South Sudan

• South Sudan's emergence as the world's newest nation and Africa's 54th nation lastweekend marks the end of the decades of bloody strife that has cost 2.5 million lives.

• This new nation revenue would be coming from oil reserves. (98% revenue would be of oil reserves)

• The US and EU have both already signed off on significant aid sums, India is not far behind, Indian Vice president Hamad Ansari attended the ceremonies in Juba(capital). India has given its expertise in development assistance and infrastructure building in Afghanistan.

• Sudan have rich reserves of uranium and diamond - an economic partnership could benefit both sides greatly
  

Reach of Internet

During the Mumbai blast, when government machinery failed to aid the victims. There was a spreadsheet which started floating on Twitter including the phone no.s who were ready to provide services like car ride, plane tickets, Financial assistance, etc to victims. This social networking if used for proper and productive purpose than it could do wonders. I personally think people in India should express there feeling through this medium of communication.

PAN MANDATORY FOR JWELLERY PURCHASES

Recently, Income Tax Department searched a large number of private lockers and vaults in the city which resulted in unearthing of unaccounted or unexplained jewellery, gold, diamonds and cash in the lockers belonging to people whose whereabouts are not known ie, benami holdings. While this was going on, separately, Income tax department has made it mandatory for all high value buyers of jewellery to declare or mention their Income tax Permanent Account Number (PAN) to the dealer from whom such purchases are made.

Today, everyone knows the need and relevance of income tax permanent account number which is unique to any individual who may or may not be assessee. People inIndiashould now get ready to mandatorily flash PAN card, for any purchase of jewellery worth Rs. five lakh or more from July 1, 2011 a move that would help the tax department keep an eye on such high value transactions. Besides jewellery purchase of Rs. five lakh and above, furnishing of PAN would be mandatory for some other transactions also with effect from July1.

As per the amendments in the income tax rules, coming into effect from July 1, quoting PAN (Permanent Account Number) will be mandatory for any payment of Rs. 5 lakh or more for purchase of bullion or jewellery. High-value purchase of jewellery, among valuables, have often been feared to be a much favoured route for circulation of black money and quoting of PAN would help the tax authorities in tracking such transactions.