583

Government Decides To Relax Angel Tax Norms For Startups Giving A Major Relief To Startups

New Delhi: The government has decided to relax angel tax norms for startups giving a major relief to startups including increasing the investment limit to Rs 25 crore for availing income tax concessions by startups.

Currently, startups avail tax concession only if total investment, including funding from angel investors, does not exceed Rs 10 crore.

A notification regarding simplifying the process for startups to get exemptions on investments under section 56(2)(viib) of Income Tax Act, 1961, will be issued shortly, the official said.

543

India Feasting On Venezuelan Oil As The US Imposes Ban On Crude Imports From Latin American Nation

New Delhi: India is feasting on Venezuelan oil, after the US imposed a de facto ban on crude imports from the Latin American nation. With flows to the US coming to a halt, India becomes No 1 buyer of Venezuelan crude in the first half of February, 2019 with imports jumping 66 percent to 620,000 barrels a day.

 Indian refiners Reliance Industries Ltd and Nayara Energy Ltd, which is backed by Rosneft Oil Co PJSC, are driving the boost. Still, Venezuelan crude exports have plunged since US President Donald Trump ratcheted up sanctions against the country’s oil company. Shipments of oil, the commodity that bankrolls the regime of embattled president Nicolas Maduro, fell to 1.12 million barrels daily in the first half of February, down 9.2 percent compared with the same period in January. No U.S.-bound vessels have left Venezuelan ports in that time.

503

First International Flight Lands In Surat in Gujarat Bringing The City To International Aviation Map

New Delhi: Surat, the diamond city of Gujarat, has made it to the international aviation map with the first Air India Express flight arriving in Surat carrying 75 passengers from Sharjah.

The maiden Air India Express flight IX 172 from Sharjah touched down at the Surat airport at 11.30 pm on Saturday with 75 passengers on board the Boeing 737-800 aircraft, the airline said in a statement.

The passengers were received by the airline’s chief executive officer K Shyam Sundar and other dignitaries, it said.

403

Aviation Regulator To Review Flight Schedule Of Jet Airways Twice In A Month To Monitor Cancellations

New Delhi: The aviation regulator has decided to review the flight schedule of cash-strapped Jet Airways twice in a month to monitor the number of cancellations.

The Directorate General of Civil Aviation (DGCA) is also assessing the situation at IndiGo, which is cancelling almost 30 flights daily but said its operations are likely to return to normal in two or three days.

DGCA has approved the winter schedule of Jet Airways, but with the busy summer season approaching, the regulator wants to keep tabs on how many flights the airline is able to operate.

363

Inflation Based On Wholesale Prices Falls To A 10-Month Low Of 2.76 Per Cent In January

New Delhi: According to government data released on January 14, 2019, Inflation based on wholesale prices fell to a 10-month low of 2.76 per cent in January over the previous month on softening prices of fuel and some food items,

The Wholesale Price Index (WPI)-based inflation stood at 3.8 per cent in December, 2018, and 3.02 per cent in January 2018.

WPI inflation stood at 2.74 per cent in March 2018. Inflation in kitchen essentials like potato, onion, fruits, and milk softened in January over the previous month, the data revealed.