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18% GST disappoints Telecom sector




New Delhi, May 19: GST slab rates announced today, it disappoints Telecom sector with 18 per cent Goods and Services Tax (GST) rates.

“Telecom industry hails GST as an iconic reform but we are disappointed with announced rate of 18 per cent. We had submitted to the government that consideration must be given to the present financial condition of the sector and any rate beyond the existing rate of 15 per cent makes the telecom services more expensive for the consumer.

“It will augment the existing burden of the industry further. This is also likely to slowdown the planned rollout of infrastructure across the country and will have an impact on flagship government initiatives like Digital India, cashless India and others,” said Rajan S Mathews, Director General, Cellular Operators’ Association of India (COAI).

“As an essential service, the telecom industry needs some benefits and tax relaxation in order to provide a seamless and hassle-free service. The industry has worked tirelessly and has fulfilled its motto of connecting everyone till the last mile connectivity,” Mathews added.

The operators have already initiated the registration process after the announcement of GST.

However, the telecom industry body is still on the hope for the clarity on certain rules which requires sufficient time.

The GST Council concluded its latest round of meetings on Friday with the four tax rate slabs for services as well as for goods, exempting, healthcare and educational services.

The next meeting will be held on June 3.

Wefornews Bureau


RInfra moves Delhi HC seeking arbitration award from DMRC



New Delhi, March 20: Reliance Infrastructure’s (RInfra) subsidiary Delhi Airport Metro Express Private (DAMEPL) has moved the Delhi High Court seeking execution of the arbitration award of Rs 5,200 crore it had won against Delhi Metro Rail Corporation (DMRC).

According to a company statement issued on Tuesday: “In its petition filed under section 36 of the Arbitration and Conciliation Act in the division bench headed by Chief Justice of Delhi HC, DAMEPL has sought an order for the execution of the award dated May 11, 2017 passed by the Arbitral Tribunal and direct DMRC to pay Rs 5,200 crore.”

The claim includes principal amount of Rs 2,945.54 crore along with interest as on date.

The development comes after Delhi High Court on March 6, 2018 upheld the arbitration award as compensation along with interest to DAMEPL by a three-member arbitration tribunal.

Rinfra was awarded the compensation by the arbitration tribunal in a unanimous decision after 68 sittings over four years on the basis of termination provisions of the ‘Concession Agreement’.

DAMEPL had terminated the agreement with DMRC to run the ‘Airport Express Line’ in January 2013.

In June 2013, the project was handed over to DMRC and in the following September a three-member arbitration tribunal was appointed from a panel proposed by DMRC to resolve the dispute.

The ‘Airport Express Line’ was commissioned in February 2011.


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Equities close volatile trade session in green




Mumbai, March 20: Amid volatility, the key Indian equity indices on Tuesday provisionally closed in the green with healthy buying in IT, Teck (technology, media and entertainment) and auto stocks.

According to market observers, some caution prevailed ahead of the US Federal Reserve’s meeting slated to begin later in the evening.

The wider Nifty50 of the National Stock Exchange (NSE) edged higher by 30.10 points or 0.30 per cent to provisionally close at 10,124.35 points (at 3.30 p.m.).

The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 32,876.48 points, closed at 32,996.76 points — up 73.64 points or 0.22 per cent from the previous session’s close.

The Sensex reclaimed the 33,000-mark during the intra-day trade to touch a high of 33,102.74 points.

However, the BSE market breadth was bearish with 1,594 declines and 1,099 advances.

On Monday, the benchmark indices hit their lowest levels since December 6, 2017, as India’s widening Current Account Deficit (CAD), along with weak global cues ahead of the US Federal Reserve March 20-21 meeting, dented investors’ risk-taking appetite.

The NSE Nifty50 declined by 100.90 points or 0.99 per cent to close at 10,094.25 points, while the BSE Sensex closed at 32,923.12 points — down 252.88 points or 0.76 per cent from its previous close.


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Twitter likely to ban cryptocurrency ads, claims Report

“Twitter may also ban all ads for cryptocurrency exchanges, with some limited exceptions, when the policy is launched,” the report claimed.




San Francisco, March 19: After Facebook and Google, now microblog platform Twitter likely to ban cryptocurrency, token sales and Initial Coin Offerings (ICO) related advertisements.

News agency IANs citing a Sky News report on Monday stated the new Twitter policy will be rolled out within in two weeks.

“Twitter may also ban all ads for cryptocurrency exchanges, with some limited exceptions, when the policy is launched,” the report claimed.

Last week, Google announced that it will debar advertisements for cryptocurrencies and other “speculative financial products” across its ad platforms.

The ban on such advertisements will be effective from June.

“We updated several policies to address ads in unregulated or speculative financial products like binary options, cryptocurrency, foreign exchange markets and contracts for difference (or CFDs),” Scott Spencer, Google’s Director of Sustainable Ads, said in a blog post.

“In June 2018, Google will update the financial services policy to restrict the advertisement of contracts for difference, rolling spot forex and financial spread betting,” the search engine giant asserted.

In 2017, Google scrapped more than 3.2 billion ads that violated its advertising policies.

The search also blocked 79 million ads in its network for trying to send people to malware-laden sites and removed 400,000 of these unsafe sites last year.

In January, social media giant Facebook put a ban on all ads promoting cryptocurrencies, including Bitcoin and ICOs.

The new policy prohibits ads that promote financial products and services that are frequently associated with misleading or deceptive promotional practices, Facebook said in a statement.

“We want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception.

“That said, there are many companies who are advertising binary options, ICOs and cryptocurrencies that are not currently operating in good faith,” stated Rob Leathern, Product Management Director at Facebook.


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