India and China achieved a major milestone this year when their bilateral trade crossed the landmark figure of $100 billion but it did not generate any fanfare in both capitals as the two Asian giants are going through a "particularly bad patch" in their relations due to a set of actions by Beijing in violation of agreements that led to the military standoff in eastern Ladakh. Starting with a modest $1.83 billion in 2001, the bilateral trade crossed $100 billion-mark in the first 11 months this year, a significant milestone for which the two countries carried out campaigns to boost trade and build it as a major stakeholder to improve the relations between two nations, whose ties otherwise remained frosty over the festering boundary dispute and strategic rivalry. According to last month's data from China's General Administration of Customs (GAC), the India-China bilateral trade totalled $114.263 billion, up 46.4 per cent year-on-year from January to November 2021.
China on Wednesday said it will take "strong and effective" countermeasures against the US and Taiwan for violating the "One-China policy", as the US House of Representatives Speaker Nancy Pelosi successfully completed her visit to Taipei disregarding Beijing's vociferous threats.
The highly-anticipated summit, which began early Tuesday, is the third engagement between Xi, 68, and Biden, 78, since February.
He praised the PLA's combat readiness.
Chinese President Xi Jinping on Sunday said the People's Liberation Army has the confidence and capability to defeat all invading enemies as he inspected a massive military parade at the country's largest military base to mark the 90th founding anniversary of the 2.3-million strong army.
The finance minister may stagger some of the recommendations.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
China's parliament on Thursday adopted the 14th Five-Year Plan, the mega blueprint containing billions of dollars worth of projects, including the controversial hydropower project on the Brahmaputra river in Tibet close to the Arunachal Pradesh border over which India has raised concerns.
Experts said the direction is meant to maintain party unity.
The 7th CPC places the Indian Police Service (and, almost in passing, the Indian Forest Service) on a level with the Indian Administrative Service, leaving the military out in the cold.
There was widespread criticism from opposition parties and the military establishment over a letter issued on September 30 which had introduced a slab-based system
Senior Chinese Communist Party leader Zhang Dejiang, who replaced disgraced Bo Xilai as the party chief of Chongqing, was on Thursday elected as chairman of the country's Parliament.
The Chinese military, on the last day of its largest-ever military exercises to vent out its anger over United States House Speaker Nancy Pelosi's visit to Taiwan, carried out island saturation attack drills in the Taiwan Straits, amid global concerns of a full-scale attack to annex the breakaway island which Beijing claims is part of its territory.
China on Friday hiked its defence budget to $209 billion, maintaining a single-digit growth for the sixth consecutive year with a 6.8 per cent increase in 2021.
The president said China would never allow "any people, organisation or political party to split any part of Chinese territory out of the country at any time, in any form."
Sri Lanka on Thursday signed an agreement with India to jointly redevelop the strategic World War II-era oil tank farm in the island nation's eastern port district of Trincomalee, in a new milestone in bilateral economic and energy partnership.
The new measure will ease the process of quick generation of refunds of taxpayers.
'If the situation escalates, then mini-scale firing might happen.'
Income Tax dept to enhance prosecution against large defaulters.
Chinese President Xi Jinping has underlined the need for building a combat-ready army and accelerate the building of the theatre joint combat command system, amidst the People's Liberation Army flexing its muscles in the disputed South China Sea.
The Cabinet on Friday gave mandate to the 7th Pay Commission for revising salaries of over 50 lakh central government employees and remuneration of 30 lakh pensioners.
Zhou Yongkang, one of China's top leaders in the previous Hu Jintao's regime, has been charged with trading power for sex, adultery and leaking state secrets.
The official cited it as an example of 'how the Chinese military is trying to resolve issues through dialogue mechanisms'.
The Chinese Olympic Committee is unlikely to follow the example of their Canadian counterparts and withdraw from this summer's Tokyo Olympics, a former high-ranking official was quoted as saying on Monday as opposition to holding the event grows.
"The amount of both the family pensions will now be restricted to Rs 1,25,000 per month, which is over two and half times higher than the earlier limit," said Singh, the Minister of State for Personnel.
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China hiked its annual defence budget by 7.1 per cent.
In order to weed out the hassle of sending by post a hard copy of e-filed return, the Income Tax department has decided to bring in the facility of electronic signatures for taxpayers to endorse their bonafides.
The dispute between RCom and Chinese banks led by ICBC started after Anil Ambani led company defaulted on its loans to Indian as well as Chinese banks. A British court on May 22 asked Ambani to pay nearly $717 million to three Chinese banks within 21 days.
China's former security czar Zhou Yongkang was on Friday charged with bribery, abuse of power and intentional disclosure of state secrets, making him the senior-most official to face trial in recent decades.
Xi said that all poor people in rural areas have been lifted out of poverty. With this, China has achieved the United Nations goal of poverty eradication 10 years ahead of the 2030 deadline, he said.
Singhvi said for this government it seems national security is not important.
Recent IMF forecast said China's growth is expected to slow down.
Arjuna Ranatunga was arrested on Monday for the first violent incident amidst the on going political crisis in the country.
A delegation of the Communist Party of China left Beijing for a visit to India, the official Xinhua news agency said in a brief report. The delegation is headed by Liu Qibao, member of the CPC's powerful Central Committee.
China on Friday operationalised its first fully electrified bullet train in the remote Himalayan region of Tibet, connecting the provincial capital Lhasa and Nyingchi, a strategically located Tibetan border town close to Arunachal Pradesh.
Railway Minister Ashwini Vaishnaw on Wednesday urged job aspirants not to destroy public property and assured them that their grievances would be resolved as candidates went on a rampage over alleged irregularities in a recruitment exam by the public transporter.
Prabhu hoped that during this 3-4 years period, railways would be able to absorb the impact from their resources
The new office will have its base in the national capital.
