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Income from display of rough diamonds in Special Notified Zone carried-out on or after 1st April, 2015 not to be taxable under the provisions of the Income-tax Act, 1961.



Income from display of rough diamonds in Special Notified Zone carried-out on or after 1st April, 2015 not to be taxable under the provisions of the Income-tax Act, 1961. 
It has been decided that the income arising out of the activity of mere display of uncut diamond (without sorting or sale) inside a Special Notified Zone carried-out on or after 1st April, 2015 will not be taxable under the provisions of the Income-tax Act, 1961. Legislative amendment in this regard will be carried-out through Finance Bill 2016.

Earlier, a “Special Notified Zone” was established in the Bharat Diamond Bourse. To facilitate the participation of leading diamond mining companies of the world in this zone, the matter of taxation of income arising from the activity of mere display of uncut diamonds (without sorting or sale) in the Special Notified Zone was being considered by the Government.


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Government asks Pensioners to furnish their Life Certificate and relevant details to their respective banks in order to enable the banks to provide them better services 
The Government has asked all the pensioners and family pensioners to furnish their Life Certificate in prescribed pro-forma in the month of November every year to their respective banks.

The pensioners should indicate their present address, telephone numbers (including mobile number) and email ID (if available) on their respective Life Certificates in order to enable the Banks to provide them (pensioners) better services. 

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Roundtable Strategy Meet of Non-Bank Points of Presence (POPs) to discuss NPS penetration in Private sector held; POPs advised to tap the potential which has been created due to the availability of exclusive tax benefits on investment of Rs. 50000/- in NPS 
A roundtable strategy meet of Non-Bank Points of Presence (POPs) was held here day before yesterday to discuss NPS penetration in private sector. In his keynote address, Shri R. V. Verma, WTM (F) deliberated on the critical role of the POPs in the NPS architecture in soliciting and offering NPS to the individuals. He further said that POPs can play a vital role in on-boarding corporates in the NPS system and facilitating private sector employees in opting for NPS. Dr. B S Bhandari, WTM (Eco) in his address informed about the present status of subscribers and Asset under Management (AUM). He emphasised that NPS being a low cost product, it has a vast potential in the private sector and the POPs should strategize to tap this huge opportunity. He also advised POPs to tap the potential which has been created due to the availability of exclusive tax benefits on investment of Rs. 50000/- in NPS.

Some suggestions came from the POPs including offering online facility of account opening and tax exemption on par with other pension products etc.

While summing-up, it was informed to the POPs that PFRDA would look into the suggestions of the POPs and action would be taken in the best interest of the subscribers.

The Meet was attended by the sizeable number of POPs who shared their strategies for taking the NPS forward and increasing the number of subscribers. They also shared their feedback and suggestions on policy as well as operational aspects for making NPS more attractive for the subscribers. 

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IFCI pays Final Dividend of Rs. 46.15 crore for FY 2014-15 to the Government of India 
Shri Malay Mukherjee, Chief Executive Officer (CEO)& Managing Director(MD), IFCI Ltd. today handed over a Final Dividend cheque of Rs.46.15 crore to the Union Finance Minister Shri Arun Jaitley.

This Final Dividend is of Rs. 0.50 per equity share of Rs.10/- each for the financial year 2014-15. This is in addition to the Interim Dividend of Re.1/- per equity share of Rs.10/- each for the financial year 2014-15 paid in February 2015. The Government of India holds majority stake of 55.53% in equity capital of IFCI.

IFCI was the first Development Finance Institution (DFI) of the country, set-up in 1948, soon after the Independence and has been playing a major role in industrial and infrastructural development of the country since inception. As a part of developmental initiatives, the Institution has promoted various specialized entities like viz. National Stock Exchange of India Ltd., Stock Holding Corporation of India Ltd., Tourism Finance Corporation of India Ltd., North Eastern Development Finance Corporation of India Ltd., Management Development Institute and Rashtriya Gramin Vikash Nidhi (RGVN) etc. IFCI Ltd. is also the Nodal Agency of the Government of India for Sugar Development Fund and Credit Enhancement Guarantee Scheme for Scheduled Castes (CEGSSC). 


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