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Money Control, November 3, 2019 Trump absent, ASEAN charts path for trade bloc led by China Leaders from fast-growing Southeast Asian economies, China and other regional powers vowed Sunday to transcend conflicts over trade policies and territorial disputes for the sake of stronger economies and regional stability. President Donald Trump skipped the summit of the Association of Southeast Asian Nations and instead sent his national security adviser, Robert O'Brien. Last year, Trump sent Vice President Mike Pence. Both now are busy campaigning back home, and analysts say their absence will leave room for China to further raise its profile and clout in the region. The ASEAN meeting's host, Thai Prime Minister Prayuth Chan-ocha, said the group aims to reach a basic agreement on plans for what may become one of the world's biggest trade blocs. The proposed Regional Comprehensive Economic Partnership aims to level trade barriers between the 10 ASEAN members an

Business Line, November 3, 2019 CBI to proble investmnt of UPPCL employee funds in scam-ht DHFL The Uttar Pradesh government has recommended a Central Bureau of Investigation (CBI) inquiry into the investment of provident fund contributions of UP Power Corporation employees in the scam-hit DHFL. The decision to hand over the case to the CBI was taken on Saturday evening. Police have arrested two officials in the case. They have been identified as Praveen Kumar Gupta, former Secretary of the Power Sector Employees Trust, and Sudhanshu Dwivedi, former Director (Finance) of UP Power Corporation. According to a letter by the Uttar Pradesh State Electricity Board Engineers Association (UPSEBEA), the decision to deposit funds from the general provident fund (GPF) and contributory provident fund (CPF) in DHFL was taken by the trustees of the UP State Power Sector Employees Trust on April 21, 2014. https://www.thehindubusinessline.com/news/cbi-to-probe-investment-of-uppcl-emp

Business Line, November 3, 2019 How the tax department cancelled Tata Trusts registration Contrary to claims made by the Tata Trusts that it had surrendered the registration voluntarily, the tax department has observed that the move was a forced one after six Trusts were found in violation of provisions of the Income Tax rules. “This act (surrender of registration) on the part of the Trust, was not a voluntary act but was a fait accompli. There is nothing on record to show that, but for this, the Trust would have suo motu surrendered the benefits of exemption under sections 11 and 12 of the Act,” states the order issued by the Principal Commissioner of Income Tax on October 31. Section 11 and 12 of the income tax act provides tax exemptions to NGO’s including Trusts and Societies. Registration is a pre-condition to avail this benefit. Six Tata Trusts-Jamsetji Tata Trust, RD Tata Trust, Tata Education Trust, Tata Social Welfare Trust, Sarvajanik Seva Trust and Navajbai Rat

Business Line, November 3, 2019 India Inc, Centre must learn the right lesson from surge in festival spending Diwali sales boost shows that in these difficult times, it is better to drop margins and push sales volumes up, rather than hold on to high margins and not sell at all Indians splurged   ₹ 19,000 crore in just six days at Amazon’s ‘Great Indian Festival’ and Flipkart’s ‘Big Billion Day’ sales. The combined gross merchandise value of the e-commerce majors from this season’s festive sale was 30 per cent higher than 2018 and 77 per cent more than the year before. Elsewhere, India’s largest carmaker Maruti Suzuki posted its first increase in sales after seven months. It sold 48,000 cars on Dhanteras day alone. The white goods and home appliances sector too registered a 25 per cent increase in volumes. What do these numbers indicate? Some would like to use these facts to deny the obvious slowdown. But the real message for manufacturers, retailers and the government is th