1. Sohail Aman new Pakistan Air Force chief
Air Marshal Sohail Aman, an accomplished fighter pilot, was on Wednesday appointed as the chief of Pakistan Air Force. The Pakistan Air Force (PAF) said in a statement that the new air chief will take over on Thursday after his predecessor Air Chief Marshal Tahir Rafique Butt retires.
About Sohail Aman
(i). Air Marshal Sohail Aman was commissioned in the GD (P) Branch of Pakistan Air Force in November, 1980.
(ii).He is a graduate of Combat Commanders’ School, Air War College and Royal College of Defence Studies (UK) and his career encompasses a wide range of operational, training and command assignments
2. BJP MLA Kavinder Gupta elected as Speaker of 12th Legislative Assembly of J&K
Bharatiya Janata Party (BJP) legislator Kavinder Gupta on 18 March 2015 was elected as the speaker of 12th Legislative Assembly of Jammu and Kashmir. Gupta is a BJP MLA from Gandhinagar constituency of Jammu region and he replaces the Pro-tem Speaker Muhammad Shafi of the National Conference party. The motion for election of speaker of the house was moved by State Minister for Law, Justice and Parliamentary Affairs Basharat Bukari and seconded by Deputy Chief Minister Nirmal Kumar Singh of BJP.
Gupta is the first time MLA and had defeated senior Congress leader Raman Bhalla in the state polls in December 2014. Earlier he has served as Mayor of Jammu city.
3. Govt foregoes Rs. 28,000 cr revenue to boost exports from SEZs
The government has foregone Rs. 27,956 crore revenues during the last three financial years to boost exports from special economic zones (SEZs), Parliament was informed today. The tax foregone - customs duty and central excise duty including rebate - under the SEZ scheme was Rs. 10,440 crore in 2013-14. It was Rs. 9,363 crore in 2012-13 and Rs. 8,153 crore in 2011-12, Commerce and Industry Minister Nirmala Sitharaman said in a written reply to the Rajya Sabha. As per the SEZ Act and the rules, SEZ units and developers are eligible for customs, central excise and service tax exemption on procurement of raw materials for manufacture of finished goods meant for exports as also duty free procurement of capital goods.
The minister also informed that the government has provided incentives under - Vishesh Krishi and Gram Udyog Yojna, Focus Product Scheme, Focus Market Scheme and Served from India Scheme - to boost overall exports. Under these schemes, it has provided incentives worth Rs. 15,537 crore, Rs. 11,865 crore and Rs. 8,610 crore in 2013-14, 2012-13 and 2011-12 respectively.
4. Microsoft India launches cloud programme
Microsoft India has launched Cloud Accelerator Programme that will act as a catalyst to accelerate the adoption of cloud services.
This will help organisations to plan local cloud roadmap and to increase compliance with local regulations. Announcing this at the two-day Microsoft Azure Conference here on Wednesday, Microsoft India chairman Bhaskar Pramanik said the programme is specially designed to help Indian customers start and their cloud roadmap. The company also launched cloud decision framework for governments and state agencies.
5. Govt launches Rs 200 cr scheme for innovation in agro-industry
The government today launched a Rs 200 crore scheme to set up a network of technology and incubation centres to accelerate entrepreneurship and promote start-ups for innovation and entrepreneurship in agro-industry.
"The Scheme for Promotion of Innovation, Entrepreneurship and Agro-Industry will open vistas of incubation landscape to the micro segment of the vast rural economy," Micro, Small and Medium Enterprises (MSME) Minister Kalraj Mishra said at the launch.
"The scheme is designed to provide necessary skill set for setting up business enterprises and also to facilitate the market linkages available to entrepreneurs and to provide hand holding for a critical period to ensure self sustainability," he said.
The scheme envisages creation of a framework for start-up promotion through Small Industries Development Bank of India (SIDBI) by using innovative means of finance like equity, quasi-equity, angel fund, venture capital fund, impact funds and challenge funds.
6. Govt plans to strip RBI powers to regulate government bonds
India's government plans to take away the Reserve Bank of India's regulatory powers over government bonds, but leave the central bank in charge of other money market instruments, three government sources with direct knowledge of the matter said.
The move is part of a major overhaul of the country's financial system that aims to deepen its bond markets by increasing the participation of retail investors and improve monetary transmission, the sources told Reuters on Wednesday.
7. Citi appoints Parekh as India Subcontinent Cluster Finance Officer
Citi India has appointed Niraj Parekh as India Subcontinent Cluster Finance Officer to overlook the finance functions across India, Sri Lanka and Bangladesh. Parekh has replaced Abhijit Sen, who retired after spending over 20 years with Citi. Parekh will report to Pramit Jhaveri, CEO of Citi India, and Mark Hart, APAC Regional CFO, Citi. Based in Mumbai, he will be responsible for various areas of management across India franchise, with emphasis on business planning and strategy, financial planning and policies, balance sheet management, financial control and reporting and tax matters, the foreign lender said in a statement today.
.8. Rajya Sabha passed Insurance Laws (Amendment) Bill, 2015 by voice vote
Rajya Sabha passed the Insurance Laws (Amendment) Bill, 2015 by voice vote. The bill seeks to increase foreign investment limit in local insurers to 49 percent from 26 percent.The Bill will replace the Insurance Laws (Amendment) Ordinance, 2014 that was brought to amend the Insurance Act, 1938, the General Insurance Business (Nationalisation) Act, 1972 and the Insurance Regulatory and Development Authority (IRDA) Act, 1999.
The Bill was earlier passed in Lok Sabha on 4 March 2015. This passage of the Bill in both the Rajya Sabha and Lok Sabha ended a seven-year long wait.
9. Union Government appointed VK Mathur, Girija Shankar as Chairmen of Allahabad, Chennai bench of DRAT
Union Ministry of Finance on 17 March 2015 appointed Chairmen for the Allahabad and Chennai bench of Debts Recovery Appellate Tribunal (DRAT).
VK Mathur was appointed as the Chairman of Allahabad bench of DRAT while Girija Shankar was appointed as Chairman of Chennai bench of DRAT. The appointment was approved by the Appointments Committee of the Cabinet (ACC). The appointment was done for a period of five years or till they attain the age of 65 years, whichever is earlier.
About Debts Recovery Appellate Tribunal (DRAT)
The Government of India in 2000 constituted 33 Debts Recovery Tribunals (DRTs) and 5 Debts Recovery Appellate Tribunals (DARTs) across the country to help financial institutions recover their bad debts quickly and efficiently. The five DRATs are located at Allahabad, Chennai, Delhi, Kolkata and Mumbai.
The DRT enforces provisions of the Recovery of Debts due to Banks and Financial Institutions (RDDBFI) Act, 1993 and also Securitization and Reconstruction of Financial Assets and Enforcement of Security Interests (SARFAESI) Act, 2002.
Appeals against orders passed by Debts Recovery Tribunal (DRT) lie before Debts Recovery Appellate Tribunal (DRAT). Each DRT is presided over by a Presiding Officer. The Presiding Officer is generally equivalent to the rank of District and Sessions Judge.
10. Lewis Hamilton of Britain won Australian Grand Prix of Formula One
Mercedes driver Lewis Hamilton of Britain won the 2015 Formula 1 Rolex Australian Grand Prix at Albert Park, Melbourne, Australia. Only 11 cars were able to take the chequered flag. This was the first Australian Grand Prix win for Lewis Hamilton since 2008 and overall it was his 34th Grand Prix. Hamilton, who led the race from start to finish, was followed by teammate Nico Rosberg (second place), Sebastian Vettel (Ferrari), Felipe Massa (Williams).
11. Union Cabinet approved the Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015
The Union Cabinet on 17 March 2015 approved the Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015 to deal with cases relating to black money stashed away in other countries.
Important provisions of the Bill
(i). Concealment of income and assets and evasion of tax in relation to foreign assets will be prosecutable with punishment of rigorous imprisonment up to 10 years.
(ii). Offence of stashing unaccounted money abroad will be made non-compoundable (A non-compoundable offence is one in which the complainant (the government in this instance) does not enter into a compromise with the accused.
(iii). The offenders will not be permitted to approach the Settlement Commission
(iv). Penalty for such concealment of income and assets at the rate of 300% of tax shall be levied
(v). The government will give a short window to those stashing black money abroad to declare their wealth, pay taxes and penalty, and escape prosecution under the proposed law.
(vi). Non filing of return or filing of return with inadequate disclosure of foreign assets will be liable for prosecution with punishment of rigorous imprisonment up to 7 years.
(vii). Income in relation to any undisclosed foreign asset or undisclosed income from any foreign asset will be taxable at the maximum marginal rate. Exemptions or deductions which may otherwise be applicable in such cases shall not be allowed.
(viii). Beneficial owner or beneficiary of foreign assets will be mandatorily required to file return, even if there is no taxable income.
(ix). Abettors of the above offences, whether individuals, entities, banks or financial institutions will be liable for prosecution and penalty.
(x). Date of Opening of foreign account would be mandatorily required to be specified by the assessee in the return of income.
(xi). The offence of concealment of income or evasion of tax in relation to a foreign asset will be made a predicate offence under the Prevention of Money-laundering Act, 2002 (PMLA). This provision would enable the enforcement agencies to attach and confiscate unaccounted assets held abroad and launch prosecution against persons indulging in laundering of black money.
(xii). The definition of proceeds of crime under PMLA is being amended to enable attachment and confiscation of equivalent asset in India where the asset located abroad cannot be forfeited.
(xiii). The Foreign Exchange Management Act, 1999 (FEMA) will also be amended to the effect that if any foreign exchange, foreign security or any immovable property situated outside India is held in contravention of the provisions of this Act, then action may be taken for seizure and eventual confiscation of assets of equivalent value situated in India. These contraventions are also being made liable for levy of penalty and prosecution with punishment of imprisonment up to five years.
Background
The Union Finance Minister Arun Jaitley while presenting the Union Budget 2015-16 on 28 February 2015 had spelled out government’s intention to bring a law in the budget session of the Parliament to curb black money stashed abroad.
Besides, he also had proposed following steps in the Union Budget 2015-16 to curb black money:
To introduce a more comprehensive Benami Transactions (Prohibition) Bill in the Parliament.
Quoting of PAN will be made mandatory for any purchase or sale exceeding the value of one lakh rupees. There will be prohibition on acceptance or payment of an advance of 20000 rupees or more in cash for purchase of any immovable property.
The third party reporting entities would be required to furnish information about foreign currency sales and cross border transactions
Air Marshal Sohail Aman, an accomplished fighter pilot, was on Wednesday appointed as the chief of Pakistan Air Force. The Pakistan Air Force (PAF) said in a statement that the new air chief will take over on Thursday after his predecessor Air Chief Marshal Tahir Rafique Butt retires.About Sohail Aman
(i). Air Marshal Sohail Aman was commissioned in the GD (P) Branch of Pakistan Air Force in November, 1980.
(ii).He is a graduate of Combat Commanders’ School, Air War College and Royal College of Defence Studies (UK) and his career encompasses a wide range of operational, training and command assignments
2. BJP MLA Kavinder Gupta elected as Speaker of 12th Legislative Assembly of J&K
Bharatiya Janata Party (BJP) legislator Kavinder Gupta on 18 March 2015 was elected as the speaker of 12th Legislative Assembly of Jammu and Kashmir. Gupta is a BJP MLA from Gandhinagar constituency of Jammu region and he replaces the Pro-tem Speaker Muhammad Shafi of the National Conference party. The motion for election of speaker of the house was moved by State Minister for Law, Justice and Parliamentary Affairs Basharat Bukari and seconded by Deputy Chief Minister Nirmal Kumar Singh of BJP.
Gupta is the first time MLA and had defeated senior Congress leader Raman Bhalla in the state polls in December 2014. Earlier he has served as Mayor of Jammu city.
3. Govt foregoes Rs. 28,000 cr revenue to boost exports from SEZs
The government has foregone Rs. 27,956 crore revenues during the last three financial years to boost exports from special economic zones (SEZs), Parliament was informed today. The tax foregone - customs duty and central excise duty including rebate - under the SEZ scheme was Rs. 10,440 crore in 2013-14. It was Rs. 9,363 crore in 2012-13 and Rs. 8,153 crore in 2011-12, Commerce and Industry Minister Nirmala Sitharaman said in a written reply to the Rajya Sabha. As per the SEZ Act and the rules, SEZ units and developers are eligible for customs, central excise and service tax exemption on procurement of raw materials for manufacture of finished goods meant for exports as also duty free procurement of capital goods.
The minister also informed that the government has provided incentives under - Vishesh Krishi and Gram Udyog Yojna, Focus Product Scheme, Focus Market Scheme and Served from India Scheme - to boost overall exports. Under these schemes, it has provided incentives worth Rs. 15,537 crore, Rs. 11,865 crore and Rs. 8,610 crore in 2013-14, 2012-13 and 2011-12 respectively.
4. Microsoft India launches cloud programme
Microsoft India has launched Cloud Accelerator Programme that will act as a catalyst to accelerate the adoption of cloud services.
This will help organisations to plan local cloud roadmap and to increase compliance with local regulations. Announcing this at the two-day Microsoft Azure Conference here on Wednesday, Microsoft India chairman Bhaskar Pramanik said the programme is specially designed to help Indian customers start and their cloud roadmap. The company also launched cloud decision framework for governments and state agencies.
5. Govt launches Rs 200 cr scheme for innovation in agro-industry
The government today launched a Rs 200 crore scheme to set up a network of technology and incubation centres to accelerate entrepreneurship and promote start-ups for innovation and entrepreneurship in agro-industry.
"The Scheme for Promotion of Innovation, Entrepreneurship and Agro-Industry will open vistas of incubation landscape to the micro segment of the vast rural economy," Micro, Small and Medium Enterprises (MSME) Minister Kalraj Mishra said at the launch.
"The scheme is designed to provide necessary skill set for setting up business enterprises and also to facilitate the market linkages available to entrepreneurs and to provide hand holding for a critical period to ensure self sustainability," he said.
The scheme envisages creation of a framework for start-up promotion through Small Industries Development Bank of India (SIDBI) by using innovative means of finance like equity, quasi-equity, angel fund, venture capital fund, impact funds and challenge funds.
6. Govt plans to strip RBI powers to regulate government bonds
India's government plans to take away the Reserve Bank of India's regulatory powers over government bonds, but leave the central bank in charge of other money market instruments, three government sources with direct knowledge of the matter said.
The move is part of a major overhaul of the country's financial system that aims to deepen its bond markets by increasing the participation of retail investors and improve monetary transmission, the sources told Reuters on Wednesday.
7. Citi appoints Parekh as India Subcontinent Cluster Finance Officer
Citi India has appointed Niraj Parekh as India Subcontinent Cluster Finance Officer to overlook the finance functions across India, Sri Lanka and Bangladesh. Parekh has replaced Abhijit Sen, who retired after spending over 20 years with Citi. Parekh will report to Pramit Jhaveri, CEO of Citi India, and Mark Hart, APAC Regional CFO, Citi. Based in Mumbai, he will be responsible for various areas of management across India franchise, with emphasis on business planning and strategy, financial planning and policies, balance sheet management, financial control and reporting and tax matters, the foreign lender said in a statement today.
.8. Rajya Sabha passed Insurance Laws (Amendment) Bill, 2015 by voice vote
Rajya Sabha passed the Insurance Laws (Amendment) Bill, 2015 by voice vote. The bill seeks to increase foreign investment limit in local insurers to 49 percent from 26 percent.The Bill will replace the Insurance Laws (Amendment) Ordinance, 2014 that was brought to amend the Insurance Act, 1938, the General Insurance Business (Nationalisation) Act, 1972 and the Insurance Regulatory and Development Authority (IRDA) Act, 1999.
The Bill was earlier passed in Lok Sabha on 4 March 2015. This passage of the Bill in both the Rajya Sabha and Lok Sabha ended a seven-year long wait.
9. Union Government appointed VK Mathur, Girija Shankar as Chairmen of Allahabad, Chennai bench of DRAT
Union Ministry of Finance on 17 March 2015 appointed Chairmen for the Allahabad and Chennai bench of Debts Recovery Appellate Tribunal (DRAT).
VK Mathur was appointed as the Chairman of Allahabad bench of DRAT while Girija Shankar was appointed as Chairman of Chennai bench of DRAT. The appointment was approved by the Appointments Committee of the Cabinet (ACC). The appointment was done for a period of five years or till they attain the age of 65 years, whichever is earlier.
About Debts Recovery Appellate Tribunal (DRAT)
The Government of India in 2000 constituted 33 Debts Recovery Tribunals (DRTs) and 5 Debts Recovery Appellate Tribunals (DARTs) across the country to help financial institutions recover their bad debts quickly and efficiently. The five DRATs are located at Allahabad, Chennai, Delhi, Kolkata and Mumbai.
The DRT enforces provisions of the Recovery of Debts due to Banks and Financial Institutions (RDDBFI) Act, 1993 and also Securitization and Reconstruction of Financial Assets and Enforcement of Security Interests (SARFAESI) Act, 2002.
Appeals against orders passed by Debts Recovery Tribunal (DRT) lie before Debts Recovery Appellate Tribunal (DRAT). Each DRT is presided over by a Presiding Officer. The Presiding Officer is generally equivalent to the rank of District and Sessions Judge.
Mercedes driver Lewis Hamilton of Britain won the 2015 Formula 1 Rolex Australian Grand Prix at Albert Park, Melbourne, Australia. Only 11 cars were able to take the chequered flag. This was the first Australian Grand Prix win for Lewis Hamilton since 2008 and overall it was his 34th Grand Prix. Hamilton, who led the race from start to finish, was followed by teammate Nico Rosberg (second place), Sebastian Vettel (Ferrari), Felipe Massa (Williams).
11. Union Cabinet approved the Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015
The Union Cabinet on 17 March 2015 approved the Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015 to deal with cases relating to black money stashed away in other countries.
Important provisions of the Bill
(i). Concealment of income and assets and evasion of tax in relation to foreign assets will be prosecutable with punishment of rigorous imprisonment up to 10 years.
(ii). Offence of stashing unaccounted money abroad will be made non-compoundable (A non-compoundable offence is one in which the complainant (the government in this instance) does not enter into a compromise with the accused.
(iii). The offenders will not be permitted to approach the Settlement Commission
(iv). Penalty for such concealment of income and assets at the rate of 300% of tax shall be levied
(v). The government will give a short window to those stashing black money abroad to declare their wealth, pay taxes and penalty, and escape prosecution under the proposed law.
(vi). Non filing of return or filing of return with inadequate disclosure of foreign assets will be liable for prosecution with punishment of rigorous imprisonment up to 7 years.
(vii). Income in relation to any undisclosed foreign asset or undisclosed income from any foreign asset will be taxable at the maximum marginal rate. Exemptions or deductions which may otherwise be applicable in such cases shall not be allowed.
(viii). Beneficial owner or beneficiary of foreign assets will be mandatorily required to file return, even if there is no taxable income.
(ix). Abettors of the above offences, whether individuals, entities, banks or financial institutions will be liable for prosecution and penalty.
(x). Date of Opening of foreign account would be mandatorily required to be specified by the assessee in the return of income.
(xi). The offence of concealment of income or evasion of tax in relation to a foreign asset will be made a predicate offence under the Prevention of Money-laundering Act, 2002 (PMLA). This provision would enable the enforcement agencies to attach and confiscate unaccounted assets held abroad and launch prosecution against persons indulging in laundering of black money.
(xii). The definition of proceeds of crime under PMLA is being amended to enable attachment and confiscation of equivalent asset in India where the asset located abroad cannot be forfeited.
(xiii). The Foreign Exchange Management Act, 1999 (FEMA) will also be amended to the effect that if any foreign exchange, foreign security or any immovable property situated outside India is held in contravention of the provisions of this Act, then action may be taken for seizure and eventual confiscation of assets of equivalent value situated in India. These contraventions are also being made liable for levy of penalty and prosecution with punishment of imprisonment up to five years.
Background
The Union Finance Minister Arun Jaitley while presenting the Union Budget 2015-16 on 28 February 2015 had spelled out government’s intention to bring a law in the budget session of the Parliament to curb black money stashed abroad.
Besides, he also had proposed following steps in the Union Budget 2015-16 to curb black money:
To introduce a more comprehensive Benami Transactions (Prohibition) Bill in the Parliament.
Quoting of PAN will be made mandatory for any purchase or sale exceeding the value of one lakh rupees. There will be prohibition on acceptance or payment of an advance of 20000 rupees or more in cash for purchase of any immovable property.
The third party reporting entities would be required to furnish information about foreign currency sales and cross border transactions
1. Sohail Aman new Pakistan Air Force chief
Air Marshal Sohail Aman, an accomplished fighter pilot, was on Wednesday appointed as the chief of Pakistan Air Force. The Pakistan Air Force (PAF) said in a statement that the new air chief will take over on Thursday after his predecessor Air Chief Marshal Tahir Rafique Butt retires.
About Sohail Aman
(i). Air Marshal Sohail Aman was commissioned in the GD (P) Branch of Pakistan Air Force in November, 1980.
(ii).He is a graduate of Combat Commanders’ School, Air War College and Royal College of Defence Studies (UK) and his career encompasses a wide range of operational, training and command assignments
2. BJP MLA Kavinder Gupta elected as Speaker of 12th Legislative Assembly of J&K
Bharatiya Janata Party (BJP) legislator Kavinder Gupta on 18 March 2015 was elected as the speaker of 12th Legislative Assembly of Jammu and Kashmir. Gupta is a BJP MLA from Gandhinagar constituency of Jammu region and he replaces the Pro-tem Speaker Muhammad Shafi of the National Conference party. The motion for election of speaker of the house was moved by State Minister for Law, Justice and Parliamentary Affairs Basharat Bukari and seconded by Deputy Chief Minister Nirmal Kumar Singh of BJP.
Gupta is the first time MLA and had defeated senior Congress leader Raman Bhalla in the state polls in December 2014. Earlier he has served as Mayor of Jammu city.
3. Govt foregoes Rs. 28,000 cr revenue to boost exports from SEZs
The government has foregone Rs. 27,956 crore revenues during the last three financial years to boost exports from special economic zones (SEZs), Parliament was informed today. The tax foregone - customs duty and central excise duty including rebate - under the SEZ scheme was Rs. 10,440 crore in 2013-14. It was Rs. 9,363 crore in 2012-13 and Rs. 8,153 crore in 2011-12, Commerce and Industry Minister Nirmala Sitharaman said in a written reply to the Rajya Sabha. As per the SEZ Act and the rules, SEZ units and developers are eligible for customs, central excise and service tax exemption on procurement of raw materials for manufacture of finished goods meant for exports as also duty free procurement of capital goods.
The minister also informed that the government has provided incentives under - Vishesh Krishi and Gram Udyog Yojna, Focus Product Scheme, Focus Market Scheme and Served from India Scheme - to boost overall exports. Under these schemes, it has provided incentives worth Rs. 15,537 crore, Rs. 11,865 crore and Rs. 8,610 crore in 2013-14, 2012-13 and 2011-12 respectively.
4. Microsoft India launches cloud programme
Microsoft India has launched Cloud Accelerator Programme that will act as a catalyst to accelerate the adoption of cloud services.
This will help organisations to plan local cloud roadmap and to increase compliance with local regulations. Announcing this at the two-day Microsoft Azure Conference here on Wednesday, Microsoft India chairman Bhaskar Pramanik said the programme is specially designed to help Indian customers start and their cloud roadmap. The company also launched cloud decision framework for governments and state agencies.
5. Govt launches Rs 200 cr scheme for innovation in agro-industry
The government today launched a Rs 200 crore scheme to set up a network of technology and incubation centres to accelerate entrepreneurship and promote start-ups for innovation and entrepreneurship in agro-industry.
"The Scheme for Promotion of Innovation, Entrepreneurship and Agro-Industry will open vistas of incubation landscape to the micro segment of the vast rural economy," Micro, Small and Medium Enterprises (MSME) Minister Kalraj Mishra said at the launch.
"The scheme is designed to provide necessary skill set for setting up business enterprises and also to facilitate the market linkages available to entrepreneurs and to provide hand holding for a critical period to ensure self sustainability," he said.
The scheme envisages creation of a framework for start-up promotion through Small Industries Development Bank of India (SIDBI) by using innovative means of finance like equity, quasi-equity, angel fund, venture capital fund, impact funds and challenge funds.
6. Govt plans to strip RBI powers to regulate government bonds
India's government plans to take away the Reserve Bank of India's regulatory powers over government bonds, but leave the central bank in charge of other money market instruments, three government sources with direct knowledge of the matter said.
The move is part of a major overhaul of the country's financial system that aims to deepen its bond markets by increasing the participation of retail investors and improve monetary transmission, the sources told Reuters on Wednesday.
7. Citi appoints Parekh as India Subcontinent Cluster Finance Officer
Citi India has appointed Niraj Parekh as India Subcontinent Cluster Finance Officer to overlook the finance functions across India, Sri Lanka and Bangladesh. Parekh has replaced Abhijit Sen, who retired after spending over 20 years with Citi. Parekh will report to Pramit Jhaveri, CEO of Citi India, and Mark Hart, APAC Regional CFO, Citi. Based in Mumbai, he will be responsible for various areas of management across India franchise, with emphasis on business planning and strategy, financial planning and policies, balance sheet management, financial control and reporting and tax matters, the foreign lender said in a statement today.
.8. Rajya Sabha passed Insurance Laws (Amendment) Bill, 2015 by voice vote
Rajya Sabha passed the Insurance Laws (Amendment) Bill, 2015 by voice vote. The bill seeks to increase foreign investment limit in local insurers to 49 percent from 26 percent.The Bill will replace the Insurance Laws (Amendment) Ordinance, 2014 that was brought to amend the Insurance Act, 1938, the General Insurance Business (Nationalisation) Act, 1972 and the Insurance Regulatory and Development Authority (IRDA) Act, 1999.
The Bill was earlier passed in Lok Sabha on 4 March 2015. This passage of the Bill in both the Rajya Sabha and Lok Sabha ended a seven-year long wait.
9. Union Government appointed VK Mathur, Girija Shankar as Chairmen of Allahabad, Chennai bench of DRAT
Union Ministry of Finance on 17 March 2015 appointed Chairmen for the Allahabad and Chennai bench of Debts Recovery Appellate Tribunal (DRAT).
VK Mathur was appointed as the Chairman of Allahabad bench of DRAT while Girija Shankar was appointed as Chairman of Chennai bench of DRAT. The appointment was approved by the Appointments Committee of the Cabinet (ACC). The appointment was done for a period of five years or till they attain the age of 65 years, whichever is earlier.
About Debts Recovery Appellate Tribunal (DRAT)
The Government of India in 2000 constituted 33 Debts Recovery Tribunals (DRTs) and 5 Debts Recovery Appellate Tribunals (DARTs) across the country to help financial institutions recover their bad debts quickly and efficiently. The five DRATs are located at Allahabad, Chennai, Delhi, Kolkata and Mumbai.
The DRT enforces provisions of the Recovery of Debts due to Banks and Financial Institutions (RDDBFI) Act, 1993 and also Securitization and Reconstruction of Financial Assets and Enforcement of Security Interests (SARFAESI) Act, 2002.
Appeals against orders passed by Debts Recovery Tribunal (DRT) lie before Debts Recovery Appellate Tribunal (DRAT). Each DRT is presided over by a Presiding Officer. The Presiding Officer is generally equivalent to the rank of District and Sessions Judge.
10. Lewis Hamilton of Britain won Australian Grand Prix of Formula One
Mercedes driver Lewis Hamilton of Britain won the 2015 Formula 1 Rolex Australian Grand Prix at Albert Park, Melbourne, Australia. Only 11 cars were able to take the chequered flag. This was the first Australian Grand Prix win for Lewis Hamilton since 2008 and overall it was his 34th Grand Prix. Hamilton, who led the race from start to finish, was followed by teammate Nico Rosberg (second place), Sebastian Vettel (Ferrari), Felipe Massa (Williams).
11. Union Cabinet approved the Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015
The Union Cabinet on 17 March 2015 approved the Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015 to deal with cases relating to black money stashed away in other countries.
Important provisions of the Bill
(i). Concealment of income and assets and evasion of tax in relation to foreign assets will be prosecutable with punishment of rigorous imprisonment up to 10 years.
(ii). Offence of stashing unaccounted money abroad will be made non-compoundable (A non-compoundable offence is one in which the complainant (the government in this instance) does not enter into a compromise with the accused.
(iii). The offenders will not be permitted to approach the Settlement Commission
(iv). Penalty for such concealment of income and assets at the rate of 300% of tax shall be levied
(v). The government will give a short window to those stashing black money abroad to declare their wealth, pay taxes and penalty, and escape prosecution under the proposed law.
(vi). Non filing of return or filing of return with inadequate disclosure of foreign assets will be liable for prosecution with punishment of rigorous imprisonment up to 7 years.
(vii). Income in relation to any undisclosed foreign asset or undisclosed income from any foreign asset will be taxable at the maximum marginal rate. Exemptions or deductions which may otherwise be applicable in such cases shall not be allowed.
(viii). Beneficial owner or beneficiary of foreign assets will be mandatorily required to file return, even if there is no taxable income.
(ix). Abettors of the above offences, whether individuals, entities, banks or financial institutions will be liable for prosecution and penalty.
(x). Date of Opening of foreign account would be mandatorily required to be specified by the assessee in the return of income.
(xi). The offence of concealment of income or evasion of tax in relation to a foreign asset will be made a predicate offence under the Prevention of Money-laundering Act, 2002 (PMLA). This provision would enable the enforcement agencies to attach and confiscate unaccounted assets held abroad and launch prosecution against persons indulging in laundering of black money.
(xii). The definition of proceeds of crime under PMLA is being amended to enable attachment and confiscation of equivalent asset in India where the asset located abroad cannot be forfeited.
(xiii). The Foreign Exchange Management Act, 1999 (FEMA) will also be amended to the effect that if any foreign exchange, foreign security or any immovable property situated outside India is held in contravention of the provisions of this Act, then action may be taken for seizure and eventual confiscation of assets of equivalent value situated in India. These contraventions are also being made liable for levy of penalty and prosecution with punishment of imprisonment up to five years.
Background
The Union Finance Minister Arun Jaitley while presenting the Union Budget 2015-16 on 28 February 2015 had spelled out government’s intention to bring a law in the budget session of the Parliament to curb black money stashed abroad.
Besides, he also had proposed following steps in the Union Budget 2015-16 to curb black money:
To introduce a more comprehensive Benami Transactions (Prohibition) Bill in the Parliament.
Quoting of PAN will be made mandatory for any purchase or sale exceeding the value of one lakh rupees. There will be prohibition on acceptance or payment of an advance of 20000 rupees or more in cash for purchase of any immovable property.
The third party reporting entities would be required to furnish information about foreign currency sales and cross border transactions
Air Marshal Sohail Aman, an accomplished fighter pilot, was on Wednesday appointed as the chief of Pakistan Air Force. The Pakistan Air Force (PAF) said in a statement that the new air chief will take over on Thursday after his predecessor Air Chief Marshal Tahir Rafique Butt retires.About Sohail Aman
(i). Air Marshal Sohail Aman was commissioned in the GD (P) Branch of Pakistan Air Force in November, 1980.
(ii).He is a graduate of Combat Commanders’ School, Air War College and Royal College of Defence Studies (UK) and his career encompasses a wide range of operational, training and command assignments
2. BJP MLA Kavinder Gupta elected as Speaker of 12th Legislative Assembly of J&K
Bharatiya Janata Party (BJP) legislator Kavinder Gupta on 18 March 2015 was elected as the speaker of 12th Legislative Assembly of Jammu and Kashmir. Gupta is a BJP MLA from Gandhinagar constituency of Jammu region and he replaces the Pro-tem Speaker Muhammad Shafi of the National Conference party. The motion for election of speaker of the house was moved by State Minister for Law, Justice and Parliamentary Affairs Basharat Bukari and seconded by Deputy Chief Minister Nirmal Kumar Singh of BJP.
Gupta is the first time MLA and had defeated senior Congress leader Raman Bhalla in the state polls in December 2014. Earlier he has served as Mayor of Jammu city.
3. Govt foregoes Rs. 28,000 cr revenue to boost exports from SEZs
The government has foregone Rs. 27,956 crore revenues during the last three financial years to boost exports from special economic zones (SEZs), Parliament was informed today. The tax foregone - customs duty and central excise duty including rebate - under the SEZ scheme was Rs. 10,440 crore in 2013-14. It was Rs. 9,363 crore in 2012-13 and Rs. 8,153 crore in 2011-12, Commerce and Industry Minister Nirmala Sitharaman said in a written reply to the Rajya Sabha. As per the SEZ Act and the rules, SEZ units and developers are eligible for customs, central excise and service tax exemption on procurement of raw materials for manufacture of finished goods meant for exports as also duty free procurement of capital goods.
The minister also informed that the government has provided incentives under - Vishesh Krishi and Gram Udyog Yojna, Focus Product Scheme, Focus Market Scheme and Served from India Scheme - to boost overall exports. Under these schemes, it has provided incentives worth Rs. 15,537 crore, Rs. 11,865 crore and Rs. 8,610 crore in 2013-14, 2012-13 and 2011-12 respectively.
4. Microsoft India launches cloud programme
Microsoft India has launched Cloud Accelerator Programme that will act as a catalyst to accelerate the adoption of cloud services.
This will help organisations to plan local cloud roadmap and to increase compliance with local regulations. Announcing this at the two-day Microsoft Azure Conference here on Wednesday, Microsoft India chairman Bhaskar Pramanik said the programme is specially designed to help Indian customers start and their cloud roadmap. The company also launched cloud decision framework for governments and state agencies.
5. Govt launches Rs 200 cr scheme for innovation in agro-industry
The government today launched a Rs 200 crore scheme to set up a network of technology and incubation centres to accelerate entrepreneurship and promote start-ups for innovation and entrepreneurship in agro-industry.
"The Scheme for Promotion of Innovation, Entrepreneurship and Agro-Industry will open vistas of incubation landscape to the micro segment of the vast rural economy," Micro, Small and Medium Enterprises (MSME) Minister Kalraj Mishra said at the launch.
"The scheme is designed to provide necessary skill set for setting up business enterprises and also to facilitate the market linkages available to entrepreneurs and to provide hand holding for a critical period to ensure self sustainability," he said.
The scheme envisages creation of a framework for start-up promotion through Small Industries Development Bank of India (SIDBI) by using innovative means of finance like equity, quasi-equity, angel fund, venture capital fund, impact funds and challenge funds.
6. Govt plans to strip RBI powers to regulate government bonds
India's government plans to take away the Reserve Bank of India's regulatory powers over government bonds, but leave the central bank in charge of other money market instruments, three government sources with direct knowledge of the matter said.
The move is part of a major overhaul of the country's financial system that aims to deepen its bond markets by increasing the participation of retail investors and improve monetary transmission, the sources told Reuters on Wednesday.
7. Citi appoints Parekh as India Subcontinent Cluster Finance Officer
Citi India has appointed Niraj Parekh as India Subcontinent Cluster Finance Officer to overlook the finance functions across India, Sri Lanka and Bangladesh. Parekh has replaced Abhijit Sen, who retired after spending over 20 years with Citi. Parekh will report to Pramit Jhaveri, CEO of Citi India, and Mark Hart, APAC Regional CFO, Citi. Based in Mumbai, he will be responsible for various areas of management across India franchise, with emphasis on business planning and strategy, financial planning and policies, balance sheet management, financial control and reporting and tax matters, the foreign lender said in a statement today.
.8. Rajya Sabha passed Insurance Laws (Amendment) Bill, 2015 by voice vote
Rajya Sabha passed the Insurance Laws (Amendment) Bill, 2015 by voice vote. The bill seeks to increase foreign investment limit in local insurers to 49 percent from 26 percent.The Bill will replace the Insurance Laws (Amendment) Ordinance, 2014 that was brought to amend the Insurance Act, 1938, the General Insurance Business (Nationalisation) Act, 1972 and the Insurance Regulatory and Development Authority (IRDA) Act, 1999.
The Bill was earlier passed in Lok Sabha on 4 March 2015. This passage of the Bill in both the Rajya Sabha and Lok Sabha ended a seven-year long wait.
9. Union Government appointed VK Mathur, Girija Shankar as Chairmen of Allahabad, Chennai bench of DRAT
Union Ministry of Finance on 17 March 2015 appointed Chairmen for the Allahabad and Chennai bench of Debts Recovery Appellate Tribunal (DRAT).
VK Mathur was appointed as the Chairman of Allahabad bench of DRAT while Girija Shankar was appointed as Chairman of Chennai bench of DRAT. The appointment was approved by the Appointments Committee of the Cabinet (ACC). The appointment was done for a period of five years or till they attain the age of 65 years, whichever is earlier.
About Debts Recovery Appellate Tribunal (DRAT)
The Government of India in 2000 constituted 33 Debts Recovery Tribunals (DRTs) and 5 Debts Recovery Appellate Tribunals (DARTs) across the country to help financial institutions recover their bad debts quickly and efficiently. The five DRATs are located at Allahabad, Chennai, Delhi, Kolkata and Mumbai.
The DRT enforces provisions of the Recovery of Debts due to Banks and Financial Institutions (RDDBFI) Act, 1993 and also Securitization and Reconstruction of Financial Assets and Enforcement of Security Interests (SARFAESI) Act, 2002.
Appeals against orders passed by Debts Recovery Tribunal (DRT) lie before Debts Recovery Appellate Tribunal (DRAT). Each DRT is presided over by a Presiding Officer. The Presiding Officer is generally equivalent to the rank of District and Sessions Judge.
Mercedes driver Lewis Hamilton of Britain won the 2015 Formula 1 Rolex Australian Grand Prix at Albert Park, Melbourne, Australia. Only 11 cars were able to take the chequered flag. This was the first Australian Grand Prix win for Lewis Hamilton since 2008 and overall it was his 34th Grand Prix. Hamilton, who led the race from start to finish, was followed by teammate Nico Rosberg (second place), Sebastian Vettel (Ferrari), Felipe Massa (Williams).
11. Union Cabinet approved the Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015
The Union Cabinet on 17 March 2015 approved the Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015 to deal with cases relating to black money stashed away in other countries.
Important provisions of the Bill
(i). Concealment of income and assets and evasion of tax in relation to foreign assets will be prosecutable with punishment of rigorous imprisonment up to 10 years.
(ii). Offence of stashing unaccounted money abroad will be made non-compoundable (A non-compoundable offence is one in which the complainant (the government in this instance) does not enter into a compromise with the accused.
(iii). The offenders will not be permitted to approach the Settlement Commission
(iv). Penalty for such concealment of income and assets at the rate of 300% of tax shall be levied
(v). The government will give a short window to those stashing black money abroad to declare their wealth, pay taxes and penalty, and escape prosecution under the proposed law.
(vi). Non filing of return or filing of return with inadequate disclosure of foreign assets will be liable for prosecution with punishment of rigorous imprisonment up to 7 years.
(vii). Income in relation to any undisclosed foreign asset or undisclosed income from any foreign asset will be taxable at the maximum marginal rate. Exemptions or deductions which may otherwise be applicable in such cases shall not be allowed.
(viii). Beneficial owner or beneficiary of foreign assets will be mandatorily required to file return, even if there is no taxable income.
(ix). Abettors of the above offences, whether individuals, entities, banks or financial institutions will be liable for prosecution and penalty.
(x). Date of Opening of foreign account would be mandatorily required to be specified by the assessee in the return of income.
(xi). The offence of concealment of income or evasion of tax in relation to a foreign asset will be made a predicate offence under the Prevention of Money-laundering Act, 2002 (PMLA). This provision would enable the enforcement agencies to attach and confiscate unaccounted assets held abroad and launch prosecution against persons indulging in laundering of black money.
(xii). The definition of proceeds of crime under PMLA is being amended to enable attachment and confiscation of equivalent asset in India where the asset located abroad cannot be forfeited.
(xiii). The Foreign Exchange Management Act, 1999 (FEMA) will also be amended to the effect that if any foreign exchange, foreign security or any immovable property situated outside India is held in contravention of the provisions of this Act, then action may be taken for seizure and eventual confiscation of assets of equivalent value situated in India. These contraventions are also being made liable for levy of penalty and prosecution with punishment of imprisonment up to five years.
Background
The Union Finance Minister Arun Jaitley while presenting the Union Budget 2015-16 on 28 February 2015 had spelled out government’s intention to bring a law in the budget session of the Parliament to curb black money stashed abroad.
Besides, he also had proposed following steps in the Union Budget 2015-16 to curb black money:
To introduce a more comprehensive Benami Transactions (Prohibition) Bill in the Parliament.
Quoting of PAN will be made mandatory for any purchase or sale exceeding the value of one lakh rupees. There will be prohibition on acceptance or payment of an advance of 20000 rupees or more in cash for purchase of any immovable property.
The third party reporting entities would be required to furnish information about foreign currency sales and cross border transactions
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