Cabinet May Approve Unorganised Sector Bill On Sept 6

New Delhi: The Unorganised Sector Workers Social Security Bill will be approved by the Cabinet on Sept 6. Mired in controversy following trade union protests on the grounds that it was inadequate, the Bill that the Cabinet will consider on Sept 6, will incorporate some but not all concerns of the trade unions. The earlier version of the Bill was noncommittal on the schemes offered to unorganised sector workers. This caused an uproar when the Cabinet cleared this version on May 24 with trade unions and Left parties threatening to go on strike if the Bill was cleared in that form. Later, following a review by a Group of Ministers that concluded last week, the government put in place specific schemes that would get legislative assent of Parliament. In the Bill, which the Cabinet will approve on Sept 6, some schemes have been spelt out to be implemented by a National Board for Country-wide Rollout. The government has resolved to bring a separate Bill on working conditions of these two categories of labour, later.

Rupee Ends At 40.94 Against Dollar

Mumbai: The rupee strengthened by four paise against the greenback on Sept 5, backed by good inflows into the market. The home currency was, however, range-bound during the day. It opened at 40.92/94 and moved in the range of 40.90-40.95 before ending the day at 40.93/94, up from the previous close of 40.97/98. In forwards, the six-month premia closed at 1.13 per cent (1.10 per cent) and the 12-month closed at 1.31 per cent (1.25 per cent).

UKIBC Targets To Strengthen Ties, Investment

New Delhi: The fledgling UK India Business Council (UKIBC) aims to be the voice of business before the UK and Indian Governments in a bid to promote bilateral trade and investments between the two countries. The Council recently evolved out of the Indo-British Partnership Network (IBPN), which was set up in 2005 to implement the Indo-British Partnership initiative, which was created in 1993 by the then Prime Ministers of the UK and India. UKIBC may undertake studies on the Indian market and bring the potential that exists in various sectors to the British Government and indus try in the UK.

Indo-EU Trade And Investment Agreement Workshop On Sept 5

New Delhi: To look at the issues and worries of stakeholders of various Indian states on the forthcoming India EU Trade and Investment Agreement negotiations, a workshop is being conducted in the Capital on September 5. India and the European Communities have recently unveiled negotiations for a bilateral trade and investment agreement which will comprise the FTA on goods and services as well as agreements on investment and other areas. The EC and India hope to promote bilateral trade by removing barriers to trade in goods and services and investment across all sectors of the economy.

Eleventh Plan Final Document To Be Ready By Year-End

New Delhi: The final document specifying strategies and thrusts of the Eleventh Plan (2007-12) will be ready by the end of this year even as some of the important components of them have been recognized, discussed at length and incorporated in the Budget 2007, the Planning Commission Deputy Chairman, Mr Montek Singh Ahluwalia, said. They are now working on a full meeting on education which will take a complete view the entire pyramid elementary, secondary, higher secondary, higher education, technical education, vocational training within the secondary sector and skill development outside the education sector.

In terms of focus of the 11th Plan, foremost was agriculture to ensure greater exclusivity especially for rural areas and so doubling of the growth rate of agriculture was very crucial. Besides, emphasis will be on education and health and in the former they are planning a big increase in government resources into primary secondary and higher education and a major effort to improve health indicators including maternal mortality and child care.

Rapid appreciation of rupee has put a strain on the exporting community. On the whole given the volatility in the international markets they are managing the position reasonably well. Many exporters have shown inherent strength and capacity to increase productivity in spite of appreciation of the rupee. In the long-run, it is not the exchange rate that makes the difference but it is the inherent productivity of the industry.

Ruppee Ends At 40.89 Against Dollar

Mumbai: The rupee weakened by eight paise against the greenback on Augon dollar. The home currency opened at 40.86/88 and witnessed an intra-day low of 40.99 before ending the day at 40.97/98, down from the previous close of 40.89/90. Market participants expect the rupee to appreciate to 40.75-40.80. In forwards, the six-month premia closed at 1.10 per cent (1.18 per cent) while the 12-month closed at 1.25 per cent (1.30 per cent).

Punjab Faces Rs 2,000Cr Lose Of VAT A Year

Jalandhar: Admitting that there was annual leakage of over Rs 2,000 crore of value added tax (VAT) in the state, Punjab Cooperation Minister Captain Kanwaljit Singh said measures were being taken to contain it. Revenue collection via VAT is not on hoped lines and VAT worth about Rs 2,000 crore is getting leaked. As far as Punjab''s economy is worried, it is developing at a very slow pace because it mainly depends on agriculture and industry, both of which were in shaky position. Agriculture sector in the state brings only 15 per cent of total VAT as for the last few years, wheat production has fell by 20 per cent and industrial growth of the state had also decreased by one per cent over last year. Out of total collection of Rs 5,200 crore from VAT, industry brought only Rs 750 crore.

Moreover, it was not only a benefit to the agriculture sector as the subsidy was being ultimately extended to consumers. Welcoming the Commission to re-look the Centre-state relations under the chairmanship of retired Supreme Court Justice M M Punchhi, Singh demanded that national debate should be held on the issue before finalising the recommendations of the Commission. Instead of centralisation of power, there should be decentralisation of all powers comprising financial power as different states have different problems and if financial resources were handed over to the state, it could plan the development according to its needs. While the agriculture debt of Rs 17,000 crore was waived in Maharashtra, for Punjab, which contributes more than 60 per cent to the Central pool of foodgrain, no such waiver was announced.

Quarterly E-TDS Returns Made Compulsory

New Delhi: Tax audit assessees and entities with deductee records of more than 50 will now be asked to electronically file their quarterly tax deducted at source (TDS)/tax collected at source (TCS) returns with the tax department. The Finance Ministry has expanded the scope of compulsory filing of quarterly TDS/TCS returns in electronic format. Prior to the latest move, government offices and corporates were the only two categories that were requisite to file their quarterly TDS/TCS returns electronically. The new norms have come into effect from September 1. Accordingly, quarterly statement for the quarter ended September 30 should be compulsorily filed in electronic format by all tax audit assessees and those with deductee records of more than 50.

CBDT Urges Targets Can Be Exceeded

New Delhi: The first quarter gross domestic product (GDP) growth of 9.3 per cent this fiscal portends well for the Income-Tax Department, which is confident of not only attaining budget estimates on direct taxes for 2007-08, but also exceeding it. For fiscal 2007-08, the Centre has budgeted direct tax collection at Rs 2,67,490 crore. This represents a 27 per cent rise over the budget estimate of Rs 2,10,419 crore set for 2006-07. The actual direct tax collections in 2006-07 were Rs 2,29,181 crore. In the current fiscal, the Centre''s net direct tax collections till August 15 grew 44.39 per cent to Rs 59,210 crore, significantly higher than Rs 41,006 crore registered during the same period last year.