Business So Simple

News update-Entrepreneurship, Taxation, Personal Finance & Succession planning-13th July 2021

Posted on 13th Jul 2021 by Business So Simple in News Desk

All newspaper compilation from Economic times, Live mint & Financial express on Entrepreneurship, Taxation, Personal Finance & Succession planning. Refer link:

1. *Realty hot spot series: This area in East Delhi is a preferred residential locality*

https://economictimes.indiatimes.com/wealth/plan/money-relationship-what-financial-freedom-is-right-for-your-teen-here-are-5-rules-to-follow/articleshow/84288529.cms

2. *Given approval to set up small finance bank to take over PMC Bank: RBI to HC*

https://economictimes.indiatimes.com/wealth/personal-finance-news/given-approval-to-set-up-small-finance-bank-to-take-over-pmc-bank-rbi-to-hc/articleshow/84343746.cms

3. *Renovation expense can be added to capital gains*

https://www.livemint.com/money/personal-finance/type-of-expenses-allowed-as-home-improvement-for-calculating-capital-gains-11626086595019.html

4. At times, gold bonds become cheaper than the yellow metal

https://www.livemint.com/money/personal-finance/should-you-buy-sovereign-gold-bonds-from-secondary-market-11626086787437.html

5. *For investors, gold mutual funds are a better option than sovereign gold bonds*

https://www.livemint.com/money/personal-finance/for-investors-gold-mutual-funds-are-a-better-option-than-sovereign-gold-bonds-11626096435494.html

6. *Here’s how retail investors can buy G-Secs directly from RBI*

https://www.livemint.com/money/personal-finance/heres-how-retail-investors-can-buy-g-secs-directly-from-rbi-11626104515576.html

7. *A simple formula to check your life insurance needs*

https://www.livemint.com/money/personal-finance/a-simple-formula-to-check-your-life-insurance-needs-11626119010719.html

8. *Global income must be reported in returns*

https://www.livemint.com/money/personal-finance/global-income-must-be-reported-in-returns-11626120472563.html

9. *Flexicap funds help balance risks, returns*

https://www.livemint.com/money/personal-finance/flexicap-funds-help-balance-risks-returns-11626120797344.html

10. *Your Money: How duration of a bond determines its degree of price risk*

https://www.financialexpress.com/money/your-money-how-duration-of-a-bond-determines-its-degree-of-price-risk/2288787/

11. *Expect momentum in distressed assets to rise in next couple of months: Mahesh Singhi*

https://www.financialexpress.com/money/expect-momentum-in-distressed-assets-to-rise-in-next-couple-of-months-mahesh-singhi/2288535/

12. * 5 smart tips to bring the best out of bank fixed deposits*

https://www.financialexpress.com/money/5-smart-tips-to-bring-the-best-out-of-bank-fixed-deposits/2288495/

13. *Private equity inflows in real estate at $2.7 bn in H1 2021*

https://www.financialexpress.com/money/private-equity-inflows-in-real-estate-at-2-7-bn-in-h1-2021/2288449/

14. *Why should you invest in Sovereign Gold Bonds?*

https://www.financialexpress.com/money/why-should-you-invest-in-sovereign-gold-bonds/2288408/

CGST officials bust network of 23 firms for claiming input tax credit of Rs 91 crore

Posted on 13th Jul 2021 by Business So Simple in GST

Based upon specific intelligence, the officers of the Anti Evasion branch of Central Goods and Service Tax (CGST) Commissionerate, Delhi (West) have unearthed a case of availment/utilization and passing on of inadmissible input tax credit (ITC) through goods less invoices of Rs 91 crore (approx). The modus operandi involved floating of multiple firms with the intent to avail/utilize & passing on of inadmissible credit.

The firms involved in this network are M/s Girdhar Enterprises, M/s Arun Sales, M/s Akshay Traders, M/s Shree Padmavati Enterprises and 19 others. These 23 firms were floated in order to generate goods-less invoices with an intent to pass on fraudulent ITC without paying actual GST to the government. Late Shri Dinesh Gupta, Shri Shubham Gupta, Shri Vinod Jain and Shri Yogesh Goel were associated in the said business of generating/selling fake invoices. These entities are dealing in various commodities and involved in generation of goods-less invoices worth Rs. 551 croreand passing inadmissible ITC amounting to Rs. 91crore(approx.). All the three accused tendered their voluntary statement admitting their guilt.

Therefore, Shri Shubham Gupta, Shri Vinod Jain and Shri Yogesh Goel knowingly committed offences under Section 132(1)(b) and 132(1)(c) of the CGST Act, 2017 which are cognizable and non-bailable offences as per the provisions of Section 132(5) and are punishable under clause (i) of the sub section (1) of Section 132 of the Act ibid. Accordingly, they were arrested under Section 132 of the CGST Act on 10.07.2021 and remanded to judicial custody by the duty Metropolitan Magistrate for 14 days. Further Investigations are in progress.

Delhi Zone has been making sustained efforts to check evasion of GST, leading to detection of Rs. 91.256 crore in the present FY and 3 persons have been arrested in these matters.

****

Ministry of Finance Press release dated 11th July 2021

APEDA inks MoU with NAFED for strengthening export linkage of Farmer Cooperatives & FPOs

Posted on 13th Jul 2021 by Business So Simple in Entrepreneurship, Science & Technology

For harnessing exports potential of agricultural and processed food products of cooperatives as well Farmer Producer Organizations (FPOs), the Agricultural and Processed Food Products Export Development Authority (APEDA) today signed Memorandum of Understanding (MoU) with National Agricultural Cooperative Marketing Federation of India Ltd (NAFED).

According to the MoU, the key areas of cooperation include facilitating APEDA registered exporters getting assistance under all the Govt. of India schemes implemented through NAFED. The MoU also envisages ensuring sustainability and growth of exports by Cooperatives by addressing issues such as technology, skill, quality products and market access.

The collaborations between APEDA, which functions under Ministry of Commerce & NAFED, registered under the Multi State Co-operative Societies Act, also support engaging Cooperatives involved in agricultural production for improving the quality of agri-produce and its consolidation for better price realization to the farmers.

APEDA would facilitate exports by the Cooperatives, FPO’s, partners and associates identified and promoted by NAFED.

APEDA and NAFED will also facilitate participation of Farmers’ Cooperatives in global trade including B2B & B2C fairs to be organized in India and abroad and also to mutually cooperate in international business development & promotions.

The MoU also entails providing assistance towards capacity building of Cooperative Societies, Self-Help Groups (SHGs) for their social & environmental compliances and skilling as per international standards. Both the organisations would organize awareness programs Skill Development Programmes and Workshops at Regional, State and National levels.

APEDA and NAFED have also agreed to work in close coordination towards sustainable Cluster development of the clusters in various States notified under Agri Export policy.

The MoU was signed by Dr. M. Angamuthu, Chairman APEDA and Mr. Sanjeev Kumar Chadha, Managing Director, NAFED. The MoU was signed for utilising both the organisations’ expertise by mutually working together to synergize the activities in the interest of agriculture and allied sectors for bringing better value to the stakeholders.

APEDA has been focusing on collaborative approach to bring synergy with number of organisations and institutions having inherent professional and specialised expertise in different areas for capacity building of various stakeholders and providing solutions for addressing some of the identified interventions for the development of Agriculture and its export enhancement in consonance with the objectives set under Agri Export Policy (AEP) announced by Government of India in 2018.

AEP was framed with a focus on agriculture export oriented production, export promotion, better price realization to farmer and synchronization within policies and programmes of Government of India. It focuses on “Farmers’ Centric Approach” for improved income through value addition at source itself to help minimize losses across the value chain.

The exports policy therefore suggests to adopt the approach of developing product specific clusters in different agro climatic zones of the country to help in dealing with various supply side issues viz., soil nutrients management, higher productivity, adoption of market oriented variety of crop, use of Good Agriculture Practices (GAP) etc.

APEDA has been engaged with State Governments for the implementation of AEP. The States of Maharashtra, U.P., Kerala, Nagaland, Tamil Nadu, Assam, Punjab, Karnataka, Gujarat, Rajasthan, Andhra Pradesh, Telangana, Manipur, Sikkim, Uttarakhand, M.P., Mizoram and Meghalaya have finalized the State specific Action Plan for exports while the action plans of other States are at different stages of finalization.

At present, NAFED is creating a network of honey FPOs across Jammu & Kashmir, Punjab, Haryana, Rajasthan, Madhya Pradesh and Uttar Pradesh. Around 65 FPOs will be part of honey corridor linking north-west to north-eastern regions. NAFED is aiming at bringing all the FPOs associated with honey production for creating requisite infrastructure under the National Beekeeping and Honey Mission, NAFED’s subsidiary Federation of Indian FPOs and Aggregators (FIFA) is currently partnering with FPOs and private sector

******

Ministry of Commerce & Industry Press release dated 12th July 2021

Indian stem cell & developmental biologist part of WHO advisory committee on human genome editing

Posted on 13th Jul 2021 by Business So Simple in Science & Technology

Posted Date:- Jul 12, 2021

Indian stem cell and developmental biologist Prof. Maneesha S Inamdar has been part of the WHO Expert Advisory Committee on Developing Global Standards for Governance and Oversight of Human Genome Editing, which released two new companion reports providing the first global recommendations to help ensure that human genome editing is used for public health, with an emphasis on safety, effectiveness, and ethics.

The reports, released on July 12, 2021, contained a forward-looking Governance Framework for oversight mechanisms for research into and potential application of human genome editing technology at institutional, national, regional and international levels.

Professor Maneesha S Inamdar, along with her group, is conducting research at the Jawaharlal Nehru Centre for Advanced Scientific Research, Bengaluru, an autonomous Institute of the Department of Science and Technology (DST) that uses gene-editing tools to manipulate stem cells in vitro. This can generate disease models for scientific insight into human development and devising therapeutic strategies. She pioneered human embryonic stem cell derivation and use in India and has contributed significantly to national and international stem cell guidance documents, ethics committees, and training programs.

As part of the WHO Committee, she contributed scientific knowledge and perspective to provide guidance, expertise and support throughout the project for the conceptualization and development of the WHO Governance Framework and Recommendations on Human Genome Editing. Representing the LMIC countries in Asia, she contributed with the Committee towards ensuring that in addition to scientific considerations, procedural and substantive values and principles such as inclusiveness, diversity, equity, and global health justice identified by the Committee, informed decisions. She is a member of the Education, Engagement, and Empowerment (3E) subgroup of the Committee, and as part of the committee, she was also involved in making recommendations to the Secretariat and WHO Director-General on global governance structures for human genome editing, considering the relevant broader issues associated with oversight and governance of emerging technologies.

https://www.who.int/publications/i/item/9789240030060

https://www.who.int/publications/i/item/9789240030381

https://www.who.int/publications/i/item/9789240030404

For further details, Prof Maneesha S Inamdar (Email: inamdar@jncasr.ac.in) may be contacted.

Ministry of Science & Technology Press Release dated 12th July 2021

India Aims to Target over 100 Billion “Blue Economy” Through Deep Ocean Mission and Ocean Resources

Posted on 13th Jul 2021 by Business So Simple in Science & Technology

Union Minister of State (Independent Charge) Science & Technology; Minister of State (Independent Charge) Earth Sciences; MoS PMO, Personnel, Public Grievances, Pensions, Atomic Energy and Space, Dr Jitendra Singh today said that in the years to come, India aims to target over 100 billion “Blue Economy” through its Deep Ocean Mission (DOM) and ocean resources.

Addressing the scientists in the Ministry of Earth Sciences here today, the Minister reiterated the importance of exploring the ocean to give further fillip to the growth of country’s economy. He said, this could be a new avenue to supplement the country’s economy to the tune of an estimated Rs. 110 billion. “Deep Ocean Mission” planned by the Ministry of Earth Sciences will be carried out in collaboration with Indian Space Research Organisation(ISRO) and it will be a major step in the direction of integrating and bringing together the efforts of the different streams of science operating under different Ministries in the government, he said.

In addition, Dr Jitendra Singh said, the “Deep Ocean Mission” will also have far-reaching benefits for the common man. For example, it could help in providing clean drinking water and explore the avenues of desalination of water as well as extracting minerals from the ocean belt.

The Minister directed the officials of India Meteorological Department (IMD) to use social media platforms more effectively, so that accurate information can be disseminated quickly. Achievements of the Ministry, especially those benefiting the common man need to be highlighted through the Media, he said. He urged the officials to cut down on wasteful expenditure and explore the feasibility of merging autonomous bodies under the Ministry.

Director Generals, senior scientists and officials of the administrative wings of the Ministry attended the review meeting.

The Ministry of Earth Sciences has ten Institutes including five autonomous bodies under its ambit. The Ministry carries out its research & development and operational activities under five major umbrella schemes.

*****

Ministry of Science & Technology Press release dated 12th July 2021

Newly built Center of Excellence for Research & Analysis of Narcotics and Psychotropic Substances of the National Forensic Science University in Ahmedabad

Posted on 13th Jul 2021 by Business So Simple in Public Affairs, Science & Technology

The Union Home Minister Shri Amit Shah inaugurated the newly built Center of Excellence for Research & Analysis of Narcotics and Psychotropic Substances of the National Forensic Science University in Ahmedabad

Inauguration of virtual training on Investigation of Crimes Against Women

Keeping in view excellence and reputation of National Forensic Science University worldwide, it was decided to establish this Center

A small seed sown by Prime Minister Shri Narendra Modi in 2009 has grown into a huge banyan tree that will strengthen Criminal Justice

To make criminal justice system of the country more powerful and result-oriented, very important to take make this University the best in the country

The era of use of third degree is over and now the toughest of criminals can be brought to justice on the basis of scientific investigation

A lot of emphasis has been laid on scientific education in our New Education Policy, the Prime Minister also stresses that our Education Policy and system should be such that students receive the best knowledge in every field

The Cyber Defence Center and Ballistic Research Centerset up in this Center are unique in the whole of Asia and the nation is on course to be self-reliant in this field

The fight against cyber war and cyber crime is very important for us, cyber security is very important for the security of India and to meet the goal of Prime Minister’s five trillion Dollar economy

There are many challenges ahead of India in the 21stCentury, to successfully deal with them we have to strengthen criminal justice, and forensic science is its integral aspect

The government is engaged in a comprehensive dialogue with police officers, judges, lawyers and law universities across the country to bring about radical amendments to the three major laws, – CrPC, IPC and Evidence Act, so that they can be modernized to serve the present day requirements

Our police is accused of either ‘No Action’or ‘Extreme Action’, what we need is ‘Just Action’and this can happen only if we proceed with the investigation based on scientific evidence

The whole country is worried about the bad effects that drugs are having on our society, security and economy

The Government of India, under the leadership of Shri Narendra Modi, has decided that we will not allow narcotics substances to be smuggled into India and will also not allow India to be a conduit, and towards this objective we have taken many steps in the last two years under the leadership of the Prime Minister

The Union Home Minister, Shri Amit Shah inaugurated the newly built Center of Excellence for Research & Analysis of Narcotics and Psychotropic Substances of the National Forensic Science University in Ahmedabad today. Shri Shah also inaugurated a virtual training on Investigation of Crimes Against Women. Gujarat Chief Minister Shri Vijay Rupani, State Home Minister Shri Pradeep Singh Jadeja, Union Home Secretary Shri Ajay Bhalla and many senior officers of Central and State Government were also present on this occasion.

In his address, Shri Amit Shah said that when the government was formed for the second time under the leadership of Prime Minister Shri Narendra Modi, it was decided to establish this Center in view of the excellence and prestige of the National Forensic Science University worldwide and it was the most appropriate decision. The Union Home Minister said that when the Gujarat Forensic Science University was formed, at that time Shri Narendra Modi was the Chief Minister of Gujarat and he was the Home Minister of the state and when the National Forensic Science University was formed, Shri Narendra Modi is the Prime Minister and he is the Union Home Minister. Shri Amit Shah said that a small seed sown here by Shri Narendra Modi in 2009 has become a huge banyan tree that will strengthen the criminal justice system.

The Union Home Minister said that to make the criminal justice system of the country more powerful and result-oriented, it is very important to make this University the best in the country. He said that the era of use of third degree is over and now the toughest of criminals can be brought to justice on the basis of scientific investigation. Our New Education Policy also lays great emphasis on varied and scientific education. The Prime Minister also stresses that our Education Policy and system should be such that the students get the best knowledge in every field and its biggest gainer will be the National Forensic Science University.

Shri Amit Shah said that 7 States of the country have expressed their desire to open Colleges and Centers of Excellence affiliated to the National Forensic Science University, Gujarat. Shri Shah said that he is confident that this University will set up its branches across the country and offer an opportunity to the youth to come forward in forensic science. The Cyber Defence Center and Ballistic Research Center set up in this Center are unique in the whole of Asia and the nation is on course to be self-reliant in this field. The Union Home Minister said that the fight against cyber war and cyber crime is very important for us as India is an emerging economy. Cyber security is also very important for India’s security and to meet the Prime Minister’s goal of a five trillion Dollar economy. Several new dimensions have been established in the Ballistic Research Center for the testing of bullet proof materials. The materials which were earlier tested in the United States and Europe are now being tested here, it will be of maximum benefit to the Police, Central Armed Police Forces and Army personnel across the country to protect themselves. Shri Amit Shah said that an indigenous kit will also be made in this university to conduct a lot of tests which will be made available to police forces across the country. Wherever narcotics are seized, investigation will be pursued by checking with this kit. The Union Home Minister said that in the last one-and-a-half years, maximum narcotics have been seized, which is a record till now.

The Union Home Minister said that there are many challenges before India in the 21st century and to successfully deal with them, we have to strengthen the Criminal Justice system. Forensic science is an important part of this. In view of the changing faceof crime due to 130 crore population and market, borders with difficult geographical location and neighboring countries, it is very necessary to strengthen forensic science and the criminal justice system. He said that the government is holding a dialogue with police officers, judges, lawyers and law universities across the country to bring about radical changes in the CrPC, IPC and Evidence Act. We want to modernize them according to today’s requirements. We want to add new streams to meet today’s challenges by removing the things that have become obsolete. I, along with many, suggest that forensic science laboratory visits should be made mandatory for all offenses punishable by more than 6 years. For this it is very important to have mobile forensic labs and an extension in every district. In this, the help of the youth will be needed, for which the National Forensic Science University will have to open its colleges in every state. That is why it is very important to have mobile forensic labs and an extension in every district. We are going to work in this direction very quickly. Shri Amit Shah said that there is a sentence in the Upanishads that the value of Swaraj is justice and I believe that justice will be inculcated by it.

Shri Amit Shah said that our police are accused of no action and extreme action and the police are caught between these two. We need just action, natural action and this can happen only when scientists proceed with the investigation based on evidence. It is very important to move forward in this direction. The Union Home Minister said that the whole country is worried about the ill effects of drugs on our society, security and economy. The Government of India under the leadership of Shri Narendra Modi has decided that we will not allow narcotics substances to enter India. For this, in the last two years under the leadership of the Prime Minister, we have taken many steps. Narco Terror is another threat to India, the money it generates is used for terrorism. It is also very important to stop this. Shri Shah said that the Excellence Center which has been set up here is a complete unit in itself. A system equivalent to the world’s best laboratory has been created in this forensic university in Gujarat.

The Union Home Minister said that he is very happy that the dream conceived by Prime Minister Shri Narendra Modi is being inaugurated today. Shri Amit Shah said that he is confident that this Forensic University will further cement its outstanding identity across the world in the next 4-5 years. The Government of India under the leadership of Prime Minister Modi is committed to take this further. The Union Home Minister extended best wishes to all the officers, scientists and employees on the inauguration of this center on the auspicious occasion of JagannathRathYatra.

Ministry Home Affairs Press release dated 12th July 2021

Thought of the day-13 July 2021 -Karma in its effect on character (Part 3)

Posted on 13th Jul 2021 by Business So Simple in Thought of the day

Every fool may become a hero at one time or another. Watch a man do his most common actions; those are indeed the things which will tell you the real character of a great man. ———

There are certain works which are, as it were, the aggregate, the sum total, of a large number of smaller works. If we stand near the seashore and hear the waves dashing against the shingle, we think it is such a great noise, and yet we know that one wave is really composed of millions and millions of minute waves. Each one of these is making a noise, and yet we do not catch it; it is only when they become the big aggregate that we hear. Similarly, every pulsation of the heart is work. Certain kinds of work we feel and they become tangible to us; they are, at the same time, the aggregate of a number of small works. If you really want to judge of the character of a man, look not at his great performances. Every fool may become a hero at one time or another. Watch a man do his most common actions; those are indeed the things
which will tell you the real character of a great man. Great occasions rouse even the lowest of human beings to some kind of greatness, but he alone is the really great man whose character is great always, the same wherever he be.

-Swami Vivekananda

Framework for Setting up and operating International Trade Finance Services platform (‘ITFS’) for providing Trade Finance Services at International Financial Services Centres (‘IFSCs’)

Posted on 12th Jul 2021 by Business So Simple in Financial Prudence

The International Financial Services Centres Authority (IFSCA) has been set up vide IFSCA Act, 2019 to develop and regulate the financial products, financial services and financial institutions in the International Financial Services Centres (IFSCs). Towards this end, IFSCA has issued a framework for Setting up and operating International Trade Finance Services Platform (‘ITFS’) for providing Trade Finance Services at International Financial Services Centres (‘IFSCs’).

The framework will enable Exporters and Importers to avail various types of trade finance facilities at competitive terms, for their international trade transactions through a dedicated electronic platform viz, ITFS. This will help in their ability to convert their trade receivables into liquid funds and to obtain short term funding.

This framework will provide an opportunity to the participants to avail trade finance facilities for trade transactions such as Export Invoice Trade Financing, Reverse Trade Financing, Bill discounting under Letter of Credit, Supply Chain Finance for Exporters, Export Credit (Packing Credit), Insurance/ Credit Guarantee, Factoring and any other eligible product, on the ITFS platform.

The complete text of the Circular is available on the IFSC website at https://ifsca.gov.in/Circular

Ministry of Finance Press release dated 12th July 2021

****

Auction for Sale (Re-Issue) of (i) ‘5.63% GS 2026’, (ii) ‘GoI Floating Rate Bond 2033’, (iii) ‘6.64% GS 2035’, and (iv) ‘6.67% GS 2050

Posted on 12th Jul 2021 by Business So Simple in Financial Prudence

Government of India (GoI) has announced the Sale (Re-issue) of (i) ‘5.63% Government Security, 2026’ for a notified amount of Rs 11,000 crore (nominal) through price based auction using uniform price method (ii) ‘GoI Floating Rate Bonds, 2033’ for a notified amount of Rs 4,000 crore (nominal) through price based auction, using uniform price method (iii) ‘6.64% Government Security, 2035’ for a notified amount of Rs10,000 crore (nominal) through price based auction, using uniform price method, and (iv) ‘6.67% Government Security, 2050’ for a notified amount of Rs7,000 crore (nominal) through price based auction using multiple price method. GoI will have the option to retain additional subscription up to `8,000 crore against the above Security/Securities. The auctions will be conducted by the Reserve Bank of India, Mumbai Office, Fort, Mumbai on Friday i.e.July 16, 2021.

Up to 5% of the notified amount of the sale of the Securities will be allotted to eligible individuals and Institutions as per the Scheme for Non-Competitive Bidding Facility in the Auction of Government Securities.

Both competitive and non-competitive bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system on July 16, 2021.

The non-competitive bids should be submitted between 10.30 a.m. and 11.00 a.m. and the competitive bids should be submitted between 10.30 a.m. and 11.30 a.m.The result of the auctions will be announced on July 16, 2021 (Friday) and payment by successful bidders will be on July 19, 2021 (Monday).

The Securities will be eligible for “When Issued” trading in accordance with the guidelines on ‘When Issued transactions in Central Government Securities’ issued by the Reserve Bank of India vide circular No. RBI/2018-19/25 dated July 24, 2018 as amended from time to time.

Ministry of Finance Press release dated 12 July 2021

****

9 Innovative ways to Finance a Startup

Posted on 12th Jul 2021 by Business So Simple in Entrepreneurship, Startups

Dear Friends,

Please find below YouTube video link on 9 Innovative ways to Finance a Startup (Startup Financing-Part 2) https://youtu.be/qnUknq7TGsw

Regards,
Bipul Kumar

4. *At times, gold bonds become cheaper than the yellow metal*

4. At times, gold bonds become cheaper than the yellow metal