Around the Globe

Around the Globe

Need Constitutional amendment, more resources for simultaneous polls: CEC

Holding simultaneous polls to Lok Sabha and state Assemblies will require Constitutional amendment and additional resources, Chief Election Commissioner Nasim Zaidi today said.

The CEC said the Commission's view has already been conveyed to the Law Ministry as well as a parliamentary panel that such a proposal requires amendments in the Constitution through a process of "political consensus".

"The Commission, with certain additional resources, can undertake the exercise of (holding) simultaneous elections in future. But there are two pre-conditions.

Donations of electoral trusts not personal info: CIC

Details of donation received by electoral trusts and their further distribution to political parties are neither personal information nor held by Income Tax Department in fiduciary capacity, the CIC has said in an order aimed at ensuring transparency in electoral funding.

The Central Information Commission (CIC) has directed the I-T Department to make public the list of electoral trusts formed during 10 years since 2003-04 and whether they received income tax exemptions.

Akhilesh patronising the corrupt, criminals: BJP

BJP UP President Keshav Prasad Maurya today accused Chief Minister Akhilesh Yadav of "patronising the corrupt and the criminals".

Referring to a report released by Governor Ram Naik, Maurya said it smacked of the Samajwadi Party government's "complicity" with criminals and the corrupt.

He said the Governor's report drew attention to the fact that only 2 out of 53 petitions sent by Lokayukt were responded to.

Sebi pitches for tax rationalisation in capital markets

Ahead of the Union Budget, markets regulator Sebi has asked the government to consider rationalisation of taxes in capital markets including that of mutual funds and other products.

In its budget proposal to the Finance Ministry, Sebi has recommended reducing the securities transaction tax (STT) on stock trading, sources said.

Presently, all stock market transactions attract STT in the range of 0.017 to 0.125 per cent.

It has also suggested lowering the period of holding in respect of long term debt fund units to 12 months from 36 months.

OYO launches Townhouse; eyes 250 properties in 12 cities by 2017

Online budget network of hotels OYO today announced the launch of Townhouse, which is positioned as a friendly neighbourhood hotel, and is eyeing 250 properties in 12 cities by end of this year.

"Townhouse will operate as a hotel, community hotspot, cafe and merchandise store – to deliver an all-encompassing experience to guests. We are excited to showcase and deliver this proposition today," OYO Founder and CEO Ritesh Agarwal said in a release issued here.

Yamaha looks at 1 million units of India sales this year

Japanese two-wheeler major Yamaha is looking to sell 1 million units in India this year that is likely to make the country the company's second-biggest global market after Indonesia.

The company, which today launched its latest 250cc bike FZ 25 priced at Rs 1.2 lakh (ex-showroom Delhi), is banking on premium bikes and scooters to achieve its target.

No records of fake currency deposited in banks: RBI

There is no record available of the fake currency which has been detected in the demonetised notes deposited in banks, Reserve Bank of India has said.

Responding to an RTI inquiry from Mumbai-based activist Anil Galgali seeking to know the extent of fake currency found in demonetised notes of Rs 1,000 and Rs 500 deposited in banks till December 10, 2016, the RBI has said no information is available with it.

Trump pulls US out of Trans-Pacific trade deal

President Donald Trump abruptly ended the decades-old US tilt toward free trade by signing an executive order to withdraw from an Asia-Pacific accord that was never ratified and promising to renegotiate the North American Free Trade Agreement.

Jaitley likely to retain CTT

The government is unlikely to make any changes in the commodities transaction tax (CTT) in the Union budget, amidst demand from exchanges to scrap the levy.
The imposition is said to be detrimental to the growth of futures trading in the country. There is no reason to suggest that CTT is detrimental and the tax has been there for the last few years, an official source said.