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Sunday, December 31, 2023

Gold likely to touch Rs 70,000 in 2024, say experts Read more at: https://economictimes.indiatimes.com Dec 31,2023

 

Continuing to glitter in 2024 as well, gold price is likely to touch Rs 70,000 per 10 grams in the domestic market on the back of a stable rupee, geopolitical uncertainties and slowing global economic growth, according to experts. Currently, the yellow metal price is hovering at Rs 63,060 per 10 grams on the commodity stock exchange MCX and around USD 2,058 an ounce in the international market at a time when the rupee is trading above 83 against the US dollar.

In early December, prices skyrocketed again on global tensions in the Middle East, and emerging market participants anticipated that the rate hike cycle has more or less ended.

While the gold price remained volatile this year, it reached a new high of Rs 61,845 per 10 grams on May 4 in the domestic market and USD 2,083 an ounce in the global markets. Later, the yellow metal touched a record high of Rs 61,914 per 10 grams on November 16, Commtrendz Research Director Gnanasekar Thiagarajan told PTI.


In a reflection of its safe-haven appeal, he said, gold touched an all-time high of Rs 64,063 per 10 grams and USD 2,140 an ounce on December 4.

"We expect an eventual rise to USD 2,400 in 2024, and if the rupee is to be stable, gold is likely to reach around Rs 70,000 levels. As India faces elections, the rupee could weaken as Foreign Institutional Investors (FIIs) are expected to lighten up their portfolios, which could further bolster domestic prices for gold," he said.

Russia says 14 killed in Ukrainian strike on Belgorod Read more at: https://economictimes.indiatimes.com/news Dec 30,2023

 

Russia said Saturday that a Ukrainian strike killed at least 14 people and injured 108 in the city of Belgorod, a day after Russian strikes killed dozens in Ukraine.

Belgorod lies about 30 kilometres (19 miles) from the border with Ukraine and has been repeatedly targeted by what Russia says is indiscriminate shelling by Kyiv's forces.

Unverified footage showed debris strewn across the street and smoke billowing from burnt-out cars in the city's centre, while a large blast can be heard in dashcam footage posted on social media.

AFP was not able to immediately verify the circumstances of the blast.

"According to updated information, 12 adults and two children were killed in Belgorod. Another 108 people, including 15 children, were injured," Russia's emergencies ministry said.President Vladimir Putin has been briefed on the incident, the Kremlin said, while the Russian defence ministry warned the attack would "not go unpunished".

The attack came as rescuers in Ukraine continued to search through rubble Saturday after Russian strikes killed at least 39 people the day before, in one of the fiercest attacks since the early days of the conflict.Schools, a maternity hospital, shopping arcades and blocks of flats were all among the buildings hit in Friday's barrage, which triggered international condemnation.

Ukraine's military estimated Russia had launched 158 missiles and drones on Ukraine and 114 of them had been destroyed.

Air force spokesman Yuriy Ignat told AFP that this was a "record number" of missiles and "the most massive missile attack" of the conflict, excluding the early days of constant bombardment.

"Work is still underway to eliminate the consequences of yesterday's Russian attack," Ukrainian President Volodymyr Zelensky said.

January 1 will be declared a day of mourning in the capital Kyiv, where at least 16 people were killed, Mayor Vitali Klitschko said.

Russia's army said it had "carried out 50 group strikes and one massive strike" on military facilities in Ukraine over the past week, adding that "all targets were hit".

The United Nations condemned the attacks and said they must stop "immediately".Poland reported that a Russian missile briefly passed through its airspace.

"Everything indicates that a Russian missile entered Polish airspace... It also left," said General Wieslaw Kukula, chief of the general staff of the Polish armed forces.

After speaking to Polish President Andrzej Duda, NATO chief Jens Stoltenberg said the alliance "stands in solidarity" with Poland, adding: "NATO remains vigilant."

In the face of sustained Russian assaults, Ukraine is urging Western allies to maintain military support.

Ukraine presidential aide Andriy Yermak said Kyiv needed "more support and strength to stop this terror".

US President Joe Biden called on Congress to overcome its division to approve new aid for Ukraine, after Washington released its final package of weaponry under existing agreements still to be renewed."Unless Congress takes urgent action in the new year, we will not be able to continue sending the weapons and vital air defence systems Ukraine needs to protect its people," Biden said.

"Congress must step up and act without any further delay."

Britain announced it would send hundreds more air defence missiles to Kyiv, after Prime Minister Rishi Sunak declared that "We must continue to stand with Ukraine -- for as long as it takes."


Saturday, December 30, 2023

PM Modi In Ayodhya LIVE | Prime Minister Narendra Modi's Massive Roadshow...

NICAI UPDATES

 

1. CBDT issues guidelines for Section 194-O of the Income - tax Act, 1961. Circular No. 20/2023 dated 28/12/2023 issued, providing clarity on applicability of Section 194-O in a multiple e-commerce operator model framework. 

2. Date extension for reporting opening balance for ITC reversal. 
  1. In order to facilitate the taxpayers in correct and accurate reporting of ITC reversal and reclaim thereof and to avoid clerical mistakes, a new ledger namely Electronic Credit and Re-claimed Statement was introduced on the GST portal. This statement was made available to help the taxpayers in tracking their ITC that has been reversed in Table 4B(2) and thereafter re-claimed in Table 4D(1) and 4A(5). Kindly click here for the detailed advisory provided earlier.
3. Now to facilitate taxpayers further, the opportunity to declare opening balance for ITC reversal in the statement has been extended till 31st January, 2024.

4. Kindly note that after declaring the opening balance for ITC reversal, only three amendment opportunities post the declaration will be provided to correct the declared opening balance in case of any mistakes or inaccuracies in reporting.

5. Facility to amend the declared opening balance for ITC reversal will be available till 29th February, 2024.

6. Finance ministry has issued show cause notices to nine offshore virtual digital assets (VDA) service providers dealing with crypto assets and has requested the Ministry of Electronics and Information Technology (Meity) to block their websites.


By CA Raj Chawla

Vodafone Idea :-Opinion expressed by moneycontrol message forum silver member called ias 2507 regarding Vodafone idea sudden jump in price and volumes on Friday Dec 29,2023.Hope Mr.K.M.Birla reads this.

 


Silver Member

schedule55 mins 43 secs ago
....... Grapevine had it on Friday that worlds largest tech billionaire and maverick businessman Elon Musk would tie-up with Indias Vodafone Idea (Vi) for his maiden entry into Indias telecoms space. Markets were also betting that the government would sell its 33.1 percent stake in Vi to Musk to enable Starlink to enter the Indian market. Musk is visiting India to attend the Vibrant Gujarat Business Summit between January 10 and 12 and a big land deal in the state for a mega factory for his auto company Tesla has already been reported. Markets are now hoping that major announcements would be made by Starlink and the government in the telecoms space when Musk visits Gujarat. ............. The markets were further betting that even Amazons Project Kuiper was desperate to enter India for its broadband services and would require a spectrum partner, something that could make the stocks of Indias telecoms players an attractive bet. Amazon would be pitted against the likes of Elon Musk-owned Starlink, Bharti-backed Oneweb and Reliance Industries Jio Satellite in India. While Bharti and Jio have their own satellite platforms, it leaves Vi open for a tie-up with Musk or Amazon.............. 

Nearly 200 crore shares of Vodafone Idea (Vi) were traded on the National Stock Exchange (NSE) and the BSE combined out of which around 54 crore shares were marked for delivery. It is the highest volume that the counter has witnessed in the past couple of years. This pushed up the share price of Vi by 21 percent, the biggest single-day gain for any Indian telecoms company and Vi in 2023. Vi touched a 52-week high of Rs 16.25 on the NSE and closed at Rs 16 from its previous closing price of Rs 13.25. Vi has around 22 crore (220 million) existing customers, making it among the worlds top 10 companies in terms of subscriber base.  In September, Vi paid Rs 1701 crore to the government for the 5G spectrum it had acquired in the 2022  auction, making it a potential suitor in the new game.............. 

Starlink, which is made up of around 4,000 satellites in low-Earth orbit, is operated by SpaceX and can bring mobile and broadband coverage even to untapped rural areas. In India, the government is near to finalising Starlinks application as an internet service provider and also grant the company a global mobile personal communication by satellite services (GMPCS) license. For the same GMPCS business, Starlink has tied-up with Vodafone in other countries. Vodafone s freshly rebranded New Zealand arm, One NZ, has landed a deal with Musk s SpaceX to roll out full mobile coverage to the country in 2024. In Europe, Vodafone has also tied-up with project Kuiper of Amazon. ............... Reportedly, Starlinks license after a security check is completed, as the answers given by it to the governments queries were found satisfactory. The company was asked to provide information related to its plans for data storage in the country as per the existing norms. ............ 

Vi has been parched for investments and for nearly a decade now it has been an underdog in Indias telecoms sector waiting for a knight to save it. But even in the worst of times, the company has remained a going concern and never defaulted on its loan obligation. Vis revenue base has remained steady at around Rs 41,000 crores (approximately $8B) for the past couple of years but the entire income goes into operations and interest payments to the bank. ................... In December, India s Parliament passed a........ telecommunications bill that replaces its century-old rules and paves the way to modernize connectivity including satellite broadband. India has 1.17 billion telephone connections and 881 million internet subscribers. The newly passed telecom bill also allows spectrum allocation for satellite-based services without participating in auctions, which could favour OneWeb, Starlink and Amazon s Kuiper which are all keen to start their satellite broadband services in India. ............

Ayodhya airport inauguration: PM Modi sees 'new employment opportunities', Scindia says second phase expansion soon The phase-1 of the airport has been developed at a cost of more than Rs 1,450 crore, according to officials. MONEYCONTROL NEWS DECEMBER 30, 2023 / 04:34 PM IST The inauguration of the Maharishi Valmiki International Airport Ayodhyadham marks Ayodhya's transformation into a major tourist and pilgrimage destination. The inauguration of the Maharishi Valmiki International Airport Ayodhyadham marks Ayodhya's transformation into a major tourist and pilgrimage destination. Prime Minister Narendra Modi on December 30 inaugurated the Maharshi Valmiki Airport in Ayodhya, along with the temple town's redeveloped railway station. The development in Ayodhya will lead to "new employment opportunities," he said. This visit by the prime minister comes weeks ahead of the 'pran pratishtha' or consecration ceremony of the Ram temple. The temple is currently under construction, with the ceremony scheduled to be held on January 22. During the inauguration of the airport, Union Minister for Civil Aviation Jyotiraditya Scindia, Union Minister of State for Civil Aviation Gen (Retired) VK Singh, Uttar Pradesh Chief Minister Yogi Adityanath and other leaders accompanied Modi. Also Read | PM inaugurates redeveloped Ayodhya railway station, flags off 8 trains READ MORE Check Free Credit Score on Moneycontrol: Easily track your loans, get insights, and enjoy a ₹100 cashback on your first check! Pay for a few years, get covered for a lifetime ICICI Pru Life Insurance Plan | Sponsored Looking for 2bhk Interiors? Book a Free Design Session Now! Explore 1000's of fully customizable home interior designs. Get the interiors of your home designed by our experts at HomeLane. Book a free consultation today. HomeLane | Sponsored Open Free Mutual Funds Account Now Build a 1 Crore corpus through SIPs. Open an account with FundsIndia to grow your money. FundsIndia | Sponsored Life Cover of 1cr at optimum rates with iPS Plan ICICI Pru Life Insurance Plan | Sponsored Experience the future of Interiors - visualize your dream space in 3D Personalized Interiors built to your budget.Book a FREE design session! HomeLane | Sponsored Open A Free Mutual Funds Account Now Personalized financial plan | Goal-Based Investing | Safe & Secure | 25 Lakh+ Customers FundsIndia | Sponsored Reduce Belly Fat Within Few Days Cash On Delivery and Free Shipping Available Spike Tummy Trimmer | Sponsored Exclusive Offer: Claim $10,000 Weberr Credits Today! Streamline your operations seamlessly with Weberr. From managing client relationships to crafting stunning websites, handling finances, and analyzing data, our all-in-one solution is designed for success. Weberr | Sponsored Sponsored Links You May Like Adv. Data Science Program. Learn from IIT Madras Faculty. Intellipaat Maximize Your Business Potential with Weberr! Weberr Gurgaon: The price (& size) of these hearing aids might surprise you Hear.com The First Signs of Liver Cirrhosis (Write These Down) Liver Cirrhosis Treatment | Search Ads by Taboola Forum Facebook Twitter Instagram Linkedin RSS Portfolio Markets Watchlist Live TV Show Currencies Credit Score₹100 Cashback Commodities Fixed Income Personal Finance Mutual Fund Pre-Market IPO Global Market Budget 2024 Gold Rate BSE Sensex Forum MC 30 News Business Markets Stocks Economy Mutual Funds Personal Finance IPO News Startups Election 2023 Elections 2023 in Hindi Stocks: A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z | Others Mutual Funds: A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z Visit the App Store to see all our apps: Download from Google PlayDownload from APP StoreDownload from Windows Phone ISO 27001 - BSI Assurance Mark Tools Retirement Planning EMI Calculator SIP Calculator SIP Planner Useful Links Crypto News Bank Holidays in India Gold Rate Today Silver Rate Today Trending News Startups National News MC Videos MC You Tube House Purchase Index Best Portfolio Manager Small Savings Schemes Bonds TopperLearning Clear Study Doubts Education Franchisee Opportunity Specials Master Your Money Game Changers Investment Watch PowerYourTrade MoneyBhai Focus SME Step Up Network 18 Sites News18 Firstpost CNBC TV18 News18 Hindi Cricketnext Overdrive Topper Learning About us | Contact Us | Advertise with Us | Support | Disclaimer | Privacy Policy | Cookie Policy | Terms & Conditions | Careers | Financial Terms (Glossary) | FAQs | Sitemap | RSS Feed Copyright © e-Eighteen.com Ltd. All rights reserved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express writtern permission of moneycontrol.com is prohibited.:-moneycontrol news

The inauguration of the Maharishi Valmiki International Airport Ayodhyadham marks Ayodhya's transformation into a major tourist and pilgrimage destination.

Prime Minister Narendra Modi on December 30 inaugurated the Maharshi Valmiki Airport in Ayodhya, along with the temple town's redeveloped railway station. The development in Ayodhya will lead to "new employment opportunities," he said.

This visit by the prime minister comes weeks ahead of the 'pran pratishtha' or consecration ceremony of the Ram temple. The temple is currently under construction, with the ceremony scheduled to be held on January 22.

During the inauguration of the airport, Union Minister for Civil Aviation Jyotiraditya Scindia, Union Minister of State for Civil Aviation Gen (Retired) VK Singh, Uttar Pradesh Chief Minister Yogi Adityanath and other leaders accompanied Modi.

He further also requested people to visit Ayodhya after the inauguration on January 22 and not on the day of the inauguration ceremony. "I have a request to all. Everyone has a wish to come to Ayodhya to be a part of the event on 22 January. But you know it is not possible for everyone to come. Therefore, I request all Ram devotees that once the formal program is done on 22nd January, they should come to Ayodhya at their convenience, do not make up their minds to come to Ayodhya on 22nd January," he said.

During the inaugural flight, people recited Hanuman Chalisa.

Second phase expansion soon

Minister of Civil Aviation Jyotiraditya Scindia also addressed a public rally after the inauguration of the airport. Stating details about the newly built airport, he said its budget is Rs 500 crore and soon a  runway of 3750 metres will be constructed on which Boeing 777 and Airbus 350 will be able to land.

"PM Modi asked for an airport with global standards. This airport has been constructed at a budget of Rs 500 crores and can expect a footfall of nearly 10 lakh pilgrims annually... In the second phase, the airport will be expanded further. A runway of 3750 metres will be constructed on which Boeing 777 and Airbus 350 will be able to land. The current area of the airport will be expanded to 5 lakh sq. ft," Scindia said.

MONEYCONTROL NEWS

Wealthy Indian-origin couple, daughter found dead at their US home; police suspect domestic violence The grim discovery of their bodies was made after a relative had stopped by to check on the family members after not hearing from them in one or two days, the district attorney said. :-The Indian Express Dec 30 2023

 

A wealthy Indian-origin couple and their teenage daughter were found dead in their USD 5 million mansion in the US state of Massachusetts in an apparent domestic violence incident, according to media reports.

The bodies of Rakesh Kamal, 57, his wife, Teena, 54, and their 18-year-old daughter, Ariana, were found in their Dover mansion at about 7:30 p.m. Thursday, Norfolk District Attorney (DA) Michael Morrissey said.

Dover is about 32 kilometres southwest of downtown Boston, the capital of Massachusetts.

Teena and her husband, who also went by Rick, had previously run a now-defunct education systems company called EduNova.The district attorney, who described the “terrible tragedy” as a “domestic violence situation,” said a gun was found near the husband’s body.He declined to say whether all three family members were shot dead — and by whom, the New York Post reported.

Morrissey said he was waiting for the medical examiner’s ruling, which was expected soon, before deciding whether to refer to the incident as a murder-suicide.The district attorney refused to speculate on a motive for the slayings.

The couple appeared to have faced financial problems in recent years, online records show.

The grim discovery of their bodies was made after a relative had stopped by to check on the family members after not hearing from them in one or two days, the district attorney said.Morrissey added that there had been no prior police reports or domestic incidents tied to the home.

“There’s been no police reports, there’s been no problems, no domestic issues, no nothing at that house or in the entire neighborhood that I’m aware of,” Morrissey said.

“This is very unfortunate and our heart goes out to the entire Kamal family on this tragedy.” “I hate to see it at any time,” Morrissey added of domestic violence incidents. “I think some of the tensions that people feel in relationships often come out around the holidays.” The district attorney said the investigation into the slayings was ongoing and that investigators had worked the crime scene through much of the night.

“Although the investigation is at a very preliminary stage, the evidence available at this time does not indicate the involvement of any outside party, but suggests that this is a deadly incident of domestic violence,” his office said in a statement.

“It is not believed that there is any ongoing danger to the Dover community related to this incident.” The family’s sprawling mansion — estimated to be worth USD 5.45 million — went into foreclosure a year ago and was sold to the Massachusetts-based Wilsondale Associates LLC for USD 3 million, according to The Post.The Kamals had purchased the 19,000-square-foot estate – which boasts 11 bedrooms – for USD 4 million in 2019, according to the records, according to media reports.

The slain family members were the only ones living in the mansion at the time, the DA said, adding that the area, one of the richest in the state, was “a nice neighbourhood, a safe community.” Their company was launched in 2016 but was dissolved in December 2021, state records show.Teena Kamal was listed on EduNova’s website as the chief operating officer of the company, describing her as an alum of Harvard University and Delhi University in India.

According to his biography on the EduNova website, Kamal was an alumnus of Boston University and the MIT Sloan School of Management, as well as Stanford University.Before working at EduNova, he “held many executive positions in the education-consulting field,” the biography added.

EduNova marketed a “student success system” designed to improve the grades of students in middle school, high school, and college,” The Boston Globe newspaper reported.

Teena filed for Chapter 13 bankruptcy in September 2022 – listing between USD 1 million and USD 10 million in liabilities, filings show. The case, however, was dismissed two months later due to insufficient documentation.

Teena, who was a Harvard alumnus, was listed as one of the board of directors for the American Red Cross of Massachusetts.

Her online bio touted her more than three decades of working in the education and technology industries.

Meanwhile, the couple’s daughter was a student at Middlebury College, a USD 64,800-a-year private liberal arts school in Vermont, where she was studying neuroscience, according to her LinkedIn.

Morrissey also said a homicide has not been reported in Dover since 2020, and he has never worked a homicide case from that neighbourhood since he started his position as District Attorney 12 years ago.

“It’s very rare to have this kind of a violence situation almost in any community in Norfolk County, but particularly Dover,” Morrissey said.

“It’s a small, well-run community, but like everybody else, there are problems out there that can affect no matter where you live.”

First uploaded on: 30-12-2023 at 13:00 IST


BJP's hopes for 2024 soar as outgoing year ends on happy note :-The Economic Times

 


The BJP has generally had more good years than bad since 2014 but few have still ended on a happier note for the party than 2023, as it steps into the new year of national elections, full of hope of retaining power at the Centre under Prime Minister Narendra Modi for a third straight term. The party's big victory in the recent state polls has only reaffirmed its strong position and, its leaders believe, a number of upcoming developments will further boost its prospects.

The BJP and RSS affiliates have already succeeded in building a fervour around the consecration of Lord Ram's idol in Ayodhya on January 22 and there is a view that the Uniform Civil Code can be rolled out in a state or two before the polls to make the electoral turf still more favourable for the ruling party.


Following the party's sweep of assembly elections in three Hindi heartland states against the odds, the BJP's brain trust is now busy game-planning as to how it can improve on its 2019 Lok Sabha election tally of 303 seats.

It is not unusual these days to find its senior leaders talking about the possibility of a total nearer to 350 than 300 in 2024, an optimism fuelled not in the least by an opposition alliance which has come out with no agenda, joint programme or a visible leadership since its members named their grouping INDIA (Indian National Developmental Inclusive Alliance) way back in July.

It was also a year when brand Modi, strong as it has always been, held sway like never before in state elections, rooting out the Congress from entire north India save for tiny Himachal Pradesh and cutting down to size the few remaining regional satraps of the BJP.

With its win in Madhya Pradesh, Rajasthan and Chhattisgarh, the BJP now rules entire north-west India, its impregnable fortress in the Lok Sabha elections since 2014, except for Punjab, Himachal Pradesh and the national capital.

This region of 10 contiguous states and the union territory of Delhi account for 258 seats, and the BJP had won 200 of them at a strike rate of nearly 80 per cent in the 2019 polls.

The Congress had hoped that it could realign the political calculus in these states, especially the Hindi-speaking ones, with a good show in the assembly polls, but it was instead left surprised as the party lost power even in Chhattisgarh against all expectations.

While Maharashtra, which sends 48 members to the Lok Sabha, remains a challenge for the BJP, its leaders have expressed confidence that the party will do better than 2019 in the north-west region, mostly on the account of Modi' wide acceptability and the party's unmatched organisational muscle.

Midway through the year it had appeared that the Congress, which was the BJP's main challengers in most state polls, has finally found a way to deal with the ruling party's might resting on its centralised campaign and grander narrative in which regional issues and leaders invariably play a secondary role.

The Congress handed a crushing defeat to the BJP in Karnataka, a rare win for the party in a direct contest between the two rivals, with its campaign dominated by its two state heavyweights Siddaramaiah and D K Shivakumar.

It is a reflection on the BJP's organisational efficiency combined with its leadership's self-belief and willingness to make bold moves that defy conventional wisdom that the party since then managed to turn the tide in two states -- Madhya Pradesh and Chhattisgarh where the going had appeared tough for it.

It took a series of measures, including fielding Union ministers in the assembly polls and naming candidates for difficult seats months in advance, to blunt the perceived anti-incumbency against its government headed by Chief Minister Shivraj Singh Chouhan in Madhya Pradesh.

In Chhattisgarh, the party tapped into the undercurrent of resentment against the Bhupesh Baghel-led Congress government's tilt towards a section of Other Backward Classes (OBC) and played up its alleged corruption to stun the Congress in the polls.

The BJP also expectedly won Rajasthan.

Following an overwhelming mandate, the party's top brass pushed the claims of Chouhan, Vasundhara Raje and Raman Singh aside in Madhya Pradesh, Rajasthan and Chhattisgarh and installed fresh faces as chief ministers.

The snub to Chouhan, the BJP's longest serving chief minister, stood out as he had remained a popular if diminished figure but the party took a considered decision to usher in a new generation of leaders.

BJP leaders believe that the caste census plank wielded by the opposition, especially the Congress, has also been blunted as its main rival lost badly in the Hindi heartland where the issue should have maximum resonance.

They claim it has now been reduced to a state-specific issue, a reference to Bihar where OBC satraps Chief Minister Nitish Kumar and RJD chief Lalu Prasad Yadav remain a strong force.

Former British prime minister Harold Wilson's quip that "a week is a long time time in politics" is an oft-quoted witticism and the Lok Sabha election announcement is still around 10 weeks away, going by the Election Commission's declaration of polls on March 10 in 2019.

However, as a BJP leader said following the party's two day national office-bearers meet to strategise on the polls that the challenge now for them is to do better than the 2019 results and further marginalise the opposition.


France raises alarm on New Year’s Eve with ‘Very High’ terror threat linked to Gaza war: Report livemint 30 Dec 2023, 06:29 AM IST

 

French officials have raised concerns about a significant terrorist threat on New Year's Eve, citing the conflict in Gaza.“I’ve requested a very strong mobilisation of police forces and the gendarmerie under the context of a very high terrorist threat, of course, due to what’s happening in Israel and Palestine," The Telegraph quoted Darmanin as saying.

Around 5,000 soldiers from Operation Sentinel, a military initiative designed to safeguard the French population from terrorism, along with 35,000 firefighters, will be deployed.

In Paris, where an estimated 1.5 million individuals are anticipated to gather on the Champs-Elysees for the New Year's Eve countdown, 6,000 officers will be actively patrolling. Additionally, police will be authorized to incorporate drones into their operations for the first time.

Meanwhile, in anticipation of potential violence, Germany is making preparations, and authorities have declared one of the most extensive police operations in years to ensure the security of the streets of Berlin.

According to the report, Nancy Faeser, the German interior minister, said, she was “concerned that New Year’s Eve could once again be a day on which we experience blind rage and senseless violence".

She stressed violence had increased on December 31 in recent years. Feaser added, “Of course, we have to keep a very close eye on the danger of this mixing with radicalisation, which we are now seeing in light of the Middle East conflict."

Approximately 4,000 police officers will be stationed across the German capital, with additional support from officers brought in from various regions. Germany has experienced a rise in reported terror plots since the commencement of the Gaza conflict, leading to the closure of Cologne Cathedral over Christmas due to concerns about a potential Islamic State (IS) attack.

In France, Darmanin said, “The situation in Israel and Gaza had exacerbated the terror threats it was facing," but noted the country has been a “target for attacks for many years."


France elevated its counter-terrorism alert to its highest level in mid-October, following the fatal stabbing of a teacher in Arras by a radicalized former student who reportedly shouted “Allahu Akbar" during the attack. This incident occurred a week after Hamas initiated its attack on Israel on October 7.

At that time, Interior Minister Darmanin asserted a connection between the attack in Arras and the ongoing conflict in the Middle East.





NFRA finds certain lapses in audit quality of Walker Chandiok - Co The regulator initiated an audit quality inspection of Walker Chandiok & Co LLP in December last year and covered various aspects ;-Business Standard

 

The Regulator Has Flagged Several Deficiencies, Where The Audit Firm Failed To Adhere To Some Of The Prescribed 'Client Acceptance And Continuance' Prerequisites, Including Verifying The Client's Integrity And Recording The Resolution Of Concerns.

The National Financial Reporting Authority (NFRA) on Friday found certain lapses in the auditing-related activities of audit firm Walker Chandiok & Co LLP during detailed audit quality inspections.
The regulator initiated an audit quality inspection of Walker Chandiok & Co LLP in December last year and covered various aspects, including a review of firm-wide quality controls to evaluate their adherence to Standards on Quality Control (SQC-1) and review of selected audit documentation of the annual statutory audit of financial statements for the year ended March 31, 2021, as per the order.The regulator has flagged several deficiencies, where the audit firm failed to adhere to some of the prescribed 'client acceptance and continuance' prerequisites, including verifying the client's integrity and recording the resolution of concerns.
NFRA observed that there was a discrepancy between the disclosures made by Walker Chandiok & Co LLP (WCCL) and Grant Thornton Bharat LLP (GTBL) to the US audit regulator regarding their 'audit related memberships, affiliations or similar arrangements'.
"During the inspection, the audit firm did not provide details of Grant Thornton International Ltd (GTIL) network entities, and non-audit services provided by those entities to audit clients of the firm.
"Consequently, the inspection team was unable to evaluate whether the firm is in full compliance with the independence-related requirements of the code of ethics and SQC 1," the report said.
One of the observations is the engagement quality control reviews conducted by WCCL's engagement quality control review (EQCR) partners exhibited significant deficiencies in documentation and did not conform to the firm's own engagement quality control policies as well as to the requirements SQC 1 and Standards on Auditing (SA) 220.
It was also observed that the firm had provided non-audit services prohibited under section 144 of the Companies Act, 2013, to the auditee companies, and provided assurance on related party transactions to the board of directors, and later on such transactions were audited by the firm, leading to a self-review threat, NFRA said.
In the case of the audit of some companies, the regulator observed that the ET (engagement team) did not properly evaluate the non-compliance with the limit on the number of two layers of companies under the rules, as per the order.
The firm also issued a qualified audit opinion (instead of 'Adverse' or 'Disclaimer of Opinion') disregarding the pervasive nature of the material misstatement.
The ET did not obtain sufficient appropriate audit evidence for non-provision of impairment losses on investment in subsidiaries that had serious issues of going concern and had relied on outdated and unsigned documents regarding financial support assistance purported to be issued by an overseas parent, it added.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)



Friday, December 29, 2023

Elon Musk's Tesla to set up its first India factory in Gujarat, announcement likely during Vibrant Gujarat event livemint 28 Dec 2023, 03:37 PM IST

 

Tesla is all set to enter India with its manufacturing plant in Gujarat next year. The negotiation for the establishment of the first manufacturing unit of the EV maker in India has reached its final leg and is likely to conclude soon, according to media reports. The announcement related to the Tesla manufacturing unit in the state is likely to take place in the upcoming Vibrant Gujarat Summit, going to be held in January 2024, reported Ahmedabad Mirror.

For years, Gujarat has been a strategic location for the business environment. The state is already home to manufacturing units of automakers like Maruti Suzuki, etc. The possible location of the Tesla manufacturing plant could be Sanand, Becharaji, and Dholera, according to the Ahmedabad Mirror report.

Till now, there has been no official announcement by the EV maker or by the state government in the matter. Recently, Gujarat Health Minister and government spokesperson Rushikesh Patel expressed optimism about Elon Musk's investment in Gujarat. 

While addressing a Cabinet briefing on Thursday, Gujarat Minister Rushikesh Patel drew a parallel between Gujarat's awareness and alignment with Tesla's overarching goals.

He also emphasised that the government is actively in talks with the EV maker to finalise the deal on establishing the manufacturing plant in Gujarat.  

According to media reports, Gujarat has emerged as a top destination for Tesla to set up its manufacturing plant not just because of the state government's policies but also because of its proximity to ports to enable the export of its products. The EV maker can boost its export from India from locations like Sanand due to their short distance from Kandla-Mundra port in Gujarat.

The vibrant Gujarat Global Summit was conceptualised in 2003. The tenth edition of the Vibrant Gujarat Summit will celebrate "20 years of Vibrant Gujarat as the Summit of Success". The summit serves as a global forum for business networking, knowledge sharing, and strategic partnerships for inclusive growth and sustainable development.


Modi Budget@10 | Direct tax collection to triple to Rs 19 lakh crore in 10 years under Modi government At this pace, the mop-up is likely to be around Rs 19 lakh crore in the fiscal ending on March 31, 2024, exceeding the estimate of Rs 18.23 lakh crore in the 2023-24 Budget. :-moneycontrol news

 

In 2019, the government offered a lower rate of tax for corporations who forego exemptions.

Personal income and corporate tax collections are likely to rise to more than Rs 19 lakh crore during Prime Minister Narendra Modi's 10-year rule. This rise in income tax collections is due to the increasing income of individuals.

According to reports, net direct tax collections after adjusting for refunds have grown from Rs 6.38 lakh crore in FY 2013-14 to Rs 16.61 lakh crore in FY 2022-23. Furthermore, collections from net direct taxes, including personal income tax and corporate tax, have grown by 20 per cent so far in the current financial year.

Direct tax collections cross Rs 11 lakh crore in October, up 18% YoY: Fin Min

At this pace, the mop-up is likely to be around Rs 19 lakh crore in the fiscal ending on March 31, 2024, exceeding the estimate of Rs 18.23 lakh crore in the 2023-24 Budget.

The government has been trying to make the tax regime simpler with lower rates and fewer exemptions. In 2019, the government offered a lower rate of tax for corporations who forego exemptions. A similar scheme was introduced for individuals in April 2020. In the 2023-24 Budget, the new income tax regime for individuals was made more attractive by rationalising the tax slabs, raising the basic exemption limit to Rs 3 lakh, and  including a standard deduction of Rs 50,000. It has also been made the default tax regime in the income tax return form.

However, the government's proposal to include credit card spending in foreign currency under RBI's Liberalised Remittance Scheme's (LRS) annual limit of USD 2.50 lakh per person faced a strong backlash from the public. The move to bring foreign credit card spending under LRS would have also meant that taxes collected at Source (TCS) would be required to be deducted at the time of making payments. Banks also conveyed that there would be compliance issues while deducting the TCS, and subsequently, the government had to defer the implementation of the proposal.

The number of ITRs filed by individual taxpayers has increased from 3.36 crore in 2013-14 to 6.37 crore in 2021-22, indicating a widening of the tax base after various reform measures put in place by the Income Tax Department. In 2023-24, 7.41 crore returns have been filed till October 26, 2023, including 53 lakh returns by first-time filers.

On February 1, the government will present a vote on account as general elections are due in April-May. The full Budget is likely to be presented in July 2024 by the new government to be formed after the elections. Lisation of the tax administrations and continued focus on formalisation of the economy have contributed to higher tax compliance rates.

It has been reported that direct tax collections have grown at around 20% in the current fiscal year (April-March), and the Goods and Services Tax (GST) collections have also been scaling a new peak every year. This trend is expected to continue in 2024 due to a strong economic performance. In April 2023, the monthly GST collection reached a high of Rs 1.87 lakh crore. The average gross monthly GST collection in 2023-24 stands at Rs 1.66 lakh crore, an 11% increase from the previous financial year.

The GST Council recently clarified that a 28% tax will be levied on the full amount put in at the time of entry into online gaming platforms. Additionally, the council has made it mandatory for all overseas online gaming companies to register with GST authorities. GST authorities have issued 71 show-cause notices to online gaming companies for alleged GST evasion of over Rs 1.12 lakh crore during financial years 2022-23 and 2023-24. Many of these companies have approached high courts seeking a stay on the demand.

MONEYCONTROL NEWS

FIRST PUBLISHED: DEC 29, 2023 11:15 AM.