CORPORATE TAXES MUST BE RATIONALISED
While the Modi government
can take pride in having pushed through the landmark indirect tax reform, it
has fallen short in its efforts to rationalise corporate tax rate in the
country. To give Finance Minister Arun Jaitley his due, he had pointed out in
the Union Budget presented in 2015 that the corporate tax rates in India are
too high when compared to those in other countries and there is widespread tax
evasion with larger companies paying lower taxes than smaller ones. He had also
gone on to lay a roadmap for bringing down the corporate tax rate in the
country from 30 per cent to 25 per cent over the next four years. It’s a
roadmap that was flashed briefly in the next three Budgets as the corporate tax
rate was lowered to 25 per cent, but only for some companies. The Centre was
restrained by the fact that it had little leeway to forego tax revenue. It,
therefore, tried to lower the burden for maximum number of companies, with
minimum loss to the exchequer. But in this exercise, larger companies — with
turnover exceeding ₹250 crore — have not seen any change in the tax rate. These are the
companies that account for a largest chunk of the economic output and also the
Centre’s tax revenue. The tax burden for these companies has in fact moved
higher. Corporate tax rate for larger companies has moved up from 33.99 per
cent in 2014 to 35 per cent by 2018, if the hikes in surcharge and cess are
taken into account. Withdrawal of some of the corporate tax incentives is also
increasing tax incidence for larger companies. While it is true that the Centre
will find it difficult to push through large cuts, the next government that
comes to power should take this as one of its priorities in order to kick-start
the flagging private investment cycle. According to data compiled by KPMG,
countries across the globe are moving towards lower corporate tax rates. The
average corporate tax rate globally has declined from 30.19 per cent in 2003 to
20.6 currently. The average Asian rate declined from 29.42 per cent to 23.03
per cent in the same period. The current peak corporate tax rate in India, at
35 per cent, is the highest among the BRIC as well as the Asia-Pacific
countries. Brazil is the only other country in this group with tax rate higher
than 30 per cent — at 34 per cent. It’s clear that tax on income of companies
needs to gradually slide lower so that the surplus available to invest in
capacity expansion and augmenting business, increases. Indian Governments in
the past have also been mindful about this need. Corporate tax rate in India
moved down from 36.75 per cent in 2003 to 32.44 by 2011, only to move higher in
subsequent years due to hikes in surcharge and cess. A back-of-the-envelope
calculation shows that a 5 percentage point reduction in corporate tax rate for
all companies would have resulted in a revenue loss of around ₹95,000
crore in FY19. Given the inability of GST to reach its full potential in
garnering tax revenue yet, the Centre is in no position to slash corporate tax
rates as of now. It has instead adopted a calibrated approach to rationalising
rates, in a bid to please the largest number of companies. In the following
Budget, he brought down the income tax for companies with annual turnover up to
₹50 crore to 25 per cent. This was expected to impact close to
6.67 lakh companies, accounting for 96 per cent of companies filing returns.
The impact on the exchequer was expected to be ₹7,200 crore per year. In
2018, the 25 per cent rate was extended to companies with reported turnover up
to ₹250 crore in FY17. With this, 99 per cent of companies filing
tax were moved to 25 per cent rate and the estimated revenue foregone was ₹7,000
crore in FY19. While rates were lowered for smaller companies, 7,000 of the
larger companies which have turnover in excess of ₹250
crore have been outside the ambit of these rate cuts. These companies would
also have been affected by the phasing out of some corporate tax incentives.
The larger companies would also have been hurt by the increase in surcharge and
cess. In 2015, the surcharge rate was increased from 10 per cent to 12 per cent
for companies with income over ₹10 crore. In 2018, the higher rate of health and education
cess at 4 per cent, added further burden. Another reason behind the increase in
tax payments by larger companies could be heightened surveillance on creative
tax planning through low tax offshore jurisdictions, after the adoption of many
of OECD’s BEPS (Base Erosion and Profit Shifting) rules in India. The CBCR
(country-by-country reporting) was adopted by India from 2016 wherein
multinational entities have to provide details about the operations of the
group companies in all parts of the globe along with financial numbers to tax
authorities. Reduction in rates for smaller companies may be beneficial to
these entities, but is unlikely to have the impact that similar cuts for larger
companies is likely to have in boosting private investments. It’s true that
corporate taxes account for around one-third of total tax collections and the
Centre is banking on a healthy growth of around 13 per cent in corporate tax
collections in FY20 to shore up its fisc. But instead of trying to increase
revenue by holding higher rates, it could try to reduce rates, which, in some
circumstances, can result in higher compliance. This combined with greater
scrutiny by tax authorities could help improve collections.
_ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ___
RECOVERIES FROM TRAVEL KHANA NOT ANGEL TAX: CBDT
The CBDT on Friday issued
a statement clarifying that the recoveries made from a startup Travel Khana were
made on account of unexplained cash credits and not angel tax The apex
authority for direct taxes refuted reports cited in certain section of the
media that Rs 36 lakh recovered from Travel Khana were as a part of recovery of
outstanding demand on account of angel tax. CBDT clarified the recoveries were
made under section 68 of the Income-Tax Act, 1961 and not under Section
56(2)(viib) on account of premium on shares. Section 56(2) provides that the
amount raised by a startup in excess of its fair market value would be deemed
income from other sources and taxed at 30%. In its statement, CBDT also stated
that neither the assessee nor its director submitted any certificate from DIPP
to indicate its status of being a startup.
_ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ___
TAXMAN TARGET INDIRECT INVESTMENTS IN OVERSEAS COMPANIES
Many well-heeled Indians
who own stocks and properties abroad or are beneficiaries of offshore trusts
may come under the glare of the income tax (I-T) department for failing to
spell out their ‘indirect investments’. Indirect investments are the next level
investments — or, holdings in other overseas companies — by the entity in which
the resident Indian is a stakeholder. Consider an individual holding 15% equity
interest in an unlisted offshore firm (A) in Dubai, which in turn is a
shareholder in three US companies (B, C and D). According to the department,
indirect ownership in B, C and D has to be disclosed in the income tax return
along with the investment in A. The tax office, sources said, has asked a few
high-profile individuals to explain why they did not disclose their indirect
investments because under the law the Indian resident is the ultimate
beneficial owner (UBO) of all the companies. Non-disclosure of information
could attract a penalty of at least Rs 10 lakh; and, if the taxman is not
satisfised with the response, it can invoke the new law against black money. To
define the term ‘beneficial ownership’, Section 139 of the Income tax Act was
amended. The new definition, which attempted to cover indirect ownership as
well, came into effect from April 1, 2016. As a result, investment in a
structure outside India which in turn has made downstream investments in other
structures world over is being covered under the new clause. So long as the
Indian resident has substantial stake or voting power or control over board to
decide the downstream investment may be covered under the amended definition.
However, I feel, the definition is being interpreted too widely. Should any
investment in any structure, in India or outside India which makes downstream
investments in the US, Cayman or Ireland, be covered under the amended
definition? It may not be legally correct, said senior chartered accountant
Dilip Lakhani. To avoid unnecessary litigation certain objective conditions
must be prescribed to clarify which transactions are considered as ‘indirect
ownership’, said Lakhani. The initial investment by a resident in an overseas
firm is done under the liberalised remittance scheme (LRS) of the RBI, which
allows any resident to remit up to $250,000 a year to buy stocks and properties
among other assets outside India. According to information, the few cases which
have been picked by the I-T department so far relate to investments by
residents in unlisted overseas firms (with downstream investments). Friends,
family members and associates often pool in investments in offshore unlisted
firms to make bet on properties and securities across markets.
_ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ___
‘PASS ON GST CUT TO CONSUMERS OR BE PREPARED FOR ACTION’
The state-level screening
committee of antiprofiteering of GST has warned traders, manufacturers that if
they do not pass on benefits due to decrease in GST on certain goods to
consumers, action will be initiated. Principal commissioner and member, State
Screening Committee, M Srinivas had even issued a public notice on January 25
in this regards.
_ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ___
GST FRAUD ALERT: WITH FAKE COMPANIES, FRAUDSTERS STEAL RS 800
CRORE!
In yet another case of GST
fraud, the intelligence wing of the central GST department has detected evasion
of Rs 800 crore in tax and input credit through fake companies The incident has
been reported from Bihar. This is one of the biggest cases of GST fraud
detected across the country since the implementation of Goods and Services Tax.
The total value of GST fraud ay reach up to Rs 1300 to Rs 1400 crore. The
report said that the intelligence wing raided six places in Chapra, New Delhi
and Kolkata on Sunday in connection with the case. The investigators have
discovered a network of shell companies. Some of them are registered on
addresses from Odisha and Chhattisgarh. Large scale discrepancies on multiple
levels, including the e-way bill, has been detected. This is not the first time
when large-scale GST fraud has been detected.
_ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ___
PIYUSH GOYAL SAYS GOVT DID NOT MAKE ADJUSTMENTS, PRESENTED
TRUE FIGURES
Piyush Goyal said Friday
the government wanted to give a true picture of the accounts in the Budget and
did not resort to any adjustment for misrepresenting the fiscal slippage. Goyal
also said rounding-off of decimals is resulting in the slippage, pointing out
that the deficit will come at 3.367 %, while the same for Fiscal Year 20 is
3.349% that gets rounded off to 3.4%. Goyal said it was the government's
commitment to transparency which resulted in the actual statement of accounts
and recalled that Prime Minister Narendra Modi had also advised the same in
pre-budget discussions. If I wanted to, this required only an adjustment of Rs
5,017 crore in a budget of Rs 25 lakh crore for achieving the fiscal deficit
target, he said. Similarly, an adjustment of Rs 1,250 crore would have taken
the Fiscal Year 20 fiscal deficit number to 3.3%, he said.
_ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ___
‘INTERIM BUDGET WAS NOT ELECTION-ORIENTED’
Piyush Goyal on Friday
said the Interim Budget was not an election-oriented one but was a culmination
of the five-year term of the NDA government. This is not an election-oriented
Budget. There were atleast a 100 other things on the table, he said. Goyal also
took on critics on slippage in fiscal deficit and said it is much lower than
estimated with the Revised Estimate for 2018-19 at 3.4 per cent, as against the
Budget Estimate of 3.3 per cent. The actual figure is 3.367 per cent or ₹5,117
crore, which has been rounded off. The government did not make any adjustment,
he said, adding that it is a similar case for the deficit target for 2019-20. Following
the tax proposals in the Budget, Goyal said individuals with up to ₹9-lakh
income will have almost zero tax liability by savings and investments
Similarly, 95-97 per cent of merchants will have to pay very little tax. He
said the government is working to get banks out of PCA norms and the Finance
Ministry will ensure no merchant has to wait for loan sanctioning. There was
very little manoeuvring and headroom for what the government could do, Goyal
said adding the Budget has laid out the government’s achievements in the last
five years and its vision for the next decade. However, there were certain
issues of need and urgency which we thought couldn't wait, he said, listing out
proposals such as income support to small and marginal farmers and measures for
the unorganised sector workforce. Goyal said the ideas for the interim Budget
were closely worked out by the Prime Minister, Union Minister Arun Jaitley who
is in the US, and Goyal himself. After the election, we will work on our
10-year vision, he said.
_ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ___
'SHOCKING BEYOND WORDS': START-UPS ALLEGE ANGEL TAX
'TERRORISM' BY I-T DEPT
Two start-ups have alleged
the Income Tax department was harassing them over angel tax, less than 24 hours
after Prime Minister Narendra Modi told Parliament how his government's business
policies were creating millions of jobs. The Income-Tax Department withdrew
lakhs from the bank accounts of Travel Khanna and Babygogo, for angel tax, an
anti-abuse measure called so for its impact on investments made by angel
investors in start-ups. The Income-Tax Department froze four bank accounts of
Travel Khanna (Duranto Technologies Pvt Ltd) and withdrew about Rs 33 lakh on
the pretext of tax liability on investments raised by the company from angel
investors in 2015-16. The accounts were unfrozen, but the money has not been
returned. This is despite government assuring start-ups that no coercive action
would be taken on the angel tax. The government invited investors and start-ups
earlier this week to take their feedback and resolve the issue of angel tax.
Travel Khanna employs 60 people and indirectly impacts 2000 other jobs. We had
raised investment from several angel investors in the FY 2015-16. Since past
several months, Income Tax department has been asking certain set of questions
over raised amount including the validity of the investors under Section 68. We
were duly answering their questions and complying with the legal process
including sharing that we were a startup being pioneers of our field and having
some very reputed and respected investors, Pushpinder Singh, told. Despite the
process going on, the Income Tax assessment officer allegedly passed an
assessment order asking TravelKhana to pay taxes on the angel money received. We
had appealed against the order and put in multiple requests for abeyance with
the assessment officer on 15 January 2019 and again on 4 February 2019. Without
accepting or denying our abeyance request and totally against the principles of
natural justice and government assurances on no coercive actions, the IT department
froze our bank accounts and withdrew all money in all the accounts in various
banks striking a death blow to the company and the several employees and small
businesses associated with it, Singh told Entrackr. The Income Tax department
had asked TravelKhana to pay Rs 2.33 crore as angel tax. Following the
assessment order, we appealed to IT department for relief. In parallel we also
requested assessment officer to keep the order in abeyance on January 15, said
Singh. Around 20 days later, Singh appealed against the assessment order on
February 4 through a lawyer outlining that matter is very critical and is a
question of survival for the firm. The very next day IT department froze one
State Bank of India and three ICICI bank accounts containing Rs 33 lakhs, added
Singh. Following the freezing and deduction of amount from bank accounts, Singh
and his team approached senior Income Tax officials. However, they denied any
immediate relief and asked them to appeal. Appeal in normal times takes at
least a year to resolve. said Singh. The only relief Singh and his company
received from CBDT is that bank accounts are operational and an early hearing
of their appeal. However, the earliest to expect will be not less than 3 to 6
months but nothing left for transactions, pay salaries or continue running the
business. If it is true, it is shocking beyond words. That the IT Dept actually
froze a startup's bank a/c & withdrew money for the #AngelTax demand,
tweeted Amit Ranjan, founder Slideshare and architect of DigiLocker. ‘Yes –
it’s true. This was my own reaction on Tuesday evening when it happened. The
bank manager said that 4 IT inspectors came and forced the bank manager to make
DDs from all accounts. The bank manager said that this is commonplace these
days, Pushpinder Singh of Travel Khanna said on Twitter. This is clearly
#AngelTax terrorism by IT Dept. One gets the feeling, the tax enforcement team
is oblivious of what DIPP + StartupIndia are doing to resolve AngelTax issues
amongst startups. The silo-ed nature of govt depts is to blame here!, Ranjan
said. I am suspending all angel investing till the time the Angel Tax is
abolished, tweeted angel investor Rajesh Sawhney, who is also the founder of
InnerChef. @amitabhk87 - Sir this is tax terrorism if ever there was one.
Startups have to struggle against so many challenges. This will sound the death
knell of Angel Investing, said Kunal Khattar. There is a special place in hill
for this kind of regressive behavior by Indian tax officials against a startup
for INR 33 Lakhs - disappointed. It’s unlikely I will ever invest again in
Indian legal entities of startups via Operators Studio #shocked #angeltax
#isthisnewindia, said angel investor Soumitra Sharma. The founder of another
start-up Babygogo tweeted: we are hit in as well, our bank balance went into
negative on Feb 6th (-72 lakhs), thanks to the IT dept. But luckily we didn't
have much money in there prior to that.
_ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ___
'STORM' MIGHT STRIKE GLOBAL ECONOMY, WARNS IMF AS GROWTH SLOWS
DOWN
The International Monetary
Fund on Sunday warned governments to gear up for a possible economic storm as
growth fall short of expectations. The bottom-line -- we see an economy that is
growing more slowly than we had anticipated, IMF Managing Director Christine
Lagarde told. Last month, the IMF lowered its global economic growth forecast
for this year from 3.7 per cent to 3.5 per cent. Lagarde cited what she called
four clouds as the main factors undermining the global economy and warned that
a storm might strike. The risks include trade tensions and tariff escalations,
financial tightening, uncertainty related to (the) Brexit outcome and spillover
impact and an accelerated slowdown of the Chinese economy, she said.
_ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ___
GOVERNMENT SAYS NO INTIMATION FROM US ON EXPORT BENEFITS
WITHDRAWAL
The US has not formally
informed India that it is ending preferential benefits for $5.6 billion worth
of Indian exports, a senior official said on Friday. The US said in April it
would review the eligibility of Indian products for preferential or dutyfree
access to its market under the Generalized System of Preferences (GSP)
programme, in response to petitions from its dairy industry and medical device
industry. The issue is part of a trade package that the two countries are
negotiating. We have not received any communication from them that they want to
pull the plug on this programme. It is non-reciprocal, non-discriminatory and a
unilateral prerogative of the US, the senior official told. This has been an
ongoing issue and stems from their concern on the trade deficit, which has been
declining, the official said. The US goods trade deficit with India was $22.9
billion in 2017, a 6.1% decrease over 2016, according to the Office of the US
Trade Representative.
_ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ___
ROBERT VADRA APPEARS BEFORE ED FOR THIRD TIME IN MONEY
LAUNDERING CASE
Robert Vadra, on Saturday
appeared before the Enforcement Directorate (ED) for the third time in
connection with a probe into allegations of money laundering in purchase of
assets abroad. Vadra arrived at the central probe agency's office at Jamnagar
House in central Delhi at about 10.45 am in his private vehicle. Officials said
the investigating officer (IO) of the case required Vadra to answer more
questions in connection with the case and hence was asked to depose on
Saturday, after his two sessions of questioning on February 6 and 7. While
Vadra was grilled for the first time for about five-and-a-half hours, he was
questioned the second time for about 9 hours. It is understood that the last
time Vadra was confronted with documents that the agency had obtained or seized
as part of its probe in the case, including those linked to absconding defence
dealer Sanjay Bhandari. Vadra has also shared documents with the investigating
officer of the case and has assured some more will be provided as and when he
gets them, official sources had said.
_ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ___
ONCE BACK HOME,VIJAY MALLYA COULD FACE SEVERAL MONTHS IN JAIL
With the UK government
approving the extradition of liquor baron Vijay Mallya, the fugitive
businessman is expected to be back in India in four-six months Once here, he
cannot escape a jail term which could stretch to as long as 18-24 months
depending on the conviction in various cases against him, according to some of
the top law firms. Mallya is expected to be arrested as soon as he arrives in
India, and the CBI will seek his custody until such time it is able to conclude
its investigations. The Enforcement Directorate (ED), too, will be given an
opportunity to probe him. Subsequently, Mallya could be sent to judicial
custody, where he will remain until he gets bail in all the cases filed against
him. This could easily take several months, according to Vijay Belavadi,
Partner at Bengaluru-based law firm BRK Law Partners. Once being extradited to
India, he will have to make arrangements to pay salary dues to his airline
employees. If he defaults, the minimum jail term will be six months. He can
also be convicted over cheque bouncing cases, Belavadi said. Now that the ED
has agreed to release Mallya’s assets to the consortium of banks led by SBI, it
will become easier for the lenders to recover the money by selling off his
properties. But it will be a long drawn affair, as buyers for such assets are
hard to come by.
_ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ___
VIJAY MALLYA, UBL KEPT RS 7,500 CRORE SAFELY AWAY WHILE
KINGFISHER WAS UNRAVELLING
Promoters of Kingfisher
Airlines Ltd (KAL), including embattled liquor baron Vijay Mallya and United
Breweries Holdings Ltd (UBHL), were in possession of substantial quantities of
movable assets in the form of shares of various public limited companies but
showed no intention to clear dues of banks with these instruments, the Enforcement
Directorate (ED) investigation into the affairs of the now defunct airlines has
revealed. Investigations by ED under the provisions of the Prevention of Money
Laundering Act (PMLA), 2002, has found that both Mallya and UBHL held shares of
Rs 3,847.45 crore in various public limited companies of the group. In fact,
out of Mallya's total holding of Rs 1,773.49 crore (as on August 12, 2016) in
the shares of UBHL, United Spirits, United Breweries and Mcdowell, shares to
the tune of Rs 1,653 crore were pledged/encumbered with UTI Investor Services.
But ED investigation revealed that of all the pledged shares of Mallya with UTI
Investor Services, the lien was not removed/cleared even though liability
towards the same had already been cleared off. This mean that banks could not
attach the shares towards their dues as such transfer of shares could not be
done under the lien arrangement. These facts again indicate the intent of Vijay
Mallya regarding non-payment of the dues to the consortium of banks. If he had
the sincerity and willingness for repayment, he would have got possession of
these shares and used these for repayment, the investigation report of the ED
in its provisional attachment order said. The ED investigation has also
questioned the real motive of a web of dummy and investment companies created
under Mallya empire including UBHL, the other parent of KAL. Together some of
these entities hold shares valued at Rs 3,822 crore (as of August 2016), but
Mallya did not declare his interest in some of these companies, thereby evading
attachment. The worth of unpledged shares held by investment entities is about
Rs 1,800 crore that could have been used to pay back more than a third of
outstanding loan of KAL. Moreover, even against pledged shares worth about Rs
2,000 crore of these entities, a substantial portion could have been taken out
as loan outstanding against these was just Rs 755 crore.
_ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ___
SUPREME COURT REFUSES TO MONITOR CBI PROBE INTO SARADHA CHIT
FUND SCAM
The Supreme Court on Monday
refused to monitor the ongoing CBI investigation into the Saradha chit fund
scam in West Bengal. A two-judge bench comprising Chief Justice Ranjan Gogoi
and Justice Sanjiv Khanna did not allow the application filed by some investors
that despite the apex court's 2013 order directing the CBI to probe the chit
fund scam, the investigation has not attained finality. We are not inclined to
set up a monitoring committee to monitor the chit fund scam probe, the bench
said.
_ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ___
CHIT FUND SCAM: CBI STARTS QUIZZING KOLKATA POLICE CHIEF
RAJEEV KUMAR
The CBI began questioning
the Kolkata Police chief on Saturday at highly secured agency's office here in
connection with chit fund scam cases officials said. Rajeev Kumar, his counsel
Biswajit Deb and senior IPS officers Javed Shamim and Murlidhar Sharma arrived
at the probe agency's office at 11 am, they said. Kumar's counsel and the two
IPS officers were asked to leave the CBI office within 30 minutes, they said. Kumar
is being interrogated at the highly secured CBI office at Oakland area in the
Meghalaya capital where three senior CBI sleuths from Delhi reached on Friday. The
Supreme Court on Tuesday had directed the Kolkata Police chief to appear before
the CBI and faithfully cooperate in the investigation of cases arising out of
the Saradha chit fund scam, while making it clear that he will not be arrested.
_ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ___
BJP, CONGRESS LOCK HORNS OVER CAG RAJIV MEHRISHI'S ROLE IN
RAFALE DEAL
An imminent report by the
Comptroller and Auditor General of India (CAG) on Rafale deal has triggered a
war of words between the ruling Bharatiya Janata Party (BJP) and the Congress.
Senior Congress leader Kapil Sibal on Sunday accused CAG Rajiv Mehrishi of
conflict of interest. Sibal said how could Mehrishi investigate himself, since
he had been the Union Finance (Economic Affairs) Secretary when Prime Minister
Narendra Modi announced the Rafale deal in April 2015. The same CAG was
involved as finance secretary in harming the national security when the deal
was struck in 2015. The same CAG would present the report, Sibal said. The CAG
is likely to submit its report to President Ram Nath Kovind on Monday, after
which it would be tabled in Parliament. The current session of Parliament will
continue till Wednesday. Mehrishi was appointed the home secretary in August
2015, before he took charge as CAG in September last year. Responding to the
Congress's charge, Union Minister Arun Jaitley, who is back in India after his treatment
in the US, tweeted that the economic affairs secretary has no role in
expenditure files of the defence ministry and these are dealt with by the
expenditure secretary. After 10 years in the government, former UPA ministers
still don't know that finance secretary is only a designation given to the
seniormost secretary in the finance ministry, Jaitley tweeted.
_ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ___
ED FILES PMLA CASE AGAINST PAKISTAN-BASED TERROR OUTFIT
FALAH-E-INSANIAT
The Enforcement
Directorate (ED) has registered a money laundering case against Pakistan-based
outfit Falah-e-Insaniat (FIF), a front for banned terror group Lashkar-e-Taiba
(LeT), the agency said Saturday. It said a criminal case under the Prevention
of Money Laundering Act (PMLA) has been filed by the central probe agency for
the outfit's involvement in money laundering through various hawala channels. The
ED said it took cognisance of a National Investigation Agency (NIA) FIR, filed
under the Unlawful Activities Prevention Act (UAPA) last year in September, to
file its own case against the Falah-e-Insaniat. The NIA has carried out
searches in this case in the past andhas seized over four dozen SIM cards,
phones and Rs 1.56 crore (suspected) cash and arrested four people till now in
the case. The agency said its probe will establish money trail and identify
proceeds of crime that are suspected to be generated out of the criminal
activities.
_ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ___
RAFALE DEAL: DEFENCE MINISTER 2015 NOTE ON PMO'S ROLE KICKS UP
ROW
Fresh controversy erupted
over the Rafale deal with the BJP and the Congress trading charges on a leaked
government note of November 2015 in which the then defence secretary G Mohan
Kumar had alleged that parallel negotiations and direct discussions by the
Prime Minister’s Office (PMO) had undermined the negotiating position of India.
He said these issues were flagged off to the defence minister and settled. There
was absolutely no interference in the core areas of the contract, like finance
or pricing. This is reading too much into the note a lot of little things like
this got settled as the negotiations went ahead, he told. The former defence
secretary also said that the point raised in his note to the minister was being
unnecessarily exaggerated and that half truths were being moved around.
_ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ___
NOW, CHIDAMBARAM ALLEGES RAFALE DEAL IS UNRAVELING FASTER THAN
GOVT THOUGHT
The Congress on Monday
said the Rafale deal is unravelling faster than the government thought with
issues such as parallel negotiations by the PMO and changes in the standard
defence procurement procedure coming to the fore. Senior Congress leader and
former finance minister P Chidambaram said the Rafale deal is unravelling
faster than the government thought First, it was the loading of the India
Specific Enhancement costs on 36 aircraft instead of 126 aircraft giving a
bonanza to Dassault. Then it was the revelation that 'parallel negotiations'
were being carried on by PMO undermining the efforts of the Indian Negotiating
Team, he said in a series of tweets. Now it is revealed that crucial changes
were made to the clauses in the standard Defence Procurement Procedure, he
said. No sovereign guarantee, no bank guarantee, no escrow account, yet a huge
amount was paid as advance, Chidambaram alleged. Lashing out at the Modi
government, he said, No penalty clause for undue influence, no clause against
agency commission, no clause for access to suppliers' accounts, and Dassault
goes laughing all the way to the bank. Citing the media report, Congress' chief
spokesperson Randeep Surjewala said, Modiji, after waiving off sovereign
guarantee in Rafale deal, you also waived off the 'anti-corruption measure' of
a 'safeguard Escrow A/c'! What is the corruption you wanted to hide? The whole
country is abuzz that chowkidar chor hai, he said.
_ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ___
RAHUL SUPPORTS NAIDU, SAYS MODI STOLE FROM ANDHRA AND PAID
INDUSTRIALISTS
Rahul Gandhi on Monday
alleged that Prime Minister Narendra Modi had stolen from the people of the
state and given the money to industrialist Anil Ambani The TDP president is on
a fast here demanding that the Centre fulfil all promises made during Andhra
Pradesh's bifurcation in 2014 and alleging that the prime minister was not following
'raj dharma' by denying the state special status. The prime minister has stolen
from the people from Andhra Pradesh and he has given that money to Anil Ambani.
That is the fact of the matter, Gandhi said at the venue of the hunger strike
in Andhra Bhavan. The government and Ambani have rejected Gandhi's allegations
of corruption in the Rafale fighter jet deal with France.
_ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ___
BJP MAY RUE THE CBI'S PEREMPTORY ACTION IN KOLKATA
When the Marxists were
striving to establish their hegemony in West Bengal, one of their favourite
targets was the Central Reserve Police (CRP), which they castigated as the
centre's occupation force Something similar is happening now in the state where
the combative Chief Minister, Mamata Banerjee, has decided to take on the
Central Bureau of Investigation (CBI) in a head-confrontation on the grounds
that it is violating the federal norms by targeting Kolkata's Police
Commissioner in connection with a chit fund scam. The first phase of this
centre-state row involved the Chief Minister sitting on a dharna (a sit-in
protest) in the Esplanade area after the CBI officers were prevented from
entering the Police Commissioner's residence by the Kolkata police and taken to
a thana. Since then, the Supreme Court has said that the Commissioner can be
questioned by the CBI but not arrested. The verdict has been hailed as a
victory by both the centre and the state although it looks like a draw. But it
is the second phase of the scrap between the two sides which is worrisome, for
the centre has decided to take disciplinary action against those officers of
the Kolkata police who were seen on the stage with Mamata Banerjee during the
dharna. Since these are senior officers of an all-India service, any official
reprimand will leave a black mark in their career records. In addition, there
are a number of political considerations. While the centre may have been
motivated by a desire to show who is the boss in the context of the state's
repeated attempts to block, usually ineffectively, the BJP's public rallies,
the ruling Trinamool Congress is apparently extra-sensitive about the BJP's
political overtures in view of the belief that the party is gaining ground by
replacing the Left and the Congress as the Trinamool Congress's main adversary.
_ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ___
ARVIND KEJRIWAL WANTS CBI RAID OF PMO OVER RAFALE DEAL, AAP
LODGES POLICE COMPLAINT AGAINST MODI
An independent CBI should
raid the PMO, seize files and make arrests in connection with the Rafale fighter
jet deal, Arvind Kejriwal said Friday, as his party lodged a police complaint
against Prime Minister Narendra Modi. AAP’s Rajya Sabha MP Sanjay Singh
registered a complaint against Modi at North Avenue police station here after a
report was published by The Hindu newspaper on the Rafale deal. The report
published by The Hindu claimed the Defence Ministry raised strong objections to
parallel discussions conducted by the PMO or Prime Minister’s Office during the
negotiations over the Rs 59,000 crore Rafale deal between India and France.
Singh maintained that his party was the first to flag Rafale deal scam as he
cited a letter written by him to the Chief Vigilance Commissioner(CVC), the
Central Bureau Investigation (CBI) and the CAG last year. The truth that has
come to the fore now has exposed real the face of Modi. We have been saying
from day first that there is a scam of Rs 36,000 crore, Singh alleged.
_ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ___
FOR REFUND OF RS 107, PUNE WOMAN LOSES RS 82,000 TO
CYBERCROOKS
Three persons were booked
on Thursday for posing as customer care representatives of an e-commerce
website and duping a 25-year-old woman of Rs 82,000 in November last year. The
suspects siphoned off the amount from the woman and her father's bank accounts.
Based on the complaint lodged by the woman's father, the three persons have
been booked under IPC sections 419 (cheating by personation) and 420 (cheating)
and relevant provisions of the IT Act. The woman, a resident of Kasba Peth, had
order a ring worth Rs 107 from the site on November 3. But she returned the
ring as it didn't fit her. When the woman did not get the refund, she called
the site's customer care. The person, who answered the call, took her card
details for the refund. The woman even shared the one time password (OTP)
thrice with the person, after which Rs 1,600 was debited from her account in
three transactions, Faraskhana police inspector Sambhaji Shirke said. The woman
then filed an online complaint at the site, following which one of the suspects
contacted her and asked for the details of an alternative card. The woman
shared her father's debit card details and the OTP. The suspect sent a link to
her father's cellphone and requested the woman to switch off the gadget for
sometime. When she switched on, she found Rs 20,000 was withdrawn. When her
father contacted the person, the latter told him that he would get refund in
the morning, Shirke said. On checking the account balance, he found that he
lost Rs 60,000 more, and then the following morning the remaining Rs 181 was
withdrawn.
_ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ___
HIGHER Q3 MANUFACTURING PRODUCTION LIKELY TO BOOST HIRING:
FICCI
Higher production and a
better growth outlook have instilled confidence in manufacturers in the
October-December quarter of 2018-19 for ramping up hiring, according to a
survey of the Federation of Indian Chambers of Commerce & Industry (Ficci).
The latest quarterly survey on manufacturing portrays a better outlook for the
sector in Q3. The proportion of respondents reporting higher output growth in
the quarter was 54 per cent, higher than the 47 per cent respondents in the
same quarter of the preceding fiscal year. On the other hand, the percentage of
respondents reporting low production dropped marginally to 13.5 per cent, as
compared to 15 per cent in the same period of the previous year. As a result,
the outlook for the sector slightly improved on the hiring front. While in Q3
of 2017-18, 70 per cent of respondents mentioned that they were not likely to
hire additional workforce, this has come down to 65 per cent for Q3 of the
current financial year. Going forward it is expected that hiring scenario will
improve further, noted the survey. Responses have been drawn from over 300
manufacturing units from both the large and small and medium size segments with
a combined annual turnover of over Rs 2.2 trillion, Ficci said. Firms from 11
major sectors, including automobiles, capital goods, chemicals,
pharmaceuticals, among others, said they expect order books to remain stable.
While 43 of the firms expect higher number of orders, the figure was 42 per
cent in the similar period of the previous financial year. As high as 77 per
cent of manufacturers said their cost of production as a percentage of sales
has risen, up from 62 per cent. Increased cost of raw materials, such as crude
and operational costs such as power and interests have been mostly blamed. In
particular, the average interest rates paid by the manufacturers has risen to
10.6 per cent, against 10.2 per cent during the same quarter of last year.
Despite the recent cut in repo rate by the Reserve Bank of India, the highest
rate of interest remains as high as 17 per cent, a Ficci official said.
However, only a third of all respondents expect a rise in their exports. In the
latest survey, global factors such as increasing protectionism have resulted in
only 36 per cent of participants expecting a rise in exports for the third
quarter of 2018-19, while 32 per cent expect the same growth as the last year.
At the same time, rupee depreciation has not led to any significant increase,
firms said. Overall capacity utilisation in manufacturing also remains low at
75 per cent in the quarter in question, same as the last few quarters,
according to the survey. As a result, Ficci said future investment outlook, is
slightly better at 47 per cent, up from 46 per cent in the previous year. High
raw material prices, high cost of finance, uncertainty of demand, shortage of
skilled labour, high imports, requirement of technology upgradation, excess
capacities, delay in disbursements of state and central subsidies are some of
the major constraints that are affecting expansion plans, respondents said.
_ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ___
RAM TEMPLE ISSUE OF FAITH, SABARIMALA ABOUT CUSTOMS: P
CHIDAMBARAM
The Ram temple issue is
about faith and Sabarimala is about customs and the two should not be mixed,
senior Congress leader P Chidambaram said Friday. His comments came during the
launch of his new book Undaunted: Saving the Idea of India, a collection of his
essays published last year, at the Nehru Memorial Museum and Library here. Ram
temple is not an issue of customs, it is an issue of faith While Sabarimala is
a matter of customs which are opposed to modern constitutional values, the former
Union minister of finance and home said in response to a question on the two
issues. In Ayodhya, and not to trivialise the faith of those who believe in
Lord Ram and his birthplace, it is a matter of faith, he said. And, it is
because of that, a group of people are claiming the land. Others are saying a
mosque existed several hundred years ago. The question is whether the Supreme
Court would resolve issues raised by the Allahabad High Court, the Rajya Sabha
member said. Many issues are amenable to judicial resolution but I don’t think
we can mix up customs and faith, he said. As far as Sabarimala is concerned, it
is an issue on which one can’t take a categorical view, he added. I as an
individual accept the SC judgement, but how can I stop ordinary men, women and
party workers to express those views, Chidambaram said. The Congress took a
view, saying we accept the SC judgement, but we can’t tell our party workers,
you can’t have other views. Our president (Rahul Gandhi) did not say he has
changed his stand (on Sabarimala), the former minister added.
_ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ___
NARENDRA MODI IN ASSAM: BLACK FLAGS WAVED AT PM OVER
CITIZENSHIP BILL
Prime Minister Narendra
Modi was shown black flags in at least two places on Saturday for the second
consecutive day over the contentious Citizenship (Amendment) Bill. Modi, who
was on his way to the airport from the Raj Bhawan here, was shown black flags
by protesters belonging to the Asom Jatiyatabadi Yuva Chhatra Parishad (AJYCP)
at Machkhowa area. The Citizenship (Amendment) Bill seeks to provide Indian
citizenship to Hindus, Jains, Christians, Sikhs, Buddhists and Parsis from
Bangladesh, Pakistan and Afghanistan after six years of residence in India even
if they do not possess any document. The bill was passed by the Lok Sabha
during the Winter Session on January 8 and has been awaiting Rajya Sabha nod.
_ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ___
TAMIL NADU GOVERNMENT ANNOUNCES SPECIAL ASSISTANCE OF RS 2,000
TO BPL FAMILIES
The Tamil Nadu government
Monday announced a special assistance of Rs 2,000 each to about 60 lakh below
poverty line families across the state, keeping in mind the impact of Gaja
cyclone as well as the prevailing drought. Making a statement under Rule 110 in
the assembly, Chief Minister K Palaniswami said the proposal was part of the
state government's efforts to ensure inclusive growth. Considering the impact
of Gaja cyclone in many districts as well as the drought, the special
assistance was being provided, he said. A total of 60 lakh BPL families will
benefit from the move, for which a sum of Rs 1,200 crore will be allocated, the
chief minister said.
_ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ___
RICH OR POOR, EVERYONE IS AT RISK FROM THE CRISIS IN INDIAN
SHADOW BANKS
It’s time India’s policy
makers acknowledged the real problem facing the country’s shadow banks. What
they are experiencing is no longer a vanilla liquidity shortage; the entire
industry has crashed against a wall of mistrust. On the other side of that wall
are a clutch of wealthy property developers and their middle-class customers,
as well as teeming multitudes of poor. Everyone is at risk A crisis of
confidence has made financiers’ own borrowing costs jump. The excess yield over
government securities that the bond market is demanding from double A-rated
firms is three standard deviations higher than the five-year average. The
collapse of the highly rated infrastructure operator-financier IL&FS Group
exposed the fault lines under Indian shadow banks’ impressive credit edifice.
Nonbank lenders contributed 30 percent of all advances in the economy over the
past three years, with a fifth of their funding coming from commercial paper
and short-maturity nonconvertible debentures, the bulk of which were lapped up
by yield-hungry mutual funds. The panic attack from sudden IL&FS defaults
in September made the funding markets wary. If the concerns were only about
liquidity, they should have subsided by now. Yet shadow financiers’ borrowing
costs are refusing to budge. This is despite authorities sequestering
IL&FS’s $12.8 billion debt under a bankruptcy process; pumping $33 billion
of durable liquidity into the banking system; marshaling state-run lenders to
buy finance firms’ assets; and replacing a hawkish central bank governor with a
former bureaucrat willing to cut interest rates and ease risk weights for bank
advances to specialist lenders. The going rate for weaving golden threads into
a sari crashed to 4,000 rupees ($56), from 7,000 rupees. Defaults became
rampant. Companies like M Power Micro Finance Pvt. wrote off bad debt and gave
new advances to help women entrepreneurs get back on their feet. When I visited
one of the firm’s collection centers in Thane on the outskirts of Mumbai
recently, only about 146 of the 4,000 accounts were delinquent. About half of
these had remained unpaid for less than 90 days.
_ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ___
TWITTER CEO, TOP OFFICIALS 'DECLINE' TO APPEAR BEFORE HOUSE
PANEL
Twitter CEO and top
officials have declined to appear before the Parliamentary Committee on IT that
had summoned them over the issue of safeguarding citizens' rights on social
media platforms, sources in the panel said Saturday. The parliamentary
committee meeting was scheduled for February 7, but was later postponed to
February 11 to allow the Twitter CEO and senior officials more time to make
themselves available. Twitter cited short notice of the hearing as the reason,
despite being given 10 days to travel, the sources said. The letter sent to
Twitter by the Parliamentary IT Committee on February 1 clearly stated that it
may be noted that the Head of the Organisation has to appear before the
Committee. It further stated that He/She may be accompanied by another
representative. This comes at a time when there are growing concerns about
safeguarding citizens' data privacy and election interference through social
media platforms. Twitter's conduct is being watched globally and their response
is being seen with concern as India's Parliamentary hearing is amongst the
fourth in the world after the US Congress, Singapore and EU hearing.
_ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ___
INDIA TO REGULATE MEDICAL IMPLANTS TO ENSURE THEIR SAFETY
The government on Friday
decided to regulate the sale, manufacture and import of medical implants, a
move that will ensure safe and tested medical devices reach the end user.
According to an 8 February notification, the government has put implantable
medical devices, CT scan equipment, MRI equipment, defibrillators, dialysis
machine, PET equipment, X-Ray machines and bone marrow cell separator under
purview of The Drugs and Cosmetics Act, 1940. Once regulated, Central Drugs
Standard Control Organisation (CDSCO)—the national regulatory body for Indian
pharmaceuticals and medical devices—will become the approving authority for
import, manufacture and sale of implantable medical devices and Manufacturers
will also have to apply for permission to the Drug Controller General of India,
responsible for approval of licences. The matter of regulating medical implants
was first discussed on 16 May 2018. It has now been decided that these devices
will be regulated with effect from April 2020. In India, most implantable
medical devices are unregulated. Devices implanted into the human body, or used
for life support or sustenance, may pose potential risk (and) must be strictly
controlled. As of now there is no safety check on the devices. This will
regulate and make sure that devices that are implanted in the body are not
rushed into the market, bypassing critical testing that would protect consumers,
said S. Eswara Reddy, the Drug Controller General of India.
_ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ___
PAKISTAN CUTS 2017/18 ECONOMIC GROWTH ESTIMATE TO 5.2 PER CENT
Pakistan has revised its
economic growth figures for the last financial year to 5.2 percent from a
previously reported figure of 5.8 percent, after a sharp cut in the figure for
large-scale manufacturing, the statistics office said. The revision of figures
reported by the previous government underlines the economic headwinds facing
Pakistan which is holding discussions over a possible bailout from the
International Monetary Fund. When the original estimate was reported in April
by the government of Prime Minister Shahid Khaqan Abbasi, it was hailed as the
strongest growth in 13 years. The office, in a statement issued after a meeting
of the national accounts committee late on Friday, said gross domestic product in
the 2017/18 financial year to June rose 5.22 percent compared with a previously
reported 5.79 percent. Growth in the industrial sector was revised to 5.01
percent from a previously reported 5.8 percent in the provisional estimate. The
biggest change came in the large-scale manufacturing segment, which saw growth
revised to 5.01 percent from 6.13 percent previously. In the agriculture sector,
growth was revised to 3.7 percent from a previous 3.81 percent, while in
services, growth was revised to 5.78 percent from 6.43 percent previously.
Growth in the current year is expected to slow further to 4 percent this year,
according to an IMF forecast from November.
_ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ___
INDIA HOPES TO SIGN FTA WITH EU IN ‘FORESEEABLE FUTURE’
The government Friday
expressed hope that it would be able to sign a free trade agreement with the
European Union (EU) in the foreseeable future. We will find the necessary
balance between ambition and sensitivity in the foreseeable future to have
trade agreements with various countries including the EU. The FTA will happen
soon I am sure, Commerce Secretary Anup Wadhawan said. Asked if auto is the
only concern, he declined to elaborate but said that auto component is one of
the few sectors something which is at the cutting edge of global standard and
we have to virtual find a way forward. He also added that the EU has expressed
some concerns about India’s service sector. Wadhawan seemed optimistic about
India surpassing the export level that had peaked during 2013-14. We will reach
a peak level this year. Our exports had peaked at USD 314 billion in 2013-14
and I think we will go past that peak, he said. In 2013-14, the country’s
merchandise exports touched USD 314.4 billion level. After that, exports came
under immense pressure again due to global slowdown. On the agriculture exports
showing inactivity, he said, food exports stagnated a bit because of price
issues. Global commodity prices have fallen but the volumes have not come down.
The quantities are still rising. We export over USD 40 billion worth of
agriculture products. We are the largest exporters of rice in the world. The
third quarter showed a slowdown in exports but the secretary attributed it to
the global prices. Petroleum prices are coming down. Our exports are 15 per
cent petroleum products and that 15 per cent is lagging. Agriculture commodity
prices have come down worldwide and agriculture export is about USD 40 billion
out of over USD 300 billion. So all the pressures are there and the global
slowdown is coming so that will obviously have its effect, he said. He added
that certain categories like grapes have recorded a huge jump on the back of
the trade war between China and US. Asked how free trade and opening up of
borders would materialise in future when global giants US and China are at
loggerheads, he said,I am sure better sense will prevail at a global level and
countries will not destabilise the WTO. It is a very very useful framework, a
very useful set of rules which brings some order and predictability to global
trade, so I am sure the world community and the community of nations will not
allow the WTO to be disrupted, he said.
_ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ___
HOOCH DEATHS IN UP: SIT TO PROBE CONSPIRACY ANGLE, SUBMIT
REPORT IN 10 DAYS
The Uttar Pradesh
government on Sunday night announced a probe by a special investigation team
(SIT) into the deaths of over 40 people due to consumption of spurious liquor
in the state. An official spokesperson said that the SIT has been constituted
to make an in-depth enquiry into the tragedy that struck Saharanpur and
Kushinagar districts in the state last week.
_ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ___
FACEBOOK EXPANDING FACT-CHECKING IN INDIA BEFORE ELECTION
Facebook Inc said on
Monday it is expanding its fact-checking network in India ahead of the
country's general election due by May, taking another step to quell the spread
of misinformation in its biggest market by users. Facebook has added five new
partners including the India Today Group, a leading local media house, to its
fact-checker network taking the total number of such partners to seven, Menlo
Park, said in a statement. Facebook Inc last week said it is toughening up the
rules governing political advertisements in India to create more transparency
ahead of the country's general election.
_ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ___
PM MODI LOSES 100,000 FOLLOWERS, RAHUL 9,000 IN NOVEMBER
TWITTER DRIVE
As allegations of
political bias add to the woes of Twitter in India, an independent study on the
Twitter profiles of political leaders, including Prime Minister Narendra Modi
and Congress President Rahul Gandhi, has found many of them losing several
thousands of followers after a November crackdown by the microblogging platform
on fake profiles. While Modi lost around 1 lakh followers, Gandhi saw his
Twitter followers diminishing by close to 9,000 after the clampdown. Twitter
had carried out a similar exercise globally in July last year which saw the
prime minister’s follower count going down by around 3 lakh. Gandhi’s account
lost about 17,000. Several other public figures, including Twitter CEO Jack
Dorsey lost followers at the time.
_ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ___
AFTER SNUB FROM TWITTER CEO, HOUSE PANEL CONSIDERING SENDING A
STRONG MESSAGE
The parliamentary standing
committee on information technology is exploring ways of expressing its
frustration including declaring breach of privilege, at being unable to get
Twitter CEO Jack Dorsey or his secondin-command to attend its hearing on
Monday, said people with knowledge of the matter. This may include sending a
strong recommendation to the government seeking adverse action, they said. The
committee will decide what action can be taken against Twitter, they added. The
panel had summoned representatives of Twitter and the Ministry of Electronics
and Information Technology to be present before it on Monday at 3 pm to examine
the issue of safeguarding citizens’ rights on social media/online news
platforms. Twitter said it wouldn’t be able to get Dorsey, who was recently in
India, to the country on time. Given the short notice of the hearing, we
informed the committee that it would not be possible for senior officials from
Twitter to travel from the United States to appear on Monday, Twitter had said
on Saturday. Our CEO, Jack Dorsey, and other senior Twitter executives visited
India in recent weeks because it is an important market for Twitter and we
value the growing interest in Twitter in India. Anurag Thakur, who heads the
panel, told, The committee decided to call the head of Twitter because it felt
it should interact with the person who could be held responsible for actions of
the company rather than people who do not have powers for any policy making or
enforcement. The panel members have taken strong exception to Twitter seeking
to defer the interaction to March-April, said sources. They are fully aware
that nobody will be available during that time because of the crucial Lok Sabha
elections, said a government official. The committee had initially decided to
hold the interaction on February 7 and it was pushed to February 11 to give
Twitter more time, said another member of the committee. But even 10 days’ time
seems to be short notice for them (Twitter). This only shows that they are
shying away from their responsibility and perhaps have a lot to hide. They must
be mindful of the fact that the committee, if push comes to shove, can go to
any lengths to ensure accountability, he said. This is perhaps happening for
the first time that someone does not have the time for an established
institution of Parliament. They appear to be running away from their
responsibility.
_ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ___
BREXIT: THERESA MAY SEEKS MORE TIME FROM MPS TO SECURE
CONCESSIONS FROM EU
The British government is
seeking to win more time to secure EU concessions on Brexit that could pass
parliament and avert a chaotic split from the bloc on March 29. Businesses and
governments are on edge because Britain is just weeks away from its scheduled
departure from the European project after 46 years and still has no firm
arrangements in place. The UK parliament last month roundly rejected a Brexit
deal Prime Minister Theresa May had sealed with the remaining 27 EU leaders. MPs
are set to vote again on Britain's Brexit options on February 14. But a member
of May's cabinet pledged Sunday to give parliament a further ballot two weeks
later -- a measure meant to give the premier more time for talks with the EU. Her
meetings in Brussels on Thursday made no breakthrough and fears of a no-deal
scenario that gridlocks trade are running high.
_ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ___
NEXT ROUND OF US-CHINA TRADE TALKS SET FOR FEB 14-15 IN
BEIJING: WHITE HOUSE
#For Source of Information copy and paste the heading in google.
Thanks & Regards,
CS Meetesh Shiroya
No comments:
Post a Comment