Important Business News between 1st July, 2016 and 10th July 2016

·                     World bank commits $1Billion for India’s solar energy programme.

·                     CAG proposes auditing of regulators like RBI.

·                     India entered into Double Taxation Avoidance Agreement(DTAA) with Cyprus. Cyprus is to be removed from Notified Jurisdictional Areas specified in the Income tax Act retrospectively with effect from 1^st November 2013. Any payment to a Person located in the Notified Jurisdictional Area would be regarded as International transaction with Associated Enterprises attracting Transfer Pricing provisions under the Income tax act, 1961.

·                     N.S.Viswanathan appointed as new Deputy Governor of RBI.

·                     The country's biggest oil refinery to be set up at the west coast by the IOC, BPCL, HPCL, EIL together at a cost of $30Billion.

·                     A joint study conducted by Texprocil and EY has said that Textile and apparel sector will create 29 Lakh jobs only in the next 5 years as against the earlier estimate of 1 Crore jobs. The shrinkage is due to the automation in sector.

·                     Apparel Exports Promotion Council(AEPC) has said that the Apparel sector expects Rs.5000 Crore investments in the current Fiscal year.

·                     China’s OPPO Electronic corp. becomes the first company to approach the government for expansion since the relaxing of the FDI norms in single-brand retail and wholesale in June 2016

·                     April – June  of 2016 witnesses highest quarterly mobilization in IPO-s in the last 9 years

·                     India’s 13^th Major port at Enayam near Colachel in Tamil Nadu got ‘in-principle’ nod from cabinet.

·                     CBEC has issued a circular directing revenue officials to not to collect tax during stay by the Appellate authorities.

·                     Ministry of Labour and Employment has issued notification increasing the ceiling of salary for Pension from Rs. 6500 to Rs.15000. Government has also fixed the minimum pension at Rs.1,000.

·                     ICDS implementation deferred by 1 year. ICDS to be with effect from 01.04.2016.

·                     Government to divest its minority stake in 51 Firms, which it holds through SUUTI(Specified Undertakings of UTI) besides closing sick firms that are beyond revival.

·                     Congress, which has been demanding to cap the overall GST rate at 18% and scrapping of an additional 1% to compensate manufacturing states now proposes ring-fencing tax rate.