INCOME
TAX REBATE OF RS 12500 TO THOSE WHO EARN UP TO RS 5 LAKH FROM APRIL 1: CBDT
CHAIRMAN
The income tax department will give a
straight rebate of Rs 12,500 to people having an annual income of Rs 5 lakh
from the beginning of next fiscal, thus making their tax liability zero, Sushil
Chandra said Friday, explaining the proposal made in the Union Budget for
2019-20. For people earning more than Rs 5 lakh annually, the old tax rates
will continue However, people having taxable income of Rs 6.5 lakh per annum
too can avail tax rebate provided they invest Rs 1.5 lakh in specified
investments such as PPF, General Provident Fund (GPF) and insurances, he said.
Explaining the nuances of the proposals announced by Finance Minister Piyush
Goyal in his interim budget speech, Chandra said, This (zero income tax) rebate
is only for persons whose taxable income is Rs 5 lakh. If the return filed or
taxable income is Rs 5 lakh, then their tax liability will be nil because we
will be giving a rebate of the total tax which is due on Rs 5 lakh of taxable
income. As per the present taxation rate, the tax liability up to Rs 5 lakh is
Rs 12,500. So, we will give a rebate of Rs 12,500 straight so that everyone who
is filing a return up to Rs 5 lakh of net income will absolutely be a tax
exempt case. They will get a full rebate, Chandra told PTI in an interview.
Even after that, he added, if a person is earning Rs 6.5 lakh per annum, and he
or she deposits Rs 1.5 lakh under 80C (section of I-T Act that deals with
deductions) in PPF, GPF, insurance, then his taxable income becomes Rs 5 lakh
though he is earning Rs 6.5 lakh. So, for such a person it will be a total
rebate of tax liability, the top official of the income tax department said.
The Central Board of Direct Taxes (CBDT) frames policy for the I-T Department.
For those, he said, whose return of income or taxable return is more than Rs 5
lakh, the old slab of tax rates will continue There is no change in that
because this is an interim budget and it has been targeted that the small
taxpayers, middle-class and lower middle-class taxpayers should have a
certainty of their tax liability on April 1. I can tell you that this proposal
(Rs 5 lakh income rebate) will be applicable from the coming financial year of
April 1 after it is passed in this budget session of Parliament, Chandra said.
Chandra added that the proposal of giving rebate in income tax to people
earning up to Rs 5 lakh will benefit another three crore people and the revue
forgone would be Rs 18,500 crore.
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INCOME
UPTO RS 5 LAKH TO GET FULL TAX REBATE; HIGHER STANDARD DEDUCTION PROPOSED
Individual taxpayers having taxable annual
income up to Rs.5 lakhs will get full
tax rebate and therefore will not be required to pay any income tax. Piyush
Goyal said Because of major tax reforms undertaken by us during last four and
half years, both tax collections as well as tax base have shown significant
increase, achieving a moderate taxation- high compliance regime. It is, therefore, just and fair that some
benefits from the tax reforms must also be passed on to the middle class
taxpayers As a result, the Finance Minister added that even persons having
gross income up to Rs. 6.50 lakhs may not be required to pay any income tax if
they make investments in provident funds, specified savings, insurance etc. In
fact, with additional deductions such as interest on home loan up to Rs.2 lakh,
interest on education loans, National Pension Scheme contributions, medical
insurance, medical expenditure on senior
citizens etc, persons having even higher income will not have to pay any tax.
This will provide tax benefit of
Rs.18,500 crore to an estimated 3 crore middle class taxpayers
comprising self employed, small business, small traders, salary earners,
pensioners and senior citizens.
STANDARD
DEDUCTIONS RAISED
For salaried persons, Standard Deduction is
being raised from the current Rs.40,000
to Rs.50,000 This will provide additional tax benefit of Rs.4,700 crore to more than 3 crore salary
earners and pensioners, the Finance Minister informed.
TDS
THRESHHOLD INCREASED
Tax Deduction at Source (TDS) threshold on
interest earned on bank/post office deposits has been proposed to be raised
from Rs.10,000 to Rs.40,000 Shri Goyal said, This will benefit small depositors
and non-working spouses. Further, the TDS threshold for deduction of tax on
rent has also been proposed to be increased from Rs.1,80,000 to Rs.2,40,000 for
providing relief to small taxpayers.
MORE
RELIEF TO RESIDENTIAL HOUSES
It has been proposed to exempt the levy of
income tax on notional rent on a second self-occupied house. Currently, income tax on notional rent is
payable if one has more than one self-occupied house. Shri Goyal announced the relief considering
the difficulty of the middle class having to maintain families at two locations
on account of their job, children’s education, care of parents etc. Further,
the Finance Minister proposed to increase the benefit of rollover of capital
gains under Section 54 of the Income Tax Act from investment in one residential
house to two residential houses for a taxpayer having capital gains up to Rs. 2
crore This benefit can be availed once in a life time. For making more homes available under affordable
housing, the benefits under Section 80-IBA of the Income Tax Act is being
extended for one more year, i.e., to the housing projects approved till 31st
March, 2020. Also, for giving impetus to
the real estate sector, the Finance Minister proposed to extend the period of
exemption from levy of tax on notional rent, on unsold inventories, from one
year to two years, from the end of the year in which the project is completed.
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TAX
COLLECTIONS INCREASED FROM RS 6.38 LAKH CRORE IN YEAR 2013-14 TO ALMOST RS 12
LAKH CRORE THIS YEAR
The Government has reduced tax rates more for
the common man and middle class, and made the interface with the tax department
much simpler and largely faceless. Due to this, the tax collections increased
significantly from Rs 6.38 lakh crore in 2013-14 to almost Rs 12 lakh crore
this year. The number of returns filed have also increased from 3.79 crore to
6.85 crore showing 80% growth in tax base. Piyush Goyal said, I thank the
honest taxpayers of India for reposing faith in our Government. Let me assure
them that we have used their contribution to serve the poor and create better
infrastructure. The Income Tax Department now functions online. Returns,
assessments, refunds and queries are all undertaken online. Last year, 99.54%
of the income-tax returns were accepted as they were filed. Shri Piyush Goyal
said that the Government has now approved a path breaking, technology intensive
project to transform the Income-tax Department into a more assessee-friendly
one. All returns will be processed in twenty-four hours and refunds issued
simultaneously. Within the next two years, almost all verification and
assessment of returns selected for scrutiny will be done electronically through
anonymised back office, manned by tax experts and officials, without any
personal interface between taxpayers and tax officers, he added. The Minister
said that reducing the tax burden on middle class has always been our priority
ever since the Government took over in 2014. The Government increased the basic
exemption limit from Rs 2 lakh to Rs 2.5
Lakh and gave tax rebate so that no tax was payable by persons having income up
to Rs 3 lakh. The Government also reduced the tax rate from 10% to 5% for the
tax slab of Rs 2.5 lakh to Rs 5 lakh and introduced Standard Deduction of Rs 40,000 for the salaried class. Deduction
of savings under section 80C was increased from Rs 1 lakh to Rs 1.5 lakh.
Deduction of interest for self-occupied house property was raised from Rs 1.5
lakh to Rs 2 lakh. Special benefits and incentives were also given to small
businesses and startups. Overall compliance processes were simplified.
Threshold limit for presumptive taxation of business was raised from Rs 1 crore
to Rs 2 crore. The benefit of presumptive taxation was extended for the first
time to small professionals fixing threshold limit at Rs 50 lakh. In order to
promote a less cash economy, the presumptive profit rate has been reduced from
8% to 6%. The tax rate for companies with turnover of up to Rs 250 crore,
covering almost 99% of the companies, was reduced to 25% which was also
applicable to new manufacturing companies without any turnover limits.
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AUTHORISE
OFFICERS TO REVALIDATE UNPAID REFUNDS, SAYS TOP TAX ADVOCATE
Gujarat government should also authorise its
officials in State Goods and Services Tax (SGST) commissionerate to revalidate
refunds that have been lapsed because of non-payment by officials of Central
GST (GST), said a top tax advocate in the city. He said that there are a number
of cases where State GST authorities have disbursed refunds but not by CGST
depriving businessmen of their rightful refunds. However, a top official in the
state government said that there is no authority given to the state tax
authorities and it cannot revalidate unless it is approved by GST Council, the
apex body for GST in the country. Under GST regime businessmen get GST refunds
in form of Input Tax Credit (ITC). However, the component of SGST is disbursed
by state tax authorities, while the CGST component is disbursed by CGST
authorities. Tax practitioner Monish Bhalla said that there has been a number
of cases where the SGST component has been disbursed but not the CGST component
After a gap of 90 days, tax authorities are unable to disburse refunds.
However, Maharashtra government has come out with a circular that its tax
officials can revalidate tax refunds if the deadline of 90 days has passed. If
Maharashtra government can do it, why not Gujarat government, said Bhalla. Ajay
Kumar, special commissioner in SGST Commissionerate in Gujarat said that tax
authorities in Gujarat cannot blindly follow other states as any action need
the approval of GST Council. We had also got similar complaints. We had raised
this issue, which has been sent to the Law Committee (of GST Council) said Ajay
Kumar.
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ANTI-BLACK
MONEY MEASURES BROUGHT UNDISCLOSED INCOME OF ABOUT RS 1.3 LAKH CRORE TO TAX
The anti-black money measures taken by the
Government during the last four and half years in the form of Black Money Law,
the Fugitive Criminal Offenders Act, and Demonetisation, have brought
undisclosed income of about Rs 1,30,000 crore to tax These measures have also
led to seizure and attachment of assets worth approximately Rs 50,000 crore,
and compelled holders of large cash currency to disclose their source of
earnings. Piyush Goyal said, Our Government is committed to eliminating the
ills of black money from our country Benami assets worth Rs 6,900 crore and foreign assets worth Rs
1,600 crore have been attached. As many as 3,38,000 shell companies have been
detected and de-registered, and their directors disqualified. Minister said
that there is 18% growth in direct tax collection in 2017-18 and increase in
tax base by as many as 1.06 crore people filing income tax returns for the
first time in FY 2017-18 is mainly on account of demonetization.
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FOR EVERY
RE IN GOVERNMENT KITTY, 70 PAISE COMES FROM DIRECT, INDIRECT TAXES
For every rupee in the government coffer, 70
paise will come from direct and indirect taxes while the government will spend
23 paise towards state's share of taxes and duties According to the Budget
2019-20 presented in Parliament by Finance Minister Piyush Goyal, for the every
rupee earned, the collection from Goods and Services Tax (GST) has been pegged
at 21 paise as a percentage of every rupee earned, amounting to the single
largest source of revenue. The collection from borrowing and other liabilities
will be 19 paise, while mobilisation from Union Excise duty will be 7 paise.
The government intends to earn 8 paise from non-tax revenue like disinvestment,
while it plans to mobilise 3 paise from non-debt capital receipts. Similarly,
tax mobilisation from corporation tax has been fixed at 21 paise. Income tax
mobilisation for the next fiscal has been increased to 17 paise. The government
will earn 4 paise from custom in the next fiscal. On the expenditure side, the
biggest component is states' share of taxes and duties at 23 paise and interest
payment of 18 paise. Allocation towards defence has been reduced to 8 paise
from 9 paise last year. Expenditure on central sector scheme will be 12 paise,
while allocation for centrally sponsored scheme will be 9 paise. The
expenditure on Finance Commission and other transfers is pegged at 8 paise.
Similiarly, expenditure on subsidies and pension are respectively pegged at 9
paise and 5 paise. The government will spend 8 paise on other expenditure.
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GST, THE
BIGGEST TAXATION REFORM, LED TO INCREASE IN TAX BASE, HIGHER COLLECTIONS AND
EASE OF TRADE
The Goods and Services Tax (GST) reforms has
resulted in increased tax base, higher collections and ease of trade While
presenting the Interim Budget 2019-20 in Parliament, Piyush Goyal said The
Goods and Services Tax (GST) reforms lingered on during the previous Government
for almost a decade. Our Government implemented the GST, which is undoubtedly
the biggest taxation reform undertaken since Independence Seventeen different
taxes levied by the Central and State/UT Governments with cascading effect of
tax on tax, were consolidated into one GST. India became a common market. GST
has resulted in increased tax base, higher collections and ease of doing
business. This will reduce the interface between the tax payers and the
Government for day-to-day operations and assessments. The Minister said that
now returns are fully online and e-way bill system is in place Inter-state
movements have become faster, more efficient, and hassle free with no Entry
Tax, check posts, and truck queues among others. Goyal said, The high taxation
levied on multiple commodities in the pre-GST regime has been rationalised and
the burden on the consumer, especially the poor and the middle class, has been
significantly reduced. The GST Council,
comprising the Centre and States/UTs, finalised the GST rates collectively
mostly lower than pre-GST rates. Since then, GST has been continuously reduced
providing relief of about Rs. 80,000 crore annually to consumers. Most items of
daily use of the poor and middle class are now in the 0% or 5% tax slab. Cinema
goers who were subjected to multiple taxes up to 50% are mostly paying much
lower tax at 12% now. Goyal said that our Government wants the GST burden on
home buyers to be reduced and accordingly we have moved the GST Council to
appoint a Group of Ministers to examine and make recommendations in this regard
at the earliest. Exemptions from GST for small businesses has been doubled from
Rs 20 lakh to Rs 40 lakh. Further, small businesses having turnover up to Rs.
1.5 crore have been given an attractive composition scheme wherein they pay
only 1% flat rate and have to file one annual return only. Similarly, small
service providers with turnover upto Rs. 50 lakhs can now opt for composition
scheme and pay GST at 6% instead of 18%. More than 35 lakh small traders,
manufacturers and service providers will benefit from these trader friendly
measures. Soon, businesses comprising over 90% of GST payers will be allowed to
file quarterly return the Minister added. He said, 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. The State revenues are improving with
guaranteed 14% annual revenue increase for the first five years.
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GOVT PEGS
FY 20 GST COLLECTIONS AT RS 7.61 TRILLION, MISSES FY19 TARGET
GST collections by the Centre missed the
budgeted target set for the current fiscal by Rs 1 lakh crore, while total
mop-up from the indirect tax has been pegged at over Rs 7.61 lakh crore for
2019-20. The government had budgeted to collect over Rs 7.43 lakh crore from
Goods and Services Tax (GST) in the current fiscal ending March. However, in
the revised estimates, the revenue mop-up has been pegged at over Rs 6.43 lakh
crore. So far, in the 10 months (April-January) of the current fiscal, total
GST collections by the Centre and states stood at over Rs 9.71 lakh crore. For
the full fiscal 2018-19, the GST collection target of the Centre and states was
Rs 13.48 lakh crore. Piyush Goyal said in spite of major rate reductions and
relaxations, revenue trends are encouraging. 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, Goyal said. The state revenues, he said, are
improving with guaranteed 14 per cent annual revenue increase for the first
five years from the implementation of GST. Goyal added that GST has resulted in
increased tax base, higher collections and ease of trade. This will reduce the
interface between the tax payer and the government for day-to-day operations
and assessments. Now returns are fully online and e-way bill system is in
place, he said. The minister also said that GST rate has been continuously
reduced, providing relief of about Rs 80,000 crore annually to consumers. Most
items of daily use for the poor and middle class are now in the zero per cent
or 5 per cent tax slab, he said.
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GOVT
PROPOSES HIKE IN ALLOCATION FOR EXPORT PROMOTION SCHEMES TO RS 4,115 CR FOR
2019-20
The government Friday proposed an increase in
budgetary allocation for export promotion schemes to Rs 4,115 crore for 2019-20
with a view to boost the country's outbound shipments. In the revised budget
estimate for 2018-19, the allocation stood at Rs 3,681 crore as against the
budgeted amount of Rs 3,551 crore. The schemes which would get additional funds
during the next financial year (April 2019 - March 2020) include market access
initiative, national export insurance account, gems and jewellery sector,
investment in Export Credit Guarantee Corporation and interest subsidy scheme.
According to the budget documents, funds for interest subsidy schemes was
proposed to increase to Rs 3,000 crore in 2019-20 as against the revised budget
of Rs 2,600 crore in 2018-19. The interest equalisation/subsidy scheme for pre-
and post-shipment rupee export credit started on April 1, 2015, and will end in
March 2020. The government provides 3 per cent interest subsidy to exporters.
It helps enhance the liquidity situation of traders.
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FM: INDIA
NOW 6TH LARGEST ECONOMY IN THE WORLD WTH HIGH GROWTH
Narendra Modi, the country has witnessed its
best phase of macro-economic stability, becoming the sixth largest economy in
the world from being the 11th in the World in 2013-14. Piyush Goyal said India
is the fastest growing major economy in the world with an average GDP
growth of 7.3% per annum the highest
ever achieved by any Government since economic reforms began in 1991.
NEW INDIA
BY 2022
Goyal said that a New India would celebrate
its 75th Independence year in 2022 when every family would have a house with
access to water, electricity and toilets; farmers income would have doubled;
and the country would be free from terrorism, communalism, corruption and
nepotism
FISCAL
DEFICIT AND INFLATION DOWN
Goyal said the fiscal deficit has been
brought down to 3.4% in 2018-19 Revised Estimates from the high of 5.8% in
2011-12 and 4.9 % in 2012-13. Average inflation has been brought down to 4.6%
from the high of 10.1% during 2000-2014. In December 2018 inflation was 2.19%
only. The Finance Minister said, the Current Account Deficit (CAD) is likely to
be only 2.5% of GDP this year, against a high of 5.6% six years ago. Shri Goyal
said due to strong fundamentals and stable regulatory regime, the country
attracted $239 billion as Foreign Direct Investment (FDI) during the
last five years. He cited Goods and Services Tax (GST) as a path
breaking next generation structural tax reform undertaken by the Government.
RECOVERY
OF BANK LOANS
Highlighting the Banking Reforms, Shri Goyal
said the Insolvency and Bankruptcy Code has institutionalised a
resolution-friendly mechanism and nearly
Rs. 3 lakh crores has been recovered by
Banks and creditors. He said high stressed non-performing assets (NPAs)
amounted to Rs. 5.4 lakh crore in 2014.
Since 2015, numerous Asset Quality Reviews and inspections were carried
out, and the 4Rs approach of recognition, resolution, re-capitalisation and
reforms has been followed. Highlighting the restoration of the health of the
Public Sector Banks, the Finance Minister said that recapitalisation has been
done with an investment of Rs. 2.6 lakh crore.
STEPS
AGAINST CORRUPTION
Listing out the measures undertaken by the
Government to bring about a New Era of
transparency in Real Estate Sector, the Finance Minister mentioned about The Real Estate (Regulation and
Development) Act, 2016 (RERA) and Benami Transaction (Prohibition) Act. He said
the Fugitive Economic Offenders Act, 2018 is helping to confiscate and dispose
off the assets of economic offenders, who escape the jurisdiction of the
country. He said the Government
conducted transparent auction of natural resources including coal and spectrum.
CLEANLINESS
Highlighting the achievements of Swachhata
Mission launched by the present government led by the Prime Minister Shri
Narendra Modi, Shri Goyal said the country achieved nearly 98% rural sanitation
coverage with as many as 5.45 lakh
villages being declared open defecation free.
EWS
RESERVATION
To ensure 10% reservation in educational
institutions and Government jobs for economically weaker sections, the
Government will provide for 25% extra seats i.e. around 2 lacs, while
maintaining the existing reservation for SC/ST/Other Backward Classes.
FOOD
GRAINS FOR POOR
To provide food grains at affordable prices
to the poor and middle classes, the Finance Minister said about Rs 1,70,000
crore was spent in 2018-19. Rs 60,000 crore has been allocated for Mahatma
Gandhi National Rural Employment Guarantee Act (MGNREGA) in the Budget Estimate
of 2019-20.
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DIRECT
TAX COLLECTION EXCEEDS TARGET IN FY19, PEGGED AT RS 13.80 LAKH CR IN FY20
Direct tax collection for current fiscal
exceeded the budgeted target by Rs 50,000 crore to Rs 12 lakh crore while FY20
fiscal the mop-up has been pegged at Rs 13.80 lakh crore. The government had
originally budgeted to collect Rs 11.50 lakh crore in current financial year
from direct taxes, which include corporate tax and personal Income Tax (PIT).
As per the 2019-20 Budget estimates, out of the Rs 13.80 lakh crore direct taxes,
the government aims to raise Rs 7.60 lakh crore from corporate tax and Rs 6.20
lakh crore from PIT. This is higher than Rs 6.71 lakh crore estimated to be
collected from corporate tax and Rs 5.29 lakh crore from PIT in the current
fiscal ending March 2019. On the indirect tax front, customs collection in the
current fiscal too surpassed the budgeted estimate of Rs 1.12 lakh crore to
touch Rs 1.30 lakh crore. In 2019-20, mop up from customs are expected to be
higher at Rs 1.45 lakh crore. Excise duty collections in 2019-20 is budgeted at
similar levels for 2018-19 at Rs 2.59 lakh crore. GST collections, however, is
expected to rise to Rs 7.61 lakh crore in next fiscal. In the current fiscal,
GST collections is pegged at Rs 6.43 lakh crore , which is lower than the
targeted Rs 7.43 lakh crore.
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CONFIDENT
OF BEING ON THE FISCAL GLIDE PATH AS PER FRBM ACT, SAYS ARUN JAITLEY
Arun Jaitley, who is undergoing treatment in
the United States, said that the government is confident of being on the fiscal
glide path as per the FRBM act. He said that the government has made massive
efforts to improve the rural life in the country citing the number of schemes
announced in the past to improve the plight of the farmers. It has enhanced
agricultural credit, ensured a crop insurance scheme, enhanced investments in
irrigation and still the requirements of the economy are that the Indian farmer
who gives us the surplus produce deserves a lot more, Jaitley wrote. Jaitley
said that the scheme will put more money in the hands of the farmers. He said
that the poor of this country were bluffed by slogans by previous governments
but this government actually transferred resources to the poor. Jaitley also
wrote about the tax relief focused at the middle class which has been provided
in a calibrated way during the tenure of this government. The tax exemption
limit was first raised from Rs. 2 lakhs to Rs. 2.5 lakhs. Thereafter, without
altering the slabs, people earning upto Rs. 3 lakhs were exempted from payment
of taxes. In a further calibrated move, those in the income bracket of Rs.3 to
5 lakhs witnessed their tax liability being halved from 10% to 5% and today
this category has been completely exempted. To this, if the other tax reliefs
under the Income-tax Act are added, the number of beneficiaries will further
rise. For payment of interest on housing loans, the deduction limit was
expanded from Rs. 1.5 to Rs. 2 lakhs. The section 80C deduction limit was
expanded from Rs. 1 lakh to Rs. 1.5 lakh, Jaitley wrote in the blog. On the
standard deduction front, the benefit has been increased from Rs 40,000 to Rs
50,000. Jaitley said that if all these beenfits are added, a person earning
about Rs. 8 lakhs a year can get away by paying almost no tax.
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OPPOSITION
PARTIES ALLEGE LEAK OF BUDGET PROPOSALS
Opposition parties in Lok Sabha on Friday
protested alleging leak of budget proposals to the media before being presented
in the House. Soon after Speaker Sumitra Mahajan took her seat, members from
opposition parties, including the Congress and the Left, alleged that proposals
of the interim budget were leaked to the media even before the document was
presented in the House. Some members held placards of news reports about unemployment
figures. TDP members raised slogans demanding special status for Andhra
Pradesh.
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GIVING
FARMERS RS 17 A DAY INSULT TO EVERYTHING THEY STAND, WORK FOR: RAHUL GANDHI
Congress president Rahul Gandhi on Friday
alleged the government destroyed the lives of farmers over the past fiver
years, and said its Interim Budget announcement of Rs 17 a day for them was an
insult to everything they stand and work for. Piyush Goyal, in the Interim
Budget Friday, said farmers will be provided Rs 6,000 per year, which amounts
to Rs 16.44 daily, in three installments under a central government scheme.
Dear NoMo, 5 years of your incompetence and arrogance has destroyed the lives
of our farmers. Giving them Rs. 17 a day is an insult to everything they stand
and work for, Gandhi tweeted using hashtag 'AakhriJumlaBudget'.
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INTERIM
BUDGET NOT A VOTE ON ACCOUNT, BUT AN ACCOUNT FOR VOTES, SAYS P. CHIDAMBARAM
The Congress party is set to officially offer
its detailed response at a press conference by former Finance Minister P.
Chidamabaram later in the day, but he took to Twitter to give out his initial
reaction while Finance Minister Piyush Goyal was still presenting the interim
Budget for 2019-2020. It was not a Vote on Account. It was an Account for Votes
tweeted Mr. Chidamabaram as soon after the Budget speech was over. The poor
have the first right to the resources of the country, he added in response to
the government’s announcement assuring minimum income support for farmers. As I
had warned, Government misses Fiscal Deficit target for 2018-19. Another red
flag rises: CAD is 2.5 percent, he had earlier tweeted barely 10 minutes after
Mr. Goyal started his budget speech. Senior Congress leader Ahmed Patel said
the farmers and middle classes have been cheated. They promised ₹15,00,000 but giving land owning farmers only
₹500 a month. For the crime of implementing
demonetisation, inflicting unprecedented agricultural distress & imposing a
flawed GST, this 500 rupees compensation is peanuts, tweeted Mr. Patel. Shashi
Thaoor called the interim Budget a damp squib. It was rather disappointing.
Empty promises not supported by facts. We applaud the income tax rebate for
middle class but the PM Kisan Yojana is nothing but fantasy. ₹500 per month will not make any difference in
anyone's life, he said.
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IDBI LOAN
FRAUD CASE: ED ATTACHES RS 224 CRORE WORTH OF ASSETS OF FIRMS LINKED TO
SIVASANKARAN
The Enforcement Directorate (ED) Friday said
it has attached assets worth Rs 224.6 crore of a firm linked to former Aircel
promoter C Sivasankaran in connection with a money laundering probe in an
alleged multi-crore loan fraud at IDBI Bank. The agency said it has issued a
provisional order for attachment of assets under the Prevention of Money
Laundering Act (PMLA) against Siva Group of Companies and Axcel Sunshine
Limited located in the British Virgin Islands in the Caribbean. The total
amount of attachment in the case is Rs 224.6 crore, it said. The agency said it
registered a criminal case under PMLA, taking cognisance of a CBI FIR against
the firms, C Sivasankaran and others for non-payment of loans of USD 67 million
(about Rs 470 crore) disbursed by an IDBI Bank branch located in Chennai.
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ED
ATTACHES ASSETS WORTH OF RS 224.6 CRORE OF SIVA GROUP OF COMPANIES
Enforcement Directorate, Chennai has attached
assets worth Rs 224.6 crore pertaining to Siva Group of companies, which are
linked with C Sivasankaran and Axcel Sunshine Limited of BV Islands, in a bank
fraud case. The action was taken under Prevention of Money Laundering Act
(PMLA) on receipt of a complaint from Central Vigilance Commission, the CBI,
BS&FC, Bengaluru filed FIR against Axcel Sunshine Limited, C.Sivasankaran, Siva Industries and Holdings
Ltd. Siva Group of companies, bank officials and others, for non-payment of
loans of $67 Million disbursed by the IDBI Bank, Chennai. During investigations
under the provisions of PMLA, as the loan amount granted by IDBI has been
utilised for repayment of earlier loans and the earlier loan amounts were
merged with the business expenses of Siva group of companies, based on the
concept of equivalent value, various immovable properties worth of Rs. 224.25
crores and movable properties of
Rs.35.32 lakhs were identified and have been provisionally attached
under the provisions of PMLA, 2002.
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PROCESS
OF DEMOLITION OF NIRAV MODI'S BUNGALOW STARTED: GOVERNMENT TO HIGH COURT
The process of demolition of fugitive diamond
businessman Nirav Modi's illegal bungalow at Alibag has started, the
Maharashtra government told the Bombay High Court Friday. The high court had
ordered action against unauthorised constructions in Alibag in Raigad district,
a popular getaway near Mumbai. ED's lawyer Neha Bhide told the court Friday
that the central agency has handed over the property to the collector but it is
yet to shift some movable articles lying inside. We have removed some of the
movable properties. However, there are some more inside the bungalow for which
the agency requires more time, Bhide said. The court said it cannot interfere
as the demolition process is being carried out following its orders.
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SUPREME
COURT EXPRESSES DISPLEASURE AT NON-APPOINTMENT OF REGULAR CBI DIRECTOR
The Supreme Court Friday asked the Centre why
it has not appointed a regular CBI director and said it was averse to the
appointment of an interim chief for the agency for a long period. A bench
comprising justices Arun Mishra and Naveen Sinha said the post of CBI director
was sensitive and the government should have appointed a regular director by
now. Attorney General K K Venugopal told the court that a high-powered
committee, headed by the prime minister, will hold a meeting on Friday to
select a new CBI director He also told the court that the Centre had taken the
approval of the high-powered committee before appointing IPS officer M
Nageswara Rao as the interim CBI director. Taking account of the attorney
general's submissions that the committee will hold a meeting on Friday, the
apex court posted the matter for hearing on February 6
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PM-LED
PANEL'S MEET ON CBI CHIEF SELECTION 'INCONCLUSIVE'
The second meeting of the Prime Minister
Narendra Modi-led panel on CBI chief's selection remained inconclusive,
officials said Friday. The panel had earlier met on January 24 but could not
decide on the CBI chief. Friday's meeting was attended by Chief Justice Ranjan
Gogoi and Congress leader Mallikarjun Kharge. The post of the CBI chief has
been lying vacant since January 10 after the unceremonious exit of Alok Verma,
who had been engaged in a bitter fight with Gujarat-cadre IPS officer Rakesh
Asthana over corruption charges. Both Verma and Asthana had accused each other
of corruption. Verma, after being removed from the post of CBI director by the
PM-led panel, was named as the Director General of Fire Services, Civil Defence
and Home Guards -- a less significant portfolio.
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ED
REGISTERS CASE AGAINST FORMER ICICI BANK CEO CHANDA KOCHHAR
After an FIR by the Central Bureau of
Investigation (CBI), the Enforcement Directorate (ED) has registered a case in
the high profile loan case involving former MD and CEO of ICICI Bank, Chanda
Kochhar. The CBI has already booked Chanda, her husband Deepak Kochhar and
Videocon group MD Venugopal Dhoot and others in the high profile Videocon loan
case. The agency was of the view that a predicate offence of money laundering
by the accused is made out. The agency will primarily examine whether Chanda
Kochhar made personal gains by alleged irregularities in release of loans
sanctioned by ICICI bank to Videocon in 2012. Under scanner is the funding of
Rs 64 crores to Deepak Kochhar’s NuPower Renewables Private Limited (NRPL) by
way of unsecured fully convertible debentures (FCDs) by Dhoot’s group company
of Videocon will be looked into by ED, said people quoted above. The funding of
Rs64 crore had come from a back to back issue of convertible debentures to
another counterpart, whose identity could not be established, the RBI had said
in its enquiry report.
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BANKS
BATTLE VIJAY MALLYA OVER SUPERYACHTS, CARS, ARTWORK
First, Indian tycoon Vijay Mallya faced
losing his palatial London home, with UBS Group AG saying it wanted to
foreclose. Then, a judge said he should be extradited to India Now, banks are
eyeing two superyachts and a collection of valuable cars that they believe he
may own. A group of Indian banks -- which are trying to collect more than a
billion pounds ($1.3 billion) in debt from Mallya -- want documents that would
shed light on the true ownership of assets including yachts, cars and
paintings, according to their court filings for a hearing Friday in London.
Mallya says the items are held by trusts that he has no control of, according
to the banks’ filings. The 63-year-old wasn’t represented at the hearing and
didn’t immediately respond to an email seeking comment. He’s still in the U.K.
and is waiting for the British government to make a final decision on his
extradition. The superyachts are the 95-meter (312-foot) Indian Empress and the
50-meter Force India. Force India is impounded in Southampton, southern
England, and Indian Empress was sold by a Maltese court in September for 35
million euros ($40 million), which is being held by the court. According to
court documents, Force India is owned by a Maltese company and the Indian
Empress was owned by an Isle of Man company until its sale.
LOANS
Mallya -- a former member of parliament in
India -- is fighting multiple lawsuits after defaulting on bank loans. The
source of Mallya’s legal problems is about $1.3 billion in loans that he took
out in India for the now defunct Kingfisher Airlines Ltd., which he founded in
2005. Disputes over the loans led to civil lawsuits in India and the U.K. as
well as criminal fraud charges. Banks have given an open licence to their
lawyers in England to pursue multiple frivolous litigations against me, Mallya
tweeted on Friday, ahead of the London hearing, though he didn’t say he was
referring to that case. Who is accountable for spending public money on legal
fees in such a brazen manner? The beer tycoon and founder of Kingfisher
Airlines was dubbed the king of good times in India, after the tagline for
Kingfisher beer. He was arrested in London in April 2017 after a consortium of
banks accused him of willfully defaulting on more than 91 billion rupees ($1.3
billion) in debt accumulated by Kingfisher Airlines -- a full-service carrier
he founded in 2005 and shut down seven years later. A willful defaulter is
someone who refuses to repay loans despite having the means to do so.
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UK CAR
EXPORTS TO INDIA REGISTER HIKE AS BREXIT-HIT INDUSTRY STRUGGLES
Britain's car exports to India registered a
4.81 per cent hike over the previous year, even as the automotive industry
battled with Brexit uncertainties to record a 9.1 per cent fall in production
figures, according to the latest figures released here on Thursday. The Society
of Motor Manufacturers & Traders (SMMT) found that UK manufacturers sold
1,199 units to India in 2018, which marks a rise from 1,144 units in 2017. It
meant that India retains its place as the 12th largest Asian market for the
UK's car industry, a market led by China and Japan. Tata Motors owned Jaguar
Land Rover (JLR) was the frontrunner in terms of popularity, with
UK-manufactured Range Rover Sport and Range Rover among the most bought models
by Indians, alongside BMW's Mini Hatch. The overall size of the Indian new car
market also registered a 6 per cent hike to hit 2.55 million cars in 2018, with
the UK importing 14,064 cars built in India. Despite challenges as the UK
leaves the EU, the fundamental strengths of British automotive manufacturing have
not changed, but it's imperative we have economic and political stability to
safeguard future growth and our mutually beneficial trading relationships, said
Mike Hawes. The figures show that demand for British-made cars grew
substantially in a number of international markets, such as Japan (26.0 per
cent), South Korea (23.5 per cent), Russia (10.3 per cent) and the US (5.3 per
cent).
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CHINA
AGREES TO IMPORT MORE US GOODS, BOOST COOPERATION ON IP PROTECTION
China agreed to increase imports of US goods
and boost cooperation on protecting intellectual property during trade talks in
Washington, Beijing's official news agency said Friday. The two sides attached
great importance to the issues of intellectual property protection and
technology transfer and agreed to further strengthen cooperation Xinhua said. China
also agreed to increase imports of US agricultural products, energy products,
industrial manufactured goods and service products during the talks on
Wednesday and Thursday, the report said. The talks in Washington come as the
end -- March 1 -- of the 90-day truce on US-China trade tariffs inches closer. In
addition to IP protection and boosting US imports, Chinese and American trade
officials also agreed that effective measures will be taken to promote the
balanced development of Sino-US trade, said Xinhua in its report.
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CHINA
EYES A WIDENING VOID AT UN, THANKS TO TRUMP'S 'AMERICA FIRST' POLICY
China sees a widening void at the United
Nations thanks to President Donald Trump’s America First policy. Trump’s
skepticism of global bodies and alliances -- his top diplomat recently singled
out the UN as an organization that needs to be reformed or eliminated -- means
Beijing has freer reign to impose its own vision of globalism on the body. This
year China surpassed Japan as the UN’s second-biggest donor and analysts say it
is using its growing clout to undermine human rights positions, sponsor
resolutions that reflect its worldview, and stamp out criticism of its more
controversial policies back home. China sees a much greater value in the
multilateral system as its power status grows, said Jake Sherman, a former
official at the U.S. Mission to the UN who is now a director at the
International Peace Institute in New York. They say, ‘We have this guy Trump
who doesn’t care about the UN. Lets see how far we can push this.’ China’s
internationalist approach has at times come as a relief to much of the world,
especially as Beijing champions environmental accords spurned by the U.S. But
Western diplomats are increasingly concerned China wants to use its leadership
to reduce the UN’s focus on human rights and emphasize its own version of
state-led capitalism. With the U.S. pushing to reduce its contributions, China
and Russia last year made a joint push to cut human rights posts at
peacekeeping missions during budget negotiations. Though the effort was stymied
by Western powers, the two nations did manage to help shutter a smaller unit in
the secretary-general’s office charged with coordinating human rights efforts.
They are expected to target other human rights posts again this year, several
diplomats said. China is trying to get rid of human rights at the UN, one post
at a time, said Louis Charbonneau. It’s a systematic, long-term approach, and
they are learning how to use the UN system to their advantage.
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PAKISTAN-SUPPORTED
TERROR GROUPS TO CONTINUE ATTACKS IN INDIA, WARNS US SPYMASTER- BIGGEST TALKING
POINTS
The militant groups supported by Pakistan
will continue to conduct terrorist attacks in both India, America's spymaster
has said. Director of National Intelligence Dan Coats also said Pakistan's
narrow approach to counterterrorism cooperation-using some groups as policy
tools and confronting only the militant groups that directly threaten
Pakistan-almost certainly will frustrate US counterterrorism efforts against
the Taliban. He also warned the possibility of communal violence in India
before the general election, the security threat posed by nuclear programmes of
India and Pakistan, and Indian ties with China next year. Coats and heads of
other top American intelligence agencies appeared before the Senate elect
Committee on Intelligence on their worldwide threat assessment. Prominent among
them included CIA Director Gina Haspel, who has just returned from a trip to
India; FBI Director Christopher Wray and Defense Intelligence Agency Director
Robert Ashley. The comment on South Asia is part of the US intelligence
community's assessment of worldwide threats in 2019 and was presented in the
form of a written document to the Senate Select Committee on Intelligence by
Coats.
#For Source of Information copy and paste the heading in google.
Thanks & Regards,
CS Meetesh Shiroya
Thanks & Regards,
CS Meetesh Shiroya
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