Mineral production up 3.3%

Source: The Hindu Business Line, Apr 19, 2017

Mineral production of mining and quarrying sector was 3.3 per cent higher in February 2017 as compared to the corresponding period last year.

An official statement from the Ministry of Mines said, “The total value of mineral production (excluding atomic & minor minerals) in the country during February 2017 was Rs. 22,395 crore.”

The contribution of coal was highest at ₹9,519 crore (43 per cent). Crude oil was second at Rs.5084 crore, iron ore was at Rs.2,763 crore. Next was natural gas (utilized), at Rs.2,025 crore, lignite at ₹811 crore and limestone at ₹560 crore. These six minerals together contributed about 93 per cent of the total value of mineral production in February 2017. Gold production was 4 per cent lower and stood at 97 kg, Diamond production jumped 18.7 per cent at 4929 carat.

Finance Ministry approves 8.65% interest rate on EPF

Source: The Hindu Business Line, Apr 16, 2017

New Delhi: The Finance Ministry is believed to have permitted the Labour Ministry to go ahead with 8.65 per cent rate of interest on employees’ provident fund for 2016-17, which will benefit over four crore EPFO members.

The Finance Ministry in its communication to the Labour Ministry has, however, put a rider that the interest rate should not result in a deficit for the retirement fund. This will enable the Labour Ministry to provide 8.65 per cent rate as decided by the Employees’ Provident Fund Organisation (EPFO) trustees.

According to EPFO estimates, the fund will see a surplus after providing 8.65 per cent interest rate for the last fiscal. Read the rest of this entry »

PAN, TAN to be issued in a day for ease of doing business

download (13)Source: Business Standard, Apr 11, 2017

New Delhi: In another move to improve ease of doing business in India, the Income Tax Department has tied up with the Corporate Affairs Ministry (MCA) to issue Permanent Account Numbers (PAN) and Tax Deduction Account Numbers (TAN) within a day, an official said on Tuesday.

“The Central Board of Direct Taxes has tied up with MCA to issue Permanent Account Number (PAN) and Tax Deduction Account Number (TAN) in one day,” a Finance Ministry statement said.

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Government makes compliance of Labour Laws and Rules easy

Source: IBEF.org, Apr 11, 2017

New Delhi: The Government has undertaken an exercise to promote ease of compliance of LabourLaws and Rules byvarious establishments. The “Rationalisation of Forms and Reports under Certain Labour Laws Rules, 2017” has reduced the number of forms and reportsprescribed under 3 Acts and the Rules made thereunder from 36 to 12. The overall aim of the exercise is to make the forms and reports easy to understand for the users. This will save efforts, costs and lessen the compliance burden of various establishments.As per the sixth Economic Census of Central Statistical Office, conducted during 2013-2014,there are about 5.85 crore establishments in agriculture and non- agriculture sectors of the country.

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Govt prepares draft guidelines for accreditation of NGOs

download (4).jpgSource: The Economic Times, Apr 06, 2017

NEW DELHI: The rural development ministry has drawn up draft guidelines for the accreditation of NGOs and other voluntary organisations, it informed the Supreme Court on Wednesday.

These include proposals on how they should maintain their accounts and the course of action if they misused grants. The draft also details conditions under which criminal action could be initiated.

Additional solicitor general Tushar Mehta circulated the proposals in the court on Wednesday to seek suggestions. The proposed norms, said the ministry, would help ensure transparency and autonomy of NGOs.

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Under new regime, foreign tourists with e-visa can stay up to 2 months

download (2).jpgSource: Business Standard, Apr 04, 2017

New Delhi: Foreign tourists visiting India on e-visa can now stay up to two months, instead of the earlier one, and enjoy double-entry benefits while those coming for treatment can avail the triple-entry facility.

Home Minister Rajnath Singh said on Tuesday that a new liberalised visa regime has been rolled out by the government beginning April 1 under which tourists coming on e-visa can stay up to two months with double-entry benefits. “Duration of stay on e-visa increased from 30 days to 60 days with a double entry on tourist and business e-visas and triple entry on medical e-visa,” he said in a statement.Earlier, a tourist coming on e-visa could stay in India up to 30 days only.

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Indian M&E industry to grow at 13.9% CAGR to reach Rs 2,419.4 billion by 2021

Source: The Economic Times, Mar 22, 2017

Mumbai:The Indian Media and Entertainment (M&E) industry is projected to grow at a faster pace of 13.9% CAGR over the period 2016–21, with advertising revenue expected to increase at a CAGR of 15.3% according to the FICCI-KPMG Media and Entertainment industry report 2017.

The report was released by on the inaugural day of the three-day annual media conclave

FICCI FRAMES.

According to the report, 2016 was a mixed bag for the M&E industry and while the digital ecosystem penetrated further into the citizens’ day-to-day lives and opened up new avenues of consumption and revenue, it was time for introspection for many parts of the industry.

For instance, television experienced slower growth due to a lacklustre year for subscription revenues, which have faced headwinds owing to continued challenges around digitisation and its intended benefits flowing through the value chain.

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