TAXPAYERS CAN COMPARE TAX LIABILITY DECLARED IN FINAL, SUMMARY
GST RETURNS FORMS: GSTN
The GST Network Tuesday
said businesses registered under GST can now compare the tax liability declared
as well as input tax credit claimed in their final and summary sales returns
forms. The GSTN, which handles the technology backbone for the new indirect
tax, has provided a facility to the taxpayers to view and download a report on
tax liability as declared in their form GSTR- 1 (final sales return) and as
declared and paid in their return filed in form GSTR-3B (summary sales return).
GSTN, in a statement said, since GSTR-1 and GSTR-3B are filed independent of
each other, a need was felt to provide facility to view liability declared in
both the forms at one place The new facility enables the taxpayers to view
these two liabilities in one table for each return period at one place, which
can be compared. This will enable taxpayers to make good of any differences
between the two forms filed by them on GST portal, GSTN said. Further, the GSTN
has also provided taxpayers information regarding data of Input tax credit
(ITC) as claimed in their form GSTR 3B and as accrued in form GSTR 2A, based on
the return uploaded by the supplier. This functionality has been provided in
Returns dashboard on the GST Portal to taxpayers under the headings Comparison
of liability declared and ITC claimed This facility will help taxpayers in
reconciling their liability and ITC details quickly. They can view the monthly
comparison as well as cumulative comparison upto the month, on the GST Portal
in the tables provided. This will help them in taking corrective steps, GSTN
CEO Prakash Kumar said.
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EU ADDS 10 COUNTRIES, INCLUDING UAE, TO TAX BLACKLIST
The European Union
expanded its tax haven blacklist by 10 countries on Tuesday, adding the United
Arab Emirates and Bermuda despite the objections of powerful member states such
as Italy. The list, now 15 countries long, was first drawn up in 2017 in the
wake of several scandals, including the Panama Papers and LuxLeaks, that pushed
the EU into doing more to fight tax evasion by multinationals and the rich. Seven
countries are to be moved back from a grey list because reform commitments had
not been met. These are Aruba, Belize, Bermuda, Fiji, Oman, Vanuatu and
Dominica, an EU statement said. They are joined by three other countries whose
tax policies have grown more aggressive in the past months. They are Barbados,
the United Arab Emirates and the Marshall Islands. Italy long resisted the
addition of the UAE. The Middle East powerhouse has recently made significant
investments in the economically troubled European country. Rome had wanted to
keep the Emirates on the so-called grey list of countries that have made
pledges to get their tax laws in order with a standard set by Brussels. Everything
will be solved when new legislation in passed in the UAE, Italian Finance
Minister Giovanni Tria said. The Emirates will come out immediately afterwards,
he added.
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WHITE GOODS FIRMS UNDER NAA LENS FOR POCKETING GST RATE CUTS
After imposing fines on
restaurants, fast moving consumer goods (FMCG) and pharma companies for not
passing the benefits of lower goods and services tax (GST) to consumers, the
authorities have turned their attention to makers of home appliances or white
goods. The anti-profit authority is examining whether companies pocketed
profits after the government slashed GST rates on washing machines, TVs and
other electronic products. While most large consumer durable companies are
under the lens, Kolkata based IFB Appliances, which manufactures high-end
washing machines and a handful of other products, is the first company that has
received notices, said two people with direct knowledge of the matter. IFB, a
BSE-listed company, was asked to furnish details of cost and selling prices on
its washing machines a few months ago. The company did not respond to the first
letter and so a second letter was written by NAA (National Anti-profiteering
Authority). The company was asked to provide data around cost and selling
prices of products before and after GST, said a person close to the
development. The person added that IFB could face a fine in the coming weeks.
Other companies, too, are under scrutiny and the first set of letters is either
issued or will be issued in the coming weeks. Industry trackers say that NAA’s
focus seems to be on goods that could stoke inflation. One of the impacts of
implementing GST globally is that it leads to higher inflation. The
anti-profiteering authority is scrutinising every sector that directly impacts
inflation and so white goods companies are currently under the lens. However,
the question remains that in the absence of any prescribed methodology, it
becomes really difficult for a company to compute the quantum of profiteering
and pass on the GST rate cut benefits, said Abhishek A Rastogi.
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DPIIT WORKING OUT SCHEME ENABLING ACCREDITED INVESTORS TO FUND
STARTUPS WITHOUT ANY HITCH
India is eyeing a new
framework for recognising investors so that they won’t be subject to the
so-called angel tax provisions on their funding of startups. The Department for
Promotion of Industry and Internal Trade (DPIIT) is looking to put in place
such a regime so that investors will be able to fund startups without any
limit. We are examining if a mechanism can be created for accrediting investors
said a government official aware of the matter, details of which are being
discussed. The DPIIT will hold discussions with stakeholders on the proposed
framework, which will help startups raise funds from accredited investors
without any hitch. The accreditation regime is being envisaged as a simple
procedure, said the person cited above. The idea behind the move is that if a
startup receives funding from a genuine, recognised investor then there is no
fear of money laundering and hence the investment should not be scrutinised or
face the so-called angel tax. Section 56(2)(vii)(b) of the Income Tax Act
provides that if a closely held company issues its shares at a price that
exceeds fair market value, the difference will be taxed as income from other
sources. This provision, touted as an anti-abuse measure, was introduced by
former FM Pranab Mukherjee in 2012. It was dubbed angel tax after several
startups received notices under Section 56(2)(vii)(b). The latest move is seen
as a simple solution to the angel tax issue faced by startups, following on
from recent changes put in place to protect genuine investors and startups The
DPIIT last month amended the startup framework, raising the limits for
investments that would not be scrutinised for angel tax.
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EXPORT INDEX FOR STATES ON ANVIL TO BOOST COMPETITION
Government think tank Niti
Aayog and the commerce ministry are working on an index to rank states on their
readiness for exports and promote a healthy competition among them, senior
officials said. The export index will rank states on half-a-dozen key
parameters, including their policies, ease of doing business, infrastructure,
access to finance, and output, which will assess the overall export market and
exports from each state. A senior government official said there will be 30-40
parameters under the six main sub-heads based on international trade parameters
but tweaked to Indian scenario. The government is seized of the fact that if
India intends to increase its exports and subsequently its share of global
trade, we will have to improve the export readiness of states, he told. Hence,
the whole idea of an export index is to make states more competitive. According
to the official, export policies of various states are being studied to
identify the best practices. We will also collate the best practices as part of
the first report to help other states benefit, he added. The commerce
department has identified indicators to reflect issues such as truck stoppages,
anti-competitive practices and role of intermediaries affecting exports. These
preliminary indicators will be based on efficiency in processes, ease of
arranging logistics, quality of infrastructure, adherence to time lines,
competence and quality of logistic operators. They will provide qualitative and
quantitative assessment of the logistics available to export consignments. The
draft logistics policy also seeks to ease bottlenecks. While computing the
index, Aayog will seek inputs from trade bodies like Export-Import Bank of
India, and Indian Institute of Foreign Trade, besides different divisions of
the commerce ministry including Director General of Foreign Trade. Aayog has
been aggressively moving towards outcome-based monitoring and has been in the
process of ranking states on key indices like health, education, water
composite index, and agriculture, much in line with its role of promoting
competitive and cooperative federalism. The government expects India’s
merchandise exports to grow 7.3% year on year to $325 billion in 2018-19. The
growth rate would be lower than 9.8% clocked in 2017-18 due to factors
including muted growth of traditional exports such as gems and jewellery, farm
and engineering, a liquidity crunch, and global factors. India’s exports stood
at $303 billion in 2017-18.
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GST OFFICIALS DETECT TAX FRAUD OF RS 224 CR BY 8 COMPANIES
Officials of the Central
GST have unearthed an alleged tax fraud of Rs 224 crore and detected fake
invoices worth Rs 1,289 crore by a group of eight companies involved in the
trade of iron and steel products. A key suspect involved in the racket has been
arrested and Rs 19.75 crore was recovered from him, a press release from the
Hyderabad Central GST Commissionerate said Tuesday night. Several documents
were recovered during the simultaneous searches conducted at the residential
and business premises of these companies on Tuesday night. The companies have
been generating fake invoices without actual supply of TMT bars, MS bars, MS
flat products among others, and were passing on the input tax credit to other
tax payers within the same group, besides some other taxpayers since July,
2017, it said. The fake invoices generated by them involved about Rs 1,289
crore of value and input tax credit of about Rs 224 crore. Five out of these
taxpayers are operating from the same address and many of the
Directors/Partners/Proprietors of these firms/companies,are common, the release
said. These companies were also found to be indulging in circular fake trading
to inflate their turnover, besides supplying such fake invoices and e-way bills
to some others, the GST officials said.
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TWO MORE BIZMEN FACE GST INTEL HEAT
Two businessmen Grandhi
Eswar Rao and Grandhi Bhaskar Rao are now facing the heat of GST intelligence
sleuths The duo was served notices by GST intelligence in connection with 200
crore fake invoices fraud by Hero Wiretex Company. On February 1, the
Directorate General of GST Intelligence Hyderabad arrested Raveendra Sangepu
Chief Financial Officer of Hero Wiretex Company. Earlier in January, the managing
director of Hero Wiretex Limited Seemakurti Raghunadha Gupta was arrested by
Vizag DGGI sleuths. Both Grandhi Bhaskar Rao, 59, who is the director of Adarsh
Global Trades and Services Pvt Ltd, and G Eswar Rao petitioned the Telangana
High court seeking anticipatory bail in the GST case.
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DGFT EXTENDS DATE FOR FILING RECEIPT OF REQUEST UNDER EPCG
SCHEME TILL SEP 30, 2019
Directorate General of
Foreign Trade (DGFT) has further extended the date till September 30, 2019 for filing
the receipt of request under Export Promotion Capital Goods (EPCG) Scheme. The
time period for the public notices issued by DGFT with regard to onetime
condonation of time period in respect of obtaining block-wise extension in
export obligation period under EPCG Scheme, onetime condonation of time period
in respect of obtaining extension in export obligation period under EPGG Scheme
and acceptance of installation certificate under EPCG scheme by the RAs wherein
installation certificate is submitted beyond 18 months has been extended. EPCG
is an export promotion scheme under which an exporter can import certain amount
of capital goods at zero duty for upgrading technology related with exports.
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RS 20 LAKH INCOME TAX EXEMPTION LIMIT FOR GRATUITY
In exercise of the powers
conferred by sub-clause (iii) of clause (10) of section 10 of the Income-tax
Act, 1961 (43 of 1961), and in supersession of Ministry of Finance, Department
of Revenue, notification
number S.O. 141(E), dated
the 11th June, 2010, except as respects things done or omitted to be done
before such supersession, the Central Government, having regard to the maximum
amount of any gratuity payable to employees, hereby specifies twenty lakh
rupees as the limit for the purposes of the said sub-clause in relation to the
employees who retire or become incapacitated prior to such retirement or die on
or after the 29th day of March, 2018 or whose employment is terminated on or
after the said date.
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EFFECTIVE DATE OF FINANCE ACT 2018 AMENDMENT IN SECURITIES
CONTRACT, SEBI ACT, DEPOSITORY ACT
In exercise of the powers
conferred by sections 146, 178 and 191 of the Finance Act, 2018 (13 of 2018),
the Central Government hereby appoints the 08th day of March, 2019 as the date
on which the provisions of Part VI, Part X and Part XI of Chapter VIII of the
said Act shall come into force
·
Section 146 : AMENDMENTS
TO THE SECURITIES CONTRACTS (REGULATION) ACT, 1956
·
Section 178 : AMENDMENTS
TO THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992
·
Section 191 : AMENDMENTS
TO THE DEPOSITORIES ACT, 1996
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GST, CASH FLOW ISSUES TAKE GLOW OUT OF GEM, JEWELLERY SALES
Sale of gem and jewellery
is likely to drop 10-15 per cent in the current financial year due to Goods and
Services Tax (GST), high gold price and cash flow issues, according to N
Anantha Padmanaban. In 2016-17, the sale of gem and jewellery was nearly ₹3.60
lakh crore, which increased to ₹4 lakh crore last year. However, this fiscal, ‘we expect it to
decline to ₹3.50-3.60 lakh crore, he told. We were hoping that GST will
benefit the industry but it has not as customers need to pay 3 per cent GST as
against 1 per cent Value Added Tax (VAT) before the GST regime, he said. A
customer need to pay an additional ₹60-70 per gram of gold due
to GST, he added. However, one good thing about the GST is that it has brought
many players in the unorganised sector into the organised sector. Three-to-four
years ago, 85-90 per cent of the sale was through unorganised players as
against about 70 per cent now. There are nearly four lakh retail stores across
the country with Tamil Nadu having the maximum numbers, he said. On the issue
of cash flow, Padmanaban said problems involving a couple of city-based
jewellers affected the industry in Tamil Nadu. However, after the Nirav Modi
issue, the entire industry was affected with banks refusing to provide finance.
The working capital requirement ranges between ₹10 crore and ₹75
crore per year depending on the size of the jeweller, he said. The attitude of
bankers is affecting the entire industry, and in turn affecting sales, he said.
After the elections, we plan to meet all the banks to sort out the problem, he
said. High gold price, Padmanaban said, was mainly due to the Dollar
fluctuation. This is a big concern for the industry, he added. Non-availability
of skilled workers is another major problem that is affecting the industry.
Next generation workers are not willing to join the industry but prefer jobs in
the IT or manufacturing. We plan to take up with the government to set institutes
to train workers in gem and jewellery, he said.
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GST SCAM: GUJARAT HIGH COURT GRANTS BAIL TO CA STUDENT
The Gujarat High Court has
granted bail to a CA Student, who allegedly impersonated him as a Chartered
Accountant and arrested in a GST scam The accused, alongwith one Hitendra Shah
was arrested by the GST department alleging that they were involved in a scam
by using bogus bills amounting to Rs. 106.40 crores issued till July, 2018. One
of the accused, Mr. Prakashsinh, made a statement that only bogus bills have
been issued in this entire case. No actual physical transfer of goods or
transaction has been carried out. He has stated in the statement u/s 70 that
this scam has been committed. He was running a school van, but the company is
found to have conducted transactions worth Rs 173.58 crore involving tax
evasion of Rs 21.12 crore. Makwana confessed that he was paid Rs 8,000 per
month by the duo to do signatures on blank cheques. According to reports,
inspite of being a student, Madhav Shah impersonated as a Chartered Accountant
and was trying to misguide the authorities The counsel appeared for the accused
contended that the applicant is a young person pursuing studies in Chartered
Accountancy and was employed under the co-accused Hitendra Shah. It was further
stated that the applicant was acting under the instruction of the said Hitendra
Shah and has not derived any financial gain. Considering the facts and
circumstances of the case and considering the nature of the allegations made
against the applicant in the First Information Report, without discussing the
evidence in detail, prima facie, the Court made an opinion that this is a fit
case to exercise the discretion and enlarge the applicant on regular bail.
Justice A.Y. Kogje, accordingly, granted bail on executing a personal bond of
Rs.10,000/- with one surety of the like amount to the satisfaction of the trial
Court. The Court also laid down the following conditions to grant bail. Ie.,
(a) _not take undue
advantage of liberty or misuse liberty_
(b) _not act in a manner
injurious to the interest of the prosecution_
(c) _surrender passport,
if any, to the lower Court within a week_
(d) _not leave the State
of Gujarat without prior permission of the Sessions Judge concerned_
(e) _mark presence before
the concerned Police Station once of every English calendar month for a period
of six months between 11.00 a.m. and 2.00 p.m._
(f) _furnish the present
address of his residence_ to the Investigating Officer and also to the Court at
the time of execution of the bond and shall not change the residence without
prior permission of this Court.
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I-T DEPT TO AUCTION ART BELONGING TO NIRAV MODI WORTH ₹57.72 CRORE
The Income Tax (I-T)
department will auction 68 of the artworks worth ₹57.72 crore belonging to
fugitive diamantaire Nirav Modi. The three-day auction, beginning on March 26
is being carried out for recovery of arrears to the tune of ₹95.91
crores due from M/s Camelot Enterprises Private Limited controlled by Hemant
Dahyalal Bhatt, an accused in the ₹13,700 crore Punjab
National Bank (PNB) scam and an authorised signatory for most of the
billionaire jeweller’s companies. The recovery certificate for the auction was
drawn up by the I-T department on February 5, 2019 based on the searches
carried out at the company premise at Opera House, on April 24, 2018 during
which 173 art works were seized, sources in the IT said. According to a report
submitted by the JJ School of Art on May 4, 2018, the lot included works by
leading modern and contemporary Indian and Chinese artists — and valued at ₹57,72,30,000.
The celebrated names in the lot include VS Gaitonde, Raja Ravi Verma’s
Untitled, 1881, a rare painting estimated at ₹12-18 crore, and Akbar
Padamsee’s Grey Nude, 1960. The auction sale will be carried out under
section 222 of the Income Tax Act, 1961 on a ‘as is where is and what is there
is basis’. It would be stopped respect to the remainder if the amount realised
from the lot of 68 satisfies the pending arrears, officials said. It will also
be stopped if before knocking down of the lot the arrears along with the interest
are paid to the I-T. About 10% of the sale amount has to be recovered from the
successful bidder within four days on behalf of the Tax Recovery Officer (TRO).
The remaining 90% has to be paid in less than month’s time to the auctioneer,
said an I-T official.
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CAIRN HOLDING IN VEDANTA DOWN TO 0.1% AFTER TAX DEPT SELLS 99%
SHARES
British oil firm Cairn
Energy Plc Tuesday said its holding in Vedanta Ltd has dropped to just 0.1 per
cent after the Income Tax Department sold most of its 4.9 per cent stake in the
company to recover a retrospective tax demand. Besides realising about Rs 5,000
crore from selling the shares together with redemption proceeds on Vedanta Ltd
preference shares, the Income Tax Department has also seized Rs 1,140 crore of
dividend due to the British company as well as Rs 1,590 crore of tax refund in
an unrelated case, Cairn said. The company reported a net loss of USD 1.1
billion in the year ending December 31, 2018 resulting principally from a
write-down of Cairn's investments in India, it said. Cairn discovered India's
biggest onland oilfield in Rajasthan in January 2004. It later sold the India
business Cairn India to Vedanta in 2011 for USD for USD 8.67 billion. It,
however, held a small stake of close to 10 per cent in the company. Cairn India
was in April 2017 merged into parent Vedanta Ltd. Subsequent to that Cairn
Energy held a 4.9 per cent stake in Vedanta Ltd. In the earnings statement,
Cairn said it had in January 2014 received a notice from the Income Tax
Department, requesting information relating to the group reorganisation done in
2006. Alongside, the Income Tax Department attached the company's near 10 per
cent shareholding in Cairn India. In March 2015, the tax department sought Rs
10,247 crore in taxes on alleged capital gains made by the company in the
internal reorganisation. In that notification, the tax department claimed to
have identified unassessed taxable income resulting from certain intra-group
share transfers undertaken in 2006, such transactions having been undertaken in
order to facilitate the IPO of Cairn India Ltd in 2007. The notification made
reference to retrospective Indian tax legislation enacted in 2012, which the
tax department was seeking to apply to the 2006 Transactions, the statement
said. In addition to attaching shares in Vedanta Ltd, the tax department seized
dividends due to Cairn from those shareholdings totalling Rs 1,140 crore. The
Income Tax Department has also notified Cairn that a tax refund of Rs 1,590
crore due to Cairn as a result of overpayment of capital gains tax on a
separate matter in 2011, has been applied as partial payment of the tax
assessment of the 2006 transactions, it said. Between May and October 2018 the tax
department sold off 99 per cent of Cairn's equity shareholding in Vedanta Ltd
and seized the proceeds of USD 608.8 million. Shares were sold in multiple
transactions at prices ranging from Rs 286.83 (USD 4.25) per share down to Rs
229.68 (USD 3.23) per share. The tax department also seized the proceeds of USD
104.3 million on the redemption of the preference shares in October 2018, the
statement said. Cairn is currently restricted from selling its remaining shares
in Vedanta Ltd.
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DELHI COURT DISMISSES GAUTAM KHAITAN'S BAIL PLEA IN
MONEY-LAUNDERING CASE
A Delhi court dismissed
the bail plea of Gautam Khaitan, accused in the AgustaWestland scam, on
Tuesday, in a separate case of alleged possession of black money and money
laundering The court had, on January 26, sent the lawyer to a two-day custody
of the Enforcement Directorate (ED) after the agency had accused Khaitan of
holding and operating a number of foreign accounts illegally and thereby,
possessing black money and stash assets. Khaitan's advocate had opposed the
ED's submissions and accused the agency of forging documents, saying the
present case was related to the AgustaWestland case in which Khaitan was
already being prosecuted and was out on bail. He had also claimed that the case
number of the present case was that of the AgustaWestland case. The fresh
criminal case under the Prevention of Money Laundering Act (PMLA) was filed by
the ED against Khaitan on the basis of a case lodged by the Income Tax
department against him under section 51 of the Black Money (Undisclosed Foreign
Income and Assets) and Imposition of Tax Act, 2015.
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DIDN’T KNOW OF HUSBAND’S BUSINESS DEALINGS, SAYS CHANDA
KOCHHAR TO ED
Former ICICI Bank CEO
Chanda Kochhar has told investigators she wasn’t aware of her husband’s
business dealings with Videocon group MD Venugopal Dhoot when six high value
loans to the group were approved by the bank. According to sources, when asked
about a Rs 64-crore loan given by Videocon group to Deepak Kochhar’s company
NuPower Renewables a day after a Rs 300-crore loan was disbursed to a Videocon
group company by the bank, Kochhar said she didn’t discuss her bank related
work with her husband or vice-versa, hence there was no question of taking any
favour in lieu of the bank loan. CBI has alleged this Rs 64 crore loan was a
bribe to the Kochhars. The investigators have also found that a payment was made
by Dhoot to Deepak Kochhar’s company via Mauritius. A judicial request (called
Letter Rogatory) is being sent to the tax haven seeking details about the
payment. Former ICICI Bank chief executive officer(CEO) Chanda Kochhar told
investigators six high value loans worth Rs 1,875 crore given to Videocon
companies between June 2009 and October 2011 were given on merit and the
sanctioning committee of the bank had properly examined the individual request,
according to a source. Kochhar was questioned for four days by ED officials in
Mumbai earlier this month along with Deepak Kochhar and Dhoot. The CBI and ED
are looking for documents or emails, which can prove the criminal intent on her
part. Sources claim there is enough evidence to prove Kochhars’ association
with Dhoot and efforts are being made to ascertain that ICICI loans and
transfers made by Dhoot to Deepak were linked. Deepak Kochhar is learnt to have
told officials that he had no discussion with his wife regarding favouring
Dhoot’s companies. The timing of loan transfers from the bank to Dhoot’s firm
and Dhoot to his companies is merely coincidental, Deepak has claimed, as per
the source.
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DIAGEO CLAIMS RIGHT ON VIJAY MALLYAS’ PLEDGED SHARES
British spirits maker
Diageo has asked to be impleaded in Mumbai court proceedings against Vijay
Mallya, claiming bona fide, legal and substantial rights in the shares pledged
by the fugitive businessman and his son Siddharth. Diageo Holdings Netherlands
BV (DHN) has sought to be heard by the Prevention of Money Laundering Act
court. It opposed an application moved by a consortium of staterun lenders led
by SBI, which sought to liquidate the assets of Mallya seized by the
Enforcement Directorate. The consortium of banks is seeking to render nugatory
Diageo Holdings Netherland BV’s rights, said the plea filed by Diageo, urging
court to allow it to present its case before an order on liquidation of
Mallya’s assets is passed. Banks seek to rely upon the amended recovery
certificate dated June 3, 2017, issued by the Debt Recovery Tribunal,
Bengaluru, which includes 10,486,666 shares of United Breweries owned by Vijay
Mallya and 10,464,288 shares of UBL owned by Mallya and his son Siddharth
Mallya pledged in favour of UTI Advisory Services. Diageo said its entitlement
can’t be overlooked. DHN has certain bona fide, legal and substantial rights in
respect of the pledged shares, duly and lawfully acquired to a commercial
transaction, it said. DHN apprehends that the pledged shares form part of the
attachment order dated November 10, 2016.
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PNB FRAUD CASE: NIRAV MODI USED BANK TOKEN DEVICES TO TRANSFER
FUNDS
The Enforcement
Directorate (ED) has recovered bank token devices of the foreign dummy
companies used by the fugitive diamond trader to transfer the fraudulent funds.
The probe agency has found that Nehal Modi, brother of Nirav Modi has
purportedly destroyed the these devices and even secure server located at
United Arab Emirates (UAE) soonafter the scam broke out. These dummy firms have
been receiving the fraudulent letters of undertakings (LoU) of Punjab National
Bank (PNB) based out in British Virgin Island and other tax havens. The
enforcement agency has so far seized movable and immovable properties to the
tune of Rs 2362 crore in the PNB fraud case. Explaining the whole modus
operandi, ED in its 122-page supplementary complaint said that Nirav Modi
purchased an immovable property in US for USD 25 million in 2017. This property
was purchased in the name of The Ithaca Trust which was settled by his sister
Purvi Modi, and the beneficiaries of this trust were the children of Nirav
Modi. The funds for purchasing this property was transferred from the fiduciary
account of USA-based the Commonwealth Trust Company This fiduciary account in
turn received funds from the accounts of Purvi Modi maintained in Bank of
Singapore. The said amount gets credited from the accounts of Nirav Modi;s wife
Ami Nirav Modi in her HSBC bank account in USA. Most of the funds of Ami Nirav
Modi were credited from the account of Purvi Modi maintained in AmiCorp Bank
& Trust, Barbados. This AmiCorp account got most of the funds from the
accounts of Fine Classic FZE, a Dubai based dummy company of Purvi Modi i.e.
from the fraudulent LOUs. obtained illegally from PNB. ED team managed to get
several bank statements from Barbados, Dubai, Hong Kong etc. which prove vital
overseas link and money trail relating to Nirav Modi and his aides. ED has gathered
vital evidence against Nirav Modi which discloses owning another chain of
jewellery naming Bailey Bank & Biddle in USA. Diversion of fraudulent LOUs
to the tune of at least USD 47 Million to this company has also been formed
during investigations. ED also highlighted that how Modi planned to rotate the
Bank’s LoU funds and reinvest the same into Firestar India by showing it as FDI
investment through two companies namely--Alecust Global Holding and Progress
Investment at Mauritius and Cyprus respectively. These companies were supposed
to' invest' USD 30 Million and USD 20 Million respectively. These two companies
were supposed to receive funds from Lambasa Global opportunity Fund BV and
Universal ventures fund SCC respectively. In turn these entities were supposed
to received funds from two BVI companies namely Palmate Investments limited and
Pristyn holdings which were owned by Purvi Modi.
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NIRAV MODI, AIDES KEPT IN TOUCH VIA SECRET SERVER IN UAE
Fugitive businessman Nirav
Modi and co-accused in the Rs 13,000-crore Punjab National Bank fraud allegedly
used a secret channel that was facilitated by a server run from the United Arab
Emirates (UAE) to communicate with close aides. Sources in the Enforcement
Directorate (ED), which is investigating money-laundering charges against the
accused, said the server was destroyed after the scam came to light in January
last year, but the agency managed to acquire some incriminating email
communications. After the [PNB] case broke out, Nehal Modi, brother of Nirav
Modi, got the secure server located in the UAE destroyed. Through that server,
the accused and others used to communicate secretly with their close aides,
stated the ED’s supplementary chargesheet that was submitted in court recently.
The ED had filed its primary chargesheet against Nirav, Nehal and others last
year. With the UAE authorities’ help, the ED obtained prints of the
incriminating email communications, said a source. These are being analysed for
evidentiary value. Nirav was spotted by a journalist of a UK-based daily in
London last week. As per the ED’s investigation, three of his Indian
companies—Solar Exports, Stellar Diamonds and Diamonds R Us—allegedly
fraudulently obtained funds worth around Rs 6,400 crore via letters of
undertaking (LoUs) despite their ineligibility from PNB’s Brady House branch in
Fort. Modi, his firms, and other accused have denied any wrongdoing. The bank
first got wind of the fraud after representatives of the three firms allegedly
approached it for issuance of fresh LoUs on January 16, 2018. The request was
turned down and the bank ordered an internal investigation into the companies’
backgrounds. The CBI registered its case on January 31, 2018, and the ED on
February 14 the same year. The ED’s probe has also revealed that around Rs 300
crore procured through LoUs were allegedly invested by Nirav into a US-based
retail jewellery company. The ED has gathered vital evidence against Nirav Modi
which discloses his owning another chain of jewellery, Bailey Bank & Biddle
in USA. Diversion of fraudulent LOUs to the tune of at least USD 47 million to
this company was found during the investigation, said the ED chargesheet. The
supplementary chargesheet named 10 individuals as accused, including Ami Modi,
Nirav’s Modi. The ED’s investigation has established that two posh flats at
Central Park, New York, were allegedly bought through LoU funds in the name of
Ithaca Trust, with which Ami was associated. The value of flats was estimated
to be around Rs 216 crore. The two Central Park properties in NY were bought in
the name of Ithaca Trust for $25 million and $4.99 million, respectively.
Ithaca Trust’s beneficiaries are Ami Modi and her children, and its settler is
Purvi Modi, Nirav’s sister, said a source. The ultimate source of the funds
used to purchase the properties was allegedly the stolen money from PNB,
according to the ED. Meanwhile, the ED dismissed reports that Indian agencies
did not respond in time when British investigators extended help. Sources said
the agency had sent an extradition request to UK authorities in July 2018, but
it was only recently that the UK Home Office confirmed it. They said the UK
Home Secretary has certified and sent the request to Westminster Court for further
proceedings.
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NIRAV MODI INVESTED PNB SCAM FUNDS IN US FIRM HE BOUGHT IN
2010
Fugitive diamantaire Nirav
Modi had purchased one of America’s oldest jewellery companies — Bailey Bank
& Biddle — in 2010 and invested around Rs 327 crore of the money from the
Punjab National Bank fraud into the company, says the supplementary chargesheet
filed by Enforcement Directorate (ED). ED officials said Nirav purchased Bailey
Bank & Biddle through a shell company and his brother Nehal was made one of
the directors in the jewellery retailer. They said all the instructions related
to the running of the company were issued by Nirav himself. ED submitted
related details to the court as part of the chargesheet and attached statement
of an expert who carried out due diligence and helped Nirav in the purchase. ED
also attached email communication on transfer of funds between Nirav and his
aides from a ‘secret server’. The firm’s website says that it was founded in
1832. On September 10, 1832, Bailey & Kitchen, the name of Bailey, Banks
& Biddle at the time, was founded by Joseph Trowbridge Bailey and Andrew
Kitchen in Philadelphia. This founding date makes us the oldest nation-wide
jeweler in America, it says. The website says that Bailey & Co was
commissioned to create a mortuary medal after President Abraham Lincoln was
assassinated on April 14, 1865. In 1878, Bailey and Co changed its name to
Bailey Banks & Biddle. Officials said that they are yet to trace the money
source that Nirav used to purchase the company but unearthed investment of $47
million (Rs 327 crore) into it which is layered through a series of
transactions. ED officials examined bank statements of several shell companies
in Barbados, Dubai and Hong Kong and traced the flow of funds into several
accounts. The total attachment and seizure of movable and immovable properties
in the case are to the tune of Rs 2,362 crore, ED said.
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INVESTIGATE EVERYBODY, BE IT VADRA OR PM MODI: RAHUL GANDHI
Congress president Rahul
Gandhi said that there should be a probe on prime Minister Narendra Modi's role
in the Rafale deal Govt has every right to investigate every person. Law should
apply to everybody equally, not selectively, he said. PM has his name in govt
documents that say he is directly responsible for negotiating parallelly with
Dassault on Rafale. Investigate everybody, be it Mr Vadra or PM, Gandhi added.
Robert Vadra, the brother in law of Rahul Gandhi, is under the radar of investigating
agency in a money-laundering case and has been questioned many times.
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TERROR FUNDING: ED ATTACHES J-K BUSINESSMAN ZAHOOR AHMMAD
WATALI'S ASSETS WORTH RS 1.03 CRORE
The ED has attached assets
worth Rs 1.03 crore belonging to businessman Zahoor Ahmmad Watali in a money
laundering case related to funding of terror organisations in Jammu and
Kashmir, officials said on Monday. They said the agency has issued a
provisional order for attachment of assets of Watali under the Prevention of
Money Laundering Act (PMLA). The immovable property is located in Gurgaon and
is worth Rs 1.03 crore. Official sources said Watali allegedly held this
property for terror outfits operating in the Kashmir Valley. The Enforcement
Directorate (ED) case is based on a charge sheet filed by the NIA as part of
its probe against Lashkar-e-Taiba (LeT) chief Hafiz Saeed. The official
sources, quoting the ED order, said J&K-based Watali has been found to be
involved in fund raising and as a financial conduit of Hurriyat leaders. They
said the National Investigation Agency (NIA) probe revealed that the All Party
Hurriyat Conference (APHC) and other secessionists instigate the public,
especially youths, to observe strikes and issue directives to the masses to
hold anti-India protests, demonstrations and processions through press
releases, newspapers and social media. This is done willfully to create such
circumstances which will arouse disaffection among the people of Jammu and
Kashmir towards the Government of India, they said quoting the ED order.
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ED MOVES AGAINST ZYLOG FOR BANK FRAUD
The Enforcement
Directorate has attached movable and immovable property worth ₹31
crore of the city-based Zylog Systems Ltd under the Prevention of Money
Laundering Act, 2002 in a bank fraud case. It has initiated investigation based
on an FIR of CBI, BS&FC, Bengaluru, against the company and its promoters
on a complaint from Dena Bank that fictitious shell companies were floated by
Zylog. Invoices to purchase software/hardware were created in the name of these
companies to avail a loan of ₹100 crore from Dena Bank which was defaulted in repayment.
Investigations also revealed that the said firm defaulted bank loans availed
from Andhra Bank and Union Bank of India collectively to the tune of ₹110
crore. Further investigations to identify the proceeds of crime are in
progress, says a release from the directorate.
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MAYAWATI’S FORMER SECRETARY RAIDED BY INCOME TAX DEPT FOR
ALLEGED TAX EVASION
The Income Tax Department
on Tuesday searched a dozen properties in Delhi and Lucknow linked to a retired
IAS officer of Uttar Pradesh cadre, who served in top positions during former
Chief Minister Mayawati’s administration, in connection with an alleged tax
evasion case news agency reported. The premises raided by the department are
linked to 1979-batch Indian Administrative Service officer Net Ram, now
retired. Ram was secretary to then UP CM Mayawati during 2002-03, her third
stint in power in the state. The department is looking at instances of alleged
tax evasion by making bogus entries of transactions or businesses worth Rs 90
crore. Reportedly, the raids could be linked to a case of suspected cash
deposits made post-demonetisation.
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VVIP CHOPPER CASE: DELHI COURT ALLOWS ED TO QUESTION CHRISTIAN
MICHEL IN TIHAR JAIL
A Delhi court Tuesday allowed
the Enforcement Directorate to interrogate Christian Michel, the alleged
middleman who was arrested in the AgustaWestland chopper scam case, inside the
Tihar jail. Special Judge Arvind Kumar allowed the ED's plea to question Michel
inside the prison. The court had on Monday asked Tihar Jail authorities to
submit their reply on the agency's plea and also issued a production warrant
for Tuesday against Michel after his lawyer alleged mental torture inside the
jail.
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MET RAKESH ASTHANA IN DUBAI, HE THREATENED TO MAKE MY LIFE
HELL, CHRISTIAN MICHEL TELLS DELHI COURT
Christian Michel, claimed
in a Delhi court on Tuesday that former CBI special director Rakesh Asthana met
him in Dubai and threatened to make his life hell inside jail if he did not toe
the line of the agency in its investigation in the scandal. Sometime back
Rakesh Asthana met me in Dubai and threatened that my life would be made hell
and that's what is going on. My next door inmate is (gangster) Chotta Rajan. I
don't understand what crime I have committed to be put along with those who
have killed several people, he said. Michel, who was present in the courtroom,
also told the court that he was put in the prison with 16-17 Kashmiri
separatist leaders. The statements were made by Michel before special judge
Arvind Kumar allowed the Enforcement Directorate to interrogate him inside
Tihar Jail in Delhi. The court said the agency will quiz him. A jail official
will remain present and Michel's lawyer is also allowed limited access during
interrogation, for half an hour in the morning and in evening, it said.
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NARODA PATIYA MASSACRE: SC RESERVES BAIL ORDER OF CONVICT
The Supreme Court on
Tuesday reserved its order on the bail application of Prakash Rathod, one of
the convicts in the 2002 Naroda Patiya massacre case till March 13. The order
was reserved by a division bench comprising Justices AM Khanwilkar and Ajay
Rastogi. Aparna Bhatt, senior counsel who was asked by Justice Khanwilkar to
appear and argue for victims/witnesses in the Naroda Patiya case, opposed the
bail application of Rathod before the apex court. She submitted that bail
should not be granted to Rathod as he had access to weapons and ammunition. She
also made a mention of how Rathod was instructed to act. On the basis of
witness' statements, Rathod's plea for bail was dismissed by courts, Bhatt
said. According to the prosecution, the rioting took place on February 28,
2002, in Naroda Patiya area of Ahmedabad in Gujarat, where an irate mob killed
97 people, most of them from a minority community.
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DRI BUSTS DRONE SMUGGLING RACKET, SEIZES 85 FROM AHMEDABAD
In a major seizure, the
Directorate of Revenue Intelligence, Ahmedabad has busted a smuggling racket of
high-end drones and seized 85 drones worth over 1 crore from Ahmedabad.
Accordingly, officers of DRI went to domestic cargo warehouse of Air India at
the city airport on Sunday morning and kept watch over the consignment. When
the driver of the person involved reached the airport to collect the
consignment, DRI officers followed him and intercepted him and the owner at
their shop in Vasna with the consignment. Then DRI officers conducted searches
at other shops in Vasna and Paldi crossroads and recovered a total of 85
high-end drones of DJI Mavic, DJI Phantom and MI brands. Besides, 27 DJI Mavic
Air Fly More Kit and 34 DJI Ronin S Handheld Gimbal Stabilizer for DSLR and
Mirrorless camera, used in film shootings, were also recovered and seized being
smuggled items. The market value of all seized smuggled items was found to be
more than Rs 1.25 crores. During interrogation, the owner of the goods admitted
in his statement that he has been involved in smuggling of drones for the last
few months. Initially smuggled drones would come from Imphal to Ahmedabad in
his own name but later, he started doing this in the name of the driver.
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US TO WITHDRAW REMAINING DIPLOMATIC PERSONNEL FROM VENEZUELA:
OFFICIAL
The United States is to withdraw
all remaining diplomatic personnel from Venezuela this week, the US State
Department announced late on Thursday. Like the January 24 decision to withdraw
all dependents and reduce embassy staff to a minimum, this decision reflects
the deteriorating situation in Venezuela as well as the conclusion that the
presence of US diplomatic staff at the embassy has become a constraint on US policy,
the State Department said. It did not say on what day the personnel would be
withdrawn from the embassy in Caracas.
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MISSILE, BLAST-PROOF SHELTERS TO BE BUILT FOR IAF FIGHTER JETS
NEAR PAKISTAN, CHINA BORDERS
India is building
missile-proof shelters to protect IAF fighter jets near Pakistan, China
borders! The central government has cleared the project of constructing
hardened shelters for Indian Air Force at key locations on border areas.
According to the report, as many as 110 hardened shelters, known as blast pens,
will come up. These shelters will be built with the aim of protecting IAF
aircraft from enemy missiles and bombing. Blast pens generally act as
protection from any bombing possible threat. These blast pens will have very
thick concrete walls with the capability to endure missile attacks and
bombings. The projected cost of building these blast pens has been reported at
Rs 5,000 crore. The project will be completed in a phased manner. Meanwhile,
the Indian Air Force is set to get more firepower with the Su-30 MKIs fighter
jets being equipped with Israeli SPICE 2000 bombs, which were used to destroy
targets in Balakot by IAF’s Mirage 2000 fighter jets. The Russian-made Su-30
MKIs are also being equipped with BrahMos supersonic cruise missile and the
BrahMos NG missiles.
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CHINA, PAKISTAN TO UPGRADE THEIR JOINTLY PRODUCED FIGHTER JET:
REPORT
China and Pakistan plan to
upgrade their jointly- produced JF-17 Thunder fighter jet to enhance the its
informatised warfare capability and weapons which experts says could effectively
defend against strong opponents like India. The development and production of
the JF-17 Block 3 are underway, Yang Wei, a Chinese legislator and chief
designer of the China-Pakistan co-developed fighter jet, said. The Pakistan
media claimed that JF-17 aircraft was used to carry out an attack along the
Line Of Control (LOC) on February 27. The Indian Air Force, however said a US
made F-16 has been shot down during the attack. Informatised warfare is often
used by the Chinese military which broadly refer to use of information and
communication technology in modern wars. Pakistan, the main user of the JF-17,
could further share information between the fighter and other platforms, taking
advantage of the whole combat system to effectively defend against strong
opponents like India, Wei said. With the new upgrade, Wei expects the JF-17
Block 3 to match an improved version of the F-16 fighter jet.
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RUSSIA TO BACK ‘BAN AZHAR’ PROPOSAL: WORKING ON CHINA FOR
SUPPORT
The Russian permanent
mission in the United Nations has been authorised to support UNSC proposal to
list Masood Azhar as a global terrorist and use its good offices with the
Chinese mission to garner its support for 1267 Sanctions List. There are hopes
that Moscow would use its good offices with Beijing as the China remains the
only permanent member to block proposal since 2011. Russian ties with China
have continued to grow after sanctions were imposed on Moscow during the
Ukraine crisis. Azhar, who fought the Soviets in Afghanistan, went on to join
Harkat-ul-Ansar, and later established the JeM, which was banned as a terror
organisation in Russia. Meanwhile, India’s close strategic partner in east
Asia, Japan, and Italy, with which relations have taken a positive turn since
2016, have decided to cosponsor the proposal which was moved by France and
backed by the US and the UK.
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MASOOD AZHAR WILL BE BANNED EVEN IF CHINA DOESN’T OBJECT AT UN
Backed by key UN Security
Council members and other member states, India is using a document submitted to
the world body in 2011 to strengthen its case against Masood Azhar. The papers
clearly explain Al Qaeda founder Osama Bin Laden’s role in helping Azhar create
terror group Jaish-e-Mohammad. China is the only Security Council permanent
member which remains non-committal on India’s position ahead of the March 13
deadline. Sources indicated that this will go down to wire and Chinese position
can be known only close to the time when deadline expires. To get Azhar
declared a global terrorist, the UN will have establish his links with Al Qaeda.
A document was submitted in UN in 2011 establishing Azhar’s links with Osama.
The UN is now taking cognizance of the matter in an attempt to get Azhar banned
under 1267 sanctions committee. The UNSC sanctions committee chair, currently
Indonesia, has notified that unless it hears to the contrary by 12:30 am Indian
Standard Time, Thursday, the Security Council will take it that the members of
the Sanctions Committee have no objection to Azhar’s addition to the 1267 ISIL
(Da’esh) and Al Qaeda Sanctions List. Germany and Equatorial Guinea, among
current non permanent members of UNSC have decided to cosponsor the resolution.
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PAKISTAN MILITARY EYES KEY ROLE DEVELOPING GIANT COPPER AND
GOLD MINE
Pakistan's military is taking
a key role in the development of one of the world's biggest untapped copper and
gold deposits which is currently stalled by a multi-billion dollar legal
wrangle with foreign mining firms, multiple sources familiar with the situation
said. The Reko Diq mine has become a test case for Prime Minister Imran Khan's
ability to attract serious foreign investment to Pakistan as it struggles to
stave off an economic crisis that has forced it to seek an International
Monetary Fund bailout. Ten current and former provincial and federal government
officials and mining sources familiar with the project in the Baluchistan
region say the military has become the most important voice on the future of
Reko Diq, which it sees as a strategic national asset. The military will not
only be in a position to decide which investors develop the deposit, but an
army-controlled engineering firm, Frontier Works Organization (FWO), is
positioning itself to be a member of any consortium involved, these people
said. This has been taken over by GHQ, said a senior Baluchistan government
official, referring to the Pakistan army's General Headquarters in the garrison
city of Rawalpindi. The army has ruled the nuclear-armed nation for nearly half
its history and is considered to have a major influence over Khan's recently
elected government.
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AIR POLLUTION KILLS 8.8 MN PEOPLE GLOBALLY
Air pollution is killing
more people than tobacco and the number of deaths associated with the fine
particulate matter in the atmosphere globally is around 8.8 million, twice more
than that has been estimated previously, said researchers in a study published
on Tuesday. Using a new method of modelling the effects of various sources of
outdoor air pollution on death rates, the researchers found that it caused an
estimated 8.8 million extra deaths globally rather than the previously
estimated 4.5 million, according to the study which appeared in the European
Health Journal. To put this into perspective, this means that air pollution
causes more extra deaths a year than tobacco smoking, which the World Health
Organization (WHO) estimates was responsible for an extra 7.2 million deaths in
2015. Smoking is avoidable but air pollution is not, said Thomas Münzel. The number
of deaths from cardiovascular disease that can be attributed to air pollution
is much higher than expected. In Europe alone, the excess number of deaths is
nearly 800,000 a year and each of these deaths represents an average reduction
in life expectancy of more than two years, he said. The researchers used
exposure data from a model that simulates atmospheric chemical processes and
the way they interact with land, sea and chemicals emitted from natural and
man-made sources such as energy generation, industry, traffic and agriculture.
They applied these to a new model of global exposure and death rates and to
data from the WHO, which included information on population density,
geographical locations, ages, risk factors for several diseases and causes of death.
They focused particularly on levels of polluting fine particles that are less
than or equal to 2.5 microns in diameter – known as PM2.5 – and ozone.
Worldwide, they found that air pollution is responsible for 120 extra deaths
per year per 100,000 of the population. In Europe and the EU-28, it was even
higher, causing 133 and 129 extra deaths a year per 100,000 people,
respectively. In eastern Europe, however, it is over 200 deaths per 100,000
annually. The researchers said national governments and international agencies
must take urgent action to reduce air pollution including re-evaluating
legislation on air quality and lowering the EU’s current limits on the annual
average levels of air pollution to match the WHO guidelines. Currently, the
average annual limit for PM2.5 in the EU is 25 μg/m3 (micrograms per cubic
metre), which is 2.5 times higher than the WHO guideline of 10 μg/m3. Even at
this level, several European countries regularly exceed the limit. The current
limit of 25 μg/m3 should be adjusted downwards to the WHO guideline of 10
μg/m3. Many other countries, such as Canada, the USA and Australia use the WHO
guideline; the EU is lagging a long way behind in this respect. Indeed, new
evidence may lead to a further lowering of the WHO guideline in the near
future, Münzel said.
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ZYDUS CADILA RECEIVES USFDA NOD TO MARKET BLOOD PRESSURE
LOWERING DRUG
Drug firm Zydus Cadila
Tuesday said it has received final approval from the US health regulator to
market Atenolol and Chlorthalidone tablets USP, used to treat high blood
pressure, in the US. The company has received approval from the US Food and
Drug Administration (USFDA) to market the medication in two different
strengths, Zydus Cadila said in a statement. It will be manufactured at the
group's formulations manufacturing facility at SEZ, Ahmedabad. Atenolol belongs
to a class of drugs known as beta blockers. It works by blocking the action of
certain natural chemicals in the body, such as epinephrine on the heart and
blood vessels.
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LOK SABHA POLLS 2019: TRINAMOOL CONGRESS' ELECTION LIST OUT,
41% WOMEN
The Trinamool Congress
(TMC) on Tuesday released its list of candidates for all 42 Lok Sabha
constituencies in West Bengal, shuffling around half the incumbents and
dropping eight sitting members of Parliament (MPs). About 41 per cent of the
candidates are women, said TMC chief Mamata Banerjee. The surprise drop-outs
included party general secretary, Subrata Bakshi, and Sugata Bose, who hails
from the family of Netaji Subhas Chandra Bose. Banerjee, current chief minister
of West Bengal, said Bakshi was keen to focus on party work. Bose, on the other
hand, had not got clearance from Harvard University, where he is Gardiner
Professor of Oceanic History and Affairs. Former Congress member Mala Roy, who
joined TMC in 2015, will contest Bakshi’s seat, Kolkata South, while Tollywood
actress Mimi Chakraborty will contest from Jadavpur, which was Bose’s turf.
Veteran actress Moon Moon Sen, current MP from Bankura, has been reassigned to
contest from Asansol, currently represented by Bharatiya Janata Party’s (BJP’s)
Babul Supriyo, a minister in Prime Minister Narendra Modi’s government at the
Centre.
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POMPEO HOPES INDIA WON’T BUY OIL FROM VENEZUELA’S MADURO GOVT
Mike Pompeo on Monday
expressed hope that India will support the American efforts in Venezuela by not
purchasing oil from the authoritarian Maduro regime. We are asking the same
thing of India as we are of every country: Do not be the economic lifeline for
the Maduro regime. So we talked about (Venezuela) — I certainly won’t
characterize the conversations; they’re private conversations, Pompeo said. In
the same way that India has been incredibly supportive of our efforts in Iran,
I’m confident that they too understand the real threat to the Venezuelan
people. We had a good conversation around that, Pompeo said. Pompeo said the
nations that support Venezuelan President Nicolas Maduro are, by the nature of
this illegitimate regime, carrying out the very foreign interventionism of
which they accuse others. Similar kind of warning to other nations was issued
by US National Security Adviser John Bolton. This action demonstrates that the
United States will take action against foreign financial institutions that
sustain the illegitimate Maduro regime and contribute to the economic collapse
and humanitarian crisis plaguing the people of Venezuela, he said.
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EXTRACTING, PROCESSING RAW MATERIALS BEHIND HALF OF GLOBAL
EMISSIONS: UN
Extracting and processing
materials, fuel and food contributes as much as half of the world's greenhouse
gas emissions, the UN said Tuesday, as experts gathered in Kenya to find ways
to rein in exploding global consumption. Using dozens of data sources, the
authors of a major new report presented lawmakers and businesses with a stark
choice: drastically reform the global economy to get more from less, or risk
the collapse of global infrastructure. With countries already committed under
the Paris climate deal to curb emissions to fend off the worst impacts of
global warming, experts said there was little hope of meeting that goal without
an urgent and systemic transformation in how we use Earth's resources. The
Global Resources Outlook 2019 said that worldwide consumption of basic
commodities such as water, minerals and fossil fuels had tripled since 1970.
With high-population nations such as China and India rapidly expanding their
economies, the team behind the report called for a drastic overhaul in how that
growth is fed. Nobody is claiming that the countries which are on the lower
level of development should not have the right to develop, said Janez Potocnik.
The question is, is it possible to do it differently to how we have done it,
with fewer consequences than we see today? The report paints a grim picture of
relentless demand for resources as the global population ticks towards eight
billion people. The use of climate-warming fossil fuels has increased worldwide
from 6 billion tonnes in 1970 to 15 billion tonnes in 2017 despite decades of
efforts to steer nations towards greener energy. Water use for agriculture and
industry outstripped population growth in the second half of the 20th Century.
In 2017, 3,900 km3 of water was withdrawn for commercial purposes -- 70 per
cent of which went to farming. The bad use of natural resources has a big
impact on our quality of life and environment said Bruno Orbele. In line with
most economic measurements, the study found that per capita consumption of raw
materials in high-income nations was more than double the global average.
Conversely, the Historical Trends projection -- which assumes a business-as-usual
approach to resource use -- would see greenhouse gas emissions shoot up 43 per
cent by 2060.
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THERESA MAY GETS NEW BREXIT DEAL AHEAD OF PARLIAMENT VOTE
The pound surged for a
second day as the UK government said it had secured changes to its divorce deal
from the European Union and planned to hold a vote in the UK parliament.
Sterling climbed as much as 1.1% after gaining 1% on Monday amid optimism that
progress is finally being made to resolve the Brexit standoff. European
Commission President Jean-Claude Juncker urged the British parliament to
approve the deal as he and UK Prime Minister Theresa May briefed reporters
following a meeting in Strasbourg. We remain optimistic that a hard Brexit will
be avoided, and that in our view should put a floor on GBP, said Rodrigo
Catril, a senior foreign-exchange strategist at National Australia Bank Ltd. in
Sydney. If PM May gets her deal through, that would be very positive for GBP,
but an avoidance of a hard Brexit and an extension would still be good news and
see GBP head toward 1.35. Juncker published clarifications to the Brexit deal
in a letter posted to Twitter, warning it is this deal, or #Brexit may not
happen at all. May put forward three new documents intended to provide
additional legal guarantees that the UK can’t be trapped indefinitely inside
the backstop arrangement. The status of these documents will be scrutinized
intensively during Tuesday’s debate. The papers include a unilateral
declaration setting out how the UK believes it can escape the backstop. For
now, markets seem to take it positively that there is the possibility of a
result other than a delay and that’s spurring short-covering, with people
squaring positions, said Shinsuke Kajita, chief strategist at Resona Holdings
in Tokyo. If Parliament rejects the deal on Tuesday, May has promised to give
the House of Commons a vote on whether to leave the EU without an agreement on
Wednesday. If members of Parliament choose to veto a no-deal Brexit, they will
then get a vote on whether to delay the U.K.’s departure from the bloc.
__ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
CHINA IS BLOCKING DEVELOPMENT IN SOUTH CHINA SEA THROUGH
COERCIVE MEANS: POMPEO
The US has accused China
of blocking the ASEAN members accessing more than USD 2.5 trillion in
recoverable energy reserves in the South China Sea by illegal construction
activities. China claims almost all of the South China Sea. Vietnam,
Philippines, Malaysia, Brunei and Taiwan have counter claims over the area.
China's illegal island-building in international waterways is not simply a
security matter. By blocking development in the South China Sea through
coercive means, China prevents the ASEAN members from accessing more than USD
2.5 trillion in recoverable energy reserves, Pompeo said. To contrast, the US
Government promotes energy security for those Southeast Asian nations, he said
in his address to one of the largest gathering of global energy leaders. We
want countries in the region to have access to their own energy. We want to
help them. We want to create partnerships. We want transparent transactions,
not debt traps. We explore responsibly, he said. But, China does not play by
that same set of rules, he alleged. Its values are simply different. You see
that in places as diverse as Africa, where they often ship in their own labour,
creating jobs for Chinese workers rather than for those in the local economy,
he said. It's using the debt trap which I referred to just a moment ago to put
these countries in a place where it is not a commercial transaction, it's a
political transaction designed to bring harm and political influence in the
country in which they're operating, Pompeo said. And we all know the story in
Russia, he said.
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Thanks & Regards,
CS Meetesh Shiroya
Thanks & Regards,
CS Meetesh Shiroya
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