1. Constitutional Amendment Bill for GST introduced in Lok Sabha
The Government has introduced Constitutional Amendment Bill for Goods & Services Tax (GST) in Lok Sabha. The Government intends to introduce GST from April 1, 2016.
"No state will loose a rupee. It will be a win-win situation for all," the Finance Minister Arun Jaitley said while introducing the bill on Friday.
The Bill needs to be approved by a two-third majority of the house. After this, it needs to be endorsed by at least half of the State Assemblies (15). Then the Centre will introduce separate legislation for GST. States, too, will be required to bring in legislations.
The Constitution does not provide for any concurrent taxation powers to the Centre as well as the States. This required the Constitution to be amended for conferring simultaneous power on Parliament as well as the State Legislatures, including every Union Territory with Legislature to make laws for levying goods and services tax on every transaction of supply of goods or services or both.
The new regime would replace a number of indirect taxes currently being levied by the Central and State Governments and is intended to remove cascading of taxes and provide a common national market for goods and services.The Government has introduced Constitutional Amendment Bill for Goods & Services Tax (GST) in Lok Sabha. The Government intends to introduce GST from April 1, 2016.
"No state will loose a rupee. It will be a win-win situation for all," the Finance Minister Arun Jaitley said while introducing the bill on Friday.
The Bill needs to be approved by a two-third majority of the house. After this, it needs to be endorsed by at least half of the State Assemblies (15). Then the Centre will introduce separate legislation for GST. States, too, will be required to bring in legislations.
The Constitution does not provide for any concurrent taxation powers to the Centre as well as the States. This required the Constitution to be amended for conferring simultaneous power on Parliament as well as the State Legislatures, including every Union Territory with Legislature to make laws for levying goods and services tax on every transaction of supply of goods or services or both.
The proposed Central and State GST will be levied on all transactions involving supply of goods and services except those that are exempt or kept out of the purview of the goods and services tax.
Once the new tax system comes into place, there will be three indirect taxes apart from the customs duty (only on imported goods).
2. 8.75% interest on PF for 2014-15
Over five crore provident fund subscribers governed by the EPFO will get 8.75 per cent interest on their deposits for the current fiscal.
The Finance Ministry has ratified the rate for 2014-15, after a decision was taken to retain the interest payout at this level by the Central Board of Trustees of the Employees’ Provident Fund Organisation, sources said.
As per the practice, EPFO trustees’ decision gets implemented after the concurrence of the Finance Ministry.
Following the ratification by the Finance Ministry, the decision would now be notified by the Labour Ministry as also by the Income Tax Department.
Over five crore provident fund subscribers governed by the EPFO will get 8.75 per cent interest on their deposits for the current fiscal.
The Finance Ministry has ratified the rate for 2014-15, after a decision was taken to retain the interest payout at this level by the Central Board of Trustees of the Employees’ Provident Fund Organisation, sources said.
As per the practice, EPFO trustees’ decision gets implemented after the concurrence of the Finance Ministry.
Following the ratification by the Finance Ministry, the decision would now be notified by the Labour Ministry as also by the Income Tax Department.
3. Vistara to take to skies from January 9
ata’s full service carrier in partnership with Singapore Airlines Vistara will take to
ata’s full service carrier in partnership with Singapore Airlines Vistara will take to
the skies from January 9 by operating daily flights to Mumbai and Ahmedabad from Delhi, a company official said on Friday.
“We have started booking online and through distribution channels for daily service on Delhi-Mumbai-Delhi and Delhi-Ahmedabad-Delhi routes from January 9 on board a new Airbus A320-200 aircraft,” the official said.
The company is offering 16 seats in business cabin, 36 in premium economy and 96 in economy class.
“We are the first full service carrier in the country to offer premium economy class and not levy separately for fuel surcharge on our tickets,” the official claimed.
The new airline will also offer frequent flyer programme for accruing loyalty points on actual spend on the ticket fare than miles travelled.
“We have started booking online and through distribution channels for daily service on Delhi-Mumbai-Delhi and Delhi-Ahmedabad-Delhi routes from January 9 on board a new Airbus A320-200 aircraft,” the official said.
The company is offering 16 seats in business cabin, 36 in premium economy and 96 in economy class.
“We are the first full service carrier in the country to offer premium economy class and not levy separately for fuel surcharge on our tickets,” the official claimed.
The new airline will also offer frequent flyer programme for accruing loyalty points on actual spend on the ticket fare than miles travelled.
4. TVS Chairman Venu Srinivasan conferred honorary citizenship of Busan
TVS chairman Venu Srinivasan was made Honorary Citizen of Busan, Korea . He was conferred with the citizenship for his efforts to enhance friendship and cooperation between India and Republic of Korea.
He was conferred the title by Mayor of Busan Metropolitan City, Suh Byung-soo during the honorary citizenship ceremony held at Busan, the second largest city in Korea, after Seoul.
Srinivasan, who is also Honorary Consul General of the Republic of Korea in Chennai, is the first Indian industrialist to be granted honorary citizenship.
5. IRDA imposed penalty on Canara HSBC OBC Life Insurance & Anand Rathi Insurance Brokers
The Insurance Regulatory and Development Authority (IRDA) imposed monetary penalty on Canara HSBC Oriental Bank of Commerce (OBC) Life Insurance Company Ltd and Anand Rathi Insurance Brokers for violating regulatory norms.
Penalty on Canara HSBC OBC Life Insurance Co
The monetary penalty imposed on Canara HSBC Oriental Bank of Commerce Life Insurance Company Ltd was 31 lakhs rupee which has to be remitted within 15 days from the date of receipt of the order. The company was penalised on charges of delay in payment of claims, non-adherence to product specification and violating licensing of corporate agents norms.
6. Zaki-ur-Rehman Lakhvi, main accused of 26/11 Mumbai terror attack, granted bail
The mastermind of the 26/11 Mumbai terror attacks, Zaki-ur-Rehman Lakhvi, was in news recently after an Anti Terrorism Court (ATC) in Pakistan granted bail to him .He was granted bail against a surety amount of one million rupees (10000 dollars).
Lakhvi, Chief Operation Commander of Lashkar-e-Taiba (LeT), was among the seven persons charged with planning and helping carry out the Mumbai attacks in 2008 in which more than 160 people were killed. Other six who have been charged with planning, financing and executing the attacks in Mumbai, India's financial capital are Abdul Wajid, Mazhar Iqbal, Hamad Amin Sadiq, Shahid Jameel Riaz, Jamil Ahmed and Anjum.
7. Italian film actress Virna Lisi died
Acclaimed Italian actress Virna Lisi died. She was 78. Famed in 1960s for appearing opposite stars like Frank Sinatra, Lisi carved a successful career in Hollywood.
Lisi is now survived by a son, Corrado Pesci and three grandchildren.
8. Veteran Telugu Sports Journalist Maddineni Babu Rao died
Senior Telugu sports journalist Maddineni Babu Rao passed away at Vijayawada, Andhra Pradesh following a cardiac problem. He was 74.
Acclaimed Italian actress Virna Lisi died. She was 78. Famed in 1960s for appearing opposite stars like Frank Sinatra, Lisi carved a successful career in Hollywood.
Lisi is now survived by a son, Corrado Pesci and three grandchildren.
8. Veteran Telugu Sports Journalist Maddineni Babu Rao died
Senior Telugu sports journalist Maddineni Babu Rao passed away at Vijayawada, Andhra Pradesh following a cardiac problem. He was 74.
9. NASA’s Kepler mission discovers ‘super-Earth’
NASA’s planet-hunting Kepler spacecraft, which is carrying out a new mission has made its first exoplanet discovery — a ‘super-Earth’ located 180 light-years from Earth.
Lead researcher Andrew Vanderburg, a graduate student at the Harvard-Smithsonian Center for Astrophysics in Cambridge, Massachusetts, studied publicly available data collected by the spacecraft during a test of the new K2 mission in February 2014.
This led to the discovery of a planet, HIP 116454b, which is 2.5 times the diameter of Earth and follows a close, nine-day orbit around a star that is smaller and cooler than our Sun, making the planet too hot for life as we know it.
HIP 116454b and its star are 180 light-years from Earth, toward the constellation Pisces.
The discovery was confirmed with measurements taken by the HARPS-North spectrograph of the Telescopio Nazionale Galileo in the Canary Islands, which captured the wobble of the star caused by the planet’s gravitational tug as it orbits.
HARPS-N showed that the planet weighs almost 12 times as much as Earth. This makes HIP 116454b a super-Earth, a class of planets that does not exist in our solar system.
NASA’s planet-hunting Kepler spacecraft, which is carrying out a new mission has made its first exoplanet discovery — a ‘super-Earth’ located 180 light-years from Earth.
Lead researcher Andrew Vanderburg, a graduate student at the Harvard-Smithsonian Center for Astrophysics in Cambridge, Massachusetts, studied publicly available data collected by the spacecraft during a test of the new K2 mission in February 2014.
This led to the discovery of a planet, HIP 116454b, which is 2.5 times the diameter of Earth and follows a close, nine-day orbit around a star that is smaller and cooler than our Sun, making the planet too hot for life as we know it.
HIP 116454b and its star are 180 light-years from Earth, toward the constellation Pisces.
The discovery was confirmed with measurements taken by the HARPS-North spectrograph of the Telescopio Nazionale Galileo in the Canary Islands, which captured the wobble of the star caused by the planet’s gravitational tug as it orbits.
HARPS-N showed that the planet weighs almost 12 times as much as Earth. This makes HIP 116454b a super-Earth, a class of planets that does not exist in our solar system.
1. Constitutional Amendment Bill for GST introduced in Lok Sabha
The Government has introduced Constitutional Amendment Bill for Goods & Services Tax (GST) in Lok Sabha. The Government intends to introduce GST from April 1, 2016.
"No state will loose a rupee. It will be a win-win situation for all," the Finance Minister Arun Jaitley said while introducing the bill on Friday.
The Bill needs to be approved by a two-third majority of the house. After this, it needs to be endorsed by at least half of the State Assemblies (15). Then the Centre will introduce separate legislation for GST. States, too, will be required to bring in legislations.
The Constitution does not provide for any concurrent taxation powers to the Centre as well as the States. This required the Constitution to be amended for conferring simultaneous power on Parliament as well as the State Legislatures, including every Union Territory with Legislature to make laws for levying goods and services tax on every transaction of supply of goods or services or both.
The new regime would replace a number of indirect taxes currently being levied by the Central and State Governments and is intended to remove cascading of taxes and provide a common national market for goods and services.The Government has introduced Constitutional Amendment Bill for Goods & Services Tax (GST) in Lok Sabha. The Government intends to introduce GST from April 1, 2016.
"No state will loose a rupee. It will be a win-win situation for all," the Finance Minister Arun Jaitley said while introducing the bill on Friday.
The Bill needs to be approved by a two-third majority of the house. After this, it needs to be endorsed by at least half of the State Assemblies (15). Then the Centre will introduce separate legislation for GST. States, too, will be required to bring in legislations.
The Constitution does not provide for any concurrent taxation powers to the Centre as well as the States. This required the Constitution to be amended for conferring simultaneous power on Parliament as well as the State Legislatures, including every Union Territory with Legislature to make laws for levying goods and services tax on every transaction of supply of goods or services or both.
The proposed Central and State GST will be levied on all transactions involving supply of goods and services except those that are exempt or kept out of the purview of the goods and services tax.
Once the new tax system comes into place, there will be three indirect taxes apart from the customs duty (only on imported goods).
2. 8.75% interest on PF for 2014-15
Over five crore provident fund subscribers governed by the EPFO will get 8.75 per cent interest on their deposits for the current fiscal.
The Finance Ministry has ratified the rate for 2014-15, after a decision was taken to retain the interest payout at this level by the Central Board of Trustees of the Employees’ Provident Fund Organisation, sources said.
As per the practice, EPFO trustees’ decision gets implemented after the concurrence of the Finance Ministry.
Following the ratification by the Finance Ministry, the decision would now be notified by the Labour Ministry as also by the Income Tax Department.
Over five crore provident fund subscribers governed by the EPFO will get 8.75 per cent interest on their deposits for the current fiscal.
The Finance Ministry has ratified the rate for 2014-15, after a decision was taken to retain the interest payout at this level by the Central Board of Trustees of the Employees’ Provident Fund Organisation, sources said.
As per the practice, EPFO trustees’ decision gets implemented after the concurrence of the Finance Ministry.
Following the ratification by the Finance Ministry, the decision would now be notified by the Labour Ministry as also by the Income Tax Department.
3. Vistara to take to skies from January 9
ata’s full service carrier in partnership with Singapore Airlines Vistara will take to
ata’s full service carrier in partnership with Singapore Airlines Vistara will take to
the skies from January 9 by operating daily flights to Mumbai and Ahmedabad from Delhi, a company official said on Friday.
“We have started booking online and through distribution channels for daily service on Delhi-Mumbai-Delhi and Delhi-Ahmedabad-Delhi routes from January 9 on board a new Airbus A320-200 aircraft,” the official said.
The company is offering 16 seats in business cabin, 36 in premium economy and 96 in economy class.
“We are the first full service carrier in the country to offer premium economy class and not levy separately for fuel surcharge on our tickets,” the official claimed.
The new airline will also offer frequent flyer programme for accruing loyalty points on actual spend on the ticket fare than miles travelled.
“We have started booking online and through distribution channels for daily service on Delhi-Mumbai-Delhi and Delhi-Ahmedabad-Delhi routes from January 9 on board a new Airbus A320-200 aircraft,” the official said.
The company is offering 16 seats in business cabin, 36 in premium economy and 96 in economy class.
“We are the first full service carrier in the country to offer premium economy class and not levy separately for fuel surcharge on our tickets,” the official claimed.
The new airline will also offer frequent flyer programme for accruing loyalty points on actual spend on the ticket fare than miles travelled.
4. TVS Chairman Venu Srinivasan conferred honorary citizenship of Busan
TVS chairman Venu Srinivasan was made Honorary Citizen of Busan, Korea . He was conferred with the citizenship for his efforts to enhance friendship and cooperation between India and Republic of Korea.
He was conferred the title by Mayor of Busan Metropolitan City, Suh Byung-soo during the honorary citizenship ceremony held at Busan, the second largest city in Korea, after Seoul.
Srinivasan, who is also Honorary Consul General of the Republic of Korea in Chennai, is the first Indian industrialist to be granted honorary citizenship.
5. IRDA imposed penalty on Canara HSBC OBC Life Insurance & Anand Rathi Insurance Brokers
The Insurance Regulatory and Development Authority (IRDA) imposed monetary penalty on Canara HSBC Oriental Bank of Commerce (OBC) Life Insurance Company Ltd and Anand Rathi Insurance Brokers for violating regulatory norms.
Penalty on Canara HSBC OBC Life Insurance Co
The monetary penalty imposed on Canara HSBC Oriental Bank of Commerce Life Insurance Company Ltd was 31 lakhs rupee which has to be remitted within 15 days from the date of receipt of the order. The company was penalised on charges of delay in payment of claims, non-adherence to product specification and violating licensing of corporate agents norms.
6. Zaki-ur-Rehman Lakhvi, main accused of 26/11 Mumbai terror attack, granted bail
The mastermind of the 26/11 Mumbai terror attacks, Zaki-ur-Rehman Lakhvi, was in news recently after an Anti Terrorism Court (ATC) in Pakistan granted bail to him .He was granted bail against a surety amount of one million rupees (10000 dollars).
Lakhvi, Chief Operation Commander of Lashkar-e-Taiba (LeT), was among the seven persons charged with planning and helping carry out the Mumbai attacks in 2008 in which more than 160 people were killed. Other six who have been charged with planning, financing and executing the attacks in Mumbai, India's financial capital are Abdul Wajid, Mazhar Iqbal, Hamad Amin Sadiq, Shahid Jameel Riaz, Jamil Ahmed and Anjum.
7. Italian film actress Virna Lisi died
Acclaimed Italian actress Virna Lisi died. She was 78. Famed in 1960s for appearing opposite stars like Frank Sinatra, Lisi carved a successful career in Hollywood.
Lisi is now survived by a son, Corrado Pesci and three grandchildren.
8. Veteran Telugu Sports Journalist Maddineni Babu Rao died
Senior Telugu sports journalist Maddineni Babu Rao passed away at Vijayawada, Andhra Pradesh following a cardiac problem. He was 74.
Acclaimed Italian actress Virna Lisi died. She was 78. Famed in 1960s for appearing opposite stars like Frank Sinatra, Lisi carved a successful career in Hollywood.
Lisi is now survived by a son, Corrado Pesci and three grandchildren.
8. Veteran Telugu Sports Journalist Maddineni Babu Rao died
Senior Telugu sports journalist Maddineni Babu Rao passed away at Vijayawada, Andhra Pradesh following a cardiac problem. He was 74.
9. NASA’s Kepler mission discovers ‘super-Earth’
NASA’s planet-hunting Kepler spacecraft, which is carrying out a new mission has made its first exoplanet discovery — a ‘super-Earth’ located 180 light-years from Earth.
Lead researcher Andrew Vanderburg, a graduate student at the Harvard-Smithsonian Center for Astrophysics in Cambridge, Massachusetts, studied publicly available data collected by the spacecraft during a test of the new K2 mission in February 2014.
This led to the discovery of a planet, HIP 116454b, which is 2.5 times the diameter of Earth and follows a close, nine-day orbit around a star that is smaller and cooler than our Sun, making the planet too hot for life as we know it.
HIP 116454b and its star are 180 light-years from Earth, toward the constellation Pisces.
The discovery was confirmed with measurements taken by the HARPS-North spectrograph of the Telescopio Nazionale Galileo in the Canary Islands, which captured the wobble of the star caused by the planet’s gravitational tug as it orbits.
HARPS-N showed that the planet weighs almost 12 times as much as Earth. This makes HIP 116454b a super-Earth, a class of planets that does not exist in our solar system.
NASA’s planet-hunting Kepler spacecraft, which is carrying out a new mission has made its first exoplanet discovery — a ‘super-Earth’ located 180 light-years from Earth.
Lead researcher Andrew Vanderburg, a graduate student at the Harvard-Smithsonian Center for Astrophysics in Cambridge, Massachusetts, studied publicly available data collected by the spacecraft during a test of the new K2 mission in February 2014.
This led to the discovery of a planet, HIP 116454b, which is 2.5 times the diameter of Earth and follows a close, nine-day orbit around a star that is smaller and cooler than our Sun, making the planet too hot for life as we know it.
HIP 116454b and its star are 180 light-years from Earth, toward the constellation Pisces.
The discovery was confirmed with measurements taken by the HARPS-North spectrograph of the Telescopio Nazionale Galileo in the Canary Islands, which captured the wobble of the star caused by the planet’s gravitational tug as it orbits.
HARPS-N showed that the planet weighs almost 12 times as much as Earth. This makes HIP 116454b a super-Earth, a class of planets that does not exist in our solar system.
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