TAXATION UPDATES 21.02.2019

TOP BANKS UNDER TAXMAN’S LENS OVER SERVICE TAX ISSUE

The intelligence arm of the indirect tax department has asked three top banks to pay full tax due on fees paid to card and payment companies based outside India from as far back as six years ago. The Director General of GST Intelligence (DGGI) has issued notices to State Bank of India, ICICI Bank and HDFC Bank for short payment of service tax on the money they paid to multinationals such as MasterCard, Visa and American Express. At the heart of the matter is the lack of clarity on the tax liability on the annual fees that banks pay multinationals. Banks typically deduct tax at source on such payments — an amount that’s reimbursed to them — and also pay service tax. The intelligence arm’s investigations show that banks deduct about 10% at source on such payments to multinationals. However, the authorities said the banks are liable to pay tax on the gross figure — the fees and the amount deducted at source. (it’s learnt that) your bank had short paid service tax on account of non-grossing up of TDS (tax deducted at source) in association/settlement charges made by them to their overseas service providers in respect of credit card, debit card, charge card or other payment card-related services received by them in India, reads the notice issued to a bank. While notices have been issued to three banks now, more notices will be issued in the coming weeks, a banking official told.

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NO ANGEL TAX RELIEF FOR STARTUPS WHO WERE SLAPPED NOTICES: IVCA

While welcoming the steps taken by the government to resolve the Angel Tax issue Indian Private Equity and Venture Capital Association (IVCA), a grouping of investors, said there are still several issues that are creating problems for the startups. The government on Tuesday announced some leeway for startups under the so called angel tax. The notification does not address the Angel Tax issue for Startups that have already been assessed under Section 56 and have received assessment order to pay tax along with initiation of penalty proceedings, IVCA said in a statement on Wednesday. Angel tax deals with premiums paid by investors while they invest in startups. Tax officials have questioned increasing valuations of startups even when revenue is falling or remaining stagnant. The revenue department deems the capital in excess of a fair market value as ‘other income’ that is taxable. Also, in cases where the investor is not Indian, the tax department has in the past issued notices branding such investments as unexplained cash credits, charging a 30% tax on those. It had sent notices to many startups, asking them to pay the tax. About 2,000 startups had received notices under the two income tax sections — 56(2)(viib) and Section 68. Startups who have and will receive investments from AIF Category II and other sub-categories of Category I AIF are still outside the purview of the automatic exemption, IVCA said. The conditions restricting the Startup from making capital contributions to any other entity or otherwise investing in shares and securities for a period of 7 years following the share subscription is very limiting and could disentitle most startups from claiming the exemption, the statement added. IVCA wants that all startups should have a blanket exemption from income tax section that triggered angel tax. IVCA suggested that this should apply to all startups that have raised funds up to Rs 10 crore.

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300 STARTUPS WITH ANGEL TAX ORDERS NEED TO APPEAL

At least 250-300 startups that have already got tax payment orders will have to go through the appeal process since there would not be any blanket approval given to them, even as the government has not moved on the contentious Section 68. This has left entrepreneurs and investors waiting for more relief a day after the new norms were announced. Many startups were expecting an additional announcement from the tax department that would have granted them relief from existing tax orders, which come after tax notices. Entrepreneurs and early-stage investors feel that leaving out startups with existing tax payment orders from the new norms would be detrimental to these companies as they will have to fight a long legal battle. They said some of them might even be forced to shut down. If one disagrees after tax tribunal orders, it can go to a higher court, which then takes its own time before a judgment is made, said the founder of a startup that is facing a tax demand of Rs 40 lakh. Startups also cannot create wholly owned subsidiaries for a fund-raising process, which founders feel is restrictive. Another thing that must be re-looked at is the clause that excludes any startup to make a capital investment in another company, now and in the future. This is likely to limit operating flexibility of startups in having wholly owned subsidiaries. Such a genuine business purpose must be carved out, said Alok Mittal.

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STARTUP INDIA: IN 34 MONTHS, ONLY 94 OF 15,798 GOVT RECOGNISED VENTURES GOT TAX EXEMPTIONS

Even as the government expects the latest revision in Startup India scheme to provide a booster shot to around 16,000 recognised startups with easier access to tax breaks under the programme, the track record of new ventures gaining exemptions shows the possible reason behind the Centre’s decision to provide the breather. Out of 15,798 startups recognised under the flagship scheme as of February 7, only 94 have been certified by the Department for Promotion of Industry and Internal Trade (DPIIT) for income tax exemption under Section 80IAC of the Income Tax Act. According to the latest available data, as of mid-January 2019, 4,648 complete applications were received for exemption under Section 80IAC. Under Startup India, tax exemption is available to startups for two aspects — income and investment raised. Income tax break is available to these companies and partnerships under Section 80IAC, where startups can avail income tax exemptions for three years in a block of seven years if they have been incorporated between April 1, 2016, and March 31, 2019. The second aspect of tax breaks under the scheme — startups and their angel investors are allowed exemption under Section 56(2)(vii)(b) of the Income Tax Act as per which closely-held companies, when issuing shares, are charged 30 per cent tax on the difference between funds raised as per the actual valuation and the fair-market value of the company. This, within the startup community, is known as the angel tax. The government had already moved to ease certain norms under the scheme last month, as per which startups need not go through the IMB to claim breaks under Section 56 (2) (viib) of the Income Tax Act and, instead, new applications will be directly evaluated by the Central Board of Direct Taxes (CBDT). Firms will have to submit their applications through the DPIIT website, after which it will be forwarded to the CBDT, which has also been mandated to evaluate and respond within 45 days of receiving such applications. In order to provide tax exemption, the startups were scrutinised for innovativeness and potential for job creation but this rigorous screening has translated only into a minuscule proportion of total recognised startups being exempted for tax purpose by IMB.

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OVER 7,000 CASH-STARVED START-UPS MAY BENEFIT FROM ANGEL TAX RELIEF

A series of changes made to the so-called angel tax by the government could give wing to 7,000 cash-starved start-ups sources in the Department for Promotion of Industry and Internal Trade (DPIIT) said. According to industry observers, an investment of around $12 billion might come from 2,000 angel investors and hundreds of smaller backers of start-ups by the end of the year. Of this, about $7 billion will come in the form of corporate investment. After facing sustained pressure over the past three years from start-ups and venture capital funds over the tax, the government on Tuesday introduced changes in tax norms giving in to most of the demands raised by the sector. Providing a wider set of exemptions from the angel tax, the Centre allowed start-ups which have raised capital up to Rs 25 crore to claim tax benefits, as distinct from the earlier Rs 10 crore. It also gave a slew of waivers and a tweak in definition industry demanded. According to officials at the DPIIT, around 6,700 firms of the 16,000 start-ups registered with the nodal agency will benefit from the changes in the angel tax over the next six months. These are mostly smaller, cash-starved firms that had found it difficult to raise funds from angel investors spooked by tax matters, the official said. The estimates are based on self-declarations by start-ups at the time of registration. According to the DPIIT, a start-up with new norms in place can pick sizeable investments from non-resident Indians (NRIs) and alternative investment funds (AIFs), which will not count towards the Rs 25 crore limit and do away with massive paperwork.

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CHARTERED ACCOUNTANT ARRESTED FOR GST FRAUD

In a major operation against firms which availed fraudulent Input Tax Credit (ITC) under Goods and Services Tax (GST) regime, the sleuths of Directorate General of GST Intelligence (DGGI), Meerut Zonal Unit conducted searches at multiple locations in Delhi, Mumbai, Raipur, Varanasi and Moradabad unearthing a major scam of fake invoices without supply of goods by a group of people to defraud the government revenue. DGGI sources said that they did it by way of encashment of fraudulent ITC availed on fake invoices through IGST export refund route. Chartered accountant Gaurav Jindal, 27, has been arrested for allegedly running the racket He was sent to Meerut jail for the offence on Tuesday. Elaborating on the matter, senior intelligence officer Devender Kumar said, These offenders created multiple companies/firms using either their own PAN card and voter id; or in the name of family members and employees of their firm solely for the purpose of fake billing without supply of goods. One such exporting firm involved in the said racket is GJA Industries ltd, Delhi, which is being controlled and managed by Jindal. During interrogation he accepted his involvement in this case and was arrested on Monday. During searches it was found that these firms issued fake invoices of more than Rs 210 crore in value thereby passing on and cashing on input tax credit of about Rs 50 crore illegally. They wrongly availed ITC without actual purchase of goods in their firms/companies and encashed the same by issuance of export invoices and claiming IGST refund thereon from customs, said DGGI intelligence officer Aishwarya Atri. DGGI, Meerut Zonal Unit alone has detected more than 60 cases involving duty evasion of more than Rs 250 crore and recovered Rs 121 crore in the past one year.

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DGCA FINALLY PAYS SALARIES BUT NOT GST

Directorate General of Civil Aviation (DGCA) finally paid its flight operations inspectors (FOIs) salaries for December and January on Wednesday. While the December salary was paid in the morning, the salary for January came later in the day. It came as a surprise, a huge relief, said a source. But the 'GST component' of these inspectors' salaries, which is paid separately by DGCA, and has been pending for seven months, remains to be paid. DGCA will owe each FOI Rs 5 lakh to Rs 11 lakh by way of unpaid 'GST component'. Though the regulator does not pay it, GST is paid to the government every month by FOIs, said the source.

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PRE-GST ERA TAX DISPUTES TO BE SETTLED

The state cabinet on Wednesday approved a proposal to ensure that all taxation-related disputes before Goods and Services Tax (GST) was introduced are settled A new legislation will be introduced to ensure people who come ahead to settle disputes will get a waiver of 1-50% in penalty amount. This is being done to ensure that revenue the government was losing due to litigation is recovered and the backlog of applications as per the old taxation system is disposed of, said an official. Thousands of cases as disputes are pending for many years in the state. The cases are related to taxes such as Central Sales Tax, 1956, Bombay Sales of Motor Spirit Taxation Act, 1959, and Maharashtra Purchase Tax on Sugarcane Act, 1962.

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TWO HELD FOR RS 141-CR GST SCAM

The Directorate General of Goods and Services Tax Intelligence in Chhattisgarh has detected a fraud of Rs 141 crore said officials. Two persons have also been arrested in this connection. Central GST and Excise department of Raipur has unearthed the scam. The firm in its records, has shown that it had purchased row material of Rs 141 crore from 12 Odisha-based companies that actually don’t exist, the official said. On the pretext of such fake purchases, the company has committed a misappropriation of Rs 21 crore tax money Moreover, the investigation revealed that among the vehicles that were shown as used to fetch the material, many were two-wheelers and had not even passed the toll points that were mentioned in the records. After registering a case, police produced the accused before the court from where they were sent to two days judicial custody.

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ARE REALTORS EVADING GST WITH FAKE INVOICES?

Are real estate developers using fake invoices to lower their GST payments by claiming input tax credit or are slow sales forcing them to claim higher credit for taxes paid on inputs such as steel, cement, paints and sanitary fittings? Whatever be the reason, a study of top 88 builders has shown that their GST payment is as low as 0.4% in Noida to 4.8% in Chennai, with the average payment estimated at 1.7%. In contrast, government-owned NBCC’s cash payments ranged between 4.3% and 7%, resulting in suspicion that many of the private builders are using fake invoices to claim tax credits and reduce their cash payout. In the case of the Central Public Works Department, the net GST payable on the gross value worked out to 4.8%. Pointing to the low cash payment made by private players, the government has argued for a flat 3% GST, without input tax credit for under-construction affordable housing projects that are currently taxed at 8%, after allowing for a set-off on the value of land. In case of other housing projects that are under construction, a group of ministers has suggested a rate of 5% against the effective levy of 12% at present. Currently, GST is not levied on housing units that have received a completion certificate.

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IL&FS PROBE: ED REGISTERS MONEY LAUNDERING CASE, RAIDS UNDERWAY IN MUMBAI, GURGAON

The Enforcement Directorate (ED) has registered a money laundering case in the matter concerning alleged financial irregularities in Infrastructure Leasing and Financial Services (IL&FS) Ltd. Raids are underway in Mumbai and Gurugram, atleast two sources in the know told. The ED’s case follows the predicate offence registered with Delhi Police. The Delhi Economic Offence Wing (EOW) is also probing the cash-strapped IL&FS. A case under various sections of the Indian Penal Code (IPC) for criminal conspiracy and forgery was registered by the EOW. The EOW’s case was based on a complaint by Ashish Begwani, director of New Delhi-based Enso Infrastructures. It was alleged that in or about August 2010, Begwani was approached by officials like Ravi Parthasarthy, Hari Shankaran, and K Ramchand — all directors of IL&FS Transportation Networks Ltd. Allured by the tall promises, Enso Infrastructures agreed to invest in the company IL&FS Rail Ltd and invested Rs 170 crore in order to take 15% shares of IL&FS Rail Ltd, a Special Purpose Vehicle (SPV) for the Gurgaon Metro project. However, over a period of time, complainant observed that the company is not performing profitably and funds are being misused, the complaint said. IL&FS Rail Ltd has done so to inflate its expenditure and show less profit in its books. The amount of about Rs 21.88 crore so paid to Silverpoint is not an actual expenditure incurred. It is alleged by the complainant that directors of the alleged company IL&FS Rail Ltd and other officers of the company intentionally siphoned off the funds of the company to the tune of Rs 70 crore causing loss to the complainant company, it read.

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15TH FINANCE COMMISSION LAUDS TELANGANA’S GROWTH

Lauding the State’s growth rate and development model, the Fifteenth Finance Commission has called upon the Telangana government to draw up a medium-term fiscal deficit and debt management plan NK Singh, said the State’s growth rate is commendable and its welfare schemes and focus on the development of irrigation sector are particularly impressive. The growth rate the State has achieved in the past few years has been above the national average and the GST collections too have been robust all pointing towards strong growth numbers. However, the Finance Commission struck a note of caution over fiscal deficit and mounting debt and called upon the State Government to chart out a medium term debt management plan. Referring to the Ease of Doing Business where Telangana ranks second in the country, and also the innovative legislation TS iPass, which seeks to promote industries, the Finance Commission members felt these measures would help in the State’s economic growth and in attracting new investments. On fiscal devolution, which was 42 per cent to States as per the Fourteenth Finance Commission, the question on everyone’s mind is whether this works as per plan or this needs to be re-looked into, Singh said.

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SHUTTING OUT FOREIGN FUNDS HURTS INDIA’S BAD DEBT MARKET: BOFA

India’s distressed debt market is being hobbled by rules that bar foreign funds from directly buying up bank loans, according to Bank of America Corp. In the past year, the US lender has had to team up with local asset reconstruction companies to purchase loans made to firms including Seven Hills Hospitals and GTL Infrastructure Ltd. that had soured. As it scouts for more opportunities in the nation with the world’s worst non-performing debt ratio the requirement for local partners is a hindrance, said Jayesh Mehta. Current regulations demand that a foreign bank must bid through the ARC route when a distressed debt is auctioned, Mehta said in an interview. We should have regulations providing direct access for foreign companies to bid without an intermediary. This change is required to create depth in the distressed debt market. Twenty-nine asset reconstruction companies have been set up in India under a 2002 law passed to help reorganise non-performing credit, RBI data show, though many of these haven’t been active due to a lack of funds.

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INDIA EXTENDS EXEMPTION ON SOME IMPORTED GRADES OF STEEL TO APRIL 17: GOVT

The Indian government on Wednesday extended compliance deadline on tougher import rules for some grades of steel, primarily used by automakers until April 17, according a statement by the steel ministry. Compliance to the new rules had been earlier set for February 17, but strict adherence to the regulations would have stalled production for India's auto industry, a federal minister has warned. Auto companies have asked for an extension until the end of 2019.

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INCOME-TAX DEPARTMENT RAIDS DIVI'S LAB PREMISES

Drug firm Divi's Laboratories Tuesday said income tax department has conducted raids at its premises including its head office and manufacturing sites, between February 14-18. The company said the raids were conducted by the officials of Income-Tax Department under Section 132 of the Income-Tax Act. The company has extended full cooperation to the officials during the search and provided all the information sought. The search operation concluded on February 18, 2019 and no irregularities have been found, Divi's Laboratories said in a regulatory filing.

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COAL IMPORT CASE: DRI MOVES SC AGAINST RELIEF ORDER TO ADANI GROUP

The Directorate of Revenue Intelligence (DRI) has moved the Supreme Court to challenge the Bombay High Court (HC) order that restrained the agency from seeking foreign counterparts’ assistance in its probe against a few firms of the Adani group for alleged overvaluation of Indonesian coal imports. The DRI had issued 14 letters rogatory (LRs) to multiple foreign jurisdictions, including Singapore, Hong Kong, the UAE, among others, seeking information about the imports of Indonesian coal. An LR is a formal request seeking judicial assistance from a foreign country in investigating an offshore entity. On the issuance of the LR, last year, Adani Enterprises has approached Bombay HC and sought a stay citing that the probe agency has not followed the procedures involved. It had said that the LR was issued without any notice and hearing of the company. Adani Enterprises, in its writ petition, also claimed that the Criminal Procedure Code, which deals with the issuance of LR, is not applicable under the provision of the Customs Act. The apex court has admitted the matter and the hearing will likely be on February 26.

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SC TO CONSIDER LISTING OF PILS SEEKING REVIEW OF ITS RAFALE CASE VERDICT

The Supreme Court on Thursday said that it would consider listing of pleas seeking review of its verdict in the Rafale case. The apex court on December 14 last year dismissed a clutch of PILs including the one filed by former Union ministers Yashwant Sinha and Arun Shourie and lawyer Prashant Bhushan, saying there was no occasion to doubt the decision-making process of the Centre in the procurement of 36 Rafale jets from France. A bench headed by Chief Justice Ranjan Gogoi said four applications or petitions have been filed in the Rafale matter and one of them is still lying with the registry on account of defect. The combination (of the judges) of bench will have to be changed. It is very difficult. We will do something for it, the bench, also comprising Justices L N Rao and Sanjiv Khanna, said when Bhushan sought urgent listing of the petitions in the Rafale case. Bhushan said that the review petition filed by AAP Rajya Sabha MP Sanjay Singh was defective and other petitions had no defects to be cured. He also said that besides the review petition, an application seeking perjury prosecution against some central government employees for giving misleading information to the court has also been filed. Besides Bhushan, Sinha and Shourie had moved the Supreme Court Monday seeking initiation of perjury proceedings against central government officials for allegedly giving false or misleading information in a sealed cover in the high-profile Rafale case.

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PULWAMA AFTERMATH: SC TO HEAR PIL SEEKING PROTECTION TO KASHMIRI STUDENTS

The Supreme Court has agreed to hear on Friday a PIL seeking a direction to authorities to protect Kashmiri students who are allegedly being attacked across the country in the aftermath of the Pulwama terror strike. A bench, comprising Chief Justice Rnajan Gogoi and Justices L N Rao and Sanjiv Khanna, on Thursday took note of senior advocate Colin Gonsalves' submission that the plea needed to be heard urgently as it relates to the safety and security of students. The bench, which refused to list the plea for hearing on Thursday, however, assured Gonsalves that it will be listed for consideration on Friday. The plea alleged that students from Kashmir Valley are being attacked at different educational institutions across the country after the Pulwama terror attack and authorities concerned should be directed to take actions to stop such assaults.

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SC TO HEAR RAM JANMABHOOMI-BABRI MASJID LAND DISPUTE MATTER ON FEB 26

The Supreme Court Wednesday decided to hear on February 26 the politically sensitive Ayodhya's Ram-Janmabhoomi Babri Masjid land dispute matter It will be heard by a five-judge Constitution Bench headed by Chief Justice Ranjan Gogoi. The apex court on January 27 had cancelled the scheduled hearing for January 29 as Justice S A Bobde, one of the five judges of the Constitution Bench, was not available that day. Besides CJI and Justice Bobde, members of the bench are Justices D Y Chandrachud, Ashok Bhushan and S A Nazeer.

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SAUDI ARABIAN BUSINESS DELEGATION CALLS ON SURESH PRABHU

Commerce Minster said that India’s energy security is ensured due to the continuous and uninterrupted supply of petroleum products from Saudi Arabia. But now it is time for both the countries to go beyond petroleum and diversify into new products, businesses and regions Suresh Prabhu further said that opportunities are endless for both the countries to collaborate and work together in new regions like Africa. Both Saudi Arabia and India have to now look beyond the Gulf region and explore new markets. Commerce Minister welcomed Saudi investment in businesses like medical implants, agro- processing, education and other sunrise sectors and stated that this will not only help India but also benefit Saudi Arabia in expanding business opportunities. Suresh Prabhu informed that India too is looking to invest in Saudi Arabia so that the relations between the two nations are taken to a new heights. For this 8 working groups have been set-up to identify companies in Saudi Arabia and India who can work together. Suresh Prabhu further said that to resolve any issues for Saudi business and investments the Commerce and Industry Ministry has put in place a fast track mechanism to deal with any issues through a single window. The Saudi business delegation informed Commerce Minster that there is a need to prioritise the SME industries of both countries as they are the future of both economies and SMEs will lead to employment generation. India imports around 17 % of our crude oil requirement from the Kingdom. In 2017-18, the India-Saudi bilateral trade has increased by 9.56 % to USD 27.48 billion. During this period, our imports from Saudi Arabia reached USD 22.06 billion, registering a increase of 10.50 % over previous year (USD 19.97 billion) whereas our exports to Saudi Arabia reached USD 5.41 billion registering an increase of 5.88 % over previous year (USD 5.11 billion). The current bilateral trade (April- Oct 2018 provisional figures) is valued USD 19.64 billion. The business and visit visa fees for the Indian nationals were decreased and fixed on reciprocal terms. Saudi Arabia is the 15th largest market in the world for Indian exports and is destination to 1.85% (2017-18) of India’s global exports. On the other hand, Saudi Arabia is the 3rd largest source (4.74% in 2017-18) of India’s global imports. For Saudi Arabia, as per 2017 data, India is the 4th largest market for its exports, accounting for 8.88 % of its global exports. In terms of imports by Saudi Arabia, India ranks 7th and is source of around 4.13 % of Saudi Arabia’s total imports.

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NO SCANDAL IN RAFALE DEAL, SAYS DASSAULT CEO; DEFENDS ROLE FOR RELIANCE

Asserting there is 'no scandal' in the Rafale deal Dassault Aviation, makers of the fighter jet, Wednesday said it was also in the race for 110 aircraft for the Indian Air Force, for which the government had floated an RFI last year. The RFI (Request for Information) or initial tender for the deal was issued by IAF in April 6 2018, the first mega procurement initiative for fighter jets. This was after the government scrapped the process to acquire 126 Medium Multi-Role Combat Aircraft (MMRCA) around six years ago. There is no scandal in the Rafale deal. We are going to deliver 36 aircraft. If the Government of India wants more aircraft, we will be pleased to deliver. Asked why Dassault had partnered Reliance despite that company's lack of experience in making defence equipment, Trappier said: Yes. But I have the experience. I am transferring this know-how and experience to the Indian team. The Indian team has been appointed by a new company Dassault Reliance Aerospace Limited (DARL). They are good for India and the company. So where is the problem? Asked the reasons for Dassault going ahead with partnering Reliance despite that company's financial problems, Trappier said, They have their own matters, but we are working together. Our teams, both Indian and French, are working well. So I have no worry for the time being. I invested my money to have facilities here in India and I found partners, he added.

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INDIA A VICTIM OF TERRORISM 'SHELTERED AND SUPPORTED' FROM ACROSS THE BORDER: PM MODI

In a veiled attack on Pakistan, Prime Minister Narendra Modi has said India was a victim of terrorism sheltered and supported from across the border as he demanded that all nations reject the use of terrorism against others, dismantle the terror infrastructure and stop its financing. Modi said the menace of extremism and terrorism threatens all nations and societies, and rejected any attempt to link this universal phenomenon to any particular race, religion or culture. We also call on all states to reject the use of terrorism against other countries; dismantle terrorism infrastructures and stop its financing, he said, adding that India strongly condemns extremism and terrorism in all its forms and manifestations, regardless of its motivations whenever, wherever and by whosoever committed. Asked about the possibility of India-Saudi Arabia cooperation in the area of counterterrorism and in ensuring safety and security of sea-lanes of communications and freedom of navigation, PM Modi said bilateral cooperation in areas of counter-terrorism, security and defence has intensified over the years. India and Saudi Arabia ties will be a factor for stability, peace and security in our region and the world, the Prime Minister said.

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INDIA WON'T GIVE PROOF TO ISLAMABAD, BUT TO FRIENDLY NATIONS TO UNMASK PAK ROLE IN TERROR: OFFICIAL

India will not submit any evidence to Pakistan on the role of Jaish-e-Mohammad in the Pulwama terror strike, and instead give all such facts to friendly nations to unmask the role of elements based in the neighbouring country in the attack, a senior government official said. The official was sharing the views within the government, which is not at all in favour of giving any evidence to Pakistan considering the past experience when despite giving multiple dossiers on the involvement of Pakistan-based elements in the 26/11 Mumbai terror attacks and terror strike in Pathankot airbase, Islamabad did nothing to punish the perpetrators. There is no question of giving any evidence to Pakistan. Rather we will share them with friendly countries to expose the role of Pakistan-based elements in Pulwama and other terror attacks on Indian soil, the official said. Pakistan Prime Minister Imran Khan Tuesday said he would act against the perpetrators of the Pulwama attack if India shares with Islamabad actionable intelligence. In the 2008 Mumbai terror attacks, enough evidence was provided to Pakistan but there has been no action against Lashkar-e-Taiba founder Hafeez Saeed, top leader of the group Zakiur Rehman Lakhvi, some ISI officers and others even after 11 years. However, when the team returned to Pakistan after visiting the sensitive airbase, they claimed that Indian authorities failed to provide evidence to prove that Pakistan-based terrorists had stormed the Indian Air Force station. When we get these kind of responses from Pakistan, there is no point in engaging with them. Now, our primary task will be to expose Pakistan globally, about its role in aiding and abetting terrorism, the official said.

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COMPLICITY OF PAKISTAN IN PULWAMA STRIKE UNDERLINED DURING INDIA-SAUDI TALKS: MEA

T S Tirumurti, said the two leaders also called upon countries to renounce use of terrorism as a state policy Complicity of Pakistan in the Pulwama attack was underlined during the talks, he said, adding both Modi and Salman condemned the Pulwama attack. Modi called the Pulwama attack a cruel symbol of the scourge of terrorism and sought punishment for the terrorists and their backers. The crown prince, however, did not mention the strike.

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US ASKS PAKISTAN, CHINA TO DENY SAFE HAVENS AND SUPPORT TO TERRORISTS

The Trump administration called on Pakistan and China to uphold their responsibilities pursuant to UN security council resolutions to deny safe havens and support for terrorists” even as President Donald Trump described the Pulwama attack as+ a horrible situation and said it would be wonderful if they (India and Pakistan) get along. The US formulation about denying safe havens and support to terrorists expressed through the State Department was addressed to all countries, but it was clearly directed at Islamabad and Beijing since Pakistan is host to UN-designated terrorists and China has repeatedly aided Pakistan to avoid global censure on this matter using its veto. Pakistan hosts and protects Jaish's terrorist leader Masood Azhar and China helps its ally by thwarting UN efforts to designate him a global terrorist, ostensibly to protect Beijing's economic investments in the China-Pakistan Economic Corridor and prevent greater extremist activity in Muslim-heavy Xinjiang province, but also to harass New Delhi.

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PAKISTAN HAS NO CASE AGAINST JADHAV, INDIA ARGUES AT ICJ

The judicial review process available to Kulbhushan Jadhav in Pakistan was hopelessly insufficient, while Islamabad was basing its case entirely on claims around a passport and an extracted confession, India’s counsel Harish Salve told the International Court of Justice on Wednesday. He began the second round of oral arguments in the hearings, with a sharp attack on the tone and content of Pakistan’s presentation on Tuesday. Concluding the session, Joint Secretary Deepak Mittal called on the court to adjudicate on an egregious breach of the Vienna Convention on Consular Relations, and to order that Mr. Jadhav be given consular access. And if the court was not able to annul the verdict of the military court and order his release, he called on it to annul the military court verdict and order a civilian trial through the ordinary courts, after excluding the extracted confession from evidence and providing him with consular access.bIndia insists that contrary to Pakistan’s contention, the Vienna convention is not subject to exceptions on any grounds — including national security and espionage. Khawar Qureshi accused India of failing to answer any questions and of engaging in deflection, diversion and propaganda At the end of Wednesday’s proceedings, ICJ President Abdulqawi Ahmed Yusuf had clarified that Chief Justice Tassaduq Hussain Jillani — Pakistan’s ad hoc judge for the case — did not need to be replaced at this stage, despite being taken ill and not attending the first three days, as he had already been participating in the case ahead of the hearings, and would still be able to continue to participate by watching recordings or reading transcripts of the case. However, he left open the possibility of a replacement at a later stage should Mr. Jillani still be unable to attend. Mr. Salve accused Pakistan of failing to accord the proceedings with due dignity and solemnity, and criticised the strong language that had been used. India takes exception to being addressed in this fashion in this court, he said, pointing to some of the phrases that had been deployed including the use of words such as arrogance, ridiculous, and disgraceful. Humpty Dumpty has no place in this court, he said, pointing to a reference made by Mr. Qureshi to the nursery rhyme, accusing India of building a flimsy wall of lies.

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SECURITY COVER OF 18 SEPARATISTS, 155 POLITICAL PERSONS WITHDRAWN

The Jammu and Kashmir administration Wednesday withdrew security of 18 separatists and 155 political persons including PDP leader Wahid Parra and IAS officer Shah Faesal, officials said. The security review meeting, which was held here under the chairmanship of state chief secretary BVR Subrahmanyam, took the decision as it was felt that providing security to these separatist leaders is a wastage of scarce state resources which could be better utilised elsewhere. Through this, over 1,000 police personnel and over 100 vehicles are freed to do regular police work, they said.

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SAUDI PRINCE EXPECTS INVESTMENT WORTH MORE THAN $100 BILLION IN INDIA

Saudi Arabia's Crown Prince Mohammed bin Salman said on Wednesday he expected investment opportunities worth more than $100 billion in India over the next two years as he began his first official visit amid tensions between arch foes India and Pakistan. India rolled out the red carpet for the crown prince as it seeks diplomatic support against Pakistan following a militant attack in the disputed region of Kashmir. The crown prince, whose country is facing frosty ties with Western countries after the killing of Saudi journalist Jamal Khashoggi, was also given a lavish welcome this week in Pakistan where the two sides signed memoranda of understanding valued at about $20 billion to help prop up Pakistan's economy.

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SAUDI CROWN PRINCE ORDERS RELEASE OF 850 INDIAN PRISONERS ON PM MODI'S REQUEST

Saudi crown prince Mohammed bin Salman on Wednesday ordered the release of 850 Indian prisoners lodged in his country's jails on Prime Minister Narendra Modi's request as the two leaders held extensive talks here, according to the ministry of external affairs. After the talks, it was also announced that India has decided to extend e-visa facility to Saudi nationals. In an important development, Saudi Arabia also joined the International Solar Alliance, a move welcomed by the Prime Minister, MEA officials said. Both sides noted the potential of cooperation in the renewable energy sector, not only in investment but also in research and development, a joint statement issued after the talks said. Saudi Arabia has also agreed to resolve issues relating to Indian workers who are currently stranded in the kingdom due to the closure of a foreign company, T S Tirumurti, Secretary (Economic Relations) in the MEA, said.

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CROSS LOC TRADE CONTINUES AFTER PULWAMA ATTACK

Despite heightened political strain between India and Pakistan after Pulwama attack, the trade across the Line of Control continued from Uri in Kashmir and Poonch in Jammu. After the attack on February 15, at least 140 trucks crossed the LoC from this side, while as 70 trucks came from the other side carrying various items. The trade was temporarily halted in Poonch for two days due to curfew in Jammu district because of which transport was not plying. The cross LoC trade is scheduled for four days a week from Tuesday to Friday, while as travel is scheduled once every week. The trade happened on the day of the attack and on February 15 th as well from Uri. Later, it resumed normally on February 19 th from Salamabad trade in Northern Kashmir as 35 trucks came from Muzaffarbad while as 35 trucks left from the trade facilitation center. On February 20 th 35 trucks went from Uri to other side in which chilly seeds and pomegranate were sent. At Chakan-Da-Bagh trade facilitation center of Poonch, on February 14 th, around 18 trucks came in from other side while as 35 trucks went from there. On February 15 th from Poonch, 35 trucks left for the other side of LoC and 17 trucks came in.

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OECD, G20 MEMBERS LIKE INDIA & CHINA SHOULD NOT GET SPECIAL RIGHTS: US TO WTO

The US has proposed withdrawal of special rights and exemptions for emerging economies such as India and China, which are members of the Organisation for Economic Cooperation and Development (OECD), Group of 20 (G20), classified as high income by the World Bank or account for more than 0.5% of global merchandise trade. The proposal is a devastating one. It will deprive a large number of countries from exemptions, said an official privy to the details. The proposal made to the World Trade Organization last week comes days after the US accused emerging economies of claiming rights and using exemptions from commitments meant for poorer nations in global trade negotiations. The special provisions for developing countries include longer time periods to implement agreements and commitments, measures to increase trading opportunities, provisions to safeguard their trade interests and support to build capacity to handle disputes and implement technical standards. The US proposed that countries should not avail of special and differential treatment in current and future WTO negotiations if they are a member of the OECD, G20, classified as a ‘high income’ country by the World Bank or that one accounts for no less than 0.5% of global merchandise trade. India’s share in global exports was 1.68% in 2017 while that in global imports was 2.48%. The US claimed last month that India used its status as a developing member to press for continued exemption from its commitments of some $30 billion in input subsidies, a rule intended to address some of the poorest farmers. In its latest submission, the US said it wanted to strengthen the negotiating function of the WTO to produce high-standard, reciprocal and mutually advantageous arrangements directed to the substantial reduction of tariffs and other barriers to trade and to the elimination of discriminatory treatment in international trade relations. The paper will come up for discussion later this month.

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AFTER CHINA, TRUMP NOW THREATENS EUROPE WITH TARIFFS; EU VOWS TO RETALIATE

US President Donald Trump threatened Wednesday to impose tariffs on European auto imports if he is unable to strike a trade deal with the EU. We're negotiating. If we don't make the deal, we'll do the tariffs, Trump told reporters in response to a question on new tariffs. Trump's renewed threat against the EU auto industry takes on a new edge as it came two days after the Commerce Department delivered a report that sources said found European car imports constitute a national security threat to the United States. The report could set the stage for the White House to impose tariffs within 90 days, a move Brussels has vowed to parry with its own set of counter-tariffs. Washington already has used the national security argument to impose steep tariffs on steel and aluminum imports, drawing instant retaliation from the EU, Canada, Mexico and China. In one of many aggressive moves against US trading partners, Trump, who boasts that he favours tariffs, has threatened 25 per cent duties on European autos, especially targeting Germany, which he says has harmed the American car industry. We're trying to make a deal, Trump said. They're very tough to make a deal with, the EU. They've been very difficult over a period of time, over many, many years.

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MOSCOW READY TO CUT TIME FOR NUCLEAR STRIKE ON US IF NECESSARY: PUTIN

Moscow will match any U.S. move to deploy new nuclear missiles closer to Russia by stationing its own missiles closer to the United States or by deploying faster missiles or both, President Vladimir Putin said on Wednesday. In Washington, the U.S. State Department dismissed Putin's comments as propaganda designed to divert attention from what Washington alleges are Moscow's violations of the Intermediate-range Nuclear Forces (INF) Treaty. Putin said Russia was not seeking confrontation and would not take the first step to deploy missiles in response to Washington's decision this month to quit a landmark Cold War-era arms control treaty. But in his toughest remarks yet on a potential new arms race, he said Russia's reaction to any deployment would be resolute and that U.S. policymakers, some of whom he accused of being obsessed with U.S. exceptionalism, should calculate the risks before taking any steps. It's their right to think how they want. But can they count? I'm sure they can. Let them count the speed and the range of the weapons systems we are developing, Putin told Russia's political elite to strong applause. Russia will be forced to create and deploy types of weapons which can be used not only in respect of those territories from which the direct threat to us originates, but also in respect of those territories where the centres of decision-making are located, he said.

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COGNIZANT CASE SHOWS HOW CORPORATES CAN AVOID CHARGES EVEN AMID WRONGDOING

The case of Cognizant Technology Solutions Corp. shows how a company can avoid criminal charges even if its C-Suite was involved in the alleged wrongdoing. Two former Cognizant executives—an ex-president and a former chief legal officer, who oversaw the company’s compliance program—were charged last week for allegedly approving illicit payments to help build a corporate campus in India. Not facing criminal charges: Cognizant itself. The Teaneck, N.J., company agreed to pay $25 million in disgorgement and civil penalties to settle its role in the case. The Justice Department said the company avoided criminal charges because it voluntarily disclosed the matter within two weeks of learning about it. The company’s internal investigation, its cooperation, remediation and the presence and effectiveness of Cognizant’s pre-existing compliance program also played a role, prosecutors said in a letter to Cognizant’s lawyers. Cognizant also agreed to cooperate in the Justice Department’s ongoing investigations. Attorneys for the two men say they will fight the charges. The main US law against bribery of foreign officials, the Foreign Corrupt Practices Act, is enforced jointly by the Justice Department and the Securities and Exchange Commission. It prohibits the use of bribes by Americans, as well as foreign companies that list shares on American exchanges, to foreign officials to get or keep business. The Justice Department brings criminal cases against violators, while the SEC imposes civil penalties. Companies sometimes strike parallel settlements with both agencies. In the case of Cognizant, the company settled with the SEC without admitting or denying wrongdoing, and the Justice Department said it would close its case without criminally charging the company. The decision not to prosecute, the Justice Department said, was consistent with its corporate enforcement policy, a program in which companies embroiled in bribery cases receive a presumption of avoiding charges if they meet certain conditions, such as voluntary disclosure. Companies often enter into settlements and pay fines in foreign-bribery cases, while executives tend to avoid facing charges. Justice Department officials have tried to combat this by issuing guidance and directing prosecutors to target culpable individuals in corporate crime cases, but the charges typically stick to low- and mid-level employees.

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FRANCE COURT ORDERS UBS TO PAY $5.1 BILLION FOR SWISS ACCOUNTS SCANDAL

UBS Group AG was ordered to pay more than 4.5 billion euros ($5.1 billion) by a Paris court that found the bank guilty of helping wealthy French clients stash funds in undeclared Swiss accounts. The Paris criminal court ruled on Wednesday that UBS illegally provided French customers with banking services to hide assets from tax authorities. The judge fined UBS 3.7 billion euros and added another 800 million euros in compensation to the French government. The criminal wrongdoings were of an exceptionally serious nature, said Presiding Judge Christine Mee. These acts were committed behind the veil of opacity. UBS said it would appeal the ruling, which delays the need to make any payments until there is a final decision from higher courts.

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DONALD TRUMP SAYS MARCH 1 DEADLINE FOR CHINA TRADE TALKS NOT 'MAGICAL' DATE

U.S. President Donald Trump said on Tuesday that trade talks with China were going well and suggested he was open to pushing off the deadline to complete negotiations, saying March 1 was not a magical date. Tariffs on $200 billion (153 billion pounds) worth of Chinese imports are scheduled to rise to 25 percent from 10 percent by March 1 if the world's two largest economies do not settle their trade dispute, but Trump has suggested several times that he would be open to postponing the deadline. They are very complex talks. They're going very well, Trump told reporters in the Oval Office. I can't tell you exactly about timing, but the date is not a magical date. A lot of things can happen. Trump said the real question would be whether the United States would raise the tariffs as planned. I know that China would like not for that to happen, so I think they're trying to move fast so that doesn’t happen.

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16 US STATES SUE DONALD TRUMP ADMINISTRATION IN SHOWDOWN OVER BORDER WALL FUNDS

A coalition of 16 US states led by California sued President Donald Trump's administration on Monday over his decision to declare a national emergency to obtain funds for building a wall along the US-Mexico border. The lawsuit filed in US District Court for the Northern District of California came just days after Trump invoked emergency powers on Friday after Congress declined to fulfill his request for $5.7 billion to help build the wall that was his signature 2016 campaign promise. His move aims to let him spend money appropriated by Congress for other purposes. On Presidents Day, we take President Trump to court to block his misuse of presidential power, California Attorney General Xavier Becerra said in a statement. We're suing President Trump to stop him from unilaterally robbing taxpayer funds lawfully set aside by Congress for the people of our states. For most of us, the Office of the Presidency is not a place for theatre, added Becerra, a Democrat. Three Texas landowners and an environmental group filed the first lawsuit against Donald Trump's move on Friday, saying it violates the Constitution and would infringe on their property rights The legal challenges could slow down Trump's efforts to build the wall, which he says is needed to check illegal immigration and drug trafficking, but will likely end up at the conservative-leaning US Supreme Court. In a budget deal passed by Congress to avert a second government shutdown, nearly $1.4 billion was allocated toward border fencing. Trump's emergency order would give him an additional $6.7 billion beyond what lawmakers authorised.

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NISSAN WEIGHS OUTSIDE DIRECTOR AS BOARD CHAIRMAN AS CARLOS GHOSN'S ERA ENDS

A Nissan Motor governance committee will recommend the appointment of an external director as board chairman, a role distinct from company chairman, in a move to decentralise power at the top level the Nikkei business daily reported on Sunday. Under Nissan's current corporate charter, the position of board chair is automatically appointed to head the company board, the Nikkei said citing a source. Former Chairman Carlos Ghosn had filled both roles prior to his arrest in November for under-reporting his salary for eight years. Speculation has swirled about whether the newly appointed chairman of France's Renault, Jean-Dominique Senard, would assume the chairmanship of the Japanese automaker. The Nikkei report comes after the governance committee said in a statement that the separation between operation and oversight was among topics discussed on Friday at the committee's third meeting since it was formed in December after Ghosn's arrest. The panel, comprising three Nissan external board directors and four third-party members, is scheduled to make recommendations to Nissan's board in March on how to tighten lax governance and approval processes for matters including director compensation and chairman selection.

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HUAWEI FOUNDER SAYS CFO'S ARREST WAS POLITICALLY MOTIVATED: REPORT

Huawei founder Ren Zhengfei said on Monday that the arrest of his daughter, Huawei Chief Financial Officer Meng Wanzhou, was politically motivated. Firstly, I object to what the U.S. has done. This kind of politically motivated act is not acceptable Ren told. Canada arrested Meng on December 1 at the request of the United States. Meng was charged with bank and wire fraud to violate American sanctions against Iran. The U.S. Justice Department denied the charges were politically motivated The Justice Department’s criminal case against Huawei CFO Meng Wanzhou is based solely on the evidence and the law. Commenting on the spying concerns, the Huawei founder reiterated that the company will never undertake any spying activities. Ren said it would not make the company withdraw its UK investments, adding that it will shift its investments to the UK from the United States if U.S. actions against Huawei continue.

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US COMPANY ASKED TO PAY USD 43K IN BACK WAGES TO EX-EMPLOYEE FOR VIOLATING LABOUR PROVISIONS

The US government on Friday asked an American company to pay USD 43,366 in back wages to a former employee for violating the labour provisions of the H-1B visa programme. An order in this regard against the Minneapolis-based TLC Precision Wafer Technologies was issued by the US Department of Labour after the completion of an investigation by its Wage and Hour Division (WHD). WHD investigators found that the employer failed to pay a microfabrication engineer the required wages as stated in the H-1B visa application it filed, and failed to maintain required records. WHD Administrative Law Judge Theresa Timlin Judge denied credit for the firm's cash payments of USD 14,150 to the worker because it failed to report the payments on its payroll records and report the payments to the Internal Revenue Service, as required by the regulations for such credit. The intent of the H-1B foreign labour certification programme is to help American companies find the highly skilled talent they need when they can prove that a shortage of US workers exists, said David King in Minneapolis.

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'CRIME MAY HAVE BEEN COMMITTED' BY TRUMP WHEN HE FIRED COMEY: FORMER FBI DEPUTY DIRECTOR

Former FBI Deputy Director Andrew McCabe said that aired Sunday that a crime may have been committed when President Donald Trump fired the head of the FBI and tried to publicly undermine an investigation into his campaign's ties to Russia. McCabe also said in the interview with 60 Minutes that the FBI had good reason to open a counterintelligence investigation into whether Trump was in league with Russia, and therefore a possible national security threat, following the May 2017 firing of then-FBI Director James Comey. And the idea is, if the president committed obstruction of justice, fired the director of the of the FBI to negatively impact or to shut down our investigation of Russia's malign activity and possibly in support of his campaign, as a counterintelligence investigator you have to ask yourself, Why would a president of the United States do that? McCabe said. He added: So all those same sorts of facts cause us to wonder if there an inappropriate relationship, a connection between this president and our most fearsome enemy, the government of Russia? Asked whether Deputy Attorney General Rod Rosenstein was onboard with the obstruction and counterintelligence investigations, McCabe replied, Absolutely. McCabe also revealed that when Trump told Rosenstein to put in writing his concerns with Comey a document the White House initially held up as justification for his firing the president explicitly asked the Justice Department official to reference Russia in the memo. Rosenstein did not want to, McCabe said, and the memo that was made public upon Comey's dismissal did not mention Russia and focused instead on Comey's handling of the Hillary Clinton email server investigation. He explained to the president that he did not need Russia in his memo, McCabe said. And the president responded, I understand that I am asking you to put Russia in the memo anyway. Trump said in a TV interview days after Comey's firing that he was thinking of this Russia thing when he fired Comey. Those actions, including a separate request by Trump that the FBI end an investigation into his first national adviser, Michael Flynn, made the FBI concerned that the president was illegally trying to obstruct the Russia probe. I believe I was fired because I opened a case against the president of the United States, he said.

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PAKISTAN NO LONGER IN A FINANCIAL CRISIS THANKS TO ‘FRIENDLY COUNTRIES’

Pakistan has come out of the financial crisis with the help of friendly countries and the economy has been set on the right path the governor of the cash-strapped country’s central bank has claimed. Governor of the State Bank of Pakistan Tariq Bajwa’s remarks coincided with the announcement by Saudi Arabia that it would invest USD 20 billion in Pakistan under various projects. Bawja told an audience at a private university in Lahore on Monday that uncertainty in the economy had ended, while the government was on the right path and it was capable of meeting all economic challenges, Dawn reported. The governor spoke about the current account deficit, which had hit the economy badly during the current financial year. The current account deficit was the real cause of concern for the new government headed by Prime Minister Imran Khan. Bajwa said a plan had been prepared to eliminate the current account deficit. He said the deficit was the biggest hurdle for the country and the government was still negotiating with the International Monetary Fund for a package to minimise it.

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CS Meetesh Shiroya