My Application Form Status

Check the status of your application form with Angel Broking.
Arq - The Hyper Intelligent Investment Engine By Angel Broking
Cabinet approves MoU between India and Mali for standardization and conformity assessment
Jun 07,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its ex-post facto approval to the Memorandum of Understanding (MoU) between Bureau of Indian Standards (BIS), India and Direction Nationale De Industries (MLINDI), Republic of Mali on Standardization and Conformity Assessment.

The MoU aims to facilitate closer cooperation and provide a mechanism by which India and Mali can work together towards the common aim of strengthening standardization and conformity assessment activities in order to facilitate sharing of expertise and mutual trade.

Powered by Capital Market - Live News

RBI maintains status quo, lowers projections for inflation
Jun 07,2017

The Monetary Policy Committee (MPC), Reserve Bank of India in its Second Bi-Monthly Monetary Policy Statement, 2017-18 kept the key policy rates unchanged same as in the first Bi-Monthly Monetary Policy Statement, 2017-18. The policy repo rate under the liquidity adjustment facility (LAF) kept unchanged at 6.25%. Consequently, the reverse repo rate under the LAF remains at 6.0%, and the marginal standing facility (MSF) rate and the Bank Rate at 6.50%. The decision of the MPC is consistent with a neutral stance of monetary policy in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4 per cent within a band of +/- 2 per cent, while supporting growth. The Reserve Bank of India has decided to reduce the Statutory Liquidity Ratio (SLR) of commercial banks, primary (urban) co-operative banks (UCBs), state co-operative banks and central co-operative banks from 20.5% of their Net Demand and Time Liabilities (NDTL) to 20% from the fortnight commencing 24 June 2017.

MPC further stated, that if the configurations evident in April are sustained, then absent policy interventions, headline inflation is projected in the range of 2.0-3.5 per cent in the first half of the year and 3.5-4.5 per cent in the second half. Meanwhile, the implementation of the GST is not expected to have a material impact on overall inflation.

Powered by Capital Market - Live News

Cabinet approves transfer of 4.64 hectares of land belonging to IISWC Research Centre at Vasad, Gujarat to National Highways Authority of India
Jun 07,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the proposal for transfer of 4.64 hectares (46384 Sq. meters) of land belonging to the Indian Institute of Soil & Water Conservation (IISWC) Research Centre at Vasad, District Anand, Gujarat under the Indian Council of Agricultural Research to the National Highways Authority of India (NHAI) on payment of compensation amounting to Rs. 12.67 crore for extension and six laning of Ahmedabad - Vadodara Highway on NH-8.

The NH-8 is an important highway connecting Vadodara and Ahmedabad. The transfer of land to the NHAl for construction of extension and six laning of Ahmedabad - Vadodara section of NH-8 is likely to benefit the region leading to enhanced opportunities for: growth and development in terms of infrastructure, transport, communication, employment generation etc. The decision is also part of the Governments plans to boost infrastructure in key sectors for accelerating the pace of growth.

Powered by Capital Market - Live News

Cabinet approves Agreement between India and Somalia on transfer of sentenced persons
Jun 07,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for signing and subsequent ratification of the Agreement on Transfer of sentenced persons between India and Somalia.

Signing the Agreement with Somalia shall facilitate the Indian prisoners imprisoned in Somalia or vice-versa to be near to their families, for serving remaining part of their sentence and shall facilitate their social rehabilitation.

The Government of India has signed bilateral Agreements on Transfer of Sentenced Persons with United Kingdom, Mauritius, Bulgaria, France, Egypt, Sri Lanka, Cambodia, South Korea, Saudi Arabia, Iran, Bangladesh, Brazil, Israel, Bosnia & Herzegovina, UAE, Italy, Turkey, Maldives, Thailand, Russian Federation, Kuwait, Vietnam, Australia, Hong Kong, Qatar, Mongolia, Kazakhstan, Bahrain and Estonia.

Background:

Prior to 2004, there was no domestic legislation under which foreign prisoners could be transferred to the country of their origin to serve the remaining part of their sentence, nor was there a provision for the transfer of prisoners of Indian origin convicted by a foreign court to serve their sentence in India. The transfer of such prisoners to their own native countries shall facilitate their social rehabilitation.

Hence the Repatriation of Prisoners Act, 2003 was enacted for achieving the above purpose. For achieving the objectives of the Act, a treaty/agreement is required to be signed with countries having mutual interest with us on this matter. The said treaty/agreement is required to be notified in the Official Gazette.

Powered by Capital Market - Live News

Cabinet approves Signing of MoU between Securities and Exchange Board of India and European Securities and Markets Authority
Jun 07,2017

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval to the Securities and Exchange Board of India (SEBI) for entering into a Memorandum of Understanding (MoU) with European Securities and Markets Authority (ESMA) in relation to Mutual Co-operation.

The MoU is likely to establish cooperation arrangements as a precondition for ESMA to recognize Central Counter Parties (CCPs) established in India and supervised by the Securities and Exchange Board of India to provide clearing services to clearing members or trading venues established in the European Union and to provide ESMA with adequate tools to monitor the on-going compliance by the Covered CCPs with the Recognition Conditions.

Powered by Capital Market - Live News

Export of Oilmeals up by 75% during April - May 2017
Jun 07,2017

The export of oilmeals during May 2017 is reported at 97,871 tons compared to 57,954 tons in May 2017 i.e. up by 69%, as per the data complied by The Solvent Extractors Association of India . The overall export of oilmeals during April - May 2017 provisionally reported at 301,569 tons compared to 171,932 tons during the same period of last year i.e. Up by 75%.

In last two months the export of oilmeals improved compared to the previous year, thanks to good monsoon, better oilseeds production and price parity. In percentage terms export showing improvement, but still its lower compared to earlier years, which can be seen from the below table. It may be also noted that India faced drought years during 2014-15 and 2015-16, which lead to lower production of oilseeds and affecting export of oilmeals to a lowest level.

Powered by Capital Market - Live News

The Central Government abolished various Cesses in the last three years for smooth roll-out of GST
Jun 07,2017

The Central Government in the last three General Budgets viz 2015-16, 2016-17 and 2017-18 has gradually abolished various cesses on goods and services in order to prepare the ground for smooth roll- out of Goods and Service Tax (GST) from 1st July, 2017. The Central Government has taken this step in stages by abolishing various cesses so that it is easier to fit in various goods and services in different tax slabs for GST.

The Central Government in its General Budget 2015-16 had abolished Education Cess, including Secondary and Higher Education Cess on taxable services, and exempted Education Cess on excisable goods as well as Secondary and Higher Education Cess on excisable goods.

In its General Budget 2016-17, the Central Government abolished cess on cement, strawboard, three cesses including cess on Iron Ore Mines, Manganese Ore Mines and Chrome Ore Mines by amending Labour Welfare Cess Act, 1976, Tobacco cess by amending the Tobacco Cess Act 1975, and Cine Workers Welfare Cess by amending the Cine Workers Welfare Cess Act 1981 among others.

In its General Budget 2017-18, the Central Government abolished Research and Development cess by amending the Research and Development Cess Act.

Through Taxation Laws Amendment Act 2017, the following cesses are abolished. However, the date of the implementation will coincide with the date of the GST roll-out:

i) The Rubber Act 1947 - Cess on Rubber

ii) The Industries (Development and Regulation) Act 1951 - Cess on Automobile

iii) The Tea Act 1953 - Cess on Tea

iv) The Coal Mines (Conservation and Development) Act, 1974 - Cess on Coal

v) The Beedi Workers Welfare Cess Act 1971 - Cess on Beedis

vi) The Water (Prevention and Control of Pollution) Cess Act 1977 - Cess levied on Water consumed by certain industries and by local authorities.

vii) The Sugar Cess Act 1982, the Sugar Development Fund Act 1982 - Cess on Sugar

viii) The Jute Manufacturers Cess Act 1983 - Cess on Jute Goods manufactured or produced or in part of Jute.

ix) The Finance (2) Act 2004 - Education Cess on Excisable Goods

x) The Finance Act, 2007 - Secondary and Higher Education Cess on Excisable Goods

xi) The Finance Act 2010 - Clean Energy Cess

xii) The Finance Act 2015 - Swachh Bharat Cess

xiii) The Finance Act 2016 - Infrastructure Cess and Krishi Kalyan Cess

However, the following cesses will continue to be levied under the GST regime since they pertain to customs or goods which are not covered under the GST regime:

i) The Finance (2) Act 2004 - Education Cess on Imported Goods

ii) The Finance Act, 2007 - Secondary and Higher Education Cess on Imported Goods

iii) Cess on Crude Petroleum Oil under the Oil Industry Development Act, 1974

iv) Additional Duty of Excise on Motor Spirit (Road Cess)

v) Additional Duty of Excise on High Speed Diesel Oil (Road Cess)

vi) Special Additional Duty of Excise on Motor Spirit

vii) NCCD on Tobacco and Tobacco Products and Crude Petroleum Oil.

Powered by Capital Market - Live News

Indias Seafood Export at all-time High in 2016-17 :MPEDA
Jun 07,2017

Riding on a robust demand for its frozen shrimp and frozen fish in international markets, India exported 11,34,948 MT of seafood worth an all time high of US$ 5.78 billion (Rs 37, 870.90 crore) in 2016-17 as against 9,45,892 tons and 4.69 billion dollars a year earlier, with USA and South East Asia continuing to be the major importers while the demand from the European Union (EU) grew substantially during the period.

Frozen shrimp maintained its position as the top item of export, accounting for 38.28 per cent in quantity and 64.50 per cent of the total earnings in dollar terms. Shrimp exports increased by 16.21 per cent in terms of quantity and 20.33 per cent in dollar terms. Frozen Fish was the second largest export item, accounting for a share of 26.15 per cent in quantity and 11.64 per cent in dollar earnings, registering a growth of 26.92 per cent in terms of value.

USA imported 1,88,617 MT of Indian seafood, accounting for 29.98 per cent in terms of dollar. Export to that country registered a growth of 22.72 per cent, 33 per cent and 29.82 per cent in terms of quantity, value in rupee and US dollars, respectively. South East Asia remained the second largest destination of Indias marine products, with a share of 29.91 per cent in dollar terms, followed by the EU (17.98 per cent), Japan (6.83 per cent), the Middle East (4.78 per cent), China (3.50 per cent) and other countries (7.03 per cent). Overall, exports to South East Asia increased by 47.41 per cent in quantity, 52.84 per cent in rupee value and 49.90 per cent in dollar earnings.

n++Increased production of L. Vannamei, diversification of aquaculture species, sustained measures to ensure quality, and increase in infrastructure facilities for production of value added products were largely responsible for Indias positive growth in exports of seafood,n++ said Mrs. Nirmala Sitharaman, Minister for Commerce and Industry.

The overall export of shrimp during 2016-17 was pegged at 4, 34,484 MT worth USD 3,726.36 million. USA was the largest import market for frozen shrimp (1, 65,827 MT), followed by the EU (77,178 MT), South East Asia (1, 05,763 MT), Japan (31,284 MT), Middle East (19,554 MT), China (7818 MT) and other countries (27,063 MT).

The export of Vannamei shrimp, a major seafood delicacy, improved from 2, 56,699 MT to 3,29,766 MT in 2016-17, registering a growth of 28.46 per cent in quantity. In value terms, 49.55 per cent of total Vannamei shrimp was exported to USA followed by 23.28 per cent to South East Asian countries, 13.17 per cent to the EU, 4.53 per cent to Japan, 3.02 per cent to the Middle East and 1.35 per cent to China.

Japan was the major market for Black Tiger shrimp with a share of 43.84 per cent in terms of value, followed by USA (23.44) and South East Asia (11.33). Frozen shrimp continued to be the principal export item to USA with a share of 94.77 per cent in dollar value while Vannamei shrimp to that country showed an increase of 25.60 per cent in quantity and 31.75 per cent in dollar terms.

Vietnam, with a share of 76.57 per cent in value (US dollar), was the major South East Asian market for Indian marine products, followed by Thailand (12.93 per cent), Taiwan (3.88 per cent), Malaysia (2.60 per cent), Singapore (2.21 per cent), South Korea (1.50 per cent) and other countries (0.30 per cent). Vietnam alone imported 3, 18,171 MT of Indian seafood, the quantity being much more than that of any other individual markets like US, Japan or China.

The EU continued to be the third largest destination for Indian marine products with a share of 16.73 per cent in quantity. Frozen shrimp was the major item of exports, accounting for 40.66 per cent in quantity and 55.15 per cent in dollar earnings out of the total exports to the EU. Exports of Vannamei shrimp to the EU improved by 9.76 per cent in quantity and 11.40 per cent in dollar value.

Japan, the fourth largest destination for Indian seafood, accounted for 6.83 per cent in earnings and 6.08 per cent in quantity terms. Frozen shrimp continued to be the major item of exports to Japan with a share of 45.31 per cent in quantity and 77.29 per cent in value out of the total exports to that country.

Besides frozen shrimp and frozen fish, Indias other major seafood product was frozen squid, which recorded a growth of 21.50 per cent, 59.44 per cent and 57 per cent in terms of quantity, rupee value and dollar earnings, respectively. Export of frozen cuttlefish showed a decline in quantity terms, but increased in the rupee value and dollar terms by 18.85 per cent and 16.95 per cent, respectively.

Dried items registered a growth of 40.98%, 20.14% & 79.05% in terms of quantity, rupee value and dollar terms, respectively. Indian ports handled a total marine cargo of 11,34,948 tons worth Rs 37,870.90 crore (5,777.61 million dollars) in 2016-17 as compared to 9,45,892 tons worth Rs 30,420.83 crore (4,687.94 million dollars) in 2015-16. Vizag, Kochi, Kolkata, Pipavav and Jawaharlal Nehru Port (JNP) were major ports that handled the marine cargo during 2016-17. Exports improved from Vizag, Kochi, Kolkata, Pipavav, JNP, Krishnapatanam and Tuticorin as compared to 2015-16.

Vizag port exported 1,59,973 tons of marine cargo worth Rs 9,294.31 crore (1,401.94 million US dollars) in 2016-17 as compared to 1,28,718 tons worth Rs 7,161 crore (1,105.76 million dollars) in 2015-16.

Vizag port was followed by Kochi (1,55,989 tons, Rs 4,447.05 crore), Kolkata (1,04668 tons, Rs 4,451.67 crore), Pipavav (2,32,391 tons, Rs 4,217.45 crore), JNP (1,49,914 tons, Rs 4,084.96 crore), Krishnapatnam (62,049 tons, Rs 3,701.63 crore), Tuticorin (42,026 tons, Rs 2,220.52 crore), and Chennai (37,305 tons, 1,693.87 crore).

Powered by Capital Market - Live News

More than 1.17 crore people skilled under Ministry of Skill Development and Entrepreneurship programmes
Jun 07,2017

Marking the completion of three years of inclusive growth and development under the NDA government, Minister of State (I/C), Ministry of Skill Development and Entrepreneurship Shri Rajiv Pratap Rudy said that his Ministry has trained more than 1.17 crore aspirants in various skills through MSDE schemes and programmes since the inception of Skill India. This is apart from the numbers contributed through skill development schemes and initiatives under other Central Ministries.

Shri Rudy said, that Skill India is a silent revolution that is underway and it is a joint investment that the government along with the private partners is making for the future growth of the country. He said it is a path that needs to be tread very carefully since it involves the future of the youth of our country. He said, what we sow today is what we will reap tomorrow. We have hence taken the first two years, to set our base right and align the skill ecosystem to national standards of skill qualification.

Shri Rudy said that Pradhan Mantri Kaushal Vikas Yojana (PMKVY), which was launched on July 15, 2015 alone has witnessed more than 26. 5 lakh people getting trained in skills of their choice till date, of which 50 per cent are women candidates.

He said it is good to see that more and more women candidates are coming forward to take up skills. Last year women participation under PMKVY was 40%. n++I am elated to see that we have an equal male female ratio this year cumulativelyn++ the Minister added.

Shri Rudy said, n++The industry/private sector will only partner when they see quality workforce coming out from Skill India. We are seeing that transition happen gradually. More and more corporate are partnering with us on different levels whether is it on engaging with apprentices, extending infrastructure support, contribution through CSR funds and hiring of resources.n++

On monitoring of fraudulent practices, shri Rudy said, n++A handful of organizations claiming to be PMKVY agencies promising jobs to unemployed youth were taking money and duping the public in the name of MSDE. Such advertisements were found more in vernacular dailies. We condemn such practices and have filed FIRs against them.n++ He cautioned the public at large to be vary of such frauds and check for the right affiliated centres before joining.

Secretary MSDE Shri K P Krishnan said that vocational education is one of the point amongst the 52 items mentioned in the Concurrent list under 7th schedule of the Constitution of India which means that the States have to primarily drive this mandate within the State, along with Centres support. The Centres support comes in the form of funding, alignment with national standards etc. He said, MSDE have aligned short term trainings with the State Skill Development Missions; and World Bank schemes like SANKALP are also being implemented at the State level. He said, our efforts will cover the last mile very soon.

The officials of the Ministry also stated that they are trying to move away from the supply driven skill development scenario to demand driven one, so that we do not have skilled youth who are unemployed in India.

it was also emphasised that how there has been a five-fold increase in the number of students who are taking up apprenticeship today. This is essentially the result of comprehensive reforms that have been done in the Apprenticeship Act NAPS where the government is incentivising the industry to encourage engaging with apprentices. Till date there have been 5.9 lakh apprentices who have been engaged under NAPS.

Out of all the achievements of Ministry of Skill Development and Entrepreneurship, the key achievements can be notified as:

n++ More than 1.17 crore people trained under MSDE programs

n++ 26.5 lakhs candidates trained under MSDEs flagship scheme Pradhan Mantri Kaushal Vikas Yojana (PMKVY)

n++ More than 4.82 lakh people were brought into the organised sector through the recognition of prior learning program under PMKVY which recognises existing skills and certifies youth (13000 Rubber Tappers, More than 250 Railway Porters and 1500 Employees of Rashtrapati Bhawan)

n++ More than 480 Pradhan MantriKaushalKendras have been announced which would be model centres for skilling and would be in each district of the country for ease of skilling. 162 are already been established.

n++ More than 1381 new ITIs have been opened with more than 5 lakh seats and the entire ecosystem of ITIs have been reinvigorated and reenergised

n++ More than 1 crore people have been trained under NSDCs short term skilling ecosystem since its inception

n++ Pradhan Mantri Yuva Yojana was also launched to promote young entrepreneurs and self sustainability. Target to cover 14.5 lakhs over the next 5 years

n++ To cater to the increasing demand for drivers, MSDE also launched Driver Training institutes across the nation. There is a target to open 50 of them by end of 2017.

n++ Special schemes like Udaan in J&K and others in North East have brought avenues of growth and opportunities to youth in these focused regions

n++ 4 new ATIs have been upgraded into India institute of skills modelled after ITE Singapore

n++ MSDE focuses on bringing heavy quality focus in skills through Adhaar alignment, strengthened monitoring and better curriculum. It is also supported by world bank schemes like strive and sankalp

n++ MSDE has established convergence through common norms, National skills qualification framework and ISO certification of ITIs

n++ Skill India also promotes Inclusion and diversity across all programs specially for disability

n++ India has partnered with 11 countries in the skills agenda promoting global mobility

n++ Skill support all national missions and partners with 18 out of 20 ministries today

n++ MSDE also has support from states on infrastructure and skill education in schools/universities

n++ MSDE has successfully created Industry linkages through apprenticeship, CSR, partnerships in infrastructure and hiring. More than 6 lakh apprentices have been engaged under NAPS

n++ MSDE with MHRD has partnered to create bridge courses For academic equivalence of ITI students

n++ Skill India through its technology applications brings in ease of managing systems in process in India

n++ MSDE has conducted special skill development projects with Armed Forces (Navy, Army, AirForce) , CRPF jawans etc

Powered by Capital Market - Live News

Monsoon Seasonal Rainfall likely to be 98% of the Long Period Average
Jun 06,2017

The second stage forecast  of Southwest monsoon seasonal rainfall was issued by Indian Meteorological Department(IMD) in New Delhi today.  IMD has forecast that quantitatively, the monsoon seasonal rainfall for the country as a whole is likely to be 98% of the Long Period Average (LPA) with an error of n++ 4%.

 

HIGHLIGHTS

 

n++     Rainfall over the country as a whole for the 2017 southwest monsoon season (June to September) is most likely to be NORMAL (96% to 104% of long period average (LPA)).

n++     Quantitatively, monsoon season rainfall for the country as a whole is likely to be 98% of the LPA with a model error of n++4%.

n++     Region wise, the season rainfall is likely to be 96% of LPA over North-West India, 100% of LPA over Central India, 99% of LPA over South Peninsula and 96% of LPA over North-East India all with a model error of n++ 8 %.

n++     The monthly rainfall over the country as whole is likely to be 96% of its LPA during July and 99% of LPA during August both with a model error of n++ 9 %. 

 

India Meteorological Department (IMD) had issued the first stage operational long range forecasts for the southwest monsoon season (June-September) 2017 rainfall over the country as a whole on 18th April.  In addition to the update of its April assessment, forecasts for the monthly rainfall for July and August 2017 over the country as a whole, and seasonal rainfall forecast for the 4 broad geographical regions of India (NW India, NE India, Central India and South Peninsula) are also presented.

 

The forecast update for the southwest monsoon season (June-September) rainfall over the country as a whole was prepared using a 6-parameter Statistical Ensemble Forecasting System (SEFS). The 6 predictors used are: NE Pacific to NW Atlantic Sea Surface Temperature (SST) Anomaly Gradient (December + January), Southeast equatorial Indian Ocean SST (February), East Asia Mean Sea Level Pressure (February + March), Central Pacific (Nino 3.4) SST tendency (December to February to March to May), North Atlantic Mean Sea Level Pressure (May) and Northcentral Pacific 850 zonal wind gradient (May).

 

Dynamical forecast update generated in real time based on the Monsoon Mission Coupled Forecasting System (MMCFS) is also presented. The latest version of the MMCFS (currently operated horizontal resolution of 38km (T382)) is now implemented for operational use for rigorous performance evaluation on an experimental model in parallel with the SEFS at the Office of Climate Research and Services, IMD, Pune upon its transfer from Indian Institute of Tropical Meteorology, Pune.

 

Sea Surface Temperature Conditions in the Pacific & Indian Oceans

 

Since mid-March 2017, warm ENSO neutral conditions are prevailing over the tropical Pacific. The atmospheric conditions over the Pacific also reflect neutral ENSO conditions. The latest forecast from MMCFS indicates neutral ENSO conditions are likely till end of this year. This is in line with the forecasts from some of the global climate centers. However, outlook from other global climate centers also indicates about 60% probability of development of weak El Nin++o conditions during the second half of this year (2017).    

 

In addition to the ENSO conditions over Pacific, other factors such as the Indian Ocean SSTs have also influence on monsoon rainfall.  At present, neutral Indian Ocean Dipole (IOD) conditions are prevailing over Indian Ocean. The latest forecast from the MMCFS indicates weak positive IOD conditions are likely to develop during the monsoon season.

 

The second Stage Forecasts of Southwest Monsoon Seasonal Rainfall for 2017

 

i)                    Monsoon Mission Coupled Forecasting System (MMCFS)

The latest experimental forecast based on the MMCFS suggest that the monsoon rainfall during the 2017 monsoon season (June to Septe

Cabinet Secretary asks the different Ministries/Departments and PSUs under these Ministries to set-up and activate a GST Facilitation Cell
Jun 06,2017

The Cabinet Secretary, Government of India, Shri P.K. Sinha has asked the Secretaries of the different Ministries/Departments to set-up a Goods and Service Tax (GST) Facilitation Cell in their respective Department/Ministry. Shri Sinha said that the Cell, in turn, shall be in constant touch with the major industry and business associations relating to the respective Ministry/Department and provide all possible support for the smooth roll-out of GST w.e.f. 1st July, 2017. The Cabinet Secretary in a letter to the Secretaries of the different Ministries/Departments has further mentioned that the GST Facilitation Cell can preferably be managed by a small core team headed by the Economic Adviser or any other designated officer of the respective Ministry/Department. He said while the Department of Revenue, Ministry of Finance is making the Help lines operational for any individual tax payer to seek resolution of any legal or IT related issues, the GST Facilitation Cell, on the other hand, could serve as the first point of contact for addressing any issue being faced by any business or industrial sector related to the respective Ministry. The Cabinet Secretary further added that this would greatly facilitate the roll-out of GST. The Cabinet Secretary in his letter to the Secretaries of the different Ministries/Departments has also asked them to ensure that all Public Sector Units (PSUs) under the administrative control of their respective Ministry/Department are GST Compliant before 1st July, 2017. He asked the Secretaries to have meeting(s) with all the CMDs/Chair Persons of the PSUs, if any, under their charge in order to sensitize them towards GST roll-out. The Cabinet Secretary further added that preferably each PSU may constitute a GST Cell, which, in turn, should be fully equipped with the complete knowledge of all the relevant GST Act/Rules/Rate Structure etc.

The Cabinet Secretary, Shri P.K.Sinha has further stated that to ensure smooth and successful roll-out of GST, it is essential that all stakeholders, both in the Government as well outside, are adequately prepared for the roll-out. Therefore, it is imperative to ensure that all sectors/businesses are GST ready before 1st July, 2017.

Earlier, the Revenue Secretary, Dr. Hasmukh Adhia had also written to the Secretaries of the different Ministries/Departments that there is an urgent need for all the Central Governments Ministries/PSUs (working under them) to be made aware of the basic features of GST Law and procedures, including implication in their respective areas of work. The Revenue Secretary had stated that the PSUs and other entities who are likely to pay GST need to be GST ready.

The Revenue Secretary, Dr. Adhia had also mentioned that the new scheme of tax administration will have an impact on the work of various Ministries/Departments including PSUs and other autonomous bodies who are involved in the economic activity in one way or the other, therefore, there is need for a time bound schedule for undertaking GST awareness campaign and training programme for the officials of the respective Ministry/Department. The Revenue Secretary stated that National Academy of Customs, Excise and Narcotics (NACEN) has been mandated to conduct the GST training for the officers as well as for the representatives of trade and industry. He said that NECAN has a panel of resource persons/master trainers across India and would be happy to provide required assistance in this regard.

Powered by Capital Market - Live News

Condition of chargeability to STT for claiming exemption under Section 10(38) of the Income Tax Act, 1961 shall not apply
Jun 06,2017

Section 10(38) of the Income-tax Act, 1961 (the Act), prior to its amendment by Finance Act, 2017 provided that the income arising by way of a transfer of long term capital asset, being equity share in a company shall be exempt from tax if such transfer is undertaken after 1st October, 2004 and chargeable to Securities Transaction Tax (STT) under Chapter VII of the Finance (No.2) Act, 2004.

In order to curb the practice of declaring unaccounted income as exempt long term capital gain by entering into sham transactions, the Finance Act, 2017 amended the provisions of section 10 (38) of the Act to provide that exemption under this section for income arising on transfer of equity share acquired or on after 1st day of October, 2004 shall be available only if the acquisition of share is chargeable to STT. However, to protect the exemption for genuine cases where the STT could not have been paid, it was also provided that the Central Government shall notify the acquisition for which the condition of chargeability to STT shall not apply.

In view of the above, it has been notified that the condition of chargeability to STT shall not apply to all transactions of acquisitions of equity shares entered into on or after the first day of October,2004 other than the specified transactions such as acquisition of listed shares in preferential issues of a company whose shares are not frequently traded in a recognised stock exchange; acquisition of existing listed equity share in a company not through a recognised stock exchange of India and acquisition of shares of company during the period of its delisting. However, to protect the interest of genuine investors, exceptions are also provided in the specified transactions.

Powered by Capital Market - Live News

Fitch: Telecom Woes Do Not Pose Systemic Risk to Indian Banks
Jun 06,2017

Indian banks exposure to troubled telecom companies is not large enough to pose a systemic threat, but defaults could add to problems at banks with weak balance sheets, says Fitch Ratings. The banking sector is already struggling with significant asset quality issues and is likely to require hefty capital injections from the government over the next couple of years.

The credit profiles of Indian telcos are under pressure from fierce competition stemming from the entry into the market of Reliance Jio last year and rising capex required for the roll-out of 4G services. Some companies could find it difficult to service their debt and we have the sector on a negative outlook.

Pressure is most severe at Reliance Communications (Rcom), which we downgraded last week to CCC to reflect the real possibility of some kind of default. The companys EBITDA declined by 30% in the financial year to end-March 2017 and its earning are unlikely to be sufficient to cover interest costs and capex over the coming year. Liquidity was also poor, with cash and equivalents of INR14 billion (USD220 million) well short of covering short-term debt of INR109 billion. Rcoms total debt is around USD7 billion, a significant portion of which is owed to state-owned banks.

Debt servicing could also become at a problem at Aircel and Tata Telecom. Aircel is in the process of merging its wireless operation with Rcom, but the combined entity will still have limited pricing power and high leverage that will constrain its ability to strengthen its network position. We expect both companies to remain under pressure. Meanwhile, media reports suggest Videocon Indias lenders have already implemented a corrective action plan that could involve loan restructuring or forced asset sales.

Indian banks already have significant asset quality issues that could be made worse by stress in the telco sector. However, total debt owed by telcos to banks is only INR913 billion (USD14 billion), accounting for just 1.4% of all bank loans, according to the Reserve Bank of India. Exposure to other troubled sectors is much larger. Lending to iron and steel companies, for example, accounts for 4.7% of total lending. The power sector accounts for 8.7% and the road sector for 2.7%.

Moreover, not all telcos face financial difficulties. Market leader, Bharti Airtel, is likely to meet repayments comfortably on the over USD1 billion that it owes to banks. Vodafone and Idea Cellular are in the process of merging their operations, which will give the new entity a market-leading share. Ideas balance sheet is stretched, but the combined company is unlikely to experience serious problems in servicing its debt. Meanwhile, the risk of Tata Telecom missing payments is mitigated by the potential for its parent company, the Tata Group, to inject equity into its subsidiary. State-owned telcos, BSNL and MTNL, are likely to be in weaker positions, but almost all their debt is owed to the government.

Loans to telcos are also generally backed by spectrum assets, which should provide a better chance of recovery than, for example, a steel factory operating below capacity or a power plant that lacks a power purchase agreement. That said, the sale of spectrum assets might take longer than banks expect and not fetch full value, given that the top-three telcos now have sufficient spectrum to run their operations for the medium term.

Powered by Capital Market - Live News

MoU signed between Central Industrial Security Force & National Skill Development Corporation
Jun 06,2017

The Central Industrial Security Force (CISF), Ministry of Home Affairs and the National Skill Development Corporation (NSDC) & National Skill Development Fund (NSDF), Ministry of Skill Development and Entrepreneurship, signed a Memorandum of Understanding (MoU) here today. The Minister of State for Skill Development & Entrepreneurship (Independent Charge) Shri Rajiv Pratap Rudy and the Minister of State for Home Affairs, Shri Kiren Rijiju were also present during the occasion.

Shri Rajiv Pratap Rudy said that skill development has increased the employability among the youth. He said that the system in the country needs to be such that it gives enough importance to the skills possessed by any individual and the policies are framed accordingly. He added that many skills are in huge demand world over and our youth can tap this opportunity, if groomed properly. He also suggested to CAPFs that aspirational values need to be added to the designations in the system, which will act as an encouragement to the individuals.

Shri Kiren Rijiju said that India can become a world power if youth of the country develop the attitude towards skill development. He expressed happiness that in the last two and half years, skill development has led to employment of large number of youth in different areas, thereby strengthening India by skill development. He said that it has brought a revolution under the guidance of Prime Minister Shri Narendra Modi. The signing of todays agreement has added a new chapter to it, he added. He said that the dignity of labour and value of hard work is losing importance in the country, which needs to be addressed and the attitude towards labour needs to be changed. He said that hard work and dedication are the most important factors in skill development. He also expressed his faith in the success of outcome of this agreement. He said CAPFs, when given any Government programme for implementation, have executed in a very speedy and efficient manner, for example: Swachh Bharat Abhiyaan and Digital Payment initiative. He also added that there is no dearth of skills in India and skills need to be given importance along with degrees to attract youth towards developing their skills.

Shri O. P. Singh, DG, CISF, stressed that this project will help families of CISF personnel. Simultaneously, CISF would be contributing majorly in enhancing the skilling initiative and potential. He said that CISF has taken skill development has a new challenge.

Dr. K.P. Krishnan, Secretary, Ministry of Skill Development and Entrepreneurship said that skill development is a challenge that India needs to be addressed very seriously because India is a younger nation and a lot of youth enter the work force every month. That is why a separate Ministry has been created for the purpose of providing skills to youth for employability, he added.

The MoU provides that CISF, NSDC and NSDF shall work together at CISF units all across the country where Family Welfare Centres are functional and other CISF locations with an objective to impart skill development programs under the Skill India Mission for the purpose of implementation of CISF Multi Skill Development Institute Projects.

The MoU aims at assisting retiring/retired, serving low medical category (LMC) CISF personnel to acquire additional skills and facilitate their resettlement through a second career. It will also provide welfare to wards, family members of serving CISF personnel, retired personnel and personnel killed in action. Skill Development would go a long way towards supporting gainful employment and at the same time would contribute towards nation building.

The MoU shall remain in effect for a period of 5 years (starting from 5th June, 2017 till 5th June, 2022), subject to a mid-term review after 3 years.

DGs of Central Armed Police Forces (CAPFs) and senior officers of Ministry of Home Affairs and Ministry of Skill Development & Entrepreneurship were also present.

Powered by Capital Market - Live News

India Signs Loan Agreement with the World Bank for USD 39.2 Million for the project n++Assam Citizen Centric Service Deliveryn++
Jun 06,2017

An agreement for IBRD Credit of USD 39.2 Million from World Bank for the project n++Assam Citizen Centric Service Deliveryn++ was signed here today. Loan agreement was signed by Shri Raj Kumar, Joint Secretary (MI), Department of Economic Affairs, Ministry of Finance on behalf of the Government of India and Mr. Hisham Abdo, Manager, Operations (India) on behalf of the World Bank. The Implementing Entity Agreement was signed by the Additional Chief Secretary, Government of Assam, on behalf of Government of Assam, and the Country Director (India) on behalf of the World Bank.

The programme size is USD 49 million, of which USD 39.2 million will be financed by the Bank, and the remaining amount will be funded-out of State Budget. The programme duration is 5 years.

The objective of the project is to improve access in the delivery of selected public services in Assam. The Project seeks to enable citizens to access services under the RTPS Act in a timely, efficient, and accountable manner. The Project adopts an integrated approach to improve access and accountability.

Powered by Capital Market - Live News