Citizens' Issues
Fighter jet lands on Yamuna Expressway
A Mirage-2000 fighter plane of Indian Air Force (IAF) landed on the Yamuna Expressway on Thursday and the IAF said it was a display of the capability to land fighter jets on highways.
 
"The IAF has been considering the use of national highways for emergency landing by fighter aircrafts," an IAF official said.
 
The official said the capability was displayed by the Mirage-2000, which got airborne from a base in 'central India'.
 
The official added the exercise was done in coordination with district administration of Agra and Mathura, and all necessary security preparations were in place.

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Nifty, Bank Nifty, Sensex still on an uptrend – Wednesday closing report
A close below 8,375 may mean a short-term reversal for Nifty
 
We had mentioned in Tuesday’s closing report that the uptrend on NSE’s CNX Nifty may continue as long as it stays above 8,300. The 50-stock benchmark opened Wednesday with a gap up and moved in a range up to 12.10pm, after which it got a minor jolt taking it to the day’s low. This was followed by a movement in a narrow range.
 
The S&P BSE Sensex opened at 27,749 while Nifty opened at 8,393. The 30-stock Sensex moved in the range of 27,744 and 27,903 and closed at 27,837 (up 192 points or 0.69%). Nifty moved between 8,391 and 8,440 and closed at 8,423 (up 58 points or 0.69%). Bank Nifty opened at 18,433 which was also the day’s low the index moved upto 18,620 and closed at 18,555 (up 175 points or 0.95%). NSE recorded a volume of 65.03 crore shares. India VIX fell 3.02% to close at 17.7175.
Reserve Bank of India (RBI) Governor Raghuram Rajan’s comment that inflation has come down sharply added to the upmove today; possibly the marketmen felt that a rate cut is on the way. However, Rajan also mentioned that the rate cut is not enough to spur growth. What is needed is higher consumer demand, he said. 
 
Credit rating agency CRISIL Tuesday said that it believes that India's growth is on a slow grind up in the short term and will touch 7.9% in 2015-16 if monsoon is normal; else it would flat-line at 7.4%. According to the rating agency, a meaningful recovery in capex is not expected until fiscal 2017.
 
Indian economy is expected to expand at 8.5%-9% over 10-15-year timeframe once the structural issues hampering growth are addressed by the government, Finance Secretary Rajiv Mehrishi said on Wednesday.
 
Coming back to the stock markets, Trent (8.44%) was the top gainer in ‘A’ group on the BSE, while PMC Fincorp (9.82%) continued to be top loser in the group.
 
HDFC (2.11%) was the top gainer in the Sensex 30 pack, while Bajaj Auto (2.22%) was the top loser in pack.
 
On Tuesday, US indices closed flat. The US government reported that builders started work on new houses at the fastest pace in seven years. Housing starts jumped 20.2% to an annual rate of 1.1 million homes, the fastest clip since November 2007.
 
Chicago Federal Reserve President Charles Evans reportedly said in Munich that a hike in US interest rates is not likely to be appropriate until early 2016.
 
Asian indices showed mixed performance. Seoul Composite (0.88%) was the top gainer, while Straits Times (0.42%) was the top loser.
 
Data showed that Japan's economy grew at its fastest pace in a year during the first quarter. Japan's real gross domestic product grew 2.4% in annualised terms in the first three months of 2015, the government said, much stronger than a revised 1.1% expansion in the previous quarter.
 
Greece government's parliamentary speaker Nikos Filis reportedly told a television channel that Greece will not make a payment to the International Monetary Fund that falls due on 5 June 2015, if there is no deal with its creditors by then.
 

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Education cess ineffective from June 1

The basic rate currently is 12% and the education cess is at 3% of the basic tax, for a total of 12.36%

 

The currently levied education cess and secondary and higher education cess would become ineffective from June 1 as they would be subsumed in the service tax rate of 14 percent notified by the Central Board of Direct Taxes, the finance ministry said on Wednesday.
 
"The provisions levying education cess and secondary and higher education cess would also cease to have effect from June 1, 2015, as the same would be subsumed in the service tax rate of 14 percent," a statement here said.
 
"However, the date of giving effect to the provisions relating to imposition of a Swachh Bharat cess on all or any taxable service will be done in due course," the release added.
 
The basic rate currently is 12 percent and the education cess is at 3 percent of the basic tax, for a total of 12.36 percent.
 
Following Finance Minister Arun Jaitley budget announcement in February, the government has notified June 1, 2015 as the date from which the rate of service tax would go up from 12 percent to 14 percent.

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