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Arun Jaitley informs about Setting Up High Level Committee to Sort Out Pending Tax Matters

Union Finance Minister Arun Jaitley, in an effort to make tax system in India transparent and predictable, has informed media about setting up a high-level committee to sort out taxation issues. The concerned committee will be empowered to explore the ways of resolving past tax issues. They will also have to prepare a report expeditiously. Jaitley also explained that the MAT notices sent by the revenue department to 68 FIIs were done on the rulings of Authority for Advance Rulings, a quasi judicial body. He also said that these rulings can’t override international treaties, thereby giving tacit support to the demand of FIIs.

Land Bill to be placed in Parliament Next Week

With reconvened Budget Session coming to an end on 8 May in Lok Sabha and 13 May in Rajya Sabha, Narendra Modi government is likely to place the controversial land acquisition bill next week, sources reveal. The new bill that consists of nine amendments is believed to be crucial for the union government for acquiring land for infrastructural and industrial projects. With intensifying resistance on the land acquisition bill from the united opposition, government was forced to hold the bill (that was supposed to be placed this week) after unfortunate death of a farmer Gajendra Singh while attending an AAP rally against the controversial land bill.

Arun Jaitley Vouches for Non-Adversarial Taxation Policy and Non-Imposition of Retrospective Taxes

Union Finance Minister Arun Jaitley, while addressing an audience during D P Kohli Memorial Lecture, vouched for the need of non-adversarial taxation policy and stressed on non-imposition of retrospective taxes as well as importance of simplification of taxes for wooing foreign investments. Jaitley went on to say that there is a need to rationalise corporate tax as per global standard and that’s why his government has slashed the same from 30 per cent to 25 per cent during 2015-16 financial year. Finance minister acknowledged the fact that lack of investment in the infrastructure and agricultural sector is a serious challenge.      

USL starts Process to Remove Vijay Mallya from Chairman's Position

Board of United Spirits Ltd. has initiated the process of removing its non-executive chairman Vijay Mallya on the allegations of financial irregularities. In a letter to the stock exchanges, Anand Kripalu, who was named CEO of the company by Diageo, said that if Vijay Mallya refuses to resign, the shareholders will be recommended by the board to vote him out. Diageo recently told media that Mallya didn’t reveal USL loans to UB earlier and they came to know about them while finalising 2014 FY USL accounts. Even as Diageo says that contract with Mallya becomes void in case of defaults, Vijay Mallya said that the UK based company has to support his chairmanship because of the contractual obligations.

GST Bill to be Taken Up in Lok Sabha on Thursday

Constitution Amendment Bill for the Goods and Services Tax (GST) is likely to be taken up by the Union Government in the Lok Sabha on Wednesday. This means that the House will debate and vote on the bill on Thursday.  The preliminary list for the businesses to be taken up today in the lower house of parliament, put up on Lok Sabha website, doesn’t mention anything about the GST bill. The concerned bill was supposed to be taken up and passed in Lok Sabha yesterday. Instead the House concentrated on the demand for grants. Government is finding it tough to garner support from the opposition parties on the concerned bill and is currently in talks with BJD, TMC, and AIADMK to get it passed in the Rajya Sabha.

NSE Nifty Trading below Psychologically Relevant Support Level of 200 DMA

By giving jitters to the traders in Indian bourses, NSE Nifty today fell sharply from previous close and breached the 200 days simple moving average of 8,257.44, a strong psychological support level. At 2pm IST, Nifty was trading at 8246.20, 59.05 points or 0.71 per cent down from previous close.  Analysts believe that Nifty is hovering around 8250 for quite some time and therefore by the end of trading day may end just above 8250. However, on the downside, if Nifty breaks the 8,200 support level, it will slide down towards the next support at 7,970. BSE Sensex has also shed 196.47 points by 2.07pm IST and is trading at 27241.47.

Ratan Tata makes an Investment in Chinese Tech Behemoth Xiaomi Technology

A statement issued by Chinese Technology giant, Xiaomi Technology, said that Chairman Emeritus of Tata conglomerate, Ratan Tata, has acquired a personal stake in Xiaomi. This move is expected to increase the Chinese behemoth’s clout in the expanding Indian smartphone market. The statement, however, does not reveal the extent of investment done. Founder and CEO of Xiaomi, Lei Jun, told media that a personal investment by a respected businessperson in India such as Ratan Tata will bolster Xiaomi’s presence in India and also give impetus to the strategy adopted by the company. He went on to say that the company plans to unveil more products in India.

Government Asks People to Ignore Text Predicting Earthquake in North India

With the rising fear of earthquake in north India and circulation of text messages predicting the same, Government of India was forced to come up with a clarification. GOI said that the earthquake prediction text is a fake one and NASA has not forecast anything regarding the matter on India. A seismologist and top official at India Meteorological Department made it clear that there is no country in the world that can predict earthquakes, not even NASA. He also said that research is currently going on in China but it has not produced any substantial result as yet. Indian government made it clear that “there is no substance in such messages”.

Google's Person Finder Tool for Nepal Earthquake

A Person Finder Web-based tool of Google has been officially opened in response to 7.8 magnitude earthquake that hit Nepal. The simple tool can give information about a person if it exists in the database. The tool is also accessible via mobile devices. On said profile you can find a person by name, sex, age, home address, or any other related description. On the flip side you can enter information about a person if you have.

N Srinivasan Allegedly Spent Rs. 14 Crore BCCI Money to Spy on Other Members, says report

A newly published report says that N Srinivasan, ex-BCCI President, spent Rs 14 crore of board’s money to spy on other BCCI members with the help of a London based private investigating agency. The report alleges that the concerned spy agency not only tapped phones and heard telephonic conversations of the BCCI officials but also tracked their private emails. It is learnt that a new probe panel, headed by its Secretary Anurag Thakur, will investigate the matter. During a recent BCCI meeting, Jyotiraditya Scindia (who was a special invitee in the meeting) questioned the glaringly depreciated value of Chennai Super Kings, valued at Rs. 5 lakhs, when it pays BCCI Rs. 40 lakhs yearly.

Dhoni works on his instincts while playing - Ashwin

Chennai Super Kings (CSK) spinner Ravichandran Ashwin said that skipper Mahendra Singh Dhoni goes blank and without preconceived notions to the field and works on solely his instincts. By winning a match against Kings XI Punjab on Saturday night, CSK is now at the top of the Indian Premier League (IPL) points table. Spinners Ashwin and Ravindra Jadeja played exceptionally well and helped team to win match.

IOC President to Meet PM Modi Fueling Speculation of India's 2024 Olympic Hosting Bid

President of International Olympics Committee (IOC), Thomas Bach, is all set to meet Indian Prime Minister Narendra Modi on Monday. The upcoming meeting has fueled speculation that Modi may show willingness to host the 2024 Olympics in India. Sources say that PM Narendra Modi may approve bidding for hosting the game after the meeting. When Randhir Singh, the only IOC member from India, was contacted he said that approval of bidding to host Olympic games will be welcomed by his colleagues in the IOC. He downplayed the talks on hosting 2024 Olympics by calling it wishful thinking. However, he kept the hope alive by saying that if India misses the 2024 opportunity, it may host 2028 or even 2032 Olympics.

Union Government Cancels Registrations of 8,975 NGOs for not Complying with Rules of the Land

The Union Government has come down heavily on around 9,000 NGOs for failing to comply with the rules of the land while accepting foreign funds. Registrations of 8,975 NGOs have been cancelled till now. A letter from Home Affairs ministry says that 10,343 NGOs didn’t submit annual returns since 2009-12. Even after sending notice and asking them to file returns by October 2014, most NGOs didn’t respond (except 229 NGOs). The decision comes just days after Narendra Modi government put under watch funds sent by Ford Foundation’s US wing to Indian NGOs. Home Ministry started keeping tab on the NGOs after an IB report claimed that foreign-funded NGOs are stalling India’s economic growth.

IB Issues Terror Attack Warning on Possible Aerial Strike in New Delhi with Unmanned Drones

Intelligence Bureau has issued a warning that terror groups – Jaish-e-Mohammed and Lashkar-e-Taiba – are planning to carry out aerial strikes in New Delhi with the help of unmanned drones. Delhi Police has asked all DCPs to track activities of the drone sellers and renters. District officials have been directed to prevent film units and private parties to fly unmanned aircrafts without proper verification and permission. Threat perception has been issued after an unmanned drone, carrying radioactive caesium contaminated sand, landed on Japanese PM’s office few days back.     

Apex Court Vacates Karnataka HC's stay order on Giving Judgement on Jayalalithaa's Appeal in Disproportionate Assets Case

Justice Madan B Lokur-led Supreme Court bench today vacated Karnataka High Court’s stay order on former Tamil Nadu CM J Jayalalithaa's appeal in disproportionate assets case. He also observed that delay in the concerned case is not only extremely unfortunate but also makes the criminal justice system a loser. While Justice Lokur allowed DMK leader K Anbazhagan’s plea of removing Special Public Prosecutor Bhawani Singh for alleged lack of impartiality, Justice R Banumathi observed that appointment of SPP was duly authorised. Jayalalithaa had earlier strongly supported SPP Bhawani Singh by saying that de-facto doctrine favours him and the notification is also there in his favour.