Regulations
SC firm on environment levy collection from 1st November

The court had said that charge would be collected by the toll operators without any deduction and handed over to the Delhi government on every Friday

 

The collection of environment compensation charge (ECC) from commercial vehicles entering Delhi from 127 entry points will commence from midnight of October 31 as the Supreme Court refused on Friday to postpone the date from November 1 to December 1.
 
A bench of Chief Justice H.L. Dattu and Justice Amitava Roy, while directing hearing of the plea by toll collector SMYR Consortium Ltd seeking postponement of the toll collection from November 1 to December 1, said that the collections would commence from November 1 as directed earlier on October 9.
 
Appearing for SMYR Consortium Ltd, senior counsel Shyam Divan urged the court to postpone the collection citing difficulties that needed to be sorted out before commencing work.
 
SMYR Consortium Ltd collects toll on behalf of three of Delhi's civic bodies on 125 entry point except for Badarpur and NOIDA toll.
 
However, Additional Solicitor General Tushar Mehta, appearing for North Delhi Municipal Corporation, opposed the plea for postponement saying the collection of ECC was for larger public good and could not be postponed for some difficulties of SMYR Consortium Ltd.
 
In an attempt to curb the commercial vehicles contributing to the already alarming air pollution, the apex court had on October 12 imposed an ECC of Rs.700 on light vehicles and 2 axle trucks and Rs.1,300 on 3 and 4 axle trucks entering the national capital in the course of their onward journey.
 
The ECC that would be imposed for four months on experimental basis would come into force from November 1 and would remain in force till February 29.
 
The court had said that charge would be collected by the toll operators without any deduction and handed over to the Delhi government on every Friday.
 
The amount so collected ought to be exclusively used for augmenting public transport and improving roads, particularly for most vulnerable users, that is, cyclists and pedestrians in Delhi, the court order had said.
 
The order had come as the court noted that about 23 percent of the commercial vehicles and 40-60 percent of the heavy trucks entering Delhi were not destined for Delhi, and were only enttering the city to avoid the alternative NH 71 and NH 71A connecting Rewari to Panipat via Jhajjar and Rohtak as they are toll roads.
 
Passenger vehicles and ambulances, vehicles carrying essential commodities like food stuffs and oil tankers entering Delhi would be exempted from paying ECC.
 
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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Nifty, Sensex weak – Weekly closing report
While Nifty may bounce back during the week, the rallies will be met by selling until Nifty reclaims 8,200
 
We had mentioned in last week’s closing report that Nifty, Sensex are buoyed by global stimulus but that Nifty has to stay above 8,200 for the rally to continue. The rally however, failed to continue and the major indices in the Indian stock markets made losses in every day of the week’s trading. With the US Federal Reserve warning about a possible interest rate hike in December 2015, the bears have taken control. The weekly trends of the major indices are given in the table below:
On Monday, the market failed to maintain its bullish trend and the major indices were found to be moving sideways. A Chinese stimulus, domestic quarterly results and a US decision on a rate hike, coupled with the expiry of derivatives were expected to drive Indian equities markets. As expected, the major indices in the Indian market opened on a higher note, but could not sustain the advantage and retreated to the listless trends of the previous week, leading to the indices closing with small losses.
 
On Tuesday, the indices were in a tight band, with little scope of immediate upswing. Trading volumes were also on the lower side in the Indian stock markets. The indices closed less than 0.50% (down) at the end of the day.
 
Finance Minister Arun Jaitley on Tuesday exuded confidence that the government will achieve the fiscal deficit target of 3.9% in the current financial year. "I have consciously kept this year a very modest target of 3.9%. The manner in which tax revenues and expenditure are moving, I don't think this will be difficult to meet," Jaitley said at the five-day India-Africa Forum Summit (IAFS). He said there was a better collection of revenues during the first six months of the current fiscal, and that he hoped the same for the remaining two quarters of 2015-16. Jaitley ruled out any possibility to slash expenditure either of state governments or that of various central ministries. "I don't think this year we have to cut down expenditure of either state government or public expenditure of the central ministries as it is moving ahead of our target as far as indirect taxes are concerned," the minister said.
 
On Wednesday, the major indices in the Indian stock markets declined sharply. The day’s high of the Nifty was just 8,209.10, showing the struggle to even achieve Tuesday’s low. Bank Nifty fell by as much as 2.43%. Fearing that the US interest rates may go up, based on the US Federal Reserve decision on monetary policy, Indian stock market participants were cautious and there was a fall in the major indices by 0.75%-0.80% at the end of the day’s trading. Foreign funds were net sellers of shares worth $10.87 million.
 
On Thursday, negative global cues from US and Asia led the major indices in the Indian stock markets to a downward trend. The US Federal Reserve decided to leave the interest rates unchanged in its monetary policy meeting for its country. The Fed warned that it may raise interest rates in its December 2015 meeting. This warning adversely affected investor sentiments in Asia and India. The price of the OPEC basket of twelve crudes stood at $43.20 a barrel on Wednesday, compared to $42.40 on Tuesday, up 1.89%. Gold prices fell 1% on Wednesday, in the metal's weakest session in a month, as the market turned lower after the US Federal Reserve left the door open to a possible interest rate hike in December and the dollar hit a 2-1/2-month high. If the US Federal Reserve sticks to its warning in December 2015, the rupee is likely to come under pressure.
 
On Friday, the downward trends of the previous day of the indices continued and the indices closed with small losses. Bank Nifty however, rose by 0.83% to close at 17,354.50.
 
Out of the 27 main sectors tracked by Moneylife, top five and the bottom five sectors for this week were:
 

 

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'Round four of coal block auctions likely in 15 days'
The government plans to auction 11 coal blocks in a fourth round of bidding that is likely to start in another 15 days, Coal Secretary Anil Swarup said on Friday.
 
"In another 15 days, about 8 to 11 coal blocks would be auctioned. We have to take a call. There are issues in a few blocks," Swarup told reporters on the sidelines of a conference here.
 
Coal and Power minister Piyush Goyal recently said that preparations for the fourth round of auctions were in the final stages.
 
The first three rounds of auctions as well as allotment of mines, whose previous allotments had been cancelled by the Supreme Court last year, had brought the mine bearing states total revenues of over Rs.300,000 crore.
 
The mines up for auction are all "captive" category, for use by the unregulated sector to manufacture products like cement, aluminium, steel and iron.
 
Though the auction of 10 mines were listed for the third round that took place in August, legal and other issues forced the government to put up only three mines for bidding, leading to the realisation of around Rs.4,300 crore from the last round.
 
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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