Monday, 29th August 2016
Newsletter issue #61

Chamber in Action

23 AUG 16
Meeting of Women’s Wing Committee
Dr Jennifer Kamat, Chairperson, GCCI Women’s Wing informed the members that the ‘Sensitization Program on Food Safety, Licensing and Registration’ for the Food Business Operators amongst SHGs was a great success. She thanked and praised the coordinators of the program ( Ms Varsha Naik and Ms Jyoti Sardessai) for doing a fantastic job. She informed the committee about the upcoming Phases, the Implementation Workshop on Food Safety, Licensing & Registration Phase II scheduled for (30th Sept -01st Oct 2016) to be held at Mathany Saldanha Administrative Complex, Margao and the follow up Workshop on Food Safety Phase III to be held on ( 12th Nov 2016) at DFDA,Bambolim and requested the committee members to arrange for more participants for the program.

26 AUG 16
Meeting with new Income Tax - Commissioner Appeals
Mr. Sandip Bhandare Vice President, GCCI and Chairman – Taxation Committee, Mr. Nitin Kunkolienker Past President, GCCI and Mr. A. K. Banerjee Director, GCCI called on Ms. Bhavana C. Yashroy, who on transfer from Mumbai, has recently taken charge as Commissioner Appeals – Income Tax at Aayakar Bhavan, to congratulate her on behalf of the Chamber. Mr. Bhandare assured her of Chamber’s support in her endeavour to bring in transparency and efficiency in working of the department for the benefit of the industries of Goa.

From L- R :  Mr Sandip Bhandare, Vice President GCCI, Ms Bhavana C. Yashroy, Comm. IT (Appeals), Mr Nitin Kunkolienker, Past-President GCCI

“Goa Air Cargo Meet – 2016
The Goa Air Cargo Association in association with GCCI organized the “Goa Air Cargo Meet – 2016” at Ravindra Bhavan, Baina Vasco, on 26th August 2016. The Commissioner of Customs, Central Excise and Service Tax, Mr. K. Anpazhakan was the Chief Guest and Mr. Nitin Kunloenlikar, Past President of GCCI was the Guest of Honour. The speakers appreciated the efforts of Goa Air Cargo Association in organizing the meet, where the stakeholders shared their experience and the benefits of exporting cargo from Dabolim Airport. Mr. A.K.Banerjee, Director, GCCI attended the meet.

BRICS Trade Fair 2016 at Pragati Maidan, New Delhi (10 – 14 October, 2016)

In order to promote the business of MSMEs a Trade Fair is organized at Pragati Maidan New Delhi from 10th to 14th October, 2016. This is a unique chance for MSMEs to explore business opportunities with BRICS and BIMSTEC nations.  Those interested for participation are suggested to visit the website: for details or contact Shri. Mehul Tyagi, Senior Assistant Director, Federation of Indian Chambers of Commerce and Industry, Federation House, Tansen Marg, New Delhi – 110001; E.mail:; Mob: 9999829252.

For Online Registration visit: http://www.bricsbusinesscouncil/exhibition-registration.php

The Goa Land Revenue Code (Amendment) Bill, 2016
The Goa Regularisation of Unauthorized Construction Bill, 2016

(Page: 797 - 892)

Link to PDF file:

Events Calendar - August 2016

Date Program Venue Time For whom
14 SEP 16 Meeting of Managing Commitee GCCI Convention Hall 6:00 p.m. For Members, Managing Committee

Goa News

Fish output dips by 7631 tonnes in 2015-16 - Times of India
Though statistics reveal that there has been an increase in the catch of most species of fish in Goa, the overall production has dropped in 2015-16. Latest data by the Department of Fisheries reveals that catch of sardines, velli, cuttle fish, shark fish and catfish have hit lows compared to that of the previous year. Noticeably, the total marine fish production volume was 1,07,069 tonnes in 2015-16 compared to 1,14,700 tonnes in 2014-15. Though the catch has decreased by 7,631 tonnes, the department opined that this year's catch is still significant. Traditional fishermen of the state however have attributed the reason for the same to the unhealthy fishing methods by way of LED fishing, a practice that was banned in the state in May. Figures further reveal that the highest drop was in sardine production. In 2015-16, a total of 52,901 tonnes of the fish variety was caught as against 68,593 tonnes in 2014-15.

Cabinet nod for GST Bill - Herald
The Cabinet granted its nod to the Goods and Service Tax (GST) Bill, via circulation. The government will now call for a special one-day session to pass the GST bill on August 31.
Chief Minister Laxmikant Parsekar confirmed this and said the Bill will be passed in the Assembly by end of this month. As per law, 50 percent of the States need to pass the Bill to make it legislation. The bill was passed in Parliament earlier this month. So far seven states have given their approval to the Bill. During the recently concluded monsoon session of the State Assembly, the government had welcomed the GST regime in the country claiming that the passing of the Bill in Parliament will help the State. “We being a tourism State will be benefitted due to this regime,” Parsekar had told the House. Parsekar had said that there is no involvement of any risk factor as the Central government has assured to compensate tax lost for five years.

Goa to get its first LINAC facility - Times of India
Manipal Hospital, Goa, laid the foundation stone of what is claimed to be the state's first Linear Accelerator System (LINAC), which is used to treat cancer by delivering high-energy X-rays on the tumor with minimum side effects. Speaking at the foundation stone-laying ceremony for the lab, which will become operational in 2017, Minister of Tourism, Dilip Parulekar lauded the step, stating that the disease was becoming a common problem. "Medical tourism in Goa will get a major boost with this state-of-the art oncology facility," he said. The facility will be at the service of the poor people also, as the hospital falls under the Grade A list of hospitals by the insurance company for the Deen Dayal Scheme. "With the commencement of the Deen Dayal Scheme, even the poor and underprivileged members of the society would get access to the state-of- the-art facility at Manipal hospital," CEO and MD, Manipal Health Enterprises, Dr Ajay Bakshi said.

India News

Cash transaction above Rs. 3 lakh may be made illegal - Times of India
The government is set to ban cash transactions over Rs 3 lakh as it seeks to clamp down on black money in the economy following recommendations from the Supreme Court-appointed Special Investigation Team. The government, however, is yet to decide on the SIT's other proposal to bar cash holdings over Rs 15 lakh due to opposition from trade and industry, sources said. The Rs 3 lakh-limit is aimed to ensure that transactions are made using credit or debit cards, cheques or drafts which can be easily tracked. Despite the crackdown on unaccounted money, authorities continue to unearth several transactions involving purchase of jewellery or even cars in all-cash deals. The finance ministry is also trying to promote use of plastic money and recently did away with transaction charges for government services. The government has already initiated several steps, including banning cash advance of more than Rs 20,000 for property transactions. The move came after income tax raids revealed unaccounted cash was often attributed to "recently concluded property transactions". A similar limit has been placed on repayment of bank loans. The SIT had suggested the twin moves citing examples of countries such as France and Italy, that allow transactions up to a certain limit. The panel argued that cash transactions of over Rs 20,000 were rampant and often tax was not being deducted at source as prescribed under the law.

Urjit Patel appointed as next RBI Governor –The Business Line
India has a new Reserve Bank of India (RBI) Governor in Urjit Patel, a top Government official said. 52 year Patel was a RBI Deputy Governor prior to this elevation. Patel has been appointed as RBI Governor for a period of three years with effect from September 4 this year.
This appointment has been made based on the recommendation of the Financial Sector Regulatory Appointments Search Committee (FSRASC) headed by Cabinet Secretary.
This committee had met twice to discuss all the possible names that can be considered for this assignment and had submitted a short panel of names to the Appointments Committee of the Cabinet (ACC). The incumbent RBI Governor Raghuram Rajan demits office on September 3. It may be recalled that Patel was given a second-term of three years at the RBI this January. Urjit Patel was responsible for RBI’s report on switching to retail inflation targeting. He is also in charge of the crucial monetary policy department. A PhD from Yale University and an M. Phil from Oxford University, he has also worked with the International Monetary Fund and has experience in energy and financial sectors too. Prior to his appointment as the Deputy Governor of the Reserve Bank, Patel was Advisor (Energy and Infrastructure) at The Boston Consulting Group.

Mauritius to remain major FDI source till March 2019 - Herald
Mauritius is likely to maintain its edge over Cyprus as preferred source of FDI for India as inflows from the Indian Ocean island nation will get concessional tax treatment till March 2019, say tax experts. While the Cabinet approved the signing of revised pact with Cyprus, which will enable India to tax capital gains for investments originating there, the government has already revised the tax treaty with Mauritius. The new treaty with Cyprus will remove it from India's list of "notified jurisdictions", which currently puts restrictions on inflows from that country. Similar tax treaties with Singapore and the Netherlands are under negotiations for revision. "Unlike India-Mauritius Tax Treaty, there is no concessional transition tax of 7.5 per cent for Cypriot residents, owing to which, foreign investors would still prefer Mauritius over Cyprus for the transition period of April 2017 till March 2019," said Rakesh Nangia, Managing Partner, Nangia & Co. PwC India Partner (Direct Tax) Abhishek Goenka said this withholding tax rate is likely to be retained at 10 per cent in the Cyprus treaty. Ashok Maheshwary & Associates partner Amit Maheshwari said the Mauritius route will become more popular for structured debt investments rather than the capital gains exemption which was the case earlier as the tax rate on interest has been reduced to 7.5 per cent. "From the government press release its not clear whether Cyprus has renegotiated for a reduced tax on interest just like Mauritius," he said. Under the amended treaty with Mauritius, for two years beginning April 1, 2017, capital gains tax will be imposed at 50 per cent of the prevailing domestic rate. Full rate will apply from April 1, 2019.

~ News Clippings collated from various local and national newspapers ~
Goa Chamber of Commerce & Industry,
Narayan Rajaram Bandekar Bhavan,
T.B. Cunha Road, P.O.Box 59 Panaji, Goa.
Tel: 2424252, Fax: 2425560