Madhya Pradesh rolls out ‘Launch Pad Scheme’ to make Youth Self-Reliant
Women & Child Development Department of Madhya Pradesh has rolled out the ‘Launch Pad Scheme’ under which new opportunities of employment will be provided for Boys/Girls who have come out of institutional supervision of the care institutions of the state and have completed 18 years to make them self-reliant. The scheme has been launched under the Child Protection Scheme.
Wipro is Set to Act as Knowledge Partner of Madhya Pradesh Government
Wipro group is set to act as the knowledge partner of the Government of Madhya Pradesh(MP) in the context of the new education policy at the implementation level. WIPRO has taken an initiative to establish a University in Bhopal, Madhya Pradesh and the state government will provide all the required support to the Azim Premji Foundation to establish a university in the MP. WIPRO will also establish a Software Development Centre in Bhopal, which will provide more opportunities to the youth in the field of Information Technology(IT).
UP’s ‘Virasat Drive’ Disposed 4.43 Lakh Pending Disputes over Land & Properties
In December 2020, The Government of Uttar Pradesh launched the “Virasat (natural succession) Drive”, a two-month long campaign to end land disputes over succession rights in villages and to resolve the property lawsuits at tehsil and district levels. As of 19th January 2021, under this initiative, the officials of the revenue department have disposed of more than 4.43 lakh cases which were pending for years.
PM virtually inaugurates Kochi-Mangaluru Natural Gas Pipeline
Prime Minister (PM) Narendra Modi virtually inaugurated the 450 Km Long Kochi-Mangaluru Natural Gas Pipeline. The pipeline has been constructed by GAIL (India) Ltd at a cost of INR 3, 000 crores. The pipeline will carry natural gas from Liquefied Natural Gas (LNG) regasification terminal at Kochi, Kerala to Mangaluru, Karnataka. PM cited the inauguration of the pipeline as a step towards Government’s ‘One Nation One Gas Grid’.
PM CARES Fund Trust allocates Rs 201.58 cr for installation of PSA Oxygen Plants
Prime Minister’s Citizen Assistance and Relief in Emergency Situations (PM CARES) Fund Trust has allocated Rs 201.58 crore for installation of additional 162 Pressure Swing Adsorption (PSA) Medical Oxygen Generation Plants with a total capacity of 154.19 MT in 32 States and Union Territories (UTs). These will be installed inside public health facilities. The procurement of Medical Oxygen Generation Plants will be done by the Central Medical Supply Store under Ministry of Health and Family Welfare (MoHFW).
Govt to set up NFPC for faceless penalty proceedings: Faceless Penalty Scheme 2021
As a part of faceless taxation, the Central Board of Direct Taxes (CBDT) has introduced the Faceless Penalty Scheme 2021 under which penalty will be imposed in a digital format. Faceless penalty scheme will help boost transparency, compliance for taxpayers. National Faceless Penalty Centres(NFPC), regional penalty centres, penalty units and review units will be setting up for execution of penalty proceedings.
Indian Railways Renamed Howrah-Kalka Mail, One of the Oldest Running Train in India as “Netaji Express”
Indian Railways has renamed the Howrah-Kalka Mail, one of the oldest running trains in India, as “Netaji Express” with effect on 23rd January 2021, to honour the 125th Birth Anniversary of Subhas Chandra Bose. The ministry of Railways approved the renaming of Train No. 12311/12312 Howrah-Kalka Mail on 20th January 2021. The train was first operated on 1st January 1866 as Howrah-Peshawar Express.
Cabinet Committee Gave In-Principle Approval for 100% Disinvestment of GoI Shareholding in RINL
Cabinet Committee on Economic Affairs (CCEA) gave in-principle approval for 100% strategic divestment of Indian Government’s shareholding in Rashtriya Ispat Nigam Limited (RINL). In addition to this it also gave approval for management control of RINL by way of privatization.
MCA amends One Person Companies (OPCs) rules; revises paid up capital & Turnover threshold for Small Companies
Ministry of Corporate Affairs (MCA) has amended the ‘Companies (Incorporation) Rules, 2014’ to make changes in the definition of One Person Companies (OPCs) Rule. The new changes will be called as ‘Companies (Incorporation) Second Amendment Rules, 2021’. The Changes allow Non-Resident Indians (NRIs) to incorporate one person companies (OPCs) in India.The residency period for being considered as a Resident in India has been reduced to 120 days from 182 days for NRIs. MCA has also revised the limit of paid-up capital & Turnover of small companies under Companies Act , 2013.
MCA initiates process of Decriminalization of Compound Offences under LLP Act, 2008
Based on the recommendations of the Company Law Committee (CLC) headed by Corporate Affairs Secretary, Rajesh Verma, the Ministry of Corporate Affairs (MCA) has started the process of Decriminalization of Compound Offences under the Limited Liability Partnership (LLP) Act, 2008. MCA has adopted three principles for the Decriminalization process. MCA has also proposed to allow LLPs to raise capital through issue of Non-Convertible Debentures (NCDs) (alternative to equity participation) from investors regulated by SEBI or RBI.
Amazon India to begin its 1st Manufacturing Line in India at Chennai
Amazon India announced that it will begin its 1st Device Manufacturing Line in India for production of electronic devices at Chennai by the end of 2021. It has collaborated with Contract Manufacturer Cloud Network Technology, a subsidiary of Foxconn for the manufacturing process.To begin with, Amazon will start manufacturing Amazon Fire TV sticks from India.
Government amends Insurance Ombudsman Rules, 2017 ‘Insurance Ombudsman (Amendment) Rules, 2021
On March 2, 2021, the Central Government amended Insurance Ombudsman Rules, 2017 by exercising the powers conferred under section 24 of the Insurance Regulatory and Development Authority Act, 1999. The amended rules are called as ‘Insurance Ombudsman (Amendment) Rules, 2021‘.Ombudsman mechanism was administered by the Executive Council of Insurers, which is now renamed as the Council for Insurance Ombudsmen. These were amended to have a better sight of policyholders’ complaints regarding insurance service deficiencies and to improve the working of the mechanism.
PM Narendra Modi Virtually Inaugurated ‘Maitri Setu’ Bridge between India and Bangladesh Over Feni River
On March 9, 2021, PM Narendra Modi Inaugurated the ‘Maitri Setu’ (India-Bangladesh Friendship Bridge) virtually between India and Bangladesh over Feni River at Sabroom in south Tripura which is set to become the ‘Gateway of North East’. Maitri Setu Bridge Connects Tripura, India with Ramgarh in Bangladesh. National Highways and Infrastructure Development Corporation Ltd constructed the Bridge at a project cost of Rs. 133 Crores.
World Customs Organisation recognizes CRCL, New Delhi as Regional Customs Laboratory for Asia-Pacific Region
World Customs Organisation (WCO) has recognized the Central Revenues Control Laboratory (CRCL), New Delhi, which functions under the Central Board of Indirect Taxes & Customs (CBIC) as a Regional Customs Laboratory (RCL) of the WCO for the Asia-Pacific Region. On this behalf, a virtual signing ceremony was held in which M Ajit Kumar, Chairman of CBIC & Mr Kunio Mikuriya, Secretary General of WCO signed a MoU. With this recognition, CRCL will join a select group of Customs Laboratories in the region like those in Japan & South Korea.
GST e-invoicing mandatory for Businesses with over INR 50 Crore Turnover from April 1, 2021
According to a notification by the Central Board of Indirect Taxes & Customs (CBIC), Government is set to mandate Electronic-invoicing (e-invoicing) under the Goods and Services Tax (GST) regime for business entities with a turnover of INR 50 Crore & more from April 1, 2021) for business-to-business transactions. It is the 3rd Phase of mandatory e-invoicing under the GST regime. The 1st phase of e-invoicing covered business entities with INR 500 Crore turnover & the 2nd phase covered entities with INR 100 Crore.E-invoicing is mandatory under Central Goods and Services Tax (CGST) Rules, 2017.
EPFO Recommends 8.5% Interest Rate for PF Contributions for 2020-2021
On 4th March 2021, Employees Provident Fund Organisation (EPFO) announced to retain 8.5% annual interest rates on provident fund(PF) deposits for the financial year 2020-21.
The decision was taken during the 228th meeting of Central Board of Trustees, EPF chaired by Santosh Kumar Gangwar, Minister of Labour and Employment, held in Srinagar, Jammu & Kashmir. The recommended interest rate was the result of the combined income from interest received from debt investment as well as income realized from equity investment.
6-Digit HSN code mandatory in Invoices for Businesses with over INR 5 Crore Turnover
Starting from April 1, 2021, the Finance Ministry has made it mandatory for Businesses with turnover of more than INR 5 Crore to furnish 6-Digit HSN/SAC (Harmonised System of Nomenclature Code/Service Accounting Code) on invoices issued for supplies of taxable goods and services.Both HSN & SAC codes are used to classify goods & services under the GST regime.