SUPREME COURT 

Radia Tapes: Supreme Court Hearing on Ratan Tata's Plea After 8 Years (Sep 14, 2022)

The petition was filed in 2011 and was last heard by the Supreme Court in 2014.  Ratan Tata has said the leak of the tapes, involving his conversations, infringed on his right to privacy.

Niira Radia's phone conversations with industrialists, journalists, government officers and other people holding key posts were tapped as part of a tax investigation over a decade ago.

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CBDT

Banks exempt from 10% TDS on one-time loan settlements, waivers: CBDT (SEP 14, 2022)

The CBDT clarified the issue of bonus and rights shares will not require tax to be deducted under the Section 194R introduced in the Union Budget. Section 194R came into effect from July 1, 2022 and required 10 per cent TDS deduction to persons providing any benefit or perquisite to a resident, on the value of such benefit.

A further cost of acquisition of bonus share is taken as nil for capital gains computation when this share is sold, the apex direct tax body said.

NITI Aayog  

Indo-Danish Hon'ble Ministers launch White Paper highlighting ‘Urban Wastewater Scenario in India’ at IWA World Water Congress in Copenhagen, Denmark (sep 14, 2022)

A government of India interdisciplinary team was formed with partners from Atal Innovation Mission (AIM), NITI Aayog, Ministry of Jal Shakti and National Mission for Clean Ganga (NMCG), international agency Innovation Centre Denmark (ICDK) and academia Indian Institute of Technology Bombay (IITB) to develop a whitepaper on urban wastewater management.  

Considering all stakeholders’ concerns for wastewater management, this whitepaper holistically captures the current status of wastewater treatment in India and potential pathways for future treatment structures, co-creation and collaborations was collectively produced.

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WORLD AFFAIRS 

U.S. SEC to propose Treasury market clearing reforms to address resilience fears (SEP 14, 2022)

The U.S. Securities and Exchange Commission (SEC) is scheduled on Wednesday to propose draft rules to boost the resilience of the $24 trillion Treasury market, the world's largest bond market, which serves as a benchmark for dollar assets globally.

The SEC notice said the agency would consider amendments to certain clearing rules for Treasury market participants, without providing details. Central clearing involves sending trades to a clearing house, which requires both counterparties put up cash to guarantee the trade's execution in the event either defaults.

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NEWS AT GLANCE 

  • Gujarat government signs MoU worth 1.54 lakh crore rupees to set up semiconductor and display fab manufacturing unit in the state.  
  • Prime Minister Narendra Modi to embark on a two-day visit to Uzbekistan tomorrow to attend SCO Summit.  
  • First trial for India’s maiden human space mission - Gaganyaan to be done by end of 2023 or beginning of 2024.  
  • Microsoft co-founder Bill Gates hails Prime Minister Modi’s development initiatives in digital payment, sanitation, vaccination drive and women empowerment.

WORD OF THE DAY 

A direct public offering (DPO) is a type of offering in which a company offers its securities directly to the public to raise capital. An issuing company using a DPO eliminates the intermediaries—investment banks, broker-dealers, and underwriters—that are typical in initial public offerings (IPO), and self-underwrites its securities. 

MARKET TODAY (as on 14.09.2022)

BSE SENSEX              60,346.97 ▼ 224.11   

NIFTY 50                    18,003.75 ▼ 66.30

1 US Dollar = 79.39 Indian Rupee (Last updated · 14 September at 12:52 pm UTC)

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