Daily News Summary – March 31, 2017

Hyderabad becomes the first city to have 1GBPS internet speed

Hyderabad became the first city to launch a 1GBPS internet speed line through ACT Fibernet. ACT CEO Bala Malladi said the facility would transform the way internet functions. “We are privileged to launch 1 Gbps in Hyderabad for the first time in India,” he said. This can be used for connecting any number of devices seamlessly. It will be priced Rs 5,999 per month.” mentioned Malladi. Government is planning to lay 47,000-km-long fibrenet in Telangana to provide internet to all households and feels this will open up several new opportunities for people and give a boost to economy.


India trade grew 10% in 2016: Maersk

India reported a 10% growth in export-import trade in 2016 as compared to 2015, per estimates of Maersk Lines. Maersk Line is the global container division and the largest operating unit of the A.P. Moller – Maersk Group, a Danish business conglomerate. It is the world’s largest container shipping company having customers through 374 offices in 116 countries. Contrary to general belief, demonetization exercise had limited impact on exports of select commodities, especially cash related trades. The positive growth in exports and imports can be attributed to a series of developmental measures taken by the government of India.


65,000 crores collected under Income Declaration Scheme

A total of 55,000 crores was collected under the IDS scheme. Government collected 55,000 crores under IDS-I scheme and 10,000 crores under IDS-II scheme.



Petrol and Diesel prices see a cut

Petrol price has been reduced by Rs 3.77 per litre and diesel price has been cut by Rs 2.91 per litre effective from April 1, tonight. The crude prices have been swinging between the producers and consumers. The decision in India is taken by three state-run oil marketing firms – Bharat Petroleum Corp, Indian Oil Corp and Hindustan Petroleum.


Filing Income Tax Returns to become easier

In a welcoming news for individuals looking to file ITR for 2017-2018, The Union Government on Friday notified simplified Income Tax Returns (ITR) forms from Saturday. The move is aimed at encouraging more number of people to file returns. Only 6 crores out of 29 crore persons holding PAN file Income Tax Returns at present. Currently, Income Tax Return form 1 is filed by salaried employees and Income Tax Return 2 by individual and HUFs whose income does not include income from the business. In the form for Assessment Year 2017-18, deductions claimed under different sections of Chapter VIA have been removed and only mostly used ones have been included.


Indian student reportedly beaten to death in Poland

External affairs minister Sushma Swaraj requested a report from Indian Ambassador in Poland. This happened after media reported that an Indian student has been reportedly beaten to death in Poznan city of Poland. Swaraj tweeted she spoke to the Indian Ambassador. Ajay Bisaria, who is amabassador to Poland and Lithuania, confirmed that the student was alive.


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