AERO India-2015: A Preview

AERO India-2015: A Preview

Bolstering “Make in India” theme in defence manufacturing -- Aero India-2015 -- the 10th international edition of the aerospace and aviation exhibition at Bengaluru from February 18-22, will also include sectors like defence manufacturing and airport infrastructure besides aerospace, defence and civil aviation.

Describing the biennial event organized by Defence Exhibition Organisation (DEO) under the aegis of Ministry of Defence as being one of the largest premium airshows in Asia, Secretary (Defence Production) Shri G Mohan Kumar outlined the impetus of the “Make in India” initiative during the forthcoming edition of the event.

“We want to set ‘Make in India’ as the major theme of the exhibition and see ‘Make in India’ progress in the defence sector also,” Secretary (DP) Shri Kumar said at a curtain raiser for Aero India 2015 in New Delhi, today.

Prime Minister Shri Narendra Modi will inaugurate the premium air show. Besides 54 ministerial and other high-level delegations from several countries that are slated to attend the inaugural event, the exhibition will also see participation by over 600 companies, including 295 Indian and 328 foreign companies.

With 64 companies, USA is the leading participant in the exhibition among the 33 other countries participating. Others who are fielding more than 15 companies include France (58), UK (48), Russia (41), Israel (25) and Germany (17).

The pre-eminence of the exposition has grown manifold since the inaugural exhibition in 1996. Around 300 CEOs from Indian and foreign industries are expected to attend the event. Business-to-business (B2B) and round-table meetings of Indian companies with those of Israel, UK and Poland will also be held at the event.

Heads and senior representatives from the Indian Armed Forces and Paramilitary Forces besides Service Chiefs from nine foreign countries are also among those attending the event.

For the first time few states who want to be partners in defence production and are keen to set up defence-related industry and SEZz are also participating in the exhibition. These include Karnataka, Gujarat and Andhra Pradesh.

A “Make in India” Defence Manufacturing Investors Summit and Global CEOs Conference to be chaired by Defence Minister is also being held for the first time during the air show.

Speakers from leading Indian Defence Industries including TATA, Mahindra, L&T, Adani, Bharat Forge and Presidents’ of leading Indian Business Chambers (CII, FICCI, ASSOCHAM and PHD) will also share their vision on defence manufacturing in India.

Role of cyber security in defence, aerospace and civil aviation, public-private partnership, integrating Indian aerospace industry into a global supply chain, creation of infrastructure and enhancing regional-rural connectivity, empowering and incentivizing Indian MSMEs in defence and aerospace sectors, using defence offsets to create a vibrant domestic defence industrial base are among some of the topics to be featured at the CII, FICCI and PHD held airshow seminars.

Even as the number of business visitors is expected to rise by nearly 50 per cent from the last edition to 1,50,000 this year, the air show is invariably a huge attraction for aviation aficionados who throng to the event to witness the static and air display by various aircraft including fighter, transport, helicopter and aerobatic display teams.

While the number of aircraft participating in static and air displays is tentatively 72, scintillating and enthralling displays by Indian Air Force Sarang Team, air display teams from Sweden, UK, Czech Republic and open sky jump by USA Special Forces are among the major attractions at Aero India-2015.

Among the foreign military aircraft that will be seen at the airshow include F-15C Eagle, Lockheed F-16C, Boeing KC-135, Boeing C-17 A Globemaster III, Boeing P-8A Posedon, Rafale Dassault and Emb-145 I.

The foreign civil aircraft participation includes PC-12 NG, Falcon 2000, Phenom 100E, Boeing B 75, Boeing A 75, Viking, Catwalk, WASP, RRJ 95, EMB 505, Bell 407 GX Helicopter, King Air 350 ER, 19-seater Turbo Prop AI Industry, Z Lin Z 50 LX, Oma Sud Sky Car, Falcon 7 X and Dornier 228-New Gen.

Air MSHL Sukhchain Singh Appointed As
Commodore Commandant of AFTC, Bengaluru

Air Marshal Sukhchain Singh Air Officer-in-charge, Maintenance Air Headquarters (VB) has been appointed as the Commodore Commandant of Air Force Technical College (AFTC), Bengaluru.

The Air Marshal was commissioned on 02 July 79 and underwent training at AFTC as an officer of 16thAeronautical Engineering (Electronics) course. The Air Officer is a recipient of the President’s Plaque for being the Best All Rounder of the passing out course from AFTC. In addition, he was also awarded the Chief of the Air Staff Medal for first in order of merit in AE(L) branch and General Service Training (GST).

He is a graduate in Electronics and Communication from REC Kurukshetra (now NIT) and a post graduate in Integrated Electronics from IIT Delhi. He is also an alumnus of the prestigious Defence Services Staff College, Wellington. He was awarded the Ati Vishisht Seva Medal in Jan 2015 and Vishisht Seva Medal in January 1999 for his distinguished service in IAF. He has rich experience in the field of maintenance management of aircraft, radars and guided weapons.

Prior to assuming the present assignment as Air Officer-in-Charge Maintenance at Air HQs, the Air Officer has held various important staff and field appointments notably, Senior Maintenance Staff Officer at Maintenance Command, Assistant Chief of Air Staff (Engineering B) at Air HQ, Senior Maintenance Staff Officer (SMSO) at South Western Air Command (SWAC), Chief Engineering Officer of an Air Base and Chief Research & Projects Officer at Aircraft Systems Testing Establishment, Bengaluru


Auction for Sale (Re-Issue) of Government Stocks

  The Government of India have announced the Sale (re-issue) of (i) “8.27 per cent Government Stock 2020” for a notified amount of Rs. 3,000 crore (nominal) through price based auction,
(ii) “8.60 per cent Government Stock 2028” for a notified amount of  Rs. 5,000 crore (nominal) through price based auction, (iii) “8.24 per cent Government Stock  2033” for a notified amount of Rs. 2,000 crore (nominal) through price based auction, and (iv) “8.17 per cent Government Stock 2044” for a notified amount of Rs. 3,000 crore (nominal) through price based auction. The auctions will be conducted using multiple price method. The auctions will be conducted by the Reserve Bank of India(RBI), Mumbai Office, Fort, Mumbai on February 13, 2015 (Friday).

                            Up to 5% of the notified amount of the sale of the stocks will be allotted to eligible individuals and Institutions as per the Scheme for Non-Competitive Bidding Facility in the Auction of Government Securities.

                               Both competitive and non-competitive bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system on February 13, 2015. The non-competitive bids should be submitted between 10.30 a.m. and 11.30 a.m. and the competitive bids should be submitted between 10.30 a.m. and
12.00 noon.  

                             The result of the auctions will be announced on February 13, 2015 and payment by successful bidders will be on February 16, 2015 (Monday).  

                            The Stocks will be eligible for “When Issued” trading in accordance with the guidelines on ‘When Issued transactions in Central Government Securities’ issued by the Reserve Bank of India (RBI) vide circular No. RBI/2006-07/178 dated November 16, 2006 as amended from time to time.

Government of India, Ministry of Finance,Department of Economic Affairs

North Block, New Delhi-110001


FM: Global Situation is Favourable to the Country as more and more Investors are Showing Curiosity and Interest in India;

Our Major Challenges will be to Boost Investment Especially in Infrastructure Sector and Give Further Boost to Both Manufacturing and Agriculture Sector Among Others

The Union Finance Minister, Shri Arun Jaitley said that overall economic situation in the country is looking better and basic parameters of Indian economy are moving in the right direction. Shri Jaitley said that current account deficit will be under control and will try to keep fiscal deficit also within the prescribed limit. The Finance Minister said that the growth rate would be better than the last year as per the old system. The Finance Minster was making the Opening Remarks at the First Meeting of the Parliamentary Consultative Committee attached to his Ministry held here today to discuss ‘Suggestions for the Budget’.

The Union Finance Minister Shri Jaitley further said that the global situation is favourable to the country as more and more investors are showing curiosity and interest in India. The Finance Minister said that our major challenges will be to boost investment especially in infrastructure sector and give further boost to both manufacturing and agriculture sector among others. Regarding bringing back the black money stashed abroad, the Finance Minister said that India will soon become part of international consortium where the focus would be on automatic transfer of information which would in turn help the Government in getting easy access to such foreign accounts of Indian residents.

Most of the members of the Consultative Committee congratulated the Government for the gradual turn-around of the Indian Economy taking place and also welcomed the increased inflows of FDIs and FIIs during the current year. Various suggestions were given with regard to the forthcoming Union Budget by the participating members which include significant increase in allocation for judicial sector for setting- up fast track courts in order to clear the heavy back log of pending court cases in various courts; abolition of differential import tax levied on end use basis as this leads to misuse and corruption, steps be taken to broaden the tax base and impose small tax at flat rate on everyone including small businessmen so that everyone is a stakeholder in the country’s development. It was also suggested to make big ticket announcements by the Finance Minister in his Budget Speech including policy reforms to keep the optimism going on.

Other suggestions included focus on inland waterways, rationalization of subsidies including in case of urea leading to its excessive use which in turn spoiled the quality of land and brought down the productivity, more concession for migrant workers and agricultural labourers, incentives for modernization of agriculture to make it viable, focus on creating strong rural infrastructure, incentives for agri-exports, moré tax benefits to cooperative sector, incentivize use of ethanol in petrol, more allocation for animal husbandry and veterinary research, boost to micro-irrigation, 50% subsidy by the Central Government for drip irrigation be extended to all farmers in all areas and financing of remaining 50% liberally by banks through soft loans to farmers among others. Other suggestions include labour reforms, settlement of issue of wages etc of staff of public sector banks and insurance companies and focus on skill development programmes for workers and labourers among others.

Some other suggestions included structural reforms in manufacturing sector, incentives in income tax for exporters, incentivize import of cutting edge technology rather than finished products, and online scrutiny of tax returns to bring high level of transparency and probity. Other suggestions included incentivizing tourism by creating tourism infrastructure as tourism has a great potential both for generating revenue as well as creating employment opportunities. More allocation to Archaeological Survey of India for preserving cultural heritage, incentives to local bodies and private sector for solid waste management, tax relief to women especially those working in informal sector and more allocation for education and health sectors among others. Suggestions were made to fill-up the vacant positions in CBDT and CBEC for better revenue collections and law be amended to ensure that registered offices of the companies/corporate houses are located where their substantial business take place to avoid tax evasion etc.

Along with the Finance Minister, Members of Parliament and of the Consultative Committee who attended the aforesaid Meeting include Shri Anirudhan Sampath, Shri Baijayanta Jai Panda, Shri Kailkesh Narayan Singh Deo, Shri P.P. Chaudhary, Shri PrabhatsinhPratapsinh Chauhan, Shri Ram Charitra Nishad, Shri S.P.Y. Reddy, Shri Sharadkumar Maruti Bansode, Shri Subhash Chandra Baheria, Shri Suresh Chanabassappa Angadi and Dr. Udit Raj ( all Members of Lok Sabha); Shri Anil Desai, Dr. K.P. Ramalingam, Shri Ranvijay Singh Judev and Kumari Salja( all Members of Rajya Sabha). Among the officers, the meeting was attended by Shri Rajiv Mehrishi, Finance Secretary Shri Shaktikanta Dass, Revenue Secretary, Shri Ratan P. Watal, Secretary (Expenditure), Dr. Hasmukh Adhia, Secretary (DFS), Ms. Aradhna Johri, Secretary (Disinvestment), Dr Arvind Subramanian, Chief Economic Adviser, Shri Kaushal Srivastava, Chairman, CBEC, Ms Anita Kapur, Chairperson, CBDT and senior officers of the Ministry of Finance among others.

Concealment Penalty Proceedings U/S 271(1)(C) of Income Tax Act 1961 Initiated in 128 Cases in which Assessments were Completed While in the Remaining Cases, Assessment Proceedings are at Advance Stage;

Information About Hsbc Foreign Bank Accounts was Received from the French Authorities in Respect Of 628 Indian Persons/Entities; Necessary Investigation as Per The Provisions of Law Will be Taken up in all the New Cases Of  Foreign Bank Accounts Held By 1195 Indians as Reported in Today’s Media Reports

Information about HSBC foreign bank accounts was received from the French authorities in respect of 628 Indian persons/entities. Out of the said 628 persons, 200 were either non-residents or non- traceable, leaving 428 cases of residents which were found actionable. For these 428 actionable cases the net amount of peak balance was about Rs.4500 crore.

The Government of India has taken expeditious action in these cases as per law. Up-to 31st December 2014, assessments were completed in 128 cases, involving more than 350 assessments. In the remaining cases, assessment proceedings are at advance stage.  Undisclosed income of about Rs.3150 crore was brought to tax on account of deposits made in unreported foreign bank accounts.

Out of the above-mentioned 128 cases in which assessments were completed, concealment penalty proceedings u/s 271(1)(c) of the Income Tax Act 1961 have been initiated in almost all the cases.

About 60 prosecutions have so far been launched for wilful attempt to evade taxes [S/276C(1)] and failure to furnish accounts and documents etc [S/276D]. Show Cause Notices before launching prosecutions have been issued in a large number of other cases wherein further action is underway.

Today’s media reports carry news item about foreign bank accounts held by 1195 Indians. Top hundred names have been published in a newspaper. Some of these names already figure in the earlier list available with the Government. Necessary investigation as per the provisions of law will be taken up in all the new cases, expeditiously.

Income Tax Department is already in touch with the whistle blower who apparently brought out the names of persons holding undisclosed bank accounts in HSBC, Switzerland.  He has been requested to share information available with him in regard to undisclosed bank accounts of Indians in HSBC, Switzerland and other destinations.  His response is awaited.

During last 6 months, the Government has taken vigorous and pro-active measures to expedite investigations in the cases of Indians holding undisclosed foreign accounts/assets abroad. Useful contacts have been established with foreign governments who might have some further information in this regard.  Based upon credible information of undisclosed foreign bank accounts, fresh references for obtaining further information in more than 600 cases have been made to foreign jurisdictions, under available treaties/agreements. The same are being pursued.
AERO India-2015: A Preview AERO India-2015: A Preview Reviewed by Ajit Kumar on 5:02 PM Rating: 5

No comments:

Powered by Blogger.