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Goyal discusses rising freight cost, shipping delays & congestion at the portsCustoms - First Schedule - Chapter 98 - Clarificatory explanation on 'laboratory chemical' insertedKentucky Sheriff accused of shooting dead District Judge inside courthouseM/s Konoike Transport approved as Strategic Buyer for disinvestment of FSNLCus - Gold seized from appellant & auctioned without considering cogent evidence furnished; seizure invalidated, auction proceeds be refunded with interest: CESTATIndia grants USD 50 mn budgetary support for one more year to MaldivesFATF smacks on India's back for measures to tackle illicit financeCX - Rule 4 of Central Excise Valuation Rules 2000 are rightly invoked where assessee suppresses material facts about clearance of finished goods to related entity: CESTATTMC disowns Minister’s statement that women were drinking during protestBRICS Summit: India showcases Legal Reforms and InitiativesST - For the amenities provided by service recipient, the cost thereof cannot be included in assessable value of service in hands of appellant being service provider, therefore, demand is not sustainable: CESTATChina, India are not rivals rather cooperators, says Chinese envoyRM exhorts Navy to be prepared for every situation in today's volatile global scenarioI-T - Revenue is not permitted to express different opinion based on very same facts disclosed during original assessment proceedings: HCIndia trashes report on Indian ammunition reaching UkraineI-T - No distinction to be made between direct and indirect expenses that are eligible for deduction under Section 35 D of the Income Tax Act: HCBiden hopeful of further cut in rates by FedI-T - Non-investment of sale consideration or portion thereof in designated capital gains would not come in way of assessee claiming exemption so long as assessee had invested said amount for construction: HCLanka to go to polls for New President tomorrowI-T - Assessee sought repeated adjournments without valid reason; costs of Rs 2000/- per appeal imposed on assessee; nevertheless, case remanded for de novo hearing, given tight scheduling of notices & interests of justice: ITATIsrael incinerates 1000 rocket launcher barrels of HezbollahI-T - Interest received by credit cooperative society from investment held, cannot be treated as it's operational income, as interest received is not from credit facilities provided to its members as envisaged u/s 80P(2)(a)(i): ITATSEBI hammer falls on Axis Capital; Ban imposed from acting as investment banker in debt marketI-T - Where DVO has power to estimate value independently & fails to do so, then PCIT's action to seek fresh report & revise the assessment, is outside scope of Section 263: ITATCJI asks lawyers to use SC Platform for recorded ordersNPS Vatsalya - FM launches pension scheme for minorsIP Saarthi - Govt launches AI/ML-based search engine for TrademarksNACIN hosts 3-day roundtable on IPR; Govt envisages greater role of Customs in IPR protectionUS Presidential Poll: Tall promises by Hopefuls elbow economy closer to tax-doom-loop!Fed lives up to global expectations; cuts interest rate by 0.5% - first cut in last 4 yearsMandaviya chairs meeting to provide Social Security to Gig and Platform WorkersCAQM announces revised GRAP schedule for Delhi-NCR
 
SBI given nod for sale of electoral bonds for 10 days

By TIOL News Service

NEW DELHI, OCT 17, 2020: THE Government of India has notified the Electoral Bond Scheme 2018 vide Gazette Notification No. 20 dated January 02, 2018. As per provisions of the Scheme, Electoral Bonds may be purchased by a person, who is a citizen of India or incorporated or established in India. A person being an individual can buy Electoral Bonds, either singly or jointly with other individuals. Only the Political Parties registered under Section 29A of the Representation of the People Act, 1951 (43 of 1951) and which secured not less than one per cent of the votes polled in the last General Election to the House of the People or the Legislative Assembly of the State, shall be eligible to receive the Electoral Bonds. The Electoral Bonds shall be encashed by an eligible Political Party only through a Bank account with the Authorized Bank.

The Election Commission of India (ECI) has accorded ‘No objection' from Model Code of Conduct (MCC) angle, vide its letter No.437/6/CG/LA-BR/ECI/LET/FUNCT/MCC/2020 dated October 15, 2020 subject to the following conditions:

No Political functionary shall make any reference in this regard during any public speech or communication to the press or public in the constituencies going for poll; and

The relevant provisions of Model Code of Conduct issued by the Election Commission shall be strictly followed.

The State Bank of India (SBI), in the XIV Phase of sale, has been authorised to issue and encash Electoral Bonds through its 29 Authorized Branches (as per list enclosed) w.e.f. 19.10.2020 to 28.10.2020.

It may be noted that Electoral Bonds shall be valid for fifteen calendar days from the date of issue and no payment shall be made to any payee Political Party if the Electoral Bond is deposited after expiry of the validity period. The Electoral Bond deposited by an eligible Political Party in its account shall be credited on the same day.


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