The government on Wednesday approved setting up a new major port at Vadhavan near Dahanu in Maharashtra at a cost of ₹65,544.54 crore.

The decision was taken at a meeting of the Union Cabinet chaired by Prime Minister Narendra Modi.

“Cabinet gives in-principle approval for setting up a new Major Port at Vadhavan in Maharashtra. Total cost of the project is likely to be ₹65,544.54 crore,” an official statement said.

Vadhavan port will be developed on landlord model, it said, adding that a special purpose vehicle (SPV) will also be formed with Jawaharlal Nehru Port Trust (JNPT) as the lead partner with equity participation equal to or more than 50% to implement the project.

The 11th edition of the biennial mega defence exhibition, DefExpo 2020, kick starts on Wednesday at Lucknow in Uttar Pradesh. Prime Minister Narendra Modi inaugurates the 5 day event.

In addition to exhibiting products and technologies and live demonstrations by the Services, Defence Public Sector Undertakings (DPSUs) and industry will showcase the land, naval, air and internal security systems during the Defexpo 2020. There will be special focus on ‘Digital Transformation of Defence’ In the exhibition which is also a sub theme and aligns with the concept of the future battlefield.

Manufacturing for the aerospace and defence sector through application of newer technologies will also be focused upon. The ‘India Pavilion’ will exclusively showcase the jointness between the public and private sector, including Small and Medium Enterprises (SMEs)/Micro, Small and Medium Enterprises (MSMEs) and innovation eco-system, which is the key to the way forward.

Sri Lankan President Gotabaya Rajapaksa has asserted that he has the vision to serve the country looking after all citizens rather than serve as a political leader concerned only about a particular community.

Addressing the main function in Colombo to mark 72nd Independence day celebrations this morning, Rajapaksa said when the leader is elected following a legitimate process, he becomes the President of all and is not bound to serve only the interests of the people who voted for him.  He added that as the President, he represents the entire Sri Lankan nation irrespective of ethnicity, religion, party affiliation or other differences.

President comments came as national anthem at the main ceremony was sung only in Sinhala and not in Tamil, as has been the tradition since 2016. Tamil political parties had demanded to keep both versions of national anthem. Mano Ganesan, a Tamil politician and former minister of national integration said the national anthem in Tamil is not just another song but the Sri Lankan identity of the Tamil speaking community.

Insurance cover on bank deposits has been increased to five lakh rupees from one lakh rupees. The decision came into effect from yesterday.

The Reserve Bank of India (RBI) said in a statement that the cover is provided by the Deposit Insurance and Credit Guarantee Corporation (DICGC), a wholly-owned subsidiary of the RBI. This, the RBI said, has been done with a view to providing a greater measure of protection to depositors.

Finance Minister Nirmala Sitharaman on Saturday had made the announcement regarding increasing insurance cover to five lakh rupees in her Budget Speech.

The 11th edition of the DefExpo-2020, a flagship biennial event of the Ministry of Defence, will kick start in Lucknow today. The five-day event will be inaugurated by Prime Minister Narendra Modi in the presence of Union Defence Minister and Local MP Rajnath Singh.

One of the largest mega defence exhibition of its kind is being held for the first time in Lucknow and it will cover the entire spectrum of the country's aerospace, defence and security interests.

This edition of DefExpo promises to bring new technologies, technological solutions, where Defence manufacturing companies from India and abroad showcase their products and services in Defence arena, on a single platform.

Shaktikanta Das, The governor of the Reserve Bank of India (RBI), has been named ‘Central Banker of the Year 2020 – Asia-Pacific’ by The Banker.

The Banker is a London-based international financial affairs publication owned by The Financial Times. It is known for its annual rankings of the world's top banks. The 2020 list“celebrates the officials that have best managed to stimulate growth and stabilise their economy”.

The publication named Das as the 2020 Central Banker in the Asia-Pacific region, and stated that the RBI chief had brought in measures to tighten rules around shadow banking and brought Indian banking up to standards through a “restrained approach to governance”.

Ajit Kumar, the new Chairman of Central Board of Indirect Taxes and Customs, has Chennai link as he was the Principal Chief Commissioner of GST Zone for Tamil Nadu and Puducherry and Principal Chief Commissioner of Customs zones in Chennai prior to his posting. In his 36-year career, Ajit Kumar, a 1984 batch IRS officer and an alumni of Rashtriya Military School, has worked in many capacities in the department including the Directorate of Vigilance at New Delhi, Directorate of Revenue Intelligence at Mumbai, a release stated.  

Son of an army officer, he hails from Calicut, Kerala and joined the Customs department in the year 1984. He was awarded the Meritorious Service Certificate for his work in the year 1991 by the CBEC.  He has worked in many Customs and Central Excise formations and also in Directorate of Revenue Intelligence, Directorate of Vigilance, Narcotics Control Bureau, Directorate of Systems. 

Over 73 lakh candidates trained under Pradhan Mantri Kaushal Vikas Yojana. Minister of State for Skill Development and Entrepreneurship RK Singh said this in a written reply in the Lok Sabha yesterday. He said, the Ministry is implementing the scheme with an objective to provide skilling to one crore youth across the country.

Mr Singh said, under the scheme, the focus on employment has been significantly enhanced and candidates have been placed in various sectors and industries.

The government in its budget 2020 has announced a National Mission on Quantum Technologies & Applications (NM-QTA) with a total budget outlay of Rs 8000 Crore for a period of five years to be implemented by the Department of Science & Technology (DST).

Finance Minister Smt. Nirmala Sitharaman in Union Budget 2020 speech said that the new economy is based on innovations that disrupt established business models. Artificial intelligence, Internet-of-Things (IoT), 3D printing, drones, DNA data storage, quantum computing, etc., are re-writing the world economic order.”

Quantum technologies are rapidly developing globally with a huge disruptive potential. The next generation transformative technologies that will receive a push under this mission include quantum computers and computing, quantum communication, quantum key distribution, encryption, crypt analysis, quantum devices, quantum sensing, quantum materials, quantum clock and so on. The areas of focus for the Mission will be in fundamental science, translation, technology development, human and infrastructural resource generation, innovation and start-ups to address issues concerning national priorities.

Central Board of Direct Taxes has said that The Finance Bill, 2020 has proposed that an Indian citizen shall be deemed to be resident in India if he or she is not liable to be taxed in any country or jurisdiction. 

It said that the new provision in Finance Bill, 2020 is not intended to include in tax net those Indian citizens who are bonafide workers in other countries. 

CBDT issued a clarification on the new provision pertaining to residence in India saying this is an anti-abuse provision since it is noticed that some Indian citizens shift their stay in low or no tax jurisdiction countries to avoid payment of tax in India. 

CBDT noted that the interpretation by some section of the media that Indians who are bonafide workers in other countries, including in the Middle East, and who are not liable to tax in these countries, will be taxed in India on the income that they have earned there is incorrect.