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Wednesday, May 16, 2018

Free banking services out of GST net: FinMin official
Free banking services like cheque book issuance and ATM withdrawals is likely to remain out of the ambit of the GST, a senior finance ministry official said. The Department of Financial Services had approached its revenue counterpart to clear the confusion over the levy of Goods and Services Tax (GST) on some of the free services offered by banks to their customers. "The revenue department is likely to tell the financial services department that GST will not be levied on free banking services," an official told PTI. Amid banks getting service tax notice for non-payment of the levy on free services, the Department of Financial Services (DFS) had approached the revenue department seeking clarity on whether such services would attract GST.

'Atom on Wheels' of India Wins World's Best Public Communication Award
NPCIL's prestigious campaign "Atom on Wheels" won the international award under the category of world's best public communication campaign amongst the congregation of leading nuclear experts  from the government agencies and their industries counterparts across the globe, during the inaugural event of 10th anniversary of international event ATOMEXPO-2018 held at Sochi, Russia on May 14, 2018. This international award was conferred to NPCIL by the chief of the State Atomic Energy Corporation of Russia aka 'Rosatom' in a glittering event held during Atomexpo. The award was received by Shri. Gautam Biswas, ED(LWR), on behalf of NPCIL.
PHOTO- Atom on Wheels

WUD partners with Six Reputed International Universities
World University of Design (WUD), a UGC recognized university and India’s first and only university dedicated to education in the creative domain, has announced academic collaborations with six international universities across UK, Canada and France. The MOUs will provide international exposure and abundant opportunities to all students as a quintessential part of education at WUD. The six international universities include University of Huddersfield, Oxford Brookes University and University of the West of Scotland in the UK, Emily Carr University of Art & Design and Vancouver Film School in Canada and ENSAIT in France. The MOUs cover the departments of fashion design, industrial design, product design, interior design, communication design, visual arts, and architecture and design management. All partner universities have an excellent reputation and are global leaders in their respective domain.

April exports rise 5.17% to $25.91 bn
Exports grew by 5.17% to USD 25.91 billion in April compared to the same month last year on account of healthy performance by engineering, chemicals and pharmaceutical segments, according to the commerce ministry data. Imports too grew by 4.60% to USD 39.63 billion in the month on yearly basis, leaving a trade deficit of USD 13.72 billion. Oil imports during the month under review were valued at USD 10.41 billion, 41.5% higher than the same month of previous year.

Atal Pension Yojana crosses 1 cr subscribers in 3 years
Atal Pension Yojana has added over 1 crore subscribers since its launch in May 2015, the Pension Fund Regulatory and Development Authority (PFRDA) said yesterday. Atal Pension Yojana (APY) was launched in May 2015 and current number of subscriber stands at 1.10 crore,  the PFRDA said in a release. Till date, the APY has collected Rs 3,950 crore of contribution from subscribers. The scheme has generated around 9.10% compounded annual growth rate (CAGR) since inception till March 2018, it said further.

Vodafone India posts Rs 9,805 cr operating profit for 2017-18
Vodafone India yesterday posted operating profit of Rs 9,805 crore for the financial year 2017-18, ended March 31. It had reported a loss of around Rs 30,690 crore for 2016-17 on account of the UK-based Vodafone group cutting down valuation of Indian unit by taking gross impairment charge of 4.5 billion euro. Vodafone, which is in the process of merging with Idea, expects the process to be completed by June, possibly making the latest results the last on standalone basis. Vodafone Group CEO Vittorio Colao said at a web conference that both the companies have already starting branding exercise for the new entity.

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