SUPREME COURT 

Can OCI Holders Be Exempted from FEMA Norms? Supreme Court Seeks Centre’s Stand (14 FEB 2023)

For resident OCIs, who have a permanent address in India, an exemption was sought from Regulation 2(d) of the 2018 Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) Regulations.

A bench of Justice KM Joseph and Justice BV Nagarathana on Monday issued notice on a plea, which has been filed at behest of Association of Resident Overseas Citizens of India and Families, averring that OCIs should not be subjected to FEMA norms as they pay tax on their income generated abroad in India. According to the petitioners, this is arbitrary and in violation of their right to equality.

NEWS REPORT : ‘Can OCI Holders Be Exempted from FEMA Norms?’: Supreme Court Seeks Centre’s Stand (news18.com)'

BUSINESS NEWS 

Air India to buy 470 planes from Airbus, Boeing (14 FEB 2023)

"The order comprises 40 Airbus A350s, 20 Boeing 787s and 10 Boeing 777-9s wide-body aircraft, as well as 210 Airbus A320/321 Neos and 190 Boeing 737 MAX single-aisle aircraft. The A350 aircraft will be powered by Rolls-Royce engines, and the B777/787s by engines from GE Aerospace. All single-aisle aircraft will be powered by engines from CFM International," the airline said in a statement.

According to Air India, the first of the new aircraft will enter service in late 2023 and the bulk of the planes are to arrive from mid-2025 onwards.

NEWS REPORT : Air India to buy 470 planes from Airbus, Boeing (msn.com)

NEWS AT GLANCE

  • Government working on blueprint for indigenous manufacturing of aero-engines to provide a fillip to aerospace sector, informs Defence Minister Rajnath Singh. 
  • Annual festival of National School of Drama, Bharat Rang Mahotsav to start in New Delhi today. 
  • New Zealand declares national emergency after Cyclone Gabrielle lashes North Island.

WORD OF THE DAY 

Arbitrium est judicium– An award is a judgment. 

MARKET TODAY (as on 14.02.2023)

BSE SENSEX                61,032.26 INR▲ +600.42 (+0.99%)

NIFTY 50                       17,929.85 INR▲ +158.95 (+0.89%)

1 US Dollar = 82.86 Indian Rupee (Last updated · 14 February at 4:21 pm UTC)

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