135 STARTUPS GET ANGEL TAX EXEMPTION SO FAR FROM GOVERNMENT
OUT OF 170 APPLICATIONS
Nine days after the
Central Board Of Direct Taxes (CBDT) granted the exemption to around 120 startups
from Section 56(2) viib of the Income-Tax Act, 1961 aka angel tax, another 15
startups have been sent exemption notification till Friday. So far 170 startups
registered with the Department for Promotion of Industry and Internal Trade
(DPIIT) have applied for the angel tax exemption through Form-2. 170 startups
have submitted applications so far out of which the total number of exempted
startups stand at 135 which have received exemption notification till Friday
evening, from 120 on March 20, Sachin Taparia, told. With regard to your
declaration dated 01/03/2019, furnished in Form 2 in pursuance of para 5 of the
notification no. G.S.R.127 (E) dated 19th February 2019 of DPIIT, Ministry of
Commerce and Industry read with notification no. S.O.1131 (E) dated 5th March
2019 of Central Board Of Direct Taxes CBDT), it is stated that the provisions
of clause (viib) of sub section 2 of Section 56 of the Income-tax Act,1961
(‘Act’) shall not apply to (name of the applicant company) XYZ PAN XYZ DPIIT Recognition
number XYZ on the amounts received as consideration for issue of shares subject
to the fulfilment of conditions as specified in the notification no.
G.S.R.127(E) dated 19th February 2019 of DPIIT and subsequent amendments if
any, read the CBDT’s March 20 email sent to around 120 startups and seen by
Financial Express Online. Pertaining to the issue related to a lack of seamless
sharing of startups’ details received by DPIIT to CBDT, there is also an
assurance of a digital information exchange. CBDT and DPIIT assured of their
integration for digital information exchange where exempted startups will be
identified in the CBDT system. This means that there will be no scrutiny notice
generated against these startups in a share premium event. CBDT currently
manually extract startup information shared in PDF form by DPIIT, said Taparia.
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AGRI EXPORTS: GOVT LAYS OUT PROCEDURE FOR CLAIMING BENEFITS
UNDER TMA SCHEME
The commerce ministry has laid
out a detailed procedure for claiming benefits under the Transport and
Marketing Assistance (TMA) scheme, which aims at boosting agricultural exports
In March, the government announced this scheme for providing financial
assistance for transport and marketing of agriculture products to boost exports
of such commodities to certain countries in Europe and North America. Under the
TMA plan, the government will reimburse a certain portion of freight charges
and provide assistance for marketing of agricultural produce. Procedure and
Aayat Niryat Form to avail TMA for specified agricultural products are
notified, the Directorate General of Foreign Trade (DGFT) has said in a
notification. The scheme covers freight and marketing assistance for export by
air as well as sea (both normal and refrigerated cargo). As per the procedure,
application for claiming assistance can be filed online by a registered and
eligible exporter having a valid RCMC (Registration Cum Membership
Certificate), issued by export promotion councils or commodity boards. The application
shall be filled up online on DGFT’s website along with the application fee. The
application for claim on TMA will be made on quarterly basis. Online claims
should be filed within a period of one year from the completion of quarter in
which exports have been made, the notification said. The documents which are
required to file the application includes shipping or airways bill, commercial
invoice, on board bill of landing, and proof of landing. The assistance will be
paid only to the exporter shipping the cargo and in whose name payment is
realised through normal banking channels, it added. The DGFT also said the
scheme is admissible for the export made through EDI (electronic data
interchange) ports only. Presently, it will be available for exports effected
from March 1 this year to March 2020.
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GST: TRADERS WITH TURNOVER OF RS 40 LAKH CAN DEREGISTER
Traders with a turnover
limit of Rs 40 lakh per annum can get themselves de-registered from Goods and
Service Tax (GST) as the new limit is in place from new financial year that
began on Monday. Under new exemption limit, only traders with annual turnover
of Rs 40 lakh or above needs to be registered. Axat Vyas said said traders who
had registered previously as their turnover was over Rs 20 lakh can get
themselves de-registered. However, traders with interstate sales or doing both
trading and providing services will be subjected to previous exemption limit
only. The exemption for service providers will be annual turnover of Rs 10
lakh. The new cap for composition scheme or the one for lump sum tax is Rs 1.5
crore of annual turnover, up from Rs one crore applicable till now. However,
only those traders who have made application by March 31, 3019, will be
eligible for the scheme. Traders with service component of Rs five lakh or 10
per cent of total turnover, whichever is less, will also be benefited.
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ARUN JAITLEY MEETS REVENUE OFFICERS AS INCOME TAX, GST MOP-UP
FALLS SHORT OF YEARLY TARGET
Arun Jaitley held a high-level
meeting with the heads of Central Board of Direct Taxes or CBDT and Central
Board of Indirect Taxes and Customs (CBIC) to assess the revenue collection
situation as both the direct and indirect tax revenue numbers fell short of
their target for the financial year 2018-19, sources in the finance ministry
told. The shortfall in revenue concerns the ministry as it would also impact
its fiscal deficit target of 3.4% of the gross domestic product for 2018-19.
The government will have to make up for the revenue gap by decreasing
expenditure, higher disinvestment proceeds and other non-tax revenue
collection. Notably, the government’s disinvestment mop-ups have exceeded the
original target of Rs 80,000 crore with the overwhelming response from the
second tranche of CPSE ETF in mid-March and proceeds from REC-PFC merger.
However, the government seems to be confident about achieving the fiscal
deficit target of 3.4% as Finance Secretary Subhash Chandra Garg had said that
the government would stick to its fiscal deficit target for FY19 after the
borrowing meet on Friday got over. Finance Minister Arun Jaitley also said.
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GOVT EXTENDS ANTI-DUMPING DUTY ON ALUMINUM ALLOY WHEELS
The government of India
has extended anti-dumping duty on select four-wheeler aluminum alloy wheels
from China, Korea RP, and Thailand for another five years to safeguard the interest
of domestic manufacturers. A Directorate General of Trade Remedies (DGTR)
notification dated March 29 announced imposing of duty in the range of USD 0.08
to USD 2.15 per kg on imports of aluminum alloy road wheels (ARWs) of diameters
ranging from 12 inches to 24 inches, being imported from the above mentioned
three countries. The authority recommends imposition of definitive anti-dumping
duties on the import of the subject goods (ARW), originating in or exported
from China PR, Korea RP and Thailand for a period of 5 years, the DGTR
notification read. Total imports of ARW from these countries declined from
82.06 per cent during base year 2014-2015 to 61.65 per cent during period of
investigation ( 1st April 2017 to 31st March 2018). This trend led to inking of
the decision. However, contrary to the above trend, imports from other
countries have shot up to more than double from 17.94 per cent to 38.35 per
cent during period of investigation, the notification observed.
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SFIO ARRESTS FORMER IL&FS VICE-CHAIRMAN HARI SANKARAN
The Serious Fraud
Investigation Office (SFIO) on Monday arrested Hari Sankaran, former managing
director and vice-chairman of Infrastructure Leasing and Financial Services, in
connection with ongoing investigations into defaults at IL&FS and its
subsidiaries last year. Sankaran was produced in a special court in Mumbai,
which remanded him to custody till 4 April. Sankaran abused his powers in granting
loans to IL&FS subsidiaries which were not credit-worthy or were declared
as non-performing assets (NPAs), the SFIO said in a statement released after
his arrest. His fraudulent conduct has resulted in wrongful losses to the
company and its creditors, the statement added. It may be worth noting that
IL&FS Financial Services Ltd had borrowings of more than ₹17,000
crore from debt instruments and bank loans. Provident funds, pension funds,
gratuity funds, mutual funds, public and private sector banks, are among those
who have invested in these debt instruments, said SFIO in a press statement.
According to its two interim reports to NCLT Mumbai, SFIO found that the
practices followed by IL&FS flouted the prescribed banking and lending
norms. SFIO has also found the auditors of IL&FS subsidiaries negligent in
detecting financial discrepancies. The IL&FS group companies owe nearly ₹17,000
crore to banks, mutual funds and insurance companies, among others.
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ICAI SET UP AN ONLINE SUPPORT PANEL FOR BANK BRANCH AUDIT
QUERIES FROM APRIL 1ST, 2019
With a view to support
chartered accountants for fast resolution of queries, the Auditing and
Assurance Standards Board (AASB) of ICAI has set up an Online support for the
members from April 1st, 2019 till April 15th, 2019 for the bank branch audits
for the year ended 31st March 2019. The queries can be sent at
bankauditfaq@icai.in. As per announcement made in this regard, it has been
pointed out that the members often, face issues/ queries while conducting Bank
Branch Audits. These issues could include determination of NPA status,
implications of complicated data found in a branch audit, unavailability of any
relevant RBI circular, implications of the requirements of RBI circular, nature
and adequacy of documentation, possible wordings of the audit report on some
important matters in bank branch audit, reporting on Long Form Audit Reports,
Ghosh and Jilani Committee recommendations, special purpose reports and
certificates, etc. The queries so received will be distributed amongst the
members of the panel on random basis and they would reply to the same. Members
have been advised to:
·
Be brief but provide full
information and facts.
·
Not to mention the name of
the Bank or Branch or the name of the Borrower or depositor to avoid problem of
violation of client confidentiality requirements under the ICAI Code of Ethics.
·
Avoid rejoinders.
·
Not to send the same query
twice.
·
Draft the report on your
own.
·
Use own judgment.
However, it has been
specifically stated that the views expressed by the experts would be their
personal views and not necessarily the views of the Auditing and Assurance
Standards Board (AASB) or the Institute of Chartered Accountants of India
(ICAI). AASB, ICAI or the members of the Panel, do not accept any responsibility
for actions taken by the querists based on such advice
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THERE IS ECONOMIC EMERGENCY IN INDIA: RAHUL
Rahul Gandhi on Tuesday
accused Prime Minister Narendra Modi of wrecking the economy and said there was
an economic emergency in the country. Blaming demonetization and the Goods and
Services Tax (GST) for what he said was an economic mess, Gandhi said after
releasing the Congress manifesto here for the Lok Sabha polls that his party
was determined to set right the situation. Among other things, Gandhi promised
that a Congress government would allow entrepreneurs to start new ventures
without permission for three years to give a boost to the economy. Farmers who
are unable to return loans they take from banks will no more face criminal but
only civil cases, he added. The Congress leader also pledged to increase
government spending on education and health The BJP is spreading hatred. We
want to unite the country, he said, and accused the Prime Minister of lying on
issues such as providing 2 crore jobs to youths. To repeated questions, Gandhi
said the narrative for the Lok Sabha election had already been set -- and it
was all about economic issues and misery. Asked if the journalists were
interacting with a future Prime Minister, he retorted: Ask the people this
question.
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2,000-PAGE REPORT REVEALS AMRAPALI GROUP 'S CLOSER ASSOCIATION
WITH MS DHONI
Last week, Indian cricket
star Mahendra Singh Dhoni approached the apex court appealing against fraud-hit
real estate developer Amrapali group claiming unpaid dues of Rs 40 crore for
brand endorsements. However, a 2,000-page report submitted to the Supreme Court
(SC) by forensic auditors examining the case may cast some suspicion on the ace
cricketer and his wife, since the latter was one of the directors of one of the
subsidiaries used to divert funds. The report, submitted by SC-appointed
auditors Ravi Bhatia and Pawan Aggarwal, said the group set up more than 100
shell companies in the names of officials, which was used to divert funds worth
Rs 3,000 crore. Incidentally, Mahendra Singh Dhoni’s wife was a director of one
such shell company, with the group’s promoters also running a charitable
hospital in the name of Dhoni. The auditor’s report summarized that the
collapse of the Amrapali group was not due to a change in market conditions or
investment decisions but because of the wilful criminal actions of the group’s
proprietors. The cricketer and his wife were too close to the directors to be
comfortable now. His wife was one of the directors of the company via which
promoters siphoned money. It is difficult to distance them now, said a former
employee of the company, who did not wish to names as the matter is pending in
the court. The Supreme Court is hearing the case and will examine the details
in the report on April 9.
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INTEL: RS 10,000 CRORE CASH ARRIVING IN TAMIL NADU
The seizure of Rs 11.5
crore in cash at a cement godown in Vellore district by the IT investigation
wing on Monday appears to have confirmed the Election Commission's worst fears
about the influence of money in the Lok Sabha polls in Tamil Nadu. Intelligence
agencies have estimated that more than Rs 10,000 crore could be pumped in by
various political parties into campaigning and for bribing voters in TN and
Puducherry by April 18, the polling day. The poll panel has already designated
all 40 LS seats in Tamil Nadu and Puducherry, along with 70 other seats across
the country, as expenditure sensitive. So far, Rs 78.12 crore in cash has been
seized in the state. During Monday's predawn raid, I-T sleuths found new
currency bundles dumped in gunny bags and cardboard boxes at the godown in
Vellore in northern Tamil Nadu. The godown is owned by a DMK functionary. Many
bundles were in Rs 200 denomination. Some were neatly packed in envelopes with
details of municipal and village wards written on them. I-T officials said they
were meant to be distributed among voters.
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HC UPHOLDS ITAT ORDER IN BIRLA TELECOM UNIT CASE
The Bombay High Court has upheld
an order of the income tax tribunal, which said that Aditya Birla Group’s
telecom unit did not violate rules while receiving an investment of Rs 2,098.25
crore from a subsidiary of global private equity firm Providence Equity
Partners. The high court said in its order last week that the transaction was
genuine and could not be considered round tripping of funds, providing major
relief for Aditya Birla Telecom, a unit of erstwhile Idea Cellular. The high
court was hearing a petition filed by the Commissioner of Income Tax on a
dispute that had its genesis about a decade ago. Aditya Birla Telecom received
Rs 2,098.25 crore from Mauritius-based P5 Asia Holding Investment (P5AHIML), a
subsidiary of Providence Equity Partners, in FY08. The amount included share
premium of Rs 2,096.32 crore upon allotment of compulsory convertible
preference shares to the subsidiary. However, the revenue department invoked
Section 68 of the Income Tax Act and held that the company had merely routed
its own money through a complex web of corporate structures. The department
argued that the company had used only Rs 7.31 crore received from P5AHIML for
its own operations and transferred the balance amount to Idea Cellular, the
holding company, or to Idea Cellular Infrastructure Services Ltd., another
group company, for the purpose of other investment. There was no reason why
P5AHIML should have transferred such huge amount without any apparent return,
the tax department argued. While upholding the Income Tax Appellate Tribunal’s
order, the high court held that P5AHIML belongs to Providence Equity Partners,
it was registered as a Foreign Venture Capital Investor with the Securities
& Exchange Board of India and had taken the Foreign Investment Promotion
Board’s approval for making the investment and hence could not be booked for
round tripping. Merely because the investment was considerably large and as
noted, several corporate structures were either created or came into play in
routing the investment in the assesse through P5AHIML, would not be sufficient
to brand the transaction as colourable device, the court observed in its order
on March 26.
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NO GREEN LIGHT FOR IHH PENDING FORTIS INVESTIGATIONS ON
LAPSES, SAY EXTERNAL AUDITORS
IHH Healthcare on Monday
said that the company's external auditors, KPMG, have said that they cannot
determine if there are any regulatory non-compliances and additional
adjustments or disclosures which may be needed for the audit report, as a
result of further findings from ongoing investigations at Fortis Healthcare.
IHH Healthcare acquired Fortis Healthcare and its subsidiaries last November.
Prior to the acquisition, an investigation report by an independent external
legal firm was submitted to the former Fortis board, relating to systematic
lapse and override of internal controls. Findings showed the placement of
inter-corporate deposits and existence of possible related parties connected
with former controlling shareholders of Fortis. KPMG said these may require
appropriate reassessment by Fortis Group on the claims from, or transactions
with, such parties. The Fortis Group had also started querying the management
of the impacted entities regarding the matters investigated by the external
legal firm. In addition, there are ongoing investigations by the Securities and
Exchange Board of India (SEBI) and the Serious Fraud Investigation Office,
Ministry of Corporate Affairs of India. Late last year, SEBI issued interim
orders which said that certain transactions were structured by some entities
which appeared fictitious and fraudulent in nature, resulting in diversion of
funds by former controlling shareholders of Fortis. KPMG said in its
independent auditors' report: Due to the ongoing process of the various
inquiries/investigations, the external auditors of Fortis are unable to
determine if there are any regulatory non-compliances and additional
adjustments or disclosures which may be necessary as a result of further
findings of the ongoing or future regulatory/internal investigations and the
consequential impact, if any, on the consolidated financial statements of
Fortis. Any consequential adjustments may be recorded either as adjustments to
the assets acquired, and liabilities assumed in the acquisition which will have
an impact on the provisional goodwill recognised by the group on acquisition of
Fortis under the purchase price allocation exercise, or as post-acquisition
adjustments to be recognised in the financial statements of the group in the
period the adjustments are known. But besides these matters, KPMG qualified
that the accompanying financial statements give a true and fair view of the
financial position of the group and of the company and of their financial
performance and their cash flows for the year.
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ROBERT VADRA GRANTED ANTICIPATORY BAIL BY DELHI COURT
A Delhi court on Monday granted
anticipatory bail to Robert Vadra, brother-in-law of Congress president Rahul
Gandhi, in a money laundering case. Special Judge Arvind Kumar granted the
relief to Mr. Vadra on him furnishing a personal bond of ₹5
lakh and a surety of like amount. The court said Mr. Vadra would not leave the
country without prior permission. It also imposed certain conditions on him. He
shall not tamper with any evidence, influence any witness in the case, the
court said.
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HOW WILL YOU TRACE THE 'UNDECLARED FOREIGNERS' IN ASSAM? SC
ASKS ASSAM GOVT
The Supreme Court on
Monday questioned the Assam government's efforts to trace over 70,000 illegal
immigrants who have already mixed with the local population in the State A
Ministry of Home Affairs affidavit filed in the Supreme Court shows 91,609
persons were declared by Foreigners Tribunals in Assam as illegal foreigners
till March 2018. Of this, 72,486 are absconding. This is quite a large number,
a worried Home Ministry told the apex court. A Bench of Chief Justice of India
Ranjan Gogoi there may even be undeclared foreigners who have already succeeded
in merging with the local population in the State. What is the number of these
undeclared foreigners? the CJI’s question drew a blank from the Assam
government. The Home Ministry explained that persons declared as ‘illegal foreigners’
by the tribunals either abscond immediately or are already untraceable. Presently,
829 persons declared ‘foreigners’ by the tribunals and 115 foreigners, who have
completed their jail term, are lodged in the six jail-cum-detention centres in
Assam. But where are those illegals who have neither been deported nor are
lodged in the detention centres? Where are they? How will you track them? What
have you done in the past five years? Chief Justice Gogoi went on to ask
Solicitor General Tushar Mehta, representing Assam. Mr. Mehta initially
requested the Bench to defer the case. The hearing saw the Supreme Court
criticise the policy of pushing back illegal foreigners to Bangladesh without
enquiring about their country of origin. You have been pushing them back
without knowing their country of origin. Now, suddenly you have grown wise and
are resorting to diplomatic channels, the CJI reacted. The hearing saw the
court ask questions on a series of connected issues. What percentage of illegal
migrants have you proceeded against? What are you doing to improve the
conditions of those detained in the detention centres? How long will they
remain? Chief Justice asked. The absence of the Assam Chief Secretary in court
to personally answer these questions irked the Bench. Where is the Chief
Secretary? the CJI asked Mr. Mehta, he was here the last time. Who exempted him
from personal appearance this time? Does he get to decide that he need not
come? The Chief Justice said the Government of Assam is playing around with the
court. Your affidavits are an exercise in futility CJI remarked. We are doing
our best, Mr. Mehta responded. If this is your best, then you permit us to pass
our orders in full exercise of our constitutional powers, Chief Justice Gogoi
retorted. Finally, the court drew a personal undertaking from Mr. Mehta that
the Assam Chief Secretary would be present in court on April 8, the next date
of hearing, and would only return to Assam after getting permission from the
court.
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NO HC RELIEF FOR NIRAV MODI FIRM IN I-T DEPT'S PAINTING
AUCTION
The Bombay High Court
Monday refused to grant any relief to diamantaire Nirav Modi's company Camelot
Enterprises which had challenged last week's auction by the Income Tax Department
of some paintings and artwork belonging to the firm. The petitioner, Camelot
Enterprises, a shell company in which Nirav Modi holds over 99 per cent shares,
had approached the high court last week challenging the tax assessment report
of the I-T Department, and the department's subsequent notice proposing the
recovery proceedings through the said auction. A bench of Justices Akil Kureshi
and Sarang Kotwal, however, rejected the petitioner's prayers for relief noting
among other things, that on the issue of the assessment order, Camelot had
directly approached high court instead of filing an appeal before the concerned
Appellate Tribunal. The bench also noted that by not interfering with the
auction that was held on March 26 this year, it was not putting the petitioner
through an irreversible situation. The petitioner does not claim any particular
attachment to any painting or artwork. It hasn't challenged their valuation,
the bench said. Incase the petitioner succeeds before the Appellate Authority, the
amount recovered by the department through the auction can be returned to it
with interest, it said. The petitioner had also argued that the department had
failed to serve, in a proper manner, notices, both for the assessment of dues
and the auction. It said the department had served notices to two of its
directors Ramesh Assar and Hemant Bhatt. While Assar had resigned from the
company when the notices were received in September last year, Bhatt was in
judicial custody at the time. Therefore, the service of such notices must be
held invalid by the court, the petitioner argued. It further said of the 68
paintings put up for auction by the department, only 19 belonged to the
company. Therefore, the department should not have sold what did not belong to Camelot
or to Nirav Modi. Additional Solicitor General Anil Singh, who appeared for the
I-T Department, however, argued that Camelot had merely made a statement
denying ownership of all the paintings and artwork put up for auction. It had
not provided any legal evidence to prove that it did not own all of the
paintings and artwork, Singh said. Instead, searches and inquiries conducted by
the department had led to the recovery of a total of 173 paintings and artwork
belonging to the company. Such artwork had been stored in a warehouse in
Wadala, and the department had initiated the auction of 68 of such paintings
and artwork to recover its tax dues, following valid notice and procedure,
Singh said.
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CONFISCATING PROPERTIES DRACONIAN, NOT HELP CREDITORS: VIJAY
MALLYA TELLS BOMBAY HC
Fugitive businessman Vijay
Mallya Monday told the Bombay High Court that confiscation of his properties
under the newly-enacted Fugitive Economic Offenders Act (FEOA) was draconian
and it will not help the creditors Mallya had last month approached the high
court challenging a January 5 order of a special Prevention of Money Laundering
Act (PMLA) court declaring him a fugitive economic offender under the FEO Act.
As per provisions of the Act, once a person is declared a fugitive, his
properties can be confiscated by the prosecuting agency, Enforcement
Directorate (ED). Mallya's counsel Amit Desai on Monday told a division bench
of Justices I A Mahanty and A M Badar that the ED confiscating the properties
will not help the creditors. Confiscating is draconian. The need of the hour is
to deal with the banks and creditors. Mallya does not want the properties to be
returned to him. We are only saying that confiscation by the government is not
going to solve the problems of the banks and creditors, Desai said. The ED,
while opposing the petition, argued that the object of the Act was to ensure
return of a person who is evading arrest in India. These proceedings are to
ensure that these persons who commit fraud and leave the country are brought
back. The moment Mallya returns to India, the provisions of this Act and the
process initiated under it shall become null and void, ED said. The bench has
posted the petition for further hearing on April 24. However, the next hearing
on ED's application before the special court, seeking permission to start
confiscation proceedings, is scheduled for April 8.
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ED ATTACHES DELHI AEROCITY HOTEL IN PMLA CASE AGAINST AVIATION
LOBBYIST
The Enforcement
Directorate Saturday attached hotel Holiday Inn, valued at Rs 120 crore located
in the upscale Aerocity area in the national capital, in connection with a money
laundering case against alleged aviation lobbyist Deepak Talwar. Talwar, who
was deported from Dubai in January this year and arrested by the agency, beneficially
owned a company, Wave Hospitality Private Limited, that, the ED alleged, used
tainted money to construct the hotel, next to the Indira Gandhi International
Airport. The multi-storeyed plush hotel boasts of some of the most expensive
boarding and dining facilities in the Aerocity complex that was constructed few
years ago for international and domestic air passengers coming to Delhi. The
agency said a provisional order for attaching the property was issued by it
under the Prevention of Money Laundering Act (PMLA). The ED is probing Talwar
in a criminal case of money laundering.
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INCOME-TAX DEPARTMENT ATTACHES GEELANI'S DELHI HOUSE ON WILFUL
TAX EVASION CHARGES
The Income-Tax Department
has attached a house of hardline Kashmiri separatist Syed Ali Shah Geelani
located in Delhi in connection with an over Rs 3.62 crore tax evasion case
against him. The flat is located in south Delhi's Malviya Nagar area and the
Tax Recovery Officer (TRO) of the department has sealed the house for allegedly
failing to pay Rs 3,62,62,160 income tax for assessment years 1996-97 to
2001-02, as per an order accessed by PTI. The department has undertaken the
action under section 222 of the I-T Act (assessee deemed in default of tax payment)
and it has prohibited and restrained the Hurriyat Conference leader from
transferring the asset. The TRO is an enforcement action taking arm of the tax
department and it deals with cases of wilful defaulters. The authority is
empowered to attach an asset and subsequently auction it to realise the tax
dues.
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GOVERNMENT CAN FUND CASH DOLE-OUTS WITH BONDS OR HIGHER TAXES:
REPORT
Higher taxes or bonds can help
the next government deliver on universal basic income (UBI) promises, a foreign
brokerage has said. The study comes amid a rash of UBI-like promises being made
ahead of the general elections beginning April 11 through May 19, including the
opposition Congress' promise of supplementing income of Rs 72,000 a year to
every poor family or the ruling BJP's already introduced cash support to small
farmers of Rs 6,000 a year. While the BJPs' scheme will cost around Rs 75,000
crore per annum to the national exchequer, the Congress plan can cost up to Rs
3.6 lakh in additional subsidy burden if the existing subsidies are not
subsumed into the new scheme. Bank of America Merrill Lynch said any variant of
the UBI will cost about 1.5-2 per cent of GDP and warned that such cash
transfers can be inflationary. It said a 6.4 per cent increase in direct tax
mop up can help offset the increase in the Center's fiscal deficit, adding such
a hike will have to be done on both individual and corporate tax rates. As the
bulk of it can come from direct taxpayers, without impacting investments, it
said, arguing against a hike in central excise duties as such a move would end
up hurting the poor more. The brokerage said it remains to be seen if the outlays
of about Rs 2 lakh crore on food subsidies or the job guarantee scheme MNREGA
are subsumed in the proposed cash payouts or not.
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DETENTION OF FOREIGNERS: SC DIRECTS ASSAM CHIEF SECRETARY TO
APPEAR BEFORE IT ON APRIL 8
The Supreme Court Monday voiced
unhappiness over the inaction in a case relating to detention of foreigners in
Assam and directed the state Chief Secretary to appear before it on April 8. A
bench headed by Chief Justice Ranjan Gogoi termed the affidavit filed by the
Assam government as an exercise in futility and wanted to know as to how many
persons, who have been declared foreigners by the tribunal, have amalgamated
with the local population. What is the number of declared foreigners who have
amalgamated with the local population. This is why we wanted your Chief Secretary
to remain present, the bench also comprising Justices Deepak Gupta and Sanjiv
Khanna said while expressing displeasure over the non-appearance of officials.
The apex court then directed the chief secretary to appear before it and posted
the PIL filed by activist Harsh Mander on the issue for April 8.
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INDIA LEVIES ANTI-DUMPING DUTY ON SOLAR CELL COMPONENT FROM
FOUR NATIONS
India has imposed
anti-dumping duty of up to USD 1,559 per tonne on imports of a certain type of
sheet used in solar cell making from China, Malaysia, Saudi Arabia and Thailand
for five years to safeguard domestic players against cheap shipments. In a
notification, the Department of Revenue has said that after considering the
recommendations of the commerce ministry's investigation arm DGTR, it is
imposing the duty, which is in the range of USD 537 to USD 1,559 per tonne, on
imports of Ethylene Vinyl Acetate sheet for solar module being exported by
these four nations. The anti-dumping duty imposed shall be effective for a
period of five years (unless revoked, superseded or amended earlier), it has
said. Following a complaint by a domestic company, the directorate had
initiated the probe in April last year. In its probe, it had concluded that imposition
of the duty is required to offset dumping and injury caused by dumped imports
from China, Malaysia, Saudi Arabia, and Thailand. The product is a polymer
based component used in the manufacturing of solar PV (Photo Voltaic) modules.
Imports of the sheets from these countries increased to 6,367 tonne during the
period of investigation (October 2016 to September 2017) from 4,674 tonne in
2016-17. The imports stood at USD 1,025 tonnes in 2015-16 and USD 594 tonnes in
2014-15. Imports of components used in solar industry have increased as India
launched an ambitious national solar policy named Jawaharlal Nehru National
Solar Mission in January 2010. Under this, the country has a target of
generating 20,000 megawatt (MW) of solar power by 2022. Several countries are
interested in supplying solar equipment to tap into the growing sector in
India.
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NO ESTIMATE ON NUMBER OF TERRORISTS KILLED IN BALAKOT, SAYS
NIRMALA SITHARAMAN
Nirmala Sitharaman on
Monday said the government has not given any estimate on the number of
terrorists killed in Balakot airstrike but there were terrorists present for
training at the time of the bombing by Indian Air Force in February. Balakot
centre had terrorists for training. Several fidayeen trainers were called to
train terrorist in the camp. These details are there in Pakistani media and
social media. She said, Balakot airstrikes are historic. There was a terror
attack and 40 soldiers were martyred. A CCS meeting took place and several
other agencies were involved in carrying out the airstrikes. Different people
were monitoring the airstrike. At 4 am, I received the message that our pilots
were back safe. It was then that I felt relieved. Calling allegations of
wrongdoings in Rafale deal a manufactured controversy, Sitharaman said, If the
forces have best weapons, then their morale is high. So there is this talk
about Rafale. Rafale is a manufactured controversy. Congress has never done a
defence deal without dalals. Under Arun Jaitley, Manohar Parikkar and my
tenure, there was no controversy. Under Modi (Prime Minister Narendra Modi)
decisions are taken only on merit. She said Prime Minister Narendra Modi's
government was not afraid of investigations in the Rafale deal but the
Opposition which has promised probe into the matter will not return to power.
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HC STAYS CIC DIRECTION TO DISCLOSE JAG ADVICE IN ARMY CLASH
CASE
The Delhi High Court on
Monday put on hold a CIC order directing the Centre to disclose the pre-trial
advice given by the Army's Judge Advocate General (JAG) branch in connection
with a 2012 clash between 100-odd soldiers of Ladakh-based 226 Field Regiment
and their superiors. A bench of Chief Justice Rajendra Menon and Justice A J
Bhambhani also issued notice to the RTI applicant, who is one of the soldiers
involved in the clash, and listed the matter for further hearing on August 13.
The order came on the plea of the Ministry of Defence (MoD), represented by
central government standing counsel Rahul Sharma and advocate C K Bhatt, which
has challenged the January 2017 direction of the Central Information
Commission's (CIC) to provide the information sought by the RTI applicant,
Gunner Bikramjit Singh. The CIC order was initially challenged by MoD before a
single judge who in May 2018 had dismissed the plea on the ground that it was
filed after considerable delay. The division bench agreed to hear the appeal
against the single judge's decision after Sharma and Bhatt told the court that
documents had to be sent from Kargil and that is why there was a delay in
challenging the CIC order. The petition has claimed that the CIC completely
misinterpreted the Right to Information (RTI) law by directing MoD to provide
certified copies of the JAG's pre-trial advice as the same was confidential and
exempted from the purview of the Act. According to the MoD plea, the incident
had taken place on May 11-12, 2012 at Leh in Jammu and Kashmir after the
soldiers heard a rumour that one of them had died after being badly beaten up
by three officers for allegedly molesting an officer's wife.
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INDONESIA WINS $469 MN ARBITRATION CASE AGAINST INDIAN METAL
FIRM IMFA
Indonesia has won a $469
million arbitration case against India’s Metal Ferro and Alloys Ltd (IMFA)
after nearly four years of court battles, the country's attorney general
Muhammad Prasetyo told. An arbitration court in The Hague, Netherlands, ruled
in favour of Indonesia in the case, according to a notification the government
received last week, said Prasetyo. IMFA filed a claim to the court in 2015,
alleging that overlapping mining permits issued by authorities have disrupted
its operation in Kalimantan, the Indonesian side of Borneo island.
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GOVT SETS UP TRIBUNAL TO REVIEW BAN IMPOSED ON
JAMAAT-E-ISLAMI, JKLF
The Centre has set up a
tribunal headed by Justice Chander Shekhar of the Delhi High Court, to adjudicate
if there exists sufficient cause to ban the Jamaat-e-Islami Jammu and Kashmir
(JeI) and the Jammu and Kashmir Liberation Front-Yasin Malik (JKLF-Y) faction.
The decision has been taken by the Home Ministry exercising the powers
conferred under the Unlawful Activities (Prevention) Act, an official
notification said. The JeI and the JKLF-Y were declared as unlawful
associations on February 28 and March 22 respectively. Now, therefore, in
exercise of the powers conferred by the sub-section (1) of section 5 of the
Unlawful Activities (Prevention) Act, 1967 (37 of 1967), the Central Government
hereby constitutes an Unlawful Activities (Prevention) Tribunal consisting of
Mr. Justice Chander Shekhar, High Court of Delhi, for the purpose of
adjudicating whether or not there is sufficient cause of declaring the
Jamaat-e-Islami-Jammu and Kashmir and Jammu and Kashmir Liberation Front-Yasin
Malik faction, as unlawful association, the notification said. While declaring
the Jamaat-e-Islami Jammu and Kashmir an outlawed organisation for five years,
the central government had said that it was in close touch with militant
outfits and was expected to escalate secessionist movement in the state. The
Centre also said it was of the opinion that the Jamaat was in close touch with
militant outfits and was supporting extremism and militancy in Jammu and
Kashmir and elsewhere. It said the outfit claimed secession of a part of the
Indian territory from the union and was supporting terrorist and separatist
groups fighting for this purpose. The Centre had said that the outfit was
responsible for a series of violent acts and was in the forefront of separatist
activities in the militancy-hit state since 1988.
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INDIAN RADARS DETECT LARGE UAV, 4 PAK F-16S CLOSE TO BORDER:
SOURCES
Indian radars early Monday
detected a large UAV and package of four Pakistani F-16 close to the Indian
border in Khemkaran sector in Punjab. The Indian Air Force scrambled Su-30MKI
and Mirage jets in response following which the Pakistani jets retreated
further into their territory, the sources added. The incident took place at
3am.
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INCOME TAX SLEUTHS SEIZE CASH HOARD FROM PREMISES LINKED TO
DMK CADRE
Income-tax officials said
they seized unaccounted cash in premises linked to DMK treasurer Durai Murugan,
a development that comes days ahead of parliamentary polls and bypolls to 18
assembly seats in the state. The officials said they found the hoard of cash in
cartons and gunny bags after they searched a DMK functionary’s cement
warehouse. The search is ongoing. We will be in a position to give an estimate
of the cash found only after the searches are concluded, a senior official of
the income-tax department said on the condition of anonymity. The official said
the cash found at the warehouse was moved from a location closely linked to
Murugan. The department had conducted searches two days earlier at Murugan’s
Vellore residence, colleges run by the Durai Murugan Educational Trust and an
associate’s farmhouse. The operations led to the seizure of 10 lakh, said the
official. The DMK has fielded Kathir Anand, Durai’s son, from Vellore for the
upcoming general elections. The party had filed a petition with the Madras High
Court challenging the search operation undertaken by the I-T department.
According to one of Anand’s counsels, the search operations held back Anand
from campaigning on Monday. A petition has been filed challenging the search
operation. It was also mentioned in court today (Monday), said the counsellor.
The case is expected to be taken up by the court on Tuesday. DMK president MK
Stalin hit out at the I-T department for its partisan attitude towards
opposition parties and questioned why a recent search-and-seizure operation
conducted in the premises of a contractor with the state government was not
followed up. The Centre, after its failure to make an impact in Tamil Nadu
politically, is trying to worm its way through the I-T department and the CBI,
he said.
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SEVEN PAKISTAN POSTS DESTROYED AS INDIAN ARMY RETALIATES TO
CEASEFIRE VIOLATIONS
Seven Pakistani posts
across the LoC were destroyed as the Indian Army retaliated to cross border
shelling by Pakistani troops who targeted border areas in Rajouri and Poonch
districts, officials said Tuesday. There have been several casualties to
Pakistani troops too, they said. As a precautionary measure, all schools along
the borderline in Poonch and Rajouri districts have been closed by authorities
in view of the Pakistani shelling. On Monday, a BSF inspector and a
five-year-old girl were among three persons killed while 24 others were injured
as Pakistani troops heavily shelled forward areas along the Line of Control in
Poonch district, prompting the Indian Army to retaliate befittingly, said
officials. There was heavy mortar shelling and firing along LOC in Poonch
district and Nowshera sector of Rajouri district till Tuesday morning,
officials said. There was also firing and shelling by Pakistan troops in
Shahpur sub-sector in Poonch and Nowshera on Tuesday, they said. In the
retaliation carried out by Indian troops, seven Pakistan posts across the LoC
in Rakhchikri and Rawalakote forward areas of Pakistan Occupied Kashmir (PoK)
were destroyed they said adding there have been several causalities on the
Pakistan side.
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HARDIK PATEL MOVES SC CHALLENGING GUJARAT HC ORDER REJECTING
TO STAY HIS CONVICTION IN RIOT CASE
Hardik Patel Monday moved
the Supreme Court challenging the Gujarat High Court order rejecting his plea
to stay his conviction in the 2015 Vispur rioting case. His petition is likely
to be mentioned Tuesday for urgent hearing and his lawyers would seek stay of
the March 29 order of the High Court which is coming in the way of his
contesting the Lok Sabha election. Patel, 25, had started preparations to
contest from Jamnagar on a Congress ticket after joining the party on March 12
and the last date for filing of nominations is April 4. The Sessions Court at
Visnagar in Mehsana district sentenced Patel to two years' imprisonment last
July for rioting and arson in Visnagar town in 2015 during the Patidar quota
stir which he led. The high court in August 2018 suspended the sentence but not
the conviction. Under the Election Law -- Representation of the People Act and
a related Supreme Court ruling -- a convict facing a jail term of two years or
more cannot stand for election unless the conviction is stayed. In the high
court, the state government had submitted that there were 17 FIRs including two
sedition complaints against Patel who is known for making inflammatory
speeches. The high court had declined the contention of Patel's lawyers that if
the conviction was not stayed, it will cause irreparable damage as he intended
to contest the Lok Sabha election.
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A-SAT MISSILE TEST CREATED 400 PIECES OF DEBRIS, PUT ISS AT
RISK: NASA
The NASA on Tuesday termed
as a terrible thing India's shooting down of one of its satellites that has
created about 400 pieces of orbital debris, endangering the International Space
Station (ISS). NASA Administrator Jim Bridenstine said about 60 pieces have
been tracked so far and out of which 24 are going above the apogee of the ISS.
That is a terrible, terrible thing to create an event that sends debris and an
apogee that goes above the international space station. That kind of activity
is not compatible with the future of human spaceflight that we need to see have
happen, he said. The ASAT test by India last week has resulted in about 400
pieces of orbital debris, he added. Some 60 pieces of orbital debris have been
tracked so far, 24 out of which poses risk to the International Space Station,
he said. He said the NASA is learning more and more every hour that goes by
about this orbital debris field that has been created from the anti-satellite
test. The risk from small debris as a result of the ASAT test to the ISS went
up 44 per cent over a period of 10 days. So, the good thing is it's low enough
in earth orbit that over time this will all dissipate, he told his NASA
colleagues. He said a lot of debris from the 2007 direct ascent anti-satellite
test by China is still in the space. And we're still dealing with it. We are
still, we as a nation are responsible for doing space situational awareness and
space traffic management, conjunction analysis for the entire world,
Bridenstine said.
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RAJASTHAN GOVERNOR VIOLATED MODEL CODE OF CONDUCT CALLING FOR
MODI WIN: REPORT
The Election Commission of
India (ECI) has found Rajasthan Governor Kalyan Singh's alleged remark calling
for Prime Minister Narendra Modi's win as violation of Model Code of Conduct
(MCC), poll body sources said on Tuesday. The poll panel is likely to write to
President Ram Nath Kovind to bring the matter to his notice. However, the ECI
will take a final call at a meeting to be held, the sources added. On March 25,
Singh allegedly said that as a party worker he genuinely wanted the Bharatiya
Janata Party (BJP) to win the ensuing Lok Sabha elections, which are going to
be held in seven phases from April 11 to May 19. We want that once again
Narendra Modi should become the Prime Minister. It is important for the nation
and society that Narendra Modi should become the Prime Minister again, he had
told reporters in Aligarh.
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MAYAWATI JUSTIFIES CONSTRUCTION OF STATUES IN UP, TELLS SC
THEY REPRESENT WILL OF PEOPLE
Mayawati Tuesday defended
in the Supreme Court the construction of life-size statues of herself in Uttar
Pradesh, saying they represent the will of the people. The former Uttar Pradesh
chief minister, in an affidavit filed in the apex court, said the memorials and
statues of herself and other leaders are intended to promote values and ideals
of various sants, gurus, social reformers and leaders among the public and not
intended to promote the symbol of BSP or to glorify her. Mayawati said in her
affidavit that her statues came into being as the will of the state legislature
to represent the will of the people. She said funds for construction of the
memorial and installation of statues were sanctioned through budgetary
allocations after approval of the budget by the state legislature. Mayawati
also sought the dismissal of a plea, which alleged that pubic funds were
misused in the construction of memorials and statues, saying it is politically
motivated and a gross abuse of process of court of law.
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MODI GOVT ADDS MORE TO COAL OUTPUT IN 5 YEARS THAN UPA'S 10
YEARS
The Narendra Modi
government has raised India's coal production by over 144 million tonne (mt) in
the five years it has been in power, overshooting by 5% the 138mt added to the
country's output in the 10 years of UPA rule between 2004 and 2014. Production
by Coal India (CIL), the state-run miner accounting for nearly 90% of domestic
supplies, stood at a little over 462mt when the Modi government took over in
May 2014. Five years since then, production by the country's largest coal miner
stands at 607mt in 2018-19, coal ministry data shows. In contrast, CIL's
production stood at 324mt in 2004-05 when the UPA-1 government came to power
and rose to 404mt by 2008-09, indicating an addition of 80mt in the five-year
period. In the subsequent five years, the UPA-2 government added 79mt to take
the total production to 607mt. Data shows coal offtake too largely keeping pace
with production, indicating improved evacuation and transportation due to
greater synergy between the coal and railway ministries. Quick decisions and
clearances for mine expansions have also contributed to the sharp rise in
production. There is a clear vision and direction from the leadership. The railway
and coal ministries are working as a team with the power and other consumer
ministries. Improved coordination with forest and environment ministry has
ensured speedy clearances for mine expansion and evacuation projects, a coal
ministry official said. But at the end, it is people who execute plans and can
make or mar them. Here too, the ministry has taken care to motivate miners and
executives by settling the wage issues and clearing gratuity payment, totalling
several thousands of crores in employee welfare. The result of this coordinated
approach is showing on the ground as none of the coal-fired power stations
monitored by the Central Electricity Authority (CEA) is starving for fuel,
though several still show stocks of less than a week. But still, it is a far
cry from 2014 when 66% of the units were doddering due to critical coal
inventories.
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RAHUL GANDHI TWEETS GIVE AWAY CONGRESS MANIFESTO?
Will the tweets from
@RahulGandhi, the official account of the Congress President, define the scope
of the partys manifesto likely to be released on April 2? If it will, expect to
find only the details for Gandhi may have already outlined much of what the
party has to announce to its prospective voters. Congress party has scheduled
the release of the party's manifesto for the ensuing general elections around
noon on Tuesday. However, the tweets from the party's president, especially
since March 25, is a clear giveaway - Congress is likely to announce 'Mega
Doles' this elections season. On Twitter, Gandhi declared March 25, the day he
announced his much hyped 'Nyay Scheme', a historic day. He tweeted: Today is a
historic day. It is on this day that the Congress party launched its final
assault on poverty. 5 Crore of the poorest families in India, will receive Rs.
72,000 Per Year #NyayForIndia is our dream & our pledge. The time for
change has come. Since March 25, Gandhi has largely restricted to tweeting
about what the party has to offer if voted back to power. The Nyay Scheme, GST
reforms, jobs etc are some of the issues on which he has tweeted and can be
expected to figure prominently in the Congress manifesto for the 2019 general
elections.
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IPHONE 7 NOW BEING MADE IN INDIA
Apple has started
manufacturing the iPhone 7 model in India, in addition to iPhone SE and iPhone
6s, thus widening its 'Made in India' portfolio and signalling its intention of
developing the country as a manufacturing hub. We are proud to be producing
iPhone 7 in Bengaluru for our local customers, furthering our long-term
commitment in India, said Apple. Taiwanese contract manufacturer Wistron, which
makes iPhone SE and 6s models out of its plant on the outskirts of Bengaluru,
has been making the iPhone 7 devices in India since the beginning of March. The
cost of making iPhone 7 devices in India is cheaper than importing them due to
the duty concessions any handset maker gets on local manufacturing, a move
aimed at boosting the government’s Make in India initiative.
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DRUG PRICING REGULATOR NPPA OKAYS HIKE IN PRICES OF CARDIAC
STENTS BY 4.2%
Drug price regulator NPPA
has approved a hike in prices of cardiac stents by 4.2 per cent in-line with
the wholesale price index (WPI) of the previous calendar year, according to an
official statement. As per the new prices notified by the National
Pharmaceutical Pricing Authority (NPPA), a bare metal stent (BMS) would now
cost Rs 8,261, while the drug-eluting stent (DES) will cost Rs 30,080. After
considering the WPI at 4.26 per cent for the year 2018 over 2017, it has been
decided to revise the ceiling prices of coronary stents with effect from April
1, 2019, the NPPA said in a statement. Providing a major relief to lakhs of
cardiac patients, the government had for the first time cut prices of
life-saving coronary stents by up to 85 per cent in February 2017.
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CHINA TO DESTROY THREE LAKH MAPS THAT SHOW ARUNACHAL AS PART
OF INDIA
Customs officials in China
have ordered the destruction of three lakh more maps for not mentioning
Arunachal Pradesh and Taiwan as part of its territory and decided to file a
lawsuit against four persons for trying to export them to the Netherlands, according
to a media report. Last month, officials in China have destroyed 30,000 world
maps printed in the country for incorrectly showing the borders with India and
depicting Taiwan as a separate country. China claims the north-eastern Indian
state of Arunachal Pradesh as part of South Tibet. China routinely objects to
Indian leaders visiting Arunachal Pradesh to highlight its stand. India says
the State of Arunachal Pradesh is its integral and inalienable part and Indian
leaders visit Arunachal Pradesh from time to time, as they visit other parts of
the country. The two countries have so far held 21 rounds of talks to resolve
the border dispute covering 3,488-km-long Line of Actual Control. China also
claims the estranged island of Taiwan as its part. The Global Times reported on
Tuesday that customs officers in South China's Guangdong Province will destroy
more than three lakh world maps with boundary mistakes and file a lawsuit
against four suspects for intending to export the maps to the Netherlands. The customs
bureau at the port of Wenjindu in China's Guangdong Province recovered 264,983
incorrect world maps in English for export to the Netherlands on January 17, an
employee surnamed Wang from the customs' press office told the Global Times. In
total the company had printed 306,057 problematic maps, which will all be
destroyed.
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WITH JUST 11 DAYS TO GO FOR BREXIT DEADLINE, UK REJECTS ALL
DEAL OPTIONS
Concerns that the United
Kingdom could crash out of the European Union without a deal have risen after
the House of Commons once again rejected all options put before it in a second
round of indicative votes. While the option of customs union membership was
defeated by just 3 votes, the huge divisions within and across parties led the
EU Parliament’s Chief Negotiator on Brexit Guy Verhofstadt to conclude that a
hard Brexit seemed almost inevitable, warning that the UK had one more chance
to break the deadlock of face the abyss. This comes just 11 days before the UK
is set to crash out of the EU without a deal if no road forward is agreed.
There had been hopes that a shorter list of options chosen from the eight that
were put to MPs last week would help identify a route forward that MPs could
rally around. Alongside the customs union option, MPs voted on one that is
referred to as the so-called Common Market 2.0—similar to the arrangements in
place for Norway and the EU—with the UK remaining in the European Free Trade
Association and the European Economic Area. This lost by 261 to 282. They also
voted on requiring any deal to be subject to a confirmatory public vote (280 to
292) and a final one that would seek to avoid a no-deal Brexit by first
requiring the government to seek an extension and if one were not granted, then
revoke Article 50 (191 to 292). The failure to find a route forward is likely
to harden the government’s position that its deal is the only one possible.
Significantly, while both the Common Market 2.0 and the Customs Union proposals
were put forward by Conservative MPs, their backing in the indicative voting
process came from Labour, with the vast majority of Conservatives voting
against it. Therefore, were the government to push through with one of these it
would mean relying on the votes of opposition MPs rather than their own
ranks,which is thought to be highly unlikely. The default legal position is to
leave the EU in 11 days time, concluded Brexit Secretary Stephen Barclay,
adding that the cabinet would meet on Tuesday to consider how to proceed. Labour
has called for all options to be considered by MPs in a debate on Wednesday.
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THYSSENKRUPP, TATA STEEL OFFER CONCESSIONS TO ALLAY EU
ANTITRUST CONCERNS
Thyssenkrupp and Tata
Steel have offered concessions to address EU antitrust concerns about their
planned steel joint venture, the European Commission said on Tuesday. The EU
competition regulator, which did not provide details of the concessions,
extended its deadline for a decision on the deal to June 5 from May 13. It has
previously voiced concerns about the deal's impact on steel for car parts,
packaging such as food and aerosol cans and electrical steel for engineering
products including transformers. Tata Steel may sell parts of its European
packaging activities Tata Steel Europe which makes packaging steel for food,
paint and aerosol cans, as part of this package of concessions, three people
familiar with the matter told Reuters last month.
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UK LAWMAKERS WANT BIG FOUR ACCOUNTING FIRMS BROKEN UP AMID
AUDIT FAILURES
Britain's Big Four
accounting firms should be broken up to improve standards and transparency in
book-keeping after audit failures at construction company Carillion and
retailer BHS, British lawmakers said on Tuesday. Parliament's business
committee urged Britain's Competition and Markets Authority (CMA) to force EY,
KPMG, Deloitte and PwC to legally separate audit and consultancy services. The
CMA published interim proposals last December to require a less draconian
operational separation of auditing and more lucrative consultancy to avoid the
former being cross-subsidised and prioritised by the latter. The CMA has yet to
publish final recommendations. The report seeks to keep up reform momentum
after past attempts to end the so-called Big Four's dominance of book-keeping
made little headway. The cross-party report said that if the CMA opts for only
operational separation, it should be reviewed after three years to see if it
ends cross-subsidies and improved audit quality. If not, we recommend that the
CMA then move to implement a full structural break-up of the Big Four into
audit and non-audit businesses in the UK, the report said. Deloitte said a
structural split would harm audit quality, and could materially damage
Britain's competitive position as a leading capital market. The Big Four are
global but the reforms could only apply in Britain. They check the books of
nearly all large listed companies, employing thousands more partners than their
nearest rivals like Grant Thornton and BDO.
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CHINA CLAIMS POSITIVE PROGRESS ABOUT LISTING OF MASOOD AZHAR
AS GLOBAL TERRORIST BY UN
China on Monday claimed
that positive progress has been made on designating Pakistan-based JeM chief
Masood Azhar as a 'global terrorist' by the UN and accused the US of scuttling
its efforts by taking the matter directly to the Security Council, setting a
bad example. Two weeks after China put a hold on a French proposal to list
Azhar under the 1267 Al Qaeda Sanctions Committee of the Council, the US on
March 27 circulated a draft resolution to the powerful 15-nation Council to
blacklist Azhar and subject him to a travel ban, an assets freeze and an arms
embargo. China last week defended its repeated attempts to block the listing of
the Jaish-e-Mohammad chief as a global terrorist and refuted the US allegation
that Beijing's action amounted to protecting violent Islamic groups from
sanctions. After the application for designation of Azhar was proposed (in the
1267 committee), China is in close communication and coordination with various
parties and made positive progress. The US knows that very well, Geng Shuang
told. Asked to clarify whether the progress he meant was to resolve the vexed
issue of listing Azhar, Geng said, Yes. The US knows that very well. However,
he did not elaborate.
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EASYJET SAYS BREXIT, ECONOMIC UNCERTAINTY HITS DEMAND
#For Source of Information copy and paste the heading in google.
Thanks & Regards,
CS Meetesh Shiroya
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