New notes of Rs. 50 introduced by RBI

  The Reserve Bank of India will shortly issue ₹ 50 denomination banknotes in the Mahatma Gandhi (New) Series, bearing signature of Dr. Urjit R. Patel, Governor, Reserve Bank of India. The new denomination has motif of Hampi with Chariot on the reverse, depicting the country’s cultural heritage. The base colour of the note is Fluorescent Blue. The note has other designs, geometric patterns aligning with the overall colour scheme, both at the obverse and reverse.   All the banknotes in the denomination of ₹ 50/- issued by the Reserve Bank in the earlier series will continue to be legal tender. The image and salient features of ₹ 50 denomination banknote in the Mahatma Gandhi (New) Series are as under: ii Salient Features Obverse (Front) See through register with denominational numeral 50, 2.

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Notification No.81/2017-Customs (N.T.) dated 17th August, 2017

  GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF EXCISE AND CUSTOMS) Notification No. 81/2017 – Customs (N.T.) New Delhi, dated the 17th August, 2017 26 Shravana 1939 (SAKA) In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Central Board of Excise and Customs No.75/2017-CUSTOMS (N.T.), dated 3rd August, 2017, except as respects things done or omitted to be done before such supersession, the Central Board of Excise and Customs hereby determines that the rate of exchange of conversion of each of the foreign currencies specified in column (2) of each of Schedule I and Schedule II annexed hereto, into Indian currency or vice versa, shall, with effect from 18th

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Amendment in Notification no. 131/2016-Customs (N.T.) dated 31.10.2016 relating to AIRs of Duty Drawback on Gold Jewellery, Silver Jewellery and Silver Articles

  [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 79/ 2017 – CUSTOMS (N.T.) New Delhi, 17th August, 2017 G.S.R. (E). – In exercise of the powers conferred by sub-section (2) of section 75 of the Customs Act, 1962 (52 of 1962) and sub-section (2) of section 37 of the Central Excise Act, 1944 (1 of 1944), read with rules 3 and 4 of the Customs, Central Excise Duties and Service Tax Drawback Rules, 1995, the Central Government hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 131/2016 – Customs (N.T.), dated the 31st October, 2016, published vide

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Interest Subvention Scheme for Short Term Crop Loans during the year 2017-18

  RBI/2017-18/48 FIDD.CO.FSD.BC.No.14/05.02.001/2017-18 August 16, 2017 The Chairman / Managing Director & CEOs All Public & Private Sector Scheduled Commercial Banks Madam/Dear Sir: Interest Subvention Scheme for Short Term Crop Loans during the year 2017-18 Please refer to our circular FIDD CO.FSD.BC.No.29/05.02.001/2016-17 dated May 25, 2017 conveying continuation of Interest Subvention Scheme on the interim basis. In this regard, it is advised that Government of India has approved the implementation of the Interest Subvention Scheme for the year 2017-18 for short term crop loans up to ₹ 3.00 lakhs with the following stipulations: i. In order to provide short-term crop loans upto ₹ 3 lakh to farmers at an interest rate of 7% p.a. during the year 2017-18, it has been decided to offer interest subvention of 2% per annum to lending

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Here’s how a missing column in GST return form is creating trouble for India Inc 

A top conglomerate may have to shell out a bit extra in advance tax this quarter due to an unusual glitch in the tax returns form. Another Delhi-based firm, which does not want to bear any extra tax, may simply deduct the dues before the GST kicked in on July 1 and pay a smaller net amount. The absence of a column in the new GST form for claiming credit on sales made before July 1 this year is causing a lot of worries for India Inc as the filing deadline for the first month of tax returns under GST comes up this week. Many companies don’t know whether the government will rectify this problem by Friday, the deadline for filing returns, and are following different options for resolving the quandary. Multinationals and some of

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CBEC to build information repository on imports 

Can a specific type of meat be exported to India? What procedures need to be followed? Global suppliers eyeing India’s growing economy will soon be able to get such basic queries on exports answered through a single window, freeing them from the maze of multiple complex notifications scattered across various websites of ministries or departments that’s fiendishly difficult to access. The Central Board of Excise and Customs (CBEC) is undertaking a mammoth exercise to build a central repository to provide a supplier all the information required about norms governing product imports in simple language. This will be available on one site or via a mobile app. “The idea is to make it simple for traders to access information,” a government official told ET. “Any information about any regulation would be available at the click of

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I-T plans to pursue property-holders who have never filed income tax returns 

Income tax authorities plan to pursue those who have properties in their name but haven’t ever filed income tax returns on the suspicion that these may be benami holdings on behalf of people looking to conceal their wealth. The exercise is part of the government’s crackdown on black money. The findings have emerged from the analysis of vast amounts of data that the government has collected. “We have a lot of data from various sources including on investments in property by people who have never filed returns,” said an income tax official. This information will be verified to ascertain the source of income used for the purchase of the properties and to see if these are being held by benami owners. Enforcement action will be taken only in cases where there is

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Young entrepreneurs suggest more Public Private Partnerships to Niti Aayog 

  India’s young entrepreneurs called for the greater involvement of the private sector and more public-private partnerships (PPP) as part of suggestions to prepare a new policy template for the country. More than 200 of them pitched for leveraging the strength of non-state entities to develop India’s soft power, improve education levels and help mitigate climate change. Under the Champions Of Change programme organised by Niti Aayog, 212 young entrepreneurs were grouped into six sectoral themes — Soft Power: Incredible India 2.0; Education and Skill Development; Health and Nutrition; Energizing a sustainable tomorrow; and Digital India; New India by 2022. They gave their suggestions to Prime Minister Narendra Modi at a presentation that ran over two hours and was also attended by ministers and secretaries of various departments. Niti Aayog CEO Amitabh Kant said

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Tomatoes: The new enemy in India’s fight against inflation 

  Surging onion prices have toppled governments in India. Now there’s a new threat looming for policy makers. Tomatoes. After touting better food management as a reason for record-low inflation during much of the summer, a surge in the costs of vegetables and fruits is causing price pressures to simmer. Tomatoes have been the main culprit so far, as poor transport and a lack of cold storage facilities lead to wastage of as much as 16 percent of produce each year. Such inefficiencies and India’s 1.3 billion population distinguishes it from the global market, where agricultural costs are falling. Food accounts for 46 percent of India’s consumption basket, which means it plays an outsize role in determining headline inflation. “The present low level of food prices is unusual and is

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LUT/bond will be processed / accepted within 3 working days: CBEC Chairman

  Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs North Block, New Delhi- 110001 Tel. : +91-11-23092849, Fax : +91-11-23092890 E-mail : chmn-cbec@nic.in Vanaja N. Sarna Chairman DO.No.22/CH(EC)/2017 Dated 11th August, 2017 Dear Colleagues, A number of issues were raised in the last few days on problems being faced by exporters, particularly for taking the facility of Letter of Undertaking (LUT). Notification No. 16/2017 – GST dated 7th July, 2017 was issued specifying conditions for LUT facility. Circular No. 2/2/2017 – GST dated 5th July, 2017 and Circular No. 4/4/2017 – GST dated 7th July, 2017 were issued clarifying the various issues and giving instructions for uniform implementation of the law. CBEC has today issued a third circular on this subject covering in a comprehensive manner all the issues related to

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