- Cash purchases of jewellery will attract 1% TCS from April 1 if the amount exceeds Rs 2 lakh, thus thuis new bill will seeks to do away with the threshold of Rs 5 lakh on jewellery purchases for applicability of TCS.
- After the Finance Bill 2017 is passed, jewellery will be treated on par with general goods which attract 1% TCS on cash purchase of above Rs 2 lakh.
Current Affairs on Economy
- Tata Consultancy Services on 20 Feb 2017 announced a plan for biggest ever buyback in the history of India’s capital markets.
- TCS has notified that it will buyback up to 5.61 crore equity shares for an aggregate price not exceeding 16,000 crore thus surpassing Reliance Industries’ share repurchase of 10,400 crore in 2012.
- TCS is sitting on a cash pile of nearly Rs. 43,000 crore.
- Jharkhand government alomg with Microsoft India has signed an MoU to explore cloud, machine learning and mobile based solutions to improve citizen services and provide better facilities in the fields of education and agriculture.
- The MoU was signed at the ‘Momentum Jharkhand: Global Investors’ Summit & Trade Exhibition’
- IMF launched its first fully integrated capacity development centre, South Asia Training and Technical Assistance Center in New Delhi.
- SARTTAC is established with the aim to help its member countries strengthen their institutional and human capacity to design and implement financial policies that promote growth & reduce poverty.
- The Kerala government has given its in-principle approval for setting up a Greenfield Airport at pilgrim centre Sabarimala, however also directed Kerala State Industrial Development Corp (KSIDC) to conduct a study on the proposed airport.
- It is located at the Periyar Tiger Reserve in the Western Ghat mountain ranges of Pathanamthitta District, Kerala.
The Union government has increased the Cash Credit (CC) limit for Micro, Small and Medium Enterprises (MSMEs) to 30% of turnover from the existing 20% to encourage them to conduct businesses digitally.
At present, the taxes for MSMes are calculated at 8% for revenue of up to Rs 2 crore. With digital transaction, tax liability will be reduced from 8% to 6%.
- The ship, ‘Shonartori Nou Kalyan-1’ became the 1st cargo ship to reach the Pangaon Inland Container Terminal at Keraniganj with 65 containers on board in Bengladesh.
- The link between the Pangaon terminal and India will save time and money.
- The centre has approved setting up the Electronic Development Fund Tele communication Ministerwith a total corpus of Rs. 6,831 crore to support entrepreneurship and innovation in electronics and IT.
- The Minister of Law and IT approved a seed capital of Rs 681 crore on the basis of which more venture capital will be raised.
- The Electronic Development Fund will help to contribute to various other funds under it forthose who invest the money in companies for creation of intellectual property rights in the field of electronics and IT.
- Mangalore Refinery and Petrochemicals Ltd (MRPL) launched a skill development centre (Kaushal Vikas Kendra) in Mangaluru and 10 crore, which will be used to support the new ventures and start-ups. The centre will train 60 youths in areas such as ‘industrial electrician’ and ‘CNC operator-turning’.
- All expenses, including food, lodging, tutorial expenses, will be borne by MRPL Kaushal Vikas Kendra. MRPL has got the approval to launch a start-up fund of ₹
- Under this campaign, families in the below poverty level category are identified and given free LPG kits and gas stoves. MRPL will bear the cost of the gas kit and the gas stove provided to these beneficiaries. In the first phase, the company distributed free LPG kits to nearly 200 families from Soorinje and Chelaru village panchayats.
- Government has decided that all future foreign atomic reactors in India will have a capacity to generate 1200 MW and above, to augment nuclear power generation
- Kavali in Andhra Pradesh for its proposed nuclear power park will also have atomic reactors with an enhanced capacity of 1200 MW and also six proposed nuclear power reactors in Jaitapur will also have capacity of 1200 MW above.