India Signs Loan Agreement with World Bank for US$ 119 Million for “Odisha Higher Education Programme for Excellence and Equity (OHEPEE) Project 

  A Financing Agreement for IBRD loan of US$ 119 million (equivalent) for the “Odisha Higher Education Programme for Excellence & Equity (OHEPEE) Project” was signed with the World Bank here today. The Financing Agreement was signed by Mr. Sameer Kumar Khare (Joint Secretary, Department of Economic Affairs) on behalf of Government of India and Mr. Hisham A. Abdo Kahin, Acting Country Director, World Bank (India) on behalf of the World Bank. A Project Agreement was also signed by Mr. G.V.V. Sarma, Additional Chief Secretary, Department of Higher Education, Government of Odisha and Mr. Hisham A. Abdo Kahin, Acting Country Director, World Bank. The Objective of the project is to improve the quality of ‘students’ equitable access to selected institutions and enhance governance of the higher education system in Odisha.

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Direct Tax Collections for F.Y. 2017-2018 show Growth of 15.2% up to October, 2017 

  Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 7th November, 2017. PRESS RELEASE Direct Tax Collections for F.Y. 2017-2018 show Growth of 15.2% up to October, 2017 The provisional figures of Direct Tax collections up to October, 2017 show that net collections are at Rs. 4.39 lakh crore which is 15.2% higher than the net collections for the corresponding period of last year. Net Direct Tax collections represent 44.8% of the total Budget Estimates of Direct Taxes for F.Y. 2017-18 (Rs. 9.8 lakh crore). Gross collections (before adjusting for refunds) have increased by 10.7% to Rs.5.28 lakh crore during April-October, 2017. Refunds amounting to Rs. 89,507 crore have been issued during April, 2017 to October, 2017.   (Surabhi Ahluwalia) Commissioner of

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​Notification of Third Protocol to the Convention between Government of India and New Zealand 

  Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 7th November, 2017. PRESS RELEASE Notification of Third Protocol to the Convention between Government of India and New Zealand The Third Protocol for amendment of the Convention between the Government of the Republic of India and the Government of New Zealand for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income was signed by both countries on 26th October 2016. The Protocol entered into force in India on 7th September 2017 and has been notified in the Official Gazette on 2nd November 2017. The Protocol updates the existing framework of exchange of tax related information to latest international standard which will help curb tax evasion

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​Cases pertaining to ‘Panama Papers’ Investigation in full swing

  Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 6th November, 2017. PRESS RELEASE Cases pertaining to ‘Panama Papers’: Investigation in full swing Pursuant to revelations made by the International Consortium of Investigative Journalists (ICIJ), a Washington based organization in April 2016 about certain Indians having linkages with entities in offshore no tax/low tax jurisdictions, the Government constituted a Multi-Agency Group (MAG) on 4th April 2016, inter alia, to facilitate co-ordinated and speedy investigation. The MAG consisted of officers of Central Board of Direct Taxes (CBDT), Enforcement Directorate (ED), Financial Intelligence Unit (FIU) and Reserve Bank of India. So far, the MAG has submitted 7 reports to the Government. The Panama Papers contained brief particulars of about 426 persons, prima facie, Indians

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​Investigations in cases of ‘Paradise Papers’ to be monitored through reconstituted Multi Agency Group 

  Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 6th November, 2017. PRESS RELEASE Investigations in cases of ‘Paradise Papers’ to be monitored through reconstituted Multi Agency Group Revelations made today in the media under the name ‘Paradise Papers’ [based upon expose done by the International Consortium of Investigative Journalists (ICIJ)] indicate that out of 180 countries represented in the data of offshore entities held by persons of different nationalities, India ranks 19th in terms of number of names. 714 Indians reportedly appear in the tally. The Paradise Papers include nearly 7 million loan agreements, financial statements, emails, trust deeds and other paperwork over nearly 50 years from inside Appleby, a prestigious offshore law firm with offices in Bermuda and beyond. The

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Cash is king: Year after note ban India still remains a cash economy 

  Demonetisation accelerated a shift to digital transactions by almost four years. Yet India remains an overwhelmingly cash economy. The government is trying hard to change this. It may not meet its ambitious goal of getting to at least 25 billion cashless transactions this fiscal year, but is supporting any move to remove cash. Today there are more than a dozen ways to pay digitally yet people find reaching out for cash in their wallet the easiest way to pay. ET Magazine shines a light on the digital thrust a year after the note ban: Cash is Still King Cash in circulation : 1,31,81,190 crore Cashless forms less than 5% of all transactions in India TIME DEPOSITS WITH BANKS – Rs 1,03,65,840 crore TOTAL CURRENCY WITH PUBLIC – Rs 15,32,850 crore DEMAND DEPOSITS WITH BANKS – Rs

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After note ban crackdown, Income Tax department should now focus on simplifying laws

  The effect of demonetisation on direct taxation has been complex. Despite obvious attempts at money laundering, it has yielded some positive outcomes: taxpayers are reporting higher incomes; the number of taxpayers have increased; and revenues have begun to grow at a faster clip. When demonetisation was announced, taxpayers with large unaccounted cash holdings of Rs 500 and Rs 1,000 notes had to make a choice: one option was to destroy these stocks, incur cash losses and avoid the prospect of facing huge additions, penalties and prosecution. Alternatively, they could risk depositing their cash stocks in their own bank accounts or those of others in a manner that might pass muster with tax authorities. If they exercised this choice, in the worst-case scenario, they would still be left with 15%

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Postponement of Group I Paper- 2 Strategic Financial Management of Final Examination, Scheduled on 3rd November, 2017 (Friday) in Chennai (in The State of Tamil Nadu) Only

  November 3, 2017 IMPORTANT ANNOUNCEMENT POSTPONEMENT OF GROUP I PAPER- 2 STRATEGIC FINANCIAL MANAGEMENT OF FINAL EXAMINATION, SCHEDULED on 3rd NOVEMBER, 2017 (FRIDAY) IN CHENNAI (IN THE STATE OF TAMIL NADU) ONLY. It is hereby notified for general information that in view of heavy rains and consequent disruption of normal life in Chennai (Tamil Nadu), the Chartered Accountants Final (Group I), Paper – 2, Strategic Financial Management, scheduled for today i.e. 3rd November 2017 (Friday) at Chennai only stand rescheduled and the revised date of examination for the said paper will be announced in due course. The postponement as mentioned above is applicable to Paper 2 of CA Final exam to be held at Chennai only.  However, it is clarified that the schedule of examinations notified vide Notification No.13-CA(Exam)/N/2017 dated 21st

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Introduction of Legal Entity Identifier for large corporate borrowers

  RBI/2017-18/82 DBR.No.BP.BC.92/21.04.048/2017-18 November 02, 2017 All Scheduled Commercial Banks (Excluding Regional Rural Banks), All India Financial Institutions (Exim Bank, SIDBI, NHB, NABARD), Local Area Banks, Small Finance Banks Madam/Dear Sir, Introduction of Legal Entity Identifier for large corporate borrowers The Legal Entity Identifier (LEI) code is conceived as a key measure to improve the quality and accuracy of financial data systems for better risk management post the Global Financial Crisis. LEI is a 20-digit unique code to identify parties to financial transactions worldwide. 2. The LEI for the participants of the OTC derivatives market has since been implemented vide circular RBI/2016-17/314 FMRD.FMID No.14/11.01.007/2-16-17 dated June 01, 2017in a phased manner. 3. In the Statement on Developmental and Regulatory Policies dated October 4, 2017it was indicated that LEI system for all borrowers

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Online Registration Mechanism and Filing System for Clearing Corporations for webupload

  CIRCULAR SEBI/HO/MRD/DRMNP/CIR/P/2017/119 November 03, 2017 To, All Recognised Clearing Corporations Dear Sir / Madam, Subject: Online  Registration Mechanism  and  Filing  System  for Clearing Corporations 1. In order to  ease  the process  of  application  for  recognition  /  renewal, reporting and other filings in terms Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2012 and other circulars issued  from  time to  time,  SEBI  has  introduced  a  digital  platform  for  online filings related to Clearing Corporations. 2. All applicants desirous  of  seeking  registration  /  renewal as a  Clearing Corporation in  terms  of  Regulation  4 and  12 of  the Securities  Contracts (Regulation) (Stock  Exchanges  and  Clearing  Corporations)  Regulations, 2012, shall now  submit  their  applications  online  only,  through  SEBI Intermediary Portal at https://siportal.sebi.gov.in. 3. Further, all other filings including Annual Financial Statements and

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