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GST Law ; SUO MOTU Action For Anti-Profiteering

Can punish firms not passing GST gains

The National Anti-Profiteering Authority, to be set up under the Goods and Services Tax (GST) regime, will have wide-ranging powers, including the power to issue notices to anybody that it feels warrants a “fair enquiry,” as per the rules finalised by the GST Council on Sunday.

The powers of the Authority include the ability to order a reduction in prices, impose a penalty, and even cancel the registration of a company deemed to have not passed on a tax rate reduction to consumers.

Cisco announces 1,100 more job cuts

Cisco Systems Inc. said Wednesday that it is laying off 1,100 more workers, deepening job losses at the internet gear maker battling declining revenue.

The new round of layoffs comes on top of the 5,500 jobs Cisco announced it was cutting in August. That amounted to about 7 percent of its workforce at the time.

Cisco sells routers, switches, software and services business and has seen its business hurt as more of its corporate customers rely on remote data centers for their computing needs instead of online networks maintained on their own premises.

UAE EXCHANGE INTRODUCES NEW SERVICE FOR FOREIGN TRAVELLERS IN INDIA

UAE Exchange India has introduced foreign currency buyback facility for foreign travellers. The facility will be a boon to foreign travellers who encounter loss while exchanging leftover currencies due to rate fluctuation.

Foreign Currency Buyback facilitates currency return at the same rate of purchase, thereby assisting the foreign travellers in saving unused currency. By adding more ensigns to foreign exchange services, UAE Exchange is the first financial service provider in India to offer advanced Buyback feature for currency exchange.

500 Million Dollar Loan by Asian Development Bank to Indian Power Projects

ADB or Asian Development Bank to lend 500 Million Dollars to improve large scale power transmission from Nothern India to Southern Indian region. It also includes integrating renewable energy to the power grid in India. The integration of inter-regional connectibvity enables bulkpower transmission to southern region, where the power consumption drastically increases during summer. This project definetly bridges the void in generation of power and consumption in the southern states like Tamil Nadu, Kerala. 

BHARTI AIRTEL SERVES NOTICE FOR TELCOM TURF WAR

New Delhi: Telecom operator Bharti Airtel’s move to acquire Telenor India an undisclosed sum has virtually triggered off a telecom turf war. Airtel is India's largest wireless operator with over 269 million subscribers and a revenue market share of over 33 percent. Airtel’s take over of Telenor India will give it access to the latter’s spectrum, licenses and operations,including its employees and customer base of 44 million. Airtel will acquire Telenor India's running operations in seven circles Andhra Pradesh, Bihar, Maharashtra, Gujarat, UP (East), UP (West) and Assam.

Now cash as cash on delivery!

E-commerce giant Snapdeal has come out with a novel 'Cash@Home' service, which allows users to order Rs 2,000 cash and get it delivered at their doorstep. "The launch of the cash on demand service is intended to further help our consumers tide over any cash crunch that they might face in addressing their daily needs," Snapdeal Co-founder Rohit Bansal said in a statement. Snapdeal will be using the cash that it receives through Cash on Delivery (CoD) to operate this facility.

Why the new currency introduced is different in size and thickness from the old, RBI governor explains.

After the demonetisation new notes of 500 and 1000 are being printed.The new notes are entirely different from the scrapped ones,with less thickness and small size.RBI governor Urjit Patel said that the reason for the difference in thickness and size is, "People have asked about this.This is because the new currency has been designed to make it hard to counterfeit. When you are going to make a change of this magnitude, you need to get the best standards in place," Patel said.

Rupee hits record low.

Indian currency has hit a record low of 68.86 per dollar on Thursday. The low surpassed the rupee's previous all-time low of 68.85 hit in August 2013, when the country was mired in its worst currency crisis in more than two decades.The Reserve Bank of India (RBI) is likely to intervene after the rupee , pressured by broad strength in the U.S. dollar, capital outflows from emerging markets, and worries about India's demonetisation drive. The intervention from the RBI sparked a slight rebound in the rupee to 68.83, traders said.

Gold bought in tons after demonetisation.

The bolt from the blue that the decision to demonetise 500 and 1000 rupee notes is,has made people absolutely frantic.After the announcement of the govt. people who had stashed black money,have looked for ways to convert their unaccounted money into white. Investing in Gold has always been one of the safest and easiest options.Now reports suggest that tons of gold were sold in just two days after the big demonetization announcement by the govt. on 8th November.

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