TAXATION UPDATES 28.03.2019

CBDT RAISES ALARM AS DIRECT TAX COLLECTION STANDS AT RS 10.21 TRILLION

With four days remaining before the current financial year ends, the Central Board of Direct Taxes (CBDT) has sent a strongly worded letter to senior income-tax officials, warning them of an alarming situation. As of Tuesday, direct tax collection was Rs 10.29 trillion, which is 12.5 percent up compared to the same period a year ago. The revised Budget target for 2018-19 is Rs 12 trillion. Progress based on the online tax accounting system (to calculate dues with interest) has been reviewed and only 85.1 per cent has been collected as of March 23, goes the letter dated March 26 to principal chief commissioners of income tax. The CBDT said: A head-wise analysis of regulator assessment tax (recovery from arrears and current demand) indicated a worsening trend of negative growth in regular collection at minus 6.9 per cent, as against a minus 5.2 per cent in mid-March. The board has discussed strategies through various communications with you (I-T officials) and it was expected that by this time, your strategies would have succeeded, resulting into improved collections. However the figures of collection give a different account, CBDT said. It has asked for urgent action, especially with respect to recovery of arrears and current demand, to achieve the collection target. The increase of Rs 50,000 crore in the interim Budget 2019-20 has made the task of achieving the revised target difficult. However, the department has been consistently putting efforts to maximise revenues and make up for the shortfall. However at the current pace, the possible shortfall is Rs 50,000-60,000 crore, said an I-T official. He estimated the collection would reach between Rs 11.3 and Rs 11.5 trillion. The department was pinning hope on advance tax collection in the fourth quarter, ending March 15. It is learnt to have requested banks to credit tax deduction at source (TDS) for the fourth quarter by March 31. As of March 11, growth in TDS was 18 per cent to Rs 4.44 trillion, while self-assessment tax rose 6.5 per cent to Rs 83,465 crore. However, the regular assessment tax (recovery from arrears and current demand) showed a 5.4 per cent fall, compared to the same period a year before.

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GSTN CREDITS RS 95 CRORE CESS TO COMPANY THAT DID NOT OWE ANY

In what is being attributed to a technical error in Goods and Services Tax Network (GSTN), the authorities have come across a case where the system recorded an excessively high amount of tax than what was actually paid by a manufacturing company. The matter has come up before the directorate general of GST Intelligence (DGSTI), and the case has been taken up for further investigation. A Yavatmal-based manufacturing company had discharged its GST liability, which came to over Rs 45 lakh, and filed the returns accordingly. However, the GSTN also showed an amount of Rs 95 crore as compensation cess paid by the entity. This is over 10 times the company’s yearly turnover itself, leave aside the tax liability. Compensation cess is applicable on select items like coal or cigarettes, on account of pollution or health hazards attached with such commodities. In this case, there was no compensation cess applicable on the products the Yavatmal company made. It deals in farm inputs. Sources say that even as such entry can be due to human error, in the Yavatmal case it is appearing to be a system issue, and the matter has been referred to headquarters for further investigation. In another case involving an e-way bill, a similar entry of cess paid was noted, but it was found to be on account of human error. It was found that the assessee in Yavatmal had tried to rectify the entry in the system, but could not do it. Now the correction will have to done when the annual returns are filed in June, said a source. The amount was shown as tax paid in the assessee’s account, which could have also been used as input credit for future transactions. Though in this case there was no intention of misuse, rather the assessee had made attempts to make a correction, which was however not possible in the system. The discrepancy was flagged following a reconciliation of the amount reflected in the GSTN and actual receipt. Meanwhile, in an recent action, DGSTI office here has also unearthed a major racket by steel companies undertaking unaccounted production in Aurangabad. If the output is not accounted for, the GST payable on it can be evaded.

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ASSOCHAM PITCHES FOR A REDUCTION IN CORPORATION TAX RATES CUT

Industry body Assocham has called for reduction in corporation tax rates to 20 per cent from the current 30 per cent for large corporate and to 15 per cent from 25 per cent for micro, small and medium enterprises in the next five years at a time when the government has not met its earlier promise of reducing the tax rate for every corporate. B K Goenka said any such move will enable more and more investments to flow in the country and help manufacturing get a kick start in the economy. Goenka said the US is drawing huge investments after the Trump administration cut corporation tax rate to 21 per cent from earlier 35 per cent and allowed 100 per cent depreciation on the year of commissioning of a project itself. For instance, he said 20 million tonnes of steel capacity is coming up in the USA, which was unheard of earlier. Goenka has a Welspun plant in the United States. The demand for a cut in corporation tax rates is contained in the economic manifesto of the chamber. If India is to grow by at least 8 per cent to generate jobs, we need to have low tax regime, Goenka said. India's economy has not grown by eight or more per cent in two of the five-year rule of the Modi government -- 8 per cent in 2015-16 and 8.2 per cent in 2016-17. As such, all micro, small and medium enterprises (MSMEs) would draw 25 per cent tax rate. This would cover 99 per cent of the companies filing tax returns. However, large companies that were hoping the corporation tax cut would be across the board were disappointed. This is particularly so when the US has already cut the corporation tax rate to 21 per cent from 35 per cent earlier, as part of its tax reforms.

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SIGNING OF INTER-GOVERNMENTAL AGREEMENT FOR EXCHANGE OF COUNTRY BY COUNTRY REPORTS

India and the United States of America have, 27th March, 2019, signed an Inter-Governmental Agreement for Exchange of Country-by-Country (CbC) Reports. This Agreement for Exchange of CbC Reports, along with the Bilateral Competent Authority Arrangement between the two Competent Authorities, will enable both the countries to automatically exchange CbC Reports filed by the ultimate parent entities of Multinational Enterprises (MNEs) in the respective jurisdictions, pertaining to the years commencing on or after 1st January, 2016. It would also obviate the need for Indian subsidiary companies of US MNEs to do local filing of the CbC Reports, thereby reducing the compliance burden. India has already signed the Multilateral Competent Authority Agreement (MCAA) for Exchange of CbC Reports, which has enabled exchange of CbC Reports with 62 jurisdictions. Filing of CbC Reports by the ultimate parent entity of an MNE group to the prescribed Authority in the jurisdiction in which it is a resident and exchange of such CbC Reports by the Competent Authority of the said jurisdiction with the Competent Authorities of other jurisdictions in which the group has one or more of its constituent entities, are the minimum standards required under the Action 13 Report of OECD/G20 BEPS Project in which India is an active participant. A CbC Report has aggregated country-by-country information relating to the global allocation of income, the taxes paid, and certain other indicators of an MNE group. It also contains a list of all the constituent entities of an MNE group operating in a particular jurisdiction and the nature of the main business activity of each such constituent entity. MNE groups having global consolidated revenue of 750 Million Euros or more (or a local currency equivalent) in a year are required to file CbC Reports in their parent entity’s jurisdiction. The INR equivalent of 750 Million Euros has been prescribed as INR 5500 Crore in Indian rules. This information will enable an enhanced level of assessment of tax risk by both tax administrations.

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SOON, NEW SOFTWARE FOR CHARTERED ACCOUNTANCY FIRMS; ICAI INVITES PROPOSALS FROM IT COMPANIES

The Institute of Chartered Accountants of India (ICAI) has invited an expression of interest (EOI) from software companies over designing new software for Chartered Accountancy firms and practitioners. ICAI has asked the companies to send in the EOI by 31 March. This initiative is being spearheaded by ICAI’s Committee for Capacity Building of Members in Practice (CCBMP) which is responsible for such functions. The interested software companies would need to have appropriate knowledge in various aspects of Chartered Accountancy and other relented subjects. The software company would also have to provide a free of cost training for all users of the software. The software would be available at all Information Technology Training Centers of ICAI. The software vendors would need to re-brand their existing software and waive off the initial licence fee or subsidise it for the first two years. The companies have also been asked to price it reasonably.

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COMMERCE MIN CALLS MEETING OF STAKEHOLDERS ON INCREASING EXPORTS TO CHINA ON APR 5

The commerce ministry has called a meeting of stakeholders including export promotion councils and other government departments to discuss ways to increase exports to China, an official said. Officials from the agriculture ministry, Agricultural & Processed Food Products Export Development Authority (APEDA), and representatives from export promotion councils would participate in the meeting. Growth in exports to China is beneficial for India as it has huge trade deficit with the neighbouring country. Trade deficit with China increased to USD 63.12 billion in 2017-18 from USD 51.11 billion in 2016-17. India is taking several steps to promote shipments to China. Recently, it has managed to export agricultural goods such as non-basmati rice to China. India is seeking greater market access for various agricultural products, animal feeds, oil seeds, milk and milk products, pharmaceuticals in light of the potential of these products/services in the Chinese market.

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VIJAY MALLYA'S PLEDGED SHARE SALE FETCHES OVER RS 1000 CRORE

The Debt Recovery Tribunal (DRT) of Karnataka has recovered Rs 1008 crore by liquidating shares of United Breweries (Holding) held by fugitive offender Vijay Mallya. These shares have been attached by the Enforcement Directorate (ED) in connection with money laundering probe involving Mallya and debt-laden Kingfisher Airlines, enforcement agency said on Wednesday. The move will help State Bank of India (SBI)-led bank consortium to reduce its large outstanding debt against Kingfisher Airlines and Mallya. This among the big recovery action taken by the authorities since Mallya left India in 2016. The shares were pledged as collateral with Yes Bank by then Mallya-owned firm United Breweries. Upon the attachment notice by the DRT issued last year, the bank had challenged the move in the Karnataka High Court said that these shares had been already attached by the enforcement agency. The Court had last month directed bank to surrender these in favour of the recovery officer in Bengeluru within a period of three weeks from the date of receipt of the order. The court further stated that the attachment and the sale, if any, of the shares in question shall be subject to decision by the Competent Court including the order passed by the Special Court under the provisions of the Act. Subsequently, recovery officer published a notice on March 11 for sale of 74,04,932 shares of UBHL. The company, however sought stay on proposed share sale from PMLA court in Mumbai which was rejected by the Court on March 26. Mallya held 7.91 per cent stake in UB Holdings in his personal capacity as of December 2016, while total promoter holdings in the company stood at 52 per cent. The ED attachment includes the 41.3 million of UB shares, which were being held by Mallya and his group companies controlled directly or indirectly. This is almost 16 per cent stake in the company. One of the key promoters Heineken N.V. holds about 44 per cent of UB, which was once controlled by Mallya, while 23 per cent shares held by UB promoter and promoter group are pledged. So far, the ED has attached assets and properties worth Rs 9,700 crore held by Mallya and his companies in connection with an alleged IDBI Bank loan fraud case registered by the Central Bureau of Investigation (CBI).

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SIFO INVESTIGATION NOT ENDS AFTER EXPIRY OF PERIOD PRESCRIBED FOR SUBMISSION OF REPORT

Under Section 212(3) of the Companies Act, 2013 (2013 Act) where the investigation is assigned by the Central Government to the Serious Fraud Investigation Office (SFIO), the investigation must be conducted in the manner and in accordance with the procedure provided in the Chapter and a report has to be submitted to the Central Government within such period as may be specified. The instant appeal was filed by the SIFO challenging the correctness of the interim order passed by the High Court directing release of accused holding that their arrest by SIFO was an absolute illegality. In exercise of powers conferred by Section 212(1)(c) of the 2013 Act and under Section 43(2) and (3)(c)(i) of the Limited Liability Partnership Act, 2008 (2008 Act), the Central Government had directed investigation into the affairs of Adarsh Group of Companies and LLPs (The Group) by SFIOas nominated by Director, SFIO. On the same date, i.e. on 20.06.2018 an Order was passed by the Director, SFIO which prescribed completion of the investigation and submission of the report within three months. Based on the material gathered during investigation, an approval was sought under Rule (2) of the Companies (Arrests in connection with Investigation by Serious Fraud Investigation Office) Rules, 2017 (2017 Rules) from the Director, SFIO to arrest three accused persons The approval was granted by the Director, SFIO on 10.12.2018 much after the expiry of the three months from the date of the said order dated 20.06.2018. The accused were accordingly arrested on 10.12.2018. and were produced before the Magistrate on 11.12.2018. The Magistrate granted remand till 14.12.2018 and directed they be produced before the Special Court (Companies Act), on 14.12.2018. The prayer for extension of custody was opposed by the accused inter alia on the grounds that the period of completion of investigation as stipulated in the order dated 20.06.2018 had expired and as such all further proceedings were illegal. During the course of proceedings, the proposal seeking extension in respect of said 57 cases, where investigation had not been completed, was placed before the Special Court. After going into the record, the Special Court found that the application seeking further remand was justified. It, therefore, extended the police custody of the accused till 18.12.2018. Mean time, on 13.12.2018 a proposal was made by SFIO seeking approval of the Central Government for extension of time for completing investigation and submission of investigation report in respect of 57 cases which were at various stages of completion and the period granted for completion of investigation had either expired or was near the expiry. The proposal was accepted vide order dated 14.12.2018 passed by the Central Government in respect of the Group and extension was granted upto 30.06.2019. The accused approached the Hon’ble High Court and submitted that with the expiry of period of three months within which the investigation had to be completed in terms of order dated 20.06.2018, all further proceedings including the arrest of the respondents were illegal and without any authority of law. The High Court concurring with the arguments of the applicants held that the arrest of the applicants was an absolute illegality and patently suffered from the vice of lack of legal sanction and jurisdiction. The High court also opined that also, the applicants were arrested at the SFIO office at New Delhi rendering the remand orders passed by the concerned Magistrate wholly without jurisdiction. Accordingly the Hon’ble High Court directed release of accused on interim bail, during the pendency of the writ petitions, on their furnishing personal bond with local sureties subject to conditions stipulated in the order. The Hon’ble Supreme Court observed the investigation report under Section 212(12) is to be submitted on completion of the investigation whereas report under sub-Section (11) is in the nature of an interim report and is to be submitted if the Central Government so directs. The question to be answered by the Hon’ble Supreme Court was whether the period within which a report is contemplated to be submitted to the Central Government under sub-Section (3) is mandatory and what is the scope and extent of such stipulation. Particularly when the provisions of Section 43(2) of 2008 Act did not postulate any such period and the assignment in the present case to SFIO was under the concerned provisions of 2013 Act as well as under 2008 Act. The Hon’ble Supreme Court pointed out that it is well settled that while laying down a particular procedure if no negative or adverse consequences are contemplated for non-adherence to such procedure, the relevant provision is normally not taken to be mandatory and is considered to be purely directory. Furthermore, the provision has to be seen in the context in which it occurs in the Statute. The Hon’ble Supreme Court observed that in a SIFO investigation, there are three basic features as under:

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‘CSS CAN PLAY VITAL ROLE IN MAKING GST POPULAR’

Gracing as chief guest, Principal Commissioner Sanjeev G Dewalwar spoke on simplified GST procedure and how the traders, Government and people are benefited through the system. He said that the Company Secretaries professionals can play a vital role in creating awareness about the benefit of GST

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I-T, CRPF PERSONNEL CARRY OUT RAIDS AT KARNATAKA MINISTER PUTTARAJU'S HOUSE

In a pre-dawn swoop Thursday, Income Tax officials along with CRPF personnel carried out raids at the residences of Karnataka Minor Irrigation Minister C S Puttaraju and his nephew. Puttaraju said three teams of Income Tax officials and Central Reserve Police Force (CRPF) personnel carried out raids at his Chinnakurli residence in Mandya and his nephew's house in Mysuru. The development came a day after, Karnataka Chief Minister H D Kumaraswamy raised fears about possible raids on Congress and JD(S) functionaries in the state. He had claimed that CRPF personnel were brought from various parts of the country to carry out the raids in the state. Raids on Congress and JD(S) leaders can take place early Thursday morning using CRPF jawans instead of taking the help of the Karnataka Police in order to maintain secrecy, Kumaraswamy had claimed on Wednesday. Banerjee had staged a Save the Constitution dharna from February 3 to 5 in Kolkata after the CBI's failed bid to question Kolkata Police Commissioner Rajeev Kumar in connection with chit fund cases. Sources in the Congress said raids have been carried out at least 10 to 15 places in the city and elsewhere without giving details.

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REMUNERATION OF CHARTERED ACCOUNTANTS CONTINUES TO RISE, SAYS SURVEY

The latest survey Chartered Accountants Australia and New Zealand remuneration survey showed that the remuneration packages of Chartered Accountants Australia and New Zealand members continue to rise on either side of the Tasman, and across all designations. It pays to be based in Sydney or Auckland, work in the corporate sector, and in terms of salary increases, to have less than 10 years’ experience. The online survey, held late last year is run in Australia and New Zealand. It was completed by nearly 10,500 members including Chartered Accountants (CAs), provisional CAs, Accounting Technicians and Associate Chartered Accountants. The survey shows the total value of primary or secondary budgetary responsibilities for external suppliers, held by CA ANZ members, across all business areas in Australia and New Zealand combined, is over A$57 billion. In the 2017 survey, it was $50 billion. The participants shall be evaluated through oral and written assessments during the workshop. Also, the ICAI had entered into a unilateral arrangement Pilot International Pathway Scheme with Chartered Accountants Australia & New Zealand (CA ANZ) for ICAI members based in Australia and New Zealand. The said pathway program is in addition to the proposed MoU, which is before the Government for approval. Nowadays, the CA course has good demand in India and people who have completed CA have opportunities across the world.

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INR 3,400,000,000 WATER SUPPLY SCAM UNDER GUJARAT BJP GOVT: EX-CM SURESH MEHTA CITES AUDIT REPORT

The Gujarat Water Supply and Sewerage Board (GWSSB), a Government of Gujarat undertaking has reportedly not listed expenses worth Rs 340 crore as per the accounting standards prescribed by the Institute of Chartered Accountants of India. Former Gujarat chief minister Suresh Mehta has accused the Bharatiya Janata Party (BJP) government in the state of a multi-crore scam in the state water supply and sewage board. Mehta questioned the government over the unaccounted expenses and the quantum of water bills mentioned in the report presented in Gujarat Legislative Assembly in February 2019. Mehta reportedly sought answers from the state government body saying, What happened to the water bills worth Rs 340 crore? Did the water supplied to GWSSB evaporate? Gujarat Water Infrastructure Limited has raised bills of water charges amounting to Rs 502 crore for supply of water to GWSSB up to the financial year 2017-18. Of these bills, GWSSB has allegedly acknowledged bills worth Rs 163 crore, which it will pay.

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FILE REPLY ON NIRAV MODI FIRM'S PLEA ON PAINTINGS' AUCTION, HC TELLS I-T

The Bombay High Court Wednesday directed the Income Tax (I-T) department to file a reply to a petition by fugitive diamantaire Nirav Modi's firm, Camelot Enterprises, challenging the auction of 68 paintings belonging to him. A bench of justices Akil Kureshi and Sarang Kotwal directed the I-T department to file its reply by April 1. The firm approached the Bombay HC against the auction, calling it unlawful.

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SC ADJOURNS HEARING ON PLEAS CHALLENGING AMENDMENTS IN SC/ST ACT TO APRIL 30

The Supreme Court (SC) on Tuesday adjourned the hearing to April 30 on the petitions challenging the constitutional validity of amendment brought in SC/ST (Prevention of Atrocities) Act. On February 19, the top court had deferred the hearing to March 26. At that time, a bench of Justices UU Lalit and Indu Malhotra gave three days to the central government and other parties in the case for arguments.

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WILL FILE CHARGE SHEET AGAINST DEEPAK TALWAR BEFORE APRIL 1 IN MONEY LAUNDERING CASE, ED TELLS HC

Enforcement Directorate (ED) informed the Delhi High Court on Wednesday that it will file before April 1 the charge sheet against alleged lobbyist Deepak Talwar in a money laundering case. A bench of Justices Hima Kohli and Vinod Goel was informed by ED's special public prosecutor D P Singh that Talwar was arrested on January 30, and the 60-day statutory period is about to end. An accused is entitled to statutory bail if the investigating agency fails to file a charge sheet within the mandatory period. The court was hearing a habeas corpus plea which claimed that his arrest and custody from January 30 onwards was illegal detention. He has alleged that his fundamental rights were violated by the authorities. The matter has been listed for April 4. The court refused to entertain Talwar's prayer challenging the Constitutional validity of various provisions of the Prevention of Money Laundering Act (PMLA), including the agency's power to arrest and burden of proof. The bench said the Supreme Court is seized of various pleas challenging the same provisions of the PMLA and when the highest court of the land is hearing the matter, the high court cannot interfere with it. The bench also granted liberty to Talwar to file regular bail application before the trial court during pendency of his petition in the high court and clarified that the trial court should decide the bail plea uninfluenced with the pending plea. The ED had said Talwar was arrested by its competent officers under the PMLA and he was in custody pursuant to a valid remand order passed by a competent court, the jurisdiction of which was not in question, and that the habeas corpus writ was not maintainable. He has sought quashing of the FIR against him under the PMLA and also to declare some provisions of the Act as unconstitutional and in violation of fundamental rights.

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GUJARAT: GST OFFICIAL CAUGHT TAKING RS 21,000 BRIBE

A state GST official was arrested by the anti-corruption bureau (ACB) while accepting a bribe in his office at Bahumali building, Lal Darwaza on Tuesday. The ACB said in a release that GST official Rajesh Sandpa, posted in the office of the assistant commercial tax commissioner of Ahmedabad division 2, was caught while accepting Rs 21,000 as bribe in his private chambers. The GST official had issued a notice to the complainant in connection to his tax assessment for 2014-15. He had demanded a bribe for lowering the payable tax and penalty amount. The complainant didn't want to pay the bribe, and so approached the ACB. The official was thus caught in the trap while accepting the bribe money, the ACB said in the release.

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GUJARAT HIGH COURT DISMISSES PIL AGAINST POLL PANEL

The Gujarat High Court on Tuesday dismissed a public interest litigation filed by advocate KR Koshti, seeking a direction to the Election Commission (EC) to ensure compliance with Section 126 of the Representation of People Act. The section prohibits displaying any election matter by means, inter alia, of television or similar apparatus, during the period of 48 hours before the hour fixed for conclusion of polls in a constituency. The dismissal came from the division bench of Acting Chief Justice AS Dave and Justice Biren Vaishnav. During the hearing on Tuesday, the court said that the EC is an independent body and can ensure implementation of the provisions of the Act. Notably, the petitioner had demanded that the EC should ensure that no paid news is spread through television, print, or web platforms during the 48-hour period, when there is a complete ban on any form of political campaigning. The petitioner also sought that the poll body should ensure that TV channels and websites should not broadcast rallies, road shows, processions or press conferences by leaders of parties, which violates Section 126.

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CBI SEEKS MORE TIME FROM HC TO COMPLETE INVESTIGATION INVOLVING ASTHANA, OTHERS

The CBI Wednesday sought more time from the Delhi High Court to complete investigation in a bribery case involving the agency's then special director Rakesh Asthana and others. It has filed the application for time extension on the expiry of 10 weeks it was granted by the high court on January 11. The court had dismissed the pleas of Asthana, DSP Devender Kumar and Middleman Manoj Prasad seeking quashing of the CBI FIR lodged against them in the bribery case, directing the agency to complete its investigation in the case within ten weeks. The fresh CBI application came up before Justice Mukta Gupta who questioned the probe agency for not giving an advanced copy of the plea to the counsel for Astnana and Kumar. The court asked the agency to hand over a copy of its application to the counsel for the opposite side and said it will hear the matter on Thursday. Senior advocate Dayan Krishnan, appearing for Asthana and Kumar, told the court that they have not been given the copy of the application and don't know its content. Additional Solicitor General Vikramjit Banerjee, representing the CBI, said they have filed a status report in a sealed cover and the application seeking extension of time to complete the probe was not required to be served to Asthana and Kumar as it has been filed in a disposed of matter. To this, the judge said, You (CBI) want order and you don't even serve a copy to the other side. It is preposterous the way CBI tends to act. If you are not serving them the application copy then your plea is not maintainable. The ASG thereafter agreed to give the application copy to the counsel.

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NINE IRANIANS HELD WITH 100 KG NARCOTICS OFF GUJARAT COAST

In a joint operation launched by Marine Task Force (MTF), Indian Coast Guard (ICG) and Anti-Terrorist Squad of Gujarat apprehended nine Iranian personnel along with 100 kilograms of narcotics off the coast of Gujarat on 26 March 2019. On 24 March 2019, inputs were received from ATS, Gujarat, regarding an illegal consignment of narcotic drug, heroin, likely to be smuggled in Gujarat through a Dhow ex-Iran. It also revealed that the consignment was loaded in Pakistan and destined for Gujarat. A team of ATS embarked Indian Coast Guard Ship for the mission while communication frequencies were constantly monitored by the ATS personnel. After extensive search of more than 24 hours, the suspicious Dhow was intercepted on 26 March 2019 by ICG ship off Gujarat coast. On being challenged the suspicious Dhow resorted to evasive tactics to avoid apprehension. On realising that apprehension by ICG was inevitable, the crew set the Dhow on fire to destroy the evidence. In a daring Joint Boarding Operation, the ICG and ATS team embarked the Dhow and apprehended nine Iranian crew alongwith recovery of 100 Kg of Heroine. The ICG ship thereafter, attempted to extinguish the fire on-board the Dhow however, due to presence of large quantity of fuel and few gas cylinders, the fire became uncontrollable and consequently the Dhow sank. The apprehended crew alongwith the consignment has been brought to Porbandar by Indian Coast Guard Ship and handed over to Marine Task Force (MTF), Gujarat AM 27 March 2019 for further action.

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PAKISTAN URGES NO MILITARISATION OF SPACE AFTER INDIA DOWNS SATELLITE

Pakistan issued a call against military threats in outer space on Wednesday, hours after India said it had shot down one of its own satellites in a demonstration of its growing power in space. Space is the common heritage of mankind and every nation has the responsibility to avoid actions which can lead to the militarization of this arena, Pakistan’s foreign ministry said in a statement. We hope that countries which have in the past strongly condemned demonstration of similar capabilities by others will be prepared to work towards developing international instruments to prevent military threats relating to outer space, it said, without mentioning India by name. Boasting of such capabilities is reminiscent of Don Quixote’s tilting against windmills, it said, in a reference to the delusional hero of the 17th-century Spanish novel by Miguel de Cervantes.

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DIGITAL SECTORS CAN COMPRISE 10% OF GDP BY 2025: MCKINSEY

Thanks to growing digital adoption in India, core digital sectors such as IT and business process management (IT-BPM), digital communication services, and electronics manufacturing could account for 8-10 per cent of GDP by 2025, up from 7 per cent in 2017-18, noted a new report by McKinsey Global Institute. Newly digitizing sectors (including agriculture, education, energy, financial services, healthcare, logistics, and retail) as well as digital applications in government services and labour markets could each create $10 billion to $150 billion of incremental economic value in the same period. Some 60 million to 65 million jobs could be created by the productivity surge by 2025, although redeployment will be essential to help the 40 million to 45 million workers whose jobs will likely be displaced or transformed by digital technologies, based on McKinsey estimates, said Anu Madgavkar, senior fellow of the McKinsey Global Institute, co-author of the report. The value of the digital sector can improve from $170 billion at present to almost $435 billion during the same period. On the consumer side the digital progress has been dramatic across internet usage. Interestingly, the low income states are doing very well to catch up with the states leading this growth. Seven out of top ten fastest growing states are those with lower average per capita income. Madgavkar told. She noted that these states are accounting for almost 130 million new internet subscription in the country, due to lower cost and better internet infrastructure. The report found that among the 30 top and fastest growing digital economies in the world, India is second only to Indonesia. India’s score rose by 90 per cent between 2014 and 2017 while Indonesia grew 99 per cent. India is one of the largest and fastest-growing markets for digital consumers, with 560 million internet subscribers in 2018, second only to China. Indian mobile data users consume 8.3 gigabits (GB) of data each month on average, compared with 5.5 GB for mobile users in China and somewhere in the range of 8.0 to 8.5 GB in South Korea, an advanced digital economy.

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DOMESTIC HOTEL INDUSTRY TO REGISTER TOP LINE GROWTH OF 10-11 PER CENT IN FY2019: ICRA

The domestic hotel industry is expected to register a top line growth of 10-11 per cent in 2019 than the earlier expectation of 8.5 per cent, according to the rating agency ICRA. According to the agency, the demand for room is expected to continue to grow by about 8-9 per cent year-on-year over the medium term, led by increasing domestic travel, buoyant meetings, incentives, conferencing and exhibitions (MICE) activity and higher FTAs, despite immediate headwinds from global geopolitical concerns and increasing local airfare. This is aided by a low supply pipeline and robust domestic travel, which will result in an estimated financial year (FY) 2019 Revenue Per Available Room (RevPAR) growth of 5-6 per cent. The RevPAR improvement is likely to be driven by an uptick in both Average Room Rates (ARR) and occupancy. Also, the RevPAR for FY 2019 is likely to be the highest since FY2012. The industry’s operating margin is expected to improve by approximately 150 basis point to 21- 21.5 per cent during FY2019E. Margins are expected to continue the growth trajectory during the next few years to hit a high of approx 26 per cent during FY2023P. Debt reduction measures undertaken by certain large industry participants have resulted in sizeable reduction in industry leverage levels over the past two years, said Pavethra Ponniah. She added that the capex for larger players in the industry towards building new hotels will be limited, going forward as the Return on Capital Employed (RoCE) continues to be at sub-cost (lower than cost of) of capital and is expected to remain so at least until FY2020. This will discourage any major investments from these players. RoCE is expected to improve substantially to approx 14 per cent during FY2022. Healthy demand and limited supply in Delhi (which has about 75 per cent of the NCR inventory) is expected to drive ARRs in the region, while Gurugram would continue to struggle in the immediate term because of the DIAL Aerocity supply. ICRA research is currently tracking a premium pipeline inventory of 1,02,400 rooms across 12 key cities, up from 98,900 rooms in November 2018. The assessed supply growth has increased from 5 per cent and 4,600 rooms to 7 per cent and 5,800 keys in FY2020, with the biggest incremental supply happening in NCR and Goa, said the statement.

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ADANI BECOMES 1ST INDIAN PORT OPERATOR TO RECORD 200 MT CARGO MOVEMENT

Adani Port and Special Economic Zone (APSEZ) Wednesday claimed that it has become the first Indian port operator to handle cargo movement of 200 million tonnes (MT) in 2018-19. APSEZ, part of Gautam Adani-led Adani Group had recorded 100 MT cargo in 2013-14. On March 21, leading private port operator APSEZ, recorded cargo movement of more than 200 MT, APSEZ said in a statement. Our projections were to reach this milestone by 2020 but we could achieve it ahead of schedule courtesy the tech-driven operational efficiency and enhanced asset utilisation. Robust capacity addition at our leading ports such as Dhamra and Mundra as well as deepening presence closer the hinterland with new facilities such as Ennore and Kattupalli played a critical role in this journey, said Karan Adani. He added that focus on adding value as an integrated logistics player and coastal shipping of coal further bolstered the process.

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MADRAS HC ADJOURNS HEARING ON STERLITE PLANT DISPUTE TO APRIL 23

A division bench of Madras High Court on Wednesday refused to issue an order on Vedanta Group's plea seeking an interim relief for care and maintenance of the Sterlite Copper Smelter plant in Thoothukudi, which has been shut down for over 10 months now. The Bench adjourned the matter for hearing on April 23. The plant, which has not been in operation from April for maintenance, was ordered by the state government for a permanent closure following a police action and death of 13 people in protests.

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TALC CANCER TRIAL; NEW JERSEY JURY FINDS J&J NOT LIABLE; CO SETTLES 3 CASES

A New Jersey jury on Wednesday cleared Johnson & Johnson of liability in a lawsuit brought by a man who said that asbestos in the company's talcum powder products caused his mesothelioma. The jury delivered its unanimous verdict in Middlesex County Superior Court in New Brunswick, just miles from J&J's headquarters, in the case of plaintiff Ricardo Rimondi. J&J, which faces some 13,000 talc-related lawsuits nationwide, denies that its talc causes cancer, saying numerous studies and tests by regulators worldwide have shown its talc to be safe and asbestos-free. Johnson & Johnson on Wednesday also settled three other mesothelioma talc cases pending in state courts in California, Oklahoma and New York, Chris Panatier, a lawyer for the plaintiffs, told.

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MAMATA PROMISES TO REVIVE PLANNING COMMISSION, PROBE NOTE BAN

The TMC will work for the revival of the Planning Commission, institution of a judicial inquiry into demonetization and a review of the GST if the opposition alliance is voted to power in the Lok Sabha polls, its manifesto released by party supremo Mamata Banerjee said Wednesday. Banerjee, a prime mover behind the efforts to cobble together an anti-BJP alliance of opposition parties, said she is not fighting for chair and that her aim is to rid the country of the reign of fear. The West Bengal chief minister also said the 100-day work provision under MNREGA the government's flagship employment scheme for the rural poor, will be extended to 200 days a year and the wages doubled. Why was demonetization carried out? We want a judicial probe monitored by a former Supreme Court judge. We will bring back the Planning Commission and ensure that it strengthens the federal structure, she told. The 67-page manifesto has been published in Bengali, English, Hindi, Nepali, and Ol Chiki, the tribal Santhali language. We want the GST to be reviewed by an expert committee. If it is really helping people, we would keep it or else we would review it, she said, but went on to add that both GST and demonetization have destroyed Indian economy.

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1.85 MN PEOPLE AFFECTED BY CYCLONE IDAI IN MOZAMBIQUE: UN

About 1.85 million people have now been affected by Cyclone Idai and its aftermath in Mozambique alone, UN humanitarian agency OCHA said on Tuesday, as aid workers raced to fathom the scale of the disaster and determine what help is most urgently needed. Some will be in critical, life threatening situations. Some will sadly have lost their livelihoods, which whilst an appalling tragedy is not immediately life threatening, OCHA coordinator Sebastian Rhodes Stampa said. Cyclone Idai flattened homes and provoked widespread flooding when it made landfall near the Mozambique port city of Beira on March 14. It then ripped through neighbouring Zimbabwe and Malawi. At least 686 people have been killed by the storm and its aftermath across the three countries, a figure that could rise as relief workers prepare for what they say are inevitable outbreaks of diseases including malaria and cholera.

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A GREAT ACHIEVEMENT FOR INDIA, WILL ACT AS DETERRENCE: DRDO CHIEF ON ANTI-SATELLITE MISSILE TEST

India's anti-satellite missile test is a reflection of the country's growing capability to develop critical technology and it will act as a good deterrence, DRDO Chairman G Satheesh Reddy said Wednesday. Reddy said clearance for the project was given over two years back. It is a great achievement for India, he told PTI after India shot down a satellite in space with a missile, catapulting the country into an elite club of space powers. Reddy said the technology used for the test has been completely developed indigenously. The shooting down of the satellite with a missile reflected that we have matured to develop technology which could achieve accuracy in terms of centimeters. The anti-satellite missile test has reflected our capability and will act as a good deterrance, the chief of Defence Research and Development Organisation said.

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DRDO EX-CHIEF ON MISSION SHAKTI: UPA DIDN’T GIVE NOD BUT PM MODI HAD THE COURAGE

Hours after Prime Minister Narendra Modi announced the success of Mission Shakti, former DRDO chief VK Saraswat on Wednesday said had the erstwhile UPA government given clearances, India would have had anti-satellite missile capability way back in 2014-15. Saraswat was seconded by former ISRO chairman G Madhavan Nair, who also said that India had the anti-satellite missile capability more than a decade ago but there was no political will at the time to demonstrate it. We made presentations to the then National Security Adviser and National Security Council when such discussions were held. They were heard by all concerned, unfortunately, we didn’t get a positive response (from UPA), so we didn’t go ahead. During that time, Shiv Shankar Menon was the NSA. The former DRDO chief said PM Modi had the courage and gave nod to the proposal after he resumed office following the 2014 Lok Sabha elections. When the proposal was put up by Dr Satheesh Reddy and NSA Ajit Doval to PM Modi, he had the courage and based on that he gave a go ahead. If the clearances were given in 2012-13, I am quite certain that the launch would have happened in 2014-15, he said. Nair also said PM Modi had the political will and courage to go forward with the mission. He said when China shot down an aging weather satellite by launching a missile in 2007, India had the technology to undertake a similar mission. Now (Prime Minister Narendra) Modiji has taken the initiative and he had the political will and courage to say that we will do this. We have now demonstrated this to the whole world, Nair told. Jaitley said when India had test-fired the Agni-V missile in April 2012, then DRDO chief VK Saraswat had said India could now develop an anti-satellite missile but the government had not given its nod. Indian scientists had the capability to build an anti-satellite missile a decade ago, then the government never gave permission, he said.

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ARUN JAITLEY HITS BACK AT CONGRESS, OPPN OVER MISSILE LAUNCH

Arun Jaitley Wednesday accused the erstwhile UPA government of not granting scientists permission to build the country's own anti-satellite missile, saying it lacked capability and clarity. He said when India had test-fired the Agni-V missile in April, 2012, then DRDO chief V K Saraswat had said that India could now develop an anti-satellite missile but the government had not given its nod. Targeting the Congress, he said those patting their own back for India's strategic missile programme were doing so for wrong reasons. If they want to rectify the Balakot (air strike) mistake, it is the opportunity for the opposition to do so and stand in support of our scientists, he said, referring to the air strike on a terrorist camp in Pakistan after the Pulwama terror attack.

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I-T DEPT ATTACHES LUTYENS BUNGALOW WORTH RS 208-CRORE IN BENAMI CASE

The Income Tax department Wednesday attached a bungalow worth Rs 208 crore belonging to a former UP government engineer, in the posh Lutyens zone of the national capital, officials said. An order for provisional attachment of the property was issued by the department under the anti-benami assets law. A Prithvi Raj Road-located property worth Rs 208 crore of Arun Kumar Mishra, former chief engineer of UPSIDC, has been attached by the I-T department under section 24(3) of the Prohibition of Benami Property Transaction Act, they said. The department had filed a case against him under the anti-benami assets law.

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DALMIA BHARAT FILES COMPLAINT WITH EOW OVER RS 344 CRORE ‘SECURITIES FRAUD’

Dalmia Bharat Group has registered an FIR with the Economic Offences Wing (EOW) of the Delhi police, alleging that Allied Financial Services Pvt Ltd (AFSPL), Money Mishra Overseas Pvt Ltd, National Securities Depository Ltd (NSDL) and IL&FS Securities Services Ltd (ISSL) have duped them of their securities worth Rs 344 crore. Suvashish Chaudhary, Additional CP (EOW), confirmed that an FIR was registered after receiving a complaint from Dr Sanjeev Gemawat, executive director of Dalmia Cement.

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SONIA DHAWAN, ACCUSED IN PAYTM CASE, REJOINS COMPANY

Sonia Dhawan, the former Paytm executive, who was also one of the prime accused in an extortion bid against the Soft-Bank-backed company’s founder Vijay Shekhar Sharma, is believed to have rejoined the company in a surprising turn of events. Sources within the company told that Dhawan, who had spent nearly five months in jail, along with her husband Rupak Jain, had rejoined the company earlier in the week. The former VP of communications and public relations at the company had been granted bail by the Allahabad High Court earlier this month. Messages sent to Sharma did not elicit any response till the time of going to press. Jain had been granted bail in February this year, also by the Allahabad High Court. It is unclear whether Dhawan has rejoined Paytm with the same responsibilities she had prior to her arrest. The development comes even as the company is in the midst of raising $1-2 billion from existing investors SoftBank and Alibaba’s financial affiliate Alipay, a transaction that could value the Noida headquartered venture at $16-18 billion.

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PULWAMA ATTACK: PAKISTAN SAYS NO TERROR CAMPS EXIST ON 22 LOCATIONS SHARED BY INDIA

Pakistan on Thursday said it has examined 22 pin locations shared by India but found no terror camps and claimed that there are no links to nail 54 people detained in connection with the Pulwama terror attack as it shared the preliminary findings with New Delhi. Pakistan is willing to allow visits, on request, to these locations, the Foreign Office (FO) said. While 54 detained individuals are being investigated, no details linking them to Pulwama have been found so far, it said. Similarly, the 22 pin locations shared by India have been examined. No such camps exist. Pakistan is willing to allow visits, on request, to these locations, the FO said. It said that in consistent with its commitment to cooperate, Pakistan on Wednesday shared preliminary findings of its investigations with India along with a set of questions. India handed over the dossier to the Acting High Commissioner of Pakistan in New Delhi on February 27 with specific details of Pakistan-based terror group Jaish-e-Mohammed (JeM)'s complicity in the Pulwama attack that killed 40 CRPF personnel on February 14 and the presence of JeM terror camps and its leadership in Pakistan.

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PAKISTAN'S EM STATUS IN DOUBT AFTER DEEP SLIDE IN STOCK VALUE

Pakistan’s inclusion in the MSCI Inc’s emerging-market indices has come under a cloud as the nation’s stocks fall below the market-size threshold The South Asian nation, which got promoted from a frontier nation in June 2017, has erased about $44 billion of equity value since then. That has narrowed its weight in the MSCI Emerging Markets Index to just above 3 basis points, lower than the 8 basis points Morocco and Jordan had when they were downgraded, according to EFG-Hermes Holding. That’s not all. Habib Bank, one of the three stocks in the MSCI’s Pakistan gauge, now has a market capitalisation below $1.6 billion. The MSCI usually requires at least three stocks to remain above that level for a country to maintain the emerging-market status. Also, none of the three stocks fulfills the free-float requirement. All this means there is a 50 percent probability Pakistan will be put on review in June for a downgrade, Mohamad Al Hajj, an equities strategist at EFG-Hermes, said by phone. If it happens, it will be the fastest upgrade and downgrade. This does not mean a demotion is imminent. MSCI, whose indices are tracked by global investors to make investment decisions, doesn’t react to every change in market value or take decisions based on a single characteristic. MSCI may decide to keep the market for some time within the same status, while keeping three constituents using the index continuity rule, the index provider said in an emailed response to questions. Secondly, the final decision to reclassify could be made following a public consultation. We are disappointed to see Pakistan faces a risk of downgrade as we traveled on global road shows for Pakistan’s upgrade not long ago, said Tariq. The new government has been indifferent towards the capital market that needs support.

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US SETS UP UN CLASH WITH CHINA OVER BID TO BLACKLIST JEM CHIEF MASOOD AZHAR

The United States on Wednesday circulated a draft resolution to the UN Security Council that would blacklist JeM chief Masood Azhar as a terrorist, setting up a potential clash with China over the move. China earlier this month put on hold a request to put Masood Azhar on the UN sanctions list, over his alleged ties to Al-Qaeda. That request stalled in a UN sanctions committee, prompting the United States to turn directly to the Security Council with the proposed resolution blacklisting Azhar. The draft resolution obtained by AFP condemns the suicide bombing and decides that Azhar will be added to the UN Al-Qaeda and Islamic State sanctions blacklist.

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THERESA MAY SAYS SHE WILL QUIT IF HER BREXIT DEAL IS PASSED: LAWMAKER

British Prime Minister Theresa May said on Wednesday she would quit if her twice-defeated EU divorce deal passes at the third attempt, making a last-ditch bid to persuade rebels in her Conservative party to back her, one of her lawmakers said. May will go if deal gets through, said the lawmaker, who spoke on condition of anonymity. Suggests she goes after a deal. A third Conservative member of parliament said May had told the meeting that she would hand over to a successor to negotiate the next phase of Brexit - future relations with the EU, notably a wide-ranging trade agreement. May's announcement is the latest dramatic turn in the United Kingdom's three-year Brexit crisis, but it is still remains uncertain how, when or even if it will leave the European Union. Many of the Conservative rebels who want a cleaner break from the EU than May's deal would deliver had made it clear that they would only consider supporting her agreement if she gave a firm commitment and date for her resignation. May, a vicar's daughter, had already promised to step down before the next election, due in 2022. By agreeing to go sooner, she increases the chances of her EU deal passing before the new April 12 deadline. The government is now expected to bring the deal back to parliament for a third vote on Friday. May's deal means Britain will leave the EU single market and customs union as well as EU political bodies. But it requires some EU rules to apply unless ways can be found in the future to ensure no border is rebuilt between British-ruled Northern Ireland and EU member Ireland.

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UK TO NOT IMPOSE ANY NEW TARIFFS ON INDIAN SEAFOOD EXPORTERS AFTER BREXIT

United Kingdom (UK) will not impose any new tariffs on Indian seafood exporters after the former parts ways with European Union (EU) in case of a 'no deal' Brexit. UK has stated that the imported seafood from countries currently benefiting from the GSP (Generalised System of Preferences) scheme of EU, including India, will continue to benefit from the same, low or zero tariffs. The EU GSP is the system of preferential trading arrangements through which the EU extends preferential access to its markets to developing countries. EU is the third largest market for Indian seafood exporters.

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US HOUSE FAILS TO SCRAP TRUMP VETO, UPHOLDING BORDER WALL EMERGENCY

The US House of Representatives on Tuesday failed to override President Donald Trump's first veto leaving in place the national emergency he declared last month to build a U.S.-Mexico border wall that Congress has not funded. Democrats who control the House did not attract enough Republican support, falling some three dozen votes short of the two-thirds majority vote needed to overturn Trump's veto. Just 14 Republicans joined 234 Democrats in voting to override, one more Republican than had bucked Trump in a previous House vote on the border wall emergency. One Democrat and two Republicans did not vote. With the 248-181 tally, Trump is now likely to continue scouring federal accounts for money he wants redirected to building a border wall, which he says is needed to curb illegal immigration and drug trafficking. However, House Speaker Nancy Pelosi and Democratic Representative Joaquin Castro, author of the resolution to overturn Trump's move, said lawmakers would keep trying to block him through the regular congressional process of appropriating funds, as well as reviewing his emergency declaration again six months from now. The battle over Trump's emergency declaration also shifts to the courts, with various legal challenges already underway that could slow Trump's building plans for some time. A coalition of 16 states sued in federal court in February to stop Trump's border wall emergency; another four states joined the lawsuit this month. Thank you to the House Republicans for sticking together and the BIG WIN today on the Border, Trump wrote on Twitter after the House vote.

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UK TO NOT IMPOSE ANY NEW TARIFFS ON INDIAN SEAFOOD EXPORTERS AFTER BREXIT

United Kingdom (UK) will not impose any new tariffs on Indian seafood exporters after the former parts ways with European Union (EU) in case of a 'no deal' Brexit UK has stated that the imported seafood from countries currently benefiting from the GSP (Generalised System of Preferences) scheme of EU, including India, will continue to benefit from the same, low or zero tariffs. The EU GSP is the system of preferential trading arrangements through which the EU extends preferential access to its markets to developing countries. EU is the third largest market for Indian seafood exporters. The UK government is weighing options on the terms of quitting the EU and has recently announced the rates of customs duty (tariffs) that will apply to imports of goods into the UK, if it leaves the EU with no deal. The new tariffs will be valid initially for 12 months. The new regime would affect only imports into the UK. According to a recent UK government guidance if the UK leaves the EU without a deal with the EU, it will apply a tariff rate of 12 per cent for imported shrimp. However, the same guidance states that the UK intends to retain the same GSP tariff preference for shrimps from India, which is 4.2 per cent, said Ivan Bartolo, regulatory affairs advisor at Seafish, representing the UK seafood industry. According to trade sources in UK, India exported about 13,200 tonnes, worth £90.5 million of shrimps in 2016 and 14,600 tonnes valued at £109.8 million in 2017. However, there are no plans of UK to change the testing mechanism at the moment, but this may be revisited in future, sources added.

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Thanks & Regards,
CS Meetesh Shiroya