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Time of India
20-05-2025
- Science
- Time of India
Two more corporation schools in Coimbatore identified for AR & VR labs
Coimbatore: The civic body has identified two more corporation schools for setting up the augmented reality and virtual reality (AR & VR) labs. The city corporation had in the current financial year budget proposed to build five such labs at the corporation schools a cost of Rs3.5 crore, after the augmented reality and virtual reality labs set up at the Corporation Girls High School at Sidhapudur and SRP Ammaniammal Girls Higher Secondary School at RS Puram at a cost of Rs72 each on a pilot basis yielded positive responses from the student fraternity and the faculty. Tired of too many ads? go ad free now The labs offer an interactive learning method with a 360° view and a three-dimensional effect. Complex scientific topics, including the antonym of heart, plant cell and others, are simplified for better understanding. The education department's plan is to set up the five proposed AR & VR labs in as many corporation higher secondary schools. In the first phase, P Kamalanathan Memorial Higher Secondary School in ward 43 and Corporation Higher Secondary School at Peelamedu in ward 26 have been selected to set up the labs at a cost of Rs82 lakh and Rs83.50 lakh, respectively. The civic body had passed a resolution in this regard at the recently held council meeting. According to corporation commissioner M Sivaguru Prabhakaran, the construction work would be carried out from the civic body's school education fund. "The cost for these two labs is a little high as they will occupy a large area to accommodate a larger number of students."
Business Recorder
14-05-2025
- Business
- Business Recorder
Gold rebounds strongly after mammoth fall
KARACHI: Gold on Tuesday rebounded strongly after a mammoth fall the other day with global market moving past $3,250 per ounce, traders said. The world bullion prices scaled up significantly by $37 to $3,258 per ounce, driving the local gold rates to grow by Rs3,700 per tola and Rs3,173 per 10 grams. Resultantly, gold prices reached Rs344,200 per tola and Rs295,096 per 10 grams, according to All Pakistan Sarafa Gems and Jewelers silver prices rallied, growing noticeably by Rs82 and Rs71 to settle for Rs3,482 per tola and Rs2,985 per 10 grams, respectively, as world market traded the white metal at $33 per ounce. It is worth noting that the open market may trade gold and silver at different prices as compared to those fixed by the association. Copyright Business Recorder, 2025
Khaleej Times
18-03-2025
- Business
- Khaleej Times
Tax issues to keep in mind while buying property in the UAE
Question: Indians have shown great interest in buying properties in the Gulf especially in Dubai, Sharjah and Abu Dhabi. Will this result in any investigation by revenue authorities in India in case of resident Indians? ANSWER: Resident Indians are free to buy residential properties in any part of the world so long as the funds are remitted in conformity with the provisions of the Liberalised Remittance Scheme which came into force from 2008. Currently, resident Indians can remit from their bank accounts in India upto $250,000. This can be done in every financial year from the bank account of the purchaser after giving his permanent account number to the bank. If there are two members in a family who have sufficient rupee balance, each one is free to remit upto this limit of $250,000. The tax department has access to all the information regarding the legality of funds lying in the bank account. The tax department is also in a position to match the bank funds with the income declared in the tax return. In case of any mismatch, queries are raised by the tax department as regards the source of the investment in the residential property. Under the provisions of sections 69 and 69-C of the Income-tax Act, a tax payer in India has to explain the source of the investments as well as any expenditure incurred by him. Therefore, questions have been raised time and again by the tax authorities asking the investor to explain the source of the funds and failure to do so may result in the unexplained amount being taxed at the rate of 60 per cent under section 115-BBE. If a person has sold a residential property in India, the capital gains derived therefrom can only be invested in another residential property purchased in India. If the capital gains are utilised for purchasing a residential property outside India, the gains would be fully taxable. Question: Time and again it has been mentioned in press reports that India has a large number of middle class consumers. Is there any estimate made of the size of the Indian market? What is the likely growth rate in the near future? ANSWER: The Retailers Association of India in its recent report, jointly prepared with a well known international consulting group, has stated that India's retail market reached Rs82 trillion by the end of 2024, up from Rs35 trillion in 2014. Thus, it has grown by over 8.9 per cent each year during the last decade. The report further states that the dynamic growth rate has been achieved with growing digital payment transactions. Retailers in India have been exhorted to recognise different opportunities provided by distinct consumer groups, each with their own unique needs having regard to an increasingly discerning and diverse consumer base. More and more households are attracted towards luxury items and at the same time value-for-money consumers are growing in Tier 1 and Tier 2 cities. The report therefore emphasises the need for retailers to strike a balance between aspirations of the affluent and respecting affordability for the masses. The growing population of consumers is marked by striking contrasts viz a digitally savvy Gen Z co-existing with an increasingly significant 45-plus pool of large income earning professionals. An expanding female workforce is shaping new purchase behaviours for white goods and household products. Question: Is the Reserve Bank of India giving a boost to liquidity in order to promote micro credit and encourage non-banking finance companies (NBFCs) to lend more funds to consumers? ANSWER: In November 2023, the Reserve Bank of India had raised the risk weight from 100 per cent to 125 per cent in order to restrict unsecured loans which were given by NBFCs. As a result of inflation being brought in check in the last few weeks, the regulator has lowered the capital that banks need to assign against personal loans. Last week the Reserve Bank of India made it easier for banks to give micro loans as well as lend to non-banking finance companies and micro finance institutions. The new regulation will be effective from April 1. This is the second step taken by the RBI in less than a month to support growth impulses, having lowered the policy rate by 25 basis points to 6.25 per cent on 7th February this year. The reduction in risk weights is expected to unfreeze capital of around Rs. 400 billion which would mean that banks can hereafter lend upto Rs4 trillion to AAA rated companies. In short, larger amount of funds will flow to well-managed companies which have a high credit rating and a track record of low provisioning for bad and doubtful debts. The writer is a practising lawyer, specialising in corporate and fiscal laws of India.
