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Date of filing IT returns extended in J&K, Ladakh till Jan 31

New Delhi (NVI): With internet services remaining suspended in Jammu and Kashmir and Ladakh, the Central Board of Direct Taxes (CBDT) has further extended the due date of filing of Income Tax Returns and Tax Audit Reports there to January 31, 2020.

The relaxation of date will be applicable to all categories of assessees in J&K and Ladakh, who were required to file ITRs/TARs, a CBDT statement said.

It said the due date was being further extended “on consideration of reports of disturbances in internet facility in certain areas of Jammu and Kashmir”.

The extension of due date comes as internet services continue to remain suspended in J&K and most of Ladakh since August 4, when the Centre moved to revoke the special status of erstwhile state of Jammu and Kashmir granted under Article 370 of the Constitution and bifurcated it into two Union Territories.

Travel rule for OCI cardholders relaxed till June-end

New Delhi (NVI): Those having Overseas Citizens of India (OCI) cards should get their OCI cards re-issued after attaining the age of 50 years or if they are below 20 years of age and getting passport renewed.

The rule have been emphasised by the Union Home Ministry even as it asked the External Affairs Ministry to relax it temporarily till June 30, 2020 to enable OCI cardholders to travel to India without any problem.

OCI cardholders are foreign citizens of Indian origin.

“This Ministry (of Home Affairs) has been informed that immigration authorities/airlines in some countries are not allowing OCI cardholders to travel to India on the following grounds: The OCI cardholder has not got the OCI card re-issued mandatorily after attaining 50 years of age or the OCI cardholder below 20 years of age has not got his/her OCI card re-issued on renewal of passport,” a note from the MHA said.

“In this regard, it is informed that instruction regarding re-issuance of OCI card on renewal of passport or on attaining the specified age is a requirement expected to be timely complied with by the OCI cardholders,” it added.

However, it said that in view of the problems being faced by OCI cardholders regarding re-issuance of OCI cards, MEA is requested to advise Indian Missions of the following temporary relaxation till June 30, 2020.

In case an OCI cardholder below the age of 20 years has not got the OCI card re-issued on change of passport, he/she may travel on the strength of his/her existing OCI card bearing old passport number till June 30,2020 subject to the condition that along with the new passport, the OCI cardholder carries old passport mentioned in the OCI card, the note from MHA to the MEA said.

In case an OCI card holder who has attained the age of 50 yeras and got his/her passport renewed subsequently but has not got his/her OCI card re-issued on renewal of passport, he/she may travel till June 30, 2020 on the strength of the existing OCI card along with the new and old passports, it said.

The OCI cardholders of the above categories may be advised to have their new OCI card issued in the meantime, the note said.

Around 77.50 lakh pilgrims visited Vaishno Devi Shrine

Jammu (NVI): Around 77.50 lakh devotees performed pilgrimage this year to Vaishno Devi Shrine where facilities and surveillance systems are being upgraded.

Among the works in progress are installation of CCTV Surveillance System on the entire track from Darshani Deodi to the Vaishno Devi Shrine situated in the Trikuta mountains in Jammu Division, which will be implemented on turn-key basis.

A mega Durga Bhawan is also being constructed for accommodating nearly 4000 pilgrims at Bhawan area and Inlet Queue management system is being installed at Bhawan, Exit Track at Bhawan, and Queue Management system at Bhairon Ji.

Jammu and Kashmir Lt Governor G C Murmu directed the newly-appointed CEO of Shri Mata Vaishno Devi Shrine Board (SMVDSB) Ramesh Kumar to ensure best ‘langar’ facilities and usage of environment-friendly material in ‘Bhojnalayas’ (eateries).

The directive came when Kumar called on the Lt Governor.

The Lt Governor, while reviewing the progress of upgradation of wayside facilities along the tracks, called for renewed focus on sanitation and maintenance of impeccable hygienic conditions in and around the ‘Bhojanalayas’.

While briefing about the functioning of the Bhawan-Bhairon passenger ropeway, the CEO informed the Lt Governor  that as many as 20.20 lakh pilgrims have availed the facility of this hi-tech ropeway which was commissioned last year and has completed one year of its successful operation.

Murmu directed the CEO to conduct a technical safety and fire audit of the ropeway and devise a Standard Operating Procedure (SOP) for the inspection of the said ropeway periodically to ensure the safety and security of pilgrims.

The Lt Governor was further informed that 162 children are presently under training at Shri Mata Vaishno Devi Gurukul. The Lt Governor stressed on imparting the best possible training to the children with special focus on practical training and employment awareness.

  Indian consumers seeking alternatives to reduce env impact: Study

New Delhi (NVI):  Indian consumers are conscious of their actions and are seeking alternatives to reduce their environmental impact, according to a study conducted by the Mahindra Group.

However, the biggest barrier to a sustainable lifestyle lies in the lack of available alternatives that are sustainable, viable and affordable, it suggests.
“4 out of 5 (80%) respondents are aware of the impact of plastic and waste management on climate change, while 88% of respondents believe eco-friendly alternatives are either too expensive or not effective, which prevents them from being more environmentally considerate,” report said.
Mahindra Group Chairman Anand Mahindra said, “our basic philosophy is that a business must create shared value by doing good and doing well at the same time.. We intend to create shared value by committing to the battle against climate change and by embracing the business opportunities that arise from it. It is time for action.”
He added, “business cannot be divorced from the consequences of climate change in the world we share and the people we love.”

Economy will rebound: VP

Raipur (NVI):  Vice President M Venkaiah Naidu has expressed confidence that the Indian economy would rebound in the near future, saying the current slowdown was cyclical.
Inaugurating the 102nd annual conference of the Indian Economic Association, Naidu said it was true that the Indian economy was facing some challenges due to the decline in growth this fiscal.
“However,  the country had faced similar slumps in the past in the wake of the East Asian financial crisis and global slowdown but bounced back with a higher growth rate every time,” he said.
Referring to the reforms initiated by the government including the introduction of the revolutionary GST to usher ‘ one nation, one tax, one market’, the Insolvency and Bankruptcy Code and the steps taken to curb black money, Naidu asserted that they were aimed at making the economy more robust and more resilient.
Observing that agriculture was the mainstay of Indian economy, the vice president cautioned that various waivers and subsidies would be unsustainable in the longer run.
Stressing the need to diversify the rural economy, he said that rural non-farm activities are equally crucial for the growth of the rural economy.

Temperature dips to 2.4 degree Celsius in Delhi 

New Delhi (NVI): The minimum temperature in Delhi dropped to 2.4 degree Celsius today from 4.2 degree Celsius recorded yesterday, bringing further chill in the weather in the national capital.
The minimum temperature of 2.4 degree Celsius is five degrees below normal, according to the India Meteorological Department (IMD).
The maximum temperature today is expected to be around 14.0 degree Celsius, it said.
The weather forecast department said Delhi and its neighbouring cities have been facing a severe winter chill this December.
“Not just Delhi, but neighbouring Noida, Ghaziabad, Gurgaon, and Faridabad are also facing severe cold conditions,” IMD stated.
‘Cold day’ conditions are declared when the day’s maximum temperature is below normal by more than 4.4°C.  A ‘severe cold day’ is when mercury remains more than 6.4°C below normal through the day.
Meanwhile, the air quality in national capital today remained in the “very poor” category for the sixth consecutive day.
According to System of Air Quality and Weather Forecasting And Research (SAFAR),the Air Quality Index (AQI) in the national capital stood at  391 which falls in the “very poor” category.
The worst affected areas are Dhirpur, Delhi University, Chandni Chowk, Pusa, Lodhi Road, Mathura Road, IGI Terminal 3 and the neighbouring Noida.

IIT-B starts Air Quality Research Facility in partnership with US Univ

Mumbai (NVI): Indian Institute of Technology, Bombay (IIT-B) has launched the Aerosol and Air Quality Research Facility in partnership with the McKelvey School of Engineering of Washington University for the on-the-ground air quality and short & long term action plans to curb the problem of air pollution.
More than 129 Indian cities have been declared as non-attainment status, with Mumbai and Delhi recording the worst Air Quality Index (AQI) of 2019.
The new research facility will bring in high-tech instrumentation for fundamental research in aerosol science and engineering, as well as new equipment for on-the-ground air quality monitoring and characterization to take the research to next level and set up systems and structures for sustaining the air quality. .
“This will provide an opportunity for students to engage in cutting-edge research that is very relevant, guided by world leading faculty members from the two institutions. The work will be relevant to both India and the US,” Professor Pratim Biswas, the Lucy and Stanley Lopata Professor in the McKelvey School of Engineering, WUStL said in an official statement.
The research facility will offer great potential to rapidly advance understanding of air quality in India, which is of high importance given the elevated concentrations of fine particulate matter that have been observed in the region, the statement addded.
IIT Bombay has been engaged in air quality and aerosols related research with other IIT’s, CSIR-NEERI, Pollution Control Boards and industry.

UNDP trained nearly 7,000 children in Visakhapatnam to be tsunami ready

15 years after the Indian Ocean Tsunami, students across Asia are now better equipped to respond to tsunamis.

Here’s how Greater Visakhapatnam Municipal Corporation, UNDP and Japan government support, trained nearly 7,000 children in Visakhapatnam to be tsunami ready.

Allow higher education institutions to invest surplus in alternative asset classes: FICCI

New Delhi (NVI): Industry body FICCI has suggested to the Finance Ministry that higher education institutions should be allowed to invest their surpluses in a wider range of asset classes.

In its pre-Budget recommendations to the ministry, the body said allowing university endowments to invest in alternative investment funds and other asset classes will bring in greater transparency and better governance practices in the system.
According to co-chair of FICCI for Higher Education Committee for international institutions
Dr Rupamanjari Ghosh, drawdowns from endowments contribute significantly to the operating revenue of these institutions, thereby allowing them to undertake quality enhancement initiatives such as scholarships, professorships and research investments.
She also mentioned that with respect to Indian institutions, allowing university endowments to invest in alternative investment funds and other asset classes will bring in greater transparency and better governance practices in the system.
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The Gross Enrolment Ratio (GER) in India is still only around 26%. The draft National Education Policy (NEP) 2019 aims to achieve an ambitious GER of 50% by 2035, which would mean doubling student enrolment to 7 crore and beyond.
With the evolving need for a knowledge economy along with internationalization and massive human capital, the higher education sector in India is set to witness a host of reforms.
A KPMG working paper on ‘Alternative Investment Financing for Higher Education Institutions in India’ in this regard captures some of the national and the international trends in the financing of higher education institutions and discusses ways to appropriately channel surplus funds existing in the system to enable the growth of both public and private higher education institutions.
National Head (Education) of KPMG India  Narayanan Ramaswamy said that there is a clear demand to formulate strategies for innovative sources of funds to meet the GER target and enhance the quality of higher education institutions,
The operating revenue generated by higher education institutions in India is estimated to be upwards of Rs 1 lakh crore.
This would constitute around 20% of the overall size of charitable institutions, in which the total operating expenditure is estimated to be around Rs 5 lakh crore as of 2017-18.
Clearly, there is a significant surplus being generated in the higher education system annually. It amounts to around Rs 15,000 crore.
However, there are constraints around investing surplus funds generated in the higher education system in India.
Currently, these funds are invested in real estate and there are transparency issues in these investments.
Debt and related instruments constitute another significant asset class in which surplus funds are invested.
 The returns generated by investing in these asset classes are not high and, in some cases, even lesser than education inflation.
Globally, higher education institutions have been investing in various asset classes such as domestic and foreign equity, alternative investment funds, real estate, and infrastructure investment trusts to generate additional income.
 These investments have generated higher returns and have contributed to the growth of endowment funds of these institutions.
While in the long run, fundamental changes such as allowing for-profit entities to operate higher education institutions can be explored, as an immediate measure, allowing higher education institutions to invest their surpluses in wider asset classes such as alternative investment funds will help to generate additional funding.
Apart from benefiting the higher education ecosystem, this will also provide capital to sectors such as infrastructure where there is a shortage of funds.

Rajnath launches DefExpo2020 app

New Delhi (NVI): Defence Minister Rajnath Singh today launched a mobile application to assist those who visit the DefExpo 2020, the 11th edition of biennial mega defence exhibition, to be held in Lucknow in February.
The app has been developed by Department of Defence Production, Ministry of Defence (MoD) with the aim of engaging with the visitors as well as exhibitors.
It provides detailed information about the day-to-day events, participating exhibitors, Defence Public Sector Undertakings (DPSUs), guest speakers of seminars or webinars,  publications that is electronic brochures and e-books, maps and directions of the venues and city weather.
The Defence Minister also reviewed the preparations of DefExpo 2020.
During the review meeting, senior officials informed him that a record number of over 880 exhibiters, including foreign companies, have registered so far, making it the largest ever defence exhibition surpassing the numbers of DefExpo 2018.
Foreign delegations at the level of Defence Minister and Service Chief are confirmed from 18 countries.
Dozens of MoUs are also expected to be inked during the Expo.
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