Plan and Policy

Plan & Policy

Jurisdiction should not hamper policy enforcement: CBIC

The CBIC has asked tax officials of the Centre as well as state governments to initiate enforcement actions against GST evaders irrespective of jurisdiction with a view to checking revenue leakage.

The central board of indirect taxes and customs (CBIC), in a communication to the field formations, has said that “intelligence based enforcement action” against a taxpayer can be initiated by Central and state officials even if the assessee does not fall under the official's jurisdiction.

40-60% haircut to help resolve Rs 1 lakh cr of power debt

A haircut of 40-60 per cent along with a few financial safeguards can help in resolving nearly Rs 1 lakh crore of stressed power loans, a report by Crisil said on Tuesday.

The analysis is based on the rating agency's assessment of 16,000 megawatt (mw) power assets, which account for nearly two-thirds of stressed and operational coal-based capacities.

“A 40-60 per cent haircut, along with financial safeguards, can resolve as much as Rs 1 lakh crore of debt stuck in coal-based power projects and enhance their viability on a sustained basis,” the agency said in the report.

BoB, Vijaya Bank, Dena Bank merger plan sent for govt note

After getting approvals from their respective boards, state-run Ba-nk of Baroda, Vijaya Bank and Dena Bank have sent the proposal to merge all the three lenders to the government for a final approval, a bank official said.

The government had announced the merger of Bank of Baroda, Vijaya Bank and Dena Bank on September 17, to create the country's third largest lender.

PMO steps in to rein in falling rupee, widening CAD

As rupee’s free fall continues, the PMO has stepped in to explore ways of controlling the ballooning deficit. It has called a meeting of senior officials from ministries of finance, steel, coal, mines, railways as well as think-tank Niti Aayog. The high-level meeting, likely on October 12, will deliberate on duty hike to curb metal imports.

Valley gives cold shoulder to J&K civic polls, Jammu and Ladakh make up for it

Just 8.3 per cent of the electorate voted in the first-phase of the urban local body polls in militancy-wracked Kashmir Valley, while Kargil recorded the highest turnout of 78 per cent. Polling in 83 wards of the valley began at 7 am and ended at 4 pm amidst tight security. “Only 7,057 voters of the 84,692 eligible persons turned up to vote in the wards which went to polls Monday. The polling was by and large peaceful,” the official said.

The polls to urban local bodies in Jammu and Kashmir will be held in four phases with the first completed Monday.

GE to invest more in digital tech

GE Healthcare plans to invest more in digital technologies to bring down cost of medical diagnostics and to promote precision health.

The $20 billion GE Hea­l­t­hcare, a subsidiary of General Electric, which would be spun off as separate entity by end-2019, spends $1.2 billion on R&D. Most of that will now be channelled to develop and implement digital technologies, including artificial intelligence and ma­chine learning, said Kieran Murphy, president & CEO of GE Healthcare, here on Monday.