MCCI NEWS | 1

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International Monetary Fund has trimmed its forecast for global economic growth for this year to 3.3 p.c. and put it at 3.8 p.c. next year.As per IMF, India will be the world’s fastest growing economy at 7.5 p.c., for the second consecutive year in 2016. China held the position in 2014, at 7.4 p.c. as against India’s 7.3 p.c. According to data released by the World Bank, India’s GDP crossed the $2-trillion mark in 2014, after taking 60 years to reach the $1-trillion mark, India added the next trillion in just seven years which is noteworthy.Hon’ble Prime Minister Narendra Modi has announced ‘Digital India’ – A programme that would ensure public accountability through mandated delivery of government’s services electronically. Meanwhile, Department of Industrial Policy and Promotion has asked all secretaries of Central Ministries and Chief Secretaries of the States and Union Territories to simplify regulatory environment and introduce online filing of forms so as to improve the ease of doing business on “priority basis”. DIPP would monitor the comparative study of practices followed by the states for grant of clearance and ensuring compliances.As a result of prudent policies and commitment to fiscal consolidation, fiscal deficit as a percentage of GDP has come down from 5.8 p.c. in 2011-12 to 4.0 p.c. which makes the 3.9 p.c. target set for 2015-16 achievable.To accelerate industrial growth, West Bengal Government also has cut through time-consuming, resource-draining procedures – a foe of any business – to spur growth. A lot more focused intervention has happened during the last six months, after initiation of the ‘ease of doing business’ assessment undertaken by DIPP, Government of India and the state government is going to share those on the 17th July with the business community.We expect that a more coherent approach between the Central and State government is definitely going to yield better results in the coming months.

Vol. III | No. 5 May-June 2015

FROM THE PRESIDENT’S

DESK

Dear Members,

Special Session with Nitin Gadkari, Hon’ble Minister of Road Transport,

Highways and Shipping, GoI on June 24, 2015 at Taj Bengal

Chamber organised a Special Session with Nitin Gadkari, Hon’ble Minister of Road Transport, Highways and Shipping, Govt. of India on the theme ‘Synergic Relationship between Kolkata Port and Inland Waterway’ S. V. K. Reddy, Director of Inland Waterways Authority of India (IWAI) and R. P. S. Kahlon, IAS, Chairman, Kolkata Port Trust (KoPT) also addressed the session.

Yours Sincerely

Arun Kumar Saraf

Nitin Gadkari, Hon’ble Union Minister addressing the Special Session. Sitting (R-L) S. V. K. Reddy, R. P. S. Kahlon, Sanjay Agarwal, Vishal Jhajharia & R. K. Sen

Gadkari mentioned that goods and passenger traffic movement through waterways is 43 pc. in Korea, 44 p.c. in Japan and 47p.c. in China, more than 40 p.c. in Europe while it is 3.3 pc in India. He encouraged industrialists in India to consider setting up their outlets on river banks. And invited them to invest in the shipping sector.He felt that there is good potential to move coal, foodgrain, fertiliser, cement, container, building materials, iron and steel through national waterways. Kahlon said that Cargo movement through waterways is environment friendly, saves transport cost, and requires minimum land acquisition. Reddy mentioned that many projects have been developed to encourage industries adopt transport via Inland Waterways for meeting their business needs. Reddy remarked that many projects have been developed to encourage industries adopt transport via Inland Waterways for meeting their business needs. Haldia Dock Complex has handed over 51 acres of land to Inland Waterways Authority of India for development of the multi-modal Inland Waterways.

2 | MCCI NEWS

Chamber jointly with Infiflex Technologies organised a Session on ‘Google Cloud Apps for Business’ . Upender Jit Singh, Managing Director, Webel, Tushar Bhalla, Sales Manager and Subrotah Biswas, Partner – Retail Development, Google India and Jude Mohanty, Managing Director, Infiflex Technologies addressed the session. Sanjay Agarwal, Immediate Past President of the Chamber presented the industry perspective on Google Cloud Apps.

Session on ‘Google Cloud Apps for Business’ on May 06,

2015 at The Oberoi Grand

Upender Jit Singh, Managing Director, Webel addressing the session.(sitting L-R) Sanjay Agarwal, Arun Kumar Saraf, Tushar Bhalla, , Subrotah Biswas & Prem Chand Kankaria

Upender Jit Singh mentioned existence of ‘15 IT Parks and hubs in West Bengal where Corporates and MNCs may start their business and do the R&D’. He announced that 2 large prospective EMCs (Electronic Manufacturing Clusters) are coming up in Falta and Naihati to foster growth of IT industries in the State. Sanjay Agarwal, pointed out that it is a solution to disaster management at zero investment, having endless users with no requirement of licenses.Google Apps for Work will help you to find facts and connect seamlessly’ – proclaimed Tushar Bhalla in his presentation on ‘why to use Google Apps for Work’. While explaining the significance of using Google Apps, he said that -1 in every 3 people work outside the office, 3 in every 4 choose to work in mobile and also prefer to work from home.

MCCI jointly with Steel & Metallurgy organized a Seminar on Seminar on ‘Raw Materials, Technology & Markets for Lomg & Flat products’ at The Park. Seminar was inaugurated with a speech from P.Madhusudan, CMD, Rasgtriya Ispat Nigam Ltd read out by Dr. S. N. Rao, GM, (ERP & CC) RINL. Madhusudan could not come due sudden indisposition. The welcome speech was delivered by Deepak Kumar Agrawal, Chairman, Standing Committee on Steel, MCCI. The Semianr started with a Panel discussion participated by Lanting Wang, China metallurgical

Chamber organised a Seminar on ‘Efficient Agri-Marketing Can Empower Farmers of West Bengal’ with Arup Roy, Hon’ble Minister of Agriculture Marketing, Government of West Bengal. Dr. V. K. Tewari, Professor and Head, Dept of Agricultural and Food Engineering, IIT

Seminar on ‘Raw Materials, Technology & Markets for Long

& Flat products’ on 07 May, 2015 at The Park

‘Efficient Agri-Marketing Can Empower Farmers of West Bengal’ with Arup Roy, Hon’ble Minister of Agriculture Marketing, GoWB on

May 13, 2015

Engineering & Project Corp. Dr. Joachim von Schéele, Head, Linde India Limited, S. Kumar, ED, NMDC, P. Balakrishnan, CEO, Anglo American Pvt. Ltd., S. Mitra, Jt. M. D, M. N. Dastur & Co. Ltd, S. Bandopadhaya, Chief Technical Officer, JSPL, D. K. Agarwal, Dr. S. N. Rao, GM, RINL. Manish Beriwala, member, standing Committee on Steel, MCCI offered vote of thanks.

Lanting Wang responding to queries during Panel Discussion. On his right Dr. Joachim von Schéele, S. Kumar, P. Balakrishnan, S. Mitra, S. Bandopadhaya, Deepak Kumar Agarwal & Dr. S. N. Rao

The Panel Discussion was followed by two Technical Sessions where 11 Papers were presented by various speakers covering wide aspects from problems of an assured raw material security for the domestic steel producers to emerging technologies and markets.

(R-L) Ramesh Agarwal, Arup Roy & Sanjay Rasiwasia

MCCI NEWS | 3

Chamber organized an interactive session with Rajiv, Central Vigilance Commissioner on ‘Vision for a Corruption Free India’ at the Chamber.

MCCI organized a function of donation for Nepal Earthquake with H. E. Chandra Kumar Ghimire, Consul General of Nepal in Kolkata who addressed on ‘Status of Nepal after Earthquake’. Surendra Thapa, Deputy Consul General of Nepal in Kolkata played 15 minutes video showing live Footage of Nepal Earthquake. H. E. Preecha Kaensa, Consul General of Royal Thai Consulate in Kolkata was also present to make donation to the Nepal Relief Fund on behalf of Thai Consulate in Kolkata.

5th Session of the SME Knowledge Intitiative on ‘Financing MSMEs in West Bengal’ was held at the Chamber. S. Ramakrishnan and K.C. Vaid, Regional Heads, SIDBI, Kolkata Region, Dr. P. Mukhopadhyay, General Manager, Asset Management, West Bengal Financial Corporation (WBFC) and Sanjeev Kumar, Sr. Manager, SME, United Bank of India addressed the session. Rishabh Kothari, Chairman, Standing Committee on MSMEs, MCCI chaired the session.

‘Vision for a Corruption Free India’ with Rajiv, Central Vigilance

Commissioner on May 14. 2015

MCCI Donates Rs. 3110100 for Nepal Earthquake on

May 21, 2015

‘Financing MSMEs in West Bengal’ on June 02 , 2015

Kharagpur, A. K. Raybarman, General Manager, NABARD (Kolkata) and Dr. Abhijit K. Nandi, Professor and Head, Dept. of Agricultural Economics, Bidhan Chandra Krishi Viswa Vidyalaya also addressed in the seminar.

Arup Roy said that the Chief Minister of West Bengal is working towards helping the farmers to get the right price for their produce, make best use of the Kishan Credit Cards (KCC) by resolving the related banking issues and facilitating licenses for cold storages. He proposed to set up an Agricultural Marketing Core Committee with one representative from each major Chambers/business bodies. He further informed that 94 Krishak Bazaars have been completed so far and 85 would be set up soon. In last 3-4 years there has been an increase of 50p.c. space in storage.

Dr. V. K. Tewari insisted on mechanization in farms to grow more than one crop efficiently. Mechanization of 3-4 hectares of land is cheaper than mechanizing 1 hectare. A. K. Ray Barman observed that more multi-chambered cold storages are required such that more than one crop could be stored. Dr. Abhijit K. Nandi remarked that agriculture has moved from subsistence based to profit making oriented and to make agriculture more attractive crop diversification is essential.

(R-L) Hemant Bangur, Sr. Vice President,Rajiv & Santosh Roongtaa

Rajiv, Central Vigilance Commissioner asked for a comprehensive and holistic approach to tackle the multi-dimensional problems of corruption and sought independence and autonomy of anti-corruption agencies like CVC and CBI. He also emphasised on quick and speedy resolution of trials in corruption cases. He informed that the CBI courts investigated 803 corruption cases in 2014 with a conviction rate of 69 p.c.. As on December 2014, there were 6527 cases under trial pending in various courts of which about 1500 cases were more than 10 years old.He mentioned that the proposed amendment in the Prevention of Corruption Act 1988 provides for most stringent punishment which may be extended to 10 years behind the bar and stipulates to complete all corruption trials within two years.

(R-L) H. E. Preecha Kaensa, Deepak Jalan, H. E. Chandra Kumar Ghimire & Surendra Thapa

Recounting the human loss Mr. Ghimire narrated - The combined disaster of the Earthquake on April 25th and its 49 aftershocks each of more than 4.1 magnitude till May 12th, the deadliest in the history of Nepal has claimed 8600 priceless lives, leaving more than 21,800 seriously injured, more than 1 Lac injured, affecting 86 Lac Population across 29 districts with 14 districts declared as emergency .

Surendra Keyal, Hony Secretary, MCCI thanked all the donor member companies viz; Manyavar, Emami, Linc Pen, Multiwyn, Gloster Jute, Rupa, UAL, Shyam Steel, AHW Steels,Road Cargo Movers, Krisi Rasayan Exports Pvt. Ltd., Kalyan Mitra,Bishan Dayal Goyal Pariwar and Paharimata Packaging Industries who enabled MCCI to raise Rs 31 Lacs 10 thousand and hundred.

4 | MCCI NEWS

(L-R) K. C. Vaid, S. Ramakrishnan, Rishabh Kothari, Dr. P. Mukhopadhyay, Sanjeev Kumar & Akhil Sonthalia

S. Ramakrishnan highlighted on the developmental and promotional activities of SIDBI and spoke at length on the Schemes introduced by SIDBI for the benefit of MSMEs through ‘Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE)’, SIDBI Venture Capital Ltd (SVCL)’, SME Rating Agency of India Ltd (SMERA), SIDBI Revolving Fund for Technology Innovation-SRIJAN, SIDBI Foundation for Micro-Credit (SFMC) and others. K. C. Vaid mentioned that all government schemes related to small businesses were on the website : www.smallB.in, an initiative by SIDBI.

Dr. P. Mukhopadhyay highlighted on WBFC’s role in extending financial assistance on easy terms to MSMEs in the form of long term loan for acquiring fixed assets to set up manufacturing units or service industries.Sanjeev Kumar while making his presentation on UBI’s role in MSME Financing highlighted on the various scheme available with UBI.

(L-R) K. C. Vaid, S. Ramakrishnan, Rishabh Kothari, Dr. P.

An Interactive Session with H. E. Mr. Patrick Suckling, High Commissioner of Australia was organized on ‘India and Australia : Trading our way to Progress & Prosperity’.

President, accompanied by B.K.Swaika, Past President, Surendra Keyal, Hony. Secretary, Vishal Jhajharia and Lalit Beriwala, Committee Members and S.Roy, Asst. D.G called on Suresh Prabhu, Hon’ble Minister of Railways at Eastern Railway Officers’ Club and presented a memorandum on issues like freight delivery delays, dual classification problem, freight rate anomaly for cross-country movement, Chamber’s representation on ZRUCC etc.

Chamber organised an Interactive Session with the Senior Officials of CESC at the Chamber. Avijit Ghosh, VP-Distribution Services, Debashis Roy, Vice President – IT, Amitava Shome, GM-Customer Relations, Biplab Saha, GM-HT Systems, B.Nag.Chaudhuri, GM-Construction, Indranil Chatterjee, GM Corporate Services, Debasish Bandopadhyay, Dy GM (Commercial - HT), Sanjoy Mukherjee, General Manager (Planning) were present at the session and interacted with the members and customers to know their problems

‘India and Australia : Trading our way to Progress &

Prosperity’ on 05 June 2015

A Delegation to Suresh Prabhu, Hon’ble Minister of Railways on June 06, 2015

Interactive Session with Senior Officials of CESC on

June 09, 2015 at MCCI

(L-R) Ramesh Kumar Agarwal, H.E. Mr. Patrick Suckling, Arun Kumar Saraf, Ms. Tanya Spisbah, Arpit Dhandhania

Suresh Prabhu, Hon’ble Minister of Railways (2nd from left) discussing various issues with the members of MCCI Team

Ms. Tanya Spisbah, First Secretary Economic, Australian High Commission also attended the Session. H. E. Mr. Patrick Suckling, said that energy, education & infrastructure would be the fundamental driver of the economic cooperation between India and Australia in the coming years. Referring to the huge amount of Chinese investment in Australia’s agriculture market, he remarked that there are ample scopes for India to explore Australia’s agricultural sector. Australia is specially looking for cooperation in corporative farming.

Ramesh Kumar Agarwal, Vice President & Regional Chairman, FIEO and Chairman of Foreign Trade Standing Committee, MCCI mentioned that strong innovation and research background of Australia and cost-advantage of production in India would be the key factors for enhancing the bilateral ties between the two countries.

MCCI NEWS | 5

MCCI organised an interactive session with Tathagata Roy, Hon’ble Governor of Tripura, on ’Cooperative Federalism in India’ at the Chamber.

‘Cooperative Federalism in India’ with Tathagata Roy,

Hon’ble Governor of Tripura on June12, 2015

Arun Kumar Saraf, President presenting a Memento to Tathagata Roy, Hon’ble Governor of Tripura

Roy inter alia mentioned that the Indian Constitution is federal

Interaction with Senior Officials of CESC at MCCI

and provide solutions to them. Interaction with Senior Officials of CESC. Avijit Ghosh mentioned that CESC is planning to provide new connections to its customers within 24 hours of application by this financial year. He informed that the power faults of CESC have reduced in present years by 50% with restoration time being less than an hour. Amitava Shome made a power-point presentation explaining a host of new initiatives taken up by CESC in order to connect with its customers in a better way that includes ‘web-based services’ and ‘e-payment services’. To solve bulk supply related problems, CESC has 6 nodal officers and details of these officers are available in the CESC Website.

P. Madhusudan, Chairman-cum-Managing Director of Rashtriya Ispat Nigam Ltd interacted with the members on the “Indian Steel Industry & RINL - A Growth Story”.

‘Indian Steel Industry & RINL – A Growth Story’ with

P. Madhusudan, CMD, RINL on June 13, 2015

P. Madhusudan (Centre) interacting with members. Anupam Shah and Deepak Kumar Agarwal sitting on his left and right respectively

While making a detailed presentation on the current steel scenario and its future prospect, i Madhusudan informed that the current phase of depressed demand will soon be over once the infrastructure development gears up. While the China has a negative growth in steel on 2104 and also in the next two years, Indian Steel industry will exhibit higher growth. India has emerged as the 3rd largest producer overtaking USA and likely to take 2nd place by 2015. Lack of availability of land, insufficient infrastructure, regulatory bottlenecks, subdued manufacturing growth coupled with skill shortages are the challenges that have to be met by the steel industry for its growth.

As per current practices India can reach 170 mlt. by 2025 but can aspire to have 250 mlt., provided the bottlenecks are removed. Logistics particularly, railways could play a very differentiating role and unless this is addressed steel industry will receive a setback as payload per wagon is only 3 mt. per km. compared to 7.3 in USA and 4.6 in China. While Singapore has 1600 shipping fleet, India owns only 340. Similarly, waterways is of limited use of 14,500 kms. compared to 1,10,000 kms. In China, 50,000 in Brazil. Cost of raw-materials of the companies having captive mines constitute only 40 p.c. compared to 70 p.c. for others not having captive mines which is a serious drag for those companies.

in structure but unitary in spirit. The founding fathers provided a strong unifying base as a protection against centrifugal forces in an amorphous emerging country but chose a federal structure on account of its diversity. He stressed that the immediate objective of the Government is to remove poverty. The Government should provide stable law order within a politically neutral setup and police should be politically neutral. Finally, ensuring a corruption free environment is the goal of the Government.

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MCCI Ladies Forum organized a Session with Dr Rajesh Venkatesh, Dental Surgeon, The Gentle Dental Care, on ‘Love your Teeth – you only have one set’ held on Monday, May 4, 2015 at MCCI Conference Hall.

Dr Rajesh Venkatesh enlightened the audience by recommending usage of Fluoride - based toothpastes for kids till 8 years of age and listing the dos and don’ts of tooth whitening which according to him is a cosmetic process lasting for 9-15 months mandating restricted diet with no intake of ‘dark chocolates’, ’red wine’, ’coffee’, ’green tea’. He preferred Tooth Implants which last for 25 years over Bridges. Which last for 7-15 years and also detailed 98% efficacy of danture as perfect replacement of natural teeth. He recommended usage of Fluoride-pased toothpastes for kids till 8 years of age.

Session on ‘Love your Teeth – you only have one set’ on May 4, 2015 at MCCI

(R-L) Ms Saroj Saraf, Dr Rajesh Venkatesh & Seema Agarwal

An Interactive Session was organized on ‘Federal Structure of Governance is the key to faster Urban Growth in India’ with Babul Supriyo, Hon’ble MoS, Urban Development, Housing and Urban Poverty Alleviation, Govt. of India at The Park.

Chamber organized a Workshop on ‘Recent Amendments to the Companies Act 2013’ at the Chamber. The session was presided over by Santosh Roongtaa, Chairman, Standing Committee on Corporate Law & Governance.

‘Federal Structure of Governance is the key to faster Urban Growth

in India’ with Babul Supriyo, Hon’ble MoS, Urban Development,

Housing and Urban Poverty Alleviation, Govt. of India on June

15, 2015 at The Park‘Recent Amendments to the Com-panies Act 2013’ on June 24, 2015

Babul Supriyo, Hon’ble Union MoS addressing the members. (Sitting) Munish jhajharia, Arun Kumar Saraf, Surendra Keyal & R. K. Sen

The Minister said that the local urban bodies need be strengthened. The Make in India Campaign, Housing for all (targeted for the homeless) and Smart Cities need to be treated differently because they have individual and different purposes. Make in India is supposed to support and give a kick-start to the Smart Cities project in order to empower the rural areas..

He said that the phase one of the East West Metro Corridor, which was initiated in 2008 with a proposed cost of Rs. 5000 crore, will be completed

(L-R) R.K.Sen, Smt Mamta Binai & Santosh Roongtaa

Smt Mamta Binani, Vice President, Institute of Company Secretaries of India made a detail presentation on the Notifications Issued by MCA under Section 462 of the Companies Act, 2013 on 05 June 2015, which provide exemptions under various provisions of the Act to (i) Private Companies; (ii) Government Companies; (iii) Section 8 Companies . She explained that Sec.2(76)(viii) shall not apply to a private company with respect to Sec. 188 dealing with Related Party Transactions which means- any related party transaction entered into by a private limited company with its Holding Company, Subsidiary Company, Associate Company will be outside the purview of the applicability of the provisions of Sec188.She dealt with elaborately various provisions of the Exemptions and their implications for Pivate Companies, Section 8 Companies and Government Companies.

by December 2017. Permission is sought from Archaeological Survey of India as a special case for the problem of the Sealdah to Howrah Maidan route of the East West Metro Project due to the location of the Currency Building. a heritage property which lies within 40 meters of the proposed rail track. He remarked that the Land Acquisition Bill has not been implemented in West Bengal. However the Land Act has several provisions to compensate farmers with four times return.

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FORTHCOMING EVENTSINTERACTIVE SESSION With Radhe Shyam, General Manager, on ‘S.E. Railway & Metro Railway- Challenges of Modernisation & Expansion’ on June 08, 2015 at the Chamber

SUMMIT ON‘Combating Earthquake Disasters’ at The Park on July 14, 2015 Chief Guest :Janab Javed Ahmed Khan, Hon’ble Minister of Disaster Management, Fire & Emergency Services, GoWB, Key Note by- Dr.Shailesh Nayak, IAS, Secretary, Union Ministry of Earth Sciences, Lt.Gen. N.C. Marwah, Member, NDMA, & Others. Moderator- Dr.S.K.Nath, Prof, Department of Geology & Geophysics

INTERACTIVE SESSIOAN‘India- A Becon of Hope for Human Rights Activists’ on July 15, 2015 with Justice Shri Cyriac Joseph, Chairman, Human Rights Commission and Smt Chandima Bhattacharya, Hon’ble MoS, Law and judicial Department(I/C), Health & Family Welfare, GoWB

MCCI BUSINESS DELEGATIONto Vietnam during September15-19, 2015 with assistance of Indian Embassy in Hanoi & Indian Consulate in Ho Chi Minh City

The Industrial Economy : Manufacturing growth seems to be gaining momentum

Better-than-expected performance by the ‘manufacturing’ sector, index of industrial production (IIP) grew 4.1 p.c. in April, higher than 3.7 p.c. growth recorded in same month last year. Manufacturing output- having weightage of 75 p.c. in IIP — grew 5.1 p.c. in April, higher than the 3 p.c. growth seen in same month last year. Manufacturing performance for April was bolstered by continued uptrend in capital goods output, which grew for the sixth straight month at 11.1 p.c.. Consumer goods output grew by 3.1 p.c. in April.

The latest IIP performance is a pointer to some revival in industrial activity given that factory output had recorded growth of 2.5 p.c.er in March this year. For the entire 2014-15, IIP growth stood at 2.8 p.c., higher than the 0.1 p.c. contraction seen in last year.

AWARENESS PROGRAMME‘Social Media & its Impact on Youngsters’ in association with IBM on June 11, 2015 at The Newtown School

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India is now a $2-trillion economy After taking 60 years to reach the $1-trillion mark, India added the next trillion in just seven years and India’s GDP crossed the $2-trillion mark in 2014, according to data released by the World Bank. India’s growth rate, at 7.4 per cent in 2014, makes it the fastest growing major economy along with China’s, which is a whopping $10.4 trillion in size. The Indian economy, at $2.06 trillion, has almost doubled in size since the financial crisis hit the country in 2008, and has more than quadrupled from the start of this millennium. Despite its increase in per capita gross national income (GNI), India has remained in the ‘lower middle income’ category ($1,046-$4,125).

CBDT expresses concern over frivolous appealsCentral Board of Direct Taxes (CBDT) has cautioned its field officers against making frivolous appeals, stating that “litigation” must be pursued only in “deserving cases”.In an internal communiqué addressed to the field officers, S K Ray, Member (A&J), CBDT expressed dismay that necessary due diligence and caution were not being exercised while preferring appeals. This was despite several earlier instructions on the matter.Roy also highlighted that courts were taking a “stern” view as far as the income-tax department’s actions on litigation matters were concerned.Pursuing litigation “only in deserving cases” cannot be over-emphasised given that the department was facing an acute shortage of

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Published by R. K. Sen, Director General, MCC Chamber of Commerce & Industry, 15B, Hemanta Basu Sarani, Kolkata - 700 001 Tel.: 91 33 2248 1502/6329/3123/2262 5070-74, Fax: 91 33 2248 8657, Email: mcciorg@gmail.com, mcciorg@mcciorg.com, Website: mcciorg.com

Board of Editors : R.K. Sen, Director General, M.C. Das, Dy. Director General. Contact Person : S Roy, Asst. Director GeneralPrinted & Designed at : CDC Printers Pvt. Ltd., Tangra Industrial Estate-II, (Bengal Pottery) 45, Radhanath Chowdhury Road, Kolkata - 700 015

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officers at all levels, the CBDT has said.Besides financial costs, litigation also sometimes tarnished the image of the department and strained its resources, the CBDT communique said.“It is imperative that the available resources are optimally utilised to obtain maximum benefit out of litigation”.To support its point that necessary caution was not being exercised while preferring appeals, the CBDT highlighted certain court decisions, including that of Prescon Builders and State Bank of India.

Maintainability of appeal - Delay in filing appealMaintainability of appeal - Delay in filing appeal - Denial of CENVAT Credit - Rent a cab service - Held that - Even though speed post is considered as equivalent to registered post, recently the Tribunal has rendered another decision wherein it has been held that mere proof of dispatch is not sufficient and according to provisions of Section 37C(2), only when a decision, order, summons or notice is tendered or delivered by post, the provisions of statute can be considered to have been fulfilled.(Ref:Ichibaan Automobiles Pvt Ltd Versus Commissioner of Central Excise Customs And Service Tax, Hyderabad-II - 2015 (7) TMI 350 - CESTAT BANGALORE - Service Tax)

CBDT notifies entities who can issue Tax free Bonds in 2015-16In exercise of the powers conferred by item (h) of sub-clause (iv) of clause (15) of section 10 of the Income-tax Act, 1961 (43 of 1961), CBDT notifies list of entities who can issue Tax free, secured, redeemable, non-convertible bonds during financial year 2015-16. According to the

notification, in a public issue, 40 p.c. of bonds will be reserved for retail individual investors (RIIs), such as individuals, heads of Hindu Undivided Family and non-resident Indians (NRI) investing up to Rs.10 lakh. Investors putting in over Rs.10 lakh will be categorised as High Net-worth Individuals (HNI).In general, bonds can be issued in two ways — public issue and private placement. However, the Finance Ministry has made it clear that at least 70 p.c. of the aggregate amount has to be through public issue. Apart from RIIs and HNIs, these bonds can also be offered to Qualified Institutional Investors, corporates, trusts, cooperative banks, regional rural banks and other legal entities.

Sl. No.

Entities Allocated amount of bonds (` in Crore)

1 National Highways Authority of India (NHAI) 24000

2 Indian Railways Finance Corporation (IRFC) 6000

3 Housing and Urban Development Corporation (HUDCO)

5000

4 Indian Renewable Energy Development Agency (IREDA)

2000

5 Power Finance Corporation Limited (PFC) 1000

6 Rural Electrification Corporation Limited (REC) 1000

7 NTPC Limited 1000