Wassup Trackpad

Power Grid clears Rs 2,247 crore for Green Energy Corridor project

State-owned Power Grid Corporation of India (PGCIL) has approved Rs 2,247.37 crore investment plan for the third part of the inter-state electricity transmission project. The Green Energy Corridor project is aimed at transmission of renewable energy from generation points to the load centres by creating intra-state and inter-state transmission infrastructure. The intra-state transmission component is being implemented by the respective states while PGCIL is executing the inter-state part. It seeks to address intermittency and variability aspects as well as grid integration issue of large-scale renewable energy generation.

Sterlite Technologies eyes defence contract worth Rs 7,000 crore

Enthused with winning a defence project worth Rs 2,500 crore, NRI billionaire Anil Agarwal-led Sterlite Technologies is now vying for another strategic project in the sector worth Rs 7,000 crore. The optical fiber manufacturer is also connecting defence establishments in Jammu & Kashmir with high-speed optical fibers. Sterlite is also the biggest provider for Prime Minister Narendra Modi’s ambitious BharatNet project, which is estimated to cost the government over Rs 72,000 crore. The National Optical Fiber Network (NOFN) or BharatNet, which forms the backbone of the ‘Digital India’ initiative, seeks to connect 2.5 lakh gram panchayats with high-speed broadband by December 2017. The project cost is estimated to be around Rs 72,778 crore.

NHPC to develop hydroelectric projects in Darjeeling

State-run NHPC will set up four hydroelectric projects with a total generation capacity of 293 MW in the Teesta Basin of Darjeeling. The four projects are Teesta Low Dam-V, Teesta Low Dam I & II Combined, Teesta Intermediate Stage and Rammam Stage-I, all located in district Darjeeling of West Bengal. These projects shall be developed on build, own, operate and maintain (BOOM) basis by NHPC, a stock exchange filing said.

IOC-Adani combine bids for CNG retail license in five cities

The Indian Oil Corp-Adani Gas combine has bid for a license to retail CNG in five cities including Haridwar in the fifth round of city gas bidding that saw no bids for as many as eight cities. Besides Haridwar, the Indian Oil Corp (IOC)-Adani Gas combine bid for Tumkur, Belgaum and Dharward districts in Karnataka and Udham Singh Nagar in Uttarakhand. State gas utility GAIL India Ltd. through its subsidiary GAIL Gas bid for Tumkur and Dharward and in consortia with Bharat Petroleum Corp Ltd. (BPCL) for Haridwar, Udham Singh Nagar and Belgaum. GSPC Gas bid for Banaskantha district in Gujarat while Maharashtra Natural Gas Ltd. bid for rights for Ahmednagar district in Maharashtra.

PNGRB had in February offered 20 cities in the fifth round of bidding for city gas licenses. Bidding was to close in May but was extended by one month to June 22 after the poor initial response. Bidding was extended as PNGRB did not receive any bids for Badaun, Aligarh and Bulandshahr in Uttar Pradesh, Latur in Maharashtra, Dhar and Shivpuri in Madhya Pradesh, Bidar in Karnataka and Osmanabad in Maharashtra. The same status continued when the bids finally closed on June 22.

Digital India Initiative To Provide 18 Lakh Jobs

PM Narendra Modi launched Digital India initiative that is mooted to transform the whole landscape of technology and communication in the country.Via this program government has envisaged inclusive growth in sectors of electronic services, products, manufacturing and Job opportunities. Like other flagship programs of Modi Government, Digital India initiative will also be huge in size as it is slated create 18 lakh jobs in the country and whooping Rs. 4.5 lakh crore will be invested in coming years in this initiative via Public-Private partnership.

While launching the program PM outlined his vision of e-governance and mobile governance, where all
important Government services are available on the mobile phone. “I dream of a digital India where Highspeed Digital Highways unite the Nation; 1.2 billion connected Indians drive innovation; technology ensures the citizen-government interface is incorruptible,” the Prime Minister said. Aim of Digital India initiative is to improve the lives of the common man and government want to take advantage of IT revolution at the fullest. Th e Prime Minister assured full support to young entrepreneurs who wished to launch Start-ups. He called upon the youth to innovate and said “Design in India” is as important as “Make in India.”

30 September Is The Last Date To Disclose Assets Located Abroad

Finance ministry has notified 30 September 2015 as the date before which declaration can be made for the undisclosed assets located outside India. Ministry has notified the compliance window under the newly enacted Black Money act and this disclosure would be under the compliance provision of Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. In addition to this a person has to pay the tax and penalty in respect of the assets so disclosed by December 31, 2015. Important to note that finance minister Arun Jaitley has announced in this budget speech that government is committed to enact a comprehensive new law and a new law was then passed by the parliament in the budget session. Separate taxation of undisclosed foreign income and assets has been provided for under the new law. Also stringent penalties and prosecution, including “rigorous imprisonment up to ten years and penalty equal to three times of the tax have been prescribed for violation.” Importantly act also gives a compliance window for a limited period to persons who have undisclosed foreign assets.