TAXATION UPDATES 01.02.2019

HIGHLIGHTS OF INTERIM BUDGET 2019-20

The key highlights of the Interim Budget 2019-20 presented by the Union Minister for Finance, Corporate Affairs, Railways & Coal, Shri Piyush Goyal in Parliament today are as follows:

NEW ANNOUNCEMENTS

FARMERS

·        12 crore small and marginal farmers to be provided with assured yearly income of Rs. 6000 per annum under PM-KISAN

·        Outlay of Rs. 75,000 crore for FY 2019-20 with additional Rs. 20,000 crore in RE 2018-19

·        Outlay for Rashtriya Gokul mission increased to Rs 750 crore

·        Rashtriya Kamdhenu Ayog  to be setup for sustainable genetic up-gradation of the Cow resources

·        New separate Department of Fisheries for welfare of 1.5 crore fishermen

·        2% interest subvention to Farmers for Animal husbandry and Fisheries activities; additional 3% in case of timely repayment.

·        Interest subvention of 2% during disaster will now be provided for the entire period of reschedulement of loan

LABOUR

·        Pradhan Mantri Shram Yogi Maandhan scheme to ensure fixed monthly pension to 10 crore unorganized sector workers

·        Rs 3000 per month after 60 years of age with an affordable contribution of only Rs 100/55 per month

HEALTH

·        22nd AIIMS to be setup in Haryana

MGNREGA

·        Rs. 60, 000 crore allocation for MGNREGA in BE 2019-20

DIRECT TAX PROPOSALS

· Income upto Rs. 5 lakh exempted from Income Tax

· More than Rs. 23,000 crore tax relief to 3 crore middle class taxpayers

· Standard Deduction to be raised to Rs. 50,000 from Rs. 40,000

· TDS threshold to be raised from Rs. 10,000 to Rs. 40,000 on interest earned on bank/post office deposits

· Existing rates of income tax to continue

· Tax exempted on notional rent on a second self-occupied house

· HOUSING AND REAL ESTATE SECTOR TO GET BOOST

·        TDS threshold for deduction of tax on rent to be increased from Rs. 1,80,000 to Rs. 2,40,000

·        Benefit of rollover of capital gains increased from investment in one residential house to two residential houses for capital gains up to Rs. 2 crore.

·        Tax benefits for affordable housing extended till 31st March, 2020 under Section 80-IBA of Income Tax Act

·        Tax exemption period on notional rent, on unsold inventories, extended from one year to two years

FISCAL PROGRAMME

·        Fiscal deficit pegged at 3.4% of GDP for 2019-20

·        Target of 3% of fiscal deficit to be achieved by 2020-21.

·        Fiscal deficit brought down to 3.4% in 2018-19 RE from almost 6% seven years ago

· Total expenditure increased by over 13% to Rs.27,84,200 crore in 2019-20 BE

· Capital Expenditure for 2019-20 BE estimated at Rs. 3,36,292 crore

· Centrally Sponsored Schemes (CSS) allocation increased to Rs. 3,27,679 crore in BE 2019-20

· National Education Mission allocation increased by about 20% to Rs. 38,572 crore in BE 2019-20

· Allocation for Integrated Child Development Scheme (ICDS) increased by over 18% to Rs. 27,584 crore in BE 2019-20

· Substantial increase in allocation for the Scheduled Castes and Scheduled Tribes

·        Allocation for SCs increased by 35.6% - from Rs. 56,619 crore in BE 2018-19 to Rs. 76,801 crore in BE for 2019-20

·        Allocation for the STs increased by 28% - from 39,135 crore in BE 2018-19 to Rs. 50,086 crore in 2019-20 BE

·          Government confident of achieving the disinvestment target of 80,000 crore

·        Focus now on debt consolidation along with fiscal deficit consolidation programme

POOR AND BACKWARD CLASSES

·        “First right on the resources of country is that of the poor” FM

·        25% additional seats in educational institutions to meet the 10% reservation for the poor

·        Targeted expenditure to bridge urban-rural divide & to improve quality of life in villages

·        All willing households to be provided electricity connections by March 2019

NORTH EAST

·        Allocation to be increased by 21% to Rs. 58,166 crore in 2019-20 BE over 2018-19 BE

·        Arunachal Pradesh came on the air map recently

·        Meghalaya, Tripura and Mizoram came on India’s rail map for the first time

·        Container cargo movement through improved navigation capacity of the Brahmaputra

VULNERABLE SECTIONS

·        A new committee under NITI Ayog to identify all the remaining De-notified nomadic and semi-Nomadic tribes.

·        New Welfare development Board under Ministry of social justice and empowerment for development and welfare of De-notified nomadic and semi nomadic tribes

DEFENCE

·        Defence budget to cross Rs 3,00,000 crore for the first time ever

RAILWAYS

·        Capital support of Rs.64,587 crore proposed in 2019-20 (BE) from the budget

·        Overall capital expenditure programme to be of Rs. 1,58,658 crore

·        Operating Ratio expected to improve from 98.4% in 2017-18 to 96.2% in 2018-19 (RE) and

·        to 95% in 2019- 20 (BE)

 ENTERTAINMENT INDUSTRY

·        Indian filmmakers  to get access to Single window clearance as well for ease of shooting films

·        Regulatory provisions to rely more on self-declaration

·        To introduce anti-camcording provisions in the Cinematograph Act to control piracy

MSME AND TRADERS

·        2% interest subvention on an incremental loan of  Rs 1 crore for GST registered SMEs

·        Atleast 3% of the 25% sourcing for the Government undertakings will be from women owned SMEs

·        Renewed Focus on Internal trade ; DIPP renamed to Department for Promotion of Industries and Internal trade

DIGITAL VILLAGES

·        The Government to make 1 lakh villages into Digital Villages over next five years

OTHER ANNOUNCEMENT(S)

·        New National Artificial Intelligence portal to support National Program on Artificial Intelligence

Achievements during 2014-19

STATE OF THE ECONOMY

·        India universally recognized as a bright spot of the global economy during last five years

·        “Country witnessed its best phase of macro-economic stability during 2014-19”, says FM

·        India is now the 6th largest economy in the world from being the 11thlargest in 2013-14

·        Annual average GDP growth during 2014-19 higher than any government since 1991

·        Government has broken inflation’s back from backbreaking inflation during 2009-14: FM

·        Average inflation down to 4.6%, lower than during any other Government

·        Inflation in December 2018 down to 2.19% only

·        Fiscal deficit down to 3.4% in 2018-19 RE from the high of almost 6% seven years ago

·        CAD likely to be only 2.5% of GDP this year against a high of 5.6% six years ago

·        India attracted massive amount of FDI, worth $239 billion, during the last 5 years

·        India is solidly back on track and marching towards growth and prosperity, says FM

·        India becomes the fastest growing major economy in the world

·        Double-digit inflation contained and fiscal balance restored

·        Liberalization of FDI policy, allowing most FDI to come through the automatic route

FARMERS

·        Assured MSP of minimum 50% to all 22 crops

·        Interest subvention doubled in last 5 years

·        Soil Health card, Neem coated Urea game changer in farm sector

LABOR

·        Employment opportunities expanded ; EPFO membership increased by 2 crore

·        Minimum income for every category of workers increased by 42% in last 5 years

POOR AND BACKWARD CLASSES

·        10% reservation for the poor  in educational institutions and government jobs

·        Free electricity connection to every household under Saubhagya Yojana

·        World’s largest healthcare programme, Ayushman Bharat, for nearly 50 crore people

·        Aspirational Districts Programme for development in 115 most backward districts

·        Rs. 1,70,000 crore spent during 2018-19 for cheaper food grains to poor and middle class

·        143 crore LED bulbs provided in mission mode with the cooperation of private sector

·        Poor & middle class are saving Rs. 50, 000 crore p.a. in electricity bills due to LED bulbs

·        10 lakh patients benefited from free treatment under Ayushman Bharat

·        Jan Aushadhi Kendras providing medicines at affordable prices to poor and middle class

·        14 out of 21 AIIIMS operating presently have been announced since 2014

·        Government tripled rural roads’ construction under the PMGSY

·        15.80 lakh habitations out of 17.84 lakh connected with pucca roads

·        Rs. 19,000 crore for PMGSY in BE 2019-20 against Rs. 15,500 crore in RE 2018-19

·        1.53 crore houses built under PM Awas Yojana during the 2014-18

WOMEN DEVELOPMENT TO WOMEN LED DEVELOPMENT

·        6 crore free LPG gas connections provided under Ujjwala Yojna ; All 8 crore by next year

·        70% of MUDRA Loan availed by Women

·        Maternity leave extended to 26 weeks

·        Financial support for pregnant women under Pradhan Mantri Matru Vandana

YOUTH

·        Over one crore youth trained under Pradhan Mantri Kaushal Vikash Yojana

·        Self-employment boost through MUDRA, STAND-UP and START-UP India

MSME AND TRADERS

·        Up-to Rs 1 crore loans can be availed in less than an hour

·        25%-28% is the average savings due to GeM (Government e-Market place)

INCOME TAX

·        Tax collections nearly doubled in five years- from Rs. 6.38 Lakh crore in 2013-14 to almost Rs. 12 lakh crore this year

·        80% growth in tax base- from 3.79 crore to 6.85 crore in five years

·        Tax administration streamlined- Last year, 99.54% of the income-tax returns accepted as were filed

·        Technology intensive project approved to improve assessee friendliness –In two years, returns to be processed in 24 hours and refunds issued simultaneously

·        Earlier benefits given to middle class-

·        Basic exemption limit increased from Rs. 2 lakh to Rs. 2.5 lakh

·        Tax rate reduced from 10% to 5% for the tax slab of Rs. 2.5 lakh to Rs. 5 lakh

·        Standard deduction of Rs. 40,000 introduced for the salaried class

·        Deduction of savings under section 80C increased from Rs. 1 lakh to Rs. 1.5 lakh

·        Deduction of interest for self-occupied house property raised from Rs. 1.5 lakh to Rs. 2 lakh

·        Special benefits and incentives already given to small businesses and startups-

·        Overall compliance processes simplified.

·        Threshold for presumptive taxation of business raised from Rs. 1 crore to Rs. 2 crore

·        Benefit of presumptive taxation extended for the first time to small professionals fixing threshold limit at Rs. 50 lakh

·        Presumptive profit rate reduced from 8% to 6% to promote a less cash economy

·        Tax rate for about 99% companies reduced to 25%

GST

·        GST made India a common market

·        GST led to increased tax base, higher collections and ease of trade

·        Inter-state movements now faster, more efficient, and hassle free

·        Responsive and sensitive reduction of tax rates - Most items of daily use now in the 0% or 5% tax slab

·        Relieving the businesses and service providers-

·        Exemptions from GST for small businesses doubled from Rs. 20 lakh to Rs. 40 lakh

·        Small businesses having turnover up to Rs. 1.5 crore pay only 1% flat rate and file one annual return only

·        Small service providers with turnover upto Rs.50 lakhs can opt for composition scheme and pay GST at 6% instead of 18%

·        Soon, businesses comprising over 90% of GST payers to be allowed to file quarterly return

·        Encouraging GST revenue trends - The average monthly tax collection in the current year is Rs. 97,100 crore per month as compared to Rs. 89,700 crore per month in the first year

INFRASTRUCTURE

·        Civil Aviation – UDAN Scheme

·        Number of Operational Airports crossed 100

·        Latest: Pakyong airport in Sikkim

·        Domestic Passenger traffic doubled in last 5 years

ROADS

·        India is the fastest highway developer in the world

·        27 kms of highways built each day

·        Stuck projects completed - Eastern Peripheral Highway around Delhi- Bogibeel rail-cum-road bridge in Assam and Arunachal Pradesh

WATERWAYS

·        Flagship programme of Sagarmala along the coastal areas

·        For first time, container freight movement started on Kolkata to Varanasi inland waterways

RAILWAYS

·        ‘Safest year’ for railways in its history

·        All Unmanned Level Crossings on broad gauge network eliminated.

·        Semi high-speed "Vande Bharat Express" introduced - first indigenously developed and manufactured

CLIMATE CHANGE

·        International Solar Alliance

·        To promote renewable energy

·        First treaty based international inter-governmental organisation headquartered in India

·        Installed solar generation capacity grown over ten times in last five years

·        Now creating lakhs of new age jobs

DIGITAL INDIA REVOLUTION

·        More than 3 lakh Common Service Centres (CSCs) exist to deliver services to the citizens

·        India now leading the world in the consumption of mobile data

·        Monthly consumption of mobile data increased by over 50 times in the last five years

·        Under Make in India, mobile and parts manufacturing companies increased from 2 to more than 268 providing huge job opportunities

JAN DHAN-AADHAAR-MOBILE (JAM) AND DIRECT BENEFIT TRANSFER

·        In the last five years, nearly 34 crore Jan Dhan bank accounts opened Aadhaar now near universally implemented

·        Ensure the poor and middle class receive the benefits of Government schemes directly in their bank accounts by eliminating middlemen

CUSTOMS AND TRADING ACROSS BORDERS

·        Customs duties on 36 capital goods abolished

·        Digitization of import and export transactions

·        RFID technology to improve logistics

STEPS AGAINST CORRUPTION

·        Government walked the talk on corruption and ushered in a new era of transparency: FM

·        RERA and Benami Transaction (Prohibition) Act have brought transparency in real estate

·        The Fugitive Economic Offenders Act, 2018 to help confiscate economic offenders

·        Government conducted transparent auction of natural resources such as coal & spectrum

DRIVE AGAINST BLACK MONEY

·        Undisclosed income of about Rs 1,30,000 crore brought under tax through initiatives like Black money Law,  Fugitive Criminal offenders Act, Demonetisation etc.

·        Benami assets worth Rs 6,900 crore have been attached

·        18% growth in Direct tax

BANKING REFORMS AND INSOLVENCY AND BANKRUPTCY CODE (IBC)

·        The IBC has institutionalized a resolution-friendly mechanism

·        Government has stopped the culture of “phone banking”: FM

·        Government adopted 4Rs approach of recognition, resolution, re-capitalization & reforms

·        Government has implemented measures to ensure ‘Clean Banking’

·        Government has already recovered Rs. 3 lakh crore in favor of banks and creditors

·        Government has invested Rs. 2.6 lakh crore for recapitalization of public sector banks

CLEANLINESS

·        Government launched Swachh Bharat Mission as a tribute to 150 years of Gandhi Ji

·        FM thanks 130 crore Indians for translating Swachh Bharat into a national revolution

·        India has achieved 98% rural sanitation coverage

·        5.45 lakh villages have been declared "Open Defecation Free”

·        Defence

·        OROP under implementation in full spirit with Rs 35,000 crore already disbursed

·        Military pay service hiked

OTHER ACHIEVEMENTS

·        Government put a stop to questionable practices of hiding high NPAs

·        Swachh Bharat Mission as the world’s largest behavioral change movement

KEY MESSAGE IN THE INTERIM BUDGET 2019-20

·        Moving towards realizing a ‘New India’ by 2022 -

·        Clean and healthy India with universal access to toilets, water and electricity to all

·        An India where Farmers’ income would have doubled

·        Ample opportunities to youth and women to fulfil their dreams

·        An India free from terrorism, communalism, casteism, corruption and nepotism

VISION FOR THE NEXT DECADE

·        Foundation for India’s growth and development laid in the past 5 years

·        Poised to become a Five Trillion Dollar Economy in the next five years

·        Aspire to become a Ten Trillion Dollar Economy in the next 8 years thereafter

TEN DIMENSIONS OF VISION FOR INDIA OF 2030

·        India would be a modern, technology driven, high growth, equitable and transparent society

·        To build physical as well as social infrastructure and to provide ease of living

·        To create a Digital India, digitize government processes with leaders from youth

·        Making India pollution free by leading transport revolution with Electric Vehicles and focus on Renewables

·        Expanding rural industrialisation using modern digital technologies to generate massive employment

·        Clean Rivers, safe drinking water to all Indians and efficient use of water through micro-irrigation

·        Besides scaling up of Sagarmala, Coastline and Ocean waters powering India’s development and growth

·        Aim at our space programme – Gaganyaan, India becoming the launch-pad of satellites for the World and placing an Indian astronaut into space by 2022

·        Making India self-sufficient in food, exporting to the world to meet their food needs and producing food in the most organic way

·        A healthy India via Ayushman Bharat with women having equal rights and concern for their safety and empowerment

·        Transforming India into a Minimum Government Maximum Governance nation with pro-active and responsible bureaucracy

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GST COLLECTIONS TOP RS 1 LAKH CR IN JANUARY

GST collections in January crossed Rs 1 lakh crore-mark after a gap of 2 months, the Finance Ministry said on Thursday. The total gross GST Revenue collected in the month of January, 2019 has crossed Rs 1 lakh crore. This has been a significant improvement over collection of Rs 94,725 crore during last month and Rs 89,825 crore during the same month last year, the ministry tweeted. This is the third time in current fiscal that GST (Goods and Services Tax) collections has crossed the Rs one lakh crore-mark. Previously in April and October, the collections had surpassed this milestone. This increase has been achieved despite various Tax Relief measures implemented by the GST Council to lower the tax burden on the consumers, the ministry said. Conventionally, GST collection data for a month is released on first day of the subsequent month. However, for the month of January, the full details of the revenue mopped-up will be released on February 2.

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LOWER LOGISTICS COST TO HELP BOOST EXPORTS BY 5-8%: FIEO

Reduction of logistics cost by 10 per cent will help boost the country’s exports by about 5-8 per cent, exporters body FIEO said on Thursday. Ganesh Kumar Gupta said that implementation of the Goods and Services Tax (GST) has helped growth of the logistics sector which is very critical in increasing international trade. High logistics cost impacts competitiveness of domestic goods in the international markets. The cost of logistics for India is about 14 per cent of its GDP and it is far high as compared to other countries. It is estimated that a 10 per cent decrease in indirect logistics cost can increase 5-8 per cent of exports, Gupta told. Gupta said logistics companies from about 27 countries are participating in the three-day show in the national capital.

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NO ONE WHO CHEATS INDIA CAN HIDE ANYWHERE IN THE WORLD: ARUN JAITLEY

Arun Jaitley Thursday said Prime Minister Narendra Modi has introduced a culture of honesty in governance and no one who cheats India can hide anywhere in the world and escape. His statement comes against the backdrop of Dubai-based businessman Rajeev Saxena and corporate aviation lobbyist Deepak Talwar getting deported to India. They have been arrested by the Enforcement Directorate. In a series of tweets, Jaitley said The UPA Skeletons are tumbling out by the day. Why did all Defence purchases need middlemen?. Saxena is wanted in the Rs 3,600 crore AgustaWestland VVIP chopper money laundering case while Talwar is wanted by the ED and the CBI in a case of allegedly misusing over Rs 90 crore taken through foreign funding route. No one who cheats INDIA can hide anywhere in the world and escape. INDIA's Diplomatic strength and more civilised International procedures will get better of him. If the Prime Minister is honest, if he imposes a culture of honesty in governance, no person who cheats India will escape, Jaitley said.

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CA PRAFULLA CHAJJED TO BE NEW ICAI CHIEF FROM FEBRUARY AS CA NAVEEN ND GUPTA’S TENURE EXPIRES

As the term of the current President of the Institute of Chartered Accountants of India ( ICAI ) will expire on February the current Vice-President CA. Prafulla Chajjed will take over the reign of the ICAI for the year 2019-20. ICAI Chief thanked all the persons for their active support, help, and cooperation. CA Naveen N D Gupta said that I have complete trust in his leadership and professional acumen and believe strongly that the profession will prosper and advance beyond all limits. I must congratulate him in advance and welcome too, to the High Office of Institute. While I know that the profession will be in safe hands, I am sure it will continue to attain new heights of success; it is bound to grow under the new Vision. Let me also thank the Vice-President and all my Central Council colleagues for their active support, help and cooperation which have eventually contributed in the furtherance of our professional success. I express my sincere gratitude to all of them. My thanks and gratitude is also due to my colleagues from Regional Councils, Branches and overseas Chapters, for being supportive in my entire professional journey of the Council Year 2018-19 as President and earlier as Vice- President in the year 2017-18. I thank each of them for reposing trust in my leadership and governance, and for sharing their opinion during the term. It wouldn’t be complete if I do not express my sincere gratitude to our great past-Presidents for their timely intervention and advice whenever I approached, he added. he further added that Then, in the end, I wish to recall the contribution made and efforts put in by the employees of the Institute. I must put this on record and acknowledge that they have put in their best towards the fulfillment of the vision and agenda of our profession, working always beyond comfort and working hours, working on leaves, and working even in difficult situations. With this degree of dedication, I am sure, our profession will continue to grow its momentum of growth in the future too.

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MALLYA SAYS VALUE OF ASSETS ATTACHED CROSSED RS 13,000 CR; DEMANDS JUSTICE

Fugitive liquor baron Vijay Mallya Friday claimed his group's properties worth over Rs 13,000 crore have been attached more than the 'claimed' Rs 9,000 crore that he "ran away with" asking where is justice and how far will it go. In a series of tweets, Mallya, who intends to appeal against a UK court's extradition verdict, also claimed that the banks to which he owes money "have given an open licence to their Lawyers in England to pursue multiple frivolous litigations against" him questioning the "brazen" spending of "public money on legal fees". "Every morning I wake up to yet another attachment by the DRT (debt recovery tribunal) recovery officer. Value already crossed (Rs) 13,000 crore Banks claim dues including all interest of (Rs) 9,000 crore which is subject to review. How far will this go and well beyond? Justified??", Mallya tweeted. He further said the DRT recovery officer recently attached his group's assets worth over Rs 13,000 crore in India on behalf of the consortium of banks. "Yet the narrative is that I ran away with the claimed amount of (Rs) 9000 crore causing loss to the public sector banks. Where is Justice or fair play?," he asked. The embattled liquor baron further said "despite all the attachments in India, banks have given an open licence to their lawyers in England to pursue multiple frivolous litigations against me. Who is accountable for spending public money on legal fees in such a brazen manner?" Mallya also claimed that the banks' lawyers in England have objected in writing to his paying "my legitimate tax dues to HMRC which I requested". "Irony is, Indian state banks want my money in England to settle an Indian debt already secured and deny payment to the UK. tax exchequer. Disgraceful," he added.

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DON RAVI PUJARI ‘ARRESTED’ IN SENEGAL

Underworld don Ravi Pujari is reported to have been arrested in Senegal on Thursday evening. Sources said the Senegal police acted on a tip-off provided to them by Indian intelligence agencies. Pujari, who has a Red Corner Notice issued against him by the Interpol, has been on the run for more than a decade, is wanted in India in a number of cases, including extortion, threat calls to Bollywood stars and other prominent personalities. Till 2016, he was hiding in Australia. After that, he had been travelling to places like Bangkok, Kuala Lumpur and Morocco. At one point, Pujari was the right hand man of gangster Chhota Rajan but they fell out after Dawood Ibrahim attacked Rajan in Bangkok.

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FCRA VIOLATION CASE: DELHI COURT GRANTS ED 7 DAY CUSTODY OF DEEPAK TALWAR

A Delhi court on Thursday granted the Enforcement Directorate (ED) seven days custody of alleged lobbyist Deepak Talwar in a money laundering case. Talwar was produced before special judge S S Mann. The agency had sought 14 days custody of the corporate aviation lobbyist, who was picked up by Dubai authorities early Wednesday and deported, along with Dubai-based businessman Rajeev Saxena, to India in the evening. Talwar is wanted by the ED and the CBI in a case of misusing over Rs 90 crore taken through the foreign funding route as part of corporate social responsibility (CSR). He has been charged with criminal conspiracy, forgery and under various other sections of the FCRA for allegedly diverting Rs 90.72 crore worth of foreign funds meant for ambulances and other articles received by his NGO from Europe's leading missile manufacturing company.

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VVIP CHOPPER SCAM: RAJEEV SAXENA SENT TO 4 DAYS OF ED REMAND

Enforcement Directorate (ED) on Thursday produced Rajeev Saxena, Dubai-based businessman wanted in VVIP choppers case, before a Delhi court. Saxena is being produced before Special Judge Arvind Kumar. He was sent to 4 days of ED remand by Delhi's Patiala House Court. Rajeev Shamsher Bahadur Saxena, was picked up by Dubai authorities early Wednesday in connection with the Rs 3,600 crore AgustaWestland VVIP choppers money laundering case and deported to India last evening. They said Rajeev Shamsher Bahadur Saxena wanted in the Rs 3,600 crore AgustaWestland VVIP choppers money laundering case and lobbyist Deepak Talwar, wanted by the ED and the CBI in a case of allegedly misusing over Rs 90 crore taken through the foreign funding route, were brought in a special plane from Dubai to Delhi around 1:30 AM.

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ED CONDUCTS SEARCHES OVER IRREGULARITIES IN MEMORIALS BUILT BY MAYAWATI

Trouble is mounting for political parties in Uttar Pradesh ahead of the Lok Sabha polls, with the Enforcement Directorate (ED) now cracking down on Bahujan Samaj Party (BSP) chief Mayawati in a series of searches across seven locations in the state, including Lucknow. With the Lok Sabha elections just months away, major opposition party leaders, including both former chief ministers of Uttar Pradesh, Mayawati and Akhilesh Yadav, have come under the scanner of investigating agencies in recent months for various offences and alleged cases of irregularities. Persons familiar with the developments stated that the probe agency has filed a criminal case under the Prevention of Money Laundering Act (PMLA) to investigate these instances after taking cognizance of a state vigilance department complaint dating back to 2014. It was alleged in the vigilance complaint that the constructions resulted in the loss of over ₹111.44 crore to the exchequer and unlawful gain to public servants and private individuals. The state government headed by Mayawati had built the memorials, statues and parks at a cost of over ₹2,600 crore in Lucknow, Noida and a few other places in the state. While the Central Bureau of Investigation (CBI) is also probing Samajwadi Party chief Akhilesh Yadav in the illegal mining case, the opposition has alleged that agencies such as the CBI and ED were being used to selectively target leaders ahead of the forthcoming Lok Sabha polls.

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CENTRE ASKS OUSTED CBI CHIEF ALOK VERMA TO JOIN OFFICE A DAY BEFORE RETIREMENT

Two weeks after deposed CBI Director Alok Verma told the Department of Personnel and Training to consider him retired, the Ministry of Home Affairs replied to him a day before his superannuation as Director, asking him to join office as DG, Fire Services, Civil Defence & Home Guards immediately. The government has sent a letter to Verma saying, You are directed to join the post of DG, Fire Services, Civil Defence & Home Guards immediately. The letter from the government means that Verma will have to join for a day. The reply of the government came days after a request by Verma to consider his retirement from January 11, a day after he was transferred from the CBI after the high-powered selection panel led by Prime Minister Narendra Modi met. Verma had requested for the consideration of his retirement after attaining the age of superannuation July 31, 2017. He had also crossed superannuation age for DG Fire Services, Civil Defence & Home Guards. The former CBI director said, I was only serving the Government as CBI Director until January 31, 2019, as it was a fixed tenure role. He was moved out of the probe agency last October on the CVC’s recommendations. The Supreme Court, however, reinstated to the same post in January. Next day, the selection committee asked him to join as DG Fire Services, Civil Defence & Home Guards. While the move was opposed Congress leader Mallikarjun Kharge, PM Modi was supported by Justice A K Sikri, a nominee of CJI.

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EC STRESSES ON ELECTORAL ROLLS ACCURACY AS IT REVIEWS POLL PREPAREDNESS IN WEST BENGAL

In a meeting held to review poll preparedness in West Bengal Thursday, the Election Commission laid stress on increasing the accuracy of electoral rolls, officials said. The meeting was held between full bench of the Commission, district election officials, superintendents of police, divisional commissioners and other district officials of the state. The Commission directed officials to launch a special drive to include names of new voters and strike off names of fake and bogus voters, an official said. It sought a detailed report about poll-related violence that took place during last elections in the state and inquired about the number of cases pending since the last elections were held in the state, an official said. Commission officials also inquired about reports on recent recovery of arms and ammunition in the state, the official said. Electoral roll cleansing is on the radar and we have been asked to ensure that bogus voters are removed from the list. Work on it will start immediately, the official told.

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DECLARE WEST BENGAL AS A ‘CRITICAL AND VULNERABLE’ STATE, BJP URGES ECI

The Bharatiya Janta Party has urged the Election Commission of India to declare West Bengal as a ‘critical and vulnerable’ state citing the incidents of violence during the Panchayat election process and also the number of uncontested seats in state during the rural polls. The ruling party at the centre requested the commission to appoint a senior IAS officer from outside state as the chief state observer of the ECI to oversee and supervise the functioning of the CEO, West Bengal and also a senior IPS officer as the chief police observer to oversee and review the police deployment by the Director General of Police and respective commissioners. Sayantan Basu, who was there in the delegation, said that the party submitted all relevant documents, photographs and CDs to the commission. The party also raised the issues of ‘political obstruction’ they were facing in organising any political programme in the state. The party also said that there should be a ‘chief police observer’. A senior IPS officer from out of state be appointed as chief police observer to oversee and review the police deployment by the DG of West Bengal, police commissioners or all other police officers on election duty of any description.

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INDIA MUST SIGN NON-PROLIFERATION TREATY TO GAIN ENTRY INTO NSG, SAYS CHINA

India must sign the Non-Proliferation Treaty to gain entry into the Nuclear Suppliers Group, China said Thursday, asserting that patient negotiations were required for New Delhi’s admission into the group as there is no precedent for the inclusion of non-NPT countries. China has been opposing India’s entry into the 48-member Nuclear Suppliers Group (NSG) on the ground that India is not a signatory to the Non-Proliferation Treaty (NPT), though the other P5 members, including the US and Russia backed its case based on New Delhi’s non-proliferation record. China, France, Russia, Britain and the US – the permanent members of the UNSC also known as P5 countries – have concluded their two meetings here to discuss issues related to nuclear disarmament, nuclear non-proliferation and peaceful uses of nuclear energy. Geng Shuang said at the end of the successful conference the member countries reached an important consensus to jointly uphold the responsibilities for international peace and security. We will uphold the NPT mechanism. We underscore its importance as the cornerstone of international non-proliferation system and also an important component of international security. We promise to enforce the NPT fully and comprehensively and gradually realise our goal of a nuclear weapon free world and do our best to solve the nuclear non-proliferation issues through political and diplomatic means for the peaceful use of nuclear energy and international cooperation, he said. Asked whether the issues related to India’s application to enter into the NSG figured in the meeting, Geng said the P5 countries are committed to uphold the NPT mechanism, recognise that it is the cornerstone of the international non-proliferation system. After India applied for the NSG membership, Pakistan too applied for the same following which China, a close ally of Islamabad, called for a two-step approach which states that NSG members first need to arrive at a set of principles for the admission of non-NPT states into the group and then move forward discussions of specific cases. The NSG is a group of nuclear supplier countries that seeks to contribute to the non-proliferation of nuclear weapons through the implementation of guidelines for nuclear and nuclear-related exports.

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MEHBOOBA TAKES EXCEPTION TO INDIA CALLING PAK HIGH COMMISSIONER FOR QURESHI DIALLING MIRWAIZ

PDP president Mehbooba Mufti Thursday said India's response to a telephonic conversation between Pakistan Foreign Minister Shah Mehmood Qureshi and separatist leader Mirwaiz Umar Farooq has reduced between the two countries to the lowest level. A foreign policy dictated by the compulsions of electoral politics is shockingly pathetic, the former chief minister of Jammu and Kashmir added. Referring to past engagements between Pakistani officials and Hurriyat leaders in the state, Mehbooba said it was in the Atal Bihari Vajpayee-led NDA regime that meetings between separatists and Pakistani officials were facilitated. Ironically it was the NDA under Vajpayee ji that facilitated meetings between Hurriyat leaders & Pakistani dignitaries plus allowing them to visit Pakistan to hold talks with the establishment including the then president General Musharraf, she said. Vijay Gokhale Wednesday summoned Pakistan's envoy Sohail Mahmood and categorically told him that Qureshi's telephonic conversation with Mirwaiz was a brazen attempt to subvert India's unity and violate its sovereignty and territorial integrity. The Ministry of External Affairs, in a statement, said the Pakistan High Commissioner was cautioned that persistence of such behaviour by Islamabad will have implications. The Pakistan Foreign Office had on Tuesday said Qureshi spoke with the Hurriyat leader and apprised him of the efforts of the Pakistan government to highlight the Kashmir issue.

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FED KEEPS KEY RATE UNCHANGED AND PLEDGES TO BE 'PATIENT'

The Federal Reserve is keeping its key interest rate unchanged and signaling that it could leave rates alone in coming months given economic pressures and mild inflation. The Fed also says it's prepared to slow the reduction of its bond holdings if needed to help the economy. The central bank said on Wednesday that it plans to be 'patient about future rate hikes Its benchmark short-term rate will remain in a range of 2.25% to 2.5% after having been raised four times last year. The Fed's key rate influences many loan rates for businesses and consumers, including mortgages. The Fed has been gradually reducing its bond portfolio, a move that has likely contributed to higher borrowing rates. But at some point, to avoid weakening the economy, it could slow that process or end it sooner than now envisioned. Doing so would help keep a lid on loan rates and help support the economy. In its statement Wednesday, the Fed said, In light of global economic and financial developments and muted inflation pressures, the committee will be patient in determining what future adjustments to the Fed's interest-rate policy will be appropriate. The Fed's decision was approved on a 10-0 vote.

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DONALD TRUMP TO MAKE SIGNIFICANT ANNOUNCEMENT ON ISIS NEXT WEEK, SAYS MIKE POMPEO

The US President Donald Trump will make a significant announcement on the status of the fight against the ISIS in Syria during his State of the Union Address next week, the Secretary of State Mike Pompeo has said. Donald Trump is scheduled to deliver the State of the Union Address in a joint session of the US Congress on February 5. The President will make a significant announcement, I think, in the State of the Union next week with respect to the status of the caliphate, the real estate, the grounds from which ISIS had been operating in Syria when this administration came in, Mike Pompeo told.bMike Pompeo also informed that Donald Trump would host foreign ministers of the Global Coalition to Defeat the ISIS and have discussions with them. You remember prisoners in cages, people kneeling on the beaches and being beheaded. This was tragic. Next week on February 6, he is hosting foreign ministers of the Global Coalition to Defeat the ISIS for an in-depth discussion on defeating them, he said. We also know that in spite of the enormous progress we've made and the success that we've had, that the threat from radical Islamic terrorism is real and we need to continue to do all that we can to make sure that there's not a resurgence of ISIS or that all the other variants of that terror regime continue to be under pressure, he added. Mike Pompeo said that President Donald Trump will do everything to keep America safe from threats. President Donald Trump has made clear it is a priority for him, and as the Secretary of State, I can promise the American people we will continue to do all that we can to keep them safe from this threat, Pompeo said.

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FOREIGN SECRETARY: BREXIT MAY HAVE TO BE DELAYED

A key member of Prime Minister Theresa May's government acknowledged Thursday that Britain's exit from the European Union may have to be delayed if negotiations on a divorce deal drag on. Foreign Secretary Jeremy Hunt told that while it is difficult to know whether negotiations will stretch to the final hours, a delay may be necessary to pass legislation to implement Brexit. I think it is true that if we ended up approving a deal in the days before 29 March then we might need some extra time to pass critical legislation but if we are able to make progress sooner then that might not be necessary, Hunt said. It is not just the government that needs to be ready - business and citizens need to know how the changes will affect them and what they need to do, it said in a report. Investment in the industry fell 46 percent last year and new car production dropped 9.1 percent to 1.52 million vehicles in 2018, in part because of concerns over Brexit, the Society of Motor Manufacturing said. Chief executive Mike Hawes has described the threat of a no-deal as catastrophic. With fewer than 60 days before we leave the EU and the risk of crashing out without a deal looking increasingly real, UK Automotive is on red alert, Hawes said. Brexit is the clear and present danger and, with thousands of jobs on the line, we urge all parties to do whatever it takes to save us from 'no deal', Hawes said. If no deal is in place, existing trade agreements with the EU will evaporate overnight. Without such agreements, economic chaos is likely to follow, with fears about trade in food, medicine and other essential supplies. In another sign of the ticking clock, House of Commons leader Andrea Leadsom said a scheduled February recess for lawmakers may be scrapped. May must report back to the House of Commons by February 13, either with a reworked version of the deal or with a statement on what she plans to do next. She intends to return to Brussels in hopes of reopening negotiations on the most controversial aspect of the withdrawal deal, which covers the border between the UK's Northern Ireland and EU member Ireland. 

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Thanks & Regards,
CS Meetesh Shiroya