World
Royal Nepal flight makes emergency landing at IGI Airport
A Royal Nepal Airlines Delhi-Kathmandu flight carrying 160 passengers made an emergency landing at the IGI Airport here late Sunday evening, said airport sources. All passengers and crew were safe.
 
According to airport sources, the flight took off from the IGI Airport at 8 p.m. for Kathmandu.
 
"Due to a techical glitch the flight had to return back to IGI Airport and landed back around 8.30 p.m.," a source told IANS.
 
Sources further said that soon after the landing, a tyre burst occurred, forcing the aircraft to stop on the taxi-way.
 
"The aircraft landed at runway number 28. At the time of taxiing, a tyre burst occurred," said a source.
 
The taxi-way was unserviceable after the incident for some time but airport operations remained normal.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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COMMENTS

SRINIVAS SHENOY

3 months ago

What do you think?... Write your comments. The airport authorities at IGI airport have done a commendable job as though the taxi way was unservicable after the incident, the airport operations remained normal, which often would have resulted in disruption of services.

Government notifies GST Council, in effect from Monday
Following presidential assent last week to the GST Bill, the Union Finance Ministry on Monday notified the provisions of the Constitution Amendment Act that allows for setting up the Goods and Services Tax (GST) Council.
 
"The Central Government hereby appoints the 12th day of September, 2016 as the date on which the provisions of section 12 of the said Act shall come into force," a ministry notification said.
 
According to the provisions of the Constitution Amendment Act, the GST Council will have to be set up within 60 days of its notification. 
 
It is to be chaired by the Union Finance Minister and will include State Ministers as members.
 
The GST Council will decide on the tax rate, will recommend the taxes to be subsumed and exempted from GST, the rates of taxation and the model Central, State and Integrated GST laws.
 
It will also decide the threshold for levy of the tax, as well as the dispute resolution mechanism, among other important issues.
 
Noting that 20 states had already ratified the GST, President Pranab Mukherjee said in Chennai on Saturday that it was the GST Council's responsibility to have one uniform rate of GST tax to be introduced all over India.
 
The government targets to implement the new pan-India indirect tax regime from April 1, 2017. 
 
The Centre will have to pass the Central GST and Integrated GST Bills, while the states will need to approve their respective GST legislations.
 
The GST is a single indirect tax that proposes to subsume most central and state taxes like Value Added Tax, service tax, central sales tax, excise duty, additional customs duty and special additional customs duty.
 
The states will, however, be able to adopt a GST structure that is different from that recommended by the GST Council. The council recommendations will not be binding on the states.
 
The Bill says the GST Council will make recommendations to the Centre and the states on issues such as taxes, cess and surcharges that might be subsumed in the GST tax rate. Parliament and state assemblies have the right to accept those recommendations in their GST Bills.
 
While the pan-India overhaul of India's indirect tax regime has got the mandatory support of more than half the states, Tamil Nadu's ruling AIADMK had walked out before the voting on the Bill began, both in the Rajya Sabha and the Lok Sabha.
 
The party had wanted some changes in the Bill, such as imposition of four per cent additional tax on inter-state trade and transfer of money thus collected to the state of origin of the goods.
 
The Centre is to compensate the states for revenue losses for the first five years after the implementation of the GST if the states' revenues come down under the new tax regime.
 
Meanwhile, at a meeting here with the Empowered Committee of State Finance Ministers on GST last month, India Inc pitched for an 18 per cent standard rate on the ground that this rate will generate adequate tax buoyancy without fuelling inflation.
 
The opposition Congress had earlier demanded an 18 per cent cap on the GST rate.
 
The Federation of Indian Chambers of Commerce and Industry (Ficci) suggested that to check inflation and the tendency to evade taxes "the merit rate should be lower and the standard rate reasonable".
 
"As per the current indications and reports, goods will be categorised as being subject to merit rates (12 per cent), standard rates (18 per cent) and de-merit rates (40 per cent)," Ficci said in a release following a meeting here with the Empowered Committee.
 
"Certain goods will be exempted from the GST while bullion and jewellery will be charged at one-two per cent," it said regarding classification of goods for applying GST rates.
 
On the implementing of GST, Ficci said that in order to provide adequate time to trade and industry to prepare "for a hassle-free rollout of the GST regime", a minimum of six months should be permitted from the date of the adoption of the GST law by the GST Council.
 
"Additional time would be required in case the GST law as passed by Parliament or state legislatures is significantly different from the one adopted by the GST Council," the statement added.
 
In a meeting here with Revenue Secretary Hasmukh Adhia last month, industry chambers had expressed concerns about the draft GST law, flagging issues like dual administrative control and wide discretionary powers for tax authorities.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Will the strong coal price rebound sustain?

Asia’s policy-fuelled coal-price rebound may fade away, as demand is likely to remain sluggish, says a research note. Fitch Ratings, in the report says that it believes the strong gains in Asia thermal-coal prices in recent months – with the benchmark Newcastle 6,000kcal/kg coal price having appreciated 32% in August 2016 and averaged $54.2 per metric tonne – are unlikely to be sustained as they were driven more by production regulations than demand fundamentals. Demand continues to be weak, with China coal consumption having fallen 4.6% yoy in first half of 2016 and India imports down.

"Supply-demand dynamics remain unbalanced in Asia’s thermal-coal mining industry, while the pricing outlook is highly subjective to policy risks. We believe Shenhua’s strong balance sheet and vertical integration will allow it to maintain a strong credit profile. However, high debt levels and weak liquidity – including refinancing risks – continue to weigh on the credit profiles of PT Indika Energy Tbk (CCC) and Yanzhou Coal," the ratings agency says.

 
Fitch, talking about the situation in India, says the country is on its way to boost self-sufficiency in coal, with a 5.1% yoy gain in production in first half of 2016. It says, "The higher prices of seaborne coal prompted power plants to increase the use of domestic coal, causing first half of 2016 imports to drop 13.1%. The doubling of the volume-based clean-energy tax in February 2016 increased demand for high calorie-value coal, as evident from increased imports from South Africa (+26%) and Australia (+1%) at the expense of low-grade Indonesian coal (-22%) in May 2016."
 
 
China’s coal production dropped 9.7% in the first half of 2016, as the government slashed the number of working days to 276 a year from 330 in April 2016. Tightened supply caused imports to rise 8.2% in first half of 2016; they dipped 0.2% in July as seaborne coal prices edged up. Available supply remains sufficient even after as only 95 tonnes of excess capacity, or 2% of China’s annual production, were eliminated in July 2016. China is considering increasing flexibility in working-day controls if prices rise too steeply, according to government officials.
 
Indonesia is losing lustre of its low-grade coal, the ratings agency says, adding Indonesia’s coal production and exports continued to fall, contracting 10.5% and 14.3% yoy respectively in 4M16. "The clean-energy tax hike by Indonesia’s largest buyer, India, and the increased freight rates to date in 2016 have together dented the economic attraction of low-calorie-value coal. We expect domestic demand to increase as more coal-fired power-generation capacity comes on stream – but the pace may continue to be slower than government targets," Fitch says.
 

 

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