The summit will be organised by the Ministry of Communications and Information Technology (MCIT) and the Ministry of Energy, Industry and Mineral Resources (MEIM) with the support of King Abdulaziz City for Science and Technology (KACST). King Abdullah Port will be the venue of the event.
Sri Lanka to take part in Indo-US naval exercise SLINEX for first time Sri Lanka will take part in India-US naval exercise SLINEX for the first time. The exercise is scheduled to be held from September 19 to 21 off Vishakhapatnam coast. The US has announced that it will send its guided missile destroyer USS John S. McCain to participate in the exercise. India has also nominated three warships from its Eastern Fleet, including guided missile destroyer INS Ranvijay, stealth frigate INS Sahyadri and corvette INS Karmuk, to participate in the exercise.
Andhra Pradesh Government launches ‘AP Fintech Valley’ The Andhra Pradesh Government has launched ‘AP Fintech Valley’ with a vision to build one of the largest fintech hubs in India. The fintech valley is being developed under the umbrella of ‘FinTech Valley Vizag’ initiative with an aim to create a vibrant start-up ecosystem and provide a conducive environment for more than 500 startups to set up their operations in the state.
The fintech valley is being developed under the umbrella of ‘FinTech Valley Vizag’ initiative with an aim to create a vibrant start-up ecosystem and provide a conducive environment for more than 500 startups to set up their operations in the state. The fintech valley will cover various areas such as block chain, artificial intelligence, big data analytics, digital banking, digital payments, digital insurance etc.
Cognizant to acquire 25% stake in India’s largest insurance agency Magma HDI Cognizant has agreed to acquire 25% stake in India’s largest insurance agency Magma HDI General Insurance Ltd. After the acquisition, the company will be renamed as Magma-HDI General Insurance Company Ltd. The deal valued at Rs 1,200 crore will help Magma HDI to increase its capital base to Rs 3,000 crore enabling it to operate as a standalone non-life insurer.
After the acquisition, the company will be renamed as Magma-HDI General Insurance Company Ltd. The deal valued at Rs 1,200 crore will help Magma HDI to increase its capital base to Rs 3,000 crore enabling it to operate as a standalone non-life insurer. The company will be listed on both the BSE and NSE. Magma HDI is a joint venture between Magma Fincorp Ltd and HDI Global SE. It has a customer base of over 2 million customers.
Akhilesh Yadav launches Samajwadi Smartphone Scheme in Uttar Pradesh Akhilesh Yadav, Chief Minister of Uttar Pradesh, has launched Samajwadi Smartphone Scheme in the state. Under this scheme, the unemployed youth of the state will be provided smartphones at a cost of Rs. 1000 each. The scheme will benefit 15 lakh youths of the state. The scheme will help the people in getting information about government schemes like MNREGA, scholarship schemes for students, health schemes etc.
Under this scheme, the unemployed youth of the state will be provided smartphones at a cost of Rs. 1000 each. The scheme will benefit 15 lakh youths of the state. The scheme will help the people in getting information about government schemes like MNREGA, scholarship schemes for students, health schemes etc. The smartphones will be distributed in the first phase. The second phase will cover the distribution of laptops. The total cost of the project is Rs. 5,000 crore.
The second phase will cover the distribution of laptops. The total cost of the project is Rs. 5,000 crore. The Samajwadi Smartphone Scheme was initially announced in October 2016. It has been delayed due to lack of funds.
Government constitutes 6-member panel to relook into defence offset policy The Union Government has constituted a six-member committee to relook into India’s offset policy. The committee will be headed by Subhash Chandra Garg, Secretary, Department of Economic Affairs. The committee will evaluate offset policies and make suggestions to further strengthen it. The other members of the committee are Ajay Kumar, Secretary, Department of Defence Production, Ashok Kumar Gupta, Additional Secretary, Department of Defence Production and Chairman, OFB, G Mohan Kumar, Chairman and Managing Director, Bharat Heavy Electricals Limited, Raj Kumar, Director General, Acquisition, Ministry of Defence and J S Deepak, Chairman, Telecom Regulatory Authority of India.
The committee will evaluate offset policies and make suggestions to further strengthen it. The other members of the committee are Ajay Kumar, Secretary, Department of Defence Production, Ashok Kumar Gupta, Additional Secretary, Department of Defence Production and Chairman, OFB, G Mohan Kumar, Chairman and Managing Director, Bharat Heavy Electricals Limited, Raj Kumar, Director General, Acquisition, Ministry of Defence and J S Deepak, Chairman, Telecom Regulatory Authority of India. The committee will submit its report within two months. Offsets are trade-offs in which a foreign military contractor agrees to invest in the country from where it is procuring the defence equipment. The offset policy requires foreign companies to reinvest 30%-50% of the total contract value in the country.
India signs $12.7 billion loan agreement with Japan for Mumbai-Ahmedabad High-Speed Rail Project India has signed a loan agreement of Rs. 926.87 billion (US$ 12.7 billion) with Japan for the construction of Mumbai-Ahmedabad High-Speed Rail Project. The loan has been granted with a tenure of 50 years at a low interest rate of 0.1% per annum. The loan agreement has been signed between Shri Sameer Kumar Khare, Joint Secretary (BC), Department of Economic Affairs, Ministry of Finance and Shri Kenji Hiramatsu, Ambassador of Japan to India.
The loan agreement has been signed between Shri Sameer Kumar Khare, Joint Secretary (BC), Department of Economic Affairs, Ministry of Finance and Shri Kenji Hiramatsu, Ambassador of Japan to India. The loan will be used to finance the 508-km long high-speed rail project. The Shinkansen bullet train technology will be used in this project. The project will reduce the travel time between the two cities to 2 hours. The project is expected to be completed by 2023.
The project will reduce the travel time between the two cities to 2 hours. The project is expected to be completed by 2023. The cost of the project is Rs. 1.08 trillion (US$ 16 billion). The National High-Speed Rail Corporation Limited (NHSRCL) is the implementing agency of this project.
The National High-Speed Rail Corporation Limited (NHSRCL) is the implementing agency of this project. Earlier in December 2015, the Government of India and Government of Japan had signed a Memorandum of Understanding (MoU) for developing the Mumbai-Ahmedabad High-Speed Railway corridor.
India, Sri Lanka sign MOU to promote cooperation in tourism sector India and Sri Lanka have signed a Memorandum of Understanding (MoU) to promote cooperation in the tourism sector. The MoU was signed by K. J. Alphons, Minister of State (Independent Charge) for Tourism and Civil Aviation, Government of India and John Amaratunga, Minister of Tourism Development, Christian Religious Affairs and Lands, Government of Sri Lanka.
The MoU was signed by K. J. Alphons, Minister of State (Independent Charge) for Tourism and Civil Aviation, Government of India and John Amaratunga, Minister of Tourism Development, Christian Religious Affairs and Lands, Government of Sri Lanka. As per the MoU, both countries will promote mutual cooperation in the field of tourism by exchanging information and data related to tourism, promoting technical cooperation in the field of tourism planning, conducting joint promotional activities etc.
Both countries will also promote cooperation between public and private sectors of the two countries. They will also support each other in sustaining tourism development and protecting cultural heritage.
Both countries will also promote cooperation between public and private sectors of the two countries. They will also support each other in sustaining tourism development and protecting cultural heritage. The MoU will remain valid for a period of five years.
India ranked 40th among 47 nations on International Intellectual Property Index 2018 India has been ranked 40th among 47 nations on the International Intellectual Property Index 2018. The index is published by the U.S. Chamber of Commerceglobal intellectual property center. The top 10 countries in the index are – United States, United Kingdom, Sweden, France, Finland, Germany, Netherlands, Denmark, Switzerland and Canada. The index measures the intellectual property environment of 47 nations on a scale of 35-65, with a score of 35 being lowest and 65 the highest. India scored 31.57 points, a decrease from 32.57 points in 2017.
The index measures the intellectual property environment of 47 nations on a scale of 35-65, with a score of 35 being lowest and 65 the highest. India scored 31.57 points, a decrease from 32.57 points in 2017. The index has been prepared after the analysis of 52 indicators. It covers key indicators related to patents, trademarks, copyright, trade secrets, enforcement, commercialization and international treaties.
It covers key indicators related to patents, trademarks, copyright, trade secrets, enforcement, commercialization and international treaties. The index evaluates the intellectual property environment of a nation based on four pillars – patent protection, copyright protection, trademark protection and enforcement of intellectual property rights.
The index evaluates the intellectual property environment of a nation based on four pillars – patent protection, copyright protection, trademark protection and enforcement of intellectual property rights. The index is prepared on the basis of the following principles – patents should not be excessively expensive, patents should only be granted for genuine inventions, the process for granting patents should be fair and efficient, patents should not be extended beyond their initial term, patents should only be granted to those who use them, patents should not be granted for inventions that prevent others from copying a work, trademark registration should be available for a wide range of marks, trademark registration should be available for any person regardless of nationality, trademark registration should be available for service marks, and trademark registration should be available for collective marks.
The index is prepared on the basis of the following principles – patents should not be excessively expensive, patents should only be granted for genuine inventions, the process for granting patents should be fair and efficient, patents should not be extended beyond their initial term, patents should only be granted to those who use them, patents should not be granted for inventions that prevent others from copying a work, trademark registration should be available for a wide range of marks, trademark registration should be available for any person regardless of nationality, trademark registration should be available for service marks, and trademark registration should be available for collective marks. The index ranks the countries based on the answers to the questions related to the above principles.
The index ranks the countries based on the answers to the questions related to the above principles. The index was first published in 2012.
CBDT issues revised income tax return forms for assessment year 2018-19 The Central Board of Direct Taxes (CBDT) has issued the revised income tax return forms for assessment year 2018-19. The revised forms have been released for individual taxpayers and Hindu Undivided Families (HUFs). The revised addresses the concerns raised by the taxpayers regarding filing of returns.
The revised addresses the concerns raised by the taxpayers regarding filing of returns. The revised forms contain provision for quoting Aadhaar number by taxpayers.
The revised forms contain provision for quoting Aadhaar number by taxpayers. The revised forms give an option to taxpayers to select their residential status on the basis of their residential status as well as place of stay during the previous year.
The revised forms give an option to taxpayers to select their residential status on the basis of their residential status as well as place of stay during the previous year. The revised forms contain provision for quoting PAN numbers of buyers in case of sale of immovable property.
The revised forms contain provision for quoting PAN numbers of buyers in case of sale of immovable property. The revised forms contain provision for quoting bank account number with IFSC code.
The revised forms contain provision for quoting bank account number with IFSC code. The revised forms contain provision for quoting amounts paid through cheque or digital mode towards purchase of shares and securities.
The revised forms contain provision for quoting amounts paid through cheque or digital mode towards purchase of shares and securities. The revised forms contain provision for quoting amounts paid towards subscription of equity shares or debentures of Indian companies through initial public offering (IPO).
The revised forms contain provision for quoting amounts paid towards subscription of equity shares or debentures of Indian companies through initial public offering (IPO). The revised forms contain provision for quoting amounts paid towards salary or pension received from foreign employer.
The revised forms contain provision for quoting amounts paid towards salary or pension received from foreign employer. The revised forms contain provision for quoting amounts received as interest from foreign company or bank.
The revised forms contain provision for quoting amounts received as interest from foreign company or bank. The revised forms contain provision for quoting amounts received as dividend or profit from foreign company.
The revised forms contain provision for quoting amounts received as dividend or profit from foreign company. The revised forms contain provision for quoting amounts received as rent from foreign resident.
The revised forms contain provision for quoting amounts received as rent from foreign resident. The revised forms contain provision for quoting amounts received as business income from foreign resident.
The revised forms contain provision for quoting amounts received as business income from foreign resident. The revised forms contain provision for quoting amounts received as professional income from foreign resident.
The revised forms contain provision for quoting amounts received as professional income from foreign resident. The revised forms contain provision for quoting amounts received as capital gains from foreign resident.
The revised forms contain provision for quoting amounts received as capital gains from foreign resident. The revised forms contain provision for quoting amounts received as income from any other source from foreign resident.
The revised forms contain provision for quoting amounts received as income from any other source from foreign resident. The revised forms contain provision for quoting amounts received as salary from foreign government.
The revised forms contain provision for quoting amounts received as salary from foreign government. The revised forms contain provision for quoting amounts received as income from foreign lottery.
The revised forms contain provision for quoting amounts received as income from foreign lottery. The revised forms contain provision for quoting amounts received as income from foreign race horse.
The revised forms contain provision for quoting amounts received as income from foreign race horse. The revised forms contain provision for quoting amounts received as income from foreign shooter.
The revised forms contain provision for quoting amounts received as income from foreign shooter. The revised forms contain provision for quoting amounts received as income from foreign sports association.
The revised forms contain provision for quoting amounts received as income from foreign sports association. The revised forms contain provision for quoting amounts received as income from foreign sportsperson.
The revised forms contain provision for quoting amounts received as income from foreign sportsperson. The revised forms contain provision for quoting amounts received as income from foreign university.
The revised forms contain provision for quoting amounts received as income from foreign university. The revised forms contain provision for quoting amounts received as income from foreign religious institution.
The revised forms contain provision for quoting amounts received as income from foreign religious institution. The revised forms contain provision for quoting amounts received as income from foreign research association.
The revised forms contain provision for quoting amounts received as income from foreign research association. The revised forms contain provision for quoting amounts received as income from foreign hospital.
The revised forms contain provision for quoting amounts received as income from foreign hospital. The revised forms contain provision for quoting amounts received as income from foreign educational institution.
The revised forms contain provision for quoting amounts received as income from foreign educational institution. The revised forms contain provision for quoting amounts received as income from foreign fund.
The revised forms contain provision for quoting amounts received as income from foreign fund. The revised forms contain provision for quoting amounts received as income from foreign body.
The revised forms contain provision for quoting amounts received as income from foreign body. The revised forms contain provision for quoting amounts received as income from foreign trust.
The revised forms contain provision for quoting amounts received as income from foreign trust. The revised forms contain provision for quoting amounts received as income from foreign foundation.
The revised forms contain provision for quoting amounts received as income from foreign foundation. The revised forms contain provision for quoting amounts received as income from foreign association.
The revised forms contain provision for quoting amounts received as income from foreign association. The revised forms contain provision for quoting amounts received as income from foreign society.
The revised forms contain provision for quoting amounts received as income from foreign society. The revised forms contain provision for quoting amounts received as income from foreign LIMITED LIABILITY PARTNERSHIP.
The revised forms contain provision for quoting amounts received as income from foreign LIMITED LIABILITY PARTNERSHIP. The revised forms contain provision for quoting amounts received as income from foreign partnership firm.
The revised forms contain provision for quoting amounts received as income from foreign partnership firm. The revised forms contain provision for quoting amounts received as income from foreign company.
The revised forms contain provision for quoting amounts received as income from foreign company. The revised forms contain provision for quoting amounts received as income from foreign cooperative society.
The revised forms contain provision for quoting amounts received as income from foreign cooperative society. The revised forms contain provision for quoting amounts received as income from foreign trade union.
The revised forms contain provision for quoting amounts received as income from foreign trade union. The revised forms contain provision for quoting amounts received as income from foreign election commission.
The revised forms contain provision for quoting amounts received as income from foreign election commission. The revised forms contain provision for quoting amounts received as income from foreign enterprise.
The revised forms contain provision for quoting amounts received as income from foreign enterprise. The revised forms contain provision for quoting amounts received as income from foreign business trust.
The revised forms contain provision for quoting amounts received as income from foreign business trust. The revised forms contain provision for quoting amounts received as income from foreign mutual fund or mutual asset management company.
The revised forms contain provision for quoting amounts received as income from foreign mutual fund or mutual asset management company. The revised forms contain provision for quoting amounts received as income from foreign alternative investment fund.
The revised forms contain provision for quoting amounts received as income from foreign alternative investment fund. The revised forms contain provision for quoting amounts received as income from foreign venture capital company.
The revised forms contain provision for quoting amounts received as income from foreign venture capital company. The revised forms contain provision for quoting amounts received as income from foreign investment fund.
The revised forms contain provision for quoting amounts received as income from foreign investment fund. The revised forms contain provision for quoting amounts received as income from foreign security.
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