Page 11 - Banking Finance November 2021

ROUNDUP

The Central Board of Direct Taxes, via a mechanism to indemnify from any backed company said this was unprec-
a notification, has extended the appli- possible future litigations. edented not just in the automotive in-
cability of Safe Harbour Rules (SHR) to The rules have nine specified condi- dustry, but also represented one of the
2020-21. tions as explanation for the law. Six of highest sales in a day (by value) for a

As per the notification, the rates un- these conditions prescribe that compa- single product in Indian e-commerce
der SHR applicable from 2016-17 to nies concerned will irrevocably with- history.
2018-19, and later extended to 2019- draw, discontinue and not pursue any "Day 2 of the EV era was even better
20, will continue to apply for 2020-21 law suits, arbitration, conciliation or than Day 1. Crossed Rs 1,100 crore in
as well. mediation either in India or abroad. sales in 2 days," tweeted Bhavesh
They will have to withdraw proceed-
Transfer pricing implies the prices at Aggarwal, co-chairman and group
ings to enforce or pursue attachment
which various overseas divisions of a in respect of any award against the chief executive officer, Ola.
company transact with each other. Republic and/or all Indian affiliates. Ola had announced in December 2020
Following international best practice, While two conditions are related with that it would be investing Rs 2,400
India introduced the concept of SHR in a structure for dealing with possible crore for setting up phase 1 of the fac-
Finance Act 2009.
litigations in future, the final condition tory. The Ola Futurefactory is coming
Post that, the first round of SHR provi- is on public declaration. up on a 500-acre site in Tamil Nadu. At
sions were introduced in August 2013 full capacity of 10 million vehicles an-
for a period of three years, followed by nually, it would be the world's largest
a revision in 2017 in the SHR which was GST mop-up grows 23% to two-wheeler factory and would handle
applicable till 2019-20. Rs. 1.17 trillion 15 per cent of the world capacity.
Central and state governments col-
Govt launches more initia- lected Rs. 1.17 trillion in goods and BSE adds 1 crore investor

tives under Ayushman services tax (GST) in September, a 23% accounts
Bharat scheme jump from the collections made a year
ago in what the central government Premier bourse BSE has added 1 crore
The centre launched additional initia-
called a sign of "fast" economic recov- registered investor accounts to its plat-
tives under Ayushman Bharat - ery. form between June 6 and September
Pradhan Mantri Jan Aarogya Yojana 21, taking the total to over 8 crore in
(AB PM-JAY) scheme such as Hospital Tax receipts in September showed a a span of just 107 days.
Help Desk Kiosk, Beneficiary Facilita- continued improvement since June
tion Agency, PMJAY Command Centre when receipts had fallen below the Rs. On June 6 this year, the exchange had
and Nudge Unit and revamped PM-JAY 1 trillion-mark due to mobility restric- said its registered user base has
technology platform. tions enforced to fight the second crossed the 7 crore (70 million) mark,
The initiatives will be undertaken by wave of the coronavirus pandemic, which was an addition of 2 crore reg-
the National Health Authority, the data released by the Union finance istered investor accounts in a little over
implementing agency for the scheme ministry showed. 12 months (from May 23, 2020).
for the ease of beneficiaries while Commenting on the achievement of
availing healthcare services under the Ola sells electric scooters crossing the 8 crore registered inves-
scheme. tor accounts, BSE MD and CEO
worth Rs. 1,100 crore in 2
Ashishkumar Chauhan said equity in-
Fin Min notifies rules to days vestments, whether directly or through
bury retro taxation Ola Electric, the ride-hailing firm's elec- mutual funds, are gaining ground over

The Finance Ministry has notified rules tric vehicle arm, said that it sold e- last one-and-a-half years due to vari-
to implement the new law burying ret- scooters worth over Rs 1,100 crore in ety of reasons globally, and the domes-
rospective taxation. These propose a just two days, during its sale of Ola S1 tic market is also following this world
framework to end past litigations and and S1 Pro scooters. The SoftBank- trend.

BANKING FINANCE | NOVEMBER | 2021 | 11