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Finance

No more custom duty charges on medicines for AIDS

News: The government has proposed to make the drugs used to treat AIDS and other diseases cheaper. The drugs and equipment will be exempted from custom duty. In a notification issued by the Central Board of Excise and Customs it has been stated that this exemption will be effective from March 31, ...

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No more service tax for dining in non-AC restaurants

News: Service Tax will not be levied on customers dining in restaurants without air conditioning facility or central heating. Even the restaurants that have ACs or central heating will levy service tax only on 40% of the total bill amount. Finance ministry also specified, “In case of air-conditioned or air-heated ...

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Indian lands miss performance yields

News Prime Minister Narendra Modi’s native state Gujarat and 18 others have failed to introduce basic urban and municipal reforms, thereby losing out on crores of rupees of performance grants. A status report of the urban development ministry shows that while Gujarat missed the bus, other BJP-ruled states of Madhya ...

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Govt imposes anti-dumping duty on some stainless steel imports

News: The finance ministry has imposed anti-dumping duties ranging from $180 to $316 per tonne for some industrial-grade stainless steel imported from China, Malaysia and South Korea in a bid to stem surging imports and protect the domestic industry. The move comes after India’s trade ministry said in March the ...

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Banks asked to keep a check on illegal asset flows: Switzerland

News: To act against black money menace, Switzerland will put in place stricter due diligence norms for banks to prevent inflow of illicit assets into the country. Description: Banks would have to terminate their relationship with existing clients in case they are unable to provide the required tax compliance proof ...

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Window dressing of accounts to be checked by the banks

News:  The government is overhauling the annual targets for public sector banks from this month, to focus on size that has long encouraged banks to inflate their loans and deposits at the year-end to hit growth objectives. Description: Overhauling the bloated and often sluggish state banks is critical for the ...

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LIC of India-foreign insurance company in Bangladesh

News Bangladesh has granted permission to the Life Insurance Corporation of India (LIC) to run its business, making it the second foreign insurance company to operate in the country. Bangladesh has given LIC a letter of consent upon certain conditions. They will be able to start operations once they are ...

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Govt plans to integrate 36 services with EBIZ portal

News: The government has proposed to integrate 36 central and state government services such as application for environment clearance, property tax and factories licence with the e Biz portal. Description:  India has been ranked 142 among the 189 countries and the government is aiming to bring India into the top ...

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