Gujarat Chamber of Commerce & Industry

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Thu, 01 January 1970

Trade & Industry

Cabinet clears Model Shops and Establishments Act

The Union Cabinet has cleared the Model Shops and Establishments Act, which proposes to allow malls, cinema halls, restaurants and other retailing establishments to remain open on all days. The Cabinet approval, however, does not mean it has become a law as the onus will be on the state governments to adopt the central governments proposed model Act for retailing. The Act will also not go to the Parliament as it is just a model legislation and is not binding on states. Retailers say that when fully adopted, it will give a boost to retailing in India.

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Cabinet clears Mineral Exploration Policy; Private investments to get a push

The Cabinet has overhauled Indias mineral exploration policy to accelerate the development of the countrys untapped reserves of iron ore, gold, diamonds, limestone, tungsten and other minerals by luring private participation with attractive terms for sharing revenue. The new mineral exploration policy, paves the way for auctioning 100 mineral exploration blocks.

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GAAR not to apply on income from investments before April 1

To clear the air on retrospective applicability of the stringent anti-avoidance GAAR rule, the I-T department has said the same will not apply to income from transfer of investments before April 1, 2017. General Anti-Avoidance Rule (GAAR), which will kick in from April 1 next year, contains provisions to prospectively tax overseas deals involving local assets and are aimed at minimizing tax avoidance and evasion by entities based in tax havens.

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Economic & Finance

India ranks low at 105th on human capital index, Finland tops

India was ranked low at 105th position globally on a worldwide Human Capital Index, which measures countries ability to nurture, develop and deploy talent for economic growth and was topped by Finland. India ranks much below Chinas 71st position while Bangladesh, Bhutan and Sri Lanka are also placed higher on the index released by World Economic Forum (WEF)

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7th Pay Commission recommendations approved by Cabinet

7th Pay Commission recommendations have been approved by PM Narendra Modi-led cabinet. The acceptance of 7th Pay Commission recommendations will be a big boost for consumption demand in the economy. The government has approved a minimum pay hike of 20% and a maximum of 25%. The 7th Pay Commission’s recommendations are effective from January 1, 2016.

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