• Container lines Hapag Lloyd, ONE, YML, COSCO and OOCL will jointly run a new direct service from Visakha Container Terminal (VCT), the privately-run facility at State-owned Visakhapatnam Port Trust, to the Mediterranean and Europe, which will also bring connectivity with Africa and the America.
  • Just after two days of issuing a gazette notification on revision of royalty rates for non-coal and non-fuel mines, the government has rescinded the same, saying due procedure was not followed while issuing the notification on September 2
  • The RSS-affiliated Bharatiya Mazdoor Sangh has demanded that the Centre comes up with a White Paper on the status of economy. The BMS will hold a convention of workers of about 900 Public Sector Units (PSUs) on November 15 to protest against the Centre’s disinvestment plans.
  • On Tuesday (September 24, 2019), the Indian rupee dropped by 7 paise to close at 71.01 against the US dollar as foreign fund outflows and subdued equities weakened forex market sentiment.
  • Indian Environment, Forest and Climate Change Minister Prakash Javadekar has said that industry has undertaken to go on the low-carbon path to fight climate change but availability of affordable technology poses a problem.
  • Javadekar said that the UN’s Industry Transition Track for tackling climate change will work with various countries to solve the problem through joint efforts and research.
  • Those dealing with low profits on technologies for transitioning to low-carbon emissions by industries are “very much essential to bring us to low carbon path”, he said.
  • Infrastructure companies and businesses operating in special economic zones are unclear whether to migrate to the new regime of lower corporate tax. There is confusion whether and, to what extent these companies can use the accumulated credit on account of minimum alternate tax (MAT) paid by them when their tax holiday comes to an end or when they choose to opt for the new, reduced tax regime. 
  • The new tax ordinance has cut the corporate tax rate for existing companies to 22% (25.17% – including cess and surcharge) by inserting a new Section 115BAA. Existing companies have an option to avail this lower rate if they are willing to forego existing tax deductions.