Economy

Jul 82020
A formal Memorandum of Understanding (MoU) was signed today between the Central Board of Direct Taxes (CBDT) and the Securities and Exchange Board of India (SEBI) for data exchange between the two
Shri M. Ajit Kumar, Chairman, Central Board of Indirect Taxes & Customs (CBIC) unveiled several new and modern testing equipment inducted into the Central Revenues Control Laboratory (CRCL) which would significantly enhance the in-house testing capability of the Customs leading to faster import and export clearances.  He also launched new IT functionalites for supporting “Contactless Customs” under the CBIC’s flagship programme, “Turant Customs”.
The view to improve the liquidity position of NBFCs as well as HFCs, the Union Minister for Finance & Corporate Affairs Smt Nirmala Sitharaman had announced on 13th March 2020, launch of a Special Liquidity Scheme of Rs. 30,000 crore.   RBI will provide funds for the Scheme by subscribing to government guaranteed special securities issued by the Trust. The total amount of such securities issued outstanding shall not exceed Rs. 30,000 crores at any point of time.  Government of India will provide an unconditional and irrevocable guarantee to the special securities issued by the Trust.
The Amendments in the Indian Stamp Act, 1899 brought through Finance Act 2019 and Rules made thereunder will come into effect on1st July, 2020 vide notifications dated 30th March, 2020.
The Government has been celebrating the Statistics Day, to popularise the use of Statistics in everyday life and sensitise the public as to how Statistics helps in shaping and framing policies. It has been designated as one of the Special Days to be celebrated at the national level and is celebrated on the birth anniversary of Prof. P C Mahalanobis, on 29thJune, in recognition of his invaluable contribution in establishing the National Statistical System.
STIP 2020 Town Hall Meet, the Track-I public & expert consultation process for the formulation of Science, Technology and Innovation Policy (STIP) 2020 was launched by the Principal Scientific Adviser to the Government of India Professor K VijayRaghavan and Secretary, DST Professor Ashutosh Sharma on June 12, 2020.
The Income Tax department has so far approached 5,627 firms and individuals with the suggestion to take advantage of the 'Vivad Se Vishwas' scheme, which was set up to resolve tax dispute cases pending before March 31. This includes many large taxpayers. The Income Tax Department, including foreigners, is contacted by letters and phone calls.
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. 
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.
There may be no income tax deduction in the Union Budget this year. This is because tax revenues will be less than Rs 2 lakh crore in the current fiscal. Income tax and corporate tax revenue are projected to decline by Rs 1.50 lakh crore over the current fiscal. With this, there will be a reduction of Rs 50,000 crore in GST. 

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Food & Entertainment

Jul 92020
Crispy Fish Fingers 1. Fish - 1/4 kg 2. Turmeric powder - half a small spoon Ginger - One piece of ginger