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‘BoB case will be pursued to the ultimate conclusion’ Reserve Bank of India ( RBI) Governor Raghuram Rajan ( pictured) on Thursday welcomed the Supreme Court ruling on the use of Aadhaar cards in more schemes and said it would help in financial inclusion and provide easy access to loans. “The ruling today will be quite helpful, making us use it in banking services. It will make it easier for financial inclusion,” Rajan told reporters after the central bank’s board meeting here. “Unique Identification ( UID) number will ensure that people will not get multiple loans from different places. We can make sure that it does not happen. This is an example on how we can make more lending possible,” said Rajan, who was in the city for RBI’s 554th board meeting. Speaking about the meeting, Rajan said the board discussed the state of the India’s and global economy. “ We discussed regulations, ombudsmen and Ponzi schemes. A wide variety of topics were discussed.” RBI also announced merger...

Industrial growth, signs of investment pickup & indirect tax kitty hint at rebound India's economy may be about to turn the corner on the back of robust public spending that's beginning to have an impact on the ground coupled with strong urban consumer demand, economists and government officials said. Three months of sound industrial growth driven by manufacturing, signs of a pickup in investment, robust indirect tax collections and indications of a mining sector reboot suggest that the government's attempts to revive the economy through reforms and higher public capital spend are working. Going ahead, the tailwinds of falling interest rates, big foreign inflows and a further strengthening of consumer demand in anticipation of the Seventh Pay Commission's award should propel the economy forward, said the analysts and officials.Helping this along will be the festive season bump along with the government chipping away at issues with steady reforms. “We are on ...

Updates Of the Day 1.Delhi VAT authorities have extended the last date of filing of online return for 1st and 2nd quarter of 2015-16 for assessee engaged in the business of e-commerce to 16.11.2015. 2.Modification of Import Export Code (IEC) to be online only from 21.09.2015. NOTICE NO. 36/2015-20, Dated: September 14, 2015. 3.Rebate of Excise duty admissible on both inputs and final products. [Supreme Court: Spentex Industries Ltd. vs CCE] 4.TDS non-deduction notification has an automatic effect and deductor is not under an obligation to specifically apply for claiming it.[HP High Court : CIT vs. State Bank of Patiala] 5.ITAT can consider the plea not raised before CIT (A) u/s 254 of the Income Tax Act. [Delhi High Court : Fast Booking (I) Pvt. Ltd. vs. DCIT] For more News Like us on https://www.facebook.com/caonlineofficial Or Subscribe on mail visit : www.caonline.in

Finance ministry has made it easier to claim tax benefit on expenditure with regard to seri ous ailments like thalassaemia, cancer, AIDS and haemophilia by doing away with the requirement of obtaining a certificate from a government hospital. Central Board of Direct Taxes has issued a notification amending Rule 11DD of the Income Tax Act to facilitate this.The amended rule relaxes the condition of obtaining the certificate for claiming expenditure under section 80DDB in respect of specified ailments from a specialist working in a government hospital, the finance ministry said. The Economic Times, New Delhi, 15th Oct. 2015

Aadhaar is far more secure in ensuring privacy than some social media apps and mobile phones in today's digital world, the government told the Supreme Court, as it wants the top court to permit wider use of the databank containing citizens' biometric information. The court has so far permitted “voluntary“ use of the Aadhaar identification number allotted to citizens only for the purpose of dispensing LPG, kerosene and PDS subsidies. The government wants to use Aadhaar for the purpose of authenticating the identity of citizens in banks, stock markets and for availing of services. Critics of Aadhaar say it is inherently intrusive of the citizen's right to privacy.A three-judge SC bench had disallowed any further use of Aadhaar, while referring the issue of the legality of a scheme to a larger bench. The government then moved a plea for vacating that stay . On Wednesday, when the proceedings got underway before a bench comprising Chief Justice HL Dattu and Justices MY ...

Centre may issue Swachh bonds and impose cess on petrol, diesel, telecom services and waste produced by industries to fund Prime Minister Narendra Modi's pet project Swachh Bharat Abhiyan The government may issue Swachh Bharat bonds and impose a cess on automobile fuels, telecom services and mineral waste to fund Prime Minister Narendra Modi's pet national cleanliness project. A group of chief ministers headed by Andhra Pradesh chief minister Chandrababu Naidu submitted a report to Modi on Wednesday outlining ways to mobilise funds for the Swachh Bharat Abhiyaan initiative. “Swachh Bharat bonds may be issued and a Swachh Bharat cess may be levied by the central government on petrol, diesel, telecom services and also on accumulated waste produced by plants generating mineral waste like coal, aluminum and iron ore,“ the Prime Minister's Office said in a statement, citing the report. “Given the scale and importance of the programme, it has been suggested that the sha...

Inducements to be computed and settled on a monthly basis The National Stock Exchange of India (NSE) has started incentives for market makers to boost liquidity in exchange- traded funds (ETFs) listed on it. The exchange has started aliquidity enchancement scheme. The incentives will be computed and settled on a monthly basis. One condition is that participants should provide quotes within specified limits for 80 per cent of the trading time, for 80 per cent of the trading days in a month. The scheme began on September 15 and is open till March 31, 2016. (An ETF is a marketable security that tracks an index, acommodity, bonds, or a basket of assets. Unlike mutual funds, an ETF trades like a stock on an exchange. ETFs experience price changes throughout the day as they are bought and sold.) For equity ETFs, participants get varying incentives, depending on the counterparty, according to the exchange. For liquid ETFs, the participants get a waiver on transaction charges on the en...

The government is set to unveil PAN activitymonitoring and analysis software to enable the Income Tax Department to check transaction histories and help sleuths track black money trails. The platform is called the Income Tax Business Application- Permanent Account Number. Buisness Standard, New Delhi, 14th Oct. 2015

Finmin asks PSBs to strengthen internal mechanisms to raise red flags for suspicious deals Within days of an alleged black money scam running into Rs 6,000 crore hitting state-run Bank of Baroda, finance ministry has dashed off a letter to all public sector lenders, asking them to review their processes and step up the vigil against potential frauds. A senior finance ministry official said the ministry has asked all state-run banks to strengthen their internal mechanisms, so that red flags are raised when there are suspicious transactions. “Stringent processes are already in place...We want banks to take stock of their effectiveness in the backdrop of this incident,“ the official, who did not wish to be named, told ET. Bank of Baroda has submitted an internal investigation report. Public sector banks have been asked to remain vigilant, the official said. “If we feel there are lacunae in the system, PSBs will be asked to plug them,“ the official added. On Tuesday, Bank of Baroda...

EASE OF DOING BIZ CBEC will issue a directive to speed up refunds of service tax to BPO, IT &ITES sectors; buoyant tax mopup has given finmin room to clean up process For many years, muted revenue collections meant delayed or no tax refunds for India Inc., especially exporters. Facing a revenue shortfall in the first half of every financial year, North Block would issue an unwritten instruction to field officials to hold back refunds. This year, there will be a break from the past, with a directive going out to the field to release all refunds amid preparations to start on a clean slate for the goods and services tax, which the government hopes to implement from April 1, 2016. The Central Board of Excise and Customs, the apex indi rect taxes body, is also working on a comprehensive overhaul of the refund mechanism for the BPO, IT and ITES sectors. “We want to ensure there are no pending refunds in the system,“ a senior finance ministry official said, adding that the idea is...

Asks exchanges to speed up efforts in attracting new- age companies The Securities and Exchange Board of India ( Sebi) is keen on having companies list under the new start- up regulations before the end of the calendar year. The market regulator has asked stock exchanges to speed up their efforts in attracting new- age companies to the stock markets for their funding requirements. Exchanges have also been tasked to spread awareness and get market feedback on the new regulations. Given the regulatory push, the exchanges have already started their drive. BSE has already launched an institutional trading platform (ITP) — BSE Hi- Tech for start- up listings. The exchange, which had achieved considerable success in SME listings, has set up an office in Bengaluru, where most of the technology start- ups are based. “We have announced a hitech platform for start- ups. Tomorrow ( on Wednesday), we are opening our branch office in Bengaluru. We already have offices in Chennai, Hydera...