Around the Globe

Around the Globe

Modi returns Panneerselvam empty-handed

The statewide protests, demanding the lifting of ban on Jallikattu, intensified on Th­u­rsday in Tamil Nadu, after the meeting of chief minister O Panneerselvam with PM Narendra Modi in New Delhi failed to offer any immediate solution.
While students and you­n­gsters continued their pea­c­eful protests across cities and towns in the state, the movement showed signs of more trouble, with campaign spilling over to the rail tracks on Thursday and gr­o­ups of people blocking movement of trains at a few places.

Falling supply to keep crude hot

Steeper cuts in the Organization of Petroleum Exporting Countries (Opec) crude oil production are likely this month as producers increasingly implement a recent key deal aimed at stabilising oil prices, the International Energy Agency (IEA) said on Thursday.
“Initial indications are that a steeper (month-on-month) decline may be on the way in January,” said IEA, which analyses energy markets for major oil consuming nations.

Budget might halve cess on crude to 10%

The government may halve the cess on domestic crude from 20 per cent to 10 per cent to prevent loss of revenue for exploration companies at a time when global oil prices have started inching upwards after production cuts by oil cartel Opec.

UK boss gives staff castle office, free beer

The head of a website has been dubbed ‘Britain’s best boss’ after he splurged a whopping £3 million to create a dream ‘castle’ office for his employees, complete with a Star Wars-themed cinema, gaming arcade, yoga studio along with an “ice cave” for meetings. Chris Morling, founder of Money.Co.Uk, spent £3 million on renovation of his office with impressive designing by Laurence Llewelyn-Bowen.
Morling envisioned this style of workplace to keep his 50-strong staff “entertained and engaged” and to help attract the creme de la creme of the industry, The Sun reported.

Cash deposits of Rs 30K may soon require PAN

After a series of decisions to curb black money, which yielded limited results, the government now plans to lower the limit for mandatory quoting of PAN for cash transactions to Rs 30,000.
The move may be projected as yet another step to turn India into a cash-less economy and could be announced in the Union budget, which would be presented in less than a fortnight. Official sources said there would be more such measures to disincentivise cash transactions.

SP may promise interest-free loan to woo farmers

Taking a cue from Madhya Pradesh and Gujarat governments, Samajwadi Party in its election manifesto is likely to promise interest-free loans to farmers in Uttar Pradesh.
The central government may as well be forced to consider such an incentive if the trend gets wider popularity.
“The manifesto may promise interest free loan to farmers for up to Rs 1 lakh,” a highly placed source said. States such as Madhya Pradesh are already disbursing such loans and it is very popular among farmers, he said.

Punjab’s underdog factor

Five years is a long time in politics, but the way elections in Punjab are being fought in 2017, the picture that is emerging is in stark contrast to the situation in 2012 when Shiromani Akali Dal (SAD) scripted history by registering a surprise victory over the Congress to get a successive term. It was a rare achievement as Punjab had been showing the door to the incumbent in all the previous elections.

Banks to report cash deposits above Rs 10 lakh to I-T

The tax department has asked banks to report deposits in any account aggregating Rs 10 lakh in a year, as well as cash payments of Rs 1 lakh or more on credit card bills.

In a January 17 notification, the Central Board of Direct Taxes (CBDT) listed cash transactions which need to be reported to tax authorities and set up an e-platform for doing so.

It reiterated its November 2016 instruction asking banks to report all cash deposits of Rs 2.5 lakh or more made in one or more accounts of a person during November 9 to December 30, 2016.

Samsung launches Galaxy C9 Pro at Rs 36,900

Mobile maker Samsung today launched its latest handset Galaxy C9 Pro with features such as 6 inch full HD display and 6 GB Ram, among others.

"The Galaxy C9 Pro is a feature powerhouse with a super screen, super memory and super camera offering consumers an immersive viewing, the best multimedia and camera experience," Sumit Walia, General Manager, Mobile Business, Samsung India, told reporters at the launch event here.

GST: Tax evasion up to Rs 2 cr a bailable offence

To make GST regime less onerous, the Centre and states have decided to water down the penal provisions to ensure a trader gets immediate bail if the alleged tax evasion is up to Rs 2 crore.

The GST Council, at its last meeting, has decided that the provision of arrest will be restricted to forgery and non- deposit of collected taxes with the exchequer within the stipulated timeframe.