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Tag: Finance Minister

  • Sensex turns positive, rises 150 points

    Sensex turns positive, rises 150 points

    MUMBAI: Just as Finance Minister Arun Jaitley presented Budget for the year 2014-15, stock markets showed positive signs. However, by the end of the day it had fallen lower than its opening value. At 3:34 pm the Sensex closed at 25,372.75, down 72.06 points and Nifty ended trading at 7,567.75, falling by 17.25 points. Among specific sector indices Midcap index was up 0.35 per cent, Realty index up 4.67 per cent and Bank Nifty down 1.25 per cent. The IT index was down by 0.96 per cent while infrastructure index  was up by 0.15 per cent.

     

    At 3:10 pm was when the Sensex turned negative and was down 81 points at 25,363. The  Nifty down 17.3 points at 7,568 but at 1:16 pm the Sensex was trading at 158 points higher at 25,603.61 and Nifty was up  by 45 points at 7,630.

     

    At 1:00 pm the realty index was up by 1.05 per cent but at 12:20pm, the 30-share benchmark BSE sensex was down 139.75 points, or 0.6 per cent at 25,305.06 points

     

    Sensex stocks like Wipro rose by 2.2 per cent while IT giant Infosys rose by 1.5 per cent.

     

    Stocks of Sesa Sterlite fell by 2.5 per cent along with Bharti Airtel whose stocks were down by 2.4 per cent. The stock exchange’s power and banking indices were down by 1.5 per cent each.

     

    Shares of defence companies and financial services companies, with interests in insurance, rose after Jaitley raised the cap for foreign direct investment (FDI) in these two sectors by up to 49 per cent.

     

    Financial services firms Reliance Capital and Bajaj Finserv were up by 1.9 per cent each, while Max India rose by 2.7 per cent.

     

    “Difficult as it may appear, I have decided to accept this target as a challenge,” Jaitley said, adding that the fiscal deficit would be brought down to 3 per cent of GDP by 2017. “We cannot leave behind a legacy of debt for our future generations.”

     

  • TV sets to get cheaper: Budget 2014

    TV sets to get cheaper: Budget 2014

    MUMBAI: Even as India has one of the highest cable TV homes in the world, it is set to get even higher with the latest announcement from Finance Minister Arun Jaitley for Budget 2014.

     

    While speaking in the Parliament, Jaitley stated that electronic goods such as TV sets and personal computers will be cheaper. He has announced proposal to make cathode ray tube (CRT) TVs cheaper as well as encourage manufacture of LED and LCD panels of TVs.

     

    The basic custom duty on LED panels below 19 inches will be made nil. CRT TVs have also been exempted from custom duty to help the poor.  The announcements have been made to boost the domestic manufacturing sector.

     

    “Cathode ray TVs are used by weaker sections who cannot afford to buy more expensive flat panel TVs. I propose to exempt colour picture tubes from basic customs duty to make cathode ray TVs cheaper. The duty concession will help revive manufacturing of TVs in the SME sector and create employment opportunities. At the same time, to encourage production of LCD and LED TVs below 19 inches in India, I propose to reduce the basic customs duty on LCD and LED TV panels of below 19 inches from 10 per cent to Nil. Further, to encourage manufacture of LCD and LED TV panels, I propose to exempt from basic customs duty specified inputs used in their manufacture,” said Jaitely. 

     

    Soon after the announcement, global analytical company providing ratings, research and risk and policy advisory services CRISIL tweeted that after this, the price of LCD/LED TVs (that constitute 51 per cent of sales) will reduce by Rs 1000.

     

    PricewaterhouseCoopers leader- entertainment & media practice India Smita Jha added, “We also believe the reductions in customs duty on LCD and LEC of sub-19 panels will also indirectly provide filip to the national digitisation agenda.”

     

     

  • We will digitise DD’s analogue terrestrial network: Prakash Javadekar

    We will digitise DD’s analogue terrestrial network: Prakash Javadekar

    MUMBAI: Information and Broadcasting Minister Prakash Javadekar has told the Lok Sabha that the government is serious about its plan of digitising Doordarshan’s analogue terrestrial network.

     

    With this, according to Javadekar, Doordarshan will be able to invite private free-to-air TV channels for meaningful business plans.

     

     Responding to questions in the Lok Sabha on 9 July, Javadekar said that the Ministry has granted permission for 795 channels to uplink from the country in both the news and non-news genres.

     

    Surprisingly, even after the huge number of permissions granted, close to 235 applications are still pending for inter-ministerial clearances. Javadekar said that in the last three years and the current year, the Ministry had received 200 applications for new channels in various languages, of this 105 were for Malayalam and Kannada language channels.

     

    He also reaffirmed the government’s stance on the launch of ‘Krishi’ channel for the farmers.  The same was also proposed by the Finance Minister Arun Jaitely in the Lok Sabha as he tabled Budget 2014.

  • National sports academies for major sports: Arun Jaitley

    National sports academies for major sports: Arun Jaitley

    MUMBAI: The sports sector in India has received a major push in the Budget 2014 presented by Finance Minister Arun Jaitley.

     

    The FM announced that provisions will be made to set up National sports academies for major sports in India. While announcing setting up of a sports university in Manipur, Jaitley also allocated Rs 100 crore for Asian and Commonwealth games training.

     

    Jaitley also announced sops for sports in Jammu and Kashmir. He proposed to allocate Rs 200 crore for upgradation of sports facilities in the state.

     

    PricewaterhouseCoopers leader- entertainment & media practice India Smita Jha said, “You would agree with me that the Sports sector in India is much in need of transformation. Budgetary allocations towards upgrading sports infrastructure, training, nurturing best talent and setting up a sports university are in the right direction though the funds allocated are significantly less than what are needed. However, we welcome the recognition from the government that this sector requires significant investment.

  • North east India to get new channel Arun Prabha

    North east India to get new channel Arun Prabha

    MUMBAI: After announcing the new Rs 100 crore 24 hour channel for farmers in the country, Union Finance Minister Arun Jaitley has declared that a new channel will also be launched for the seven sisters in north east India.

     

    To be called ‘Arun Prabha’, Jaitley said that the channel will highlight the rich culture of the north east. However, he did not specify either the time frame within which it will be launched or the investment that will be put into it.

     

    Last year, talks were on between the government and the Prasar Bharati for launching an additional channel for NE. Currently, DD North East telecasts programmes in Assamese, English and other regional dialects with various types of programmes. Prasar Bharati CEO Jawhar Sircar had been touring the area last year to find out the feasibility for this channel, subject to government investment.

  • Government to invest Rs 100 crore in Kisan Television

    Government to invest Rs 100 crore in Kisan Television

    MUMBAI:  The much awaited budget from the new Finance Minister Arun Jaitley has begun and the first announcement for the media industry is in the form of the proposed new TV channel for farmers- Kisan Television dedicated to the interests of the agriculture and allied sector.

     

    While presenting the Budget 2014 in the Parliament, Jaitley stated that the government will be investing Rs 100 crore for the channel that will give real time information on new farming techniques, water conservation, organic and farming etc.

     

    A few weeks ago, Information and Broadcasting Minister Prakash Javadekar had stated that Kisan Television will be launched soon and Jaitley’s announcement reaffirms the government’s commitment to it.

     

    The 24 hour channel, to be called DD Kisan, is being worked upon with the help of Prasar Bharati. Prior to winning the election, BJP had stated that if it came to power, it would explore setting up of regional Kisan TV channels.

     

    Soon after the announcement, Zeel MD and CEO Punit Goenka tweeted “Kisan TV for farmer education was a good one!!”

     

    Added PricewaterhouseCoopers leader- entertainment & media practice India Smita Jha, “Announcement of launch of Kisan TV and Aruna Prabha TV are also welcome in the context of their respective situations but hope these channels are commercially viable and do not add further burden to Public Service Broadcaster, Prasar Bharati, which is already under severe financial pressure.”

  • Cable digitisation to increase tax collection: Economic Survey

    Cable digitisation to increase tax collection: Economic Survey

    MUMBAI: The Economic Survey for 2013-14 that was tabled by the Finance Minister Arun Jaitley shows that both the centre and the state governments will benefit from the digitisation of the cable TV industry in India because of the increase in tax collection from it.

     

    Jaitley in Parliament said, “Preliminary data from the state governments show that there is already two to three fold increase in entertainment tax collections.” The transparency in the subscriber base is set to add to the manifold increase in tax collection.

     

    Due to digitisation, opportunities are being created for the domestic manufacturers to delve into more set top box (STB) production. It stated that over three crore STBs have already been installed in the eight metros and 36 cities of the phase I and II of digitisation. The deadline for complete digitisation (phase III and IV) has been set to 31 December 2014.

     

    India has nearly 16 crore TV households with nearly 800 channels. Also there are 88 teleports. However, the benefits of digitisation are yet to kick in even in the phase I and phase II markets with only a few cities being billed as per the rules. Uneven and high entertainment tax is an issue that all the stakeholders including DTH, MSOs and broadcasters are standing up to and urging the government to look into and provide them relief. DTH operators are double taxed as they also have to pay a service tax apart from the entertainment tax.

     

    While DTH operators are adding 10 lakh customers each year, the government has also allowed two more operators to provide services through headend-in-the-sky (HITS) system. Effects of digitisation are already visible on film exhibition where 95 of the big screens are now digitised and the sector is ‘poised for buoyant growth in the long run.’

     

    The survey also stated that the media and entertainment industry has had tremendous growth and according to a FICCI-KPMG report, it is expected to touch Rs 1,78,600 crore by 2018. However, piracy remains a big challenge for the film industry and the government has approved an anti-piracy plan to combat it through legal methods.

  • CASBAA asks FM, I&B to roll back increased royalty on foreign satellite operators

    CASBAA asks FM, I&B to roll back increased royalty on foreign satellite operators

    NEW DELHI: The Cable and Satellite Broadcasters Association of Asia (CASBAA) has urged Finance Minister Arun Jaitley to withdraw the royalties imposed on foreign satellite operators (FSO) by the Finance Act 2012 and 2013 and let the matter be settled by the Supreme Court which is presently hearing a matter in this regard.

     

    The Delhi High Court had in January 2011 held in the case of Asia Satellite Telecommunications company Limited (AsiaSat) that the charges received by the Hong Kong based FSO from its customers for provision of transponder capacity cannot be characterised as ‘royalties’ under the Income Tax Act as it stood prior to the amendment in 20l2. It was held by the court that the equipment was used by the FSOs to provide a service to their customers and so the question of royalty taxation did not arise.

     

    The memorandum by CASBAA CEO Christopher Slaughter says that this view of the High Court was in conformity with the international jurisprudence and model commentaries issued by international tax bodies and renowned jurists / authors and was also followed in case of other FSOs by the High Court and Income Tax Appellate Tribunals.

     

    However, the memorandum sent to Jaitley with a copy to Information and Broadcasting (I&B) Minister Prakash Javadekar points out that the matter has become sub judice as Income Tax authorities have filed an appeal against this judgment in the Supreme Court.

     

    I&B Ministry sources told indiantelevision.com that CASBAA has also protested the rise in royalty under the Finance Act 2013 from 10 per cent to 25 per cent as it is not reasonable in view of the competitive margins earned by the industry players. The Association wants the Minister to roll back this increase so that the tax rates are made ‘friendlier’ and both the operators and consumers can benefit from a rational tax regime.

     

    It is stated that a majority of the Double Taxation Avoidance Agreements (DTAA) that India has entered into provide for a tax rate (on gross basis) on royalties and fees or technical services of 10 per cent.

     

    Thus, taking a holistic view from the point of alignment with the DTAAs and internationally accepted tax rates, the rate of 25 per cent is highly unjust and implies that FSOs are earning high revenues from India which is not the case.

     

    Furthermore, any such step to increase tax rates is not right as the matter is sub judice in the Supreme Court. It not only makes the services ‘cost ineffective’ but hits the ultimate Indian end consumers.

     

    Slaughter points out that India’s participation in the global network of satellite communication is growing and any such move by the Indian Government to tax FSOs may also drive policy-makers of other nations to adopt similar measures for taxing payments flowing into India from foreign jurisdictions. 

  • News channels reform before Modi’s big Budget 2014

    News channels reform before Modi’s big Budget 2014

    NEW DELHI: The presentation of the general budget on 10 July morning by Finance Minister Arun Jaitley will perhaps be the most keenly watched analysis of the financial shape of the nation since the early 90s when the then Finance Minister Manmohan Singh presented his budget.

     

    This is also perhaps the first time in recent years that the budget is being presented by a man from the legal profession.

     

    Although only Lok Sabha TV has the permission to cover the budget live from inside the portals of Lok Sabha, almost every channel in the country – and certainly every business channel – will be taking the beam from Lok Sabha TV and then adding its own analysis programmes.

     

    CNBC TV18, Doordarshan News, Times Now, and most other News channels plan to commence the discussion on the budget from around 8.00 am with experts talking about expectations, and then beaming the live presentation from 11.00 am onwards.

     

     The entry of websites like moneycontrol.com and economylead.com streaming the budget and by social media will be an added feature this year, as many websites have already announced plans in this regard.

     

    With the new dispensation in place, the aspirations of the common man are soaring high and many are wondering whether the ruling Bharatiya Janata Party will live up to its slogan of ‘Acche din aaney waley hain.’

     

    The presentation is expected to be followed soon after by the reaction of Prime Minister Narendra Modi on Doordarshan and Lok Sabha TV and an exhaustive interview of Jaitley about his budget on Doordarshan.

     

    In addition, channels will cover live the press meet by senior Finance Ministry officials in the afternoon about the various facets of the budget.

     

    The coverage on CNBC TV18 will be led by Shereen Bhan, on Times Now by Arnab Goswami, and on NDTV 24×7 by Prannoy Roy. Times Now has articulated its standpoint by saying ‘Everyone deserves a piece of this super budget. Get Yours.’ The channel though also warns that it may be a bitter pill.

     

    Other channels like CNN-IBN, Aaj Tak, ABP News, Sahara Samay, P-7, News X and others have also lined up experts who will analyse the budget. The channels will also have teams that will go to Parliament House premises to get the reactions of various political leaders.

     

     For the business channels, it will be a particularly exhaustive day as they will also have a link with the National Stock Exchange and Bombay Stock Exchange to get the latest ups and downs.

     

     Zee Business which is a Hindi business News channel will telecast the pre-Budget discussions and analysis from 7.00 am onwards and will bring in live and uninterrupted coverage of the Budget Speech. The channel will articulate, analyse and keep the common man abreast of all the impacts that Budget is going to have on their daily lives.

     

     Interestingly themed as the ‘Abki baar, sapne sakaar,’ Zee Business will have expert panels, business leaders and corporate captains throughout the day to give their expert advice. After the Finance Minister’s speech, Zee Business will undertake a series of power packed Budget Bulletins. Some of these bulletins will comprise high power panel discussions and will involve expert comments from the nation’s top business leaders and policy makers.  Some of the key Ministers holding important portfolios have already appeared and shared their views, and will also do so during post-Budget analysis programmes. They include Power, Coal, New & Renewable Energy Minister Piyush Goyal, Information & Broadcasting Minister Prakash Javadekar and Commerce & Industry Minister Nirmala Sitharaman.

     

    Special shows have been conceptualised with thorough research from the industry point of view without losing the ground reality and its impact on the common man. Expert opinions, industry perspective viz–a–viz market reaction and informative bulletins will be telecast.

     

    Zee Business will also organise a viewer’s engagement programme throughout the day from different parts of the country where commoners get a voice to air their reaction and feedback on the pertinent issues on budget.

     

     Zee Media CEO Samir Ahluwalia said, “With clear understanding of the expectations of the India Inc. as well as indications of the common man, Zee Business is poised to present a comprehensive Budget coverage. Through special programming and initiatives focusing on budget expectations, analysis and impact, Zee Business will once again ensure specialised coverage on Budget Day.”

     

    Added CNBC-TV18 managing editor Shereen Bhan, “The key question we will be asking is if the budget will be able to deliver. There will be a sharp focus on market reactions, the stance taken by other countries giving India a thumbs up and about investment in domestic capital. We will analyse the long term and short term ideas the government has as well as the reforms that will be taken up to revive the economy.”

  • Axe The Tax on CNN-IBN

    Axe The Tax on CNN-IBN

    MUMBAI: As the Narendra Modi-led NDA government prepares to set out its economic agenda for the nation, ‘Axe The Tax’, CNN-IBN’s award-winning initiative returns to highlight 5 tax clauses which should be amended in order to provide benefit to the common man. Commenced in 2007, this unique initiative has not only garnered immense popularity among viewers but has also been lauded and awarded by critics through the years.

     

    As an integral part of ‘Budget of Hope’, the channel’s umbrella Budget programming, this one-of-its-kind initiative gives the common people a platform to voice their concerns against unfair tax clauses and takes their ideas and suggestions directly to the honourable Finance Minister for consideration. For seven years now, we have presented these suggestions to the Finance Minister – many of these have even resulted in policy level changes.

     

    Speaking on this unique programming, Rajdeep Sardesai, Editor-in-Chief, IBN Network, said “Budget 2014 is truly a ‘Budget of Hope’ for the citizens of India. With the recent hike in Railway fare and duty on sugar imports, all eyes are now set on Budget day to find out what else the Finance Ministry has in store for them. ‘Axe The Tax’ is an endeavour from CNN-IBN to empower ordinary citizens to raise five tax related issues that need to be addressed by the newly elected government, and it will certainly emerge as a masterpiece within our unparalleled Budget programming.”