Business

Feb 272020
The 24th meeting of the Eastern Zonal Council, comprising of the States of Bihar, Jharkhand, Odisha and West Bengal, is scheduled to be held on 28th February 2020 at Bhubaneswar. The last meeting o
Bajaj Auto is gearing up to develop its own inexpensive electric two-wheeler for its startup Yulu, a rental startup that offers low-cost electric scooters. It will be a one-seat, low-power electric scooter. They cost between Rs 30,000-35,000. Bangalore-based Yulu is a company that imports electric car kits from China and assembles them in India. Yulu hopes to reduce the cost of importing the electric scooter kit from China as they are made in India. Each electric bike now costs 600 dollars. By building Bajaj Auto, the cost of a bike can be reduced to 500 dollars. 
The Government of India has begun to eliminate the GST and Customs duties and to stop the sales of foreign e-commerce platforms in India. With the introduction of a prepaid tax system for cross-border transactions, purchases of products through overseas e-commerce platforms are expected to cost up to 50 per cent.
Finance Minister Nirmala Sitharaman says the decision to merge ten public sector banks will not be backed down. The Finance Minister said this amid speculation that the merger would not take effect on April 1, the date announced earlier. "The four big lending institutions will not be allowed to be delayed until they come into existence," she said. 
The Ministry of Corporate Affairs (MCA) administers Companies Act/ Limited Liability Partnership Act. The MCA has been taking steps on an ongoing basis by amending the Act and the rules and forms thereunder, from time to time in the years 2015, 2017 & 2019, to reduce the cost of compliance and for ease of doing business.
In order to promote green, safe and sustainable mining practices using technology as a tool, Ministry of Coal (MoC) has launched a web portal for star rating of coal mines. Which enables all operational coal mines across India for self-rating, their subsequent validation by Coal Controller’s Organization (CCO), further evaluation and finally award of star rating. 
Finance Minister Thomas Isaac says the promotion of electric vehicles is the government's policy. The first five years of electric autorickshaws will be completely exempted from tax. The first five-year tax rebate on newly purchased petrol and diesel autos has been lifted. Instead, the first five years of such vehicles will be taxed at Rs 2,500. 
During the Central Budget, everyone's attention is turned to the RBI's monetary policy review. The final meeting of the six-member Financial Monitoring Committee (MPC) will be chaired by Reserve Bank Governor Shaktikanta Das. GDP growth is expected to reduce interest rates as the GDP declines to 5 per cent in the April-June quarter from 4.50 per cent in the July-September quarter, but MPC was not willing to do so in December. The main interest rate remained unchanged, pointing to the onset of inflation. Retail inflation rose to 4.62 per cent in October from 3.99 per cent in September.
The government has made it clear that expatriates only have to pay tax on their income from business or work abroad. Income from work or business abroad is not taxed in India. The Finance Ministry made the announcement on Sunday in the wake of misinterpretations in the media of its budget proposal to stay abroad for at least 240 days. The Budget Proposal is not intended to bring in foreign workers to the tax bracket.
Transfer of vehicles from anywhere in the country can now take place in the state. State-owned NOCs for interstate vehicle transfers Several documents were required, including. It would have taken months to organize and deliver the vehicle. 
RBI plans to increase insurance coverage amid rising demand from various sectors in connection with the collapse of the PMC bank. Insurance coverage for bank deposits may be raised to Rs 2 lakh. The announcement will be made in the budget.  The amendments will be introduced in the Act for the Deposit Insurance and Credit Guarantee Corporation Act to provide insurance protection for investments. There is currently an investment of up to Rs. This was fixed 25 years ago. As per the current average, 70% of the accounts hold less than Rs 2 lakh.   

Pages