955

Income Tax Department Launches The Facility Of e-PAN On A Real-Time Basis

New Delhi: A move which is expected to reduce the interaction with the department and help taxpayers generate the permanent account number (PAN) without any hassle, the tax department on Friday launched the facility of e-PAN on a real-time basis.

The facility is free of cost and you can you can log onto the income tax portal to generate the e-PAN. It is available for resident individual tax payers and not for Hindu undivided family (HUF), firms, trusts and companies, and is open for a limited period on a first-come, first-served basis for valid Aadhaar holders.

You will not need to submit any documents. The e-PAN will be generated using the details available in Aadhaar. So, you need to make sure that these are details updated because the e-KYC will be done using the Aadhaar database.

904

India Indicates Withdrawing Notification Imposing Additional Duties On 29 American Products

New Delhi: If both the sides are able to sort out the differences over tariffs, India indicated that it might withdraw the notification imposing additional duties on 29 American products, to be effective from August 4.

“The implementation date for the notification is August 4. We are hopeful of resolving the tariff issues before that,” they said. These issues were discussed during the three-day meeting between senior officials of both the countries in New Delhi. It has been decided that another official level meeting will be held next month in the US.

“A delegation will visit anytime after the mid of next month to finalise the final list of identified products on which a certain kind of announcement would be made by political leaders of both the sides,” they added.

424

Internal Probe Indicates Nexus Of PNB Officials In Nirav Modi Scam

New Delhi:In the Rs 14,000 crore Punjab Nation Bank fraud case involving NiravModi, an internal investigation report has indicted the management, circle and zonal officers, treasury and forex departments and the international banking division along with auditors for ignoring widespread violations, unethical practices and dereliction of responsibilities. These things have led the bank to such a “catastrophe”.

For instance, if PNB’s audit department had checked the SWIFT messages logs, a single activity would have nailed the whole act at the incipient stage, the report said. The report added that the bank didn’t verify the commission vouchers for opening for Foreign Letters of Credit (FLCs) and, subsequently, wrong SWIFT log generation was sent by the Mumbai circle office to the zonal office and to the head office in Delhi.

391

BSE To Facilitate Listing Of IT, ITES, Bio-Technology And Life Sciences Cos To Promote Startups

New Delhi:  Leading stock exchange Bombay Stock Exchange (BSE) has decided to launch a new platform next month to list the new-age companies. This is an attempt to make stock market listing attractive for startups, This platform will facilitate the listing of companies in sectors like IT, ITES, bio-technology and life sciences, 3D printing, space technology and e-commerce.

Besides, the platform will aid in listing of companies from hi-tech defence, drones, nano technologies, artificial intelligence, big data, virtual reality, e-gaming, robotics, genetic engineering, among other sectors.
In order to provide further incentive to startups, the exchange has announced BSE startup platform at its SME (small and medium enterprise) segment.

382

Government Move To Get Oil Companies To Hedge Crude Oil Price Runs Into Red Tape

New Delhi: The government has been considering a series of steps, including a reduction in levies and hedging of bets that would have covered the risk of prices going below or above a certain level but the government's move to get oil companies to hedge crude oil price risk as part of the rejig plan for pump prices has run into a bureaucratic wall.

While the plan has not been junked, a decision will be announced at an "appropriate time", said an official working closely on the proposal. After the Karnataka elections, the government had faced flak as retail prices of petrol and diesel repeatedly went past record levels, putting pressure on household budgets, prompting the government to deliberate on a strategy to combat the impact of a jump in global crude oil prices, which have softened over the last few weeks.