GK Update: March 2nd & March 3rd, 2016.

Govt. clarifies on PF tax exemption.

Clearing the air on taxing provident fund withdrawals, the government said PPF withdrawals will continue to be fully exempt from tax and only interest accruing after April 1 on 60 per cent of the contributions made to Employee Provident Fund will be taxed.

Jewellers to go on 3-day pan-India strike.

Jewellers across the country have decided to go on a three-day strike to protest the proposed re-imposition of 1 per cent excise duty and mandatory PAN cards for any transactions of Rs 2 lakh and above, an industry grouping said.

ITC becomes third most valued co; surpasses Infosys, HDFC Bank.

Helped by a near 10 per cent rally, ITC has surpassed Infosys and HDFC Bank to emerge as the third most valuable company in terms of market valuation.

Our aim is to electrify every home, says Goyal.

The Rajiv Gandhi Rural Electrification Scheme (RGRES) that existed when the Modi-government came to power provided power to villages that were easy to access and hence there was a need for Deen Dayal Upadhyaya Rural Electrification Scheme, Power Minister Piyush Goyal said.

Farmers’ e-market platform could be a game changer.

The government’s decision to create a common e-market platform for farmers will remove inter-state barriers in moving farm produce and could be a game changer, according to analysts. It has two important pre-requisites an amendment of the state Agricultural Produce Marketing Committee Act (APMC) and physical logistic support which is crucial to enable the farmer to move his crop.

‘Casual workers too covered by ESI’.

In a decision giving a wide interpretation to the term ‘employee’, the Supreme Court held that welfare schemes for social security and health insurance assured under the Employees State Insurance Act were available even to casual workers.

Govt. will take the final call on taxing EPF savings before Parliament debate on Finance Bill: Jaitley.

Finance Minister Arun Jaitley said the Government would take a final decision on the Budget proposal to tax 60 per cent of Employees Provident Fund (EPF) savings of those earning over Rs. 15,000 a month, before it responded to the issue during the debate on the Finance Bill in Parliament.

Government cancels IRB contract.

The government has cancelled the contract for the Rs.10,050 crore ($1.5 billion) Zojila Pass Tunnel Building Project, India’s most expensive and biggest national highway (NH)project, after Opposition parties alleged irregularities in bidding.

CBI turns heat on banks for not reporting frauds.

The Central Bureau of Investigation (CBI) slammed public sector banks for not reporting frauds to the investigators, accusing the lenders of giving wilful defaulters and fraudsters the long leash to escape law.

Germany takes on Facebook in first-ever competition probe.

Germany’s cartel office is investigating Facebook for suspected abuse of market power over breaches of data protection laws in the first formal probe of the social network for violating competition rules.