to the Centre to frame a national action plan that would commit to zero tolerance towards violence against women.
IISc breaks into list of top 100 universities
The Indian Institute of Science (IISc) Bangalore broke India's poor ranking spell by making a debut in the world's top 100 universities for engineering and technology.
IISc made its entry at 99th spot in a list that remains dominated by US institutions with Stanford, CalTech and Massachusetts Institute of Technology (MIT) in the top three positions in the 'Times Higher Education (THE) Ranking for Engineering & Technology'.
This year's stand out success story has to be India, making its debut in this prestigious engineering and technology ranking, which represents the top few per cent of world universities for these subject disciplines.
THE has singled out the year as one of Asian progress, with the US holding 31 positions down from 34 last year while Asia holds 25 positions in the Top 100, up from 18 last year. Asian universities occupied six positions in the Top 30 this year, with Japan, China, Kora, Taiwan and India all improving their representation, while Singapore and Hong Kong maintained theirs.
Right to maintenance of Hindu widow is spiritual & moral right: Supreme Court
Supreme Court has ruled that the right to maintenance of a Hindu widow is not a "mere formality" but a spiritual and moral right. A bench, headed by Justice M Y Eqbal, ruled that such right can be judicially enforced upon by claiming "absolute right" on the property given to her for sustaining herself.
The apex court upheld a verdict of Andhra Pradesh High Court which was in favour of a widow who had transferred the property willed to her by her husband for her lifetime to a relative.
Manohar Parrikar dedicates Indian Navy's Boeing P-8I to nation
Giving a boost to the firepower and arsenal of the Indian Armed Forces, Defence Minister Manohar Parrikar on 13th November dedicated the Boeing P 8 I (Poseidon Eight India) Long Range Maritime Patrol aircraft to the nation, at INS Rajali, Arakkonam, India's premiere Naval Air Station in southern India, about 70 Km off Chennai.
The P-8I aircraft is a variant of the P-8A Poseidon aircraft that Boeing developed as a replacement for the US Navy's ageing P-3 fleet.
Indian Navy became the first international customer for the P-8 aircraft with the conclusion of the nearly US $ 2.1 billion contract on 01 Jan 2009 for a total of eight aircraft. The first aircraft arrived in India on the 15 May 2013 and as of date; all eight aircraft have been inducted into the Indian Navy and are fully integrated into its operations.
The P-8I aircraft is equipped for long range anti submarine warfare, anti -surface warfare, intelligence, surveillance and reconnaissance in support of broad area, maritime and littoral operations. Its communication and sensor suite includes indigenous equipment developed by defence PSUs and private manufacturers.
With its high speed and high endurance of about 10 hours, the aircraft is capable of thrusting a punitive response and maintaining a watch over India's immediate and extended areas of interest.
Telangana to allow motor insurance in digital form
Telangana Government has decided Vehicle owners to carry their motor insurance policies in digital form. The Insurance Regulatory and Development Authority of India (IRDAI) has asked all general insurers to issue policies in the electronic form in addition to a physical copy.
As a part of its digital initiative, the Government of Telangana has agreed o recognise the electronic version of motor insurance policies as evidence of insurance of vehicles. Electronic motor policies will lead to cost efficiency, faster delivery of policies and help curb fraud, the official added.
Verification of electronic policies can be done with a Quick Response (QR) Code to make it easier for the enforcement agencies. The insurance regulator has also prescribed that the general insurers should incorporate a QR code. Further, they may set up a self-service portal for the benefit of existing policyholders whose policies do not have a QR code.
In case of existing motor insurance policies submitted for endorsements or modifications on or after December 1, the polices will be issued an endorsement whether in electronic or physical form only along with a QR Code.
From January 1, 2016, things will become easier as a mechanism by which a mobile version of an electronic policy being developed will be in place. It can be downloaded on to any Smartphone.
Naval Ship "Vishwakarma" commissioned
Shipwright School, a premier technical establishment and alma mater for Naval Architect Officers, Shipwright Officers and Shipwright Sailors of the Indian Navy, has been commissioned as Indian Naval Ship "Vishwakarma" by Admiral RK Dhowan, Chief of the Naval Staff, at a formal ceremony held on 14th November at Visakhapatnam.
Vice-Admiral Satish Soni, Flag Officer Commanding-in-Chief, Eastern Naval Command, Vice-Admiral Sunil Lamba, Flag Officer-Commanding-in-Chief and Southern Naval Command were among those present on the occasion. The event commenced with an impressive parade which was reviewed by the Chief of Naval Staff. Thereafter, Commodore Ajay Ghule, Commanding Officer (Designate) read out the Commissioning Warrant.
This was followed by hoisting of the Naval Ensign and playing of the National Anthem, in accordance with the time honoured customs and traditions of the Indian Navy. This would go a long way transforming the Indian Navy to a designer's and builder's Navy in keeping with the "Make in India" vision. He also highlighted Navy's commitment and resolve for Make in India.
International Children's Film Festival of India begins in Hyderabad
Minister of I and B Rajyavardan Singh Rathod has kick started the 19th edition of the International Children's Film Festival of India in Hyderabad on 14th November. He formally thrown open the week long children's film festival by releasing balloons.
Bilateral:Fast track system developed to help UK companies invest in India
The department of industrial promotions and policies in India has developed a general agreement with its counterpart in the United Kingdom on a fast track system for easy clearance to the UK companies investing in India. According to Indian High Commissioner to UK Mr. Ranjan Mathai the Britain is the largest investor from amongst the G-20 countries in India.
The fast track system will help UK companies investing in India. Ranjan Mathai said that Indian companies have also invested very heavily more in UK than most of the European Union combined.
The Indian High Commissioner further said all India and UK bi-lateral relations including concerns on security issues and investments in Green Power and new and renewable energy sources will also be discussed between the delegations of Indian and the United Kingdom. Meanwhile, Indian origin MP in UK Mr. Keith Vaz has termed
During the visit of Prime Minister Narendra Modi to London, many new areas of cooperation for building our economic partnership under Make in India agenda will be deliberated upon. He said joint ventures in Airbus technology are also on the anvil during the talks.
India, UK to sign deals worth £9 billion
Following bilateral talks at 10 Downing Street with British Prime Minister David Cameron, on 12th November soon after Modi and British PM spoke of their firm intention to take the "bold and ambitious" vision of the strategic partnership to the next level.
Discussions encompassed British involvement in the development of digital cities, and roads, and developing London into a finance centre for the offshore trading of rupee-denominated bonds, as well as cooperation on low carbon, low-cost energy.
Other important points
Prime Minister Narendra Modi began the first bilateral visit to the country by an Indian prime minister since 2006.
India promised a new "fast-track mechanism" as the two sides firmed up at least 27 deals, covering sectors ranging from banking to energy, skill development to environment.
The UK said it plans to invest in three Indian smart cities and the two sides also announced the signing of a civilian nuclear agreement.
The UK accounted for 8.56 per cent of total foreign direct investment in India during the last 15 years. Indian companies employ 110,000 people in the UK
The UK will participate in the International Fleet Review in India in February 2016.
Agreeing to intensify their political dialogue and hold regular bilateral summits, the two sides decided to support development in other regions of the world.
INDIAN FIRMS INVESTING IN THE UK
Indiabulls Housing Finance invests Rs 664 cr into Oak North Bank. It will be the bank's single-largest shareholder, with nearly 40% stakeTVS is opening Rs 201-cr advanced logistics facility in Barnsley, generating 100 new jobs, growing to 500 over five yearsDexler is setting up Dexler Education UK, its European headquarters, with an investment of around Rs 100 crLSE Group and YES Bank ink a deal to foster collaborations on bond and equity issuance
UK COMPANIES INVESTING IN INDIA
UK-listed OPG Power Ventures to add Rs 29,174 crore to its current investment in IndiaLightsource to invest Rs 20,120-crore to design, install and manage three gigawatts of solar power infrastructure in India over the next five yearsVodafone will invest Rs 13,078 cr in a variety of companies, including a payments bankThe King's College Hospital NHS Foundation Trust and Indo UK Healthcare sign an agreement to open King's College Hospital in Chandigarh
TCS partners British Council to train 1,000 university graduates in UK
India's largest software services firm Tata Consultancy Services, TCS, on 13th November said it has partnered British Council to train 1,000 university graduates in the UK at its Innovation Labs and Software Development Centres. The announcement comes during the UK visit of Prime Minister Narendra Modi.
Under the initiative, British university graduates will have the opportunity to spend a year training and working for TCS at its Innovation Labs and Software Development Centres across India between 2016 and 2020. The students will receive training in technical and commercial skills as well as digital and business skills.
TCS has been operating in the UK since 1975 and works with some of the UK's biggest businesses including 33 of the FTSE 100. It has more than 11,000 UK employees working across 30 locations in London, Edinburgh, Manchester, Leeds, Ipswich, Norwich, Peterborough, Swindon, Redhill and Liverpool.
Economy:Centre notifies implementation of OROP for ex-servicemen
The Centre has issued notification for implementation of One Rank One Pension (OROP) for ex-servicemen. It will benefit over 25 lakh veterans and war widows. Under the OROP scheme notified last evening, the pension will be re-fixed every five years.
For all pensioners, pension will be re-fixed on the basis of the average of minimum and maximum pension of personnel retiring in 2013 in the same rank and with the same length of service. In case of past pensioners, it will be re-fixed on the basis of pension of retirees of 2013 and the benefit will be from 1st July 2014.As per the notification, arrears will be paid in four equal half yearly installments. However, all the family pensioners, including those in receipt of Special and Liberalized family pensioners and Gallantry award winners will be paid arrears in one installment.
The government has also decided to appoint a Judicial Committee to look into anomalies, if any, arising out of implementation of OROP. The Committee will submit its report in six months.
The OROP for the ex-servicemen was announced on 5th of September this year, but notification could not be issued due to model code of conduct in view of Bihar assembly elections.
Exports of top 5 sectors dip 31% in September
Slump in global demand has impacted Indian exports as well. According to Commerce Ministry data, exports of top five sectors fell by about 31 per cent to 13.6 billion dollars in September. Petroleum exports were most affected falling by over 60%, engineering exports fell by 23%. Textiles, gems & jewellery also recorded negative growth during September. Only pharmaceuticals sector managed to registered a growth of 9 per cent.
Contracting for the 10th month in a row, India's merchandise exports dipped 24 per cent in September to 21.84 billion dollars.
Boeing, Tata form JV to make aerostructures
US aviation major Boeing Company and Tata Advanced Systems have announced a joint venture (JV) that will manufacture aero structures for aircraft and collaborate on integrated systems development opportunities in India.
The JV will initially create a manufacturing centre of excellence to produce aero structures for the AH-64 Apache helicopter and to compete for additional manufacturing work packages across Boeing platforms, both commercial and defence.
Boeing and Tata Advanced Systems intend to grow the JV partnership in the future, with a focus on opportunities to collaborate on development and selling of integrated systems.
This agreement to establish a JV will propel the growth of the Indian aerospace sector by leveraging the world-class competencies of TASL and its supplier eco-system, as well as provide access to India's world-class manufacturing capability, skilled talent and competitive cost structures
The US company has over the last 12 months, doubled their sourcing from India. TASL is one of the select few in the private sector in India undertaking manufacturing and assembly of both aircraft and helicopters. The resulting scale and expertise at which the company now operates makes it well-positioned for large-scale systems integration work in India's aerospace and defence sector
Centre to continue with 90:10 funding pattern to NE states
The Union Minster of State for Finance Jayant Sinha said that the Central Government has "largely resolved" to continue with the 90 to 10 ratio funding pattern for 17 Core Centrally Sponsored Schemes (CSS) and would follow the 80 to 20 ratio pattern for non-core CSS schemes for the North-Eastern States.
The funding pattern would be retained based on the recommendations of the Shivraj Singh Committee formed to study the funding pattern for North-eastern States.
Centre eases FDI norms in 15 major sectors
These sectors include mining, civil aviation, defence, broadcasting, construction, manufacturing and private sector banking.
The reforms are aimed at further easing, rationalising and simplifying the FDI process and to put more and more FDI proposals on automatic route instead of Government route.
According to Finance Minister Arun Jaitley, FDI caps have been enhanced and some outdated conditionalities have been done away with or eased. One of the most important reforms is in the construction sector and added that 32 investment points have been impacted by the FDI reforms.
The Finance Minister said India has been one of the largest investment destinations in the recent past and FDI inflows in last one year increased by 40 per cent.
Under the liberalised norms, the Commerce and Industry Ministry has relaxed FDI policy in single-brand retail and allowed companies to sell products through e-commerce.
Besides, 100 per cent FDI has been allowed in plantation of rubber, coffee, cardamom, palm oil tree and olive oil tree The government has also raised the approval limit of Foreign Investment Promotion Board from three thousand crore to five thousand crore rupees.
100% FDI under automatic route is permitted in construction sector for operation and management.FPI's have been allowed to invest upto 74 %in private banks.100% FDI is allowed in plantation of rubber, coffee, cardamom, palm oil tree and olive oil tree.100 % FDI has been allowed in DTH, CABLE Network and Mobile TV and 49 % FDI has been approved in FM radio.100% Automatic route FDI allowed in Up-linking of Non-'News & Current Affairs' TV Channels.In order to relax FDI policy in single-brand retail, government has allowed companies to sell products through e-commerce.Government has allowed foreign investment up to 49% under automatic route in regional air services sector.FDI policy on Limited Liability Partnerships (LLP) has been amended to provide that investments in LLPs will not require Government approval.The government has also proposed to increase FIPB limit to Rs 5,000 crore from current Rs 3,000 crore.Opening up new sectors for foreign players is part of the ambitious 'Make in India' initiative of the government. FDI is also essential to implement the 'ease of doing business' in the country.
India inks $273 million loan pact with ADB for funding rural roads
Centre on 10th November signed 273 Million dollar loan agreement with Asian Development Bank in New Delhi for improving rural roads in Assam, Chhattisgarh, Madhya Pradesh, Odisha and West Bengal. Finance Ministry in a release said, the loan will help in constructing over six thousand kilometers of all-weather rural roads in these states and will benefit over 4200 rural habitations.
This is the third and last tranche, of 800 million dollar financing facility under the Rural Connectivity Investment Programme. The Ministry said, the program has supported the Government's objectives under the Pradhan Mantri Gram Sadak Yojana.
The enhanced connectivity will improve access of rural communities to markets, district headquarters, health and education facilities, and other centers of economic activity.
Timeline for service tax refund
Seeking to fast-track service tax refund to exporters, the Central Board of Excise and Customs (CBEC) on 10th November fixed a timeline for 80 per cent payment of the total amount claimed.
The move will speed up sanction of the refund accumulated CENVAT credit to exporters of the services, it added. It is also clarified that the decision to grant provisional payment is an administrative order and not a quasi-judicial order and should not be subjected to review.
This payment of 80 per cent of the refund shall be purely provisional based on the documents above and without prejudice to the department's right to check the correctness of the claim in terms of the relevant notification, it said.
On the CBEC move, Nasscom said the circular has reiterated granting 80 per cent upfront refund within a week and the balance 20 per cent on scrutiny of applications.
Disabled, BCs, minorities should have 1st claim on central funds: CMs' sub group
Chief Minister's sub-group on centrally-sponsored schemes (CSS) has suggested that MGNREGA and social inclusion schemes, particularly for the disabled, backward castes and minorities, should have the first claim on central funds.
The panel in its report submitted to the Prime Minister last month, has also recommended that the number of CSS should be reduced to 30 and flexi-funds can go up to 25 per cent, from the existing 10 per cent.
According to the report, the Centre has retained 50 of the 66 ongoing schemes in current year's budget and the remaining are either being taken into the central sector or reformulated as new umbrella schemes or have been transferred to states. The panel has said the focus of CSS should be on those
It has also proposed that in schemes such as ASHA, Aanganwadi, Sarva Shikha Abhiyan with remuneration or salary components and the funding pattern should not be modified to the disadvantage of the states until the completion of the 12th Plan.
Panel on tax laws gets one-year extension
The Finance Ministry has extended the tenure of the high-level committee to interact with trade and industry on taxation policies by one year. The panel's mandate is to engage with investors and assure them of a stable and transparent tax regime.
The tenure of the Committee which was till November 25, 2015, is now further extended for one year, said an official statement on 12th November. The committee was set up in November 2014 following an announcement in Union Budget 2014-15 to identify grey areas in taxation policy.
The committee is headed by Ashok Lahiri, former Chief Economic Adviser to the Finance Ministry, and its members include Siddharth Pradhan, former Member, Settlement Commission, and Gautam Ray, former Director General (Audits), Customs and Central Excise.
The panel will continue to interact with trade and industry on a regular basis and recommend measures to the Central Board of Direct Taxes and the Central Board of Excise and Customs such as issuing clarificatory instructions and circulars.
The Ministry said the two Boards are expected to take appropriate action within two months of the recommendations being made.
FM Arun Jaitley to chair six member panel to oversee NIIF's activities
The government has constituted a six member Governing Council under the chairmanship of Finance Minister Arun Jaitley to oversee the activities of the National Investment and Infrastructure Fund (NIIF). The mandate of the Council is to approve guidelines for Investment of Trust property Corpus of NIIF and parameters for appointment and performance of investment managers and advisors.
Earlier, the Union Cabinet had approved creation of twenty thousand crore rupees National Investment and Infrastructure Fund (NIIF) to attract investment from both domestic and international sources.
The fund aims at maximising economic impact mainly through infrastructure development in commercially viable projects including stalled projects.
Government Clarifies on Swachh Bharat Cess
The Finance Ministry on 12th November said that service tax on restaurant bills will go up from 5.6 per cent to 5.8 per cent following the levy of 0.5 per cent Swachh Bharat cess on all taxable services from November 15.
The ministry, however, clarified that the cess will not apply on those services for which payments have been received prior to November 15 and invoices raised before November 29. It would mean that the Railway and flight tickets booked before November 15 will not attract the additional levy.
The Swachh Bharat cess, will be levied only on the portion of taxable services (after abatement) and will go towards funding of the cleanliness drive, a pet project of Prime Minister Narendra Modi. The Finance Ministry clarified that all provisions including those related to computation of taxable value, assessment, exemption, payment, penalty applicable to service tax would apply to the Swachh Bharat cess.
Explaining the provisions, it said, the cess would be calculated on the abated value or value arrived as per the Service Tax (Determination of Value) Rules, 2006. For restaurants or eating joints having air-conditioning facility, the cess would be 0.5 per cent of 40 per cent of the billed amount i.e 0.2 per cent.
President inaugurates 35th IITF in New Delhi
Indian President Pranab Mukherjee has said that India can become a ten trillion dollar economy in the next two decades through manufacturing and innovation. Inaugurating the 35th edition of India International Trade Fair, IITF, in New Delhi on 14th November, Mr Mukherjee said, reforms of the government are on the right track. He said, India has stood well despite global slowdown and the initiatives taken by the government are now showing results.
He hoped that India will be able to achieve the target of 3 per cent fiscal deficit as the current account balance and foreign exchange reserves have improved. He said IITF would help preserve, protect, promote and reinforce the Indian brand. He said, the annual celebration of trade is to develop India's bilateral relations with the rest of the world. Over 7,000 firms from India and overseas are participating in the 14 day fair.
NCAER lowers GDP forecast to 7.4 per cent for next fiscal
Economic think tank NCAER on 14th November marginally lowered GDP forecast at 7.4 per cent because of slowdown in agriculture due to deficient monsoon. This marginal fall is due to the anticipated slowdown in the agriculture sector. Industrial growth continues to gather strength while the outlook for the services remains mixed according to National Council of Applied Economic Research (NCAER) said in a statement. In August, it had projected economic growth at 7.5 per cent for the current fiscal.
The Finance Ministry has pegged the growth rate for the financial year 2015-16 at around 8.1-8.5 per cent, which now looks difficult to achieve as the growth in the first quarter worked out to be only 7 per cent. It further said the overall demand remains sluggish because of weak external demand and dampened rural demand, while investment shows weak signs of revival.
The industrial sector performed better with 4 per cent growth in the first half of the FY16 against 2.9 per cent in the comparable period of the last fiscal, it said.
The improvement is mainly driven by the manufacturing sector with 4.2 per cent growth in the first half of the 2015-16 compared to 2.2 per cent in the corresponding period of the last fiscal.
With regard to agriculture sector, it said, the actual rainfall received during June-September period of 2015-16 was below normal.
Despite deficit rainfall, it estimates overall food grain output during this year's kharif season likely to be marginally higher compared to last year due to better rainfall conditions in areas where coarse cereals and pulses are grown, it said. On inflation, NCAER said, it has declined over the period of the last one and half years.
Science and TechnologyIndia test-fires nuclear-capable strategic ballistic missile Agni-IV
The trial was conducted by Strategic Force Command of the Indian Army. This was the fifth trial of Agni-IV missile. The last successful trial conducted on December 2, 2014.
CO2, greenhouse gases level reach record high in 2014: WMO
Concentrations of carbon dioxide and other greenhouse gases in the atmosphere reached a record high in 2014. According to World Meteorological Organization report on 9th November that the relentless fueling of climate change will make the planet more dangerous for future generations.
Graphs issued by the UN agency showed levels of carbon dioxide, the main greenhouse gas, climbing steadily towards the 400 parts per million level, having hit a new record every year since reliable records began in 1984. The UN panel of climate scientists estimates that concentrations of carbon dioxide, methane and nitrous oxide are at their highest in at least 8 lakh years.
Climate change could push 100 million into poverty by 2030: World Bank
World Bank says climate change will result in more than 100 million additional people living in poverty by 2030 if sufficient counter measures are not taken.
A report released on 8th November, ahead of a UN climate change conference in Paris, says droughts will hit the farming sector hard driving up food prices in Africa by 12 percent.
World Bank President Jim Yong Kim said the number of people in poverty will surge, mainly in Africa and South Asia, as these areas are exposed to floods, which can bring malaria and other infectious diseases.
Talks on Climate Change
Ministers from about 70 countries have failed to bridge their gaps on some major issues ahead of the upcoming UN climate change conference in Paris. The delegates ended three days of preparatory talks in the French capital on 9th November. Japanese officials say the industrialized and developing countries agreed that they need a long-term goal for cutting greenhouse gas emissions and they should review their efforts every 5 years. But the two sides remained divided on whether they should share the same level of responsibility for emission cuts.
The delegates also disagreed on financial support from rich countries for developing nations. French Foreign Minister Laurent Fabius, who will chair the UN conference, said the ministerial meeting was an important step, but much hard work remains. He urged the participants to make further concessions, saying the summit, known as COP 21, must not end without an agreement.
The UN conference will open on November 30th in Paris and aims to reach an accord on a new framework to curb global warming.
GSAT-15 successfully launched
India's latest communication satellite GSAT-15 was successfully launched by Ariane-5 rocket in the early hours on 11th November from the spaceport of Kourou in French Guiana.
The European launcher blasted off at 03:04 AM (IST) and hurled the GSAT-15, designed to deliver telecommunications services, as well as dedicated navigation-aid and emergency services, into space in a flawless flight. GSAT-15 was launched into a Geosynchronous Transfer Orbit (GTO) after its co-passenger Arabsat-6B (BADR-7) was injected into space.
GSAT-15, weighing 3,164 kg at lift-off, is a high power satellite being inducted into the INSAT/GSAT system. It carries a total of 24 communication transponders in Ku-band as well as a GPS-Aided GEO Augmented Navigation (GAGAN) payload operating in L1 and L5 bands.
SportsN. Srinivasan removed as ICC Chairman; Shashank Manohar takes his place
BCCI President Shashank Manohar informed reporters today that all complaints regarding conflict of interest will be referred to Ombudsman.
In the meeting it was also decided that Mr. Shashank Manohar will be the BCCI representative to the ICC, by virtue will be the ICC Chairman. N Srinivasan was today dethroned as the ICC Chairman after BCCI decided recall him. The tenure of Mr. Srinivasan, who took over in June last year, was to end next year. The remainder of the term will be completed by Mr. Manohar as it is India's turn to hold the top position.
India bags 17 Gold, 14 Silver and 13 Bronze in Asian Shooting championships
London Olympics Silver medallist Vijay Kumar shot two more medals on the final day of the 13th Asian Shooting Championship in Kuwait City to take India's final tally to 44 including 17 Gold, 14 Silver and 13 Bronze.
Vijay won the Bronze in the 25 meter Center Fire Pistol event for men and also teamed up with veteran Samaresh Jung and Pemba Tamang to bag the Team Silver in the event. The Indian team scored 1736 points. The Korean team won the Gold with a total score of 1738 while Vietnam bagged the Bronze with a score of 1731.
Russia's athletics federation provisionally suspended from international competition
Russia's athletics federation has been provisionally suspended from international competition - including the Olympic Games - for its alleged involvement in widespread doping. The International Association of Athletics Federations, IAAF, took action after the publication of an independent World Anti-Doping Agency (Wada) report that alleged "state-sponsored doping".
Its council members voted 22-1 in favour of Russia being banned. Russia's Sports Minister Vitaly Mutko said the suspension was "temporary" and the problem is solvable. The country's IAAF council member was not allowed to participate in 14th November's vote.
As it stands, Russian athletes may not enter international competitions, including the World Athletic Series and Rio Olympics, which begin on 5 August next year. Russia will also not be entitled to host the 2016 World Race Walking Cup in Cheboksary and the 2016 World Junior Championships in Kazan.
Awards:
Some 80 percent of the population lives below the poverty level in Liberia which was also hit this year by the deadly outbreak of Ebola in west Africa. In a country where 60 percent of the population is under the age of 25, almost 4,500 children lost one or both parents in the outbreak in which some 5,000 people died.
According to a report by the University of Leiden, in the west of the Netherlands, almost half of Liberia's children have experienced some kind of physical violence and 13 percent of girls have been sexually abused. The International Children's Peace Prize has been awarded annually since 2005 to a child who "fights courageously for children's rights." The foundation also invests some 100,000 euros ($108,000) in projects in the winner's country.
Persons in News:
Hindistan Petroleum Corporation Limited Chairperson and Managing Director (MD), Nishi Vasudeva, has bagged the fourth position, while AZB & Partners Co-Founder Zia Mody and Aruna Jayanthi Chief Executive of Capgemini India shared the fifth rank.
All the top-five rank holders retained their positions from the previous year, barring Jayanthi who was at seventh position last year. Moreover, there are only two debutantes in the Fortune India list of 50 most-powerful businesswomen for 2015.
Meena Ganesh, MD and chief executive officer (CEO) at Portea and Jyoti Deshpande, Group MD and CEO at Eros International have made their debuts at 43rd and 50th positions, respectively.
These powerful women represent various sectors such as banking, finance, energy, healthcare, media, fashion and entertainment. These women are in the age group of 40 to 71.
The other women who figure in the top 10 are Preetha Reddy MD Apollo Hospital Enterprise (seventh), Mallika Srinivasan CEO of TAFE (eighth), Yasmin Hilton Chairperson Shell India (ninth), and Chitra Rama Krishna MD and CEO at NSE (tenth).
Jayant Krishna: Jayant Krishna, principal consultant at Tata Consultancy Services (TCS), has been appointed interim managing director and chief executive officer of the National Skill Development Corporation (NSDC). NSDC board met on Monday and confirmed his appointment. An official announcement is expected shortly
With the departure of its previous head, Dilip Chenoy, a three-member committee had been formed to shortlist possible contenders for the top job. The committee comprised Rohit Nandan, secretary, ministry of skill development and entrepreneurship, Lakshmi Narayan of Cognizant and R V Kanoria, the Ficci representative on the NSDC board.
Jayant Krishna heads the Lucknow-based global delivery centre of TCS, which develops and implements software solutions and supports e-governance initiatives of various governments. He has also been a part of the committee on apprenticeship reforms.
Marzeih Af-kham: Iran has appointed its first woman ambassador since the 1979 Islamic revolution, naming foreign ministry spokeswoman Marzieh Af-kham as the head of its embassy in Malaysia. She was also the first woman in the Islamic republic to serve as foreign ministry spokeswoman, saying she had carried out her duties for two years with "dignity, bravery and particular insight".
After his 2013 election, Iran's moderate President Hassan Rouhani called on ministers to appoint women to high posts and said that his government would stand up to discrimination, naming three women to the country's 11 vice presidential positions.
Raghuram Rajan: The Reserve Bank of India (RBI) Governor Raghuram Rajan (pictured), a voice of an emerging market on global policy fora, has been appointed as vice-chairman of the Bank for International Settlements (BIS).
This is first time that a central banker from India becomes vice-chairman of the board at BIS. Former RBI Governor Y V Reddy was appointed in 2007 as chairman of BIS Asian Consultative Council.
Rajan was appointed to a three-year term at BIS. He first joined the BIS board of directors in December 2013. He will work with BIS Chairman Jens Weidmann, who is also president of Germany's Bundesbank. Rajan's current tenure at India's central bank runs till September 2016.
The board of BIS is responsible for determining the strategic and policy direction of the BIS, supervising BIS management, and fulfilling the specific tasks given to it by the bank's statutes. It meets at least six times a year. The board has four advisory panels, established pursuant to Article 43 of the bank's statutes; assist the board in its work.
The board of directors elects a chairman and a vice-chairman from among its members each for a three-year term. The board may have up to 21 members, including six ex-officio directors, comprising the central bank governors of Belgium, France, Germany, Italy, the United Kingdom and the United States. Each ex-officio member may appoint another member of the same nationality. Nine governors of other member central banks may be elected to the board.
Rajan is a votary of greater space for emerging markets in global debates in shaping policies for growth in world economy and financial market.
About bank
Headquartered in Basel, Switzerland, BIS fosters international cooperation amongst central banks with a view to ensuring global monetary and financial stabilityThe BIS board meets at least six times a year. The board includes US Federal Reserve Chair Janet Yellen, Bank of England Governor Mark Carney and Bank of Japan Governor Haruhiko KurodaRajan joined the BIS board of directors in December 2013The board of directors elects a chairman and a vice-chairman from among its members each for a three-year term
Kalyani Kaul: Kalyani Kaul, a prominent barrister of Indian-origin who has handled high-profile cases, has been sworn in as a Circuit Judge in the UK. Kalyani, who has spent much of the past 32 years defending serious and high-profile cases, is known for her extensive and wide-ranging experience in heavy-weight criminal defence work. She was called to the Bar in 1983 and became a Recorder in 2009. As a Recorder she prepared cases for trial and presided over hearings in county courts. She took Silk in 2011 in order to take silk" a lawyer usually has to serve as a barrister or a Scottish advocate for at least 10 years.
Kalyani was the third highest-paid barrister in terms of legal aid payments in 2005. She studied law from the London School of Economics (LSE). She was the Senior Circuit representative on the Bar Council (2013-14), a vice president (former chair) of the Association of Women Barristers, and one of the two Diversity Officers for the South Eastern Circuit.
Kalyani is the daughter of well-known British journalists Mahendra Kaul and Rajni Kaul, both of whom worked for long years with the Voice of America and the British Broadcasting Corporation. Mahendra was the first Asian to be honoured with the Order of the British Empire (OBE) in 1975.
Anup Chetia: Bangladesh on 11th November handed over to India Anup Chetia, a top leader of the United Liberation Front of Asom (ULFA), 18 years after his arrest in Dhaka.
Anup Chetia was detained under the law of the country and his jail term was completed. As he is a foreigner and expressed his interest to leave the country
Chetia, who has been in Bangladesh since his arrest on December 21, 1997, was handed over to a team of India's Central Bureau of Investigation (CBI) on the intervention of Prime Minister Narendra Modi, it is learnt. According to Mr. Kamal, the Bangladesh Border Guard handed over Chetia and his two prison mates — Babul Sharma and Shakti Prashad who were arrested with him — to personnel of the Border Security Force of India.
Gokaran: Former RBI Deputy Governor Subir Gokaran was on 12th November appointed as an Executive Director on the board of the International Monetary Fund (IMF). The name of the renowned economist was cleared by Appointments Committee of Cabinet headed by Prime Minister Narendra Modi, as per an order issued by the Department of Personnel and Training. On the IMF Executive Board, Gokarn will replace Rakesh Mohan. Gokaran will represent India, Bangladesh, Sri Lanka and Bhutan on the Washington-based IMF's Executive Board.
Shah Rukh Khan: Popular Bollywood actor Shah Rukh Khan was questioned by the Enforcement Directorate (ED) on 11th November in connection with the alleged irregularities in the sale of shares of his IPL franchise Knight Riders Sports Pvt. Ltd. to a Mauritius-based company.
After questioning him for more than three hours, ED recorded the actor's statement for violation of the Foreign Exchange Management Act (FEMA).
P.M. Bhargava: Well-known scientist and founder-director of Centre for Cellular and Molecular Biology (CCMB) P.M. Bhargava has returned the Padma Bhushan award, received by him in 1986, to President Pranab Mukherjee in protest against the direction in which Government run by the BJP.
Anurag Sharma: Chief Minister K Chandrashekar Rao has appointed Anurag Sharma as regular Director General of Police of Telangana State. KCR signed a related file appointing him as the full time DGP. A 1982 batch IPS officer, Anurag Sharma hails from Rajasthan and discharged duties at various levels. Before becoming the in-charge DGP, Anurag Sharma was the Hyderabad City Police Commissioner. Sharma has worked in several key posts connected with anti-Naxal operations, and was also on deputation with the Central Industrial Security Force.
He has had exposure in both urban and rural policing after he joined the IPS cadre in 1982. Anurag Sharma has held several sensitive posts like Superintendent of Police of Ranga Reddy and Mahabubnagar districts, Group Commander-Operations of Greyhounds, DCP of Hyderabad Old City and DIG and Special Inspector General of Intelligence. He was the chief of Greyhounds till 2010 and later took over as Commissioner of Police of the city.
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