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Cabinet Gives a Nod to set up Indian Institute of Petroleum in Vizaq

Indian Institute of Petroleum

New Delhi: The Union Cabinet approved to set up the Indian Institute of Petroleum and Energy(IIPE) at Visakhapatnam, Andhra Pradesh which costs approximately Rs. 6.55 crores. It accepted this because of the commitment it made when Telangana separated from AP.

Prime Minister, Narendra Modi is the head of the Cabinet. He approved setting up IIPE as ‘an Institute of National Importance’ under the Act of Parliament. An official stated that the institute would have the governance structure and a legal mandate for granting degrees in a similar manner like IIT’s.

Another act will provide the required status of the institute to become a Centre of Excellence in the petroleum and energy degrees. Cabinet approved an enormous amount of Rs. 655.46 crores to set up IPE as capital expenditure. It also provided the Endowment Fund Rs. 200 crores.

The money is in addition to the Rs 200 crores, the fund received from oil companies. During the state bifurcation of Telangana and Andhra Pradesh, this commitment made is to set up a Petroleum University.

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Andhra Pradesh allocated a vast area of 200 acres of land for free of cost to set up IIPE at Sabbavaram Mandal, Visakhapatnam. A temporary campus of IIPE got set for the academic year of 2016-2017 at Andhra University. Two undergraduate programs in Petroleum and Chemical Engineering started with the intake of 50 students each.

IIT Kharagpur is mentoring the institute currently. The primary objective of this is to provide quality education to the students of Petroleum as well as Chemical Engineering and do research activities for development of the sector.

An official claimed that the academic and research activities of IIPE would strengthen the sector-related activities like KG-Basin.

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If People Deposited Upto Rs 2.5 Lakhs of Demonetised Currency: Chances to Get Taxed at 50%

If People Deposited Upto Rs 2.5 Lakhs of Demonetised Currency

The users who are holding the unaccounted cash, they can deposit the demonetised notes up to Rs 2.5 lakh under the scheme being implemented by the Government.

The government is about to introduce the new amendment in this week in Parliament. This new amendment will let the people who are depositing the unaccounted cash in demonetised Rs 500 and Rs 1,000 notes have to pay 50% tax, along with this they have to lock in 25% amount for four years at zero interest and to leave only 25% of the amount for immediate use.

With the implementation of this new scheme, all the large amount deposits beyond the certain totals could be asked to explain the source. 50% Tax and mandatory 25% deposit scheme must not be applied.

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Tax officials will have an eye on all the significant deposits for the demonetised notes to see if the unaccounted wealth or smaller deposits in a household in different family members accounts.

One of the government official says “There is a Rs 2.5 lakh exemption, but if you have split (the money) and four family members have each deposited this amount, then it will need to be seen.”

These changes to the income tax law were authorised and approved by Union Cabinet on Thursday. The earlier government has mentioned that it will not go to look into the deposits up to Rs 2.5 lakh income tax exemption threshold.

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Revenue Secretary Hasmukh Adhia says that they will be getting all the reports of all cash deposits during November 10 to December 30 and it is above the threshold of Rs 2.5 lakh in every account.

“The department would do matching of this with income returns filed by the depositors. And suitable action may follow.” As per the reports people with the unaccounted cash in the old denominations have been farming it out to the others for depositing in their accounts.

Government Says, 50% Tax Penalty for Disclosing Unaccounted Deposit, 4-year lock-in

Government Says, 50% Tax Penalty for Disclosing Unaccounted Deposit

The Central Government has developed a way for the tax cheats to disclose their unaccounted money and still get to keep a share on it. The Union Cabinet on Friday night approved a modification to the Income Tax Act which would charge 50 percent tax on disclosing inexplicable bank deposits using the old currency notes of Rs 500 and Rs 1000.

The new rule is applicable only till December 30 with a four year lock-in period for the unaccounted cash, meaning the accumulators can get half their money back after a period of four years if they disclose their illegal deposit.

If You Receive Income Tax Department Notice on Depositing above Rs 2.5 lakh, Then Don’t fear

The Government however has also said that there will be higher penalties of imposing 90 percent of tax for the candidates those who are voluntarily disclosing their unaccounted cash. This is the latest move from Government following the government’s decision to ban the old 500 and 1000 notes. The cash deposits have been increased after the Government announced the demonetisation. Already Rs 20,000 crore amounts had credited in Pradhan Mantri Jan Dhan Yojna accounts.

As per the latest modification, cash deposits made with the banned Rs 500 and Rs 1,000 notes above the amount originally declared to the Income Tax Departments may attract 50 percent tax. Reports said that the lawbreaker subsequently cannot withdraw the remaining half or 25 percent of the original deposit until four years after detection.

Income Tax Department Notices to People those who Deposit more than 2.5 Lakhs in Accounts

The Government on November 8 had already announced a 50-day period for people to exchange or deposit old 500 and 1000 notes. The changes approved by the Government have already been sent to the President for his assent and will possibly be introduced in parliament next week.

Central Government Hikes 2% DA for Central Govt Employees and Pensioners

2% da hike in salaries

It looks like festival bonanza doesn’t seem to end for many lakhs of Central Government Employees and the Pensioners this year. The Union Cabinet on Thursday had approved hike of 2% DA ( Dearness Allowance) for the Central Government Employees and the Pensioners at a meeting. The announced hike will be effective from the month of July 2016.

This windfall decision by the Cabinet just ahead of Diwali festive will benefit 50 lakh Central Government employees and pensioners of 58 lakhs across the whole country.

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PTI Officially quoted on this matter saying that, “The proposal to provide 2% dearness allowance and dearness relief to Central Government employees and pensioners respectively, is listed on agenda of the Union Cabinet meeting scheduled for tomorrow,”

The DA (Dearness Allowance) hike is lower than that of demanded by the Trade Unions.

“The 12-month average of Consumer Price Index for Industrial Workers from 1 July 2015 to 30 June 2016, works out to be 2.92%. Therefore the unions had pressed for 3% DA. We are not satisfied with this,” K K N Kutty, President of Confederation of Central Government Employees, reported PTI on Wednesday said

The Government will increase DA basing on the 12-month average of Retail Inflation Rate and will not depend on or consider the price rise rate over a decimal point on deciding the Rate of DA.

The Seventh Pay Commission bonanza already had resulted in huge arrears disbursement for the government employees with the on-going festive season.

Union Cabinet has Approved Amendment to HIV/AIDS Bill

Cabinet approves amendment for HIV/AIDS Bill: Reports

The Union Cabinet has approved to introduce the official amendments to the HIV and AIDS (Prevention and Control) Bill, 2014 today. The decision was given among several others that the Cabinet ratified in the meeting.

The HIV and AIDS Bill, 2014 have been drafted to safeguard the rights of people living with HIV and affected by HIV.  The Bill also aims to enhance the health care services for HIV-related testing, treatment and clinical research.

It prohibits any specific acts of discrimination by the state or any other person against HIV affected person or those who are living with the people. The Bill also prohibits any individual from publishing information or advocating feelings of hatred against HIV positive people and who are with them.

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“Every person in the care and custody of the state shall have the right to HIV prevention, testing, treatment and counselling services,” stated the government.

According to the statement, those who are between the age of 12-18 years with sufficient maturity in understanding and managing the things of his/her HIV/AIDS-affected family can act as the guardian for their siblings who are minors.

The bill which was proposed in the last days of UPA (United Progressive Alliance) government has approved by the current government. As per the reports, the Cabinet has also approved two MoU (Memorandum of Understanding) in the meeting.

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One is between India and European Union (EU) on Water Corporation, and other is with Afro-Asian Rural Development Organisation (AARDO) for capacity building in the rural development. The Bill has made obligatory to central and state governments to provide Antiretroviral Therapy and Management to the opportunistic infections.

There is approximately 21 lakh people are estimated to be living with HIV in India. The meeting was attended by the Home Minister Rajnath Singh, Sushma Swaraj, Defence Minister Manohar Parrikar and others.