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Govt orders mandatory declaration of stock position of wheatCPI gets Rs 11 Cr tax notice for using old PAN numberGST - Penalty demand of Rs.3731 crores - A person who would fall within the purview of sub-section (1-A) of s.122 should necessarily be a taxable person who retains the benefits of transactions: HCGovt issues advisory against calls impersonating DoTFATP hand-wrings over slow regulation of crypto by member-countriesGST - Threatening and pressurising petitioner who is merely an employee - Highly unconscionable and disproportionate on the part of the officer: HCECI's C-Vigil app a big hit with votersGST - Same relief was claimed in earlier petition which was withdrawn unconditionally - Fresh petition seeking same relief is barred by the estoppel principle: HCIncome tax hands over Rs 1700 Cr tax demand to Congress PartyGST - Neither SCN nor the order spell out the reasons for retrospective cancellation of registration, hence cannot be sustained: HCStage-2 of Vikram-1 orbital rocket successfully test-firedGST - Non-application of mind - If reply was unsatisfactory, details could have been sought - Record does not reflect that such exercise was done - Matter remitted: HCHouthis claim UK has not capability to intercept their hypersonic missilesGST - Merely because a taxpayer has not filed returns for some period does not mean that registration is required to be cancelled with retrospective date also covering the period when returns were filed and taxpayer was compliant: HCIsraeli forces kill 200 Palestinians at Gaza medical complex & arrest over 1000GST - Petitioner's reply, although terse, is not taken into account while passing assessment orders - Petitioner put on terms, another opportunity provided: HCUnveil One Nation; One Debt Code; One Compliance Rule for Centre & StatesChina moves WTO against US tax subsidies for EVs & renewable energyMore on non-doms - The UK Spring Budget 2024 (See TII Edit)Training Program for Cambodian civil servants commences at MussoorieCBIC revises tariff value of edible oils, gold & silverCBIC directs all Customs offices to remain open on Saturday & SundayI-T- Once the citizen deposits the tax upon coming to know of his liability, it cannot be said that he has deliberately or willfully evaded the depositing of tax and interest in terms of Section 234A can be waived: HCHouthis attack continues in Red Sea; US military shoots down 4 dronesCus - No Cess is payable when Basic Customs Duty is found to be Nil: CESTAT
 
Govt seeks compliance of FDI policy for digital media within a month

By TIOL News Service

NEW DELHI, NOV 16, 2020: Union Ministry of Information and Broadcasting today issued a public notice to facilitate eligible entities involved in uploading/streaming of news and current affairs through digital media, to comply with the decision of Union Government on 18th September 2019, which had permitted 26% FDI under Government approval route.

In a Public Notice, available on its website, the Ministry has today laid out the detailed actions to be undertaken by eligible entities to comply with this decision, within a month. Under the notice, Entities having  foreign investment below 26% may furnish an intimation to the Ministry of Information & Broadcasting within one month from today giving the following:-

(a) Details of the company/entity and its shareholding pattern along with the names and addresses of its Directors/shareholders,

(b) The names and address of Promoters/Significant Beneficial Owners,

(c) A confirmation with regard to compliance with pricing, documentation and reporting requirements  under the FDI Policy, Foreign Exchange Management (Non-debt Instruments) Rules, 2019 and  Foreign Exchange Management (Mode of Payment and Reporting of Non-debt Instruments) Regulations, 2019 along with copies of relevant reporting forms in support of the past/existing foreign investment  and downstream investment(s), if any, and

(d)  Permanent Account Number and the latest audited/unaudited Profit & Loss Statement and Balance Sheet along with the Auditor report.

(ii) Entities which, at present, have an equity structure with foreign investment exceeding 26% would give similar details as at (i) above to the Ministry of Information & Broadcasting within one month from today , and to take necessary steps for bringing down the  foreign investment to 26% by 15th October, 2021 and seek approval of the Ministry of Information & Broadcasting.

(iii) Any entity which intends to bring fresh  foreign investment in the country has to seek prior approval of the Central Government,  through the Foreign Investment Facilitation Portal of DPIIT,  as per the requirements   of  (a) FDI Policy  of Government of India  and  DPIIT Press Note No. 4 of 2019 (dated 18.9.2019)  in this regard  and (b) Foreign Exchange Management (Non-debt Instruments)(Amendment) Rules, 2019 vide Notification dated 5.12.2019.

NOTE: - Investment means to subscribe, acquire, hold or transfer any security or unit issued by a person resident in India.

(iv) Every entity has to comply with the requirements of citizenship of Board of Directors and of the Chief Executive Officers (by whatever name called). The entities are required to obtain security clearance for all foreign personnel likely to be deployed for more than 60 days in a year by way of appointment, contract or consultancy or any other capacity for functioning of the entity, prior to their deployment. For this purpose, the entities will apply to Ministry of Information & Broadcasting at least 60 days in advance and the proposed foreign personnel shall be deployed by the entity only after prior approval of this Ministry.


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