The Indian government will issue Rs 20 coin with the shape of a 12-edged polygon with the design of grains. Besides, new series of one, two, five and 10 rupees coins too would be minted, which will be circular in design and have denominations written in Hindi script. The exact date of issuance of these new series coins is yet to be decided. The Rs 20 coin will weigh 8.54 gm and its outside diameter will be 27mm with the outer ring made of nickel silver and the centre piece of nickel brass. The face of the new Rs 20 coin shall bear the 'Lion Capitol of Ashoka Pillar' with 'Satyameva Jayate' inscribed below. The left periphery will have the word 'Bharat' in Hindi and the right periphery will have the word 'India' in English. The reverse side of the coin would have the denominational value '20' in the international numerals along with the Rupee symbol.
UB opposes move by banks to sell Mallya assets
United Breweries has opposed the SBI-led consortium of banks’ plea seeking the restoration of absconding accused Vijay Mallya’s properties and sought the dismissal of the application before the special Prevention of Money Laundering Act (PMLA) court. UB said the plea was not maintainable as the claim for restoration can only be considered during the trial of the case. It said that the property was subject matter of various judicial proceedings. Among the proceedings cited by UB were those initiated by the Enforcement Directorate (ED) under the Fugitive Economic Offenders (FEO) Act. UB said that the banks’ list of properties include those cited by the ED for confiscation under the FEO. Mallya was declared a fugitive economic offender and the proceedings on confiscation of properties are pending.
I-T to assess 80,000 big cash depositors
Over 80,000 taxpayers who had deposited significant amounts of cash during the demonetisation period but failed to respond to initial notices sent by the income tax (I-T) department and furnish their tax returns for the financial year 2016-17 will now be subject to a ‘best judgment’ assessment. In a notification, the Central Board of Direct Taxes (CBDT) has laid down the standard operating procedure (SOP) in this regard. Earlier, the I-T department had issued notices to around 3,00,000 individuals, requiring them to provide details relating to their cash deposits and also to furnish their I-T returns for the financial year 2016-17. In 87,000 cases, the I-T department received no response to these notices. The CBDT has exhorted that the best judgment assessments should be completed by March 31, or latest by June 30.
Volkswagen fined over ‘cheat devices’
Volkswagen has been slapped with a fine of £50 million for damaging the environment through the use of a “cheat device” in its diesel cars in India. The National Green Tribunal (NGT) headed by its chairperson Justice Adarsh Kumar Goel directed the German auto major to deposit the amount within two months while increasing the compensation amount from £17.13 million, which had been recommended by an NGT-appointed committee, as a means of “creating deterrence.” Volkswagen, however, claimed it did not violate BS-IV norms and that the results were based on ‘on-road tests’ for which there were no prescribed standards. The company said it would challenge order before the Supreme Court, reiterating its cars were compliant with the emission norms in the country. A “cheat” or “defeat device” is a software in diesel engines to manipulate emission tests by changing the performance of the cars.
Honda brings back Civic after 6 years
Honda made a renewed bid at the premium sedan with relaunch of Civic, which was phased out in early 2013. The launch, however, comes at a time when demand in the premium sedan segment is under pressure due to lack of enough buyers. Also, the flurry of new SUV launches in the Rs 10-20,00,000 bracket - such as Jeep’s Compass and Tata’s Harrier - has dimmed the prospects for the premium sedan segment, with preference of buyers shifting to off-roaders. Honda feels that the Civic has the potential to invigorate the premium sedan segment and get volumes back into the category. Gaku Nakanishi, president and CEO of Honda Cars India, said the company is now studying the SUV segment carefully as it looks at a stronger play in the fast-growing category. “The SUV segment has been growing strongly. It is the next step for Honda.”