Govt Allows Tax Soap For Startups Raised Money Up To Rs 10-Crore

New Delhi: The Centre on Friday allowed tax benefits for startups that have raised up to Rs 10 crore from angel investors, including investments made before April 2016 when the new regime kicked in, as it sought to find a solution to the long-pending dispute between investors and tax authorities.
Several startups had received notices for violation of section 56 of the I-T Act for issuing shares beyond what was estimated to be the fair market value. In these situations, the additional premium is added to the income of the company and taxed, raising concerns among investors as well as startups.


Cabinet Allows Ministers Of Finance And Petroleum To Award Oil And Gas Blocks

New Delhi: The Union cabinet on Wednesday allowed ministers of finance and petroleum to award oil and gas blocks to winners in the ongoing auction, bids for which are due on May 2. This has been in a bid to expedite the process of awarding of licences. Till now, only the Cabinet headed by the Prime Minister had the powers to approve the award of a block or area for the exploration and production of oil and gas.
“In line with the government’s initiative of ease of doing business, the Union Cabinet chaired by Prime Minister NarendraModi has given its approval for delegating the powers to minister of petroleum and natural gas and finance minister to award blocks/contract areas to successful bidders,” an official statement said.


WEF Looks India As leader for fourth industrial revolution

New Delhi: World Economic Forum (WEF) is of the view that India can play a pivotal role in shaping the global fourth industrial revolution Taking advantage of its human resources dividend. Over half of India’s population is under the age of 27.

"The advent of the fourth industrial revolution can help India leapfrog traditional phases of development and accelerate its transition to a developed nation," World Economic Forum (WEF) President Borge Brende said. With more than 50 per cent of its population is under the age of 27, India can play a pivotal role in shaping the global fourth Industrial revolution in a responsible, scalable and inclusive manner, Brende said in a blog on Prime Minister Narendra Modi's website.

The combination of technological breakthroughs such as artificial intelligence, blockchains and Internet of Things is the fourth industrial revolution. Deploying these technologies optimally and strategically can create a potent mix of resources and infrastructure that can yield better quality, more sustainable growth, he added.

The WEF has already partnered with the Indian government to set up the Centre for the Fourth Industrial Revolution India in Mumbai. The centre will work to accelerate the development and implementation of governance protocols for emerging science and technology to serve citizens, society and the public at large.

The forum has identified India as a partner since it is a key economic, political and social shaper of the 21st century's global, regional and industry systems. 

With one of the youngest labour forces in the world, a sizeable technical aptitude, the second largest number of internet users on mobile devices and the second largest English speaking population, India is well positioned to enhance its global leadership in a post fourth industrial revolution era, Brende said.


Kochhar May Have To Step Down Till Investigation Against Her Continues

New Delhi: In all likelihood a proposal could come forth for an interim CEO of ICICI Bank, with Kochhar temporarily stepping down until the investigations are over as one of the board member of ICICI Bank is of the view that the focus should be on asserting the strength of the institution rather than defending allegations against an individual amid investigations into ICICI Bank CEO ChandaKochhar’s alleged conflict of interest continuing.
The bank, which is predominantly owned by foreign institutional investors, is facing queries with respect to various media reports. Earlier in the day, ICICI Bank had denied reports that some directors want Kochhar to step down temporarily.


India Imposes Anti-Dumping Duty on Import of Chemicals From China

New Delhi: India has imposed anti-dumping duty on import of a chemical from China to protect the domestic manufacturers from cheap shipments. As per a notification of the Central Board of Excise and Customs (CBEC), anti-dumping duty of $1,685.42 per metric tonne has been imposed on import of Phosphorus Pentoxide from China. The duty has been imposed for five years.
Phosphorus Pentoxide is used as a powerful desiccant and dehydrating agent and is a useful building block and reagent in the chemical industry.
Acting on a complaint of Sandhya Dyes & Chemicals, the Directorate General of Anti-Dumping and Allied Duties (DGAD) had carried out a probe into the imports of the chemical to ascertain if the shipments were causing injury to the domestic manufacturer of the chemical.