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    News
    All› News and Press Release › News and Press Release - 2008
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    December 29, 2008
    FDI inflows up by 259% in September 2008 – DMIC Project aims to double employment potential
    Show AI Summary
    Foreign direct investment growth spurred sector liberalisation and infrastructure projects to broaden investment and employment potential.
    FDI equity inflows increased substantially after policy and procedural reforms, with major sectoral recipients including services, construction, housing and computer hardware/software; the government further liberalised key sectors such as petroleum and natural gas, civil aviation, commodity exchanges, credit information companies, titanium-bearing mineral mining with value addition, and industrial parks to attract and channel foreign investment.
    December 29, 2008
    Growth in quarter ending November 2008
    Show AI Summary
    Tele-density increase signals higher telecom penetration as wireless growth outpaces a modest wireline decline.
    Telecom penetration rose in November 2008 to 32.34% as total telephone connections reached 374.13 million, led by a wireless base of 336.08 million with 10.35 million wireless additions; wireline connections fell slightly to 38.05 million. Broadband subscriptions ( 256 Kbps) increased to 5.28 million. Comparative year-to-date and monthly tables for 2007-2008 are provided and the data are marked tentative with contact details for clarification.
    December 22, 2008
    No penal action on electronically filed it returns bearing acknowledgement date stamp of 1st October 2008
    Show AI Summary
    Electronic return acknowledgement treated as timely filing, so no penalty for online income-tax returns bearing a late date stamp.
    Electronic income-tax returns filed electronically on the due date but whose electronic acknowledgement bears the subsequent date stamp are to be treated as filed within the due date; such returns are eligible for all benefits of timely filing and shall not attract penal consequences for failure to file by the due date.
    December 18, 2008
    Tax on Polluting Industries
    Show AI Summary
    Carbon tax proposed to fund renewable energy upscaling; recommendation noted but no decision taken.
    A proposal to consider a carbon tax on power producers using coal, oil and similar fuels as a means to fund upscaling of renewable energy was recorded; the recommendation remains under consideration and no formal decision has been taken.
    December 15, 2008
    All labour laws are applicable in SEZs and thus the rights of workers are protected under the Special Economic Zones Act, 2005.
    Show AI Summary
    Applicability of labour laws: workers in SEZs retain statutory protections under the Special Economic Zones Act.
    All labour laws apply within Special Economic Zones, and workers' rights are protected under the Special Economic Zones Act, 2005; no trade union has requested creation of a separate statutory authority to handle labour issues in SEZs, and the nodal department considers the existing labour statutes and the SEZ Act as the operative framework for regulating employment conditions and protecting workers in SEZs.
    December 15, 2008
    IT Act to be amended to prevent obscenity
    Show AI Summary
    Obscenity prohibition in IT law expanded to cover electronic publishing, voyeurism, data leaks, phishing and identity theft.
    Proposed amendments to the Information Technology Act create criminal liability for publishing or transmitting obscene material in electronic form and establish a legal framework to prevent and penalise related cyber harms, including video voyeurism, breaches of confidentiality and leakage of data by service providers, e commerce frauds through impersonation (phishing), identity theft and transmission of offensive messages via communication services.
    December 11, 2008
    Indo-German agreements for Development Projects Signed
    Show AI Summary
    Official development assistance enables concessional loans and soft financing for renewable energy, power and immunisation projects in India.
    India and Germany entered into bilateral agreements to deliver German Official Development Assistance for four development projects focused on renewable energy, power generation and immunisation. Financing employs concessional instruments: a principal concessional loan for a super-critical thermal power plant, a soft loan to North East Electric Power Corporation for a hydropower project in Arunachal Pradesh, and a soft loan facility supporting IREDA's sustainable energy programme; pulse polio lines receive concessional loans and grant support.
    December 10, 2008
    Service Tax paid in excess wrongly - Can department refuse to refund the same?
    Show AI Summary
    Refund of excess service tax: taxpayers may claim refund even where no assessment order capable of appeal exists.
    A taxpayer who has paid service tax in excess may seek refund by application; a formal assessment order is not required to entertain such a claim where no order capable of appeal was ever passed. The assessment machinery operates only when a notice is issued, and refusal to refund solely because no statutory appeal was filed against a non existent assessment order is untenable.
    December 9, 2008
    PPPAC approves 21 PPP Projects of Rs. 28302.71 crore
    Show AI Summary
    PPP project approvals authorize multiple highway concessions under BOT toll/DBFO model advancing NHDP upgrades nationwide.
    PPPAC approved twenty-one highway projects under NHDP Phase III and Phase V with an aggregate estimated cost of Rs. 28302.71 crore, directing implementation on BOT (Toll) and DBFO concessioning patterns. The approvals cover specified multi lane upgradings across eleven states, establishing concession based procurement with tolling as the primary revenue model for these national highway packages.
    December 1, 2008
    EXPORTS UP BY 23.7% IN APRIL-OCTOBER 2008 - INDIA'S FOREIGN TRADE DATA: OCTOBER, 2008
    Show AI Summary
    Trade deficit widens as exports growth trails import surge, altering balance for April-October period significantly.
    Cumulative April-October 2008 exports rose 23.7% in dollar terms (32.0% in rupee terms) while imports rose 36.2% in dollar terms (45.6% in rupee terms), producing a substantially widened trade deficit; oil and non-oil imports both increased, with oil imports showing particularly large gains. October exports fell in dollar terms but increased in rupee terms. All 2008-09 figures are provisional.
    November 27, 2008
    Service Tax on Job Working Activity
    Show AI Summary
    Service tax on job work: specialized epoxy FBE coating treated as taxable under business auxiliary service, with cenvat implications.
    Whether FBE epoxy coating by a job worker on duty-paid steel bars is a taxable activity under Business Auxiliary Service hinges on whether the processes constitute manufacture; where the coating does not amount to manufacture, the professional, specialized coating service performed for clients falls within the taxable scope. The tribunal treated the coating activity as taxable under Business Auxiliary Service, recognised Cenvat credit on inputs and input services under Cenvat Credit Rules, 2004, and addressed penalty mitigation.
    November 20, 2008
    Cabinet approves Notifications to the Trade Marks (Amendment) Bill, 2007
    Show AI Summary
    Trademark protection: Cabinet approves amended Bill to enhance reciprocal international protection and encourage licensing and franchising.
    Cabinet approved modifications to the Trade Marks (Amendment) Bill, 2007 based on the Parliamentary Standing Committee's recommendations and authorised its introduction in Parliament; the amendments aim to strengthen trademark protection for Indian marks in designated member countries, provide reciprocal protection for foreign marks in India, and facilitate technology transfer through trademark licensing and franchising to promote commercial confidence in the Indian IP system.
    November 18, 2008
    Exempts certain taxable services specified in the Schedule received by an exporter and used for export of goods - Conditions relaxed
    Show AI Summary
    Refund filing deadline relaxed for exporters; extended timeframe allows later claims and testing services require regulatory proof.
    The amendment relaxes the time limit for filing of refund claims by exporters, replacing the earlier short-window requirement with an extended, quarter-linked filing period; refunds in respect of testing and analyzing services require submission of the rules or regulations under which such testing or analysis is mandated.
    November 9, 2008
    Whether supply of printed material as per specification attracts TDS under section 194C
    Show AI Summary
    TDS on contract payments not attracted where supply of printed materials is a sale executed to buyer's specifications.
    The Tribunal, relying on CBDT Circular No.715, characterised supply of printed materials made to purchaser's specifications as a contract of sale and concluded that TDS under section 194C did not apply; the Gujarat High Court found no infirmity in that reasoning and dismissed the department's appeals for want of any substantial question of law.
    November 5, 2008
    CMIE to compile new series of IIP Data
    Show AI Summary
    Data collection authorization for industrial production enables compilation of updated IIP series with mandated confidentiality and business cooperation.
    DIPP has authorised a private data agency to collect nationwide corporate production statistics to support compilation of a revised Index of Industrial Production series, with DIPP supplying key product data and the Central Statistical Organization compiling the overall IIP from multiple source agencies. Businesses must cooperate by providing regular production statistics, and the authorised agency must ensure confidentiality and may disclose collected information only to DIPP.
    November 5, 2008
    FDI inflows up by 259% in September 2008
    Show AI Summary
    Foreign direct investment surge signals broad sectoral appetite and increased cross border equity inflows.
    Foreign direct investment equity inflows rose markedly: September inflows totalled US$2.56 billion and cumulative FDI equity for April-September reached US$17.21 billion, reflecting strong year on year growth. The principal recipient sectors were services, construction (including roads and highways), housing and real estate, and computer hardware and software, while leading investor jurisdictions included Mauritius, Singapore, the United States, and the Netherlands.
    November 3, 2008
    Exports up by 30.9% in April-September 2008
    Show AI Summary
    Trade balance widens as imports outpace export growth, driven notably by increased oil and non oil imports.
    India's exports rose markedly in April-September 2008, with dollar value exports up about thirty percent and rupee value exports up at a higher rate; imports grew faster than exports, driven by strong increases in oil and non oil imports, resulting in a materially larger trade deficit for April-September 2008. The release provides provisional dollar and rupee series and percentage growth comparisons, noting 2007-08 are revised figures and 2008-09 are provisional.
    October 31, 2008
    Two Port Projects Approved under PPP
    Show AI Summary
    Public Private Partnership approvals: final clearance for BOT construction of deep draft coal and iron ore berths at Paradip Port.
    Final approval was granted for two port infrastructure projects under the Public Private Partnership framework: construction of a Deep Draft Coal Berth and a Deep Draft Iron Ore Berth at Paradip Port on a Build Operate Transfer basis, authorised by the PPP Appraisal Committee which evaluates and clears privately financed infrastructure projects for concessionaire implementation.
    October 31, 2008
    Amendments to the Insurance Act, 1938; the Life Insurance Corporation Act, 1956; the General Insurance Business (Nationalization) Act, 1972 and Insurance Regulatory and Development Authority Act, 1999
    Show AI Summary
    Insurance law amendments to modernize statutes and grant regulator greater operational flexibility following government recommendations.
    The Union Cabinet authorised introduction of amendment bills to the Insurance Act, 1938; the General Insurance Business (Nationalization) Act, 1972; the Insurance Regulatory and Development Authority Act, 1999 and the Life Insurance Corporation Act, 1956 on the basis of Group of Ministers' recommendations. The amendments aim to remove archaic and redundant provisions and to incorporate provisions granting the regulator greater operational flexibility so the Insurance Regulatory and Development Authority can discharge its functions more effectively and efficiently.
    October 30, 2008
    Service Tax on Advance Receipt of payments for the services to be provided before introduction of new levy
    Show AI Summary
    Service tax on pre-inclusion services: levy not payable for services provided before their taxable introduction, cannot be passed to customer.
    Services performed and paid for before the date on which they were brought within the service tax net are not made taxable merely because a final report or subsequent acts occurred after inclusion; an indirect tax imposed on the supplier for services already provided prior to the levy cannot be recovered from the customer where payment was contractually made before inclusion.

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      News and Press Release

      PPPAC approves 21 PPP Projects of Rs. 28302.71 crore

      December 9, 2008

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      The Nineteenth PPPAC meeting, chaired by Secretary (Economic Affairs), met on November 21, 2008 and granted approval to 21 projects of National Highways.  The estimated project cost of the approved projects is Rs.28302.71 crore. The project highways, under NHDP Phase III and V,  are located  in eleven states.  Since its constitution in January 20006, PPPAC has granted approval to 87 projects, with an estimated project cost of Rs 89,891.12 crore.  These include Highways (77 projects), Ports (six projects), Airports (two projects), Tourism Infrastructure (one project) and Railways (one project).    

      The details of the projects granted approval by PPPAC is given below:

       

      Name of the Project

      Project Cost

      (Rs. Crore)

      State

      1

      Six laning of Vijaywada-Eluru-Rajmundray section of NH 5 from km 3.4 to km 200  in the State of Andhra Pradesh under NHDP Phase V on BOT (Toll) project on DBFO pattern

      2426.65

      Andhra Pradesh

      2

      Six laning of Delhi-Agra section of NH 2 from km 20.500 to km 199.600 in the State of Haryana/UP under NHDP Phase V on BOT (Toll) basis following by DBFO

      1917.63

      Haryana /Uttar Pradesh

      3

      Six laning of Chandikhol-Jagatpur-Bhubneshwar section of NH 5 from km 413 to km 418 and km 0 to km 62 in the State of Orissa under NHDP Phase V on BOT (Toll) project on DBFO pattern

      951.38

      Orissa

      4

      Six laning of Varanasi-Aurangabad section of NH 2 from km 786 to km 978.40 in the State of UP/Bihar under NHDP Phase V on BOT (Toll) project on DBFO pattern

      2588.38

      Uttar Pradesh/Bihar

      5

      Six laning of Indore-Dewas from km 577.55 to km 610 and km 0 to km 12.60 of NH 3  in the State of Madhya Pradesh under NHDP Phase V on BOT (Toll) project on DBFO pattern

      410.00

      Madhya Pradesh

      6

      Six laning of Belgaum-Dharwad of NH 4 in the State of Karnataka under NHDP Phase V on BOT (Toll) project on DBFO pattern

      637.50

      Karnataka

      7

      Six laning of Six laning of Kishangarh-Udaipur section of NH-79A, 79 and 76 from km 364 of NH 8 to km 113.800 of NH 76 in the State of Rajasthan under NHDP Phase V on BOT (Toll) project on DBFO pattern

      3076.38

      Rajasthan

      8

      Development of Six laning of Chilkaluripet-Nellore section of NH 5 from km 1182.802 to km 1366.547 in the State of Andhra Pradesh under NHDP Phase V on BOT (Toll) project on DBFO pattern

      2163.90

      Andhra Pradesh

      9

      Six laning of Kishanagiri-Walahjpet section of NH 46 from km 0 to km 148.30 in the state of Tamil Nadu under NHDP Phase V on BOT (Toll) project on DBFO pattern

      1489.55

      Tamil Nadu

      10

      Four/Six Laning of Rohtak-Hissar section of NH 10 from km 87 to km 170 in the State of Haryana under NHDP Phase IIIA on BOT Basis

      695.32

      Haryana

      11

      4/6 Laning of Gujarat/Maharashtra Border-Surat-Hazira Port Section of NH 6 in the State of Gujarat  under NHDP Phase III on BOT (Toll) basis

      1509.10

      Gujarat

      12

      4/6 Laning of Jaipur-Tonk-Deoli section of NH 12 from km 18.7 to km 165 (length 148.77 kms) in the State of Rajasthan  under NHDP Phase III on BOT (Toll) basis

      1183.60

      Rajasthan

      13

      Development of Kannur-Vengalam section of  NH 17 (Package 1 from km 148 to km 230)  in the State of Kerala under NHDP Phase III on BOT (Toll) project

      1143.66

      Kerala

      14

      Development of Vengalam-Kuttipuram Section of NH 17 (Package II from km 230 to km 318) in the State of Kerala under NHDP Phase III on BOT (Toll) project

      1108.47

      Kerala

      15

      4 laning of Gopalganj-Chapra-Hajipur section of NH 85 from km 10 to km 94.700 in the State of Bhiar under NHDP Phase IIIA on BOT (Toll) basis (Package I)

      923.19

      Bihar

      16

      4 laning of Gopalganj-Chapra-Hajipur section of NH 85 from km 2.300 to km 10 and km 143.2 to km 207.2 in NH 19 in the State of Bihar under NHDP Phase IIIA on BOT (Toll) basis (Package II).

      922.74

      Bihar

      17

      Four laning of Mokama-Munger section of NH 80 (km 0 to km 70) in the State of Bihar under NHDP Phase III on BOT (Toll) basis

      755.58

      Bihar

      18

      Development of Cherthalai to Ochira section of NH 47 (Pakage I from km 379.100 to km 465 in the State of Kerala under NHDP Phase III on BOT (Toll) basis

      1286.36

      Kerala

      19

      Development of Ochira to Thiruvananthapuram section of NH 47 (Package II from km 465 to km 551.9 in the State of Kerala under NHDP Phase III on BOT (Toll) basis

      1240.79

      Kerala

      20

      Development of Khagaria Purnea section of NH 31 from Km 270 to 410 in the State of Bihar under NHDP Phase III on BOT (Toll) project

      1253.53

      Bihar

      21

      4 laning of Nagapatnam-Thanjavur section of NH 67 from km 1.600 to km 80.00 in the state of Tamilnadu under NHDP Phase IIIA on BOT (Toll) basis

      619.00

      Tamil Nadu

       

      Total

      28302.71

       

       

      BSC/SS/GN-314/08

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