CBDT Launched ‘e-Nivaran’ Facility
• The Central Board of Direct Taxes (CBDT) launched the ‘e-Nivaran’ facility for online redressal of taxpayers’ grievances related to refunds, ITRs and PAN among others as part of its initiative to reduce instances of harassment of the public on September 11, 2016.
• The ‘e-Nivaran’ module, will work on the lines of the internet-based Income Tax Returns (ITRs) filing system and taxpayers can register all complaints related to delay in refunds, filing of e-retums, Tax Deducted at Source (TDS), PAN issues, and those pertaining to their Assessing Officer (AO).
• The ‘e-Nivaran’ connected to all electronic databases and the modem business application software platform of the department to ensure quick resolution;
GST Bill got Nod from President Pranab Mukherjee
• GST became a law with President Pranab Mukherjee giving his assent to the Bill ratified by more than 50% State Assemblies on September 7, 2016.
• The Constitution (122nd Amendment) (GST) Bill allows for introduction of GST that will replace multiple indirect taxes levied by centre and States, creating one national market that is expected to bump up GDP by as high as 2%.
• This is a significant milestone achieved in the implementation of GST that sets the stage for GST Council, which-will work out the details of the tax, including the rate at which it will be levied.
British Columbia became the First Foreign Government to Issue Masala Bond
• Canada’s Province of British Columbia became the first foreign government entity to issue a masala bond by floating ? 500 crore denominated overseas bonds on the London Stock Exchange (LSE) on September 4, 2016.
• It is a AAA rated bond by the three major rating agencies and will mature on January 9, 2020. Masala bonds are rupee-denominated bonds issued to overseas buyers, aimed at investments into India’s infra needs.
RBI’S ACTIVITY
Union Government Notified Constitution of Monetary Policy Committee under RBI Act
• The Union government notified the constitution of the Monetary Policy Committee (MPC) under the Reserve Bank of India Act, 1934 on September 30, 2016.
• The notification comes a week after it appointed nominees in the panel that will set interest rates and keep inflation within the stipulated range.
• The members of the committee from RBI are governor Patel, Deputy Governor R. Gandhi, who is also in charge of monetary policy, and executive director Michael Patra. The RBI governor will have a casting vote in case of a tie.
• MPC would be entrusted with the task of fixing the benchmark policy rate (repo rate).required to contain inflation within the specified target level. A committee-based approach for determining monetary policy will add a lot of value and transparency to monetary policy decisions.
• The MPC framework replaces the current system where the RBI governor and his internal team have complete control over monetary policy.
RBI Allowed 100% Foreign Investment in CG Consumer Electricals
• The Reserve Bank of India (RBI) allowed foreign investors ta buy up to 100% in Crompton Greaves Consumer Electricals Limited on September 10, 2016.
• Foreign Institutional Investors (Fils(/Registered Foreign Portfolios Investors (RFPIs) can now invest up to 100% of the paid up capital of Crompton Greaves Consumer Electricals Limited under the Portfolio Investment Scheme (PIS).
• The company had passed resolutions at its Board of Directors’ level and a special resolution by the shareholders, agreeing for enhancing the limit for the purchase of its equity shares and convertible debentures by FIIs/RFPI.
