MINISTRY OF COMMERCE AND INDUSTRY (DIRECTORATE GENERAL OF FOREIGN TRADE)
Amendment in import policy condition of HS Code 29335200 under Chapter 29 of ITC (HS) 2022, Schedule – I (Import Policy) ( AUG 1, 2022)
In exercise of powers conferred by Section 3 and Section 5 of FT (D&R) Act, 1992, read with paragraph 1.02 and 2.01 of the Foreign Trade Policy (FTP), 2015-2020, as amended from time to time, the Central Government hereby amends the policy condition of HS Code 29335200 under Chapter 29 of ITC (HS) 2022, Schedule – I (Import Policy), with immediate effect.
Effect of this Notification: Import of Malonylurea (Barbituric Acid) and its salts shall be allowed without NOC from Narcotics Commissioner, Gwalior.
Central Board of Direct Taxes (CBDT)
Reduction of time limit for verification of Income Tax Return (ITR) from within 120 days to 30 days of transmitting the data of ITR electronically- reg.
It has been decided that in respect of any electronic transmission of return data on or after the date this Notification comes into effect, the time-limit for e-verification or submission of ITR-V shall now be 30 days from the date of transmitting/uploading the data of return of income electronically.
It is clarified that where the return data is electronically transmitted before the date WOuld on which this Notification comes into effect, the earlier time limit of 120 days continue to apply in respect of such returns.
DELHI HIGH COURT
Law On Senior Citizens To Ensure They Enjoy Twilight Years In Peace: Delhi High Court (AUG 2, 2022)
The Delhi High Court has held that proceedings under the Maintenance and Welfare of Parents and Senior Citizens Act, 2007 are aimed at ensuring that senior citizens can enjoy their twilight years in peace without facing the specter of continuous bickering and quarrels amongst their children which would disrupt their tranquil existence.
The high court's order came while dismissing a plea by two men, challenging an order passed by the Divisional Commissioner who had ordered their eviction from their father's house.
BUSINESS NEWS
Sheryl Sandberg officially steps down as Meta COO (AUG 2, 2022)
Meta chief operating officer (COO) Sheryl Sandberg has finally moved on from the position after spending 14 years as the second most-important executive at the social network.
Meta has appointed chief growth officer Javier Olivan as tne new CEO who took charge from August 1, the company revealed in a filing with the Securities and Exchange Commission (SEC) in the US.
Sandberg will remain a Meta employee through September 30, after which she will continue as a board member.
After 5G auction, analysts expect telecom firms to increase rates again (AUG 2, 2022)
Telecom sector analysts expect another round of tariff hikes following the Rs 1.5-trillion auction of 5G spectrum, which concluded on Monday.
Nomura Global Markets Research estimates that telecom service providers would require a modest 4 per cent incremental tariff hike on their overall subscriber base or a 30 per cent premium over 1.5 GB/day 4G plans, following the spectrum acquisition.
NEWS AT GLANCE
- India and the Maldives exchange several agreements, including on cyber security, disaster management, and police infrastructure development.
- Prime Minister lauds outstanding accomplishment of six billion UPI transactions in July.
- Government asserts performance of the Indian rupee is much better than its peer currencies and its value is increasing.
- Atal Innovation Mission launches Call for Applications for its two leading programmes - Atal Incubation Centre and Atal Community Innovation Centre.
- Record 72.42 lakh Income Tax Returns filed on July 31, the last day.
- Shiv Sena MP Sanjay Raut remanded to ED custody till 4th of August in Patra Chawl money laundering case.
- Al Qaeda leader Ayman al-Zawahiri killed in US drone strike in Afghan capital Kabul.
WORD OF THE DAY
Injuria non excusat injuriam is a Latin phrase used as a legal maxim in India with the following meaning: A wrong does not excuse a wrong”. This means that there is no defense available in Indian Law for a wrong done as compensation for another.
Nobody is entitled to take the law into his/her own hands, and consequently, nobody is entitled to perform a wrong as a by-product of a wrong caused on him/her. In the event that an individual submits a wrong, an inappropriate which she/he endured won't pardon or excuse him/her from the outcomes of his/her wrong.
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