Daily News Notes

· The government has decided to suspend its decision on allowing 51% FDI in retail.
· Addressing an International Conference on Tax and Equality in New Delhi, Finance Minister expressed the hope that the Direct Taxes Code, DTC, will come into force from April 1, 2012 and will modernise the tax laws. Also, government is moving towards a generalised value-added tax system of Goods and Service Taxes at all levels in the country. These tax reforms have been directed at simplification of the tax system and administration, rationalisation of tax rates, broadening of the tax rebates, special focus on sunrise area of taxation, like transfer pricing and international taxation, strengthening tax information exchange in network with countries and jurisdiction, improvement of tax administration. Finance Ministry has also adopted a four-pronged strategy to deal with the issues of tax evasion and black money which includes joining the global crusade against black money and creation of a legislative and institutional framework to deal with illicit money.
· Addressing the 6th edition of India Telecom in New Delhi the Prime Minister stressed the need to promote domestic telecom equipment manufacturing facilities in the wake of strategic and security needs of the country. Noting that the two National Telecom Policies of 1994 and 1999 were major initiatives to propel growth in the sector, the Prime Minister said the government is working on the National Telecom Policy-2011 with a special emphasis on affordable and quality telecom services in rural and remote areas of the country. Referring to various initiatives taken by the government he said broadband connectivity is a powerful tool for enabling faster growth and promoting inclusion.
· The National Armed Forces Flag Day is being observed today. The day is dedicated for rehabilitation of battle casualties, welfare of serving personnel, resettlement and welfare of ex-servicemen and their families.
· The government made it clear that the nuclear power plants will be set up in the country with full regard to safety, security and environmental protection and the livelihood of the local people will be protected as nuclear power is an important clean energy option that can provide long-term, huge and growing energy security for the country.
· The Prime Minister said that the India’s policy has a great element of continuity with regard to the West Asian countries and changes are taking place in some of these West Asian countries following the reform process there. New Delhi lays special emphasis on the Middle-East countries in promoting peace, harmony and enduring economic ties. Thus the welfare of these countries is of prime importance to India and India will continue to maintain the best relations with these countries as it has centuries-old civilisational ties with them.
· The supplies for NATO and US troops in Afghanistan remained suspended at Pak-Afghan border for the 12th day today. US defense officials are shipping small amounts of some supplies for the Afghan war through alternate countries.
· Israeli air strikes have killed one Palestinian militant and injured at least another two in the Gaza Strip, who were preparing to fire rockets into Israel, when their troops moved into a buffer zone near Gaza City before the strikes.
· India and Pakistan have agreed to jointly work to more than double bilateral trade within three years from current levels of 2.7 billion USD per annum to about 6 billion USD. Indian side has agreed to address issues raised by Pakistan under Non-Tariff Barriers for import of cement, textiles, fruits and vegetables, processed food items and surgical instruments. The safety provisions of the Kudankulam nuclear power plant are at par with those in the major developed countries like USA, France and Britain and all safeguards are under international Atomic Energy Agency inspection.
· The Government has created a community welfare fund for the people of Indian origin employed overseas to extend welfare programmes and to help out employees working overseas, in any emergency. The government is also considering to create a pension, resettlement fund and insurance under the Pravasi Bhartiya Bima Yojana for which the employee has to give a one time premium.
· India has been granted the Pioneer Investor Status under the United Nations Convention on Law of Seas (UNCLOS). Under this status, India holds the contract to explore about 75 thousand square kilometers for polymetallic nodules in the Central Indian Ocean Basin. India is also working towards exploration of polymetallic sulphides and efforts are targeted to study the sea floor hydrothermal systems.
· Greek Parliament has approved a budget for 2012 pledging tough fiscal goals demanded by European Union partners in return for fresh loans.