Newsmakers: Kingfisher owes Rs 295 cr to AAI, LS too clears Real Estate Bill and more

Key business news events for the day

• 1/5

Exports fall 5.66% in Feb; trade deficit narrows Exports dipped for the 15th month in a row, down by 5.66 per cent in February at $20.73 billion, due to contraction in shipments of petroleum and engineering goods. Imports too dipped 5.03 per cent to $27.28 billion last month, resulting in a lower trade deficit of $6.54 billion compared to that of $6.74 billion in February 2015.

• 2/5

I-T promises easy process to jewellers for paying levy Allaying fears of protesting jewellers over 1 per cent excise duty on non-silver jewellery, the tax department said on Tuesday traders will be provided with a hassle-free process for the submission of the levy. Speaking with reporters in Jammu, Central Excise Department Additional Commissioner KR Madhar said field formations have been directed to grant hassle-free registration within two working days of submission of the registration applications.

• 3/5

Buyers to gain as Lok Sabha too clears Real Estate Bill It will now be difficult for promoters and builders to delay projects, with Parliament clearing a bill which gives relief to home-buyers and proposes imprisonment of up to three years besides monetary penalties for any violation of rules. The Real Estate (Regulation and Development) Bill, 2013 , approved by Lok Sabha today, five days after its passage by Rajya Sabha, is designed to protect consumer interest, ensure efficiency in all property-related transactions, improve accountability of developers, boost transparency and attract more investments to the sector, the government said.

• 4/5

I-T dept issues Rs 29K cr tax demand notice on Cairn Energy The Income Tax Department has slapped on UK's Cairn Energy Plc a tax demand notice of over Rs 29,000 crore, including Rs 18,800 crore in back dated interest. It is the second firm to have received retrospective tax notice this year after Vodafone Group.

• 5/5

Kingfisher Airlines owes about Rs 295 crore to AAI Defunct Kingfisher Airlines owes the Airport Authority of India (AAI) Rs 294.57 crore and three cases in the court have already been initiated in this regard, government said. During the Question Hour in Rajya Sabha, Civil Aviation Minister Ashok Gajapathi Raju said that of these three cases, one is a recovery suit filed at the High Court in Mumbai while the other two are bounced cheque cases, which are slated to come up in court later this month.