Top banks of the country have suspended some accounts of major Bitcoin exchanges in India on suspicion of dubious transactions.
Banks including leading ones such as State Bank of India, Axis Bank, ICICI Bank, HDFC Bank and Yes Bank are said to have suspended some accounts of top ten such cryptocurrency exchanges/platforms in the country such as Zebpay, Unocoin, CoinSecure, BtcxIndia, among others.
These banks have reportedly asked for additional collateral with 1:1 ratio on the loans the exchanges had taken. They have also capped cash withdrawals for the few accounts which are operational, , the Economic Times reported citing multiple sources.
Though most of the exchanges ET contacted did not respond, Unocoin said no bank has contacted them in this regard. “The banks have not contacted the company or the promoters regarding the actions you have mentioned,” Unocoin Promoter Sathvik Vishwanath said.
Queries sent to the banks taking the action also did not elicit any response.
Eight accounts have likely been suspended after the banks found the funds were utilised for something which it was not intended for.
“Reserve Bank of India has not issued any directive to us – it’s a cautionary move on our part. We are wary about the purpose for which some of these current accounts are being used,” a banker involved in the matter told ET.
The total revenue of top ten exchanges in India could well be worth Rs 40,000 crore and they operate at margins greater than 20 percent, the ET reported citing sources.
Tax scrutiny
The tax department also recently sent tax notices to tens of thousands of people dealing in cryptocurrency after a nationwide survey showed more than USD 3.5 billion (RS 2,234 crore) worth of transactions have been conducted over a 17-month period.
Tech-savvy young investors, real estate players and jewellers are among those invested in bitcoin and other virtual currencies, tax officials told Reuters after gathering data from nine exchanges in Mumbai, Delhi, Bengaluru and Pune.
In recent weeks, Japan and China have made noises about a regulatory crackdown, while South Korean policymakers said they were considering shutting down domestic virtual currency exchanges.
An Indian finance ministry official said a committee was looking into the possibility of imposing restrictions on virtual currencies and that eventually parliament would have to legislate a regulatory regime.
1. Income Tax Slab Rate for AY 2018-19 for Individuals:
1.1 Individual (resident or non-resident), who is of the age of less than 60 years on the last day of the relevant previous year:
Taxable income
Tax Rate
Up to Rs. 2,50,000
Nil
Rs. 2,50,000 to Rs. 5,00,000
5%
Rs. 5,00,000 to Rs. 10,00,000
20%
Above Rs. 10,00,000
30%
1.2 Resident senior citizen, i.e., every individual, being a resident in India, who is of the age of 60 years or more but less than 80 years at any time during the previous year:
Taxable income
Tax Rate
Up to Rs. 3,00,000
Nil
Rs. 3,00,000 – Rs. 5,00,000
5%
Rs. 5,00,000 – Rs. 10,00,000
20%
Above Rs. 10,00,000
30%
1.3 Resident super senior citizen, i.e., every individual, being a resident in India, who is of the age of 80 years or more at any time during the previous year:
Taxable income
Tax Rate
Up to Rs. 5,00,000
Nil
Rs. 5,00,000 – Rs. 10,00,000
20%
Above Rs. 10,00,000
30%
Plus:
Surcharge: 10% of tax where total income exceeds Rs. 50 lakh
15% of tax where total income exceeds Rs. 1 crore
Education cess: 3% of tax plus surcharge
Note: A resident individual is entitled for rebate u/s 87A if his total income does not exceed Rs. 3,50,000. The amount of rebate shall be 100% of income-tax or Rs. 2,500, whichever is less.
2. Income Tax Rates for HUF/AOP/BOI/Any other Artificial Juridical Person:
Taxable income
Tax Rate
Up to Rs. 2,50,000
Nil
Rs. 2,50,000 to Rs. 5,00,000
5%
Rs. 5,00,000 to Rs. 10,00,000
20%
Above Rs. 10,00,000
30%
Plus:
Surcharge: 10% of tax where total income exceeds Rs. 50 lakh
15% of tax where total income exceeds Rs. 1 crore
Education cess: 3% of tax plus surcharge
3. Tax Rate For Partnership Firm:
A partnership firm (including LLP) is taxable at 30%.
Plus:
Surcharge: 12% of tax where total income exceeds Rs. 1 crore
Education cess: 3% of tax plus surcharge
4. Income Tax Slab Rate for Local Authority:
A local authority is taxable at 30%.
Plus:
Surcharge: 12% of tax where total income exceeds Rs. 1 crore
Education cess: 3% of tax plus surcharge
5. Tax Slab Rate for Domestic Company:
A domestic company is taxable at 30%. However, tax rate is 25% if turnover or gross receipt of the company does not exceed Rs. 50 crore.
Plus:
Surcharge: 7% of tax where total income exceeds Rs. 1 crore
12% of tax where total income exceeds Rs. 10 crore
Education cess: 3% of tax plus surcharge
6. Tax Rates for Foreign Company:
A foreign company is taxable at 40%
Plus:
Surcharge: 2% of tax where total income exceeds Rs. 1 crore
5% of tax where total income exceeds Rs. 10 crore
Education cess: 3% of tax plus surcharge
7. Income Tax Slab for Co-operative Society:
Taxable income
Tax Rate
Up to Rs. 10,000
10%
Rs. 10,000 to Rs. 20,000
20%
Above Rs. 20,000
30%
Plus:
Surcharge: 12% of tax where total income exceeds Rs. 1 crore
Application Begin – 17/01/2018. Last Date for Receipt of Application – 19/02/2018.
Application Fees
General/OBC – Rs.150/-. SC/ST/PH/Ex.Servicemen – No. Fees. Mode of Payment Online Mode – The Application Fees Can be Made by Using Debit Card/Credit Card/Online Net banking through SBI Collect. Or Offline Mode – Candidates Can Pay the Offline fee through SBI Challan in the Account No.37370674247 of NMDC Limited.
Vacancy Details about NMDC for 169 Maintenance Assistant and Other Grade III Posts
Maintenance Assistant (Mech) (Trainee) (RS-02) Eligibility Criteria – ITI in Welding / Fitter / Machinist /Turner / Motor Mechanic / Diesel Mechanic/Auto Electrician. Total Posts – 114.
Maintenance Assistant (Elect) (Trainee) (RS-02) Eligibility Criteria – ITI in Electrical Trade. Total Posts – 40.
HEM (MECH) Grade–III (RS – 04) Eligibility Criteria – Diploma in Mechanical Engineering (Three years course) and Must Have a Valid HMV Driving Licence. Total Posts – 04.
Electrician Grade – III (RS – 04) Eligibility Criteria – Diploma in Electrical Engineering(3 years Course) with Industrial/ Domestic Electrical Installations Certificate. Total Posts – 04.
HEM Operator Grade –III (RS-04) Eligibility Criteria – Diploma in Mechanical Engineering / Automobile Engineering (3 Years Course) with Heavy Vehicle Driving License (HVDL) Total Posts – 02.
QCA Grade–III (RS-04) Eligibility Criteria – Graduate in B.Sc (Chemistry / Biology) With One Years of Experience. Total Posts – 05.
Reservation in Vacancy Details As Per RS Category
Reservation for RS – 02 Category Vacancy – UR – 78 | OBC – 42 | SC – 24 | ST – 10. Total Post – 154.
Reservation for RS – 04 Category Vacancy – UR – 06 | OBC – 05 | SC – 03 | ST – 01. Total Post – 154.
Reservation for RS- 04 Category Vacancy – UR – 06 | OBC – 05 | SC – 03 | ST – 01. Total Post – 15.
Total No. of Posts – 169.
Age Limit Details of NMDC for 169 Maintenance Assistant and Other Grade III Posts
As on 10/03/2015
Minimum – 18 Years. Maximum – 30 Years.
Upper age limit is relaxable upto 5 years for SC/STs and 3 years for OBCs (Non- Creamy Layer) and for PH Candidates.
Selection Process of Maintenance Assistant And Other Grade III for 169 Posts
Selection May be Based on.
1. Written Test. 2. Job Proficiency Test.
How to Apply about
NMDC for 169 Maintenance Assistant and Other Grade III Posts
1.The Candidates can apply through Offline/Online mode. 2.Click on the Apply Online Link given on our Website in Important Link Section. 3.Fill all the Mandatory Details in the form and Read all the Instruction before Filling the form. 4.Upload the Scanned Copy of Documents in the Prescribed Size and Format as Mention in the Application Form. 5.Take Printout of your Application form for Future Reference. 6.Candidate Who Want to Apply Offline Can Download the Application form from Important Link Section. 7.Fill all the Mandatory Details in the Application form and Superscribe the Post Name on Envelope. 8.. Then, Paste your latest Photograph duly attested on Application Form. 9.. Candidates need to send their application form Along with Copies Of Required Documents to below address. Post Box No. 1383 Posts Office , Humayun Nagar, Hyderabad – 500028 Telangana, Helpline No. 09674524077. On or before 19th February 2018.
Government of India, Department of Space, Indian Space Research Organisation (ISRO), ISRO Satellite Centre Bengaluru invites Online applications for engaging / offering Junior Research Fellow (JRF) at ISRO Satellite Centre Bengaluru, with Post Graduate Degree in Engineering/Post Graduate in Science. The last date for submission of online registration is 2nd February 2018.
Name of the Post
Total Vacancies
Age Limit
Emoluments
Junior Research Fellow (JRF)
20
Maximum 28 Years as on 2nd February 2018. Relaxation – 05 Years for SC / ST & 03 Years for OBC.
₹ 25000/- per month
Minimum Essential Qualification: M.E. / M.Tech / M.Sc. Engineering or equivalent Post Graduate Degree. The candidates who are qualified in NET or NET equivalent examination are only eligible to Apply.
Selection Process: Shortlisted candidates will be called for Interview. The call letter for the Interview for shortlisted applicants will be sent only by e-mail.
How to Apply: The Application for Online Registration will be hosted in the ISRO Website from 13/01/2018 to 02/02/2018. Upon online registration, the applicants will be provided with an online registration number, which should be carefully preserved for future reference. Email ID of the applicant will have to be provided in the application correctly and compulsorily (Hall tickets will be sent by email only).
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ISRO invites online applications from young graduates offers the position of Scientist/ Engineer ‘SC’ in Electronics, Mechanical and Computer Science Discipline. The last date for submission of online application of ISRO Scientist / Engineer Vacancy 2017-18 registration close on 5th October 2017.
Advertisement No. ISRO HQ: ICRB: 05:2017
Post Code
Name of the Post
No of Vacancies
BE 001
Scientist/Engineer ‘SC’ [Electronics]
35
BE 002
Scientist/Engineer ‘SC’ [Mechanical]
35
BE 003
Scientist/Engineer ‘SC’ [Computer Science]
10
Age Limit: 35 Years as on 5th October 2017. Age Relaxation as per Govt. Rules.
Pay and Allowances: Level 10 of Pay Matrix and will be paid minimum basic pay of ₹ 56100/- p.m. In addition, House Rent Allowance [HRA] and Transport Allowance at the prescribed rates in force at the place of posting will be paid for those who are not availing Departmental Housing and Transport facility, respectively.
Eligibility: BE/B.Tech Engineering Graduate or equivalent qualification in first class with an aggregate minimum of 65% marks or CGPA 6.84/10 (average of all semesters for which results are available). The qualification prescribed and the benchmark are only the MINIMUM requirement and fulfilling the same does not automatically make candidates eligible for Written Test.
Application Fee: ₹ 100/- for each application. Candidates may make the payment ‘online’ using Internet Banking/ Debit card or ‘Offline’ by visiting nearest SBI Branch. Candidates after submitting their application can pay application fee immediately or any day before the last date for fee payment i.e. 06/10/2017. No fee for SC / ST / Ex-Serviceman (EX) and PWD Category Candidates.
Selection Process: Written Test and Interview. Shortlisted candidates based on the academic performance and bio-data, will be called for Written Test. The written test will be conducted on 24/12/2017 at twelve venues viz., Ahmedabad, Bengaluru, Bhopal, Chandigarh, Chennai, Guwahati, Hyderabad, Kolkata, Lucknow, Mumbai, New Delhi and Thiruvananthapuram.
How to Apply: The application for on-line registration will be hosted in the ISRO website. Eligible Candidates are required to apply online through ISRO Portal to register their applications online between 15/09/2017 and 05/10/2017. Scanned copies of latest passport sized photograph and Signature of the candidates in the prescribed file size is required to be uploaded in the Application. The documents to be sent to :ADMINISTRATIVE OFFICER (RMT), ANTARIKSH BHAVAN, ISRO HEADQUARTERS, NEW BEL ROAD, BENGALURU – 560094 latest by 12/10/2017. For any queries email to icrb@isro.gov.in.
ISRO ICRB invites online applications for recruitment of Light Vehicle Driver ‘A’ (LVD), Heavy Vehicle Driver ‘A’ (HVD) and Staff Car Driver ‘A’ (SCD) at various DOS/ ISRO Centres/ Units. The last date for online registration of ISRO Driver Vacancy 2017 is 28th August 2017.
Age Limit: 35 years for General as on 28.08.2017 (40 years in case of SC/ST candidates and 38 years for OBC candidates, against posts reserved for these categories).
Pay and Allowances: Level 2 of Pay Matrix and will be paid minimum basic pay of ₹ 19,900/- p.m.
Educational Qualification: Pass in SSLC/ SSC/ Matric/ 10th Standard.
Experience:
Light Vehicle Driver ‘A’ (LVD) -> 3 years experience as Light Vehicle Driver. Must possess valid LVD licence and Public Service Badge.
Heavy Vehicle Driver ‘A’ (HVD) -> 5 years experience, out of which 3 years as HVD. Must possess HVD licence and Public Service Badge.
Staff Car Driver ‘A’ (SCD) -> 3 years experience as Light Vehicle Driver. Must possess valid LVD licence and Public Service Badge.
Application Fee: ₹ 100/- (Only General and OBC Candidates) for each application. Candidates may make the payment ‘online’ using Internet Banking/ Debit Card/ Credit Card or ‘Offline’ by visiting nearest SBI Branch. The last date for fee payment is 29th August 2017. Candidates can check Payment status and Print Receipt by visiting “Payment Status” link available in advertisement page. No other mode of payment will be acceptable. All Women candidates/ Scheduled Castes (SC)/ Scheduled Tribes (ST) and Ex-serviceman [EX] candidates are exempted from payment of Application Fee.
Selection Process: Written Test and Skill Test. The Initial screening will be conducted to short-list candidates for taking-up written test. The written test will be conducted on 26/11/2017 [Sunday] at nine venues viz., Ahmedabad, Bengaluru, Chennai, Dehradun, Guwahati, Hyderabad, Kolkata, New Delhi and Thiruvananthapuram. Based on the performance in the written test, candidates will be shortlisted for skill test, depending on the number of vacancies notified. Skill Test will be purely go-no-go basis and marks obtained in the skill test shall not be considered for selection. From amongst candidates who qualify in the skill test with minimum 60% marks, empanelment shall be done in the order of marks obtained in the written test, subject to number of vacancies notified. In case, sufficient number of SC/ ST/ OBC/ PWD/ Ex-servicemen candidates are not available for filling-up the vacancies reserved for these categories, relaxation will be extended to candidates belonging to the respective category, to make good the short-fall.
How to Apply: Eligible Interested Candidates are required to Apply Online through ISRO Website. The closing date for submission of online registration is 28/08/2017. Scanned copies of latest passport sized Photograph and Signature of the candidates in the prescribed file size is required to be uploaded in the application. On successful submission of the on-line application, candidates have to make payment of application fee (in case applicable).
The Photo-copy of online application (Hard Copy) along with required documents to be sent to ADMINISTRATIVE OFFICER (RMT) ANTARIKSH BHAVAN, ISRO HEADQUARTERS, NEW BEL ROAD, BENGALURU -560094 on or before 04/09/2017.
Indian Space Research Organisation (ISRO) invites online applications from eligible Indian National candidates for recruitment of Assistants (Administrative Support Staff) and Upper Division Clerks (UDC) in various ISRO Centres/Units, and Autonomous Bodies/CPSUs under Department of Space across India. The last date for registration of online applications is 31st July 2017.
Upper Age Limit (as on 31/07/2017): 26 years for General, 31 years in case of SC/ST and 29 years for OBC candidates.
Educational Qualification:
(1) Graduate Degree in Arts/ Commerce/ Management/ Science/ Computer Applications with First Class as declared by the University. (The prescribed qualification to be acquired on or before 31/07/2017)
(2) Knowledge in the use of Computers.
Application Fee: ₹ 100/- for each application. Candidates may make the payment ‘online’ using Internet Banking/ Debit Card/ Credit Card or ‘Offline’ by visiting nearest SBI Branch.
How to Apply: Eligible Interested candidates are required to apply online through ISRO Website. The closing date for registration of online applications is 31/07/2017. The candidates who are already employed under Central/State Govt/ PSU/ Autonomous Bodies have to send a ‘No Objection Certificate (NOC)’ from the employer concerned, duly indicating their Registration Number and Post Number to the Administrative Officer [RMT], Antariksh Bhavan, ISRO Headquarters, New BEL Road , Bengaluru- 560094 within 07 days of filing the applications on-line by the candidates and in any case not later than 07/08/2017.
Important Dates:
The Last date for submission of Online Application -> 31/07/2017 The Last date for payment of application fee (Online) -> 01/08/2017 up to 11:59 PM The Last date for payment of application fee (Offline) -> 31/07/2017’’
Indian Space Research Organisation (ISRO) Headquarters invites applications for recruitment post of Hindi Typist and Technician-B. The last date for submission of online applications is 21st July 2017.
Post Code
Name of the Post
No of Vacancy
Age Limit (as on 21/07/2017)
Pay Scale
01
Hindi Typist For filling up in ISRO Headquarters, Bengaluru and MCF, Hassan
03
26 Years (31 Years in case of SC)
Level-04 in Pay Matrix
02
Hindi Typist For filling up in Department of Space
01
26 Years
Level-04 in Pay Matrix
03
Technician – B (Electrical) for filling up in ISRO Headquarters, Bengaluru
01
35 Years
Level-03 in Pay Matrix
Educational Qualifications:
Hindi Typist ->
(1) Graduate degree in Arts/ Science/ Commerce/ Management/ Computer Applications with First Class as declared by the University. (2) The candidates should have studied Hindi as one of the subjects at Matriculation/ Degree level OR passed either of these examinations in Hindi medium. (3) Hindi Typewriting speed @ 25 w.p.m. on computer. (4) Knowledge in the use of Computers. (5) Knowledge in English Typewriting (desirable qualification).
Technician – B (Electrical) ->
(1) SSLC/SSC pass + ITI/ NTC/ NAC in Electrical Trade.
Selection Process: The shortlisted candidates will be called for Written Test and Skill Test.
How to Apply: Eligible Interested Persons apply in the prescribed application format. The Application form available till 21st July 2017. The duly filled in application, affixing a recent passport size colour photograph at the place provided in the application, along with self-attested copies of all certificates/testimonials may be sent to Administrative Officer (Recruitment), ISRO Headquarters, Antariksh Bhavan, New BEL Road, Bangalore- 560 094 on or before 28/07/2017. The postal cover superscripting on the envelope ‘Application for the post of Hindi Typist’/’Application for the post of Technician-B’.
Indian Space Research Organisation (ISRO) Centralised Recruitment Board (ICRB) invites Online Applications from Young Engineering Graduates for recruitment of Scientist/Engineer ‘SC’ in Level 10 of Pay Matrix in various engineering disciplines. The Last date for submission of online applications is 14th March 2017.
ADVERTISEMENT No. ISRO HQ(CEPO):ICRB:02:2017
Post Code
Name of the Post
Total Vacancies
BE004
Scientist / Engineer ‘SC’ – Civil
08
BE005
Scientist / Engineer ‘SC’ – Electrical
06
BE006
Scientist / Engineer ‘SC’ – Refrigeration and Air Conditioning
06
BE007
Scientist / Engineer ‘SC’ – Architecture
02
BE008
Scientist / Engineer ‘SC’ – Civil
01
BE009
Scientist / Engineer ‘SC’ – Electrical
03
BE010
Scientist / Engineer ‘SC’ – Refrigeration and Air Conditioning
01
Age Limit: Maximum 35 Years as on 14th March 2017. Upper Age 40 years in case of SC/ST candidates and 38 years for OBC candidates. Age Relaxation for Ex-Serviceman and PWD candidates – as per Govt. of India Rules.
Pay and Allowances: Level 10 of Pay Matrix and will be paid minimum basic pay of ₹ 56100/- p.m.
Minimum Educational Qualification: B.E. / B.Tech or equivalent in Civil / Electrical / Refrigeration & A/C / Architecture Engineering in First Class with an aggregate minimum of 65% marks or CGPA 6.84/10 (average of marks of all semesters for which results are available). Candidates applying with qualification of AMIE/Grad IETE should have 65% marks or CGPA 6.84 in Section ‘B’ alone.
Application Fee: ₹ 100/- for each application. The Candidates may make the payment ‘Online using Internet Banking/ Debit Card (OR) ‘Offline’ by visiting nearest SBI Branch (using SBI Challan). SC / ST / PWD / Ex-Servicem and and All Women candidates are exempted from payment of Application Fee.
Selection Process: Written Test and Interview.
Shortlisted candidates based on the academic performance and bio-data, will be called for Written Test. The written test will be conducted on 07/05/2017 at 12 venues viz., Ahmedabad, Bengaluru, Bhopal, Chandigarh, Chennai, Guwahati, Hyderabad, Kolkata, Lucknow, Mumbai, New Delhi and Thiruvananthapuram. The call letters for the written test to the short- listed candidates will be sent only by e-mail during the third/last week of April 2017.
How to Apply: Eligible Interested Engineering Graduates Apply Online through ISRO Online Registration. The Last date for submission of online applications is 14/03/2017. For queries about online application email to onlinepayhq@isro.gov.in.
Important Dates:
Last date for filling Online Application -> 14/03/2017 Last Date for Fee Payment -> 15/03/2017 up to 11:59 PM Tentative date of Written Test -> 07/05/2017
Indian Space Research Organisation (ISRO), ISRO Centralised Recruitment Board (ICRB) invites Online Applications for Recruitment to the post of Scientist / Engineer ‘SC’ in the disciplines of Electronics, Mechanical and Computer Science. The last date for submission of online applications is 7th March 2017.
Advertisement Number: ISRO HQ: ICRB: 01:2017
Post Code
Name of the Post
Total Vacancies
BE 001
Scientist / Engineer ‘SC’ (Electronics)
42 (12 Vacancy reserved for PWD)
BE 002
Scientist / Engineer ‘SC’ (Mechanical)
36 (10 Vacancy reserved for PWD)
BE 003
Scientist / Engineer ‘SC’ (Computer Science)
09 (01 Vacancy reserved for PWD)
Age Limit: 35 Years as on 7th March 2017. Age Relaxation as per Govt. Rules.
Pay and Allowances: Level 10 of Pay Matrix and will be paid minimum basic pay of ₹ 56100/- p.m.
Eligibility: BE/ B.Tech or equivalent qualification in first class with an aggregate minimum of 65% marks or CGPA 6.84/10 (average of all semesters for which results are available). Candidates applying with qualification of AMIE/Grad IETE should have 65% marks or CGPA 6.84 in Section ‘B’ alone. Candidates who are going to complete the above course in the academic year 2016-17 are also eligible to apply, provided final degree is available by 31/8/2017. The qualification prescribed and the benchmark are only the minimum requirement and fulfilling the same does not automatically make candidates eligible for Written Test.
Application Fee: ₹ 100/- for each application. Candidates may make the payment ‘online’ using Internet Banking/ Debit Card or ‘Offline’ by visiting nearest SBI Branch. All Women candidates/ Scheduled Castes (SC)/ Scheduled Tribes (ST) / Ex-serviceman [EX] and Persons with Disabilities (PWD) candidates are exempted from payment of Application Fee.
Selection Process: Written Test and Interview / Interview. The written test will be conducted on 7th May 2017 at twelve venues viz., Ahmedabad, Bengaluru, Bhopal, Chandigarh, Chennai, Guwahati, Hyderabad, Kolkata, Lucknow, Mumbai, New Delhi and Thiruvananthapuram.
How to Apply: The application for on-line registration will be hosted in the ISRO website. The Last date for Online Registration is 07/03/2017.
Important Dates:
Last date for submission of Online Applications -> 07/03/2017 Last date for Fee Payment -> 08/03/2017 up to 11.59 pm. Tentative Date for Written Test -> 07/05/2017 Last date for receipt of NOC (already employed under Central/ State Govt/ PSU/ Autonomous Bodies) -> 15/03/2017
A fortnight ahead of the Union Budget, the Goods and Services Tax (GST) Council is likely to take up rationalisation of rates of about 70 items, of which at least 40 are services. Amendment in rules may also be taken up to simplify filing and plug some of the loopholes. A fitment committee of officers has made these recommendations to the Council, which will meet on Thursday.
With the aim to boost struggling agriculture and rural economy, and encourage clean energy, the Council is expected to rationalise rates of agriculture implements and unconventional fuel buses. It is the last Council meeting before Finance Minister Arun Jaitley presents his last full Budget on 1 February, before general elections in 2019.
“Around 40 to 50 services will be taken up for a rate revision in the Council meeting. These are services that were earlier exempt but were taxed under the GST regime. They are facing issues,” said a government official.
Agriculture implements that are currently taxed up to 18 per cent may come under the 12 per cent or the 5 per cent bracket.
Agriculture sector growth is projected to fall to 2.1 per cent in FY18 because of an expected drop in the rabi harvest, an almost 3 per cent fall in kharif production, according to Advance Estimates by the Central Statistics Office.In the earlier meetings, the Council had lowered the rate on tractor parts from 28 per cent to 18 per cent.
In the last full Budget of the National Democratic Alliance government, measures to give a push to the rural, and small enterprise sectors are likely.
Among others, bio-diesel buses, which attract 28 per cent GST, may see a downward revision. Karnataka is one of the states to have given a big push to bio-diesel buses that are environment friendly. Karnataka State Road Transport Corporation (KSRTC) has inducted a slew of buses that run on bio-diesel.
In case of services, job works may be allowed as part of the composition scheme, which will imply a flat rate of tax and easier compliance.
Service provider aggregators such as UrbanClap, Housejoy and Quikr that provide e-platforms to carpenters, housekeepers, and plumbers could also find relief.
They had argued against the 18 per cent GST, saying it made them uncompetitive compared to neighbourhood rivals. They pointed out that the service providers using the platform were below the GST threshold of Rs 2-million annual turnover.
“Currently, only a few services such as housekeeping, carpentry, etc. are subject to 18 per cent GST, if provided through an e-commerce platform, without benefit of threshold limit of Rs 2 million. We are expecting the rate to be reduced to 5 per cent in such cases. Many job work services could also come under lower rate,” said Pratik Jain, partner, PwC India.
Service providers of up to Rs 500,000 a year may also be allowed to opt for composition scheme.
“The government would consider the lower collections over the past two months in taking a decision on further rate cuts,’’ said M S Mani, partner, Deloitte. The rate cuts may be confined to a few items that were either taxed at a lower rate in the past or are socially necessary, such as electric cars and their parts, he added. The Council had reduced rates on 200 items in November at its meeting in Guwahati. Reflecting the rate reduction, revenue collections touched the lowest in November at Rs 808 billion.
Rates for 176 items, including detergents, shampoos, and beauty products, were reduced from 28 per cent to 18 per cent, while for a few others to 12 per cent at the November 15 meeting, leaving only 50 items in the highest bracket.
Meanwhile, the Council may allow a single return filing to reduce compliance burden and ease procedures for small and medium businesses. The three return forms — GSTR1 (sales supply), GSTR2 (purchase supply), and GSTR3 (the final netted out return) — may be consolidated into a single form.
Vijay Eswaran is a successful entrepreneur, motivational speaker and philanthropist.
Vijay Eswaran is a successful entrepreneur, motivational speaker and philanthropist. An economist by training, he is the founder of a multimillion-dollar global business and the author of several books.
A well-known thought leader in Asia, he has written and spoken extensively about business, leadership, personal development, and life management. When not traveling the globe on business, he is a passionate advocate for improving the quality of higher education in South East Asia.
Vijay Eswaran is also the recipient of numerous awards for entrepreneurship and business leadership and has been featured in Forbes as one of Asia’s Top 50 philanthropists.
Here’s my interview with Vijay Eswaran where he shares his reading habits and favorite books.
Tomas Laurinavicius: Why do you read?
Vijay Eswaran: In today’s hyper-digital world where videos and pictures dominate our newsfeed, being able to read a humble paperback sometimes feels like a luxury. My mother inculcated in me a love of the written word at a very young age and for that, I will be always grateful.
The way I see it, reading is the closest experience to a telepathic connection between two individuals: the reader and the writer. Even if the author has left us centuries ago, we are still able to experience the world as he or she perceived it at the time of writing. No amount of modern audiovisual reenactment can ever replace the power of this connection. When I read a book, it allows me to walk into another person’s mind.
Reading has given me power – the power of imagination, the power to learn, the power to gain and share ideas, the power to shape my thinking.
I believe that the inherent human need for knowledge and understanding will always prevail and the written word will always transcend.
Laurinavicius: What are 5 of the most influential books in your life?
What I love here is that Bach writes with such great depth and feeling, yet in such simple language about self-perception and life itself. It ignites your imagination, and makes you want to stretch your own wings to fly. My favorite quote – “You have the freedom to be yourself, your true self, here and now, and nothing can stand in your way.”
I feel there is no greater art of delivering great truths and life lessons than storytelling. While The Alchemist is also a fable about following your dreams and listening to your heart, it serves as a wonderful reminder that failure is not the end. It is part of the journey. Favorite quote – “The secret of life, though, is to fall seven times and to get up eight times.”
This book is often benchmarked as one of the turning points in management and corporate literature in the last three decades. What attracted me to this book when I first read it more than 20 years ago is the novel way in which Ricardo Semler, the scion of an aging Brazilian family manufacturing corporation, approaches problems as well as their solutions.
He takes the idea of participative management to a different level and demonstrates through the evolution of his company, Semco, that a new democratic way of working is possible. Through the lessons in this book, he has changed the nature of employee-employer relationship, probably forever.
I’ve always admired Kennedy for his seemingly effortless manner of leadership. He made it look easy. But what went into making him the accomplished, charismatic leader the world came to love? The hard work, the pain, the challenges… as I started reading more about Kennedy’s life and legacy, the five key principles detailed in his book stood out.
Relaince Jio’s next big idea of disruption is cryptocurrency and what’s more, the company plans to create its own digital currency JioCoin, reports Mint. It is possible the move might have been triggered by the incredible rise in the value of Bitcoin over the past few weeks, where the cryptocurrency touched a high of around $17,000, before falling down to the $12,000-odd range recently. It has created a new breed of millionaires and it seems like Mukesh Ambani-led Reliance group does not want to miss out on the action.
To mine the new digital currency, the company has chosen young Akash Ambani, the elder son of Mukesh to lead the project with a team of 50 professionals working under him to build the blockchain and create the stock of the currency. The blockchain technology, once developed, may be put to other uses, like supply chain logistics and so on.
For the uninitiated, blockchain is basically a digital ledger which can store data, usually on the cloud and is a closed chain and as the links keep getting built, those building the chains get rewarded with the digital coins that can be traded or en-cashed by the owner. This is how all the digital currencies worldwide work and Bitcoin has been the most popular of them all.
Reliance Jio is hoping to use the work by the new team to get into the IoT (Internet of Things) space. The technology has gained a lot of traction in recent times with devices like home speakers, smart watches and even the in-car infotainment in the automobile sector are all part of the IoT segment only. It is being projected that the blockchains developed could add a layer of security to the data exchanged among these IoT devices.
The flip side of the cryptocurrency is that it is not an officially recognized instrument and is not backed by any assets whatsoever. Most governments do not recognize these digital currency, though there are transactions being carried online, particularly in the dark web, where these currencies are used to buy all kinds of stuff. There are exchanges which trade in these currencies and a few countries in Europe have permitted Bitcoin and a couple of other digital currencies to be sold to the public through the post offices paying for them in Euros.
The Indian government has not yet recognised cryptocurrencies and the only step the Indian government has taken, as announced by the country’s Finance Minister in the Indian parliament is that the government has setup a committee to look into the various aspects of cryptocurrencies and submit a report. Even in a more developed economy like South Korea, where there is practically a craze among the common public to buy Bitcoins, the justice department is out to ban local cryptocurrency exchanges.
New Delhi: All railway stations ” nearly 8,500 across the country, including those in rural and remote areas ” will be equipped with Wi-Fi facilities at an estimated cost of Rs 700 crore ($110 million).
As part of the government’s ambitious Digital India initiative, the national transporter has currently commissioned Wi-Fi services at 216 major stations enabling about seven million rail passengers to log on to the free Internet facility.
“Internet access has now become an important requirement in day-to-day working and we shall be providing this facility at all railway stations in the country,” a senior railway ministry official said.
As per the plan finalised at a recent meeting, while 1,200 stations have been identified for this facility to primarily cater to rail passengers, about 7,300 stations have been earmarked to not only serve passengers but also local people in rural and remote areas.
The Wi-FI facility at these stations in rural and remote areas will be offered to the local population as part of the digital makeover of rural India to promote e-governance.
Railway stations in rural areas will have kiosks with Wi-FI that will become digital hot spots offering services like digital banking, Aadhaar generation, issuing government certificates, including birth and death certificates, and filing taxes and paying bills, among others.
The kiosks will also enable the local populace to order and receive goods from e-commerce portals.
“These kiosks will be operated at stations with private participation for the local population,” said the official, adding, “The modalities of setting up such digital hot spots are being worked out with the telecom ministry.”
As per the timeline, while 600 stations are targeted to be provided with the Wi-FI facility by March 2018, the Railways aim to cover all 8,500 stations by March 2019.
Our aim is to ensure that more and more people get connected to the rail Wi-FI system as the Wi-Fi broadband access to these rail users will aid in implementing the government’s Digital India initiative, he said.
Recently, an Indian lawyer, Gurmeet Singh, sent a legal notice to WhatsApp asking the popular mobile app to remove the middle finger emoji on the grounds that the gesture is obscene and illegal in India. While WhatsApp has refused to comply with the notice and it remains to be seen how the matter will finally be settled, this is not the first time that someone in India has used the law against the middle finger gesture.
>Finger-flipping in India and Indian law on obscenity
As recently as November 2017, a 21-year-old man was arrested in Delhi for showing his middle finger to a woman while driving on the road; one of the sections under which he was booked was section 509 of the IPC (word, gesture or act intended to insult the modesty of a woman), the same section which formed the basis for Singh’s complaint against WhatsApp.
Section 509 of the IPC punishes any individual who utters any words/sound or makes any gesture or exhibits any object so that such word/sound/gesture/object should be heard/seen by a woman with the intention to “insult the modesty” of the woman. The middle finger traditionally represented a phallus (a penis, especially when it is erect) which is why it was considered disrespectful to flash one’s middle finger at a woman. The noteworthy feature of section 509 is that it is gender-specific therefore, if an individual flashes their middle finger at a man, this would not be covered by section 509.
Singh also alleges that section 354 of the IPC applies in this case. Section 354 of the IPC is again, gender-specific and punishes an individual who assaults or uses criminal force against a woman with the intention or knowledge that he will outrage her modesty. It is difficult to apply this provision to WhatsApp’s middle finger emoji because the element of assault or criminal force is not present in this case.
Interestingly, section 66A of the Information Technology (IT) Act, 2008 which criminalised sending of offensive messages through communication services was struck down by the Supreme Court of India in Shreya Singhal v. Union of India in 2015 on grounds that section 66A violated the fundamental right to freedom of speech and expression. Therefore, at present there is no provision in the IT Act which covers transmission of ‘offensive’ messages such as emojis.
>Laws against finger-flipping around the world
In the UAE, judicial precedent has established that the act of flashing the middle finger is considered a crime breaching a “victim’s pride, honour and modesty” under the UAE Penal Code and judges have the power to pass deportation orders against convicted offenders. In 2010, a British expatriate was arrested in Dubai for allegedly flipping his finger during an argument. In June 2017, a woman was arrested in Dubai for flashing her middle finger in a road rage incident.
In November 2017, a US company fired a woman for flipping her finger at Donald Trump’s motorcade rally, on the grounds that she had violated the social media policy of the company covering ‘obscene’ content on social media (the woman had posted her finger-flipping picture on her social media account). There are also instances when individuals have been prosecuted under state and federal laws in the US for flashing their middle finger at fellow civilians.
In September 2017, English footballer Dele Alli faced the prospect of a ban from international football after he raised his middle finger during a match between England and Slovakia. Interestingly, in Britain, the ‘V’ shaped sign (which many of us identify as a victory sign) represents a “double phallus” and is considered offensive.
>Freedom of Speech and Meaning of Obscenity
In June 2015, a man was fined £523 in Dubai under the Cyber Crimes Law for swearing at his colleague over WhatsApp. According to Dubai-based criminal defence lawyer, Abdullah Yousef Al Nasir, sending a middle finger emoji on one’s phone could also potentially land a person into legal trouble in Dubai.
WhatsApp in its ‘Terms of Service’ states that submitting content (through status updates, profile pictures or messages) which is obscene, illegal and violative of its Terms of Service, for which Whatsapp can ban a user. However, it is hard to conceive of Whatsapp banning its users merely over using the middle finger emoji, especially since Whatsapp is facilitating the use of the emoji by providing such a feature in the first place.
Singh’s complaint against Whatsapp raises issues of freedom of speech. In cases where individuals have been prosecuted in the US for flashing their middle finger, higher courts are known to reverse the rulings on appeal as the middle finger gesture is treated as free speech under the First Amendment to the US Constitution.
There are other problems which arise from classifying certain gestures as innately “obscene”” for instance, the classification can fail to take into account the cultural differences. For instance, the thumbs-up gesture (and not the middle finger emoji) is equivalent to showing someone the middle finger in Afghanistan, Greece, Iran and parts of Italy; does this mean that Whatsapp should remove the thumbs-up emoji (the use of which is quite common among WhatsApp users) from its array of emojis too? Whether or not something is considered obscene should therefore be determined according to the cultural context of a situation, instead of an absolute prohibition on the use of certain emojis or gestures.
In 2008, a US law professor, Ira Robbins, argued that laws on obscenity which punish use of the middle-finger gesture violate freedom of speech, fundamental principles of criminal justice, waste judicial resources and do not make sense in the present era when the gesture has become ubiquitous and is no longer obscene.
To determine whether WhatsApp should be obliged to remove the middle finger emoji, Indian courts will necessarily have to decide whether use of the gesture is still considered offensive in India. It might be hard to establish that the middle finger emoji is offensive in all situations, especially since words which were once considered offensive (such as ‘f**k’) have become part of everyday language ” therefore, if someone is stopped from using an equivalent emoji to represent those words, it could be a violation of the right to freedom of speech and expression of mobile users in India.
Devika Agarwal is an intellectual property rights lawyer
SBI likely to lower minimum balance requirement to Rs 1000 in metros
SBI may change the requirement from monthly average balance to quarterly average balance besides slashing the minimum balance requirement to around Rs 1,000 in metros.
Days after reports emerged that country’s largest lender had collected Rs 1,771 crore in penalties by levying charges on non-maintenance of monthly minimum balance, the State Bank of India (SBI) is reportedly taking another look at its minimum balance requirement which currently stands at Rs 3,000 in urban areas.
According to a report in The Times of India, SBI is planning to change the requirement from monthly average balance to quarterly average balance besides slashing the minimum balance requirement to around Rs 1,000 in metros. The amount was collected during the April-November 2017 period.
The move comes close on the heels of a media report saying that public sector banks collected Rs 2320.96 crore in FY18 by imposing a penalty on customers for not maintaining minimum balance.
SBI was followed by Punjab National Bank which recorded the collection of Rs 97.34 crore during the April-November period. Central Bank of India collected Rs 68.67 crore, while Canara Bank recorded Rs 62.16 crore collection, the report said.
SBI had earlier revised the minimum account balance for its savings accounts, as well as the penalties for non-maintenance of minimum balance. The biggest lender had also revised the penalties that account holders are supposed to pay for failing to maintain the stipulated balance in their savings accounts. Customers will have to pay GST over and above the fine they have incurred. The new minimum balance rules became effective from October 1.
In April 2017, SBI increased its monthly average balance (MAB) requirement to Rs 5000 for branches in six metros. The bank had also raised the penalty to Rs 100 in metro cities. Till March 31 2017, the monthly average balance (MAB) for a savings bank account was Rs 500 without facility of cheque book and Rs 1,000 with cheque book across the country.
Here’s a look at penalties that SBI currently levies for not maintaining monthly average balances depending on the region.
Metro
SBI customers in metro cities of India have to maintain at least a sum of Rs 3,000 as monthly average balance in their savings account. If MAB falls between Rs 2,999 and Rs 1,500, then the account holder has to pay Rs 30 as penalty. Whereas, if the average balance at the end of the month comes out to be anywhere from Rs 1,499 to Rs 750 then the penalty for non-maintenance of MAB is Rs 40, and Rs 50 if the MAB is below Rs 750. Earlier, the penalties for these three stages were Rs 50, Rs 75 and Rs 100 respectively.
Urban
SBI account holders in urban regions of the country will have to maintain Rs 3,000 as monthly average balance. The penalties and conditions for urban area customers are same as SBI clientele from metro cities.
Semi-urban
The MAB for semi-urban areas is Rs 2,000. People with savings accounts with SBI branches in semi-urban areas pay fines to the tune of Rs 20 if their MAB is between Rs 1,999 and Rs 1,000. The semi-urban SBI customer pay Rs 30 if their MAB rests between Rs 999 and Rs 500. For MAB less than Rs 500, SBI customers have to pay Rs 40.
Rural
The minimum balance for SBI clientele in rural areas is at Rs 1000. SBI has kept the penalties for rural customers similar to that of its semi-urban clients, at Rs 20 (for MAB between Rs 999 and Rs 500), Rs 30 (for MAB between Rs 499 and Rs 250), and Rs 40 (for MAB at Rs 249 or less).
Exempted from MAB restrictions
Meanwhile, the SBI has also kept certain groups exempted from the restrictions of maintaining a minimum balance at the end of the month, including financial inclusion accounts, basic savings bank deposit accounts, small Accounts, Phela Kadam and Pheli Udaan accounts, minors till the age of 18 years, and all pensioners including recipients of social welfare benefits.
