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SIKH TIMES WEBSITE PAGE.Qxd instagram.com/ @thesikhtimes facebook.com/ thesikhtimes qaumipatrika VISIT: PUBLISHED FROM Delhi, Haryana, Uttar www.thesikhtimes.in Pradesh, Punjab, The Sikh Times Email:[email protected] Chandigarh, Himachal and Jammu National Daily Vol. 12 No. 239 RNI NO. DELENG/2008/25465 New Delhi, Monday, 18 January, 2021 [email protected] 9971359517 12 pages. 2/- Simmi Kaur Babbar w{ ¡Ÿfl⁄UË ∑§Ù ÁŒÀ‹Ë ◊¥ »§ı¡ •ı⁄U Á∑§‚ÊŸ PM Narendra Modi to flag off 8 trains to boost connec- tivity to Statue of Unity New Delhi Aiming to facilitate seamless connectivity to the Statue of Unity in Gujarat, Prime Minister Narendra Modi will flag off eight trains connecting different regions of the country to Kevadiya on Sunday via video confer- encing. Gujarat Chief Minister Vijay Rupani and Union Railways Minister Piyush Goyal will also be present on the occasion.The flagging off cer- emony will be held at 11 am on Sunday (January 17). The trains to be flagged off •Ê◊Ÿ-‚Ê◊Ÿ „Ù¥ª! include 09103/04 Kevadiya-Varanasi Mahamana Express (Weekly), 02927/28 Dadar- Kevadiya Express (Daily), 09247/48 Ahmedabad-Kevadiya Janshatabdi Express (Daily), 09145/46 Nizamuddin - Kevadia Sampark Kranti Express (Bi-Weekly), 09105/06 Œ‡Ê ¬⁄U Kevadia - Rewa Express (Weekly), 09119/20 Chennai - Kevadia Express (Weekly), 09107/08 Pratapnagar-Kevadia MEMU train (Daily) and 09109/10 Kevadiya-Pratapnagar MEMU train (Daily). According to the Railway Ministry, the Ahmedabad-Kevadiya Jan Shatabdi Express has been provided with the new-age ‘Vista-dome ÷Ê⁄UË-‚¥∑§≈U tourist coach’ which will offer a panoramic view of the skyline. Besides these, the Prime Minister will also inaugurate Dabhoi-Chandod broad gauge rail- Gurcharan Singh Babbar way line, Chandod-Kevadiya new broad gauge railway line, newly electrified Pratapnagar- President Kevadiya section and the new station buildings of Dabhoi, Chandod and Kevadiya. Kevadiya All India Sikh Conference station is India’s first railway station with a Green Building Certification. 5, Bahadur Shah Zafar Marg, ITO, New Delhi Contact: 9971359517, 9312262300 2 New Delhi, Monday, 18 January, 2021 BUSINESS THE SIKH TIMES NEWS BOX Forex reserves rise to 4 more Covid vaccines in different $586 bn New Delhi.The country’s foreign exchange reserves rose by $758 million to reach a record high of $586.082 billion in the week stages of trial: Serum Institute of India ended January 8, data from the Reserve Bank of India (RBI) showed on Friday.In the for getting approvals previous week ended January 1, the reserves had increased by $4.483 billion to $585.324 4 more Covid without completing all billion.In the reporting week, foreign the trials, Jadhav said that currency assets (FCAs), a major component vaccines in different such chances have been of the overall reserves, rose by $150 million taken earlier as well. to $541.791 billion. stages of trial: Serum "It is not the only time Expressed in dollar terms, the foreign currency when humanity has taken assets include the effect of appreciation or Institute of India the chances. Four years depreciation of non-US units such as the back, there was an euro, pound sterling and Japanese yen held in New Delhi.Apart from Covishield, the outbreak of Ebola in the foreign exchange reserves.The gold Serum Institute of India (SII) is working Africa and its vaccine by reserves climbed by $568 million to $37.594 on four more vaccines against the novel a Canadian billion, weekly data released by the central coronavirus, according to Suresh Jadhav, pharmaceutical firm bank showed. executive director at one of the world's which had only After remaining unchanged during the last largest vaccine manufacturers. completed the phase 1 week, the special drawing rights (SDRs) with Jadhav informed during a webinar that the and undergoing the phase the International Monetary Fund (IMF) firm has been working on five vaccines 2 trial, was approved by increased by $5 million to $1.515 billion. against the novel coronavirus, including the World Health The country’s reserve position with the IMF the Covishield which got approval for Organization (WHO). rose by $35 million to $5.181 billion in the The risk paid off and the week, according to data from the banking emergency use roll-out for mass immunization drive began on vaccine helped in regulator.The Reserve Bank functions as the controlling the Ebola custodian and manager of forex reserves, and Saturday."For one (vaccine) we have received emergency approval, three others there," Jadhav added.”In operates within the overall policy framework 2009 when the H1N1 agreed upon with the government. are in different stages of clinical studies pandemic flu struck, The RBI allocates the dollars for specific while one is in the pre-clinical stage of the trial," he said.The SII has partnered with we took 1.5 years to purposes. The RBI also uses its forex kitty for antigen component of the vaccine.The SII January 3 for emergency use authorization the orderly movement of the rupee. Novavax Inc to manufacture its potential develop and receive the approval for the Covid-19 vaccine for India and other has also partnered with the US-based alongwith Bharat Biotech's Covaxin. vaccine against it after completing all the countries.Under an agreement with the US Codagenix to manufacture and supply its However, both the drugmakers are being stages of clinical trials but the drug Placed on Notorious Markets List, drug developer, the Pune based drugmaker coronavirus vaccine. criticised for less transparent data in their manufacturers in the West marketed such Snapdeal calls USTR report ‘ill- will develop two hundred crore doses of The firm's first Covid vaccine is developed clinical trials and receiving the approvals products in less than seven months then. Novavax's vaccine candidate annually. from the masterseed ofAstraZeneca/Oxford without completing the due process of drug Nobody questioned them then. Then why The drugmaker will also manufacture the University's vaccine against the disease.It licencing.Commenting on the criticism the this sudden hullabaloo now?" he queried. informed, incorrect was approved by India's drug regulator on vaccine manufacturers have been receiving New Delhi.Snapdeal, one of India’s largest e- commerce platforms, has contested a US Luxury car makers seek Trade Representative (USTR) report that placed it on the Notorious Markets List for reduction in taxes on counterfeiting and piracy, and termed it ill- Capital gains relief rule on flat automobiles in upcoming informed and incorrect. Snapdeal and four Indian shopping complexes Budget have figured in the latest 2020 Review of Notorious Markets for Counterfeiting and NEW DELHI: Luxury car makers sales given retro effect Mercedes-Benz, Audi and Piracy issued by the Office of the USTR. Lamborghini expect the “The report released by the USTR tarnishes MUMBAI: A recent ruling of the Income-Tax introduced by the Finance Act, 2002. It provided I-T authorities submitted to ITAT that the government to lower taxes on the image of the world’s leading Appellate Tribunal (ITAT)’s Mumbai bench has that if the sale consideration claimed to be amendment carried out by the Finance Act, automobiles in the upcoming marketplaces, including Amazon, Mercado come as a relief to taxpayers embroiled in received by the seller is less than the stamp duty 2018, would come into effect only Budget, saying the premium Libre, Pinduoduo, Shopee, Snapdeal, litigation on capital gains arising out of sale of rate, the latter would be considered for prospectively from financial year 2018-19. segment of the auto industry has not Taobao, Tokopedia and many others, based their flats due to the sale price being lower than determining capital gains. Similarly, the enhanced variation rate will apply been able to grow due to high on incorrect understanding of practices and the stamp duty valuation.ITAT has held that the Thus, the quantum of capital gains would be the from financial year 2020-21. taxation besides being hit hard by laws applicable to various markets,” said a benefit of a higher tolerance band of 10% for the “higher” stamp duty valuation minus the In the case before ITAT, the year covered by the coronavirus.Any hike in taxes on Snapdeal spokesperson Friday.“The report difference between the sale price of a flat and the “indexed” cost of the flat sold. This would result litigation was 2010-11. The difference between luxury cars will hit demand and reflects a poor understanding of the stamp duty valuation will apply with in higher capital gains and consequently a the sale consideration as disclosed by the seller, prevent recovery from the governing law in various jurisdictions, retrospective effect.The ITAT bench of vice- higher tax outgo. To factor the effects of Maria Fernandes Cheryl, and the stamp duty disruptions witnessed last year, including India. While courts in India president Pramod Kumar and judicial member inflation, the Income-Tax (I-T) Act permits valuation was Rs 4.9 lakh. This was about 6.6% according to senior officials of the continue to uphold and assert the distinction Saktijit Dey held this benefit would apply application of a cost inflation index to the of the declared sale transaction.According to the companies. between marketplaces and sellers,” the retrospectively from financial year 2002-03 original cost of the property being sold. I-T officer, the tolerance band of 5% and 10% "Anything which is a deterrent to the USTR report wilfully blurs this distinction to (assessment year beginning April 1, 2003) when To minimise hardships in case of genuine applied only prospectively and did not cover the demand in the sector we should stay further a flawed point of view. anti-abuse provisions were introduced in the transactions, the Finance Act, 2018, amended year under litigation.
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