CA December 17

INDIA, TAJIKISTAN SIGN FOUR AGREEMENTS TO ENHANCE BILATERAL COOPERATION

India and Tajikistan signed four agreements today in areas including on double taxation, money laundering and counter-terrorism. Prime Minister Narendra Modi and visiting President of Tajikistan Emomali Rahmon witnessed the exchange of MoUs in New Delhi following delegation level talks.

In his press statement, Mr Modi said, Tajikistan is a valued friend and strategic partner in Asia. He said that both the countries face multiple security challenges in their extended neighbourhood and have decided to strengthen cooperation in addressing the issue of terrorism and radicalism. He said, it will be done at multiple levels including training and exchange of information between the security agencies of the two countries.

PRESIDENT GREETS NIGERIA ON THE EVE OF NATIONAL DAY

President Pranab Mukherjee has conveyed greetings to the government and people of Nigeria on the eve of their National Day.

In his message, the President said India and Nigeria enjoy close and friendly relations. He expressed confidence that the bilateral relations will further strengthen in the coming years to the benefit of both nations.

Mr. Mukherjee also conveyed greetings and felicitations to the Emir and people of the Qatar on the eve of their National Day. In his message, the President said India deeply values its close and time-tested relations with Qatar. He expressed belief that India’s bilateral cooperation will further deepen and strengthen in the coming years.

PRADHAN MANTRI GARIB KALYAN YOJANA COMES INTO EFFECT TODAY

The Pradhan Mantri Garib Kalyan Yojana (PMGKY) comes into effect today. Any unaccounted cash or deposit in a bank account can be disclosed under the scheme before April 1, 2017. The PMKGY provides for 50 per cent tax and surcharge on declarations of unaccounted cash deposited in banks.

Briefing reporters in New Delhi yesterday, Revenue Secretary Hasmukh Adhia said, declaration of undisclosed income under it can be made by any person in the form of cash or deposits in an account with bank or post office or a specified entity.

RAILWAYS WORKING ON COMPREHENSIVE STRATEGY TO DEAL WITH RECURRING CONCERNS

Railways is working out a comprehensive strategy to deal with its immediate concerns like customer satisfaction, perking up loadings and infrastructure development like station redevelopment.
“Railways needs structural changes, that is reform. It is suffering because of lack of investment so you need investments. But our immediate concern is customer satisfaction, punctuality, freight,” Railway Minister Suresh Prabhu said at the FICCI conference.
Referring to the reforms being undertaken in railways, Prabhu said the conference’s theme is sustaining high growth.
“Reform is a continuous process. But unless you refine the goal…it will not be a successful,” he said.

DEPARTMENT OF TELECOM TO UNVEIL PORTAL ON MOBILE RADIATION IN A MONTH

The Department of Telecom (DoT) is set to launch a portal – Tarang – with data on all mobile towers and transmitters across the country in a month that will allow a user to check the radiation compliance status.
“Status of the towers will be available on the portal which will be launched in a month. Those who…want to get the radiation level checked of towers will be done by the government and he will be informed,” Union Minister of State for Communications Manoj Sinha told reporters here.

Telecom Secretary J S Deepak said, a fee of Rs 5,000 would be charged for the test to be conducted by the government.
“We conduct test on random basis and through this portal and on payment, test of specific tower would be done,” he added.

AVIATION MINISTRY LIKELY TO INTRODUCE BIOMETRIC SCREENING AT AIRPORTS

Your thumb could soon be all the documentation required to enter an airport. And once the government is able to achieve this the second phase could see you flashing your thumb to board the aircraft, at least for domestic flights.
While it may sound as science fiction, the aviation ministry has already started work on the first part and Hyderabad airport has successfully completed a pilot project on using biometric identification for allowing entry into the terminal there.
“Over a billion (100 crore) Aadhar cards have been issued so far. At the time of issuing these cards, biometrics, fingerprints and iris scans, are taken and fed into a national digital registry. Presently, air travellers have to show their air ticket and a valid identity card to enter airports.

TOP PHARMA FIRMS HIKE COMPLEX DRUG R&D SPEND TO RS 8,500 CRORE IN 2015-16, EYE BUYOUTS

Leading Indian drug makers have sharply increased their R&D budgets over the past five years, as they stare at tempered growth in the US from the launch of plain generics. The R&D spending of the top seven Indian drug makers rose to around Rs 8,500 crore in the last fiscal year from Rs 2,700 crore in fiscal 2011, according to one estimate.
Experts predict the launch pipelines for generic players in the US will be impacted as drugs coming off patent may see a fall in the 2017-2020 period. Amid gloomy outlooks of weakening growth in the large markets of the US and Europe and competition-induced price erosion, Indian companies are focusing on the development of complex drugs to offset the impact.
Industry experts and analysts opine that the US market is set to see limited major first to file launches in the near term. Companies that file first to sell copies of drugs that come off patent get exclusivity to sell those for the initial months in the US, giving them pricing power and better returns

BOMBAY DYEING’S MAKEOVER – CAN IT REVIVE ITS DYING TEXTILE BIZ?

Nusli Wadia’s public jousting with old friend Ratan Tata is making headlines these days, but away from the glare, his 137-year-old flagship company, Bombay Dyeing  & Manufacturing Co, is fighting another battle. One of the oldest textile businesses in India, Bombay Dyeing is slowly putting in place the building blocks to revive its bread-and-butter home textile business.
“We are reinventing,” Nagesh Rajanna, its CEO for the retail segment, told ET in an interview, in one of the few media interactions he has had until now. “Investments are being lined up.”

KISHORE BIYANI’S ‘BRAND FACTORY’ IS NOW OFFERING RS 7000 WORTH OF MERCHANDISE FOR YOUR RS 2000 NOTE

Fashion discount chain Brand Factory, part of Kishore Biyani promoted Future Lifestyle Fashion, on Friday launched a three-day Free Shopping Weekend mega sale event in order to take on Flipkart’s Big Shopping Days which starts from December 18 till December 21.
In the ongoing Brand Factory sale customers can shop for merchandise worth Rs 5,000 by paying Rs 2,000 along with other freebies like a free shirt and a Rs 1,000 voucher. The sale will conclude on Sunday.
Biyani, founder and group CEO of Future Group, expects the company to register at least Rs 100 crore in weekend sales from this event.

AXIS BANK TO CUT MCLR BY 0.1-0.15% FROM TOMORROW 

Private sector Axis Bank today announced to cut the MCLR by 0.1-0.15 per cent across tenors with effect from tomorrow.
“The bank has reviewed and decided to reduce the MCLRs of the Bank by 10 basis points (0.1 per cent) in the overnight tenor and by 15 bps (0.15 per cent) across all other tenors,” Axis Bank said in a regulatory filing.
The bank said the cut in Marginal Cost of Lending Rate (MCLR) will be effective from December 17.
The new loans will be charged at MCLRs ranging from 8.55 per cent to 9 per cent.
For overnight and one month tenor, MCLR has come down to 8.55 per cent; three month 8.75 per cent; six month 8.85 per cent and that for one year the lending rate will be 8.90 per cent.

PSLV-C 37 SCHEDULED FOR LAUNCH ON JANUARY 27

The next PSLV-C37 that will put into orbit a record number of 83 satellites is being scheduled for launch on January 27, said PSLV project director B Jayakumar.

Sharing the dais with Vikram Sarabhai Space Centre director K Sivan who came here to receive the 100th nozzle for a PSLV rocket from city based Resins and Allied Productions Mr Jayakumar said that six PSLVs had been launched in 2016.

Mr Sivan said that ISRO was planning to launch 12 to 18 PSLVs in a year. He said the 100th nozzle that was custom-built by Vijayawada based industry Resins and Allied Products (RAP) would be used in the historic PSLV that would launch a record 83 satellites. He said there was demand from foreign countries to send their satellites on PSLV rockets because they were launched as per schedule and were reliable.

PENTAGON ASKS CHINA TO ‘IMMEDIATELY’ RELEASE ITS NAVAL VESSEL

The US today asked China to “immediately” return its unmanned naval probe in international waters in the South China Sea which it alleged has been “unlawfully” seized by them.

“Using appropriate government-to-government channels, the Department of Defense has called upon China to immediately return an unmanned underwater vehicle (UUV) that China unlawfully seized on December 15 in the South China Sea while it was being recovered by a US Navy oceanographic survey ship,” Pentagon Press Secretary Peter Cook said.

The USNS Bowditch (T-AGS 62) and the UUV — an unclassified “ocean glider” system used around the world to gather military oceanographic data such as salinity, water temperature, and sound speed – were conducting routine operations in accordance with international law about 50 nautical miles northwest of Subic Bay, Philippines, when a Chinese Navy PRC DALANG III-Class ship (ASR-510) launched a small boat and retrieved the UUV, he said.

INDIA SEEKS GLOBAL TIES FOR ITS LIGHT COMBAT AIRCRAFT MARK-1A PROGRAM

India has floated global bids to procure state-of-the-art active electronically scanned array radars and electronic warfare self-protection jammer pods for the forthcoming modified version of the indigenously developed Light Combat Aircraft Mark-1A aircraft.

Under the ministry of defence’s directions, India’s sole combat aircraft manufacturer, Hindustan Aeronautics Ltd., on Thursday released global requests for quotations for the equipment. Two systems will be selected by April next year, according to a top MoD defense production official.

“We cannot wait for Indian companies to develop and build these proven systems, and they will be bought off-the-shelf from overseas,” the MoD official added.

Under a fast-track program, around 100 AESA radars will be bought at a cost of $1.85 billion million, and bids have been issued to Elta of Israel, US companies Raytheon and Northrop Grumman, SAAB of Sweden, Thales of France and Rosoboronoexport of Russia.

HAL will launch serial production of the fighter jet 2018.

WITH AN EYE ON CHINA, INDIA & U.S. TO UPGRADE MALABAR NAVY DRILL

India and the US are planning to further upgrade their already expansive and top-level Malabar annual naval exercise, in which Japan has now become a regular participant, with a renewed thrust on anti-submarine warfare operations.

This comes at a time when the Indian security establishment in keeping a close watch on the increasing forays by Chinese nuclear and conventional submarines in the Indian Ocean Region (IOR).

The Indian Navy has tracked at least six Chinese submarines in the IOR, with an operational turn-around stop mainly at Karachi, over the last four years, as was earlier reported by TOI.

After meeting Navy chief Admiral Sunil Lanba and other top officials here on Friday , the commander of the US Seventh Fleet Vice Admiral Joseph P Aucoin said, “We want to make the 21st Malabar exercise+ , which will be held in the IOR next year, bigger and more complex.”

INDIA, RUSSIA DEVELOPING LONGER-RANGE BRAHMOS MISSILE: GOVERNMENT

The government on Friday informed the Lok Sabha that India and Russia are jointly developing a longer-range BrahMos supersonic cruise missile.

“Subsequent to India’s joining the Missile Technology Control Regime (MTCR), Russia and India have agreed to extend the range of BrahMos supersonic cruise missile beyond 300 km,” Minister of State for Defence Subhash Bhamre said in a written reply.

“The proposal for undertaking joint technical development work for extending the range beyond 300 km has been executed between India and Russia,” he added.

BrahMos, jointly developed by India and Russia, is considered the only supersonic cruise missile in the world. The missile was first inducted in the India Navy in 2005.

Due to the missile technology restriction regime, both countries had to keep the range of the missile within 300 km.

India, on June 27, the became 35th full member of the MTCR — an informal and voluntary partnership among 35 countries to prevent proliferation of missile and unmanned aerial vehicle technology capable of carrying over 500-kg payload over more than 300 km.

INDIA’S FIRST INDIGENOUS AIRCRAFT CARRIER TO BE INDUCTED IN 2018, INDIAN NAVY’S SOLE OPERATIONAL AIRCRAFT CARRIER – INS VIKRAMADITYA

The country’s first indigenous aircraft carrier will be commissioned by the Indian Navy by the end of 2018, said Rear Admiral Surendra Ahuja, assistant controller carrier project and assistant controller warship production and acquisition, Integrated Headquarters, Ministry of Defence (Navy).

“The indigenous aircraft is currently being constructed in Cochin. It is expected to be delivered by the end of 2018,” Ahuja told reporters on the sidelines of the passing out parade of 87th helicopter course of INS Rajjali at Arakkonam, Vellore.

As many as 11 Navy and five Coast Guard pilots were honoured with wings on Friday. It would have the capacity to carry 30 aircrafts, fighter flights and helicopters, he said.

INDIA’S FIRST INDIGENOUS AIRCRAFT CARRIER TO BE INDUCTED IN 2018

The country’s first indigenous aircraft carrier will be commissioned by the Indian Navy by the end of 2018, said Rear Admiral Surendra Ahuja, assistant controller carrier project and assistant controller warship production and acquisition, Integrated Headquarters, Ministry of Defence (Navy).

“The indigenous aircraft is currently being constructed in Cochin. It is expected to be delivered by the end of 2018,” Ahuja told reporters on the sidelines of the passing out parade of 87th helicopter course of INS Rajjali at Arakkonam, Vellore.

As many as 11 Navy and five Coast Guard pilots were honoured with wings on Friday. It would have the capacity to carry 30 aircrafts, fighter flights and helicopters.

INDIA, RUSSIA DEVELOPING LONGER-RANGE BRAHMOS MISSILE: GOVERNMENT

The government on Friday informed the Lok Sabha that India and Russia are jointly developing a longer-range BrahMos supersonic cruise missile.

“Subsequent to India’s joining the Missile Technology Control Regime (MTCR), Russia and India have agreed to extend the range of BrahMos supersonic cruise missile beyond 300 km,” Minister of State for Defence Subhash Bhamre said in a written reply.

“The proposal for undertaking joint technical development work for extending the range beyond 300 km has been executed between India and Russia,” he added.

BrahMos, jointly developed by India and Russia, is considered the only supersonic cruise missile in the world. The missile was first inducted in the India Navy in 2005.

Due to the missile technology restriction regime, both countries had to keep the range of the missile within 300 km.

CITY CORPORATION TO RECEIVE DIGITAL INDIA SILVER AWARD

The Coimbatore City Municipal Corporation has been selected for Digital India Award instituted by Ministry of Electronics and Information Technology.
The corporation will receive the Digital India Silver Award in the category of “Most Innovative Citizen Engagement” and also installing and implementing free WiFi Scheme in its various offices.

The award,to be presented by Union I& T minister Ravi Shankar Prasad, will be received by Corporation Commissioner and Special Officer, Dr Vijay Karthikeyan at a function at Delhi on December 19, official sources said.

SIES-KANCHI SEER AWARDS FOR DEVENDRA FADNAVIS, UKSCHOLAR

Chief Minister Devendra Fadnavis and UK-based scholar John Ralston Marr will be honoured with the SIES-Sri Chandrasekarendra Saraswati National Eminence Award on Sunday.

While Fadnavis will be presented the award for Public Leadership, Marr will be felicitated for his work in the International category at a function at the Shanmukhananda auditorium in the city on Sunday evening.

A scholar in Sanskrit, Tamil and Telugu, Marr has been teaching Carnatic music theory for 30 years in England.

Other awardees include ISRO chairman A S Kiran Kumar for Science & Technology and Hari Katha exponent Kamala Murthy.

The awards were instituted by the South Indian Education Society in 1998 in memory of the late Seer of Kanchi Sri Chandrasekarendra Saraswati who passed away in 1994 at the age of 100.

GREENWOOD HIGH RANKED NO.1 AT INDIA’S SCHOOL MERIT AWARDS 2016

Greenwood High International School, a leading educational institution in the city, was ranked No. 1 in India by Education Today at India`s School Merit Awards 2016 which was held in the city recently.

The school was ranked No.1 in India, Karnataka and Bengaluru categories as India`s Top International – Day – Cum Boarding School. Further, it was also awarded the No.1 rank in India under the parameter of ‘Infrastructure Provision & Academic Reputation’.

Under India`s Top 20 ICSE School, it also Ranked No.3 in India and No.1 in Karnataka. In addition, Greenwood High off Bannerghatta road campus was also nominated under the Category of Top Upcoming Schools (India).

The award result was published in the 2nd Annual Corporate Education edition of Education Today.

INDIAN CINEMA’S BEST HONOURED AT 24FPS INTERNATIONAL ANIMATION AWARDS

Maya Academy of Advanced Cinematics (MAAC) – leader in 3D Animation and VFX training hosted the 13th edition of the 24 FPS Awards 2016 on December 15th, 2016 recently.

Through a journey of 13 years, this event has gradually grown in popularity and gained significant support from the global animation fraternity and has provided a robust platform for animation talent in the country.

The occasion was graced by a number of special guests from the media and entertainment industry which included former Miss India Pooja Chopra and successful short film director Jyothi Kapur Das.

Some notable performers were lauded for their exemplary contribution to contemporary cinema under the ‘Movers and Shakers’ category.

Nagraj Manjule, Indian filmmaker and screenwriter of SAIRAT fame along with Mohammed Zeeshan Ayyub of TANU WEDS MANU-2 and RAEES fame, and Tannishtha Chatterjee of ANGRY INDIAN GODDESSES and PARCHED fame were honoured this year.

MUKESH AMBANI AMONG WORLD’S MOST POWERFUL PEOPLE

Reliance Industries Chairman Mukesh Ambani has been ranked 38 on the World’s Most Powerful People list for 2016 by Forbes.

Further, Prime Minister Narendra Modi has been ranked 9 on the list, while India-born Microsoft CEO Satya Nadella has been ranked 51.

Notably, Russian President Vladimir Putin has topped the list for the fourth consecutive year.