Ease of doing business Current Affairs - 2019

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Govt relaxes norms for Start-ups

The government has relaxed the norms under the definition of Start-Ups. The changes brought in are:

  • The investment limit of angel investors to seek exemption under the Income Tax Act, 1961 has been increased to Rs 25 crore from 10 Crore.
  • An entity shall be considered a start-up up to 10 years from its date of incorporation/registration instead of the previous period of 7 years.
  • An entity would be considered as a startup up to a turnover of Rs 100 crore as against the earlier limit of Rs 25 crore.

Exemptions Proposed

  • A start-up cannot invest in a building or land unless it is for its business or used by it for purposes of renting or held by it as stock-in-trade.
  • A start-up cannot offer loans or advances, other than those where lending money is part of its business.
  • A start-up cannot make any capital contribution to any other entity or invest in shares, car, any vehicle or mode of transport that costs more than Rs 10 lakh.

These exemptions were brought in to allay the fears of CBDT that start-ups could be used for money laundering or receive investment from shell companies for tax evasion.

The relaxations are in line with the government’s vision to promote the culture of entrepreneurship and ease of doing business in India.

Month: Categories: Business, Economy & BankingUPSC

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How JNPT surged into top 30 of Lloyds Report?

India’s premier container port Jawaharlal Nehru Port Trust (JNPT) has become India’s only port to get listed among the top 30 global container ports in Top 100 Container Ports report. JNPT has notched up five spots, to be 28th on the list, compared to its previous ranking.

What made this jump possible?

The Union Ministry of Shipping has outlined the various initiatives at JNPT which has made the jump possible:

  • New processes activated under the ‘ease of doing business’ initiative have helped in the overall growth of the port business.
  • The new processes also aided the Export-Import trade to save time and cost which in turn have accentuated the growth story.
  • JNPT has also launched the app services to facilitate better tracking of consignment and ease the trade process for their EXIM partners.
  • The app launched by the JNPT allows traders to access all the relevant information about their consignment and port-related updates regarding traffic and weather on their fingertips.

Top 100 Container Ports Report

Top 100 Container Ports report from Lloyd’s List Containers provides an exclusive analysis of with detailed information on each port and sets out the winners and losers each year.

The report also provides in-depth profiles, analysis, and insight of all 100 facilities, detailing terminals operators, box volumes, recent developments, and pipeline projects.

Month: Categories: NationalUPSC

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