Naukariadda

New Delhi: Indian economy is now expected to see a faster turnaround given the impending rollout of vaccine, increased mobility and less disruptions to business operations as the economy opens up but a lot will also depend on the upcoming Budget for 2021-22 to steer its course. India, which had in 2019 overtaken the UK to become the fifth-largest economy in the world, was knocked off course somewhat due to the carnage that the pandemic and the ensuing strict lockdown unleashed -- businesses were shut, consumption slumped, investments took a hit and jobs were lost. The combined effect being that the economy got relegated to the sixth spot in 2020. The Budget for the next fiscal starting April 2021 that Finance Minister Nirmala Sitharaman will present a month from now will be the starting point for picking up the pieces after the economic destruction. The government's spending plans particularly on infrastructure and social sectors as well as relief to sections hit by the pandemic an...

NEW DELHI: The country's largest carmaker Maruti Suzuki India (MSI) on Friday reported a 20.2 per cent increase in sales to 1,60,226 units in December. The company had sold 1,33,296 units in December last year, Maruti Suzuki India (MSI) said in a statement. Domestic sales increased 17.8 per cent to 1,46,480 units last month as against 1,24,375 units in December 2019, it added. Sales of mini cars, comprising Alto and S-Presso, increased by 4.4 per cent to 24,927 units as compared to 23,883 in the same month last year. Similarly, sales of compact segment vehicles, including models Swift, Celerio, Ignis, Baleno and Dzire, increased by 18.2 per cent to 77,641 units as against 65,673 cars in December last year. Sales of mid-sized sedan Ciaz, however, declined by 28.9 per cent to 1,270 units as compared with 1,786 units in December 2019. Utility vehicle sales, including Vitara Brezza, S-Cross and Ertiga, rose 8 per cent to 25,701 units compared to 23,808 in the year-ago month, MSI said. ...

New Delhi: IndiGo airlines on Thursday said that some of its servers were hacked earlier in the month of December and hackers might upload some internal documents on public platforms. "We would like to make this disclosure that some of our servers were subject to a hacking incident earlier this month. We were able to restore our systems in a very short span of time with minimal impact," said the airlines in an official statement. Airlines said that there were some segments of data servers that were breached, and therefore "there is a possibility that some internal documents of the company may get uploaded by the hackers on public websites and platforms." "We realise the seriousness of the issue, and are continuing to engage with all relevant experts and law enforcement to ensure that the incident is investigated in detail," it added. from Economic Times https://ift.tt/38OKn80

New Delhi: IndiGo airlines on Thursday said that some of its servers were hacked earlier in the month of December and hackers might upload some internal documents on public platforms. "We would like to make this disclosure that some of our servers were subject to a hacking incident earlier this month. We were able to restore our systems in a very short span of time with minimal impact," said the airlines in an official statement. Airlines said that there were some segments of data servers that were breached, and therefore "there is a possibility that some internal documents of the company may get uploaded by the hackers on public websites and platforms." "We realise the seriousness of the issue, and are continuing to engage with all relevant experts and law enforcement to ensure that the incident is investigated in detail," it added. from Economic Times https://ift.tt/38OKn80

New Delhi: Infrastructure firm NCC on Friday said it has received 15 new orders worth Rs 8,980 crore in December from government agencies. "NCC has received fifteen new orders totaling to Rs 8,980 crore (exclusive of GST) in the month of December 2020," the company said in a BSE filing. These orders are received from Central/State Government agencies and do not include any internal orders, the company added. Shares of NCC were trading 3.90 per cent higher at Rs 59.90 apiece on the BSE. from Economic Times https://ift.tt/3o9HEwo

MUMBAI: Covid has shaped salary trends in a positive way for several sectors. These include internet & e-commerce, BFSI (banking, financial services & insurance), transportation & logistics and energy & utilities, as well as functions like legal & compliance and marketing. Additionally, these are expected to have a good run in 2021 as well.According to a study by Randstad India, a leading firm in the HR services industry, marketing has emerged as one of the top five highest-paying functions at the senior level where the average salary is about Rs 34 lakh.In the wake of Covid, customer's wants, needs, expectations and purchasing decisions are constantly evolving and marketing has come to play an important role. In particular, digital marketing has received a fresh impetus with all businesses - be it small, medium or large - turning towards or planning to adopt virtual modes of operation and stepping away from outdoor marketing.Randstad India MD and CEO Paul Dupui...

SAN DIEGO: US President Donald Trump on Thursday extended pandemic-related bans on green cards and work visas to large groups of applicants through March 31, while a federal appeals court sided with him on a rule that requires new immigrants to have their own health insurance.The twin developments on the final day of 2020 encapsulated how Trump has made US immigration policy more restrictive without support from Congress. President-elect Joe Biden has promised to undo many of Trump's actions but it is unclear how quickly and even to what extent.Federal judges have limited the impact of the pandemic-related visa bans, which were set to expire Thursday. Biden, who is now forced to decide when and whether to lift them after taking office January 20, doesn't specifically address the issue in his immigration platform.Biden also doesn't directly address the health-insurance requirement in his platform and a lawyer who sued over the policy on Thursday urged him to immediately resc...

MUMBAI: The much awaited joint venture between Mahindra & Mahindra and Ford Motor Company has been called off due to significant changes in the global business environment due to Covid-19 pandemic. The decision follows the passing of the Dec. 31 “longstop,” or expiration, date of a definitive agreement the organizations entered into in October 2019.Ford in its official statement in the US said its independent operations in India will continue as is. The US car maker will continue with its joint projects, with Mahindra & Mahindra expected to produce the cars for Ford through contract manufacturing tie-up.Ford Motor and Mahindra & Mahindra have mutually and amicably determined they will not complete a previously announced automotive joint venture between their respective companies, said the statement from the company. According to the companies, the outcome was driven by fundamental changes in global economic and business conditions – caused, in part, by the global pandemic –...

Year 2021 in all likelihood will be the most defining period for Prime Minister Narendra Modi, one where his government's approach and execution will determine the trajectory India takes in the Covid-19 era and beyond. And in doing so, the PM will also shape the contours of his legacy in the long run.The pandemic, in many ways, has forced a reboot within the administration, which is why fresh beginnings are now possible. The government articulated this at the highest level by saying upfront that it intends to convert a crisis into an opportunity. This is how political will was mustered to initiate much-delayed agriculture and labour reforms, which, as year ends, still remain a work in progress.The challenge will be to not just stay the course, but demonstrate political intent to further broaden the ambit of reforms and accelerate the processes of execution where decisions have been made like the new education policy. This is now a political must, not just an economic requirement fo...

Mumbai: India can expect some “good news” in the New Year on Covid-19 vaccines, said VG Somani, director-general of the Central Drugs Standard Control Organisation (CDSCO), which is responsible for approving vaccines in the country. Somani’s statement on Thursday comes on the day Prime Minister Narendra Modi said India is making preparations for the largest adult immunisation programme in the world.“Since March, along with the department of biotechnology, we have taken this challenge to hand-hold the development of vaccines of different platforms in the country...the drug industry and research organisations have stood the test of time and probably we will have a happy new year with something in hand — that is what I can hint at,” Somani said at a webinar organised by the DBT on the science of vaccine development.On Friday, the subject expert committee under CDSCO is expected to review data provided by the Serum Institute of India, which is testing and manufacturing a Covid-19 vaccine d...

Mumbai: Drought after a deluge: That seems to be nature’s way of evening out excesses.But will that be true of our equity markets that saw bumper IPOs in 2020? Historical data suggest so. Hence, investors should temper expectations of returns in 2021.India Inc has raised record 1.88 lakh crore through equities in 2020.Since 1995, whenever India Inc raised record funds, the Sensex returns next year were not that great. For instance, companies raised Rs 11,420 crore in 1995 but the Sensex return in 1996 was -1.3 per cent. The next record fundraising was in 2007 when Indian corporates raised more than Rs 66,000 crore, but the market fell 52 per cent in 2008. Foreign institutional investors pumped in over Rs 72,000 crore in 2007 but sold nearly Rs 54,500 crore worth of stocks in 2008.In 2010, the total amount raised from the primary market was a record Rs 72,000 crore and the Sensex declined 24 per cent in 2011. Similarly, in 2017 India Inc raised Rs 1.37 lakh crore and Sensex gave a retur...

Mumbai: The Nifty hit 14,000 for the first time on Thursday —the last day of 2020 but investors should stay put in 2021 as there is still some more steam left in the bull run, a majority of participants in an ET poll of 25 fund managers, brokers and analysts said. The most bullish among the poll participants expect the Nifty to rise as much as 15% this year from current levels. Mid and smallcap shares could outperform blue-chips in 2021, they said.According to 75% of the poll participants, equities remain the top asset class and investors are advised not to cut exposure.“All the stars are aligned for markets to go up,” said Nilesh Shah, MD, Kotak Asset Management.While majority of the participants are bullish about the market prospects, 68% of them expect the Nifty to touch 14,500-15,000 in 2021. This is about 3-6% over Thursday’s closing of 13,981.75. The index closed unchanged over the previous day after touching a high of 14,024.85.80054515About 16% see Nifty at 15,000-15,500 level,...

New Delhi: The government on Thursday said the current domestic production is unable to meet the country's demand, even though the country is the world's second-largest producer of fossil fuel and the fifth-largest nation in terms of coal deposits.Currently, India is producing about 729 million tonnes of dry fuel, the coal ministry said in a statement."However, it is a fact that the domestic production is not able to meet the demand of coal in the country," the statement said.Last year, India imported 247 million tonnes (MT) of coal and spent Rs 1.58 lakh crore worth of foreign exchange.Commercial auction of coal mines along with transparent measures taken by the Centre has come at an opportune time to bridge the mismatch between demand and supply of coal in the country."This will not only provide a huge opportunity for employment in the backward regions but will also save foreign exchange to the extent of almost Rs 20,000 crore to Rs 30,000 crore per year,"...

Mumbai: When Covid-19 triggered a payment lockdown, it did not discriminate among banks. Both the Bank Nifty and private banks index almost halved, and the state-run banks’ index fell more – 56%.As the year draws to a close, investor discrimination is palpable. The Bank Nifty and the private banks indices have almost erased all their losses, but the Nifty PSU Bank Index is still down 30%.PSU banks have become the poor cousins of Indian banking, and the belief only strengthened this year. For years, they did not get capital from the markets and the taxpayer had to stump up more than Rs 3 lakh crore in recent years.With the government’s hands tied due to a collapse in revenues and increased spending to fight the Covid-19 fallout, banks were forced to test the waters on private capital. The result is a wake-up call.Yet again, state-owned institutions had to bail out the share sale of Punjab National Bank and IDBI Bank while Canara Bank scraped through. This is at a time when private banks...

Mumbai: The Kempegowda International Airport at Bengaluru (KIB) has become compliant for CAT-IIIB operations, which will allow the airlines to land aircraft at a runway visual range of as low as 50 metres besides take-offs at 125 metres, a release said on Thursday. The mechanism is functional at the south runway of the airport since 05.30 am on Thursday. Until now, the permissible visual range was 550 metres and 300 metres, for landing and take-off, respectively, it said. This makes Bangalore airport the only aerodrome in South India and sixth in the country with CAT III B runway. Fog-related flight delays in Bengaluru have traditionally caused delays and diversions, inconveniencing passengers, as well as resulting in financial losses for the aviation industry, Bangalore International Airport Ltd (BIAL) said. KIB has installed advanced Instrument Landing System (ILS), Airfield Ground Lights (AGL), meteorological equipment such as Transmissometre, Automatic Weather Observation Station (...

Hand sanitiser, antiseptic liquid and chyawanprash were the top three categories related to prevention of Covid-19 to advertise on television in 2020, according to a TV advertising report published recently by TAM Media Research. "In July 2020, hand sanitiser advertising per day grew by more than 100 times compared to January 2020," the report said.Piccadilly Agro Industries, Hindustan Unilever and ITC were the top three companies to advertise in this category, according to the report. In September, the average the average and volumes per day for antiseptic creams and liquid grew by 3.5 times compared to January this year, the report said, adding that among 11 advertisers in this category Reckitt Benckiser held 92% share for Dettol.December saw a surge in the advertisements for chyawanprash with David leading the pack of eight advertisers in this category followed by Emami. Overall advertising for chyawanprash increased six times in December compared to January. from Econom...

Milliman Advisors LLP India has been selected as the reporting actuary for the embedded value of Life Insurance Corporation of India.The firm was chosen from three in the race including EY Actuarial Services and Willis Towers Watson Actuarial Advisory."Work will begin soon," Tuhin Kanta Pandey, secretary of department of investment and public asset management (DIPAM) said Thursday, announcing the selected firm.The government had invited interest for the appointment of an actuarial firm to determine the embedded value of LIC of India, taking the next step towards the public listing of the country’s largest public insurer.LIC needs to develop an Indian Embedded Value (IEV) reporting framework for the necessary disclosures in the proposed initial public offer.The government has to undertake the exercise to arrive at the IEV of the company, which will include valuation of its massive real estate assets. The firm will work with management of LIC to arrive on a method to calculate ...

The labour ministry has issued guidelines for the Atma Nirbhar Bharat Rozgar Yojana, clarifying the government will only contribute to new employees earning up to Rs 15,000 a month as defined under the Employees Provident Fund & Miscellaneous Provisions Act . The scheme was announced in November to incentivise formal job creation in the country and subsequently approved by the Cabinet in early December.The scheme will cost the government Rs 22,810 crore and the registration for the scheme will be effective from October 1, 2020 to June 30,2021 and is expected to create 5.5 million jobs. Under the scheme, the government will reimburse 24%, 12% each for employees and employers, for two years for all new formal jobs created in enterprises having up to 1000 employees between October 1 and till June 30 next year. Even workers who had lost jobs during the pandemic period between March 1, 2020 and September 30 and later got employed under EPFO registered establishment after October 1, 2020...

Mumbai: In an unprecedented move, the Mumbai bench of the income tax appellate tribunal (ITAT) has retracted the critical remarks it made on Cyrus Mistry in its recent order that restored the tax-exempt status of the three key Tata Trusts.In a major moral victory for the past chairman of Tata Group who was unceremoniously sacked on October 24, 2016, the tribunal issued a corrigendum on Wednesday to its December 28 order saying "the critical remarks were due to a typo."The corrigendum issued by president of the tribunal P P Bhatt and vice-president Pramod Kumar, clarifies that the first order made certain "inadvertent references to Mistry because of a few typo errors."Further, it says in observations on Mistry one fact that was inadvertently missed out was that the information furnished by Mistry was in response to a notice from the assessing officer.It further says, "The above corrections will have no impact on the outcome of the appeal and the outcome of the a...

NEW DELHI: The reverse migration, which led to the emergence of heightened demand for homes in tier 2/3 cities, demand for bigger homes and green complex with healthcare facilities, are some of the positives from 2020, according to real estate developers. Developers said that the overhang of subdued demand from last quarter of 2019 continued into 2020 and with the COVID-19 pandemic induced lockdown in March, the sector went from bad to worse. “The migration of labours and disruption in supply of raw materials saw a stoppage in construction activities. On the back of government stimulus and RBI’s liquidity measures, there was some uptick in demand post the partial opening of the economy,” said Mohit Goel, CEO, Omaxe Ltd.Developers feel that affordable segment will continue to grow on the backdrop of low interest rates.“The market for affordable housing is robust, and in the coming months, there will be more movement. People have realized the importance of owning a home, and this feeling...

The centre today asked all states and UTs to conduct vaccine dry run on January 2 to ensure effective preparedness for the vaccine roll out. Union health secretary Rajesh Bhushan held high-level meeting to review the preparedness at session sites for Covid-19 vaccination with principal Secretaries (Health) and other health administrators of all States/UTs through video conference.“The activity is proposed to be conducted in all State Capitals in at least 3 session sites; some States will also include districts that are situated in difficult terrain/have poor logistical support,”the ministry said in a statement.Maharashtra and Kerala are likely to schedule the dry run in major cities other than their Capital.So far dry run has been conducted in four states.“The objective of the dry Run for COvid-19 vaccine introduction is to assess operational feasibility in the use of Co-WIN application in field environment, to test the linkages between planning and implementation and to identify the c...

Reliance Jio Infocomm (Jio) will make all off-net domestic voice calls free, starting January 1 2021, on the back of interconnect user charges (IUC) being made zero from the beginning of 2021. "As per directions of the Hon’ble Telecom Regulatory Authority of India (“TRAI”), Bill and Keep regime is being implemented in the country from 1st January 2021, thereby ending interconnect usage charges (IUC) for all domestic voice calls. Honouring its commitment to revert off-net domestic voice-call charges to zero, as soon as IUC charges are abolished, Jio will once again make all off-net domestic voice calls free, starting 1st January 2021. On-net domestic voice calls have always been free on the Jio network," said the telco nearing 500 million customers. On-net domestic voice calls have always been free on the Jio network. IUC, a charge paid by the call-originating telco to the destination operator, is at the heart of the latest spat between Jio and older incumbents Bharti Airtel a...

Mumbai: Bank credit grew 6.05 per cent to Rs 105.49 lakh crore, while deposits rose 11.33 per cent to Rs 144.82 lakh crore during December 5-18, RBI data showed. In the fortnight ended December 20, 2019, bank credit stood at Rs 99.47 lakh crore and deposits at Rs 130.09 lakh crore. In the fortnight ended December 4 this year, bank credit grew 5.73 per cent to Rs 105.04 lakh crore and deposits by 11.34 per cent to Rs 145.92 lakh crore. In October, non-food credit grew 5.6 per cent compared to a growth of 8.3 per cent in the same month of the previous year. Growth in loans to agriculture and allied activities accelerated to 7.4 per cent in the month from 7.1 per cent last year. Credit to industry contracted 1.7 per cent in October 2020 as compared with 3.4 per cent growth in the year-ago period. Growth in loans to the services sector accelerated to 9.5 per cent in October 2020 from 6.5 per cent in the same month of the previous year. During the month, personal loans registered a growth o...

NEW DELHI: Total liabilities of the government increased by 5.6 per cent to Rs 107.04 lakh crore at end-September 2020, according to official data on public debt.At the end of the first quarter, the outstanding total debt of the government stood at Rs 101.3 lakh crore.The 5.6 per cent quarter-on-quarter increase reflects pressure on revenue collection and rising expenditure due to the COVID-19 crisis.Public debt accounted for 91.1 per cent of total outstanding liabilities at end-September 2020, as per the latest quarterly report on public debt management.The weighted average yield on primary issuances of dated securities showed further moderation to 5.80 per cent in Q2 of FY21 from 5.85 per cent in Q1 FY21, it said.During Q2 FY21, 13 tranches of auctions were held for issuance of dated securities aggregating to Rs 4,20,000 crore, which was slightly more than the pre-announced calendar because of exercising of greenshoe option, it said.The central government issued dated securities wort...

NEW DELHI: Vedanta Ltd has emerged as the highest bidder for Radhikapur west coal block located in Angul district of Odisha at a distance of about 190 km from the company's Jharsuguda aluminium smelter.The coal block is an optimal fit for Jharsuguda smelter, given its logistical location and annual capacity, the company said.The mine has total reserves of 312 million tonnes and an approved per annum extraction capacity of six million tonnes."Once operational, it will provide fuel security and improve power availability. It will also further strengthen the company's aluminium and power operations and performance," said Vedanta.Vedanta is one of the world's leading oil and gas and metals company with significant operations in oil and gas, zinc, lead, silver, copper, iron ore, steel and aluminium and power sectors across India, South Africa, Namibia and Australia. from Economic Times https://ift.tt/2WZsgGU

Suspension of fresh proceedings under the insolvency law as well as the NCLT and the appellate tribunal switching to virtual hearings due to the coronavirus pandemic seem to have put the brakes on the pace of resolution process for stressed assets and realisation for creditors. To provide relief for entities impacted by the pandemic, the government has suspended fresh proceedings under the Insolvency and Bankruptcy Code (IBC) starting from March 25, when the nationwide lockdown was imposed to curb spreading of coronavirus infections. The suspension has been extended till March next year. While the National Company Law Tribunal (NCLT) and the National Company Law Appellate Tribunal (NCLAT) are conducting virtual hearings with a new set of standard operating procedures, experts are of the opinion that the pandemic has caused an overall slowdown in the resolution process. For most part of 2020, both the NCLT and the NCLAT functioned without a full time President or Chairperson, respective...

New Delhi: Infrastructure company Larsen & Toubro (L&T) on Thursday said its construction arm has received orders in the overseas and domestic market.The company did not provide the value of the contracts, but said the orders fall under the 'significant' category, which ranges between Rs 1,000 crore and Rs 2,500 crore, according to the classification of contracts."The construction arm of L&T has secured orders from prestigious clients for two of its businesses," L&T said in a regulatory filing.L&T said its power transmission and distribution business has won two transmission line packages in the Kingdom of Saudi Arabia. These lines are expected to strengthen the grid in the Eastern Region of Saudi Arabia and facilitate power evacuation.Its water and effluent treatment business has secured an EPC (engineering, procurement, and construction) order in Gujarat to execute a package in the SAUNI Yojna Link 3.Saurashtra Narmada Avtaran Irrigation (SAUNI) ...

New Delhi: Communications equipment firm Tejas Networks on Thursday said it has bagged an order worth USD 13 million (approx Rs 95 crore) from a telecommunications service provider in South East Asia for supply and installation of its broadband products. As per the contract, Tejas will supply and install its broadband products to extend high-speed broadband services to underserved rural communities in the region, Tejas Networks said in a regulatory filing. The project is expected to be executed within the next 12 months. Shares of Tejas Networks were trading 4.96 per cent higher at Rs 137.45 apiece on BSE. from Economic Times https://ift.tt/2X0qFkh

For the global economy, 2020 is ending with a sense of hope for the future, partly built on the assumption that it can’t surely be that bad again.Such optimism is also founded on the rollout of vaccines to control the coronavirus pandemic. That means a return to some semblance of business-as-usual in the course of 2021 is now less ambitious a prospect than it once was.But that outcome would arrive too late to save many millions of jobs and the buildup of hundreds of billions of dollars in newly created public debt throughout the world.What began as a year clouded by the milder threats of a fractious U.S. presidential election, ongoing trade tensions with China, and a hard deadline for U.K. relations with the European Union soon became an existential ordeal to salvage any economic growth at all amid unprecedented lockdowns.Here’s a selection of charts with a final look at the havoc and ruin wreaked by Covid-19 during an extraordinary 12 months for the world.Paradigm LostThe pace of reco...

Mumbai: This month marks two decades since HDFC Life and ICICI Prudential sold the first life insurance policy by a private company. Soon after, private non-life companies also kicked off operations. TOI spoke to four CEOs who launched the startups at that time to get their views on what had they set out to do and whether the industry is where they expected it to be...Three-four of the premises we started with evolved as expected — the move away from traditional endowment to new products, diversifying from agency channel, having more professional agents, and technology being the front-runner for servicing. One big positive, which was not on the agenda at that time, was how much talent India has contributed to the rest of the world. So many global roles are now being managed by those who grew up in the new Indian insurance industry. More than a dozen CXOs have been spawned by ICICI Prudential. The surprise to me is how strong LIC has remained and retained market share. I think what has ...

NEW DELHI: After a year-long lull, several prestigious members-only clubs in the country are reporting an improvement in their operations and reservations for December, and are hoping for a lively New Year's night. Private and special access and stringent safety protocols have led to members regaining the confidence to visit these clubs after staying at home for months due to pandemic-induced restrictions and shutdowns, some operators and members said. Rohit Aggarwal, director of Lite Bite Foods that manages Annexe at Delhi Golf Club, said their food and beverage business at the premier golf club might see 50% of pre-Covid revenues in December as members are gaining confidence with strict hygiene protocols. “The lawn lunches have been received well with the members on weekends,” he said. “We did a gala Christmas event which was completely sold out. There is a welcome new year brunch event planned for January 1. We are expecting a sold-out situation for this too.”Vivek Narain, found...

The most famous doctor in China was on an urgent mission.Celebrated as the hero who helped uncover the severe acute respiratory syndrome epidemic, or SARS, 17 years ago, Dr. Zhong Nanshan, now 84, was under orders to rush to Wuhan, a city in central China, and investigate a strange new coronavirus.China’s official history now portrays Zhong’s trip as the cinematic turning point in an ultimately triumphant war against COVID-19, when he discovered the virus was spreading dangerously and sped to Beijing to sound the alarm. Four days later, on Jan. 23, China’s leader, Xi Jinping, sealed off Wuhan.That lockdown was the first decisive step in saving China. But in a pandemic that has since claimed more than 1.7 million lives, it came too late to prevent the virus from spilling into the rest of the world.The first alarm had actually sounded 25 days earlier, exactly a year ago: last Dec. 30. Even before then, Chinese doctors and scientists had been pushing for answers, yet officials in Wuhan an...

NEW DELHI: Import and export of Covid 19 vaccines through courier has been allowed without any value limit at locations where the Express Cargo Clearance System (ECCS) is operational, the Central Board of Indirect Taxes and Customs (CBIC) said in a circular to field units.The Board also directed that customs authorities create a task force with relevant stakeholders to ensure speedy clearance of the vaccines through customs."Efficient clearance and distribution of vaccines would be a critical requirement in the collective fight against the COVID-19 pandemic, the challenges in doing so is heightened by the fact that the vaccines need to be stored and transported under controlled temperatures and there are multiple stakeholders involved in this process," the Board said backing the need for efficient cross-border procedures for speedy evacuation of the vaccines. CBIC has amended the Courier Imports and Exports (Electronic Declaration and Processing) regulation to allow for tempo...

New Delhi: Industry has sought reintroduction of the single structure of income tax instead of the current one that gives two options to taxpayers, saying that it had made compliance on withholding tax a complex process for employers, leading to higher cost and tax leakages.This was among several recommendations made by the Confederation of Indian Industry (CII) to the finance ministry ahead of the union budget announcement.Finance minister Nirmala Sitharaman had introduced a new taxation regime from April 1, 2020, whereby individual and Hindu undivided family taxpayers could pay income tax at a lower rate from April 1, 2020, provided they didn’t take any tax exemptions, or pay at the existing rates after availing of the exemptions. Taxpayers were to choose one of the options at the beginning of the year, but would be able to change it at the time of filing returns, which is expected in July 2021.“For a vast country like India, it has created more confusion for the taxpayer than a reli...