National Anti-Profiteering Authority (NAA), the institutional mechanism under the GST law to check the unfair profit-making activities by the trading community, and mandated to ensure that the benefits of input credit and the reduction in GST rates on specified goods or services are passed on to the consumers by way of a commensurate reduction in prices, has been set up as approved by the Union...
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N. K. Singh to Head the 15th Finance Commission
15th Finance Commission setting up has been approved by the Union Cabinet chaired by the Prime Minister Narendra Modi on November 22, 2017. It will assess the tax resources of the country and suggest a formula for their devolution among states for the five years commencing April 1, 2020 and to review the levels of fiscal deficit, among other issues. Under Article 280 (1) of the Consti...
Insolvency & Bankruptcy Code Bars Defaulting Promoters
Insolvency and Bankruptcy Code, 2016 (IBC) amended on 23 November 2017 by the Government of India promulgating ordinance to bar defaulting promoters from bidding for their own assets is one of the biggest disruptive initiatives towards a more transparent and cleaner way of doing business and pushing Indian businesses to adapt new ways and change old practices. The ordinance:
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Insolvency and Bankruptcy Code, 2016 is a paradigm shift from ‘Debtor in Possession’ to ‘Creditor in Control’ regime
Insolvency and Bankruptcy Code, 2016 (IBC) was passed by parliament in May 2016 and became effective in December 2016 with the aim to consolidate the laws relating to reorganisation and insolvency of companies and limited liability entities, unlimited liability partnerships and individuals, into a single legislation to provide for a greater clarity in law and facilitate the appl...
India’s Sovereign Rating Highest Since 1988
Moody’s Investors Services, the Global credit rating agency, upgraded India’s sovereign rating to the highest since 1988, on 17 November 17, raising it for the first time in 13 years, citing the country’s high growth potential in the years to come, and its large and stable financing base for government debt, that will likely contribute to a gradual decline in the general government debt burden o...
India’s Judge Dalveer Bhandari Re-elected to the International Court of Justice
Judge Dalveer Bhandari has been re-elected to the International Court of Justice (ICJ) on overwhelmingly support of India by the UN General Assembly and UN Security Council on voting in New York on 20 November 2017 to fill the fifth vacancy for the 2018-2027 term. Judge Dalveer Bhandari received all 15 votes in the UN Security Council and 183 out of the 193 votes in the UN General Assembly which...
World’s First Hydrogen Tram with Green Energy Starts in China
Marking a big step in the application of green energy in public transport, World’s first Hybrid Electric Tram powered by Hydrogen fuel cells has started running in China and has been put into commercial operation for the first time in Tangshan, north Chinas Hebei Province from Friday 27 October, 2017. According to China Railway Rolling Corporation (CRRC) Tangshan Co, the maker o...
Supreme Court Restrains Engineering Degrees in Distance Education Mode
Supreme Court on Friday 3 November 2017 restrained educational institutions from providing courses in subjects like engineering and computer science in the distance education mode; and set aside a verdict by the Odisha High Court, which allowed technical education by correspondence. The apex court at the same time affirmed the findings of the Punjab and Haryana High Court that had in 2015 ruled ...
Dassault Reliance Aerospace for Future Needs of Indian Armed Forces
Dassault Reliance Aerospace Limited (DRAL) manufacturing facility - foundation laying ceremony was held on Friday 27 October 2017, at ₹6,500 crore-spread over 289 acres, Dhirubhai Ambani Aerospace Park (DAAP), Mihan SEZ, near Nagpur Airport in Maharashtra. The Foundation Stone was laid by Eric Trappier, Chairman of Dassault Aviation and Anil D. Ambani, Chairman of the Reliance Group in the prese...
Recapitalisation to Restore Banks’ Health & Revive Economy
The Centre’s move to infuse Rs. 2.11 lakh crore capital into public sector banks over the next two years, through a blend of financial mechanisms, is expected to help revive the economic growth momentum, after short-term disruptions caused by structural reforms. Infusion of capital Rs. 1.35 lakh crore will be through recapitalisation bonds, Rs. 18000 crore through budgetary provision and the remaining Rs. 58000 ...