Breaking News

India News

India Makes Cash Transactions Reporting Mandatory

New Delhi (ABC Live): Cash Transactions Reporting : Reporting Cash Transactions under Rule 114 E of Income Tax Rules, 1962 Rule 114-E of Income-Tax Rules, 1962 for furnishing Statement of Financial Transactions (SFT) came into force with effect from 1st April, 2016. Any person who is liable for audit under section 44AB of the Income-Tax Act, 1961 is required to furnish …

Read More »

Air Marshal Birender Singh Dhanoa to Head Indian Air Force

New Delhi (ABC Live): Air Marshal Birender Singh Dhanoa :The government of India on Saturday announced that Air Marshal Birender Singh Dhanoa would be the 22nd Chief of the Indian Air Force. It is worthy to mention that Air Marshal Birender Singh Dhanoa is the sernior most officer serving the Indian Air force after present Chief of Indian Air force. …

Read More »

India Army Gets China Border Experienced General

New Delhi (ABC Live): India Army :The government of India on Saturday Lt General Bipin Rawat as next the new Army Chief of Indian Army by superseding two senior most Lt Generals, Praveen Bakshi and P M Hariz. Lt Gen Rawat is currently Vice Chief of Army Staff, will take over as the 26th Chief of Indian Army after Present …

Read More »

The Rights of Persons with Disabilities Act 2016

New Delhi (ABC Live):The Lok Sabha today passed The Rights of Persons with Disabilities Act  2016. The Bill will replace the existing PwD Act, 1995, which was enacted 21 years back. The Rajya Sabha has already passed the Bill on 14.12.2016. The salient features of the Bill are: Disability has been defined based on an evolving and dynamic concept The …

Read More »

RBI Sets Non Official Directors Appointment Norms in Banks

New Delhi (ABC Live): Non Official Directors Appointment Norms : The details of norms and procedure for appointment of Non-Official Directors (NODs) on the Boards of Public Sector Banks (PSBs)/Reserve Bank of India (RBI)/Financial Institutions (FIs)/Public Sector Insurance Companies (PSICs) are as follows: Non Official Directors Appointment Norms   Criteria of experience The following categories of persons will be considered for …

Read More »

India, Switzerland Sign Agreement for AEOI

New Delhi (ABC Live): Agreement for AEOI: India ratified Multilateral Convention on Mutual Administrative Assistance in Tax Matters (MAC) in June 2012 and has also signed the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information (MCAA) based on Common Reporting Standards (CRS) on 3rd June, 2015. India and Switzerland signed the ‘Joint Declaration’ for implementation of Automatic …

Read More »

India Amends Tax Laws for Pradhan Mantri Garib Kalyan Yojana

New Delhi (ABC Live): The Taxation Laws (Second Amendment) Act, 2016 has come into force on 15th December, 2016.  The Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016 (the Scheme) introduced vide the said Act shall commence on 17th December, 2016 and shall remain open for declarations up to 31st March, 2017. The rules in this regard have been …

Read More »

DRDO Abandons 5 Projects in Last Three Years

New Delhi (ABC Live):The following five projects that have been short closed/abandoned by the Defence Research and Development Organisation (DRDO) during the last three years and the current year.  The project-wise details are given below: Project-1:  Missile Mass Properties Measurement System: Sanctioned Cost: Rs 10.00 Cr Expenditure : Rs 5.7779 Cr Reasons for abandoning/short closure: Monitoring Committee recommended short closure …

Read More »

OFB Reviews Performance of Ordnance Factories

New Delhi (ABC Live): Performance of Ordnance Factories is being regularly reviewed by Ordnance Factory Board and the Ministry.  Some of the major steps taken in this regard are as follows:      Modernization of Ordnance Factories to keep pace with the latest technology and to maintain the production capacity in tandem with the requirement of Armed Forces.  As compared to an …

Read More »

Four Defence Shipyards Empowers India Shipyards Capability

New Delhi (ABC Live):Defence Shipyards have capability of manufacturing frontline warships like destroyers, frigates, corvettes including auxiliaries like fleet tankers, fast attacks crafts, landing craft utilities, mine counter measure vessels, offshore patrol vessels, etc.  Cochin Shipyard Limited, under administrative control of Ministry of Shipping is building the Aircraft carrier for Indian Navy. Government  has  taken  several  initiatives  to modernize these …

Read More »