Mega healthcare scheme 'game changer': Niti Aayog
Brushing aside criticism of the newly announced mega healthcare scheme, Niti Aayog Vice- Chairman Rajiv Kumar has said it is a "game changer" and revenue from the 1 per cent additional cess would be enough to meet the funding needs. Finance Minister Arun Jaitley in his budget for 2018-19 announced the National Health Protection Scheme (NHPS) to provide health insurance cover of Rs 5 lakh to over 10 crore poor and vulnerable families. Former Finance Minister and senior Congress leader P Chidambaram has termed the proposal as "a jumla" with no money provided in the budget for it.
Reliance Industries to invest Rs 2,500 cr in Assam, create 80,000 jobs
Reliance Industries chairman Mukesh Ambani announced at the inaugural function of the Global Investors Summit 2018, an investment of Rs 2,500 crore in Assam in various sectors, including retail, petroleum, telecom, tourism and sports, creating jobs for at least 80,000 people over the next three years. Assam has always been a low priority market for other telecom operators, but it is a 'Category A' market for Reliance, Ambani said. Reliance Industries has become the largest private sector investor in Assam by putting in Rs 5,000 crore over the last few years, he said.
Tata Steel, JSW Steel & company's own employees submit bids for Bhushan Steel
Tata Steel, JSW Steel and Bhushan Steel's own employees possibly backed by a Singapore-based fund, have put in bids for the troubled steel maker. The company had been put up for auction by the National Company Law Tribunal (NCLT). It had accumulated a debt of over Rs 50,000 crore. The bids will now be opened on Tuesday.
Bitcoin users come under income tax lens
Investigative agencies have turned their focus on bitcoin users after earlier surveying cryptocurrency exchanges. Last month, the Enforcement Directorate (ED) and the income tax department (IT) had raided users of cryptocurrencies suspecting money laundering, fraud and tax evasion. As reported by business news daily Mint, the tax department after its December survey of bitcoin exchanges had identified some suspicious accounts and was examining replies to notices sent. Both individuals and companies in Surat connected to bitcoin trading are facing scrutiny. The regulators as well as the government have been closely monitoring bitcoin trading in India.
Govt bets big on Long Term Capital Gains Tax (LTCG)
The government is betting big on the long term capital gains tax (LTCG) on equities for mobilising revenue as currently the amount of income earned from the stock markets that is exempted from this tax works out to a whopping Rs 3.76 lakh crore which would translate into a tax collection to the tune of Rs 37,000 crore going ahead. The figure has been compiled from all the income tax returns filed in 2017-18.
Suresh Prabhu consults industry on new industrial policy
Commerce Minister Suresh Prabhu has kickstarted industry consultation on the proposed new industrial policy. The first stakeholder consultation meeting took place at Guwahati, industry body Ficci said in a statement. he event, organised by Department of Industrial Policy and Promotion (DIPP) in partnership with Ficci, was attended by more than 120 industrialists from the northeast in addition to government officials. In his speech, Prabhu highlighted the importance of this exercise being done after 25 years. The new policy will revamp the Industrial Policy of 1991.
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