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Major News and Events of 27 May 2015

What Happened on 27 May 2015


Justice A P Shah Committee on MAT seeks Stakeholders' Suggestions by 22 June

Justice A P Shah committee has asked for representations as well as suggestions from all the stakeholders including industry bodies by 22 June. This high-level committee was formed for resolving the retrospective Minimum Alternate Tax disputed with the Foreign Institutional Investors (FIIs) and Foreign Portfolio Investors (FPIs).  Resistance from 68 foreign investors started when tax department sent 18.5 per cent MAT demand (totaling Rs. 602.83 crore) on their trading income. A finance ministry statement said that the first meeting of the Shah committee took place on 25 May 2015 and decided to seek suggestions from stakeholders as a prerequisite for resolving the MAT issues of foreign investors prior to 1 April 2015. Other important members of the concerned committee include chartered accountant Girish Ahuja and ex chief economic advisor Ashok Lahiri.

Top UN Official lauds India's Prompt Response and Relief Efforts after Nepal's Disastrous Earthquake

Magdy Martínez-Solimán (Director of the Bureau for Policy and Programme Support and UN Development Programme Assistant Administrator) lauded India’s prompt first response in helping Nepal after an earthquake devastated the country. The top UN official also said that the timely effort has been lauded by Nepal government. The official also informed that both India and China are now actively involved in reconstructing the earthquake ravaged country. India deployed more than 700 trained personnel of National Disaster Reaction Force, 13 Indian army helicopters, 18 army engineering team, rapid action team of Air Force, and others during the rescue/relief op. Martínez-Solimán told media that official assessment of the damage is currently being carried out by the officials, which is expected to be prepared by coming July. Official UNDP report says that reconstruction of homes in Nepal will require US$175 million.

BJP President Amit Shah Clears Air on Contentious Article 370, Uniform Civil Code, and Ram Temple

National President of BJP, Amit Shah, told media during a press conference at party headquarters in New Delhi that Narendra Modi-led government does not have enough numbers in the parliament to address BJP’s core issues. He added that BJP can introduce uniform civil code in India, abrogate Article 370 (giving special powers to Jammu and Kashmir) of the constitution, and build Ram Temple in Ayodhya only when BJP wins more than 370 seats in the Lok Sabha. Amit Shah’s reaction comes on a day when leadership of Viswa Hindu Parishad passed a resolution urging Union Government to enact legislation for clearing way to build Ram Mandir in Ayodhya. Amit Shah also said that Narendra Modi government has been successful in restoring PMO’s dignity, getting acknowledgement of the world for India, get government out of policy paralysis, and bring people’s trust back on the government.

Finance Minister Expresses Delight as Swiss Banks Name Seven Indian Account Holders

Arun Jaitley, Finance Minister of India, expressed delight as Switzerland authorities started publishing names of the tax defaulters having accounts in Swiss banks. Till now names of seven Indian account holders (Yash Birla, Gurjit Singh Kochar, Ritika Sharma, Sayed Mohamed Masood, Chaud Kauser Mohamed Masood, Sneh Lata Sawhney and Sangita Sawhney) have surfaced in the list. Jaitley said that his government had been negotiating with the Swiss authorities in the last one year for publishing names of the tax evaders who have accounts in Swiss Banks. He also expressed delight in the timing of unraveling the names as it coincided with the first anniversary of Narendra Modi government. Finance Minister also said that the actions of Swiss Federal Tax Administration will now lift the “veil of secrecy” from Indian entities and persons having assets as well as monies stacked in foreign countries.  

PM Launches DD Kisan and bats for More use of Technology in Farming

Prime Minister Narendra Modi after launching DD Kisan, a 24x7 channel on agriculture, vouched for increasing farm productivity through intensive use of technologies along with scientific advancements. Modi also called for making the agricultural sector vibrant as well as dynamic once again as this sector currently remains neglected. PM specifically mentioned that the indigenous satellites launched by India will help make accurate weather forecasts, helping farmers in timing their crops. He also stressed on the need of crop diversification, multi-cropping, and innovative farming. Modi claimed that the expected increase in popularity of DD Kisan will force other broadcasters to show dedicated programmes on farming. He urged farmers to boost output of lentils and oilseeds so that India becomes self-sufficient in its production in the coming one decade, which will help India save around US$ 12 billion in importing lentils and edible oils.

Union Finance Minister vouches for Implementing GST from 1 January 2016

Arun Jaitley, Finance Minister of India, said while addressing an audience at Ahmedabad’s Tagore Hall on the occasion of Modi government’s first anniversary, that his government is undertaking all possible steps for implementing Goods and Service Tax (GST) from 1 January 2016. While stressing on the importance of GST, Jaitley said that it is a uniform tax system and its implementation will help in easy transfer of goods and services. He also said that in 2015-16, his government is expecting the income tax collection to increase by 14-15 per cent. As Jaitley is vouching for additional one per cent tax in GST for two years after implementation (expected to help manufacturing states), Chief Economic Advisor of Modi government, Arvind Subramanian, reportedly said that the additional tax is not in tandem with principles of GST and will ultimately undermine PM Narendra Modi’s ambitious “Make in India” campaign.  

Foxcon to build 10 to 12 Facilities in India by 2020 as Costs Soar in China

With rising wages in China and cost of production, Terry Gou, Chairman of Foxconn (largest contract electronics manufacturer of the world) announced his company’s plans to open 10 to 12 facilities in India by the year 2020. These facilities will include both data centers and factories. Gou also announced during an interview on the outskirts of Guiyang, located in southern Guizhou province of China, that Foxconn will be investing few billion dollars in these proposed units as its customers, including the ones in China, want Foxconn to manufacture TVs, tablets, and phones in India. The announcement comes within months after Foxconn announced in January 2015 of shedding its huge workforce in the facilities located in China due to falling revenue growth. Reports say that in peak seasons, this contract electronics manufacturer provides employment to around 1.3 million people.       

Micromax Canvas Doodle 4 to be Available on Ebay India at Rs. 9,199

Canvas Doodle 4, the 4th variant from Micromax’s Canvas Doodle series, is now available for purchase from Ebay India at a price of Rs. 9,199, in spite of a Mumbai based retailer’s claim that MRP of the product is Rs. 9,999 and it will be available at Rs. 9,499. The announcements of its availability along with the specifications were made by an established retailer, based in Mumbai, yesterday. However, the concerned smartphone is yet to be listed on Micromax’s website.  Specifications of this new smartphone, as featured on Ebay, include features such as dual-SIM (both GSM), Android 5.0 Lollipop operating system, 6-inch IPS display having 540x960 pixels resolution, quad core MediaTek (MTK6582M) processor clocked at 1.3GHz speed, 1GB RAM, rear camera of 8MP with LED flash, 2MP front faced camera, internal storage of 8GB, and 3,000 mAh battery capacity.   

Former Aussie Bowler Brett Lee bats in Favour of Sourav Ganguly as New Head Coach

Brett Lee, former pacer of Australia, put his weight behind former Indian skipper Sourav Ganguly as BCCI grapples to select the new head coach of India. Lee said that Sourav will do a “great job” in case he is selected as head coach. Reports say that the Indian Cricket Board is all set to select a revamped support staff along with a new head coach before Team India leaves for the Bangladesh tour on 7 June. Cricket Australia quoted Bret Lee as saying that Ganguly has treasure-trove of knowledge as he played and led the team in the domestic and international sphere in all forms of cricketing formats including tests, one-dayers, and T20. However, the former Aussie pacer also said that Sourav needs to pass on the wealth of knowledge to the players and maintain the perfect balance if selected as the head coach.




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