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No plan to amend food security law at present: Govt

NEW DELHI: There is no proposal to amend the landmark food security law at present, Parliament was informed today. The National Food Security Act (NFSA) was passed in September 2013, but the law came into force on July 5 last year through Ordinance. “There is no proposal to amend the National Food Security Act, 2013, at present,” Minister of State ...

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“Kotak believes in long-term franchise of MCX”

Mumbai, Jul 21 Private sector lender Kotak Mahindra Bank, which has decided to buy a 15 per cent stake in commodity bourse Multi Commodity Exchange from Financial Technologies Ltd (FTIL), on Monday said it would be a long term investor in MCX and the deal will create value for the bank’s shareholders. “The franchise (MCX) is great. As of now, ...

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Revenue collection expected to exceed target this fiscal: FM

After missing target in the last financial year, the government today exuded confidence that tax collection during the current fiscal would exceed budget estimate of Rs 13.64 lakh crore. “Revenue collection targets fixed for 2014-15 will not only be achieved but also surpassed,” Finance Minister Arun Jaitley said. He was addressing the 30th annual conference of Principle Chief Commissioners, Principle ...

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Govt to move SC on 3rd arbitrator in KG-D6 gas case

Oil Ministry may move the Supreme Court for appointment of an arbitrator in place of former Australian judge who initially declined to become an umpire in Reliance Industries’ KG-D6 gas dispute but later relented on pleas made by the private firm. The apex court had on April 29 named Michael Hudson McHugh, former judge of the High Court of Australia, ...

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Sebi attachment orders cross the 1,300-mark

NEW DELHI: As the government readies a new bill for empowering Sebi to take on fraudsters and defaulters, the number of attachment orders passed by the capital markets watchdog with the help of anordinance has crossed 1,300-mark for recovery of penalties and dues in nearly 400 cases. The ordinance, which had to be promulgated thrice to empower Sebi to pass ...

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CSR spending details to be available for govt after Sep 2015

NEW DELHI: Providing more clarity on social welfare spending norms for corporates, the government has said that “one off events” such as marathons and sponsorships of television programmes would not considered towards CSR expense. Under the new Companies Act, certain class of profitable entities are required to shell out at least two per cent of their three-year annual average net ...

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No decision on FDI in multi-brand retail trading: Govt

The government today said it has not taken any decision on permitting Foreign Direct Investment in multi-brand retail trading. “As per the extant FDI policy, FDI up to 100% is permitted in single brand retail trading. No decision on FDI in multi-brand retail trading has been taken,” Commerce and Industry Minister Nirmala Sitharaman said in a written reply to the ...

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Govt will not rely on retro tax amendment, says Jaitley

Finance Minister Arun Jaitley today ruled out resorting to retrospective tax legislation, an issue that deterred investors after changes by the previous UPA government. “Will this government rely on retrospective tax legislation. My answer is no. “Ordinarily, we will not legislate to create fresh liabilities which actually means that some old taxes are being collected for last forty years. And ...

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India trails China in R&D spend and innovation capacity:Survey

India accounts about 3 % of USD 1.6 trillion of global gross expenditure on research and development (GERD) in PPP (purchasing power parity), which is around five times lower than that of its neighbour China, the Economic Survey said today. The pre-Budget document also said India’s innovation capacity is also lower than that of the other BRICS nations, except Russia. ...

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Survey outlines 3 pronged strategy to push GDP to 7-8%

The government today suggested a three-pronged strategy of containing inflation, pushing tax and expenditure reforms and legal and regulatory frameworks for market economy for achieving 7-8 per cent in coming years. “Reviving investment, essential for growth of jobs and income, requires a three-pronged approach” to improve India’s long term growth prospects, said the Economic Survey, tabled by Finance Minister Arun ...

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