Summary : The 11th Asia Europe Meeting (ASEM) of Directors General/Commissioners of Customs concluded in Goa, with participation from 41 countries and two intergovernmental bodies, the European Union and ASEAN. The meeting resulted in the 'Goa Declaration' action plan for 2016-17, focusing on trade facilitation, supply chain security, and other customs-related areas. India promoted the Paperless Customs initiative, aligning with the Digital India campaign, and signed a Mutual Recognition Arrangement with Korea to enhance the Authorized Economic Operators scheme. The next ASEM meeting will be hosted by Germany in 2017.
Summary : The Ministry of Finance in India invited suggestions from industry and trade associations for the 2016-17 Union Budget, focusing on changes in direct and indirect taxes. Associations were asked to propose modifications to duty structures, rates, and tax bases, providing economic justifications supported by statistical data. They were also reminded of the previous budget's announcement to reduce corporate tax rates from 30% to 25% over four years while rationalizing tax exemptions. Proposals were to be submitted by October 25, 2015, with detailed information required for customs and central excise duty changes.
Summary : The Union Finance Minister attended the G-20 and G-24 Finance Ministers' meetings in Peru, emphasizing the need for unconventional resource mobilization to achieve the Sustainable Development Goals by 2030 amid global economic uncertainty. He highlighted India's financial inclusion initiatives, such as opening 180 million bank accounts linked to unique identities and launching Mudra Bank for micro and small enterprise loans. India is increasing public investment in infrastructure and aims for 175 gigawatts of renewable energy by 2022, alongside developing 100 smart cities. The Minister also supported international tax cooperation and discussed bilateral issues with global financial leaders.
Summary : The Reserve Bank of India announced the reference rate for the US Dollar at Rs. 64.7848 on October 9, 2015, down from Rs. 65.1570 on October 8, 2015. The exchange rates for other currencies against the Rupee on October 9, 2015, were as follows: 1 Euro at Rs. 73.0837, 1 British Pound at Rs. 99.5418, and 100 Japanese Yen at Rs. 53.96. The Special Drawing Rights (SDR) to Rupee rate will be determined based on this reference rate.
Summary : The Chairman of the Central Board of Excise and Customs (CBEC) emphasized the need for enhanced cooperation among international Customs and Tax Authorities to facilitate smooth cross-border trade. At the 11th Asia Europe Meeting (ASEM) in Goa, attended by representatives from 44 countries and two international organizations, the focus was on automation, single window clearance, and risk management. The event highlighted the importance of information sharing among Indian tax departments and the establishment of Customs Clearance Facilitation Committees. The discussion included historical ASEM initiatives and the ongoing need for digital integration to reduce transaction costs and promote paperless trade.
Summary : The National Pension System (NPS) and Atal Pension Yojana (APY) together have surpassed Rs. 1,00,275 crores in Assets Under Management (AUM), with over one crore subscribers as of October 2015. NPS, available to government and private sector employees, offers tax benefits and allows partial withdrawals after ten years. Recent policy changes include expanded investment options and extended contribution age limits. The APY provides a government-guaranteed pension, with co-contributions for eligible subscribers. The Pension Fund Regulatory and Development Authority (PFRDA) has implemented measures to enhance subscriber convenience and is anticipating further growth in the subscriber base by March 2016.
TaxTMI 
https://www.taxtmi.com/ne...
TaxTMI 
