Abhishek kumar aashish jindal

e-Inclusion: IT Training for Rural Sc/St/Women Beneficiaries’ Project Launched

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e-Inclusion: IT Training for Rural Sc/St/Women Beneficiaries’ Project Launched

December 27, 2013

The Government of India launched e-inclusion project to make people e-literate. On this occasion, Minister of Communication & IT, Mr. Kabil Sibal released the handbook titled ‘e-Literacy: Towards Empowering Rural India’ bearing profiles of 50 beneficiaries who have successfully undertaken the basic IT training programme under the E-Inclusion project. 

About e-Inclusion project

It’s the initiative under the National e-Governance Plan (NeGP) for creating a transparent and accountable governance model for enabling service delivery at the doorstep of citizens.

  • Initially around 45 thousand people will be trained under the program.

  • Beneath the project, economically weaker sections of the society including rural SC, ST and women will receive IT training.

  • It will make at least one individual in every household e-literate.

The project will improve the quality of life of people, especially those living in rural India and will allow them to actively participate in knowledge based activities and also access financial, social and government services by using Internet.

SEBI made fund-raising easier for corporate India and tightened noose on fraudsters

December 28, 2013

In order to raise funds easier for companies through genuine equity or debt offers, the market regulator SEBI approved new norms for its search and seizure operations, settlement proceedings, refund to investors and crackdown on illicit money-pooling schemes.

The measures of new norms:-

  • To consider the Financial Portfolio Investors (FPIs) similar toForeign Institutional Investors (FIIs) on tax purposes.

  • To raise funds through Initial Public Offer (IPO) of equity shares and allowed companies to file shelf prospectus for debt offers that would be valid for multiple offers within a year.

  • To ensure faster refund of money to investors, essential checks are put in place to avoid any misuse of its newly granted powers with regard to conduct of search and seizure of fraudsters and market manipulators.

  • And detailed regulations have also been put in place for settlement of administrative and civil proceedings in a transparent manner, while ensuring that serious offences like insider trading are kept out of settlement window. 

These decisions are related to the promulgation of an ordinance by the government for grant of greater powers to SEBI to check mushrooming of illegal money-pooling schemes across the country and to take strict actions against fraudsters and market manipulators.

SEBI: Foreign portfolio investors will be treated on par with FIIs on tax issues

December 28, 2013

In consultation with the Finance Ministry, Securities and Exchange Board of India(SEBI) decided to treat the three categories of Financial Portfolio Investors (FPIs) uniformly for tax purposes. In other words, the new rule aims to bring all foreign investors under a common framework called the SEBI (Foreign Portfolio Investors) Regulations, 2013.

The Foreign Institutional Investors (FIIs), their sub-accounts and Qualified Foreign Investors (QFIs) will soon be merged into a single and new investor class, called FPIs. As per their risk profiles, FPIs are divided into three categories.

These are as follows:-

  • Category I- the lowest risk entities comprises foreign government and government-related foreign investors.

  • Category II – regulated entities such as university funds, university-related endowments and pension funds, etc.

  • Category III – other entities viz. Qualified Foreign Investors (QFIs), etc.

Stock market regulator SEBI received a clear note from the Department of Economic Affairs in the Finance Ministry to consider the FPIs similar to Foreign Institutional Investors (FIIs) on tax purposes. The proposal was made by the K M Chandrashekhar panel that reviewed various classes of foreign investors and suggested to unify foreign investment norms met for the first time.

The clarity on tax treatment of FPIs is aimed at encouraging inflows into the domestic equity and debt markets.

Other than uniform tax zone for FPIs, the SEBI

  • Made grading of Initial Public Offering( IPO) voluntary to boost the dormant primary market.

  • Allowed companies to issue debt through a shelf filing, along with regulations empowered it to monitor investors’ call records and conduct searches at companies suspected of wrongdoing.

Note: Under the former system, tax treatment for FIIs was different from that for sub-accounts and QFIs. Beneath the new FPI norms, all categories of FPIs would be given similar tax treatment as currently available to FIIs.

Government sanctioned Quadricycle as a new vehicle

December 28, 2013

The road transport and highways ministry sanctioned “Quadricycle” as a new category of vehicle on Indian roads. These vehicles are safer than three-wheelers as they have four wheels with fully enclosed body structure with hard top and doors. After integrating suggestions and objections, transport minister Oscar Fernandes approved the proposal that under this category, battery-powered or electric four-wheelers will also be considered.
About Quadricycle Vehicle

It is a four-wheel vehicle with a small engine to be positioned between a three-wheeler and a passenger car which does not meet the same safety and emission norms of regular passenger cars and have their own set of regulations.

  • The vehicle will be of two types – passenger carriers and goods carriers – with different maximum kerb weights and length.

  • It will be allowed to ply only on city roads as transport vehicles and not as personal vehicles.

  • Passenger carriers will have a maximum weight of 450kg and a max length of 3 metres, while goods carriers will have a maximum weight of 500kg and a length of 3.7 metres.

  • It will be permitted to carry a maximum of four passengers or a maximum weight of up to 500kg.

Note: Kerb (Curb) weight is the total weight of an automobile with standard equipment, all necessary operating consumables (e.g., motor oil and coolant), and a full tank of fuel, while not loaded with either passengers or cargo.

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