AVIATION SECTOR
India to boost aviation infrastructure as demand booms (MAR 20, 2023)
India outlined plans on Monday to invest billions of dollars in airports, aircraft and recruitment as the world's fastest-growing economy seeks to meet booming air travel demand. Growth will include new airports, more regulators and air traffic controllers, and new flying schools, Civil Aviation Minister Jyotiraditya Scindia told an industry audience.
Prime Minister Narendra Modi's government said this year that the South Asian nation would spend 980 billion rupees ($11.88 billion) by 2025 to boost regional connectivity by constructing airports and modernising existing ones.
NEWS REPORT : India to boost aviation infrastructure as demand booms | Reuters
MINISTRY OF LABOUR AND EMPLOYMENT
Extension of Declaration of Food Stuff Industry as public utility service(MAR 20, 2023)
In exercise of the powers conferred by the proviso to sub-clause (vi) of clause (n) of section 2 of the Industrial Disputes Act, 1947 (14 of 1947), the Central Government hereby declares the services of the industry engaged in food stuffs to be a public utility service for the purposes of the said Act for a further period of six months with effect from the 28th February, 2023.
GAZETTE NOTIFICATION : 244488.pdf (egazette.nic.in)
Code on Wages Act, 2019 stipulates government to review minimum rates of wages at an interval not exceeding five years (MAR 23, 2023)
Section 3(1) (b) of the Minimum Wages Act, 1948, mandates the Central Government and the State Governments to review the minimum rates of wages so fixed in the scheduled employments in their respective jurisdiction at intervals not exceeding five years and revise the minimum rates, if necessary.
Recently, the provisions of the Minimum Wages Act, 1948, have been rationalized and amalgamated in the Code on Wages Act, 2019, passed by the Parliament and notified on 08.08.20219. Section 8(4) of the Code stipulates that the appropriate Government shall review or revise minimum rates of wages ordinarily at an interval not exceeding five years.
PRESS RELEASE : https://pib.gov.in/PressReleaseIframePage.aspx?PRID=1909994#:~:text=Section 3(1) (b,the minimum rates%2C if necessary
RBI
Global central banks could use RBI template: SBI report (MAR 21, 2023)
Global central banks could take a leaf out of the Reserve Bank of India (RBI)’s book and focus on maintaining systemic stability, instead of focusing only on inflation, a State Bank of India (SBI) Ecowrap research report said on Monday.
The report comes in the wake of US Federal Reserve and other major central on Sunday announcing a coordinated effort to improve banks’ access to liquidity.
DETAILS : Global central banks could use RBI template: SBI report | The Financial Express
MINISTRY OF FINANCE
Finance Ministry seeks data on state-bank bond portfolios amid global banking turmoil (MAR 22, 2023)
India has asked state-owned lenders to submit details of their bond portfolios ahead of a quarterly meeting between the government and banks this Saturday, amid the turmoil in global banks, seven bankers with direct knowledge of the matters told Reuters on Thursday.
India's 10-year benchmark bond yield has risen 50 basis points (bps) so far this financial year, during which the Reserve Bank of India has raised the policy repo rate by 250 bps. Most market participants expect the RBI to raise rates by 25 bps, to 6.75%, at its next policy meeting in April.
INCOME TAX DEPARTMENT
Income tax dept launches mobile app ‘AIS for Taxpayer’ Back Income tax dept launches mobile app ‘AIS for Taxpayer’ (MAR 22, 2023)
The Income Tax Department has launched a Mobile app, namely, ‘AIS for Taxpayer’ to facilitate taxpayers to view their information as available in the Annual Information Statement (AIS) or Taxpayer Information Summary (TIS), according to a government release said on Wednesday.
Taxpayers can use the mobile app to view their information related to tax deducted at source (TDS), tax collection at source (TCS), interest, dividends, share transactions, tax payments, income tax refunds, and other information, i.e. GST data and foreign remittances as available in AIS and TIS. The taxpayer can also provide feedback on the information displayed on the app.
NEWS REPORT : Income tax dept launches mobile app ‘AIS for Taxpayer’ | Mint (livemint.com)
INCOME TAX APPELLATE TRIBUNAL (ITAT)
Inherited assets tax: ITAT bats for legal heir (MAR 23, 2023)
The Mumbai bench of Income Tax Appellate Tribunal (ITAT) has settled in a recent order the contentious issue relating to determining the cost of acquisition and the indexed cost in inherited assets.
In this case of US resident Sohrab Fali Mehta, the ITAT bench disagreed with the tax department that the indexed cost of acquisition should be based on the year in which Mehta inherited his share following his mother’s death. The tax tribunal held that the indexed cost of acquisition has to be computed with respect to the year in which the initial owner first held the asset.
DETAILS : Inherited Assets Tax: Itat Bats For Legal Heir | Mumbai News - Times of India (indiatimes.com)
MUTUAL FUND
Accept investments from KYC compliant e-wallets: Sebi to mutual funds (MAR 23, 2023)
The Securities and Exchange Board of India (Sebi) has directed mutual funds (MFs) to accept investments only from such e-wallets that are compliant with Know Your Customer (KYC) norms prescribed by the Reserve Bank of India (RBI).
The MF regulation allows investors to invest up to Rs 50,000 in MFs through cash or e-wallet in a year. The permission came with strict guidelines like the investments being made through e-wallet should not have been recharged through credit card or include money received as cashback.
DETAILS : Accept investments from KYC compliant e-wallets: Sebi to mutual funds (business-standard.com)
GST Appellate Tribunal
Lok Sabha approves setting up of GST Appellate Tribunal to solve disputes (MAR 24, 2023)
Lok Sabha on Friday cleared changes in the Finance Bill to pave the way for setting up of an appellate tribunal for resolution of disputes under GST. Currently, taxpayers are filing writ petitions before high courts in the absence of the appellate tribunal.
As per the amendments proposed in the Finance Bill 2023, which was passed by Lok Sabha on Friday, benches of the GST Appellate Tribunal would be set up in every state while there will be a principal bench in Delhi which will hear appeals related to 'place of supply'.
NEWS REPORT : Lok Sabha approves setting up of GST Appellate Tribunal to solve disputes (business-standard.com)
SUPREME COURT
SC directs grant of Permanent Commission to women SSC officers holding evaluation basis gender-discriminatory (MAR 25, 2023)
A bench led by Justice DY Chandrachud was pronouncing verdict in petitions filed by around 80 women officers for permanent commission in the Army. But this judgment is set to benefit around 650 women officers left out in the earlier process.
The petitioners before the court had complained that they were eligible for permanent commission but it was denied despite an order of the apex court in February last year. The main prayer of women Army officers seek a determination of the policy to be applied on the women officers, which according to them has till date not been answered or acted upon by the Defence Ministry.
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