Government wants new MRP on 200 goods amid GST change

download (2).jpgSource: Financial Express, Nov 15, 2017

New Delhi: Union Consumer Affairs Minister Ram Vilas Paswan on Wednesday said new Maximum Retail Price (MRP) will have to be printed on around 200 consumer products in the backdrop of a change in the taxation structure by the GST Council on November 10. The manufacturers will have to fix new stickers of reduced MRP along with the old MRP to pass on the benefits of reduction in the Goods and Services Tax (GST) to consumers, Paswan said, adding that failing to do so will attract action. “Those goods on which GST has been lowered will have to be sold at new MRP. Benefit has to be passed on to customers. Notification has been issued in this regard,” Paswan told reporters.

“We have written to the Legal Metrology Department to take action in case of non-compliance. Also, consumers can lodge complaint through National Consumer Helpline.” The changed tax structure has been in force from Wednesday. The ministry had made a similar move after roll out of GST on July 1 this year, with the deadline for dual MRP till September 30, which was later extended to December 31.

 

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Govt to launch portal for security clearance in civil aviation from Dec 1

Source: Business Standard, Nov 15, 2017

New Delhi: The civil aviation ministry will soon launch a portal for security clearance-related works for various entities in the sector as part of efforts to improve the ease of doing business.

The portal would do away with paperwork with respect to seeking security clearances, according to Civil Aviation Secretary R N Choubey.

Whether it is for airlines, airports, cargo handling or ground handling agencies or those who wish to run a commercial business in terminal buildings, security clearances were becoming tedious, he said yesterday.

The online portal would be functional from December 1 and the initiative is part of the ease of doing business, he added.

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Govt floats new rules on building, repairing ships to boost quality, safety

index.jpgSource: The Hindu Business Line, Nov 14, 2017

Mumbai: The government has drafted new rules to ensure quality and safety of Indian-flag ships built or repaired at shipbuilding and repair yards (both local and overseas) while prescribing an age limit of 20 years for ships imported into India.

The new rules will also apply to equipment used on board Indian ships and their manufacturers and cover all Indian ships regardless of their size, nature of voyage or location of survey.The ‘Procedures for Certification of Shipbuilding/Repair Yards, Material and Equipment Manufacturing Works and Products as a Quality Control measure for Indian Ships’ is proposed to be implemented from April 1, 2018, Pradeep Sudhakar K, a Ship Surveyor at the D-G Shipping, wrote in a November 10 communication.

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Government will soon revamp Make in India to meet its twin objectives of jobs, GDP growth

indexSource: The Economic Times, Nov 14, 2017

NEW DELHI: In a complete rethink of the ‘Make in India’ initiative, the government will come up with policy interventions in key sectors that can help create jobs and sustainable economic development in the country.

From 25 focus sectors presently, the government is selecting four or five to ‘nurture’ them, with emphasis likely on labour-intensive and high-potential sectors such as leather, textiles and garments, engineering, pharmaceuticals and automobiles.

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Government expects mineral auction worth Rs 50,000 crore in 4 months of this fiscal

Source: The Economic Times, Nov 10, 2017

Minerals worth at least Rs 50,000 crore can be auctioned from 13-15 blocks in the remaining four months of the current fiscal with the upcoming proposed amendments in the auctioning rules, a top official of the Ministry of Mines said.These 13-15 mines could include limestone, iron ore, emerald and molybdenum among others.

“We would like the progress to pick up. We are certainly hoping that we will easily cross the Rs one lakh crore figure for the current year, with new 13-15 blocks expected in the remaining four months of FY18,” Union Mines secretary Arun Kumar said here last evening.

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Foreign investors return to Indian markets

Source: LiveMint.com, Nov 10, 2017

Mumbai: Foreign institutional investors (FIIs), who took a break from buying Indian shares in August and September, are returning after recent government announcements such as the Rs2.11 trillion PSU bank recapitalisation plan. FIIs are mainly buying into new shares.

Over October and November so far, FIIs have invested a net of $1.9 billion in Indian equities. For the year to date, they are buyers to the tune of $7.4 billion.

“It is the general pick-up in global inflows to emerging markets, and India is gaining. Also, the recent bank reforms in India are leading to expectations that there could be more reforms underway,” said Gautam Chhaochharia, head of research at UBS Securities India Pvt. Ltd.

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IBBI tightens rules on rescue plan approvals

Source: LiveMint.com, Nov. 08, 2017

New Delhi/Mumbai: Promoters proposing turnaround plans for their sinking companies will be subjected to a stringent test of creditworthiness and credibility, according to changes in rules introduced by the bankruptcy regulator on Tuesday.

The same test will be applicable to any other party submitting a rescue plan for such companies.

The Insolvency and Bankruptcy Board of India (IBBI) said on Tuesday it has amended its regulations to ensure that while clearing a turnaround plan, lenders take into account the background, credit worthiness and credibility of the party, including promoters, as part of their due diligence. Read the rest of this entry »