Ministry of Development of North-East Region  

Mega Buyer-Seller Meet in Guwahati under One District One Product Initiative, in collaboration with Ministry of DoNER. (JUNE 22, 2022)

With the vision to promote sustainable trade and create market linkages, a mega buyer-seller meet was organized at under One District One Product initiative of Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry with the support of Ministry of Development of North East Region (MDoNER) and its PSUs, North Eastern Handicrafts and Handloom Development Corporation (NEHHDC) and North East Regional Agriculture Marketing Corporation Limited (NERAMAC). 

The meet focussed on agricultural products from the eight states of the North Eastern Region and witnessed the presence of multiple national and International Brands. 

For Press Release, Click Here

MINISTRY OF LAW AND JUSTICE (Department of Legal Affairs)

New Delhi International Arbitration Centre (Form of Annual Statement of Accounts) Rules, 2022. (JUNE 22, 2022)

In exercise of the powers conferred by clause (f) of sub-section (2) of section 30 read with sub-section (1) of section 26 of the New Delhi International Arbitration Centre Act, 2019 (No. 17 of 2019) the Central Government hereby makes the following rules relating to the annual statement of accounts, including the balance sheet of the Centre.

For Gazette Notification, Click Here

CBDT

CBDT notifies TDS compliance for cryptos, perquisites, benefits (JUNE 22, 2022)

Central Board of Direct Taxes (CBDT) has amended income tax rules to specify ways to comply with the new tax deducted at source (TDS) provision on virtual digital assets (VDAs) that kicks in from 1 July. The government introduced a TDS of 1% on payment for transfer of virtual digital asset to a resident in the Finance Act of 2022. This TDS provision is implemented under a new provision added to the Income Tax Act, section 194S.

As per the new rules, any sum deducted under section 194S is to be paid to the central government within 30 days from the end of the month in which the deduction is made. Also, it has to be reported in a new form 26QE notified on Wednesday within the same period.

The new rules also say that the person responsible for deduction of tax should give a TDS certificate to the payee within 15 days from the due date for reporting it to the government.

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SUPREME COURT 

SC to hear case on tenure of NCLT members in detail (JUNE 21, 2022)

The Supreme Court on Monday refused to pass any interim order on the issue of extending tenure of 23 members of the National Company Law Tribunals (NCLTs), saying it will hear in detail the case, including the appointment process, rights of the persons who have been appointed and their right to continue in office for five years on July 20.

The NCLT Bar Association had claimed that workings of tribunals, which came into existence in 2016 with a total sanctioned strength of 63 members across 28 benches, would be adversely impacted affected if more judges retire. The tribunals will face imminent collapse if 23 of the 45 members retire by July, it stated, adding that the government’s notification was contrary to the Section 413 of the Companies Act, 2013 which prescribes the term of the members for 5 years. Also, the early expiration of the tenure will create a void and will add to the pendency of cases before tribunals.

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BUSINESS NEWS 

Maharashtra: CBI performs raids at 15 Mumbai locations in DHFL's Rs 36,615 crore loan fraud (JUNE 22, 2022)

The Central Bureau of Investigation (CBI) is conducting raids at 15 locations in Mumbai in connection with a bank loan fraud case of Rs 36,615 crore involving Dewan Housing Finance Corporation Ltd. (DHFL), its Director and its former CMD. A CBI source said that Vipin Kumar Shukla, DGM and Branch head of Union Bank of India, Nariman Point, Mumbai lodged an FIR in this connection.

It was alleged in the complaint that DHFL, Kapil Wadhawan it`s former CMD, Dheeraj Wadhawan, the Director, Sudhakar Shetty and other accused entered into a criminal conspiracy to cheat the consortium of 17 banks led by Union Bank of India.

For Details, Click Here

WORD OF THE DAY 

A zero-coupon bond, also known as an accrual bond, is a debt security that does not pay interest but instead trades at a deep discount, rendering a profit at maturity, when the bond is redeemed for its full face value.

NEWS AT GLANCE 

  • Former Jharkhand Governor Draupadi Murmu to be BJP-led NDA candidate for Presidential polls; Opposition to field Yashwant Sinha as its candidate.

  • Prime Minister to attend 14th BRICS Summit hosted by China virtually on 23rd and 24th of this month.

  • Defence Minister Rajnath Singh to hold bilateral talks with Australian Deputy Prime Minister and Defence Minister Richard Marles in New Delhi today.

  • One Nation, One Ration Card scheme becomes operational in the entire country with its implementation in Assam.

  • External Affairs Minister Dr. S. Jaishankar to embark on a four-day visit to attend the Commonwealth Heads of Government Meeting in Rwanda.

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1 US Dollar = 78.30 Indian Rupee (Last updated · 22 June, 12:51 pm UTC)

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