A. K. Saxena Assumes Additional Charge as CMD in RINL
A. K. Saxena, CMD (Chairman and Managing Director), MOIL (Manganese Ore India Limited) assumed additional charge of the post of CMD (Chief Managing Director) at RINL (Rashtriya Ispat Nigam Limited), the corporate entity of Visakhapatnam steel plant.
Saxena is currently the Chairman and Managing Director (CMD) of MOIL, a PSU under the Ministry of Steel.
He took charge in the absence of Atul Bhatt who has been on leave.
Also Atul Bhatt will retire on November 30 that's why Saxena assumed additional charge to improve conditions and growth of RINL.
Shankh Air: India's Newest Airline Set to Launch
Shankh Air, India's latest airline, is poised to make its debut by the end of 2024 after receiving approval from the Civil Aviation Ministry. This marks a significant development for Uttar Pradesh as Shankh Air aims to become the state's first scheduled airline, establishing hubs in Lucknow and the upcoming Noida International Airport. The airline plans to focus on both inter- and intra-state routes, targeting areas with high demand and limited direct flight options.
Shankh Air is designed to connect major cities across India, with initial services planned for Lucknow, Varanasi, and Gorakhpur. The airline will operate as a twin-class, full-service carrier, utilising a fleet of new-generation Boeing 737-800NG aircraft.
Shankh Air received a No Objection Certificate (NOC) valid for three years, it must first secure clearance from the Directorate General of Civil Aviation (DGCA). The approval letter from the civil aviation ministry emphasises the necessity for Shankh Air to adhere to all regulatory requirements.
Oct 01, 2024
NSE, BSE Revise Transaction Fees
BSE and NSE announced revisions to their transaction fees, effective from October 1, 2024. The changes, which impact various segments, align with SEBI's July directive mandating a uniform fee structure across market infrastructure institutions (MIIs). This move eliminates the previous slab-based structure and ensures transparency for end clients.
BSE: Transaction charges for Sensex and Bankex options contracts will rise to Rs. 3,250 per crore of premium turnover. For other equity derivatives like Sensex Fifty and stock options, charges remain at Rs. 500 per crore of premium turnover.
NSE: The cash segment will see a charge of Rs. 2.97 per lakh of trade value on both sides, while equity futures will be charged at Rs. 1.73 per lakh. Equity options will incur Rs. 35.03 per lakh of premium value on both sides. Currency futures will see a fee of Rs. 0.35 per lakh, and currency and interest rate options will be charged Rs. 31.10 per lakh of premium value.
The revised fee structure follows SEBI's 'true to label' policy, ensuring that fees charged to end clients accurately reflect the costs paid by trading members, creating a more transparent and fair system for all market participants.
GST Council Establishes GoM on Compensation Cess
The Goods and Services Tax (GST) Council formed a 10-member Group of Ministers (GoM), chaired by Minister of State for Finance Pankaj Chaudhary, to address the future taxation of luxury, sin, and demerit goods as the compensation cess is set to expire in March 2026. The GoM comprises representatives from Assam, Chhattisgarh, Gujarat, Karnataka, Madhya Pradesh, Punjab, Tamil Nadu, Uttar Pradesh, and West Bengal, with a report expected to be submitted by December 31.
The GoM's primary objective is to propose a new taxation structure to replace the compensation cess after its abolition. Currently, the compensation cess, levied at varying rates on specified goods in addition to the 28% GST, was originally intended to last five years following the rollout of GST. However, the government decided to extend the cess until March 2026 to repay a Rs. 2.69 lakh crore loan borrowed to cover revenue losses experienced by states during the COVID-19 pandemic.
Sep 30, 2024
India and Uzbekistan Sign Bilateral Investment Treaty in Tashkent
India and Uzbekistan signed a Bilateral Investment Treaty (BIT) aimed at boosting investor confidence and enhancing economic cooperation between the two nations. The treaty was formalised by Indian Finance Minister Nirmala Sitharaman and Uzbekistan's Deputy Prime Minister Khodjayev Jamshid Abdukhakimovich in Tashkent. This BIT assures protection for investors from both countries, providing a minimum standard of treatment and non-discrimination while facilitating dispute resolution through arbitration. The signing of the BIT reflects the shared commitment of India and Uzbekistan to create a robust investment environment, which is expected to pave the way for increased bilateral investments, benefitting both economies. As of August 2024, India's Overseas Direct Investment (ODI) in Uzbekistan amounted to $20 million, with significant investments in sectors like pharmaceuticals, amusement parks, automobile components, and hospitality.
India ranks among the top 10 trade partners of Uzbekistan.
Sep 29, 2024
Hurun India Under-35 List 2024: Celebrating Young Entrepreneurial Talent
The Hurun India Under-35 list for 2024 emerged as a prestigious recognition of India's young entrepreneurial talent, highlighting the achievements of 150 entrepreneurs aged 35 or younger. This comprehensive list spans various industries, from retail giants to innovative tech start-ups, showcasing the diverse and dynamic nature of India's business landscape.
Among the most notable names on the list are Isha Ambani and Akash Ambani, scions of the Reliance Industries Empire. Their inclusion highlights the growing influence of next-generation leadership in established business houses.
Sep 28, 2024
Union Textiles Minister Giriraj Singh Unveils Commemorative Coin to Celebrate Platinum Jubilee of...
Union Minister of Textiles, Giriraj Singh unveiled the Commemoratory coin, celebrating the Platinum Jubilee of the Central Silk Board (CSB) at Mysuru. The Central Silk Board proudly marked 75 years of dedicated service to advancing India's silk industry.
The Central Silk Board was set up based on the recommendations of the Silk Panel by the Imperial Govt. on March 8, 1945 to examine the development of silk industry; the Government of Independent India enacted the CSB Act 1948 on September 20, 1948. Accordingly, the Central Silk Board (CSB) a statutory body was set up under an Act of Parliament (LXI) of 1948 to shape the Sericulture Industry on April 9, 1949.
The Central Silk Board (CSB) is the sole organisation for comprehensive sericulture Research &Development (R&D) and coordinates development programs across 26 States/UTs. The mandated activities of CSB are Research and Development, maintenance of four tier silkworm seed production network, leadership role in commercial silkworm seed production, standardizing and instilling quality parameters in the various production processes, and advising the Government on all matters concerning sericulture and silk industry. These mandated activities of the Central Silk Board are being carried out by the 159 units of CSB located in different States.
CAG of India Assumes Chairmanship of ASOSAI for 2024-2027
The Comptroller and Auditor General (CAG) of India, Girish Chandra Murmu, officially took over the chairmanship of the Asian Organisation of Supreme Audit Institutions (ASOSAI) for the term 2024-2027. This significant transition was highlighted during the 16th Assembly of ASOSAI, which has expanded its membership to include 48 Supreme Audit Institutions (SAIs) across Asia.
CAG Murmu announced that the institution is in the process of developing its own Artificial Intelligence (AI) protocol to expedite the writing of audit reports. He emphasised that the current data collection involves field auditors, who will subsequently clean and classify the data according to specific requirements. The aim is to minimise algorithm biases during data analysis, ensuring more accurate and efficient auditing processes.
The 16th ASOSAI Assembly approved various strategic and financial reports, including a mid-term review of ASOSAI's Strategic Plan for 2022-2027 and the outcomes of the Bangkok Declaration from 2021. Discussions also focused on enhancing collaborations among member SAIs, particularly through capacity-building initiatives and the development of IT audit frameworks. Bilateral dialogues between SAI India and SAI Malaysia, as well as cooperation with the International Organisation of Supreme Audit Institutions (IDI), were also conducted.
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