1) PM Modi Lays Foundation Stone for Bridge in Dwarka, Gujarat
•Prime Minister Narendra Modi laid the foundation stone of a four-lane cable-stayed bridge between Okha and Beyt Dwarka. The bridge is a link between old and new Dwarka. The 2.32 km bridge, including 900 metres of central double span cable-stayed portion, will be constructed at a cost of Rs. 962.43 crore.
•The four-lane 27.20-metre wide bridge will have 2.50 metre wide footpaths on each side. Solar panels installed on the roof of footpath will produce 1 MW power for street lights on the bridge.
2) JSA Becomes First Law Firm in GIFT City
•J Sagar Associates (JSA) is the first law firm to have opened an office at Gujarat International Finance Tec-City (GIFT). Setting up this office would help JSA consolidate their Financial Services Practice. The office was inaugurated by Sudhir Mankad - Chairman of GIFT IFSC.
•Several banks, brokers and stock exchanges including the BSE and the National Stock Exchange have set-up their operations in GIFT, which will operate like a tax haven.
3) ISRO to Set up Research Centre in Guwahati
•The Indian Space Research Organization (ISRO) will set up a research centre in Guwahati, Assam for start ups, academicians, environmentalists and entrepreneurs.
•ISRO would set up the exclusive research facility in Assam to explore the possibility of using geospatial technology, which include data generated through global positioning system (GPS), geographical information systems (GIS) and satellite remote sensing for expediting the development of Assam.
4) First Meeting of India-Australia Joint Steering Committee Held
•The First Meeting of India-Australia Joint Steering Committee was held in New Delhi. Shri TVSN Prasad, Additional Secretary, Ministry of Home Affairs and Mr. Stephen Bouwhuis, First Assistant Secretary, International and Auscheck Division, Criminal Justice Group, Attorney-General's Department led the respective delegations.
•This meeting was a follow-up to the MoU on Cooperation in Combating International Terrorism and Transnational Organized Crime exchanged between the two sides during the visit of Australian Prime Minister Mr. Malcolm Turnbull to New Delhi in April 2016.
5) GST Council Reduces Tax Rates on 27 Items, Approves Quarterly Return Filing
•In a major relief to common man, small traders and exporters, the GST Council has reduced tax rates on 27 items and allowed the filing of returns on the quarterly basis. The GST Council meeting held under the Chairmanship of Union Finance Minister Arun Jaitley in New Delhi. The council has decided to reduce the GST rates on dried mangoes, Khakhra, plain chapatis, unbranded Namkeen, unbranded ayurvedic medicines and paper wastes to 5 percent from 12 percent.
•Arun Jaitley stated that Food packets used in ICDS scheme, plastic and rubber wastes will now be taxed at 5 percent instead of 18 percent. The GST Council also approved the quarterly filing of returns for businesses with turnover up to 1.5 crore rupees besides raising the threshold for composition scheme from 75 lakh rupees to one crore rupees.
6) Rajnish Kumar Takes Over as New SBI Chairman
•Rajnish Kumar took over as the chairman of the largest public sector bank, the State Bank of India (SBI). He has replaced Arundhati Bhattacharya. She had completed her one-year extended term.
•The Appointments Committee of the Cabinet approved Mr. Kumar’s appointment for three years from the date of taking charge on or after October 7. Mr. Kumar, aged 59, joined the SBI board on May 26, 2015. Prior to this appointment, he was Managing Director - Compliance and Risk, and Managing Director and Chief Executive Officer of SBI Capital Markets Limited, the merchant banking arm of the SBI.
7) Magicbricks Launches India's First Online Property Bidding Platform
•Magicbricks announced the launch of India's first online bidding platform for residential and commercial properties and tied-up with developer M3M for the inaugural 'My Bid, My Home' under which consumers can bid for ready-to-move-in residential properties in Gurugram.
•Magicbricks has been recently awarded the Standardisation, Testing and Quality Certification (STQC) by the Ministry of Communications and Information Technology, making it the country's only real estate portal eligible for a bidding platform for properties.
