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Highlighting India as the worlds fastest growing major economy despite an unsupportive global environment, Finance Minister Arun Jaitley said good monsoon, GST passage and higher spending will accelerate the upward curve in the coming years. “When globally the going is good most countries do well. It is when the world is slowing down and world environment is not only unsupportive but at times obstructive, for an economy to grow is most challenging," Jaitley said. Pro- growth policies have helped GDP grow at fasterthanexpected 7.9 per cent in the January- March quarter, and 7.6 per cent for the entire 2015- 16 fiscal, he said. “To grow at this rate in the midst of an unsupportive global environment is itself significant,” Jaitley said addressing aconference before heading for Osaka. Stating that global unpredictability impacts India, he said the shrinkage of global trade as well as fluctuations in currencies has adversely effected the economy. Besides, drought for two c

India Post Payments Bank ( IPPB) will be set up as a public limited company under the Department of Posts with 100 per cent government equity. The Cabinet approved a proposal in this respect on Wednesday. The total corpus of the payments bank is of Rs. 800 crore, which will have Rs. 400- crore equity and Rs.400- crore grant. Telecom Minister Ravi Shankar Prasad told reporters after the Cabinet meeting that 650 branches of the postal payments bank would be established in India, which will be linked to rural post offices. India has 154,000 post offices, of which 139,000 are rural post offices. IPPB will obtain banking licence from the Reserve Bank of India (RBI) by March 2017 and by September 2017, all 650 branches of the postal payments bank would become operational. Its services will be available across the country through these 650 payments bank branches, linked post offices and alternative channels, riding on modern technology including mobiles, ATMs and simple digital paym

Any company that wants to transfer ownership of its non- auctioned captive mines will have to pay the equivalent to 80 per cent of the royalty to the respective state government, the government notified on Wednesday. “We have decided on this amount — equivalent to 80 per cent of the royalty —keeping the concerns of the cement industry in mind. Earlier, we were thinking of imposing an amount far more than this, but after discussions with the industry, we have come to this extremely reasonable amount,” said mines secretary Balvinder Kumar. Ignoring the apprehensions of some companies, the secretary made it clear that this amount would have to be paid even if the mine is getting transferred from one subsidiary to another in the same company. The Mines and Minerals (Development and Regulation) (Amendment) Bill, 2016, passed by Parliament in Budget session, was introduced by the government for permitting transfer of non- auctioned captive mines. Now, as the rules and transfer charge

The government on Wednesday constituted the National Company Law Tribunal ( NCLT) and its appellate body, implementing most of the provisions of new Companies Act and helping implementation of the Bankruptcy Code. With this, the Company Law Board, constituted under the old Act, stands dissolved. Retired judge M M Kumar would be the president of NCLT and retired judge S J Mukhopadhaya would take over as chairman of National Company Law Appellate Tribunal. Initially, NCLT will have 11 benches — two at New Delhi and one each at Ahmedabad, Allahabad, Bengaluru, Chandigarh, Chennai, Guwahati, Hyderabad, Kolkata and Mumbai. Business Standard New Delhi,02 June 2016

Gross domestic product (GDP) data released on Tuesday by the Central Statistical Office ( CSO) showed India’s economy grew at a robust 7.9 per cent in the fourth quarter of the previous financial year. While CSO’s previous estimates of GDP growth under the new series have been met with scepticism about the performance of the manufacturing sector, this time there has been a rather peculiar criticism of the latest GDP numbers. It revolves around a sharp increase in an item on the expenditure side: Discrepancies. They grew at an alarming pace — from Rs.29,933 crore in the fourth quarter of 2014- 15 to Rs. 1,43,210 crore in the corresponding period of 2015- 16. Discounting these would lower GDP growth for the fourth quarter from 7.9 per cent to a mere 3.9 per cent. The problem with this criticism is that it doesn’t take into account the manner in which GDP is estimated in India. “To begin with, estimates of gross value added ( GVA) are arrived from the production side,” says Pr

www.caonline.in News... 1.TCS @ 1% will be applicable on purchase of car valued more than Rs 10 lacs and purchase of jewellary for more than Rs 5Lacs with effect from today. 2.SEBI introduces new guidelines for winding-up of depositories. 3.Pay 45% Tax and declare undisclosed Income From 01.06.2016 to 30.09.2016. 4.Krishi Kalyan cess @ 0.5% on all taxable services with effect from Today, 01.06.16 resulting in effective rate of Service Tax @ 15%. 5.CBDT notifies date of Applicability of equalisation Levy with effect from 1st day of June, 2016 as the date on which chapter VIII of the said Act shall come into force. 6.Bad Debt admissible if written off as irrecoverable in books and it fulfills the conditions stipulated in sub section (2) of section 36 of the Act. : CBDT. 7.CBDT notifies Rules for Direct Tax Dispute Resolution Scheme; 31st Dec, 2016 is the deadline to make declaration. 8.No TDS for provident fund withdrawals of up to Rs 50,000 from today, June 1,2016. For more

Building plan approval process to become centralised, more transparent Besides simplifying the sanction procedure, the notification will decrease the time taken by the authorities to sanction the building plans. Currently, it takes 60 days to get a building plan approved. Chief secretary KK Sharma said on Tuesday that the urban development department has almost finalised the draft of the new by-laws and it is likely to be notified over the next few days. “The process is being simplified. An applicant will just have to fill one centralized online form. The application would automatically be forwarded to the agencies concerned such as the municipal corporation, Delhi Jal Board, fire department, etc. The building certificate will be issued in 21 days,” said Sharma. The move comes in the wake of Unified Building Bylaws for Delhi which were launched by Union urban development minister M Venkaiah Naidu in March. With the new online application form citizens would no longer have t