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ST - 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: HCST - 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 CanadaI-T - Re-assessment is invalid where based only on a suspicion that income escaped assessment & where not based on concrete reasons to believe for commencing such proceedings : ITATImran 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 WestCus - When Department has not complied with time limit, the order issued for revocation of licence or order issued for continuation of suspension licence cannot sustain: CESTATNY top court quashes conviction of Harvey Weinstein in rape caseWeather prediction normal for phase 2 poll dayIndiGo orders 30 Airbus A350s for long haulsST - Appellant is an 'authorised medical practitioner' providing 'healthcare services' - services exempted in terms of clause 2(i) of notification 25/2012-ST: Commr(A)RBI to issue fresh guidelines for banks to freeze suspected bank accounts being used for cyber crimesREC avails SACE-Covered Green Loan for 60.5 Billion Japanese YenStudy finds Coca-Cola accounts for 11% of branded plastic pollution worldwideCus - 'Small Form-factor Pluggable Optical Transceivers' are classifiable under CTH 8517 7090 and not under CTH 8517 62 90 - entitled for benefit of duty concession under 57/2017-Cus: CESTATDoNER discusses Development of Tourism in North EastCX - Appellant is eligible for exemption under Notfn 12/2012-CE upon fulfilling all conditions stipulated therein, thus sufficiently establishing that goods dealt with by Appellants qualify for exemption: CESTAT
 
G20 Financial Architecture Working Group meeting in Goa to give voice to Global South

By TIOL News Service

MUMBAI, JUNE 05, 2023: THE Third G20 International Financial Architecture Working Group (IFAWG) meeting under the Indian G20 Presidency is being organized during 6-7 June 2023 in the vibrant state of Goa.

The discussions during the two-day meeting will be jointly steered by the Ministry of Finance and the Reserve Bank of India along with France and the Republic of Korea, who are the Co-chairs of the IFA WG.   Approximately 100 delegates from G20 Members, Invitee Countries, and various International Organizations will be arriving in Goa to participate in the two-day meeting. The meeting is organized into various thematic sessions covering key priority areas of the Indian G20 Presidency. These include strengthening the Global Financial Safety Net (GFSN), addressing global debt vulnerabilities, strengthening the Multilateral Development Banks (MDBs) to address shared global challenges of the 21st century, and strengthening financial resilience through sustainable capital flows, assessing the macro-financial implications of Central Bank Digital Currencies, among others. During these discussions, the Indian G20 Presidency strives to give a voice to low-income and developing countries that are not represented at the G20 table and highlight issues of key concern to the Global South.

On the first day of the meeting, on 6 June 2023, a High-level seminar on "Towards Orderly Green Transition - Investment Requirements and Managing Risks to Capital Flows" will be held to facilitate an in-depth discussion on Green Capital Flows and Emerging Markets (EMs). Experts from various International Organizations and Institutions will participate in this seminar. In the run-up to this meeting, a number of 'Jan-Bhagidari' events are being held across Goa. These include Financial Literacy Camps and awareness campaigns, Coin Mela, Walkathon, Swacchta Abhiyaan, and a Quiz Competition. These events are aimed at creating awareness about the G20 Indian Presidency and its theme "Vasudhaiva Kutumbakam" or "One Earth - One Family - One Future". The discussions in this meeting will further inform the Third G20 Finance Ministers and Central Bank Governors Meeting (FMCBG) meeting scheduled for 17-18 July 2023 in Gandhinagar, Gujarat.


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