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PTI President Pranab Mukherjee has given his assent to the Finance Bill 2017 to give effect to provisions like bar on cash transactions above Rs 2 lakh and compulsory quoting of Aadhaar for filing tax returns. "The President was kind enough to give his assent to the Finance Bill before he left for official visit to Assam yesterday," Revenue Secretary Hasmukh Adhia told PTI here. With this, the provisions of the Finance Bill come into effect from today, he said. This is the first-time ever the annual Budget together with taxation proposals have come into effect from the first day of the financial year. Scrapping a colonial-era tradition of presenting the Budget at the end of February, ...

By Ranjeet Mahtani and Sweta Rajan A seven-hour long debate in the Lok Sabha, resulted in the passage of the Integrated GST, Central GST and GST Compensation Bills this week. Having been introduced as ‘money bills’ the Rajya Sabha did not have the power to amend or reject bills. Now, the Bills require presidential assent to become law. In preparation for the transition to GST, the Central Government has introduced another bill in the Lok Sabha to amend the Customs Act, 1962, the Customs Tariff Act, 1975, the Central Excise Act, 1944, the Central Excise Tariff Act, 1985, the Finance Act, 2001, and the Finance Act, 2005, and to repeal certain existing enactments. These amendments are essential to modify the tax levying ...

The Dollar Business Bureau South Korea's Constitutional Court, on March 10, 2017, after a prolonged period of political unrest, upheld the impeachment of Park Geun-Hye. The verdict of the Constitutional Court has brought to a close the controversy surrounding the fall of the first woman president in all of Northeast Asia.  The former President of South Korea was charged with multiple charges of corruption, bribery and influence-peddling, following which, she was impeached by the National Assembly in December 2016.  Park had colluded with Choi Soon-sil, her long-time close aid, to extort money and favours from top notch Korean businesses like Samsung. Lee Jae-Yong, Samsung chief, has also been on trial for bribery and perjury. The scandal rocked the political landscape of South Korea like never before and was accompanied by a drastic plummeting of Park's approval ratings.  The scandal has caused widespread polarisation of the South ...

Source: PTI President Pranab Mukherjee said government needs to focus on skill development to prevent the demographic dividend from becoming a liability and an explosive situation. He said that India is a population of 1.28 billion and this population is increasing substantially. "More often we use one phrase India's advantage - demographic dividend. Why do we use this phrase demographic divided because India has the largest number of working age population in the world," he said while inaugurating the first edition of 'India Skills' in New Delhi on Friday. "This question is staring at us, unless we handle it appropriately and in time, this population dividend may be population liability and the situation may be explosive...either it is to be defused ...

 The Dollar Business Bureau In view of the increasing quantum of public expenditure, the Government of India is moving towards establishment of ‘Integrated Financial Management Information Systems (IFMS)’, besides setting up proper standards in accounting, auditing and budgeting. This was stated by Pranab Mukherjee, President of India, in his address to the probationers of Indian Defence, Civil, Railway and Post & Telecommunication Finance & Accounts Services, in Rashtrapati Bhavan, on Monday. Tthe President called upon the probationers to assimilate the global financial management practices and apply them appropriately in the Indian context. Stating that the Public Financial Management System (PFMS) is a key to good governance, the President called for an efficient tracking, monitoring and reporting system for proper management of public ...

The target now is to reach $10 billion by 2020, and it is hoped that higher production will help the sector touch $6 billion in FY2014-15, despite dampened shrimp prices and a firm rupee. Abraham J. Tharakan, President, Seafood Exporters Association of India (SEAI)   Today, India’s seafood is popular all around the word with exports to around 100 countries. Growing from a mere Rs.3.92 crore in 1961-62 to Rs. 16,597.23 crore in 2011-12, the growth story of India’s seafood exports is amazing. Driving this growth is improved quality standards and the changing export matrix for India, which has changed from export of mostly dry fish/shrimps to neighbouring countries to exports of frozen shrimps to countries like Southeast Asia, USA ...