Taking yet another measure to check inflation through improving domestic supplies, the government today stopped export incentives on basmati rice. "Export of basmati rice shall not be entitled for DEPB (Duty Entitlement Pass Book) benefits," the Directorate General of Foreign Trade said in a notice. Government has already banned export of non-basmati rice & revised upward the minimum export price for basmati rice. Inflation for the week ended March 22 has touched the 7% mark.
"If the tax holiday is withdrawn, STPIs will lose the level-playing field vis-a-vis special economic zones. We have recommended that the government either withdraw the tax holiday to SEZs or continue the incentive to IT companies," an official with knowledge of the deliberations told Business Standard. STPIs enjoy direct tax exemption under sections 10A and 10B of the Income-Tax Act, 1961. The benefits are scheduled to expire on March 31, 2009.
Congress leader and ex-finance minister P Chidambaram on Tuesday said the Union Budget was the "most capitalist" with nothing for the poor and farmers while sops were being provided to big industrialists turning India into a very "unequal country". At a press conference after Union Finance Minister Nirmala Sitharaman unveiled a Rs 39.45 lakh crore Budget, he said because of the ruling party's "brute majority" the Lok Sabha pass the Budget but people will reject it. He claimed the Bharatiya Janata Party was going to elections, scheduled in five states, not with their performance or with the promises and assurances to the people, but solely "with the agenda of dividing the country and bringing Hindutva back to power".
Payments to farmers in the form of subsidies tend to encourage the production of food, fibre and biofuels, under-valuing the beneficial services that the farmers can render in fields such as carbon storage, flood control, water conservation and biodiversity protection. The farm sector can sequester and store over two billion tonnes of carbon in 50 countries till 2012, when the tenure of the present Kyoto pact on climate change comes to an end.
Union Health Secretary Rajesh Bhushan reviewed the status of passengers coming from the UK to India and found positive in Maharashtra, Karnataka, Telangana, Tamil Nadu, West Bengal, Goa, Punjab, Gujarat and Kerala and their response measures in a meeting held through video conferencing.
The finance ministry, in the explanatory memorandum to the Finance Bill 2008-09, proposes to withdraw the tax holiday which has been a window the petroleum ministry has been using to market the oil and gas exploration blocks under the New Exploration and Licensing Policy (Nelp) since 1999. The commitment to give a 7-year tax holiday to companies producing gas from Nelp blocks was finalised by the Union Cabinet after consultation with the finance ministry.
Job-oriented sectors such as tea, cashew, apparel, carpets, leather, textiles and handicrafts continue to face weak demand in traditional markets such as Europe and the US.
The Finance Ministry may introduce a proposal in Budget 2008-09 to allow urban cooperative banks to get tax deductions up to a specified limit for the amount they set aside as provisions for bad loans.
"The two-wheeler industry is one of the very few industries which has witnessed a degrowth during the last fiscal due to lack of funding options in rural areas," Hero Honda Managing Director Pawan Munjal said on the sidelines of Hero Mindmine Summit.
The ministry of home affairs on Tuesday clarified India's stand of giving Asylum to Myanmar refugees, saying that the country is not a signatory to the 1951 UN Convention relating to the Status of Refugees and the 1967 Protocol thereon.
The measures are part of a package of nine concessions that were suggested by the commerce ministry around eight weeks ago and are awaiting cabinet approval.
Defending champions Saurashtra will start their Ranji Trophy preparations with a training camp in Rajkot from the first week of November by strictly following all the state government and BCCI guidelines on COVID-19 pandemic.
The committee on financial inclusion, headed by C Rangarajan, the chairman of Prime Minister's Economic Advisory Council, has recommended that the profits transferred to their reserves by such banks should be exempted from tax till the banks achieve the standard capital adequacy ratio (CAR).
The official said that media would be allowed to cover both the Tests from the press box at the stadium.
Ruling out the implementation of value-added tax from June 1, Finance Minister Jaswant Singh on Wednesday announced several excise duty concessions on edible oil and textiles.
The Commerce Ministry, according to an official, has proposed interest subsidy for different sectors like engineering which are reeling under the impact of global economic slowdown.
The Delhi government has allowed reopening of bars, public parks and gardens from Monday under a phased easing of restrictions, which were imposed due to the second Covid wave.
Intensifying screening of international passengers at airports, asking educational institutions to postpone their public events, and limiting gatherings, meetings, conferences to 500 people, are among the other measures announced by the government.
Export-Oriented Units (EOUs) in the country are likely to continue to enjoy income-tax benefits even after the ensuing deadline of March 2009.
Sugar mills may get some relief from the government following a proposal to raise the interest rate subsidy on loans against excise duty paid by the mills during the last and current financial years.
Both CSK and RCB are based out of Dubai while the Rohit Sharma-captained Mumbai Indians are camping in Abu Dhabi.
The decision came just ten days after his two-year-old government announced it will provide compensation to 128 families of the infamous 1989 Bhagalpur riots, who were till now denied compensation.
The government gives transport assistance for export of flowers while floriculture is yet to be defined as agriculture denying the growers several benefits available to farmers. It said Indian Council of Agricultural Research and state agricultural universities should increase their efforts in developing elite varieties and production technology suitable for the domestic climate.
Gujarat Congress on Friday made scores of electoral promises targeting 75 per cent of the electorate which includes the OBC, SC-ST, minority, differently-abled and dalit voters.
Finance Minister Arun Jaitley said Sebi would develop new products in the commodity derivatives space apart from taking steps to deepen the corporate bond market.
The Budget has levied a pollution cess on petrol, diesel cars and SUVs and offered a one-time compliance window for domestic black money holders slapping a tax and penalty of 45 per cent.
A Muslim cleric in northwest Pakistan has been arrested under the tough anti-terrorism act for threatening to kill Malala Yousafzai in a suicide attack and instigating people against the Nobel Laureate for her recent comments on marriage, police said.
The officials said Pakistani intelligence operatives have adopted the modus operandi of investing in illegal call exchanges that switch Voice over Internet Protocol (VoIP) calls to normal Indian mobile calls.
Commerce and Industry Minister Anand Sharma had earlier said the government would not hesitate in assisting sectors that employed huge amount of people if they failed to achieve growth. Some of those sectors were handicrafts, textiles, leather, engineering goods, rice and carpets.
In a bid to end India's dominance in the outsourcing industry, China has announced that it will not levy operating taxes on offshore service outsourcing business in 21 of its key cities till 2013 to promote growth of the industry.
The bench said that there are reports coming that many areas doctors are not being paid. "We saw report that doctors went on strike. In Delhi, some doctors have not been paid for past three months. These are concerns that should have been taken care off. It should not require court intervention."
Delhi Chief Minister Arvind Kejriwal on Friday announced annual revision of auto fares based on inflation, provision for training of drivers by transport department and relaxation in some of the rules for them.
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