10. Government of India makes changes in indirect tax rates
Government has made the following changes in indirect tax rates, effective from 19th October, 2015:
1) In view of the continued fall in international prices of wheat and the anticipated adverse impact of increased imports during the first half of this financial year, basic customs duty on wheat has been increased from 10% to 25% for a period upto 31.03.2016.
2) Specified biodiesel is exempt from central excise duty. However, its inputs namely, RBD Palm Stearin, Methanol and Sodium Methoxide are chargeable to central excise duty leading to CENVAT credit accumulation. Central excise duty has been exempted on RBD Palm Stearin, Methanol and Sodium Methoxide used in the manufacture of such biodiesel subject to actual user condition for a period upto 31.03.2016.
11. Health Ministry permits transfer of blood between Blood Banks
The Ministry of Health & Family Welfare has identified two major initiatives towards better utilisation of blood and blood components, as part of its commitment to ensure safe blood and enhanced access to blood products, on the recommendation of the National Blood Transfusion Council.
The first step is permitting the transfer of blood from one blood bank to another. This was not allowed earlier and will help in transfer of blood to places of scarcity.
The second step is fixing of an exchange value for surplus plasma available at some blood banks in the country. In the absence of the enabling provision, surplus plasma was traded or sold by the blood banks without any regulation whatsoever. Now an exchange value of Rs.1600/- per litre of plasma has been fixed and the blood banks with surplus plasma can exchange it for consumables, equipments etc. or plasma derived products, as per their need.
12. IRCTC launches pilot project on ‘e-catering’ service
The Indian Railways Catering and Tourism Corporation (IRCTC) has launched a pilot project of a station-based e-catering service allowing passengers to order meals as per their choice, which will be delivered at stations from popular private caterers.
In the first phase of the project, all trains passing through 45 specified railway stations, including nine in the east zone, namely Howrah, Sealdah, Guwahati, New Jalpaiguri, Patna, Bhubaneswar, Visakhapatnam, Kharagpur and Mughalsarai have been named.
13. NATO launches biggest military exercise in 13 years
NATO is launching its biggest military exercise in 13 years, mobilizing 36,000 soldiers, sailors and airmen from more than 30 countries to test the alliance’s ability to respond to new security threats.
NATO Deputy Secretary-General Alexander Vershbow told the opening ceremony Monday that the Trident Juncture exercise will demonstrate that NATO “can deal with everything from conventional military engagements to more subtle hybrid warfare techniques and propaganda.”
14. India ranks last in global pension index: Mercer
The country’s retirement system ranks last in the global pension index, says a study by global consulting major Mercer. The country’s index value fell from 43.5 in 2014 to 40.3 in 2015, primarily due to a recent review conducted by the economic intelligence unit that showed a material reduction in its household savings rate. Enhanced participation in the National Pension System will help the country increase its index value.
Denmark has been rated as the country with the best retirement system in the world. Australia, Germany, Japan, Singapore and the UK have increased their pension age to offset the increase in life expectancies.
15. Actress Urvashi Rautela crowned Miss Diva 2015
Model-actress Urvashi Rautela has been named Yamaha Fascino Miss Diva 2015. 21-year-old Uttarakhand girl Urvashi, who made her Bollywood debut in 2013 with Sunny Deol-starrer “Singh Saab the Great”, will represent India at the Miss Universe 2015 pageant.
Natasha Assadi from Bangalore was crowned 1st runner up while Naveli Deshmukh from Aurangabad was declared 2nd runners-up.
16. Infosys announced to acquire Noah Consulting for 70 Million US dollars
IT major Infosys today announced acquisition of US-based oil and gas consulting firm Noah Consulting for USD 70 million (approximately Rs 453.5 crore) in an all-cash deal. The company said this acquisition is part of its strategy to “bring next generation data analytics solutions to the oil and gas industry”. The transaction is expected to close before the end of the third quarter of 2015-16, the company added.
17. Apple ordered to pay $234 million to University of Wisconsin for infringing patent
A U.S. jury has ordered Apple Inc to pay the University of Wisconsin-Madison’s patent licensing arm more than $234 million in damages for incorporating its microchip technology into some of the company’s iPhones and iPads without permission. The amount was less than the $400 million the Wisconsin Alumni Research Foundation (WARF) was claiming in damages after the jury on Tuesday said Apple (AAPL.O) infringed its patent for improving the performance of computer processors.
18. First time in eight years fiscal balance turned surplus in August 2015: CGA
The Controller-General of Accounts (CGA) HAS announced that India’s fiscal balance turned from deficit to surplus for the first time in 8 years. Fiscal deficit-difference between revenue and expenditure excluding borrowings- for August 2015 was pegged at -15808 crore rupees that indicates surplus of revenues over expenditure.
The surplus amount in the exchequer is significant due to the fact that the fiscal deficit was 73005 crore rupees during the same period in the previous fiscal-August 2014. In August 2015, the total expenditure was only 131214 crore rupees against the total revenue of 147022 crore rupees.
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