The Goa Mines and Geology Department will hold its third
e-auction of iron ore on May 12, wherein six lakh tonnes of ore, lying at
jetties and the Mormugao Port Trust (MPT) would be e-auctioned.
The State, through MSTC Ltd., has auctioned 1.62 million
tonnes of iron ore through two e-auctions in February and March, realising
around Rs.260 crore, which would go to the State treasury.
These e-auctions are held under the supervision of a
Supreme Court-appointed monitoring committee, headed by U. V. Singh.
The Supreme Court, partially relaxing its October 5 ban
on iron ore activities in the State, in December last had permitted the Goa
Mines Department to auction about 15 million tonnes of iron ore lying at
jetties, mining leases, plots, beneficiary plants and port, all under the
supervision of its committee.
However, on April 21, the apex court lifted its ban on
mining activities, but putting a cap of 20 million tonnes for annual
production and ruling that since the renewal of all the deemed mining leases
in the State had expired on November, 2007, and the operations carried out,
thereafter, have been termed illegal, the mining lessees will not be
entitled to the sale value of the ore sold in e-auction but to the
approximate cost (not actual cost) of the extraction of the ore.
Making government the custodian of the money collected
through e-auction, the court directed the State to pay 50 per cent of wages
of all the workers who were laid off or were not paid salaries since the
time the mining operations were suspended.
As they continue their efforts to clamp down on the
menace of black money, India and other countries will have to wait at least
till 2017 before the new global standard for automatic exchange of tax
information comes into effect.
India, Switzerland and 45 other nations had agreed upon
automatic exchange of tax information, which is seen as a major step forward
in global efforts against banking secrecy practices.
Paris-based Organisation for Economic Cooperation and
Development (OECD) sets the global tax standards and frames conventions
against tax frauds, among others.
The new standard, expected to be finalised in September
this year, provides for exchange of information on bank account balances,
interests, dividends, other financial income and sales proceeds to compute
possible capital gains.
By becoming part of the declaration, these countries have
committed to implemen-ting automatic exchange of tax information. The
declaration also comes as a boost for India, which is making efforts to get
details from Switzerland on alleged illicit funds stashed away by Indians
Automatic exchange of information would allow for
"collecting all bank information on non-resident to pass this information on
to the countries of residence of these taxpayers so that they can no longer
hide money on offshore accounts.
The standard was developed at the OECD and endorsed by
the G20 Finance Ministers.
Novartis AG agreed to buy GlaxoSmithKline Plc's (GSK's)
cancer-drug business for as much as $16 billion, form a consumer-health
venture with GSK and sell its animal-health operations to Eli Lilly and Co.
for $5.4 billion in an overhaul of the Swiss drug maker.
Novartis also will sell its vaccines business, excluding
the flu operations, to GSK for $7.1 billion, the Basel, Switzer-land-based
company said in a statement on Tuesday. That includes royalties and as much
as $1.8 billion payments based on the achievement of certain business goals.
The transactions culminate a process that began last year
when Novartis chief executive officer Joe Jimenez began reviewing the
company's smaller businesses for possible sale.
GSK and Novartis's consumer-health venture will have
about £6.5 billion ($10.9 billion) in revenue, GSK said. GSK will have
majority control, with an equity interest of 63.5%.
The venture brings together brands including Novartis's
Excedrin painkiller and GSK's Sensodyne toothpaste. GSK's vaccines purchase
will add Bexsero for meningitis to its Cervarix for human papillomavirus.
An RBI panel made a case for centralised bill payment
system catering to different financial instruments, like cheques, debit
cards and mobile banking.
In order to ensure uniform and efficient implementation
of operations of the bill payments system in the country, standards have to
be set for process standards, business standards for establishing the
relationship between all entities, and information exchange standards for
trans-actions as well as settlements.
The RBI has sought comments on the Report of the GIRO
Advisory Group till May 25. This centralised bill payments system, it said
will provide accessible services across all parts of the country through a
strong network of operational units/agents who will ensure in making this
service accessible in urban as well as rural areas.
The report further said the standard setting role/
function has to be distinct from the operational aspects of the bill
Currently, the payment system in the country offers a
variety of payment instruments to the public, like cheques and various
e-payment modes in the form of credit cards, debit cards, pre-paid payment
instruments (including mobile wallets) issued by both banks and authorized