TAXATION UPDATES 26.03.2019

NO COUNTRY FOR EVADERS: THIS APRIL 1, INDIA ENTERS UNCHARTED TAX TERRITORY

The taxation scenario could change radically as India enters uncharted territory from April 1. On Day 1 of the new financial year, the taxman will begin looking into comprehensive, 360-degree profiles of Indian taxpayers. Life is now all set to change drastically for taxpayers whose spending patterns don't match their earnings declarations. How will the taxman pull this off in a country like India where lack of tax compliance has been one of the longest-standing grouses for governments? Enter Project Insight — a tax tracker based on big data, built painstakingly over several years at a purported cost of Rs 1,000 crore. Under the project, the government will put to use a range of non-traditional — but very effective — sources of information. So far, traditional sources like banks were the only tools at government's disposal, leaving unscrupulous taxpayers a huge scope for evasion. The plan now is to gather virtual info not just from those traditional sources but also from social media sites like Facebook and Instagram. According to various reports, the I-T department gave taxmen the go-ahead to access the Insight portal beginning March 15 So, in case you posted photos of your foreign vacation or your new car that look way out of your league judging by your I-T returns, beware. The taxman could now just glean those information from your social media profile, and use big data to deduce the mismatch between your earning and your spending. In case of any mismatches, the next step could be a tax raid in your home or office. The project is set to be fully operational from April 1. The I-T department has set up a host of key functionalities that could over time make tax evasion impossible. The process will basically entail a complete profiling of a taxpayer — both new income tax filers and non-filers — in order to find out his/her tax liability. Big data will help the taxman build a taxpayer's master profile that will include all key info about him/her. The basic target of this project is to bring more people under the tax net. Another idea is to catch tax truants who may've played dirty during demonetisation. The tax net will also close in on those with pending demands of over Rs 10 lakh. The data gleaned from Insight will be segregated. This will have the taxpayer's master profile — which will include address, signature, I-T return profile. There is also a segment named business intelligence that will basically ferret out non-compliant folks. A Geographic Information system will help tax the taxman zero in on a specific area for more focussed action. It will also classify taxpayers on the basis of parameters like income, profit and capital gains. As per this report, the Insight project will feature an integrated information management system, which will harness machine learning to help take the right step and the right time. It will entail collecting relevant web pages and documents that could be probed, it says.

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GRASIM CHALLENGES RS 5,872 CRORE INCOME-TAX DEMAND BEFORE HC, GETS STAY FROM RECOVERY

Grasim Industries Monday said it has challenged the Rs 5,872.13 crore income-tax demand with respect to its merger with two Aditya Birla group firms before the Bombay High Court, which has granted stay against the recovery. The company has company has contended before the High Court that order was wholly unsustainable in law and the Income Tax department has sought time to file reply, Grasim Industries said in a BSE filing. The Company has received order dated March 22, 2019 from the Bombay High Court. The Bombay High Court, while granting time to the Department for filing reply, has granted stay against the recovery of demand, it said.

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GENERAL ELECTIONS TO THE LOK SABHA, 2019 - PROGRESSIVE SEIZURE

A total seizure of nearly Rs 540 crores has been made by various enforcement agencies across the country as on March 25, 2019. A break up of seizure of cash, liquor, drugs/narcotics, precious metals & freebies is given below.

·       Total Cash Seizure :  Rs. 143.47 Cr.

·       Total Liquor Seizure : Worth Rs. 89.64 Cr.

·       Total Drugs/Narcotics seizure : Worth Rs. 131.75 Cr.

·       Total Precious Metals (Gold etc.) seizure : Worth Rs. 162.93 Cr

·       Total Freebies/other items seizure : Worth Rs. 12.202 Cr.

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COMM MIN INTRODUCES ONLINE FACILITY TO OBTAIN EXPORT LICENCE FOR RESTRICTED ITEMS

The commerce ministry has introduced an online system for exporters to obtain export licence for restricted category goods, a move aimed at promoting paperless work and ease of doing business. It has been decided that applications by exporters will be filed online on E-COM module for export authorisations. The consultation process with administrative departments will also be online, the Directorate General of Foreign Trade (DGFT), an arm of the ministry, has said in a trade notice. The notice came into effect from March 19 this year. Exporters need to obtain licence from the government for certain restricted category goods such as bio-fuels. Currently, application for export of such goods are filed in hard copy and the consultation with the concerned agencies is also done manually. The move, it said, is aimed at simplifying application filing, and expediting the processing and issuance of export authorisation. The development will help in promoting ease of doing business for such imports, an official said. In the online application, exporters will have to upload certain documents such as copy of purchase order of firm involved in the export, and Aayat Niryat Form. No hard copy of the application and documents is required to be submitted to DGFT, it said, adding that as a transition arrangement, applications shall be accepted off-line also till March 31. From April 1, 2019 it is mandatory to apply online only, it added. Ganesh Kumar Gupta said this is a welcome development and it will help exporters to cut transactions cost also. We need more such steps to promote the country's exports he said. Recently, the directorate has also come up with a new online facility for obtaining import licence for restricted category goods. In the parameter of 'Trading across Borders', India's rank improved to 80th in 2018 from 146th rank in 2017. During April-February 2018-19, the country's exports grew 8.85 per cent to USD 298.47 billion, while imports rose by 9.75 per cent to USD 464 billion.

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INITIALS HURDLE HITS PAN-AADHAAR LINK

Tens of thousands of people may not be able to file income tax returns for the coming financial year as they are unable to link their Aadhaar to their PANs, for no fault of theirs. Since a person’s identity is authenticated biometrically, Aadhaar can allow initials in the name. On the other hand, PAN is based on an old system that will not accept initials even if they are entered. A large number of people, especially in south India, are not being able to link the two because of the name mismatch, officials of the Income Tax Department told. The officials have no solution to the problem from their end. This is a problem we have encountered a number of times since the linkage process started, an official said. In Aadhaar and passport, a person’s identity is tied to their biometrics, so their name on the document can have initials. The PAN software is at least 30 years old, and even if we enter initials, it will not accept them. This is a problem that has come up because the two separate software systems are at different levels of sophistication, he said. The number of people affected is at least in tens of thousands and the problem is even more in south India where the names are very long, and abbreviated in many cases. There are no plans as yet to upgrade our systems to allow abbreviations, the official said. It is a sensitive issue since a person’s PAN records are extremely important for us to track him over time. The only way is for people to change their names on Aadhaar to reflect what is in PAN. They will have no problems linking them then.

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INCOME-TAX OFFICIALS TO KEEP AN EYE ON SENSITIVE LS SEATS, BANK BRANCHES

Income tax officials have been directed to keep an eye on sensitive Lok Sabha seats especially sensitive bank branches, during the ensuing general elections. This was the first meeting addressed by Mody after the Income Tax department set up 25 control rooms across the country, which will be working 24x7 to check the flow of unaccounted money during the General elections.CBDT Chairman directed officers to be more vigilant and keep an eye on unaccounted money flow in sensitive seats, said an official. The official added that bank branches where illegal activities were reported have been flagged as sensitive and these will be on the radar of Income Tax department. It was also highlighted during the meeting that tax officials will also scrutinise cash transaction of cooperative banks During the demonetisation period, many cooperative banks were involved in converting black money into white. A senior official who was part of the meeting told, We will also keep an eye on petrol pumps and Dhabas as during elections some candidates' supporters use coupons to fill fuel in their cars/motorbikes instead of cash. Similarly, dhabas are provided coupons instead of cash for food, etc to supporters of candidates. Later candidates pay cash to these petrol pumps and Dhabas. But, this is not shown in the candidates' expenditure. He added that apart from this, IT officials will keep an eye on cash handlers, Angadiyas, hawala operators, especially hawala operators in metropolitan cities such as Delhi, Mumbai, Kolkata and states like Gujarat. It is also suspected that big hawala operators might divert their funds to small cities during elections.

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CAIT SLAMS RAHUL'S STATEMENT ON ABOLISHING GST

Traders' body CAIT Sunday criticised Congress President Rahul Gandhi's statement of abolishing GST if voted to power, saying he does not have a blue print of any alternative tax structure The attempt of Gandhi for seeking political mileage making traders a scapegoat is deeply regretted and vehemently opposed by CAIT, the Confederation of All India Traders (CAIT) Secretary General Praveen Khandelwal said. He said Gandhi should not do any politics using shoulders of the traders else traders are capable to give a fitting reply in forthcoming elections. The CAIT secretary general said Gandhi is opposing the GST whereas he does not have a blue print of any alternate tax structure. Khandelwal demanded Gandhi should speak out the plans and programmes thought by the Congress party for traders and added that there must be a blue print of alternative tax structure before abolishing GST. He said the Congress has ruled the country for a long time and in such a long tenure, the trading community was never on priority of the government or for the Congress party. In reference to forthcoming elections, Khandelwal claimed almost 7 crore traders across the country have now converted into a vote bank due to a two-month national campaign of the CAIT under the slogan One Nation-One Trader-Ten Votes.

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FAKE INVOICES TO EVADE GST POSE A BIG CHALLENGE, TAX OFFICIALS LOOKING AT DIFFERENT STRATEGIES TO CURB MENACE

Faced with the big challenge of tackling fake invoicing in GST regime, tax officials are looking at different strategies to curb this menace and shore up revenue collections. Central Board of Indirect Taxes and Customs (CBIC) Member (Investigation) had recently said that between April and February 2018-19, GST evasion to the tune of ₹20,000 crore was detected of which ₹10,000 crore was recovered. Officials estimate that evasion through fake and under-invoicing could be pegged at anywhere between one per cent and five per cent of collection. Tax officials at both the Centre and States have regularly been busting such rackets This is just the tip of the iceberg, said an official, who did not wish to be named. CGST and SGST officials are also looking at use of data analytics from the GST Network for variation in returns, variation in e-way bills and are also looking at trends in various sectors to understand where such evasion is taking place. Companies have to file annual returns by June 30, 2019 and these are likely to be taken up for scrutiny only by 2020. By then, many of these companies would have shut down or vanished, said a person familiar with the development, adding that enforcement is a big challenge. One expert pointed out that there is no proper invoice matching under GST until now. Another handicap is that visiting the businesses premises prior to granting GST registration is not followed fully. There has to be a control on the invoice matching process to weed out fake invoices. While the introduction of e-Way bill would have helped to some extent, there is a need to introduce non-invasive system level checks at this stage itself to ensure that the magnitude of the problem is curtailed, said MS Mani.

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HIGHER TAXES FOR FOREIGN INVESTORS FROM APRIL 1

Changes in the SEBI listing and prevention of insider-trading regulations, revisions in the double-taxation avoidance agreements (DTAAs) with Mauritius and Singapore are set to come into effect from April 1. The changes in DTAAs give India the right to tax capital gains arising on Indian equity shares sold by a Singapore or Mauritian resident. All this may also help improve corporate governance standards for the listed companies in India. Indian financial markets recently saw several cases of high volatility in companies, like Sun Pharma, DHFL and IL&FS, which created panic among retail investors. In all these, the role of the board came under lens. The modifications in the listing agreement will improve corporate governance by making relevant changes in the organisation of the board. Among the key regulations, which will come into effect, are that the top 1,000 listed companies will be required to have at least six directors on their board against three, prescribed by the Companies Act 2013. Besides, the top 500 will also need to have at least one independent woman director. Also, a director can hold that position in not more than the eight listed entities, while an individual will not be permitted to be independent director in more than seven companies. A detailed explanation will be required if an independent director resigns before completion of the term. The Securities and Exchange Board of India (SEBI) has also amended insider-trading regulations. As per the amendment, the definition of unpublished price sensitive information (UPSI) has been narrowed, allowing listed companies to share such information for board-determined legitimate purposes, but only if the disclosure is in the best interest of the company. The new requirements with relation to SEBI regulations will also apply to intermediaries like auditors, accountancy firms, law firms, analysts and consultants. They'll have to put in place internal controls to check insider-trading. Additionally, the concessional tax regime for investors under the earlier DTAAs for making investments into India via Singapore and Mauritius will cease to exist from April 1. India amended DTAAs with Singapore and Mauritius in 2016. It gave India the right to collect tax on capital gains arising on Indian equity shares sold by a Singapore or Mauritian resident.

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BACK-OFFICE OPERATIONS WILL BE CONSIDERED AS EXPORT OF SERVICES, RULES AAR-MAHA

In an interesting development the Maharashtra Authority for Advance Rulings (AAR-Maha) seems to have held divergent views on taxability (Goods & Services Tax) of back-office operation in India. In the matter of NES Global Specialist Engineering Services Private Ltd (NES India), which had proposed to enter into agreement with another subsidiary (NES Abu Dhabi) of its parent (NES UK), the AAR-Maha felt that the transaction was ‘Zero Rated Supply’ and also an export of service under the GST Act — which meant no GST However, when a similar issue was raised in the matter involving Vserv (Vserve Global Private Ltd) before the same AAR, the response was quite opposite. In case of NES India, it was proposed that this was to provide services in respect of the foreign business carried by NES Abu Dhabhi. The services would include accounting, sales invoicing, purchase invoicing, cash receipt posting, bank payment entries, other receipt entries, credit control work, support assignment work, payroll assistance, etc. In other words, the Indian office will provide back-office operations. The Indian firm approached AAR with two questions whether the transaction in question is a Zero Rated Supply or Normal Supply under the GST Act, and if the said supply is Zero Rated Supply, then can the same be considered as an export of service under the GST Act? The AAR observed that both the applicant and the client are not establishments of the same person, even though they are of group companies. Key management persons are different and neither of them holds shares of each other, which means they do not control each other. The Indian firms will receive charges in the foreign exchange for services. The Bench also observed that there is no relationship like principal and agent We find that the applicant is not a person who arranges or facilitate supply of services between two or more persons and therefore the proposed services would not fall to be classified as ‘intermediary services’, the Bench said. This is one of the good rulings given on the aspect of taxability of back-office operations in India. Indeed such operations do qualify as exports and no GST should apply, Anita Rastogi, said. However, when a similar issue was raised in the matter involving Vserv (Vserv Global Private Limited) before the same AAR, the response was quite opposite. The Bench observed that the place of supply in case of services provided by the applicant being intermediary would be the location of the supplier of services i.e. the location of the applicant which is located in Maharashtra. To qualify a transaction of supply of services as export of services, that transaction has to satisfy all the ingredients (the supplier of service is located in India, the recipient is located outside India, the place of supply of services is outside India, payment for such services to be received in foreign currency and the supplier of service and the recipient of services are not merely establishments of a distinct person). Keeping all these in mind, the AAR replied in the negative to the question that the transaction be treated as ‘Zero Rated Supply.’

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MEHUL CHOKSI SAYS CAN’T RETURN TO INDIA DUE TO ‘MEDICAL CONDITION’

Absconding Diamantaire Mehul Choski, who is facing proceedings to be declared a fugitive economic offender, on Friday submitted a 37-point table before a special PMLA court claiming that he is suffering from various illnesses, including high-risk obesity, diabetes and arthritis. In his plea, Choksi has claimed that he has not refused to return to India for the probe by the Enforcement Directorate (ED) into the alleged fraud at Punjab National Bank, but cannot travel because of his medical conditions. In an application filed on Friday in the scheduled hearing for arguments on the ED’s plea under the Fugitive Economic Offenders Act, Choksi listed his medical conditions from 2011 to February 2019. Listing a table containing precise and updates dates and events regarding his ailments, he claimed he is constrained from traveling. The most recent detail of his medical check-up is of February 27, where his physical examination reveals his 236 pounds (107 kg) and his Body Mass Index calculates to a 39.3, revealing high-risk Class 3 obesity. His medical records indicated that he underwent a coronary angiogram and received stents to the abuse marginal artery and right coronary artery at Northwellat Lenox Hill Hospital in New York. Mr Choksi had also a blood clot in the brain that was treated medically. Mr Choksi has a long history of hypertension and hypercholesterolemia. Therefore, it was recommended that he be under continuous medical supervision in Antigua and advised strictly to avoid traveling, his application stated.

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DELHI HC REFUSES INTERIM RELIEF TO ROBERT VADRA

The Delhi High Court on Monday refused to grant any interim relief to Robert Vadra, brother-in-law of Congress President Rahul Gandhi. Vadra has challenged a money laundering case brought against him. The court has also asked Vadra to file an affidavit explaining maintainability of his plea and listed the matter for further hearing on May 2.

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RS 8,100 CR BANK FRAUD CASE: ED TO SEND LRS TO 21 COUNTRIES FOR ASSISTANCE

A Delhi court has allowed the Enforcement Directorate to send letters rogatory (LR) to 21 countries, involving the UK and the UAE, seeking assistance in the probe of a Rs 8,100 crore bank fraud case involving Gujarat-based Sterling Biotech Ltd. Additional Sessions Judge Satish Kumar Arora ganted permission to the agency on its plea seeking nod to send the LRs, also known as letter of request, to countries, also involving the US, China, Panama and Austria. The LRs will also be send to Albania, where the court recently allowed the ED to send extradition requests, after its special public prosecutor Nitesh Rana informed that its two directors -- Nitin Sandesara and Chetankumar Sandesara -- have obtained the citizenship. Another director of the firm, Hitesh Narender Bhai Patel, was detained in Albania's capital Tirana on March 20 on the basis of an Interpol notice issued against him by the ED. The application moved by ED's advocate A R Aditya also sought to send the LRs in some other countries which included Singapore, Switzerland, Hong Kong, Indonesia, Barbados, Bermuda, British Virgin Islands, Cyprus, Comoros, Jersey, Lichtenstein, Mauritius, Nigeria and Seychelles. It is alleged that the company took loans of over Rs 5,000 crore from a consortium led by Andhra Bank, which had turned into non-performing assets. The total volume of the alleged loan defraud is pegged at Rs 8,100 crore.

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GOLD IMPORTS DIP 5.5 PC DURING APRIL-FEBRUARY TO $29.5 BN

The country's gold imports dipped about 5.5 per cent in value terms to $29.5 billion during April-February 2018-19, which is expected to keep a lid on the current account deficit. Total imports of the precious metal in the corresponding period of 2017-18 stood at $31.2 billion, according to commerce ministry data. Trade experts said softening prices of the yellow metal in the world markets could be the reason for the contraction in imports. After recording negative growth for three consecutive months -- October, November and December 2018, gold imports grew by 38.16 per cent to $2.31 billion in January this year. It again contracted by 10.8 per cent to $2.58 billion in February. Gems and jewellery exports too dipped by 6.3 per cent to $28.5 billion during the 11 months of the current fiscal. India's current account deficit (CAD), or the difference between outflow and inflow of foreign exchange in the current account, widened to 2.9 per cent of the GDP in the second quarter of the fiscal, against 1.1 per cent in the year-ago period, mainly due to a large trade deficit. In volume terms, the country's total gold imports increased by 22.43 per cent to 955.16 tonnes in 2017-18. It stood at 780.14 tonnes in 2016-17.

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NIRAV MODI'S COMPANY SENDS LEGAL NOTICE TO STOP AUCTION OF 68 PAINTINGS

Camelot Enterprises, a firm owned by fugitive diamantaire Nirav Modi, has sent a legal notice to the revenue department against the auction of around 68 paintings terming it unlawful. The three-day auction exercise is slated to start from March 27 and the department is expecting to recover over Rs 97 crore from the sale proceeds. The Income-Tax department has initiated the auction of paintings created by some of the most celebrated Indian painters including Raja Ravi Verma, FN Souza. The Saffronart online art catalogue lists 68 artwork due for auction, overlooking that only 19 work from the 68 artworks belongs to the company, said the legal notice, sent through its law firm India Law Alliance Advocates to the department. In the circumstances, the purported auction is unlawful and liable to be cancelled forthwith, it further adds. The sole director of the company Hemant Dahyalal Bhatt is in judicial custody and all the books, papers, records of the company have been seized by the statutory authorities and the premises of the company have been sealed. In the circumstances, the purported tax assessment proceedings and tax recovery notice of February 5 purporting to quantify the tax arrears of the company in the sum of Rs 95 crore or steps for sale of assets in aid of tax recovery, are prima-facie invalid and liable to be declared otiose, the notice claimed.

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RS 3 LAKH CRORE PRIVATE POWER INVESTMENT AT RISK AS DISCOMS DELAY PAYMENTS

As much as Rs 3 lakh crore of investment in a dozen power plants of the private sector is at risk of turning into NPA as states buying power have not been making payment for months, official data and sources said. According to data available on the PRAAPTI portal of the Ministry of Power, 12 power generating companies belonging to firms such as GMR and Adani Group and public sector generators like NTPC have about Rs 41,730 crore outstanding from state distribution companies (discoms) as of December 2018. Dues as on date run into an estimated Rs 60,000 crore, half of it being towards independent power producers in power sector. The Bharatiya Janata Party-ruled Uttar Pradesh has the most outstanding dues of Rs 6,497 crore, followed by Maharashtra at Rs 6,179 crore. Other states not paying power generating companies on time include Tamil Nadu, Karnataka, Telangana, Andhra Pradesh, Jammu and Kashmir, Rajasthan, Madhya Pradesh and Punjab. According to PRAAPTI portal, Uttar Pradesh takes 544 days to clear its dues while Maharashtra takes 580 days. More than 80 per cent of the outstanding is accounted for by India's most industrialised states such as Maharashtra and Tamil Nadu who are biggest consumers of electricity. The top-10 states take an average of 562 days for payments. Delay in realisation of receivables from the state distribution companies (DISCOMs) weakens the ability of project developers to service debt in a timely manner and leads to exhaustion of working capital in some cases, they said adding delayed payments risk projects being termed non-performing assets (NPAs) under the Reserve Bank of India's (RBI) new classification rules. Bajaj Group-owned Lalitput Power Generation Company Ltd reportedly is unable to clear salaries of nearly 3,000 staff because of pending dues of over Rs 2,185 crore from discoms of Uttar Pradesh. So acute is the situation that the company is unable to maintain requisite coal stocks. A recent World Bank study reviewing the power sector's performance points to challenges such as outstanding payments of generating companies pending with discoms. Sources said 37,823 megawatt (MW) capacity in the private sector, which was built at an investment of over Rs 3 lakh crore, is at risk due to delayed payments and run the possibility of being declared NPAs if timely repayment of bank debt is not made. Out of the Rs 41,730 crore outstanding as on December 2018, Adani Group has to get Rs 7,433.47 crore and GMR another Rs 1,788.18 crore. Sembcorp has an outstanding payment of Rs 1,497.07 crore.

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SC NOTICE TO CBI IN DISPROPORTIONATE ASSETS CASE AGAINST FORMER UP CMS MULAYAM, AKHILESH

The Supreme Court Monday issued notice to the CBI on a plea seeking a direction to the probe agency to place the investigation report in the disproportionate assets case against SP leader Mulayam Singh Yadav and his sons Akhilesh Yadav and Prateek Yadav. A bench comprising chief Justice Ranjan Gogoi and Justice Deepak Gupta asked the CBI to file its response in two weeks with regard to present status of investigation in the assets case against Samajwadi Party patriarch Mulayam Singh and his two sons. The bench was hearing a plea file by Congress leader Vishwanath Chaturvedi seeking a direction to the probe agency to apprise the court of the status of the investigation in the case.

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NO ONE SHOULD POLITICISE OR TAKE CREDIT FOR AIR STRIKES AGAINST PAKISTAN: NITIN GADKARI

Nitin Gadkari has said that the Indian Air Force strikes against terrorists in Pakistan's Balakot should not be linked to the general elections and no one should either politicise or take credit for it. Minister said that he was neither a contender for any post nor was he in any race for the prime ministership. He said that Narendra Modi would return as Prime Minister with a huge mandate and it would be bigger than the one he got in the 2014 Lok Sabha polls. Air strikes against Pakistan should not be linked to elections. It should neither be made an electoral issue nor should anyone take credit for it, Gadkari said, and added that if opposition parties were raising doubts over it, it was their problem. But I would request them that they should not do politics over it, he said. Neither do I have any aspirations nor does the RSS have any such plans. There is nothing like this. My statement was twisted by the media. You can go to YouTube and listen to it. I never said so. Neither am I a contender for any post nor am I in any race. In fact, I am sure that the we will get a bigger majority than we got in 2014 and Modiji will again become Prime Minister, he said. Gadkari said the fact that opposition parties were trying to unite against Modi was not a new political phenomenon. A similar attempt had been made in the 1971 elections against Indira Gandhi and had failed.

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ENFORCEMENT DIRECTORATE FILES 1500-PAGE CHARGE SHEET AGAINST GAUTAM KHAITAN

The Enforcement Directorate on Monday filed a 1500- page charge sheet against lawyer-cum-businessman Gautam Khaitan before a Special CBI court in connection with a fresh money laundering case. The charge sheet against Khaitan was filed before Special CBI Judge Arvind Kumar under sections 3 and 4 of the Prevention of Money Laundering Act (PMLA). In its charge sheet, the ED alleged that Khaitan deposited a huge amount of money in offshore accounts He has also been accused of holding bank accounts abroad and having Rs 6000 crore which he didn't disclose in his income tax return. This document was filed in connection with a fresh case lodged against Khaitan on the complaint of the Income Tax (I-T) department under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. It runs into over 50 operative pages while the rest are attached material.

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WITH KIN’S DETENTION, ED LIKELY TO INSIST ON EXACT ADDRESS OF SANDESARA BROTHERS

The Enforcement Directorate (ED) has fresh basis to insist on the exact address of the Sandesara brothers, main accused in the 8,100-crore loan fraud after detention of their brotherin-law Hitesh Narendra Bhai Patel in Albania, contrary to where his vakalatnama was attested. Nitin and Chetan Kumar Sandesara, absconding promoters of Sterling Biotech, had submitted in court vakalatnamas — a document signed by the guarantor appointing his lawyer — attested in Liberia without sharing their address, to which ED objected. The agency had, last month, informed court that the Sandesaras and other co-accused were hiding in Albania and had also acquired citizenship there, said people with direct knowledge of the matter. The brothers had moved court seeking cancellation of non-bailable warrants against them. Patel was detained last Thursday after the Interpol issued a red corner notice (RCN) against him on ED’s request, which was issued on March 11. The agency has so far attached assets worth Rs 4,700 crore.

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AAP MOVES SUPREME COURT SEEKING CONSTITUTION OF LARGER BENCH TO DECIDE WHO CONTROLS SERVICES IN DELHI

The AAP government on Monday moved the Supreme Court seeking constitution of a larger bench to expeditiously decide the issue of who controls the services in Delhi A bench headed by Chief Justice Ranjan Gogoi told the Delhi government counsel that it will look into the matter. The apex court had on February 14 referred the issue of control of services to a larger bench after delivering a split verdict. The two-judge bench had said that the Centre should have the final word on posting and transfer of bureaucrats in the national capital administration, but their disagreement on finer details resulted in a split verdict and the matter got referred to a larger bench.

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DELHI COURT ORDERS ATTACHMENT OF VIJAY MALLYA'S PROPERTIES IN BENGALURU

A Delhi court has ordered attachment of liquor baron Vijay Mallya's properties in Bengaluru in a case relating to FERA violations. Deepak Sherawat issued fresh directions after the Bengaluru Police, through Enforcement Directorate's special public prosecutor N K Matta and advocate Samvedna Verma, sought more time to execute its earlier order in this regard. The court directed the state police to attach the properties by July 10, the next date of hearing.

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PM MODI CALLS REGIONAL PARTIES EFFORT TO FORM GRAND ALLIANCE AS ‘MAHA MILAWAT’

Prime Minister Narendra Modi Saturday called opposition’s effort to form a grand alliance as Maha-milawat. Modi, in a blog wrote, socialist ideologue Ram Manohar Lohia would be horrified as most of these regional parties claim to be his followers. Today those parties that falsely claim to be Dr Lohia’s followers are desperate to form an opportunistic ‘maha-milawat’ or adulteration alliances with the same Congress (which Lohia opposed). It is both ironical and reprehensible, he alleged. Meanwhile, praising the NDA government for following his ideology, Modi wrote, Dr Lohia’s thoughts inspire us. He wrote about modernising agriculture and empowering farmers, which the NDA government is effectively doing through efforts such as PM Kisan Samman Nidhi, Krishi Sinchai Yojana, e-Nam, Soil Health Cards and more. Noting that anti-Congressism was Lohia’s heart and soul, Modi said the Congress trembled with fear whenever Lohia spoke.

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NIRAV MAY SOON GET BAIL: UK LAWYER OF THREE WANTED BY INDIA

Wanted diamantaire Nirav Modi is likely to be given bail at his next bail application hearing according to a UK extradition lawyer familiar with Indian cases. Barrister Ben Keith, of 5 St Andrew’s Hill, who specialises in extradition cases and has three clients wanted by the government of India, all of whom are out on bail, said on Friday: I am surprised he was not given bail. He was arrested unexpectedly so may not have had the bail security ready. Keith said Nirav’s lawyers are likely to make a second application at the next hearing, on March 29, and they could seek a week’s extension to that date to prepare their application. Keith said it was very common that a requested person was held in custody for a week and then given bail. It often happens in cases like this where the barristers have not had time to prepare the case and the judge makes a decision based on the information before her. What one judge says this week may not be what another judge says next week. There might be different facts or more particulars by then. His lawyers will demonstrate he is not a flight risk as despite him knowing about this problem for a long time he could have fled by now and gone somewhere harder to get extradited from and he has not. The diamantaire is accused of defrauding Punjab National Bank of £1.2 billion (about Rs 10,972.2 crore today) through his companies using fraudulent letters of undertaking (LoUs) and of money laundering. There is no certainty he will get bail. If he does not get bail his lawyers can appeal in the high court, Keith said. By next Friday his barrister will have more time to prepare the bail case and he might be able to provide more money. It’s likely he will be given bail, he surmised. I am not sure he can be a flight risk if there is an Interpol red corner notice against him as that means that when he crosses a border he will get arrested.

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KASHMIRI HUMAN RIGHTS ACTIVIST BRIEFLY DETAINED OUTSIDE PAK HIGH COMMISSION

Delhi Police briefly detained Kashmiri human rights activist Mohammed Ahsan Untoo when he was about to enter the Pakistan High Commission on Friday, officials said. Untoo, who runs International Forum of Justice and Human Rights, was invited among others, including separatist leaders, from the militancy-hit Jammu and Kashmir by the High Commission to attend an event to mark Pakistan's National Day. They were very nice to me. Misunderstanding cropped up and everything was cleared, he told. Separatists from the state, including moderate Hurriyat Conference chairperson Mirwaiz Umer Farooq and others, have been staying away from the function for the last three years.

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‘COERCIVE MEASURES’ HAVE NOT WORKED IN PAST, WILL NOT WORK IN FUTURE: PAKISTAN

Pakistan and India need to consolidate the process of de-escalation and stabilise the ties against further shocks, Pakistani envoy Sohail Mahmood said Friday, hoping that the long winter in bilateral relations would come to an early end. In an address at a reception here on the eve of Pakistan’s National Day, he said both the countries should act with wisdom to normalise ties, asserting that coercive measures have not worked in the past and will not work in the future. The envoy said a key takeaway from recent developments was that a lack of engagement creates dangerous vacuum and serious risks for relations between the two neighbours, adding Pakistan has turned a corner in its fight against the scourge of terrorism. Mahmood said diplomacy and dialogue remained indispensable for enhancing mutual understanding, mutual concerns, and resolving long-standing disputes, including Jammu and Kashmir. As we limp back from the brink, we must make sure that we act with wisdom to find a way forward — for our countries, and for our peoples, he said. He said the release of Wing Commander Abhinandan Varthaman, return of the two High Commissioners to their respective missions, and bilateral meetings on the Kartarpur Corridor are steps in a positive direction. There is, however, still the need to reassure concerned citizens in both countries, to consolidate the process of de-escalation, and to stabilize the ties against further shocks, he added. The Pakistan envoy said his government is taking steps against terror groups, adding, There is a real transformation underway in Pakistan. We do hope the long winter in India-Pakistan relations would come to an early end, he said. The founding fathers of Pakistan and India had envisaged amicable relations between the two countries. However, the relationship has remained challenged, for most part of our history as free nations. In particular, the two countries passed through a very difficult time recently, he said. A relationship based on sovereign equality, mutual respect and mutual interest is the best guarantee for a peaceful and prosperous future, the envoy said. People of goodwill must continue to work for a new spring in the relationship — one that enables the two countries’ teeming youth to fulfil their aspirations, and the two nations to achieve their optimal potential, Mahmood said.

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MODI SENDS MESSAGE ON PAK DAY, IMRAN KHAN SAYS 'TIME FOR NEW RELATIONSHIP'

Pakistan Prime Minister Imran Khan has welcomed his Indian counterpart Narendra Modi's greetings on the eve of its National Day saying time has come to begin a comprehensive dialogue between the two countries to address and resolve all issues, including the central issue of Kashmir. According to official sources in New Delhi, Prime Minister Modi sent a letter to Khan, greeting people of Pakistan on the eve of its National Day and highlighting the importance of a terror-free South Asia. Modi, in his message, said it was time for the people of the sub-continent to work together for a democratic, peaceful, progressive and prosperous region, in an atmosphere free of terror and violence, they said. Khan, in a tweet, welcomed Modi's message and said the time has come to begin a comprehensive dialogue between the two countries to address and resolve all issues, including Kashmir. India has made it clear to Pakistan that cross-border terror attacks and talks cannot go hand in hand.

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WATCHMEN QUESTION WHETHER MODI'S CHOWKIDAR CAMPAIGN WILL IMPROVE THEIR LOT

For over a decade Arvind Singh has worked as a watchman in New Delhi, doing the rounds of the streets with a whistle and a wooden stick to keep vigil at night. Watchmen like him are so ubiquitous in India, guarding everything from offices to homes and stores to factories, that their presence goes almost unnoticed. But over the past week, the watchman has dominated India's headlines. That's because the latest campaign to be launched this week by Prime Minister Narendra Modi just before a general election beginning on April 11 is the Main bhi chowkidar or I am also a watchman campaign. He tied an appeal to tens of millions of often poorly paid watchmen to the priorities of his own job, following a suicide bomb attack that killed 40 paramilitary policemen in the northern region of Kashmir last month. We both work day and night. You guard homes and I guard the nation Modi said. The watchman has become a symbol of the country's nationalism, he said, equating everyone from teachers and doctors to watchmen guarding the country in their own way. If PM was a chowkidar, would Nirav Modi run away? said another watchman, Mohammed Nayyar, referring to a billionaire jeweller who fled to Britain last year before an alleged $2 billion loan fraud he is accused of being involved in came to light. The jeweller is not related to the prime minister.

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ZTE, HUAWEI MULL LOCAL TELECOM GEAR MANUFACTURING; ERICSSON KEEN TO INVEST MORE FOR EXPORTS

Chinese telecom equipment makers ZTE and Huawei are considering manufacturing in India to avoid paying a 20% basic customs duty imposed by the government last year. Sweden’s Ericsson plans to invest more in its local facilities to increase exports. We are carefully looking at the feasibility of local manufacturing. This is also a subset of our discussions with the Indian authorities, Xiao Ming, President, ZTE Global Sales, told. This is still in very early stages. We are seeing the Indian government’s ambitions which are positive, that’s why we are seriously considering mobile manufacturing. The executive said if the company can gain a cost advantage through incentives, then it would love to shift many of its factories to India.

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DRDO SATELLITE THAT WILL SNIFF OUT ENEMY RADARS TO BE LAUNCHED ON APRIL 1

Indian Space Research Organisation (Isro) will launch an advanced electronic intelligence satellite EMISAT, developed by Defence Research and Development Organisation (DRDO), on April 1 that will be used to sniff out enemy radars and for collecting imagery and communication intelligence. Former DRDO scientist Ravi Gupta told the military satellites like EMISAT have three key characteristics: help monitor the activities of enemy radars and sensors deployed along the border, know the exact topography of enemy areas and find out how many communication devices are active in an area. The 436-kg DRDO satellite, which will be placed in the 763-km orbit, will help intelligence agencies keep an eagle’s eye on hostile countries like Pakistan. The veteran scientist said security agencies keep an eye on enemy weapons and assets through drones, aerostats or balloons that can peek deep into the enemy territory and electronic satellites. But they all have limitations. Drones can fly up to some hours and balloons can fly till helium gas lasts and satellites are not static. Therefore, launching a number of electronic satellites help in constant monitoring of enemy assets and their activities, and help tune in to enemy radars. He said the electronic satellites also help security agencies know how many communication devices like cellphones are active in an area. This is how National Technical Research Organisation (NTRO) through technical surveillance recently revealed that around 300 mobiles were active in the Jaish terror camp in Pakistan’s Balakot before the IAF bombing. If the electronic satellites are very advanced, they can also help decode the conversation between two users of communication devices. However, the procedure to decode messages is very complex. Before EMISAT, Isro had launched another DRDO satellite Microsat-R on January 24, which has the capability to capture images at night. According to an Isro source, Out of the total 47 operational satellites, India currently has six-eight satellites which are entirely used for military and surveillance purpose. Besides the cloud-penetrating Risat-2 satellite that has night surveillance capability, there are four Cartosat-2 series satellites (2C, 2D, 2E, 2F). These Cartosat satellites with their high-resolution panchromatic (PAN) cameras can take black and white pictures of the earth and can cover swath of 9.6 km at a time. Besides these, there is Gsat-29 communication satellite. The military satellites can zoom up to a resolution of 0.5 metre (means it can distinguish between two objects separated by 50 cm distance), can capture clear images of an object on the earth and can also take short videos to monitor activities of any person, a group and enemy assets. Isro’s PSLV-C45 will launch EMISAT along with 28 foreign satellites, including those from the US, Lithuania, Spain and Switzerland, and three experimental payloads, including that of Indian Institute of Space Science and Technology (IIST) for conducting microgravity tests in space. The launch of PSLV-C45 at 9.30 am on April 1 is significant for another important reason. For the first time in India’s space history, a PSLV will release payloads in three orbits. The rocket will first release EMISAT at 763km, thereafter it will be brought down to put 28 foreign satellites in 504km and finally the last rocket stage (PS4) will reach 485km orbit where it will double up as an experimental platform. The PS4 will host three payloads— automatic identification system from Isro, automatic packet repeating system from AMSAT (Radio Amateur Satellite Corporation) and advanced retarding potential analyzer for ionospheric studies (ARIS) from IIST. The experimental payloads attached to the PS4 will conduct various experiments in space.

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PAKISTAN MILITARY SAYS NO F-16 USED TO SHOOT DOWN INDIAN AIRCRAFT

Pakistan's military has rejected India's claim that it used US-made F-16 fighters jets against India in retaliation to its pre-emptive strikes on a JeM terror camp in Balakot, saying that JF-17 Thunder combat aircraft developed jointly with China were used in the operation. Referring to the aerial dogfight with the Indian Air Force after the February 14 Pulwama terror attack claimed by Pakistan-based Jaish-e-Mohammed (JeM), Pakistan Army spokesman Major General Asif Ghafoor said the Indian jets violated the Pakistani airspace on February 26, dropping payloads without inflicting any casualties or damage to infrastructure. A day after Pakistan's attempt to retaliate the Indian Air Force's air strikes at a Jaish-e-Mohammed terror camp in Balakot, the Indian armed forces displayed parts of an AIM-120 AMRAAM (Advanced Medium-Range Air-to-Air Missile) fired by an F-16, which fell in Indian territory. New Delhi had also underlined that electronic signatures captured by Indian radars had established the use of F-16 for the offensive. The US State Department announced that it was seeking more information from Pakistan on the potential use of American-made F-16 jets against India in violation of the end-user agreement.

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US TO SEEK DETAILS FROM 'VIRTUAL SIMS' USED BY PULWAMA BOMBER

A request would be sent to the US to seek details from a service provider of virtual SIMs, which were used by the JeM suicide bomber behind the Pulwama attack and his Pakistan and Kashmir-based handlers, officials said. Piecing together probe from the site of the terror strike, searches carried out by the Jammu and Kashmir police and central security agencies at an encounter site in Tral as well as other locations, it was found that the bomber, Adil Dar, was in constant touch with the JeM across the border, they said. The main mastermind of the audacious attack, Mudassir Khan, was killed in the encounter in Tral. They said the numbers used were pre-fixed with +1, the Mobile Station International Subscriber Directory Number (MSISDN) number used for the United States. The request to the US will include details of phone numbers that got in touch with the Virtual SIM and who had activated it, they said, adding that Internet Protocol addresses would also be sought. While the security agencies would attempt to find who had paid for the virtual SIM, they were also aware that the terror groups used forged identities, as was done during the the Mumbai 26/11 terror strikes.

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READY TO MEET NEW PAKISTANI LEADERSHIP, SAYS DONALD TRUMP

President Donald Trump has indicated his readiness to meet Pakistan's new leadership, amidst the ongoing peace talks between the US and the Taliban facilitated by Islamabad to end the brutal war in Afghanistan, America's longest. The relations between Pakistan and the US nosedived after President Trump last year accused Islamabad of giving nothing to Washington but lies and deceit and providing safe haven to terrorists. President Trump made this surprise announcement on the possibility of a meeting between him and Prime Minister Imran Khan at the end of a White House media interaction on Wednesday when a journalist asked him to comment on the current situation between India and Pakistan. Pakistan we'll be meeting with Pakistan. I think our relationship right now is very good with Pakistan, Trump said before departing the White House for a visit in Ohio.

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NO CLEAR DEFINITION OF 'ONGOING PROJECT' MAY LEAD TO DISPUTES UNDER NEW GST RATES FOR REAL ESTATE

The GST Council at its 34th meeting on 19 March 2019 laid down the roadmap for implementation of the recommendations made in the previous meeting, towards rate rationalisation for real estate These recommendations attempt to address the apprehensions of the sector on multiple issues including loss of unutilised input credit, exemptions and rate applicability. A one-time option has been proposed for on-going projects not completed by 31 March 2019, to continue to pay tax at the existing GST rates (effective rate of 8 percent for affordable housing and 12 percent for others). Ongoing projects have been referred to as buildings where both construction and actual booking started before 1 April 2019 and which have not been completed by 31 March 2019. The option has to be exercised once within prescribed time frame. It is quite interesting that this option has been allowed at a project level instead of at the individual residential unit level. Complexity arises in interpreting the term 'ongoing project', particularly in cases where the construction is undertaken in a phase-wise manner consisting of cluster of buildings in a large township project. Absence of clear definition of 'ongoing project' would leave room for interpretation and may invite unwarranted disputes. As far as choice of option is concerned, from the viewpoint of home buyers, the existing higher GST rate may not be acceptable. From the developers' standpoint, continuing with the existing rate structure may seem to be beneficial where input credits for the project would have been factored into the pricing of units, and also where benefits under anti-profiteering have already been passed on to customers. The process of selection of alternative would not only entail determination of benefit which could be derived by the developer, but may also have to be balanced with the part of such benefit which the home buyer would bargain to continue with the existing rate. New projects for which the construction would start after 1 April 2019 shall attract the revised lower GST rate (1 percent for affordable residential units and 5 percent for other residential units). As far as mixed use projects are concerned, the GST Council has clarified that residential projects having commercial space such as shops, offices etc., up to 15 percent of total carpet area, shall also be eligible for lower GST rate of 5 percent. These rates are coupled with conditions that input tax credit shall not be available and 80 percent of procurements, except procurements of capital goods, Transferable Development Rights (TDR) / development rights under Joint Development Arrangement, long term lease (premiums), are made from GST-registered persons. This would require developers' to revisit budgeting and costing of their new projects to factor the potential tax cost towards non-creditable taxes. Also this requirement requires clarity in the enabling notification in terms of timing and manner of compliance. Further, the compliance with the condition of 80 percent procurement from registered persons in case of ongoing projects opting to pay tax as per new rates, requires clarity as to whether it should be computed from 01 April 2019 onwards or even for the past period. This would also require re-visiting the existing procurements and selection of vendors given the fact that value chain in the sector comprises of unorganised suppliers. This would also entail applying internal controls as well as checks and balances by developers to avoid potential violation of this condition. Considering the peculiar nature of the sector, to avert any possible complexity and controversy around determination of eligible credit, it has been proposed that the Credit Rules shall be amended to provide requisite procedure and guidelines for mixed use projects (residential and commercial use). At present affordable housing has the benefit of concessional rate of GST at 8 percent for projects covered under the notified central or state housing schemes as well as projects which have 'infrastructure status' as per the notification issued by the Department of Economic Affairs. The GST Council has recommended that the GST rate for affordable housing would be rationalised at 1 percent, subject to the ceiling on area for metros and non-metros as well as value cap of INR 45 lakhs, for ongoing projects under the existing central or state housing schemes. Presently these projects are eligible for concessional rate of GST. They are proposed to be eligible for rate of 1 percent without any condition of area ceiling or value cap. So it is likely that projects presently eligible for concessional rate of 8 percent will not be so eligible going forward. Further, benefit of lower GST rate of 1 percent should have also been extended to projects having infrastructure status, so as to maintain parity for all affordable housing projects which presently enjoyed the concessional rate. Lack of clear guidelines and apprehension of possible controversy around transition of unutilised input tax credit as on 31 March 2019, has been a key issue for the sector. While there was apprehension that the entire credit balance could stand reversed, this fear has been allayed by the Council that has allowed developers to transition the credit as per the method to be prescribed. In essence, transition mechanics would consider credit taken for the percentage completion of construction as on 01 April 2019, to arrive at the credit for the entire project. Such credit could then be further determined on the basis of percentage booking of flats and percentage invoicing. Thus transition would be on a pro-rata basis based on a simple formula such that credit in proportion to the booking of the flat and invoicing done for the booked flat is available. For mixed use projects, transition shall also allow credit in proportion to the carpet area of commercial portion to the total carpet area of the project.

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ENFORCEMENT DIRECTORATE ARGUES FOR ROBERT VADRA’S CUSTODY IN MONEY-LAUNDERING CASE

The Enforcement Directorate on Monday produced in court documents purportedly showing agreements between an alleged associate of Robert Vadra and a company over a 2008 petroleum deal, while it sought his custodial interrogation in a money-laundering case. The special court, meanwhile, extended Vadra’s interim protection from arrest to Wednesday, when the ED is expected to submit evidence justifying its demand. The agency alleged that Sanjay Bhandari, the absconding arms dealer who is allegedly linked to Vadra, entered into a contingent contract seeking kickbacks of $10 million to swing the deal in favour of the company. The kickbacks were to be paid in two equal instalments to Bhandari’s company, people in the know of the investigations told. The ED is probing if the 2008 deal, between state-run Oil & Natural Gas Corporation and Samsung Engineering, was connected to the alleged purchase of half a dozen properties in London for Vadra. According to the agency, a wing of the finance ministry, these properties were purchased by Bhandari’s companies and Vadra’s associates. The agency also referred to another deal of 2012, to purchase trainer aircraft for the Indian Air Force, which is already being investigated by the Central Bureau of Investigation. Bhandari among others are under the CBI’s scanner on charges of corruption in the Rs 2,896-crore deal to procure 75 Pilatus PC-7 basic trainer aircraft. The propeller-driven aircraft were an emergency purchase after the air force training schedule went haywire following the grounding of the entire fleet of the 114 piston-engine HPT-32 planes, after a 2009 crash that killed a pilot. The Delhi Police registered an FIR under the Official Secrets Act against Bhandari in October 2016. Subsequently, the CBI also began a probe after it was found that Bhandari’s company had allegedly received 7,50,000 Swiss francs from the Swiss Pilatus company in 2010. During the hearing on Monday, lawyers for Vadra, KTS Tulsi and Abhishek Manu Singhvi, alleged that the Enforcement agency only has a lust for Vadra’s arrest. In his response, special prosecutor for the ED, Davinder Pal Singh, said: Till the time people’s lust for money exists, the lust for their custodial interrogation will also exist. Meanwhile, the Delhi High Court on Monday asked the ED to file its response to a petition filed by Vadra seeking quashing of the money-laundering case against him. The high court has given the ED two weeks to respond.

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I-T DEPARTMENT LAUNCHES APP TO ENSURE FAIR POLLS

In a bid to ensure free and fair polls the income tax (I-T) department in association with the Institute of Chartered Accountants of India (ICAI) on Sunday launched a mobile app and released a Whatsapp number — 9368141302 — for people to share details of any dubious cash movement in the state. The I-T department also released two toll free numbers —1800-180-4154 and 1800-180-4227— as part of this initiative. The department also organised a Walkathon to spread awareness among the people against election malpractices. Liaquat Ali Aafaqui, joint director of income tax (investigation), Dehradun, said, The message of the I-T department is simple — say yes to votes and no to cash. We have also launched the mobile app Share with Income Tax for the general public to inform us about black money and other such transactions.

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WEAK EXPORTS, RURAL DISTRESS, UNCERTAINTY OVER ELECTION OUTCOME TO DRAG DOWN IIP: REPORT

India’s industrial production is expected to stay muted in the near term, owing to weak exports, rural distress, credit constraints and uncertainty over the election outcome, a report said Monday. According to Dun and Bradstreet’s (D&B) latest Economy Forecast, the Index of Industrial Production (IIP) is likely to have grown by 3-3.2 per cent during February 2019. As per the IIP data in January released by the Central Statistics Office (CSO), the growth in industrial production declined to 1.7 per cent as against 7.5 per cent a year ago, owing to subdued performance of the manufacturing sector, especially capital and consumer goods. Given the headwinds in the global economy and domestic structural bottlenecks, the concerns to growth remain heightened, said Arun Singh. Singh further noted that in the short term, the risks remain accentuated as the concerns on the global front are growing while, domestically, the uncertainty on the outcome of the election will tend to keep the investment activity subdued. On the prices front, the report said, reversal in food prices that have remained unusually low are likely to push up inflation. Moreover, the election-related spending and expected lower kharif crop output would exert additional inflationary pressures. D&B expects the CPI inflation to be in the range of 2.6-2.8 per cent and the Wholesale Price Index-based inflation to be in the range of 3-3.2 per cent during March, respectively. According to Singh, some of the key risk factors for the Indian economy are stressed assets in the banking sector, decline in tax mobilisation through GST, ailing rural economy and concerns in key sectors such as telecom, power and real estate. He also said, We hope that the recent efforts to strengthen the balance sheets of the banking sector and corporates turn the wheels of the domestic investment activity. Further, the business and consumer confidence could get an impetus once the uncertainty over the election outcome gets over.

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VVIP CHOPPER CASE: ED ARRESTS DEFENCE AGENT WHO KNOWS 'PAYMENT DETAILS'

The Enforcement Directorate (ED) has arrested a defence agent from Delhi in the Rs 3,600-crore VVIP choppers deal case, officials said Tuesday. They said Sushen Mohan Gupta was arrested late Monday by agency sleuths under the Prevention of Money Laundering Act (PMLA). Gupta, they said, has allegedly dealt in defence deals, including the AgustaWestland helicopters deal. He will be produced before a special PMLA court Tuesday. The ED officials said Gupta's role in the case came to light on the basis of disclosures made by Rajiv Saxena, who has recently turned approver in the case after he was deported from the UAE and arrested by the Enforcement Directorate (ED) in New delhi.

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'WHY NOT THE SAME FOR KINGFISHER?': MALLYA SLAMS MODI

Vijay Mallya, the promoter of the now-defunct Kingfisher Airlines, on Tuesday hit out at the Narendra Modi government over the Jet Airways resolution rolled out a day before. The attack after Jet's lenders, led by State Bank of India, announced that they would pump in Rs 1,500 crore to save the airline Happy to see that PSU Banks have bailed out Jet Airways saving jobs, connectivity and enterprise. Only wish the same was done for Kingfisher he said in a tweet. Accusing the Narendra Modi-led National Democratic Alliance (NDA) govt of double standards Mallya said the same PSU banks had let India's finest airline (Kingfisher) with the best employees and connectivity fail ruthlessly. Mallya on Tuesday further said that he has placed his assets before the Karnataka High Court to pay off the PSU Banks and all the other creditors. Why do the Banks not take my money. It will help them to save Jet Airways if nothing else, he said. Vijay Mallya on Tuesday urged Indian banks to take his money and save cash-strapped Jet Airways I repeat once again that I have placed liquid assets before the Hon'ble Karnataka High Court to pay off the PSU Banks and all other creditors. Why do the Banks not take my money. It will help them to save Jet Airways if nothing else, the liquor baron tweeted. I invested over 4000 crores into Kingfisher Airlines to save the Company and its employees. Not recognised and instead slammed in every possible way. The same PSU Banks let India's finest airline with the best employees and connectivity fail ruthlessly. Double standards under NDA, read another tweet.

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TELEPHONE CALLS OF NSA AJIT DOVAL & FORMER CBI SPL DIRECTOR WERE NOT INTERCEPTED AT ANY POINT OF TIME: CBI TO COURT

The Central Bureau of Investigation (CBI) has strongly denied charges of illegal phone interception of the National Security Advisor (NSA) during the tenure of former CBI Director Alok Verma. Replying to a petition seeking investigation by a special investigation team (SIT) to investigate alleged illegal phone tapping of Doval by the CBI, the agency today strongly denied all the allegations. The telephone calls of Ajit Doval and Rakesh Asthana (former CBI special Director) were not intercepted at any point of time by CBI special unit. It is also submitted that CBI never put any telephone number under surveillance illegally. The veiled reference of the petitioner to illegal interception of phone numbers of Law Secretary and other IAS officers is vehemently denied, CBI said in its reply. The agency has said it has always adhered to the laid down norms for telephonic surveillance. It also denied charges that the then head of CBI’s special unit Rakesh Rathi illegally intercepted telephones. The agency, in its reply, said the charges are incorrect. The agency filed its reply to a petition filed by Advocate Sarthak Chaturvedi who had alleged that some CBI officials had abused their powers by violating the existing guidelines on phone tapping and surveillance. Chaturvedi’s petition had also questioned as to whether permission was receiving for tapping the phone of Doval and others by the CBI. Denying all charges as incorrect, false and baseless, the agency has said that the averments regarding illegal acts of abuse of powers by public servants for their ulterior motive are denied being false and incorrect. It is further denied that the policy framed by the government regarding tracing, tapping and surveillance of phone calls is not comprehensive. The reply added that phones of the accused- booked by CBI in October last year in a corruption case- were lawfully put under surveillance as per the authorization obtained from competent authority under the provisions of Indian Telegraph Act and Rules. However, the withdrawal of India from contesting election for delegate in INTERPOL because of the alleged interse dispute between two officials of CBI is denied for want of knowledge, CBI’s reply reads. Seeking dismissal of Chaturvedi’s petition, the agency has underlined that all the interception by CBI are undertaken after due compliance of Section 5 (2) of Indian Telegraph Act and 419 (A) of the Indian Telegraph Rules. It added in exercise of powers provided by Section 7 of the Indian Telegraph Act 1885, the Central government has already framed rules and comprehensive guidelines in light of directions given by the Supreme Court in People’s Union for Civil Liberties versus Union of India & another.

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KHAITAN BENEFICIARY OF RS 850-CR SLUSH FUNDS GENERATED THROUGH DEFENCE DEALS: ED

Delhi-based lawyer Gautam Khaitan, accused of money laundering charges including in the high-profile VVIP choppers case, has been a beneficiary of Rs 850 crore slush funds generated out of defence deals, the Enforcement Directorate alleged Monday. The central probe agency filed a prosecution complaint or charge sheet against him before a court here under the Prevention of Money Laundering Act (PMLA). Khaitan, his family and companies have been charged by the ED for possession of alleged stash and three illegal bank accounts abroad. The ED said in a statement, Khaitan held beneficial interest/ownership in foreign assets, company and accounts and he did not disclose the same in his return of income filed before Income-Tax department authorities for assessment year 2009-11 to 2019-20. It charged that Khaitan holds bank accounts, either individually or in joint names of his family members as well as corporate structures with beneficial interest in three banks in foreign jurisdictions -- Barclays Bank, Singapore Bank and UBS Bank. Investigation conducted so far, it said, revealed involvement of Khaitan in laundering the proceeds of crime for clients across the globe under the guise of providing legal consultancy.

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AIRCEL-MAXIS CASE: DELHI COURT EXTENDS PROTECTION FROM ARREST TO CHIDAMBARAM, KARTI TILL APRIL 26

A Delhi court on Monday extended till April 26 the interim protection from arrest granted to former Union minister P Chidambaram and his son Karti Chidambaram in the Aircel-Maxis case filed by the CBI (Central Bureau of Investigation) and the ED (Enforcement Directorate). P Chidambaram appeared before Special Judge OP Saini, who extended the interim relief granted to them.

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PAKISTAN GETS AHEAD OF INDIA TO BAG SUGAR EXPORT QUOTA FROM CHINA

Pakistan has taken a lead over India by winning a 300,000-tonne sugar export quota from China, according to traders. India has been waiting since long to bag the export quota from China. We are waiting to get sugar export quota to China, which is a huge market, said Prakash Naiknavare. About 25 companies representing major stakeholders in China’s sugar industry including sugar refiners, importers and traders participated in the works hop. The China Council for the Promotion of International Trade, China Sugar Association and COFCO Sugar had also taken part. PM Narendra Modi had discussed India’s sugar exports during an informal summit with Chinese president Xi Jinping in Wuhan in April 2018. Indian traders have contracted 2.2 million tonnes of sugar for exports as of March 7, according to industry officials. If we do not get access to the Chinese market this season, total exports may reach 3 million tonnes, said Naiknavare. Maharashtra has exported about 800,000 tonnes of sugar, including third-party exports. Uttar Pradesh has exported 300,000 tonnes and Karnataka too sent out 300,000 tonnes.

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MALAYSIAN PM PLAYS SAFE AS HE REFUSES TO TAKE SIDES IN INDO-PAK TENSIONS

Mahathir Mohamad has refused to take sides on Indo-Pak tensions during his official visit to Islamabad, in what can be viewed as a win for New Delhi as the Imran Khan government had invited the veteran leader to showcase support to it in the aftermath of the Balakot strikes. Mahathir, who visited Islamabad for Pakistan national day celebrations stated that Malaysia would continue to maintain its good relationships with Pakistan and India and wouldn’t take sides in the event of a conflict. Taking such a stand, Mahathir also illustrated indirectly that his three-day official visit to Pakistan did not mean that Malaysia had chosen its side. We cannot side with anyone. I think this, allowing terrorists to have this upper hand, is very dangerous. We must stop terrorists, both sides must prevent acts of terrorism. When terrorists fight, they just want to take revenge, he told. Mahathir has been a strong proponent of the Organisation of Islamic Cooperation in his earlier innings as the Prime Minister, but is now keen to expand ties with India. They (terrorists) cannot conquer. What can they do? kill people. Is that what humanity is fated for? We don’t want to take sides with anyone, but we appreciate the problems (the countries) they face, he said. A number of OIC member states have extended support to India's right to defend after the Pulwama terror strikes as India sought to build a broad coalition against cross-border terror.

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A CRIMINAL CANDIDATE HAS DOUBLE THE CHANCES OF WINNING

Facing a criminal case, or cases, even when charges have been framed in the court, is hardly a handicap for candidates fighting general elections. On the contrary, a candidate facing criminal cases has higher chance of winning than a clean candidate. According to a research by Association for Democratic Reforms (ADR), the chances of winning for a candidate with criminal cases in the Lok Sabha 2014 elections were 13% whereas for a candidate with a clean record they were 5%. ADR calculated chances of winning for a candidate with criminal cases by dividing the number of winners with criminal cases with the number of candidates with criminal cases. Similarly, the chances of winning for a candidate with a clean record were calculated by dividing the number of winners with a clean record by the number of candidates with a clean record. Does this mean voters have no problem with candidates with criminal cases even when they are accused of heinous crimes? No, that's not true. ADR analysed the proportion of candidates with criminal cases among the total candidates in the constituency. When the proportion of candidates with criminal cases in the constituency is low, voters are more likely to vote for a candidate with a clean record. The ADR research found that in constituencies where the proportion of candidates with criminal cases is 0% to 5% of the total candidates in the constituency, 92% of winners in these constituencies have a clean record. As the proportion of candidates with criminal cases increases in a constituencies, the winners with criminal cases also increase. So voters who vote for candidates facing criminal case aren't actually making a choice — they have no choice. ADR says that given a choice, a voter is likely to vote for a candidate with a clean record but when the proportion of candidates with criminal cases increases in the constituency, the voter is faced with a lack of choice and the winner is a candidate with criminal cases.

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U.K. MPS VOTE TO TAKE CONTROL OF BREXIT PROCESS

The British government suffered a further political defeat on Monday night, as MPs voted to wrest control of the Brexit timetable from the government on Wednesday, to hold a series of indicative votes to attempt to determine what course of action could command a majority in Parliament. The MPs voted by 329 to 302 in favour of an amendment to a motion – introduced by Conservative MP Oliver Letwin – to enable the series of unspecified votes to take place on Wednesday, despite the government’s assurance that it would be willing to hold such votes. The defeat highlights the extent to which power has slipped from the government, and the lack of trust with which their assurances and pledges for future steps are treated by parliamentarians. The government has insisted it cannot commit to respecting the results of the indicative vote without knowing what these are going to be. The government also narrowly avoided defeat by 314 to 311 – on an amendment moved by Labour MP Margaret Beckett that would have required the Parliament to be recalled to consider voting on a no-deal Brexit. Three ministers resigned from the government in order to be able to vote for the Letwin amendment, highlighting the divisions within the government. As many as 30 Conservative MPs voted against the amendment, despite the government explicitly opposing it.

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IMRAN KHAN SAYS INDO-PAK RELATIONS TO REMAIN TENSE TILL ELECTIONS IN INDIA

Prime Minister Imran Khan has said Indo-Pak relations would remain tense till the general elections in India are over. Tensions between India and Pakistan escalated after the February 14 attack by Pakistan-based Jaish-e-Mohammed in Pulwama. Amid mounting outrage, the Indian Air Force carried out a counter-terror operation, hitting what it said was a JeM training camp in Balakot, deep inside Pakistan on February 26. The next day, Pakistan Air Force retaliated and downed a MiG-21 in an aerial combat and captured an Indian pilot, who was handed over to India later. Khan said shadows of war were still hovering over Pakistan and India as Prime Minister Narendra Modi's administration could go for another misadventure before the general elections. The danger is not over. The situation will remain tense till forthcoming general elections in India. We are already prepared to avert any aggression from India, Dawn quoted Khan as saying. Khan also claimed that he cancelled his scheduled meeting with the Taliban in Islamabad due to concerns expressed by the Afghan government.

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HAVE SUCCESSFULLY TESTED ANTI-ICBM SYSTEM: US MILITARY

The US military said Monday it had successfully tested an anti-intercontinental ballistic missile (ICBM) system with a target launched from the Marshall Islands shot down by two interceptors based in California. To protect against the threat from ICBMs, the US has developed the Ground-based Midcourse Defense (GMD) system, which is designed to fire an interceptor missile into space and use kinetic energy to destroy the incoming target. While it has been tested before, this was the first successful test involving a salvo of interceptor missiles, the military said in a statement. The first of the interceptors, located more than 4,000 miles (6,500 kilometers) from the simulated ICBM's launchpad, aimed for the test target's re-entry vehicle, while the second aimed for remaining debris, the statement said. The head of the Missile Defense Agency, Air Force Lieutenant General Samuel Greaves, called the test a critical milestone. The GMD system is vitally important to the defense of our homeland, and this test demonstrates that we have a capable, credible deterrent against a very real threat, he said. The United States has spent decades and billions of dollars developing technologies to stop an incoming ballistic missile, and is aiming to step up efforts in the face of growing threats.

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BOEING READIES 737 MAX SOFTWARE FIX AS WORLD AWAITS ETHIOPIA CRASH REPORT

Boeing Co will provide airlines that have bought the 737 MAX with free software upgrades, the US manufacturer said on Monday, as Ethiopian Airlines told Reuters it expected a preliminary crash report this week or next. Any fixes to the MAX software, the focus of investigations in two deadly crashes that have prompted worldwide groundings of the aircraft, must still get approval from governments around the world. The US Transportation Department said Monday it is forming an outside panel to review the Federal Aviation Administration's aircraft certification program amid growing concerns after two fatal Boeing 737 MAX crashes since October. The causes of separate Lion Air and Ethiopian Airline crashes are also still unknown, though Ethiopian Airlines Chief Executive Officer Tewolde Gebremariam said he trusts Boeing. Despite the tragedy, Boeing and Ethiopian Airlines will continue to be linked well into the future, Tewolde said on Monday. Ethiopian Airlines believes in Boeing. They have been a partner of ours for many years. Meanwhile, Boeing has begun briefing airlines on software and training updates for the MAX, with more than 200 global airline pilots, technical experts and regulators due in Renton, Washington where the plane is built this week. The sessions follow a briefing with carriers including three US airlines on Saturday, part of Boeing's effort to communicate with all current, and many future, MAX customers and operators, a Boeing spokeswoman said. Boeing's software fix for the grounded 737 MAX will prevent repeated operation of an anti-stall system at the centre of safety concerns, and deactivate it altogether if two sensors disagree widely, two people familiar with pilot briefings said. The system ignited a debate over the proper balance between man and machine in piloting the latest version of the 50-year-old 737. Upgrading an individual 737 MAX with Boeing's new software only takes about an hour per plane though the overall process could stretch on far longer as it is rolled out across the global fleet due to stringent testing and documentation requirements by engineers and regulators, according to a senior FAA official with knowledge of the process.

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CHINA PUMPS IN $2.2 BILLION IN PAKISTAN'S DWINDLING FOREX RESERVES

China on Monday pumped-in $2.2 billion to cash-strapped Pakistan to shore up its close ally's foreign currency reserves and help avert a possible default on external debt payments With the generous Chinese assistance, Pakistan has so far received a total of $9.1 billion in financial assistance packages from friendly countries during the current fiscal year. While China has pumped-in $4.1 billion from China, Pakistan has got $3 billion from Saudi Arabia and $2 billion from United Arab Emirates (UAE), it said. The State Bank of Pakistan has received RMB 15 billion value equivalent to $2.2 billion as proceeds of the loan obtained by the government of Pakistan from China, the central bank tweeted. Finance ministry Spokesperson Khaqan Hassan Najeeb said the funds deposited in the State Bank of Pakistan would strengthen the stability of the country. The SBP's reserves stood at $8.84 billion as on March 15, 2019, according to the central bank's latest weekly report. The latest deposits came from Beijing are expected to boost the SBP'S reserves into double digit after a gap of almost one year, the report said. Apart from the financial help, Riyadh has also enabled a $3 billion petroleum oil supply line on deferred payment for Pakistan as well.

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TRUMP CLAIMS VICTORY AS MUELLER FINDS NO COLLUSION WITH RUSSIA

Special Counsel Robert Mueller found no evidence that anyone close to Donald Trump colluded with Russia after a 22-month investigation, and Attorney General William Barr said there wasn’t enough evidence that the president obstructed justice either. The president said a four-page summary of Mueller’s report that Barr issued Sunday cleared him of the two major allegations that have hung over his presidency. Democrats in Congress asserted their right to determine Trump’s guilt or innocence on those and other issues. No Collusion, No Obstruction, Complete and Total EXONERATION, Trump tweeted about an hour after Barr’s summary was released. He told reporters in Palm Beach, Florida, that Mueller’s probe was an illegal takedown that failed. The finding on collusion in Russia’s interference in the 2016 campaign was unambiguous. The Special Counsel did not find that the Trump campaign, or anyone associated with it, conspired or coordinated with the Russian government in these efforts, despite multiple offers from Russian-affiliated individuals to assist the Trump campaign, Barr said in the summary he sent to Congress. But the determination on whether Trump sought to obstruct justice was less clear-cut Mueller’s still-secret report found evidence on both sides of the question on obstruction and leaves unresolved what the special counsel views as difficult issues of law, Barr wrote in a four-page letter to Congress on Sunday. Barr quoted Mueller as saying, While this report does not conclude that the president committed a crime, it also does not exonerate him. Nonetheless, Barr, who was appointed by Trump after he fired Attorney General Jeff Sessions, said in his letter that he and Deputy Attorney General Rod Rosenstein concluded that the evidence developed during the Special Counsel’s investigation is not sufficient to establish that the President committed an obstruction-of-justice offense. Representative Jerrold Nadler, said in a tweet, In light of the very concerning discrepancies and final decision making at the Justice Department following the Special Counsel report, where Mueller did not exonerate the President, we will be calling Attorney General Barr in to testify. The Special Counsel did not find any collusion and did not find any obstruction, White House Press Secretary Sarah Sanders said in a statement, inaccurately describing Mueller’s finding on obstruction. Attorney General Barr and Deputy Attorney General Rosenstein further determined there was no obstruction. The findings of the Department of Justice are a total and complete exoneration of the President of the United States. Barr issued his summary of Mueller’s conclusions -- and his determination with Rosenstein that there wasn’t enough evidence of obstruction of justice -- just two days after receiving Mueller’s final report. The special counsel wasn’t consulted on the letter that included the judgment on obstruction, according to a Justice Department official. It was the close of a politically explosive investigation that Trump routinely dismissed as a witch hunt. The White House wasn’t involved in any review or discussion of the Mueller report and didn’t get a look at Barr’s summary ahead of time, according to a Justice Department official. It’s sure to be only the beginning of months of fighting in Congress -- and perhaps in the courts -- over how much should be disclosed from Mueller’s report. Barr said in a letter to Congress on Friday that after the initial summary he’ll consult with Mueller and Rosenstein to determine what other information from the report can be released to Congress and the public. Democratic lawmakers already have demanded the full report as well as Mueller’s underlying evidence so they can pursue their own investigations. Congress requires the full report and the underlying documents so that the committees can proceed with their independent work, including oversight and legislating to address any issues the Mueller report may raise, House Speaker Nancy Pelosi and Senate Democratic leader Chuck Schumer said Sunday in a joint statement. The American people have a right to know. But Senate Judiciary Chairman Lindsey Graham, a close Trump ally, said in a statement: Bad day for those hoping the Mueller investigation would take President Trump down.

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