Posts Tagged ‘Finance Minister Pranab Mukherjee’

INDIAN RUPEE “SOUL TO A NATION”

We can start exploring this world’s history, present & future by several understanding & discovering symbols. On this eve of Independence, where the whole country is celebrating the Sixty four year of Independence, let’s take a look of how the country’s pride “The Indian Rupee” was designed & came into existence. The Indian rupee (sign: `, code: INR) is the official currency of India. The issuance of the currency is controlled by the Reserve Bank of India.

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The Walkthrough

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On March 5, 2009 the Indian government announced a contest to create a symbol for the rupee. During the Union Budget 2010 Finance Minister Pranab Mukherjee mentioned that proposed symbol would reflect and capture the Indian ethos and culture. Five symbols had been short listed, and the Cabinet selected the definitive symbol created by D Udaya Kumar on 15 July 2010. Kumar’s entry was chosen from 3,000 designs competing for the currency symbol.

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What does it depict?

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The symbol is a taken from the Devanagari ‘j’. It is a perfect blend of Indian and Roman letters — capital ‘R’ and Devanagri ‘Ra’. The parallel lines at the top (with white space between them) make an allusion to the tricolor Indian flag.

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Equality sign symbolizes the relativity of economy and balanced economy.

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Marked Existence

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With approval of new Indian rupee symbol, India has finally joined the privileged club of currencies, which currently has the US dollar, British pound sterling, Euro and Japanese yen. This makes India rupee the 5th currency in the world to have a clear distinguishing identity. The symbol will also be included in the Indian standard – Indian script Code for Information Interchange (ISCII).

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Adaptability

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Shiro Rekha (Uniqueness), Indian flag (Tri color), Harmonious with other currency symbols, Global and local appeal, Simplicity (High recall value), Familiar and easy to read, Easy to write & design, Easy to recollect and adapt , Blends with numerals, Balanced and Stable form, Unique & Dynamic design, Easy to implement.

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Meaning to a symbol is like Soul to a body. Psychologically, a symbol is an element of communication intended to represent repressed thoughts, feelings, or impulses & by which ideas are transmitted between people sharing a common culture. The symbol of Indian Rupee depicts one heart, one mind, one spirit, in tune with all elements. This symbol truly symbolizes our country, our tradition, our nation’s economy and its currency.

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Five designs that were short-listed by the jury and sent to the Cabinet for its approval. JAI HIND

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E-Filing of Service Tax to be Made Mandatory in Coming Months

E-Filing of Service Tax Set to be Made Mandatory in Coming Months

E-Filing of Service Tax Set to be Made Mandatory in Coming Months

The government will make electronic filing of service tax mandatory within a couple of months, said a senior official of the Central Board of Excise and Customs (CBEC).

“Electronic filing of service tax will be made compulsory in the next two months,” CBEC member Mr Y G Parande told reporters on the sidelines of a PHD chamber seminar.

Parande also expressed hope that despite impact of stimulus package on realisation of revenue, the government would meet service tax collection target during the financial year.

During the year, the government proposed to garner Rs 65,000 crore as service tax.

The service tax collection during the first seven months has dropped by 5.4 per cent to Rs 28,926 crore compared with corresponding period last year.

The collections of indirect tax, including customs, excise and service tax, fell by 21.6 per cent to Rs 1,26,903 crore during the period of April-October.

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Attributing decline in revenue collections to incentives given by the government to help the economy combat the impact of global slowdown, Mr Parande said, “certainly, the stimulus packages have had the effect (on indirect tax collections), particularly because rates were brought down.”

Earlier, stimulus packages and economic slowdown have hit the exchequer hard as indirect tax collections shrunk by 21.6 per cent to Rs 1.27 lakh crore in the first seven months of this fiscal, against Rs 1.62 lakh crore a year ago.

All the three components of indirect tax — excise, customs and service tax — have registered decline in collections.

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As stimulus is taking a heavy toll on the exchequer, talks have also already begun about when to withdraw it.

Prime Minister Manmohan Singh had said it will be phased out from next fiscal, while Finance Minister Pranab Mukherjee had said it will continue till the global economy recovers.

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