MINISTRY OF FINANCE

DRI detects Customs duty evasion of Rs. 2,217 crore by M/s. Vivo Mobile India Pvt. Ltd. (03 AUG 2022)

During the course of investigation, searches were conducted by Directorate of Revenue Intelligence (DRI) officers at the factory premises of M/s Vivo India, which led to the recovery of incriminating evidence indicating wilful mis-declaration in the description of certain items imported by M/s Vivo India, for use in the manufacture of mobile phones. 

After completion of the investigation, a Show Cause Notice has been issued to M/s Vivo India demanding Customs duty amounting to Rs. 2,217 crore, under the provisions of the Customs Act, 1962. 

Recently, in another set of investigations conducted by DRI, Show Cause Notices demanding duty of Rs. 4,403.88 crore have been issued to M/s Oppo Mobiles India Private Limited.

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MINISTRY OF CONSUMER AFFAIRS, FOOD & PUBLIC DISTRIBUTION

728 Consumer Commissions established at State and District level, National Consumer Disputes Redressal Commission established at national level (AUG 3, 2022)

Under the provisions of the Consumer Protection Act, 2019, a consumer can file consumer complaint in Consumer Commission of appropriate jurisdiction offline or online using e-Daakhil portal (www.edaakhil.nic.in). 

As per the revised pecuniary jurisdiction, a District Consumer Dispute Redressal Commission has jurisdiction to entertain complaints where the value of the goods or services paid as consideration does not exceed Rupees Fifty Lakh. The State Consumer Dispute Redressal Commission and the National Consumer Dispute Redressal Commission have jurisdication where such consideration is above Rupees Fifty Lakh &upto Rupees Two Crore and above Rupees Two Crore respectively. 

The Department of Consumer Affairs has recently launched “Jagriti”, a mascot for empowering consumers and generating awareness of their rights. “Jagriti” is projected as an empowered young consumer.

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SUPREME COURT 

Advise States to implement system of electronic generation of DIN: Supreme Court tells Centre, GST Council (AUG 3, 2022)

A Bench led by Justice M.R. Shah further impressed upon the States “to consider to implement the system for electronic (digital) generation of a DIN for all communications sent by the State tax officers to taxpayers and other persons concerned so as to bring in transparency and accountability in the indirect tax administration at the earliest”.  

The order came in a petition filed by Pradeep Goyal, represented by advocate Charu Mathur, to direct the States and the GST Council to take necessary steps.

The States of Kerala and Karnataka have already implemented it.

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IRDAI 

Irdai tightens anti-money laundering rules for insurance companies (AUG 3, 2022)

The insurance regulator has stiffened the anti-money laundering rules as part of consolidation of the guidelines for the sector.  

The key change is that exemptions and relaxations from the guidelines for companies have been done away with. So no life, general, or health insurer can claim any relaxations to comply with the money-laundering rules, as set out by the Reserve Bank of India.

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NEWS AT GLANCE 

  • India achieves landmark milestone with over 75000 start-ups recognised so far. 
  • Government says, digital payment transactions register unprecedented growth in the country; Nearly 33 hundred crore transactions recorded in current financial year so far. 
  • Bombay High Court transfers probe into the 2015 killing of activist Govind Pansare from SIT to ATS Maharashtra. 
  • Suresh N. Patel sworn-in as the Central Vigilance Commissioner. 
  • US House Speaker Nancy Pelosi meets Taiwan's President Tsai Ing-wen in Taipei ; China condemns visit and vows to undertake targeted military operations.

WORD OF THE DAY

MORATORIUM is  any suspension of activity, particularly voluntary suspension of collections of debts by a private enterprise or by government or pursuant to court order, or in bankruptcy, a halt to the right to collect a debt. 

In times of economic crisis or a natural disaster like a flood or earthquake, there may be a moratorium on foreclosures or mortgage payments until the public can get back to normal activities and earnings.

MARKET TODAY (as on 3.08.2022)

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1 US Dollar = 79.19 Indian Rupee (Last updated · 3 August at 2:34 pm UTC)

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