News Update

World Energy Congress 2024: IREDA CMD highlights need for Innovative Financing SolutionsVoter turnout surpasses 50% by 4 PM in Phase 2 pollsST - Amendment made to FA, 1994 on 14.05.2015 making service tax applicable retrospectively on chit-fund business is only prospective - Refund payable of tax paid between 01.07.2012 to 13.05.2015: HCXI tells Blinken - China, US ought to be partners, not rivalsST - SVLDRS, 2019 - Amnesty Scheme, being of the nature of an exemption from the requirement to pay the actual tax due to the government, have to be considered strictly in favour of the revenue: HCCX - Issue involved is valuation of goods u/r 10A of CE Valuation Rules, 2000 - Appeal lies before Supreme Court: HCCus - Smuggling - A person carrying any article on his belonging would be presumed to be aware of the contents of the articles being carried by him: HCCus - Penalty that could be imposed for smuggling 3.2 kg of gold was Rs.88.40 lakhs, being the value of gold, but what is imposed is Rs.10 lakhs - Penalty not at all disproportionate: HCCus - Keeping in mind the balance of convenience and irreparable injury which may be caused to Revenue, importer to continue indemnity bond of 115 crore and possession of confiscated diamonds to remain with department: HCCus - OIA was passed in October 2022 remanding the matter to adjudicating authority but matter not yet disposed of - Six weeks' time granted to dispose proceedings: HCI-T - High Court need not intervene in matter involving factual issues; petitioner may utilise option of appeal: HCChina asks Blinken to select between cooperation or confrontationI-T - Unexplained cash credit - additions u/s 68 unsustainable where based on conjecture & surmise alone: ITATHonda to set up USD 11 bn EV plant in CanadaImran Khan banned from flaying State InstitutionsI-T - Income from sale of flats cannot be computed in assessee's hands, where legal possession of flats had not been handed over to buyers in that particular AY: ITATPro-Palestine demonstration spreads across US universities; 100 arrestedI-T - Investment activities in venture capital which are not covered in negative list under Schedule III to SEBI Regulations, qualifies for deduction u/s 10(23FB): ITATNATO asks China to stop backing Russia if keen to forge close ties with WestNY top court quashes conviction of Harvey Weinstein in rape case
 
3 Indians to be sent 6000 meter below sea level for exploration: MoS

By TIOL News Service

NEW DELHI, JAN 13, 2023: AS a part of Samudrayaan Mission undertaken by the Union Ministry of Earth Sciences, India aims to send three persons to 6000 meters below sea level.

Sharing the details, Union Minister of State (Independent Charge) Science & Technology; Minister of State (Independent Charge) Earth Sciences; MoS PMO, Personnel, Public Grievances, Pensions, Atomic Energy and Space, Dr Jitendra Singh said that Prime Minister Narendra Modi had referred to Deep Sea Mission in his Independence Day address in two consecutive years in 2021 and 2022.

The mission, said the Minister, heralds India's ushering into an era of "Blue Economy" which is going to play a major part in building India's overall economy during the years to come.

Dr Jitendra Singh further elaborated that a vehicle called MATSYA will carry three persons to a depth of 6000 meters for exploration of deep-sea resources like minerals. This mission, he said, is expected to be realized in the next three years.

The Minister said that this mission was expected to be realised in next three years. Singh added that MATSYA 6000 is being designed and developed by the National Institute of Ocean Technology (NIOT), Chennai under the Ministry of Earth Sciences. "It has an endurance of 12 hours under normal operation and 96 hours in case of emergency for human safety."

Dr Jitendra Singh said that the design of the vehicle is completed and realization of various components of the vehicle is in progress. "Manned submersible facilitates the direct observation by the human in deep ocean in exploring mineral resources rich in nickel, cobalt, rare earths, manganese etc. and collection of samples, which can be used for analysis.

The Minister added that apart from the scientific research and technological empowerment as the benefits, this mission has immediate spin-offs in the form of underwater engineering innovations in asset inspection, tourism and promotion of ocean literacy. 

"Development of 6000 m depth rated Integrated Mining Machine and unmanned vehicles (tethered and automated) to explore deep sea resources and biodiversity assessment," Singh said.

The Centre had approved the Deep Ocean Mission at a total budget of Rs.4,077 crore for five years. The estimated cost for the first phase for the three years (2021-2024) is Rs.2,823.4 crore.

India has a unique maritime position, a 7517 km long coastline, which is home to nine coastal states and 1,382 islands. The mission aims to boost the central government's vision of ‘New India' that highlights the blue economy as one of the ten core dimensions of growth.


POST YOUR COMMENTS
   

TIOL Tube Latest

Shri N K Singh, recipient of TIOL FISCAL HERITAGE AWARD 2023, delivering his acceptance speech at Fiscal Awards event held on April 6, 2024 at Taj Mahal Hotel, New Delhi.


Shri Ram Nath Kovind, Hon'ble 14th President of India, addressing the gathering at TIOL Special Awards event.