Business & Economy Current Affairs 2017

Enter Your Email Address To Subscribe Current Affairs Daily Digest, Daily Quiz and other updates on Current Affairs:

BSNL Signs MoU with Facebook and MobiKwik

BSNL has inked agreements with Facebook and MobiKwik in order to popularize the internet and its value added services among its customers. Further, BSNL has also signed a third MoU with Disney Land India to offer premium online gaming services to its mobile customers. The series of MoUs signed by BSNL comes at the backdrop of a stiff competition faced by BSNL from private telecom companies like Airtel and Reliance Jio.

Agreement with Facebook

As per the terms of agreement signed with Facebook, BSNL will facilitate connectivity for Facebook’s `Express Wi-Fi Program’. Express Wi-Fi service program of the Facebook has been launched commercially in India and the service is now available via 700 hotspots across four states of Uttarakhand, Gujarat, Rajasthan and Meghalaya. Express Wi-Fi is a part of Facebook’s global initiative to expand internet connectivity. Express Wi-Fi” services will complement mobile data offerings by providing a low-cost, high bandwidth service allowing users to get online for accessing apps, downloading contents amongst other things at affordable rates.

Agreement with MobiKwik

As per the MoU signed with the digital payments firm Mobikwik, BSNL and MobiKwik will work together to create  a BSNL mobile wallet to facilitate payment for its products and services. The wallet will be made available exclusively to the customers of BSNL. In addition, MobiKwik will also facilitate digital sale of BSNL SIM cards through its app and website.

 

Tags:

CCEA gives Approval to New Coal Linkage Policy

The Cabinet Committee on Economic Affairs (CCEA) has approved a new coal linkage policy to ensure adequate supply of the fuel to power plants through reverse auction. The new policy will help in ensuring fuel supplies to the power plants in an organised manner.

Need

Though, the government’s initiatives and prevailing market conditions to a large extent has helped to bring down the prices of the dry fuel and boosted the domestic production, a proper mechanism for providing coal linkages to power plants at competitive rates was lacking. The new policy will address this issue and will ensure proper sourcing of the dry fuel by the power plants as per their schedules.

Coal linkage policy

Coal linkage policy is a policy designated by the union government for the allocation of coal among thermal power plants. Inadequate availability of domestic coal coupled with high price for imported coal requires the government to allocate the available coal rationally among the power plants. This is especially necessary as the coal producing firms are public sector companies. Also, the pricing of coal is an another important issue. In this context, the government designates coal linkage policies to allocate coal among different thermal power plants.

Tags:

IT Department Launches Operation Clean Money

Income Tax Department (ITD) has initiated Operation Clean Money to investigate tax evaders. As a part of the operation, the government has launched a website on ‘Operation Clean Money’ operation.

Salient Highlights

The Operation Clean Money’ portal has been designed by the Central Board of Direct Taxes (CBDT). Initial phase of the operation involves identification of around 18 lakh persons who have made large deposits or purchases between 9th November to 30th December 2016, which do not appear to be in line with the tax payer’s profile.

The provision of online verification of these transactions is aimed at reducing the compliance cost for the taxpayers while optimising the resources of the Income Tax department.

The PAN holders can view the information in the portal. The taxpayers would be allowed to submit online explanation without the need to visiti the Income Tax Office. As a reminder, e-mail and SMS will also be sent to the taxpayers for submission of online response on the portal.

The IT department will make use of the data analytics to select cases for verification. After selection of cases, additional information requested would be communicated electronically. On getting the information, the portal will get dynamically updated. The taxpayers covered under this phase are required to submit their responses within 10 days in order to avoid further notice and enforcement actions under the Income Tax Act.

The response provided by the tax payer would be analyzed against available information with the department. If response found justified, the verification would be closed. The verification will also be closed if the cash deposit has been declared under Pradhan Mantri Garib Kalyan Yojna (PMGKY).

Background

Operation Clean Money was launched immediately after government’s demonetisation drive in order to bring the tax evaders with undeclared incomes under the tax net. The income tax department has so far identified about 1.8 million persons and asked them o explain their deposits, pay tax or disclose past undisclosed income through the Pradhan Mantri Garib Kalyan Yojana.

Tags:

Advertisement

1...89101112...203040...452