GST COLLECTION IN APRIL MAY TOUCH RS 1.10 LAKH CRORE
GST collection in April is
expected to be around Rs 1.10 lakh crore sources told. The April GST collection
may be highest ever since rollout, said a senior government official. The
higher collection can be attributed to year-end payments.
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NON-FILERS OF GST RETURNS FOR 2 MONTHS TO BE BARRED FROM
GENERATING E-WAY BILLS FROM JUNE 21
Non-filers of GST returns
for two straight months will be barred from generating e-way bills for
transporting goods effective June 21, the finance ministry said. Businesses
under GST composition scheme, however, will be barred from generating e-way
bill if they fail to file tax returns for two consecutive filing periods, which
is six months. The Central Board of Indirect Taxes and Customs (CBIC) has notified
June 21, 2019 as the day from which any consignor, consignee, transporter,
e-commerce operator or courier agency would be barred from generating
electronic way or e-way bill for failure to file tax returns for the stipulated
time period as mentioned in the GST rules. As per rules, a composition scheme
taxpayer who has not furnished the returns for two consecutive tax periods and
a regular taxpayer who has not filed returns for a consecutive period of two
months would be restricted from generating e-way bill. In the Goods and Services
Tax (GST) regime, businesses have to file monthly tax returns by the 20th day
of the subsequent month. However, businesses opting for composition scheme have
to file quarterly returns by the 18th day of the subsequent month following the
end of a quarter. The move, officials believe, would help check GST evasion.
During April-December, there were 3,626 cases of GST evasion/violations,
involving Rs 15,278 crore.
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GST COUNCIL GIVES FIRMS MORE FLEXIBILITY ON USE OF INPUT TAX
CREDIT
In yet another
simplification, the Goods and Services Tax (GST) Council has added flexibility
into the way a company can utilise the available input tax credit. Any company
would now be eligible to use credit available against paid integrated GST
(IGST) to set off tax liabilities of state GST (SGST) and central GST (CGST) in
any proportion and in any order, the GST Council said in a circular sent to
field formations on Tuesday. Previously, the order of using the IGST credit was
kept flexible — it was the company’s choice to set off CGST or SGST first — in
a notification dated March 29. However, it was not clear whether a company
would be able to use IGST credit to set off SGST liability and CGST liability
partially at the same time. It was construed that if a company chooses to set
off SGST liability first, it would have to exhaust the entire SGST liability
before using the IGST credit to set off CGST liability. But in a circular
issued on April 23, the GST Council clarified that the IGST credit can be used
in a flexible manner. The mandatory requirement to set off IGST liability
remains as it is. Industry and observers have welcomed the move.
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SPECIAL PROCEDURE TO BE FOLLOWED FOR OPTIONAL 6% GST
COMPOSITION SCHEME
In exercise of the powers
conferred by section 148 of the Central Goods and Services Tax Act, 2017(12 of
2017) (hereafter in this notification referred to as the said Act), the Central
Government, on the recommendations of the Council, hereby notifies the
registered persons paying tax under the provisions of section 10 of the said
Act or by availing the benefit of notification of the Government of India,
Ministry of Finance, Department of Revenue No. 02/2019– Central Tax (Rate),
dated the 7th March, 2019, published in the Gazette of India, Extraordinary,
Part II, Section 3, Subsection (i) vide number G.S.R. 189 , dated the 7th
March, 2019, (hereinafter referred to as the said notification) as the class of
registered persons who shall follow the special procedure as mentioned below
for furnishing of return and payment of tax. The said persons shall furnish a
statement, every quarter or, as the case may be, part thereof containing the
details of payment of self-assessed tax in FORM GST CMP-08 of the Central Goods
and Service Tax Rules, 2017, till the 18th day of the month succeeding such
quarter. The said persons shall furnish a return for every financial year or,
as the case may be, part thereof in FORM GSTR-4 of the Central Goods and Services
Tax Rules, 2017, on or before the 30th day of April following the end of such
financial year. The registered persons paying tax by availing the benefit of
the said notification, in respect of the period for which he has availed the
said benefit, shall be deemed to have complied with the provisions of section
37 and section 39 of the said Act if they have furnished FORM GST C P-08 and
FORM GSTR-4 as provided in para 2 and para 3 above.
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FINANCE MINISTRY SIMPLIFIES 'SELF-ASSESSED' TO FILE GST
COMPOSITION SCHEME
Businesses that use the composition
scheme to pay GST can file 'self-assessed tax' return on a quarterly basis in a
simplified form, the finance ministry has said. Businesses had to use a
seven-page form called GSTR-4 when they filed tax returns every quarter if they
opted for composition scheme, which is meant for small taxpayers and allows
them relief from GST formalities. As per a Central Board of Indirect Taxes and
Customs (CBIC) notification, composition scheme taxpayers will now file GSTR-4
annually by April 30 for the previous financial year ending March 31. The CBIC
has notified the simplified 'statement for payment of self-assessed tax' in
Form GST CMP08 to be filed by taxpayers who have opted for composition scheme,
under which businesses have to pay lower rate of tax on their turnover. The
CMP08, which has to be filed by the 18th day of the subsequent month following
the end of a quarter, will include details like outward supplies, inward supplies
attracting reverse charge including import of services; tax, interest payable;
and taxes and interest paid. Composition scheme businesses will file the
April-June quarter returns in July as per the new format. Small traders and
manufacturers with a turnover of Rs 1.5 crore pay a 1 per cent GST, while
service providers and suppliers of both goods and services up to a turnover of
Rs 50 lakh pays 6 per cent. Businesses who have not opted for composition
scheme have to file GST returns every month and also pay taxes as per the GST
slabs decided for the goods and services they deal in. Currently there is a
4-tier GST- 5, 12, 18 and 28 per cent. There are 1.21 crore businesses
registered under Goods and Services Tax (GST), of which 20 lakh are under
composition scheme.
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GOODS CAN’T BE DETAINED FOR WANT OF PART-B OF E-WAY BILL IN
CASE OF NON-TAXABLE SUPPLY: GUJARAT HC
A two-judge bench of the
Gujarat High Court has held that the department cannot detain the goods on failure
to fill Part-B of the E-way Bill if the supply is not taxable under GST. The
petitioners are engaged in the import and sale of dietary food products such as
protein powder of different flavours. The department detained the vehicle of
the petitioner on the ground that Part-B of the E-way bills was not generated.
The petitioners argued that upon being informed about the detention, the
petitioners immediately generated Part-B of the E-way bills in respect of the
transactions and approached the second respondent and gave explanation. It was
submitted that the goods being perishable in nature and due to urgency of
transporting the goods, the transporter had commenced transportation of goods
immediately on clearance by the customs authorities without waiting for Part-B
of the E-way bills. It was also submitted that the imported goods were taken by
the first petitioner to its own godown directly from the bonded warehouse and,
therefore, it was not a transaction for supply in respect of which goods and services
tax (GST) would be leviable and that IGST had already been paid on the
transaction even before the commencement of movement of the goods. The
department, however, refused to release the goods for want of Part-B of E-way
bills and levied penalty. The bench comprising Justice Harsha Devani and
Justice Bhargav D Karia observed that on perusal of the impugned order imposing
tax and penalty against the petitioner, it is revealed that the basis for
computing the additional tax is the IGST paid by the petitioners. Moreover, in
the impugned order there is not even a whisper as regards the submissions
advanced on behalf of the petitioners, nor have the same been dealt with in the
body of the order. No reasons have been assigned by the second respondent for the
purpose of holding the petitioner liable to payment of tax and penalty despite
the fact that IGST had already been paid on such transaction and the goods were
being moved from the customs warehouse to the petitioner’s own godown and it
being the case of the petitioners that there was no supply, and hence, the
provisions of GST Act are not applicable. The impugned order is, therefore,
totally bereft of any reasoning, the bench said. Quashing the order, the bench
held that Reasons, it is well known, are the heart and soul of an order passed
by a judicial/quasi-judicial order, without which it is difficult to pronounce
one way or other as regards the validity of such order. In the absence of any
reasons to support the findings given by a judicial/quasi judicial authority,
it is not possible to ascertain as to how the authority came to a particular
conclusion. Under the circumstances, in the absence of any reasons in support
of the tax and penalty levied by the second respondent, the impugned order
stands vitiated as being an unreasoned order and as such cannot be sustained.
However, the goods of the petitioner being perishable goods, the bench held
that it would not be just, proper and reasonable to keep such goods under
detention any longer. Considering this, the bench ordered that the petitioners
would be entitled to the release of the conveyance as well as the goods in
question subject to compliance of clause (c) of section 129(1) of the CGST/GGST
Acts.
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342 STARTUPS GET ANGEL TAX EXEMPTION SINCE FEBRUARY
With the commerce and
industry ministry taking steps to support budding entrepreneurs, as many as 342
startups have received intimation regarding exemption from angel tax since
February, an official said. Giving a major relief to budding entrepreneurs, the
government in February relaxed the definition of startups and allowed them to
avail full angel tax concession on investments of up to Rs 25 crore. "The
ministry is taking all steps to promote and strengthen the startup ecosystem in
the country. A total of 381 startups gave undertaking that they should be
exempted from angel tax and out of that, 342 have received intimation from CBDT
(Central Board of Direct Taxes)," the government official said. The
ministry is working with its team with the remaining 39 startups to resolve
their issues as there are certain inaccuracies in their undertakings.
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CBIC RELEASES NEW FUNCTIONALITIES IN GST APPLICATIONS
The Central Board of
Indirect Taxes & Customs (CBIC) has released new business functionalities
in GST IT Ecosystem focusing on various GST applications filled by the
taxpayers. As per new functionalities in CBIC-GST application, tax officers can
block/unblock ITC credit in Credit ledger at GST portal; tax officers can see
annual return GSTR-9/GSTR-9A return filed on GST portal; tax officer can see
GSTR-2X return, claiming TDS/TCS credit, on GST portal and can see ITC-01 and
ITC-03 returns filed by new registrants for ITC credit on inputs held in stock
or semi-finished or finished goods. Offline utility of Form GSTR-9A is made
available in the download section of GST Portal for the composition taxpayers.
Excel based offline utility is designed to help composition taxpayers to
prepare their Form GSTR-9A offline.
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GST: DUE DATE FOR FILING RETURNS BY COMPOSITION DEALERS
CHANGED
The Central Board of
Indirect Taxes and Customs has notified the new dates for filing returns by the
composition dealers in Form CMP-08 and GSTR-4. According to the notification,
the composition taxpayers shall furnish a statement, every quarter or, as the
case may be part thereof containing the details of payment of self-assessed tax
in FORM GST CMP-08 of the Central Goods and Services Tax Rules, 2017, till the
18th day of the month succeeding such quarter. The said persons shall furnish a
return for every financial year or, as the case may be, part thereof in FORM
GSTR-4 of the Central Goods and Services Tax Rules, 2017, on or before the 30th
day of April following the end of such financial year, the notification said.
The registered persons paying tax by availing the benefit of the said
notification, in respect of the period for which he has availed the said
benefit, shall be deemed to have complied with the provisions of section 37 and
section 39 of the said Act if they have furnished FORM GST CMP-08 and FORM
GSTR-4 as provided in para 2 and para 3 above, it said. Under the GST regime
rolled out from 1st July 2017, the composition scheme is an alternative method
of tax levy under GST designed to simplify compliance and reduce compliance
costs for small taxpayers. The main feature of this scheme is that the business
or person who has opted to pay tax under this scheme can pay tax at a flat
percentage of turnover every quarter, instead of paying tax at normal rate
every month.
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CBDT ISSUES CLARIFICATION ON LINKING OF PAN WITH AADHAAR
It has been reported in
some sections of the media that those PANs which are not linked with Aadhaar
number by 31.03.2019 may be invalidated The matter has been considered by the
Central Government and now the cut-off date for intimating the Aadhaar number
and linking PAN with Aadhaar is 30.09.2019, unless specifically exempted
Notwithstanding the last date of intimating/linking of Aadhaar Number with PAN
being 30.09.2019, it is also made clear that w.e.f. 01.04.2019, it is mandatory
to quote and link Aadhaar number while filing the return of income, unless
specifically exempted.
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APPLICATION FOR REVOCATION OF CANCELLATION OF GST REGISTRATION
CAN BE NOW FILED TILL 22.07.2019
Sub-section (2) of section
29 of the Central Goods and Services Tax Act, 2017 (‘CGST Act’) provides for
cancellation of registration after giving opportunity of being heard, by proper
officer in the following situations : –
(a) Contravention of
provisions of the Act or the rules made thereunder
(b) Person paying tax
under section 10 has not furnished returns for three consecutive tax periods;
or
(c) any registered person,
other than a person specified in clause (b), has not furnished returns for a
continuous period of six months; or
(d) any person who has
taken voluntary registration under sub-section (3) of section 25 has not
commenced business within six months from the date of registration; or
(e) registration has been
obtained by means of fraud, willful misstatement or suppression of facts.
However, sub-section (1)
of Section 30 provides for revocation of cancellation of the registration
within thirty days from the date of service of the cancellation order.
Section 107 of the CGST
Act also provides for filing appeal against the decision or order passed by an
adjudicating authority within three months from the date on which the said
decision or order is communicated to such person. The Act also empowers the
Appellate Authority to allow appeal within extended period if satisfied that
the appellant was prevented by sufficient cause from presenting the appeal
within the period of three months. A large number of registrations have been
cancelled under Section 29(2) of the CGST Act by the proper officer where the
period of 30 days provided for revocation of cancellation order, the period for
filing appeal and also the period of condoning the delay has elapsed. As a
result, the registered persons whose registration have been cancelled are
unable to get their cancellation of registration revoked despite having
fulfilled all the requirements for revocation of cancellation of registration.
The main cause of such situation was GST being a new Act, taxpayers were not
familiar with the manner of service of notice by e-mail or making available at
portal in comparison to earlier regime where manual service of notice was
provided. In view of the above the Central Government, on recommendations of
the Council, has made the Central Goods and Services Tax (Fifth Removal of
Difficulties) Order, 2019. As per the order, section 30 of the said Act has
been amended to provide that the registered person who was served notice under
sub-section (2) of section 29 in the manner as provided in clause (c) or clause
(d) of sub-section (1) of section 169 and who could not reply to the said
notice, thereby resulting in cancellation of his registration certificate and
is hence unable to file application for revocation of cancellation of
registration under sub-section (1) of section 30 of the Act, against such order
passed up to 31.03.2019, shall be allowed to file application for revocation of
cancellation of the registration not later than 22.07.2019
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IT DEPARTMENT PLANNING A SURGICAL STRIKE ON CASH TRANSACTIONS
Failing to meet direct tax
collections target, the Income Tax (I-T) Department has started surgical
strikes against cash transactions The assessing officers have been directed to
penalise those using cash while buying properties, luxury items like jewellery
and cars or while paying bills at hospitals. According to a senior official,
the I-T Dept missed the tax collection target of Rs 12 lakh crore. We have been
directed to focus on new areas from the beginning of the new financial year,
said the official. We have found about 27,000 cases of cash transactions in the
purchase of properties where I-T laws were violated. We need to recover about
Rs 5,500 crore soon, he said. As per the law of the Central Board of Direct
Taxes (CBDT) effective from June 1, 2015, any transaction in real estate,
including agricultural land is required to be made through account payee cheque
or the real time gross settlement (RTGS) or electronic funds transfer if the
amount is Rs 20,000 or above. If a transaction is done in cash, then the
penalty of an amount equal under Section 271 D of the Income Tax Act is imposed
on the seller.
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GST COUNCIL RECALLS RULE THAT RAISED TAX OUTGO OF LARGE
COMPANIES
The Goods and Services Tax
(GST) Council has recalled the limits placed on companies from February this
year on settling their tax liability with credits for taxes paid previously on
raw materials and services. The move comes after businesses said the
restrictions had led to an increase in their tax outgo. In a clarification
issued to field officers on Tuesday, the Central Board of Indirect Taxes and
Customs (CBIC) has granted full flexibility to businesses in using the credits
for taxes paid on inter-state transactions (integrated GST or IGST) in settling
the liability towards GST payable to the Union or state governments. The
limitations introduced from February had forced companies to use IGST credits
in a certain order that limited their ability to manage their final tax outgo
with the tax credits available on the ledger. This, companies have said, led to
increased cash outgo in certain scenarios to meet their tax liability while
unused tax credits remained on their books. The CBEC clarification explained
that credits from paying taxes on interstate transactions (for raw materials
and services) can be used for setting off the GST liability to the central or
state governments in any order or in any proportion. The only rider is that if
finished goods move across state borders, the IGST credit should first be
utilized for settling that liability and the surplus could be used for meeting
the tax liability towards central or state GST. The GST Council introduced the
restrictions in February as IGST credit remaining on records was going up,
which the tax authorities wanted companies to use up. Experts said the latest
clarification offered relief to companies. This was a much-needed
clarification, as this should help bring to rest the varied interpretation
apprehended by industry experts on the utilization of IGST credit, said
Abhishek Jain. The restrictions on use of tax credits was affecting big companies
as they have large value chain across states and have large amounts of input
tax credits on their ledger on account of transactions across state borders.
The flexibility to use credits from inter-state transactions is a relief for
businesses as it is more fungible and can be utilized for meeting tax
liability. On the other hand, credits from CGST and SGST payment cannot be
cross-utilised.
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BIZMEN DEMAND RELIEF IN HIGH GST, PANEL TO SOLVE ISSUES
With less than one month
left for the Lok Sabha polling day in Punjab, city businessmen have become
active, and business associations are in a huddle to decide whom to vote for.
Recently, a meeting of Punjab Pradesh Beopar Mandal (PPBM) was organised, in
which office-bearers of the association gave a call to their members and other
businessmen to vote only for the candidate who they think will support the
industry, and not to fall prey to false promises made by politicians. However,
there are a lot of issues related to different sectors of trade and industry
when it comes Ludhiana, and businessmen are of the view that there are several
problems in the industrial city, which no politician is even talking about.
According to SS Makkar: Our industry is quite old, and we are associated with
every person in one way or another in all sorts of occasions. However, it is
really sad that when it comes to our issues, no government is serious about
solving them. At present, we are facing a lot of issues like high rates of
registration on commercial vehicles, no cap on increase in rates of raw
material for the catering industry, and high rate of tax on outdoor catering
and our services. Our demand to all leaders and parties is that a committee or
one point of contact should be appointed to resolve our problems related to any
department. According to PTDA general secretary Shiv Shankar Rai: We are a
service industry, and there are different tax rates under GST on us, which
makes our business complex. In addition to this, the tax rate slabs go up to 18%,
about which a majority of our customers often complain. We humbly request all
party candidates, that regardless of who wins or loses, our industry should be
given relief, and the rate of GST on outdoor catering should be reduced to 5%
at least.
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RESTAURANTS NOT PASSING ON GST RATE CUT BENEFITS, FEEL HALF OF
INDIANS; DON’T TRUST FMCG BRANDS TOO
The government has passed
three major GST rate cuts since 2017 with the most recent cut introduced in
January 2019, yet the vast majority of the country is yet to see the benefits
of reduction in the Goods and Services Tax rate, says a survey report. Almost
half the population says that restaurants have not passed on the benefit of GST
rate cuts, whereas nearly half also suspects the same about FMCG firms.
Respondents say that these businesses have raised base prices to avoid passing
on the benefit of tax rate cut to consumers, according to a survey by
LocalCircles. On the flip side, about 33% of Indians have begun to see the
benefits of GST rate cuts. It appears that finally, a third of the consumers
are starting to see the benefits of the GST rate reductions the trends are
finally showing signs of increased compliance by brands, says the LocalCircles
report. As the base price of the food is increased, half of the respondents
said that they are not benefited by the GST cuts. Out of 16,000 of those
surveyed, 47% said that restaurants have not passed on the reduced tax benefits
to them. 15% were of the opinion that partial benefits are being transferred
while 19% of them were unsure. Notably, the GST cut on the restaurant was one
of the earliest cuts in line after the GST was introduced in mid-2017. In
November 2017, GST on restaurants was reduced from 18% to 5%. Customers have a
mistrust of shampoo, cosmetics and groceries brands as well with almost half of
the respondents opine that brands are not passing on GST benefits to them. 45%
said no benefits were being passed as the base price of products has been
increased, LocalCircles report said. Less than 10% of the population surveyed
replied in positive that brands are transferring GST benefits. In November
2017, GST on many FMCG products was downed to 18% from the previous 28%. Also,
while the GST was reduced from 28% to 18% (in July 2018) on items such as
paints, home appliances and televisions, 40% of the respondents said that no
benefit is given to them. Increase in base price was mentioned here as well.
Recently, major FMCG company Procter and Gamble (P&G) came under the
anti-profiteering radar with it found guilty of not passing Rs 250 crore worth
of GST benefits to its customers. The case has been submitted to National
Anti-Profiteering Authority which will review it.
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J&J CHARGED WITH PROFITEERING FROM GST REDUCTION
In an anti-profiteering
probe against top sanitary napkin companies, the Director General of
Anti-Profiteering (DGAP) has indicted Johnson & Johnson (J&J) for
profiteering from Goods & Services Tax (GST) rate cuts. J&J, the makers
of Stayfree and Carefree napkins, profiteered around Rs 40 crore from the tax
cuts announced by the government, sources said quoting the DGAP report. We at
Johnson & Johnson, have passed on the net benefits arising out of the
exemption of GST on sanitary napkins, thereby fully complying with the
applicable regulations. We have reduced prices on our products in Stayfree,
Carefree napkins and OB tampons. Further, as pioneers of this category in India
and aligned with the objective of the GST exemption to make sanitary pads
affordable and accessible to more women,'' a J&J spokesperson said in an
e-mail response. The final decision in the case will be taken by the NAA after
hearing the firms as well as the complainants in the case. The NAA is the
adjudicating body set up by the government to monitor whether the reduction or
the benefit of ITC is reaching consumers by way of appropriate reduction in
prices.
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TS WAQF BOARD RECEIVES GST NOTICE
The Telangana State Waqf
Board has received a letter from the office of the Principal Commissioner of
GST, asking it to pay 12.5% tax on rentals it has received from properties in
its custody. With no full-time chief executive officer or a chairman at its
helm, the waqf board is now exploring options on dealing with the situation. As
per the first waqf survey, there are 33,929 waqf institutions in the State. A
large number of these have properties such as shops and commercial
establishments which are given on lease to generate revenue for the institution.
Sources from the TSWB said the letter from GST authorities has sought tax from
commercial establishments which pay rents of more than ₹30,000.
They also said that the letter, which the board received on Monday, was not the
first. We have tried to explain to them that institutions are religious in
nature. They are meant for charitable purpose, and will seek an exemption. We
are trying to explain this point, but it appears more convincing is required, a
source said. The board will soon embark on an enumeration of commercial
establishments which pay more than ₹30,000 as rent, added the
source. Delhi waqf board served
Sources said similar
letters were sent to other waqf boards. According to a senior official in the
Delhi Wakf Board, a notice was received around five months ago asking Muslim
endowments panel to pay GST on rents.
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HC RULES TAXMAN CAN SEEK INTEREST ON ENTIRE GST LIABILITY
The Telangana high court
has rejected a writ petition challenging the imposition of interest on total
goods and services tax liability including input tax credit, a ruling that has
significant implications for industry. This means that tax authorities can levy
interest on the gross tax liability of an assessee if there is any delay in tax
payment. The GST Council had at its 31st meeting on December 22 recommended
changing the law to provide that interest should be charged only on the net
liability of a taxpayer, after taking into account the admissible input tax
credit (ITC). The court declined to take into account the council’s decision
because the law hasn’t been amended accordingly. The claim made by the
respondents for interest on the ITC portion of the tax cannot be found fault
with. Hence, the writ petition is dismissed, the court said. Tax experts said
the decision goes against established practices and the government’s
objectives. The decision of the Telangana high court seems contrary to the
government’s intention and the practice which industry would have been
following in general, as was followed during the erstwhile regime, said Pratik
Jain. The council’s recommendations will become effective only after the state
and Central GST acts are amended. With an adverse decision of the high court,
the government may consider issuing immediate instruction/clarification to
provide that no recovery proceedings should be initiated by any state
government where the taxpayer had sufficient credit balance to discharge output
GST liability, which shall be in line with the amendment proposed to Section 50
of the CGST Act, Jain said.
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CENTRE FEARS BROADER DEFINITION OF ‘CONFLICT DIAMOND’ MAY HURT
TRADE BY INDIA, OTHERS
India is concerned that
the proposed widening of definition of ‘conflict diamonds’ under the Kimberly
Process, as suggested by developed countries such as the US and Canada, to
include human right abuses and child labour issues may end up as a non-tariff
barrier for developing countries. New Delhi will raise its concerns on the
proposed broadening of definition of conflict diamonds at the meeting of the ad
hoc committee overseeing the review and reform of the Kimberley Process in
Paris this week. We have to make sure that this does not end up as an exercise
that may be used to target the business of poorer countries, an official told.
India is the world’s largest centre for cut and polished diamonds and accounts
for 75 per cent of the world’s polished diamonds exports. The sector is
labour-intensive and employs over 4.64 million workers, which is expected to go
up to 8.23 million by 2022, according to government estimates. The Kimberley
Process Certification System (KPCS) is a joint initiative of 54 members,
including India and the EU, to stem the flow of ‘conflict diamonds’ that are
used by rebel groups to overthrow legitimate governments. It came into effect
on January 1, 2003 through a United Nations General Assembly Resolution and
includes governments, civil societies and the industry. Over the last couple of
years, however, a number of members including Canada, the EU and the US have
been complaining that the process addresses a very narrow band of issues and
ignores the rest. While the concerns are largely based on reports of human
rights abuses in the diamond fields of Zimbabwe and Angola which includes
killing of villagers, India is afraid that once the exercise of broadening the
definition of conflict diamond begins, many other issues could get incorporated
and a lot of subjectivity may flow in. We are against human rights abuse and
labour law violations, but there are other agencies including the UN Human
Rights Commission and the ILO to address them. The Kimberly Process was never
meant to address such issues. While countries like Zimbabwe and Angola need to
be checked, India and some other developing countries engaged in peaceful trade
should not be at the receiving end, the official said. India, which is the
chair of the KPCS this year, will host the plenary meeting later this year in
which attempts are likely to be made by several developed countries to get
members to agree on a widening of definition of conflict diamonds.
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SLAPPING RS 407CR TAX LIABILITY IN YI CASE MALA FIDE, GANDHIS
TELL SC
Challenging the income tax
department’s decision to reopen their tax assessments for 2011-12 relating to
Associated Journals Ltd, Congress leaders Rahul Gandhi, Sonia Gandhi and Oscar
Fernandes told the Supreme Court on Tuesday that the department’s action was
mala fide and called the slapping of Rs 407 crore tax liability on them
illogical, perverse and irrational. Senior advocate P Chidambaram, appearing
for Sonia Gandhi, told a bench of Justices D Y Chandrachud and Hemant Gupta
that the IT department decided to reassess the income without application of
mind and the decision defied common sense as it came to the conclusion that she
had escaped income of over Rs 141 cr for getting 1900 shares in a
non-profitable organisation- ‘Young Indian’. It is a totally perverse order and
intended to saddle the petitioners with huge tax liability. It is illogical and
perverse and no reasonable person would come to such conclusion, Chidambaram
contended. The court, however, set the next hearing for August third week,
saying the income tax tribunal should first decide on the issue. The Congress
leaders approached the apex court after the Delhi High Court turned down their
plea and justified re-opening of their tax assessments for 2011-12. Dismissing
their petitions, the HC had said the Gandhis and Congress leader Oscar
Fernandes had the primary obligation to disclose the acquisition of shares in
Young Indian (YI).
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VICKS, GILLETTE, PANTENE MAKER P&G FOUND GUILTY UNDER GST
ANTI-PROFITEERING
The GST profiteering
investigation arm has found leading FMCG firm P&G India guilty of not
passing on GST rate cut benefits to the tune of about Rs 250 crore by
commensurate reduction in prices. Based on a complaint filed before the
standing committee, the Directorate General of Anti profiteering (DGAP)
investigated the books of accounts of P&G India pre and post November 15,
2017, and concluded that the consumer goods manufacturer has not lowered prices
of certain of its products despite cut in GST rate to 18 per cent from 28 per
cent. The DGAP report has concluded profiteering worth Rs 250 crore by P&G.
The National Anti Profiteering Authority will pass a final order on the quantum
of profiteering after hearing the company’s views, an official said. P&G
spokesperson said as a responsible corporate, P&G has always been committed
to passing the net benefit of GST rate reduction to the consumers. We have
passed the net benefit and communicated the same via advertising in mass media
to help increase awareness with the consumers, shoppers and retailers. P&G
said it will continue to cooperate with the authorities and provide
clarifications. We hope that the concerned authorities will appreciate the
procedure followed to pass on the GST benefit and will take a just view of the
matter. Once a profiteering complaint is received against a company, the DGAP
has the powers to look into the books of accounts and see if the benefits of
tax rate cuts have been passed on in other products manufactured by the company
as well. After studying the documents, the DGAP gives its report to the
National Anti-Profiteering Authority (NAA) for further action. If the NAA finds
a firm guilty of profiteering then the amount profiteered has to be refunded to
consumers by the company. In case where the consumers cannot be identified, the
amount has to be deposited into the consumer welfare fund of the Centre and
states.
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NOTE ON SEARCH CONDUCTED IN NCR ON A GROUP IN THE POWER SECTOR
The Delhi Unit of the
Directorate General of Income-tax (Investigation) initiated search and seizure action
on a Group in NCR, Bhopal, Indore and Goa based upon credible information of
large scale collection, possession and movement of unaccounted assets, a few
weeks back. The Central Board of Direct Taxes (CBDT) had earlier issued a Press
Note pertaining to searches conducted in MP. As some new developments have
taken place, this Press Release is being issued pertaining to search and
seizure operation carried-out in NCR on 07th April, 2019 on a leading Solar
Power Group connected in the matter. Some of the significant transactions
detected during the search operation are detailed here under:-
Accommodation entries of
Rs 370 crore
During the search, a maze
of shell companies used as mere conduits for providing entries to the group
have been detected. Accommodation entries in the garb of bogus unsecured
loans/share application money to the tune of Rs. 370 crore have been found.
Bogus billing of Rs. 330
crore
Evidence of inflation of
expenses through bogus billing to the tune of around Rs. 330 crore has been
detected in the case of a power plant of the said group. The money so siphoned
off was collected in USD through hawala operators.
Unaccounted diary
transactions of Rs. 240 crore
A handwritten diary
containing records of out of books cash receipts to the tune of around Rs.240
crore was seized from the office of the group. The entries therein have been
admitted by the persons concerned.
Bogus loans of Rs. 30
crore in a group company
Investigations reveal that
a loan entry of Rs. 30 crore in one of the group companies was an accommodation
entry arranged by an entry operator against equivalent cash.
Over-invoicing of imports
and round tripping of Rs. 252 crore
During the search,
evidence was found indicating that the group grossly over-invoiced its imports
from original manufacturers by re-invoicing it through a shell company of a
person who is an accused in a major defence scam. The surplus so created was
ploughed back in the books as FDI through another shell company of the same
person.
Unaccounted foreign
investments/expenses
Enquiries reveal that the
Group used the services of a Dubai based operator to park unaccounted foreign
remittances in overseas jurisdictions. Out of such remittances, approximately
Rs. 27 crore was paid towards credit card expenses and Rs. 72 crore for
purchase of a property abroad.
Apart from the above,
unaccounted payment of Rs. 9 crore towards purchase of a property has also been
detected. Seizure of unaccounted assets of Rs. 3 crore has been made during the
search. The search action was undertaken on the basis of credible information
and has led to detection of large scale tax evasion of more than Rs. 1350
crore.
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INDIA, US SIGN AGREEMENT FOR EXCHANGING CBC REPORTS; HOW IT
WILL REDUCE COMPLIANCE FOR COMPANIES
The chairman of the CBDT
in India and the US Ambassador to India signed the intergovernmental agreement
(IGA) for exchanging country by country (CbC) reports as prescribed under the
transfer pricing guidance on documentation of the OECD’s Base Erosion Profit
Shift (BEPS) Action Plan 13, between the two countries. It will be effective
for the years commencing on or after 1 January 2016. This is a major step in
the direction of resolving some of the issues identified by the OECD/ G20 initiative
on BEPS. Under the BEPS Action Plan 13, CbC reporting by Multinational
Enterprises (MNEs) has been prescribed. In the CbC report, the MNEs would
provide annually to the tax administration of the parent jurisdiction, a host
of information pertaining to each tax jurisdiction in which they have
subsidiaries or branches, the revenue, profit before tax, tax paid, total
employees, capital, tangible assets et al in the form of a ‘master file’. It
would include information pertaining to all the Constituent Entities (CE) in
different jurisdictions, high level global information regarding their global
business operations and transfer pricing policies that would be available to
all the relevant jurisdictions’ tax administrations. The more detailed
transactional transfer pricing documentation is required to be provided in a
‘local file’ in each country. Clearly, there is significant amount of data
available in the master file of each MNE with its home jurisdiction tax
authorities, which when exchanged with the local tax authorities of the CE of
the MNE, enables the tax authorities of the CE to reduce their transfer pricing
risk as also evasion of taxes in the local jurisdiction. CbC reporting under
BEPS Action Plan 13 applies to financial year starting 1 January 2016 and the
first automatic exchanges of CbC reports took place in June 2018. There are
over 2000 bilateral exchange relationships activated with respect to
jurisdictions committed to exchange CbC reports. 77 jurisdictions around the
world are signatories to the CbC multilateral and bilateral Competent Authority
Agreement for automatic exchanges of information, including India, UK,
Australia, Germany, China, France, South Africa, Mexico, Brazil, Argentina,
Peru. Notably, US is not signatory to this. Under section 286 of the Income Tax
Act, 1961 (It Act), every CE resident in India, being a CE of an MNE and whose
parent is not resident of India is required to notify the prescribed Indian tax
authority whether it is the alternate reporting entity of the MNE or provide
the details of the parent of the reporting MNE and their country of residence.
Under the IT Act, a CE of an MNE is required to furnish the CbC report in
respect of the MNE if the parent of the CE is resident in a country where inter
alia with which India does not have an agreement providing for exchange of
information for the CbC report. The date for filing such report was extended by
the CBDT to 31 March, 2019.
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GST RATE CUTS NOW BENEFITTING CONSUMERS MORE THAN BEFORE:
SURVEY
Consumers are of the view
that they are benefitting from the Goods and Services Tax (GST) rate cuts now
more than before as businesses and traders increasingly lower prices to the
extent of the reduced tax rates, an online survey of 16,000 people has found.
It is often the customer perception that leads them to complain against alleged
profiteering by companies by way of not reducing the prices in line with the
tax cuts. The trend shown by the survey indicates that prices of household
items may soften further. The survey said 30% people believed in April that
they are getting the benefit of tax cuts on items like shampoo, cosmetics and
groceries, up from 15% in June 2018 and 27% in January 2019. Federal indirect
tax body, the GST Council, had made large-scale tax cuts in the on items such
as shampoo, cosmetics, hair oil and groceries from 28% to 18% in November 2017.
It had also reduced tax rates applicable to restaurants from 18% to 5% in
November 2017. The survey showed that one in three people believe in April that
they are benefitting from the tax cuts on restaurants, up from about one in
four in June 2018. The survey also said that 29% of people now believe that
companies are passing on the benefit of the July 2018 tax cuts on home appliances
to consumers compared to 20% in October 2018. In July 2018, the Council had
reduced tax rate from 28% to 18% on refrigerators, washing machines, small
televisions and vacuum cleaners. While there is improvement in customer
experience, there is still a long way to go in ensuring full benefits reach
consumers, the survey indicated. About 40% people still believe they are not
getting the benefit of tax cut on home appliances, compared to 47% in October
2018. The National Anti-profiteering Authority (NAA) set up to ensure that
businesses pass on the tax cut relief to consumers has already asked many
companies in the FMCG, restaurant and trading business to pay back the alleged
profiteered amounts to consumers or to deposit in a consumer welfare fund.
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GST FRAUD: FIVE ARRESTED FOR FILING FAKE RETURNS
A major GST fraud has been
detected by the Delhi Police where five persons are arrested for filing fake
returns The organised gang of fraudsters involved in submitting fake GST
returns of different private firms and syphoned off Lakh of rupees, reports
said. According to reports, the matter came into light at Jama Masjid area when
a complainant approached the police and stated that some unknown persons have
unauthorized access to the GST account of his firm. He also informed that some
days before, while he visited GST office, one GST officer informed him that he
has not filed any GST return in his GST account so far. The accused shared the
username and password of his GST account to his niece for filing GST returns.
Recently, he tried to access his GST account but he found that the username and
password of the GST account have been fraudulently changed by some unknown
persons. Thereafter, the complainant visited the office of GST and managed to
change the username and password of his GST Account by filing fresh request. On
being checked the GST account details, he found that the fraudulent bills of
the transaction of sale and purchase were made in the GST account of complainant’s
firm to which complainant has the liability of Rs. 21.64 lakhs as GST tax.
According to the complainant, he never made any transactions in the
above-mentioned GST account and all are fake transactions. On April 19 one
Ankush Agrawal was arrested. The police team also recovered one laptop being
used for uploading details of fake invoices of sale and purchase with the name
of various private firms and two mobile phones which were used in the
commission of a crime. On sustained interrogation, accused Ankush Aggarwal
disclosed that he used to collect details of defaulted firms from one Subhash,
who was earlier working in the office of GST and used to meet him at GST
office, ITO, Delhi.
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ICICI-VIDEOCON CASE: ED SUMMONS CHANDA KOCHHAR, HUSBAND DEEPAK
KOCHHAR
The Enforcement
Directorate (ED) this week has issued fresh summons to former CEO of ICICI Bank
Chanda Kochhar, her husband Deepak Kochhar and brother-in-law Rajiv Kochhar to
appear for questioning in a money laundering case. The agency is probing
whether a part of the ₹300 crore loan that she allegedly received as illegal
gratification was laundered. ED is probing a case of money laundering based on
a Central Bureau of Investigation (CBI) case. The CBI case is probing alleged
irregularities and corrupt practices in sanctioning of ₹1875
crore of loan to Videocon International Electronics Ltd by ICICI Bank in 2012.
Of this, a term loan of ₹300 crore was allegedly a part of quid pro quo for the
business group’s dealings with her husband. Chanda Kochhar is alleged to have
misused her office and received illegal gratification through her husband from
Dhoot for this ₹300 crore loan. While ED has summoned the Kochhar brothers on
30 April, Chanda Kochhar has been summoned on 5 May, said an official with the
investigative agency. The ED on 1 March had conducted series of searches at the
residence and office premises of Kochhars as part of its investigations. The ED
has called them with their bank account details and statements to verify the
trail of money, said the official.
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STATEMENT OF MINISTRY OF PETROLEUM AND NATURAL GAS ON THE
ANNOUNCEMENT BY US
The Government of India
has put in place a robust plan to ensure that there is adequate supply of crude
oil to Indian oil refineries from May 2019 onwards. There will be additional
supplies from other major oil producing countries from different parts of the
world. The Indian refineries are fully prepared without any problem to meet the
national demand for petrol, diesel and other petroleum products in the country.
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TAX RE-ASSESSMENT: SC TO HEAR APPEALS FILED BY RAHUL, SONIA
GANDHI IN AUGUST
The Supreme Court Tuesday
said it would hear in August the appeals filed by Congress President Rahul
Gandhi and his mother Sonia against the Delhi High Court order allowing
re-assessment of their Income Tax for 2011-12 in connection with the National
Herald case. A bench comprising Justices D Y Chandrachud and Hemant Gupta
granted liberty to the petitioners to approach Delhi Income Tax Appellate
Tribunal (ITAT) for expeditious hearing of pending appeal challenging the
retrospective cancellation of registration granted to Young Indian under the
I-T Act. List the further hearing on this batch of appeals in the week
commencing August 19. We grant liberty to the petitioners to approach the ITAT,
Delhi, for expeditious hearing and final disposal of appeal, the bench said in
its order. During the hearing on Tuesday, the bench initially observed that it
can ask the ITAT to expedite the proceedings pending before it in the matter.
It said: You have challenged the cancellation of registration before the
tribunal. We may have some difficulty if suppose we say that the cancellation
was bad. So proper procedure would be to wait for ITAT order. We will then have
the benefit of the tribunal's order. If you succeed there, then issue of
re-opening goes. To this, senior advocates P Chidambaram and Kapil Sibal,
appearing for the petitioners, said, Yes, that will be proper. Sanjay Jain,
appearing for the Income Tax department, said that proceedings pending before
the ITAT was different from the appeals before the apex court. Further hearing
in these appeals should not be linked with the outcome of the ITAT, Jain said.
However, the bench told Jain, Therefore, carefully we have not said that list
the matter after decision of ITAT.
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AGUSTAWESTLAND CHOPPER CASE: RAJEEV SAXENA MOVES DELHI COURT
SEEKING PERMISSION TO TRAVEL ABROAD
Rajeev Saxena, a middleman
-turned-approver in the money laundering case related to the AgustaWestland
chopper scam, moved a Delhi court Monday seeking permission to travel abroad
Arvind Kumar issued notice to the Enforcement Directorate on his plea to travel
to Europe, UK and Dubai in May. The court has posted the matter for hearing on
April 29. Saxena has sought permission to travel abroad on the ground of some
medical ailments. The court had earlier allowed Saxena to turn approver and his
plea for grant of pardon on the condition that he will fully disclose all
information in the case. He was earlier granted bail by the court on medical
grounds after perusal of reports submitted by AIIMS.
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WILL ELIMINATE NAXALITES FROM INDIA BY 2023, SAYS RAJNATH
SINGH
Union Home Minister
Rajnath Singh Tuesday said naxals will be rooted out in the country by 2023
Rebels and terrorists coming in the way of the country's security, which is an
essential part of development, will be crushed, Singh told a poll rally here.
Naxals have been almost eliminated in Jharkhand and their remaining pockets in
the state will end soon, he told.
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‘CHOWKIDAR CHOR HAI’ JIBE: SC EXEMPTS RAHUL GANDHI FROM
PERSONALLY APPEARING IN CONTEMPT CASE ON APRIL 30
The Supreme Court on
Tuesday exempted Congress chief Rahul Gandhi from appearing on April 30 in the
contempt case against him. The court had issued a contempt notice against
Gandhi for attributing his chowkidar chor hai remark on Prime Minister Narendra
Modi to the Supreme Court. Personal presence of the alleged contemnor is
dispensed with, for the present, a bench headed by Chief Justice Ranjan Gogoi
said in the order.
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'DIWALI KE LIYE RAKHA HAI KYA?' PAKISTAN CALLS MODI'S REMARKS
'HIGHLY UNFORTUNATE'
Pakistan on Monday took
exception to Prime Minister Narendra Modi's remarks about India's nuclear
capability, terming them highly unfortunate and said such nuclear brinksmanship
should be discouraged Responding to a question regarding Prime Minister Modi's
recent remarks on Indian nuclear capability, the Spokesperson stated that
Pakistan considers these remarks as highly unfortunate and irresponsible. Such
rhetoric for short-term political and electoral gains, with complete disregard
to its effects on strategic stability in South Asia is regrettable and against
norms of responsible nuclear behaviour, a Foreign Office (FO) statement said. Taking
a jibe at Pakistan over the nuclear threat, Modi had on Sunday said that India
has not kept its nuclear weapons for Diwali. India has stopped the policy of
getting scared of Pakistan's threats. Every other day they used to say 'we've
nuclear button, we've nuclear button' What do we have then? Have we kept it for
Diwali? PM Modi said. Pointing out that Modi referred to the night of February
27 and missile-related threat from India as 'Qatal ki Raat' (the night of
murder), the Foreign Office (FO) statement said, It clearly contradicts the
position of Indian officials, who had tried to give an impression that there
were no such plans of India and instead had blamed Pakistan for 'whipping up
war hysteria'.
Such nuclear brinksmanship
needs to be discouraged, it said. We held a press conference and warned
Pakistan that if anything happened to our pilot, you will keep telling the
world what Modi did to you. A senior American official said on the second day
that Modi has kept 12 missiles ready and might attack and the situation will
deteriorate. Pakistan announced return of the pilot, or else it was going to be
a 'qatal ki raat', he said.
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STRAP ‘SCEPTICAL’ OPPOSITION LEADERS ON ROCKETS TO BALAKOT,
SAYS MAHARASHTRA CM DEVENDRA FADNAVIS
Devendra Fadnavis has said
opposition leaders seeking proof of the Balakot air strike should have been
strapped to rockets so that they could have seen with their own eyes. Pankaja
Munde had also made a similar remark recently about sending Congress president
Rahul Gandhi to another country with a bomb strapped to him. We should have
strapped some of the sceptical opposition leaders to the rocket, so that they
could have seen with their own eyes, Fadnavis said. The opposition keeps
doubting this government’s performance and even raises question mark over the
armed forces and their courage, he said. What can we say about the opposition
‘mahakhichadi’ (grand mixture). They did not acknowledge the courage of our air
force and raised doubts on Balakot air strike. Had there been an inkling about
doubts from the opposition, we could have strapped their leaders to the rockets
which were sent to Balakot to see the attack with their own eyes, Fadnavis
said.
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RAHUL GANDHI PROMISES 22 LAKH GOVERNMENT JOBS IN ONE YEAR,
SAYS WANTS TO DO JUSTICE IN NEXT 5 YEARS
Rahul Gandhi on Tuesday
promised to give government jobs to 22 lakh people in the next one year if he
is voted to power in the Lok Sabha elections. Congress president said the Narendra
Modi-led government had done injustice in the last five years. Now, I want to
do justice in the next five years, Gandhi told. Narendra Modi had done the most
injustice to tribals in the past five years. He did not fulfil promises and ran
a government for 15-20 people, Gandhi alleged. Rajasthan goes to the polls in
two phases on April 29 and May 6.
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PRAGYA THAKUR SEEKS DISMISSAL OF PLEA SEEKING TO BAR HER FROM
CONTESTING LOK SABHA ELECTION
Pragya Singh Thakur, an
accused in the 2008 Malegaon blast case, on Tuesday dubbed the application
seeking to bar her from contesting the Lok Sabha election as frivolous and
moved with a political agenda, and sought its dismissal by the special NIA
court The father of one of the blast victims moved the court Thursday, urging
it to bar Thakur, the prime accused in the case, from contesting the election
from Bhopal. Thakur responded to the plea on Tuesday through her lawyer before
special judge for National Investigation Agency cases V S Padalkar. She said,
The applicant has deliberately chosen this court to ventilate misconceived and
frivolous application for want of publicity and for extraneous reasons with
political agenda, she said. The applicant has not only wasted the precious time
of this court, but also attempted to consequentially drag, demean and/or lower
the dignity and reputation of the court, Thakur said in her response. She
prayed the court to dismiss the application with an exemplary cost. She also
urged that the applicant be dealt with sternly for filing such a frivolous
plea. The application was filed by Nisar Sayyad, who lost his son in the
Malegaon blast, after the BJP fielded Thakur from Bhopal Lok Sabha seat against
Congress veteran Digvijay Singh. The applicant sought that Thakur, who is out
on bail, be asked to attend court proceedings in Mumbai and barred from
contesting the election as the trial is in progress. It further mentioned that
Thakur got bail on health grounds. If she is healthy enough to fight elections
in the crippling summers heat, then she has misled the court, the complainant
alleged. A petition seeking cancellation of her bail was pending before the
Supreme Court, it said. Six people were killed and over 100 injured in a bomb
blast at Malegaon, a communally sensitive textile town in north Maharashtra’s
Nashik district, on September 29, 2008. The Maharashtra Anti-Terrorism Squad
arrested Thakur and others in the case, alleging they were part of a Hindu
extremist group which carried out the blast. The NIA later gave Thakur a clean
chit, but the court did not discharge Thakur. It dropped charges against her
under the stringent Maharashtra Control of Organised Crime Act, but she is
still facing trial under the Unlawful Activities (Prevention) Act and Indian
Penal Code sections.
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PM MODI ASSERTS CONGRESS AND OPPOSITION SPENDING SLEEPLESS
NIGHTS AS WAVE IN FAVOUR OF BJP
Narendra Modi Tuesday
asserted that the Congress and opposition parties are spending sleepless nights
as the ‘lahar’ (wave) for the BJP has become a ‘lalkar’ (challenge) for them
after the first two phases of elections. Modi urged the people of Odisha to
press the lotus symbol button with both hands, one for the Lok Sabha elections
and the other for Assembly polls. Lahar nehin ye lalkar hai, Phir ek bar Modi
sarkar hai (this is not a wave but a challenge, once again Modi government will
be formed). I haven’t received so much adulation and love even in 2014, he
said, claiming that the response in the first two phase of polls indicate that
people are favouring BJP over other parties. Emphasising that not a single
charge of corruption has surfaced against the BJP-led government in the past
five years, Modi said those who have been levelling false allegations have found
themselves in the dock. Voters are now teaching those liars a lesson. The
Congress and other opposition parties are now in a state of shock. They are
trying to find new excuses to target and abuse me, the prime minister said. He
appealed to the people to vote for a BJP government in the state, which can
work in tandem with the Centre. The Patnaik-led BJD is only bothered about
grabbing power, development has never figured its list of priorities. The
people of Odisha will bid the BJD government farewell, they are wiser than the
politicians who have been ruling the state. Naveen babu, it’s time for you to
go, Modi added.
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NON-BAILABLE WARRANTS AGAINST KEJRIWAL, SISODIA, YOGENDRA
YADAV FOR NON-APPEARANCE IN DEFAMATION COMPLAINT
A Delhi court on Tuesday
issued non-bailable warrants against chief minister Arvind Kejriwal, his deputy
Manish Sisodia and Swaraj India president Yogendra Yadav for failing to appear
before it in a criminal defamation complaint filed in 2013 by a ticket
aspirant. Additional chief metropolitan magistrate Samar Vishal issued the
warrants against Aam Aadmi Party leaders Kejriwal and Sisodia, and Yadav, who
was then in the AAP, after noting that nobody was present from their side
during hearing on the complaint filed by advocate Surender Kumar Sharma. The
court has posted the matter for Wednesday. Sharma, in his complaint, had
alleged that in 2013 he was approached by volunteers of AAP who had asked him
to contest the Delhi Assembly elections on a party ticket, saying Kejriwal was
pleased with his social services.
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PUNJAB AND HARYANA HIGH COURT FORMS NEW SIT TO PROBE FAKE
ENCOUNTER CASE
NEARLY 25 years after a
Gurdaspur youth was allegedly killed in a fake encounter and now suspended
former IG Paramraj Singh Umranangal had claimed that the body belonged to a
prominent terrorist the Punjab and Haryana High Court has constituted a fresh
Special Investigation Team (SIT) to probe the allegations. The SIT will be
headed by DGP-rank officer Siddharth Chattopadhyaya. Even if the theft of a
bicycle is reported, police has to register an FIR. It is rather bizarre that
when a human being disappears, ne’, is abducted, not even a DDR is recorded,
what to say of an FIR. Such extraordinarily peculiar and abnormal situation
makes one curious and suspicious of the dubious conduct of concerned police
officials, Justice Arun Monga said in the order.
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PM’S POST CANNOT BE BOUGHT BY MONEY FROM SARADHA, NARADA: MODI
TO MAMATA BANERJEE
Narendra Modi on Tuesday
raked up the issue of Sharda scam in West Bengal. Mamata Banerjee, said that
the position of PM cannot be bought in an auction by the money gained from
Saradha and Narda (scams). Mutthi bhar seatein ladkar hamari ‘didi’ PM ban’ne
ka sapna bhi dekh rahi hain, agar auction se PM ka pad mil jaata to Congress
aur didi, dono auction mein, jo maal luta usko lekar aa jaate. Didi, ye PM pad
auction mein nahi hai jo Sharda, Narada ke paiso se kharida jaa sake. (Just by
fighting a handful of seats, ‘didi’ is dreaming of becoming the PM, if the
position was secured through auction, both didi and Congress would have brought
the looted money. Didi, this PM’s position is not in an auction which can be
bought by the money from the Saradha, Narda (scams) money), the prime minister
said. Didi (Mamata Banerjee) abusing Modi and getting angry with EC is a
reflection of her frustration in the face of imminent defeat, the PM added.
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LINKS BETWEEN PAKISTAN-BASED TERROR GROUPS AND LANKAN OUTFITS
UNDER SCANNER
Indian and Sri Lankan
security apparatus are probing links between Pak-based terror groups and Lankan
extremist groups and role of state actor as suspicion grows about the motive of
Sunday's serial blasts. Sunday’s terror attacks in neighbouring Sri Lanka could
be signal about the reach of terror network to destabilise peaceful Southern
India, according to persons familiar with the development. India is worried
with Sunday’s attacks because this revival of terrorism in Sri Lanka will
impact Tamil Nadu, Kerala and even Karnataka. Suspicion is also growing about
role of state actors in the serial attacks given sophistication of the strikes
and quantum of explosives used in the attack, said one of the persons quoted
above. This is not a lone wolf attack. The quantum of explosives used in the
attack and precision of attack indicate role of experienced hands. This type of
attack require training which may not be possible for local terror cells
without support from abroad, another source quipped. Links between Lankan
extremist groups and extremist elements in SE Asia and Maldives are also being
probed. While handful traveled from Sri Lanka to join ISIS, Maldives has a
growing extremist network, with over 200 recruits joining ISIS. Maldives has
the highest number of ISIS recruits per capita anywhere in the world. In the
past Maldivians have participated in the Afghan theatre besides being offered
scholarships by Pakistan to study in madrassas. It may be recalled that a
former ISI chief was Pakistani High Commissioner in Sri Lanka few years ago. He
used to encourage Lankan Muslims to study in Pakistani madrassas.
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SIT FINDS VOTER DATA FROM OTHER STATES IN IT GRIDS POSSESSION
The alleged data theft
case by IT Grids India Pvt Ltd, the software company which created the Seva
Mitra app for the Telugu Desam Party (TDP) in AP, has got even murkier as the
Telangana police now claims that the company’s data contained voter data from
other states apart from having Aadhar details of 7.8 crore citizens from AP and
Telangana. Officials from the special investigation team (SIT) from Telangana,
who are currently investigating into the issue, said that they have managed to
also retrieve data from Amazon Web Services, a cloud service onto which IT
Grids had stored its data. Earlier, the Unique Identification Authority of
India (UIDAI) also filed a complaint with the Cyberabad police (under which
Hyderabad’s IT corridor falls) against the software company, accusing it of
stealing Aadhar details of people from AP and Telangana. Apart from that, two
cases were earlier registered with the Cyberabad and Hyderabad police against
IT Grids, accusing it of data theft. The matter even became political with the
TDP alleging that the ruling Telangana Rashtra Samithi led by chief minister K.
Chandrashekhar Rao) and the main opposition YSR Congress Party in AP are
conspiring and trying to target TDP supremo and AP chief minister N.
Chandrababu Naidu. We have found voter data from Punjab and even New Delhi,
which are available on the internet easily. But we don’t know why that
information is with IT Grids. We have obtained a lot of data from storage
devices with the company, which is being sent for forensic examination (to the
TS Forensic Science Laboratories), said a senior police official, who did not
want to be quoted. He added that the data obtained from Amazon Web Services is
also being examined, to check the alleged misuse by the software company. The
police official also informed that a money trail of some financial transactions
between the TDP and IT Grids has also been found as part of the investigation.
However, the software company’s chief executive officer (CEO), D Ashok, has
been absconding since day one after the first case was registered against his
company. Once we get credible information, we will get him. And those who are
found sheltering him will also have to face consequences, he added. While it
was initially believed that the data in question pertained only to AP citizens,
the SIT subsequently said that it had also found data of citizens from
Telangana. At the heart of this entire issue is the question of misuse of data,
and more specifically Aadhar and beneficiary data. IT Grids Pvt Ltd has been
primarily booked by the police for managing to illegally access to personal
information and sensitive data of citizens relating to Aadhaar, the electoral
roll, government schemes, and voter’s information related to various political
parties. The main point, stated the official, is how the company got the
information, and what it used it for.
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ISIS CLAIMS RESPONSIBILITY FOR SRI LANKA SERIAL BOMBINGS
Islamic State has claimed
responsibility for the terrorist blasts in Sri Lanka, as investigations into
Sunday’s coordinated attacks that killed 321 people intensify. The group’s Amaq
News sent a tweet citing a 'security source' as saying the attacks were the
work of 'fighters of the Islamic State.' Interpol has joined the investigation
to help identify potential international connections, with attention also
focused on a second extremist group known as Jamaat-ul-Mujahideen. Ruwan
Wijewardene said investigators were probing links between the local jihadist
group National Thowheed Jamath and Jamaat-ul-Mujahideen. He noted the Easter
Sunday bombings could have been retaliation for the terrorist attacks on two
New Zealand mosques last month. Ranil Wickremesinghe vowed that Sri Lanka would
not allow the attacks to lead to another war, referring to the three-decade
civil war that ended in 2009. 'The intelligence agencies have reported that
there were international organizations behind these acts of local terrorists,'
President Maithripala Sirisena said in a statement. 'Hence, it has been decided
to seek international assistance for investigations.' The government said other
nations had shared intelligence ahead of the blasts. Seven suicide bombers
carried out the Easter Sunday assault on churches and luxury hotels, targeting
Christians and foreign tourists, it said. 'There had been several warnings from
foreign intelligence agencies about the impending attacks,' Rajitha Senaratne
said. 'Persons named in intelligence reports are among those arrested. Some
named in the reports had died during attacks. We are now investigating
international support for the group and their other links.' Chinese citizens
were warned against traveling to Sri Lanka, the embassy said in a statement on
its website.
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ONE MILLION SPECIES FACE EXTINCTION DUE TO HUMAN INFLUENCE,
SAY UN REPORT
Up to one million species
face extinction due to human influence according to a draft UN report obtained
by AFP that catalogues the undermining of natural resources upon which humanity's
survival depends. The accelerating loss of clean air, drinkable water,
CO2-absorbing forests, pollinating insects, protein-rich fish and
storm-blocking mangroves and more poses no less of a threat than climate
change, says the report, set to be unveiled May 6. Delegates from 130 nations
meeting in Paris from April 29 will vet the 44-page summary of an 1,800-page UN
assessment of scientific literature on the state of Nature.
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OIL PRICES SHOOT TO 2019 HIGHS ON IRAN CRACKDOWN
World oil prices struck
fresh 2019 peaks on Tuesday, boosting energy shares prices. Crude futures
extended Monday's sharp rally which was triggered by a US crackdown on Iranian
oil exports. Brent North Sea crude reached $74.70 per barrel Tuesday, the highest
point since early November. WTI hit a similar near six-month high at $66.19 per
barrel. UK markets have returned from their long break with solid gains for the
FTSE 100, led by strength in oil stocks thanks to the surge in crude prices
over the past 24 hours, noted Chris Beauchamp, chief market analyst at IG
trading group. Brent had rallied more than two dollars per barrel on Monday and
WTI jumped $1.70. The White House on Monday announced it was calling an end to
six-month waivers+ that had exempted countries from unilateral US sanctions on
Iranian oil exports. Iran's daily oil output amounts to 1.3 million barrels,
according to latest figures in end March. Stephen Innes, head of trading and
market strategy at SPI Asset Management, said rising crude prices meant $80 per
barrel was now a possibility. Energy and oil-linked shares jumped on Tuesday,
with Tokyo-listed crude developer Inpex rallying 2.8 per cent and oil refiner
JXTG up 1.1 per cent. Investors will be hoping for some better-than-expected results
from both groups to keep the topside momentum in global equities.
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INDIA TO STOP IMPORTING OIL FROM IRAN; MAKE UP LOST VOLUMES
FROM ALTERNATE SOURCES
India will stop importing
crude oil from Iran following the US move to end sanction waivers, and will use
alternate supply sources such as Saudi Arabia to make up for the lost volumes,
top officials and industry sources said on Tuesday. The Trump administration on
Monday decided not to renew waiver that let countries like India buy Iranian
oil without facing US sanctions. Until the waivers are not restored, I don't
think India can buy oil from Iran. We will stop importing oil from Iran, a top
official said. New Delhi is likely to press the US government for continuation
of oil import beyond its expiry on May 2 in talks scheduled later this month,
he said. But purchases cannot be made in anticipation. We will not be importing
any oil from Iran. India was the second biggest buyer of Iranian crude oil
after China. It bought some 24 million tonnes of crude oil from Iran in the
fiscal ended March 31 (2018-19). Iran supplied more than a tenth of its oil
needs. The shortfall will be made from alternate supply sources available in
Saudi Arabia, Kuwait, UAE and Mexico. Dharmendra Pradhan in a tweet said a
robust plan for an adequate supply of crude oil to Indian refineries is in
place. There will be additional supplies from other major oil-producing
countries; Indian refineries are fully prepared to meet the national demand for
petrol, diesel & other petroleum products, he said. The oil ministry too in
a statement said that a plan was in place to ensure supplies of crude oil from
May when the waiver ends.
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_
ED WRITES TO INVESTIGATIVE BODIES IN SINGAPORE, HONG KONG ON
CHANDA KOCHHAR QUID PRO QUO CASE
A day after the
Enforcement Directorate summoned former MD & CEO of ICICI Bank Chanda
Kochhar on May 3, in connection with the Videocon money laundering case, the
agency wrote to investigative authorities in Singapore, Hong Kong on Chanda
Kochhar quid pro quo case. The agency has sought the bank account details along
with list of assets by Chanda Kochhar, Deepak Kochhar and Rajiv Kochhar. ED
also suspects that more family members of Chanda Kochhar are involved in money
laundering via offshore structures. The ED had also asked Chanda Kochhar to
make full disclosure to the probe agency in line with the one she made to RBI,
SEBI and other regulators. This development comes in the wake of evidence
collected by ED, which implies that the former ICICI Bank MD & CEO was the
sole beneficiary of the loans sanctioned to 'certain individuals' and 'firms'.
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ED ATTACHES PROPERTIES OVER RS 40 CRORE OF EXPELLED DMK LEADER
ALAGIRI’S SON
The Enforcement
Directorate Wednesday made a provisional attachment of 25 movable and immovable
properties worth over Rs 40 crore belonging to the son of expelled DMK leader M
K Alagiri under the money laundering act, an official statement said. According
to the ED, the company’s shareholders S Nagarajan and Alagiri Dhayanidhi along
with other accused, criminally conspired and indulged in illegal mining
activities in the adjacent TAMIN leased land and thereby causing wrongful loss
to the government and corresponding wrongful gain to themselves. The ED
initiated investigation under PMLA against Olympus Granites P Limited, Madurai
to identify the crime proceeds on the basis of FIR and charge sheet filed by
Tamil Nadu Police against the company, its promoters and directors and other
individuals. Investigation under PMLA revealed that the company and its promoters
have committed a scheduled offence and derived proceeds of crime by indulging
in the illegal quarrying and the trade proceeds of the company were further
relentlessly incubated resulting in further accruals of proceeds of crime, all
of which were camouflaged in the organisational system as business earnings,
the ED said.
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DECLARING ME FUGITIVE OFFENDER IS LIKE GIVING 'ECONOMIC DEATH
PENALTY': MALLYA TELLS HIGH COURT
Embattled liquor tycoon
Vijay Mallya told the Bombay High Court Wednesday that by declaring him a
fugitive economic offender and allowing attachment of his assets, a special
court had awarded him an economic death penalty Mallya made the statement
through his counsel Amit Desai before a bench of justices Ranjit More and
Bharati Dangre, during arguments on his plea challenging several provisions of
the Fugitive Economic Offenders Act that came into existence in August last
year. My debts and the interest on such debts are mounting. I have assets to
pay off these debts but the government won't allow the use of these assets to
clear the debts. I have no control over my properties, the businessman said.
This is an economic death penalty that has been awarded to me, he said. Desai
urged the court to pass an injunction against the proceedings related to
confiscation of his assets across the country. The bench, however, refused to
grant any interim relief on the petition.
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NO STAY FROM BOMBAY HC; PROCEEDINGS TO CONTINUE BEFORE FEO
JUDGE AGAINST VIJAY MALLYA
Bombay high court on
Wednesday granted no relief to the founder of defunct Kingfisher Airlines Vijay
Mallya and allowed a special trial court in Mumbai which had declared him a
fugitive economic offender (FEO) to proceed with hearings for confiscation of
his assets. The HC, however, will hear Mallya’s fresh petition on challenge to
the constitutional validity of the FEO Act and issued notice to the attorney
general for India over it. Mallya’s counsel Amit Desai making submissions
before a bench of Justices Ranjit More and Bharati Dangre argued that since
there is now a challenge to the very validity of the Act, the proceedings ought
to be stayed before the trial court as rights of creditors too were at stake. But,
appearing for enforcement directorate -- its counsel HS Venegaonkar said that
the Act provides procedure for protecting interest of creditors. The court also
said that such provisions exist and the Judges added that they did not find it
fit to stay the proceedings before the subordinate court. The challenge by
Mallya to the FEO Act, is on grounds that the Act under which he was in January
declared ‘fugitive economic offender’, violates fundamental rights and is
unreasonable, discriminatory, arbitrary and illegal as its provisions are in
breach of Articles 14 (right to equality), Article 21 (right to life), Article
19 (a bouquet of fundamental rights including right to trade and business) and
also significantly Article 300A which provides that no person shall be deprived
of his property save by authority of law. Mallya has also separately appealed
the trial court order and said that the FEO Act provides for an aggravated form
of criminal forfeiture as even untainted property legitimately acquired other
than alleged 'proceeds of crime' is also liable to be confiscated. The ED,
contented that the objective of the FEO Act is to ensure those 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.
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CBI ISSUED LOOK OUT CIRCULARS AGAINST BHUSHAN STEEL CHAIRMAN,
WIFE
The CBI has issued Look
Out Circulars (LOCs) against chairman of Bhushan Power and Steel Limited Sanjay
Singhal and his wife Aarti, who is vice chairman of the company, in connection
with cheating in loans worth over Rs 2,348 crore sources said. The LOCs have
been opened recently to prevent any attempt by the accused to leave the country
without permission from the authorities, the sources said. A look out circular
is a letter used by authorities to keep a tab on an individual. The Immigration
authorities at all airports and entry-exit points across the country will have
to inform the CBI if Singhal and his wife attempt to leave the country.
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GOVERNMENT LIKELY TO RAISE WHEAT IMPORT DUTY TO 40%
The government is likely
to raise the import duty on wheat from the current 30% to 40% to rule out any
possibility of cheaper imports amid the harvesting of the new crop. The import
duty increase will force flour millers to buy wheat from FCI, which is set to
offload stocks rather than source the grain from other countries. The Election
Commission (EC) is likely to clear the proposal soon to increase the import
duty on wheat to 40% after the plan was approved by a panel of secretaries last
week, sources said. The Centre is expecting to buy 38-40 million tonne of wheat
this year, after which the stock with FCI may reach to about 58 million tonne
by end of May. India had imported 5.75 million tonne (mt) of wheat in
FY2016-17, against 518,000 tonne in 2015-16. The wheat import was 1.2 mt during
2017-18, while the increase in duty last year helped the country to check any
import in 2018-19, officials said. India’s wheat production is estimated at
record 99.12 mt in 2018-19 crop year (July-June). There is no import happening
now and the situation is unlikely to change after the increase, a flour miller
from Karnataka said. Normally, millers from the southern states import a few
thousand tonnes due to better quality mainly to meet the requirement of some
specific wheat-based products. However, everything depends on price, he said,
adding that the international price was not that cheaper. The EC is also likely
to clear the plan that will allow to sell 10 mt of wheat and 2 mt of rice under
the open market sale scheme (OMSS) starting from this month itself. The agency
had sold 0.8 mt of rice out of 2 mt allowed and 7 mt out of 10 mt of wheat
sanctioned under OMSS in 2018-19FY.
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BOMBAY HC JUNKS BMC'S CAPITAL VALUE RULES AS BASIS FOR
PROPERTY TAX
The Bombay High Court
Wednesday struck down certain rules enacted by the Brihanmumbai Municipal
Corporation (BMC) for assessment of capital value of a property based on which
property tax could be levied. The high court said all the assessments and bills
issued under these rules stand quashed. A division bench of justices Abhay Oka
and Riyaz Chagla, however, upheld the constitutional validity of the 2009
amendment to the Maharashtra Municipal Corporation Act that had changed the
levying of property tax basis in Mumbai from rateable value on standard rent to
capital value. Rules 20, 21 and 22 of the Capital Value Rules of 2010 and 2015
are struck down as they are ultra vires to the Corporation Act All assessments
and bills issued under these rules stand quashed and set aside, the bench said
in its order.:The court said that the civic body will have to give a fresh
hearing to the complaints The bench stayed its order till August 31 to enable
the BMC to approach the Supreme Court in appeal. The petitioners challenged the
constitutional validity of the amended property tax based on capital value of
land as opposed to the earlier rateable value based on standard rents and also
the validity of the higher land under construction tax. The rules are void and
unconstitutional, the developers had argued.
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NO ONE READY TO TAKE OVER JEM LEADERSHIP IN KASHMIR: ARMY
Calling it a healthy sign,
the Indian Army on Wednesday said that there had been a decline in the recruitment
of local Kashmiri people in terror outfits after the recent crackdown on
militancy by the forces Dilbag Singh said, Recruitment of local youth continues
to be low, it is a healthy sign. 272 terrorists were eliminated in the state
during 2018 and a large number were apprehended. KJS Dhillon, said, Total 69
terrorists have been killed and 12 have been apprehended this year. Post
Pulwama 41 terrorists have been killed and out of them 25 belonged to
Jaish-e-Mohammed, 13 of them were Pakistanis. Dhillon added that the operations
against the terrorists will continue with full vigour and we will not let
terrorism rise up.
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DELHI COURT SENDS JKLF CHIEF YASIN MALIK TO JUDICIAL CUSTODY
TILL MAY 24 IN TERROR FUNDING CASE
A Delhi court Wednesday
sent JKLF chief Yasin Malik, arrested in a case related to funding of
separatists and terror groups in Jammu and Kashmir, to judicial custody till
May 24. Additional Sessions Judge Rakesh Syal also sought reply from the
defence counsel on a plea of Tihar jail authorities seeking to produce Malik
through video conference due to security concerns. The court had sent Malik to
NIA custody. He was brought to the national capital after a court in Kashmir
granted his transit remand to the National Investigation Agency. The Jammu and
Kashmir High Court has reserved its judgment on a CBI plea for reopening
three-decade-old cases in which Malik was an accused. The Jammu Kashmir
Liberation Front (JKLF) chief is facing charges of kidnapping and murder for
being allegedly involved in abducting Rubaiya Sayeed, daughter of then Union
Home Minister Mufti Mohammad Sayeed in 1989, and killing of four Indian Air
Force personnel in 1990. The JKLF was recently banned under the Unlawful Activities
(Prevention) Act.
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ROHIT SHEKHAR TIWARI'S WIFE HAS CONFESSED TO KILLING HIM, SAY
DELHI POLICE
Apoorva Shukla, wife of
Rohit Shekhar Tiwari, has confessed to the crime of killing her husband the
Delhi Police said on Wednesday, after her arrest from her Defence Colony
residence Rohit Shekhar was declared brought dead at a city hospital on April
16. Additional Commissioner of Police Rajiv Ranjan said Ms. Apoorva had
confessed to committing the crime. The case, so far, was being viewed as a case
of sudden provocation as opposed to a pre-planned murder. She was unhappy with
his relationship with Rohit and that was the motive behind the killing. There
was an argument in the room between the two over his relationship with a woman
relative . Soon the argument turned violent, Mr. Ranjan said. Ms. Apoorva
smothered him with a pillow after blocking his nose and mouth. After he died,
she went to her room. She did not try to destroy evidence, Mr. Ranjan said. The
accused is to be produced before court and police will seek her custody.
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RBI MAY SLAM BRAKES ON INTEREST RATE CUT SPREE AFTER DONALD
TRUMP’S IRAN OIL BLOW
The Donald Trump
administration has ended the 6-month exemption given to several countries from
unilateral US sanctions on Iranian oil exports. This may prevent the RBI
monetary policy committee (MPC) from announcing a further rate cut in its
upcoming meeting in June, said a report. The rise in crude oil prices due to imposition
of US sanctions would also require RBI to monitor the prices closely and if the
crude oil price remains around $75/barrel for another month, the MPC may
postpone a rate cut in the June bi-monthly committee meetings, said CARE
Ratings in a report. The central bank has to remain watchful also the sanctions
would coexist with the trade tensions between the US and China, the report
added. In extreme cases, a 10 percent increase in crude oil prices can lead to
1 per cent in the WPI and around 0.24 percent CPI inflation, said CARE Ratings
report. Crude oil remains central to India’s growth as it makes up for around
25 per cent of its imports in a year, which help to fulfil 80 per cent of the
country’s energy requirement. Iran is the fourth largest supplier of crude-oil
in India. A permanent increase in crude oil prices by 10 per cent under ceteris
paribus conditions could translate into the current account deficit increasing
by 0.4-0.5 per cent of GDP, said CARE Ratings in a report. An embargo on
importing oil from Iran would mean sourcing the same from other countries which
may not provide the same benefits as were provided by Iran in the form of price
and credit facility. Moreover, a sustained increase in the price in the range
of $70-75/barrel or higher would move the rupee down by 3-4 per cent on an
annual basis given that the dollar has already started strengthening in the
world market, according to the report.
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'RAHUL BABA & COMPANY' WENT INTO MOURNING FOLLOWING
BALAKOT AIR STRIKES: AMIT SHAH
Amit Shah on Wednesday launched
a stinging attack on his Congress counterpart Rahul Gandhi whom he accused of
having gone into mourning upon air strikes in Balalot along with those in the
Pakistan ruling establishment even though nation-wide celebrations were held to
hail the operation. He said Gandhi may carry on doing Ilu Ilu (a famous
Bollywood song of the 1990s that abbreviated the expression I love you) with
Pakistan, but they under Prime Minister Narendra Modi having a 56-inch chest
will give beffiting reply to any act of cross-border terror. Only two types of
people were mourning the Balakot air strikes. One was those in the ruling
establishment in Pakistan. The second was Rahul baba and company, Shah told.
Since the 1990s, whenever the Congress was in power, we had to contend with the
humiliation of Pakistan-sponsored terrorists killing our soldiers, mutilating
their bodies. Karyakartas (BJP-RSS workers) like me cannot forget how helpless
Mouni Baba (Manmohan Singh) used to look, the BJP president said. In
frustration, they are seeking proof of the air strikes. In the past, they
sought to defend anti-national slogans inside the JNU premises in the name of
freedom of expression. They even want to do away with the sedition law. I want
to tell Rahul baba, you may carry on with your efforts to get convicts like
Lalu Prasad out on bail. But as long as Narendra Modi is in power
anti-nationals will find themselves behind bars, Shah said. Mocking at the
opposition Mahagathbandhan for the lack of cohesiveness and absence of
leadership, he said, I had got a very interesting SMS - if this formation gets
a majority, Mamata Banerjee will be the Prime Minister on Monday, Akhilesh
Yadav on Tuesday, Mayawati on Wednesday, Lalu Prasad on Thursday, Chandrababu
Naidu on Friday Deve Gowda on Satruday and the entire country will go on a
holiday on Sunday. Tell me, is this how a country can be run, is this how
Pakistan can be given a befitting a reply and terrorism can be quelled, Shah asked
evoking a loud no from the crowds. The Ayushman Bharat scheme, which provides
an annual insurance health cover of Rs five lakh, has already benefited more
than 23 lakh poor. He made a scathing attack at the RJD, an alliance partner of
the Congress in Bihar. Work has begun on schemes worth Rs 1.10 lakh crore.
Rahul Gandhi came to the state and challenged Modi to tell what he did for
Bihar in five years. Let him give an account of what five generations of his
family did, Shah said evoking cheers from the crowd.
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CBI QUESTIONING RAJIV SAXENA IN VVIP CHOPPER SCANDAL
The Central Bureau of
Investigation (CBI) is questioning Rajiv Saxena, an accused turned approver in
the money laundering case registered by the Enforcement Directorate (ED), over
his involvement in the VVIP chopper scandal. Saxena has recently been grilled
several times by the agency over the corporate structure prepared by him to
route money allegedly received by his clients as alleged kickbacks to be paid
to VVIPs to swing the chopper deal in favour of M/s AgustaWestland. Informed
sources told that the agency is readying its supplementary charge sheet which
will be filed shortly. The charge sheet will focus on the alleged role played
by alleged middleman Christian Michel and others. Saxena, sources indicated, is
likely to be arrayed as a witness by the CBI. It might be clarified here that
Saxena figured as an accused only in the money laundering case registered by ED
in the VVIP chopper deal. He is not an accused in the criminal case registered
by the CBI. After he was extradited from Dubai in January this year, Saxena
offered to turn approver in the case. After the ED recorded its no objection, a
local Court allowed him to become an approver in the case. The agency, after
recording his statement, is likely to get Saxena’s statement recorded before a
Judicial Magistrate under Section 164 of the Criminal Procedure Code (CrPC),
sources said. In a related development, the investigative agencies- CBI and ED-
have reiterated their request(s) to Dubai authorities to supply documents
pertaining ownership of companies allegedly used to route kickbacks by accused
involved in the deal. ED told the court that Saxena has revealed
ownership/control on certain companies which were found receiving proceeds of
crime from a company used by Michel.
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INDIAN GOVT PRESSURING INTERPOL FOR RED CORNER NOTICE: ZAKIR
NAIK
Controversial Islamic
preacher Zakir Naik on Thursday accused the Indian government of engaging in a
witch-hunt and putting pressure on the Interpol to issue a red corner notice
against him. In a statement, Naik, who fled India in 2016, said he was aware of
the pressure the Indian government was applying on the Interpol to issue a red
corner notice against him. It's part of an elaborate witch-hunt. But having
verified with a few member countries, I can confirm that there is no red corner
notice against me as of date, he claimed. One of the Indian newspapers seems to
have jumped the gun and reported internal deliberations of the Indian
government which, as a matter of fact, have been going on for over two years
now, he said. Naik said the Interpol had already cancelled a red corner notice
against him once. And it's been one-and-a-half years since the government
submitted a charge sheet and started applying pressure on the Interpol. But as
things stand, I have no reason to believe that Interpol will succumb to any
kind of undue pressure, he said. Naik, said to be in Malaysia at present, has
been under investigation since 2016, when the Centre banned his Islamic
Research Foundation (IRF) for five years. He is being probed by the National
Investigation Agency (NIA) on several charges under the Indian Penal Code and
the Unlawful Activities Prevention Act (UAPA). The preacher, declared a
proclaimed offender by a special NIA court here in June 2017, is accused of
inciting youth to take up terror activities, giving hate speeches and promoting
enmity between communities.
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UK, INDIA EXPERTS EXPLORE SMART TECH SOLUTION FOR INDIAN
FARMERS
Experts from the UK and
India have concluded that harnessing smartphone technology which could help
Indian farmers not only make better business decisions but also tackle the
sustainable cooling challenges being faced by the country. The University of
Birmingham, working with the Shakti Sustainable Energy Foundation and MP
Ensystems to uncover the cooling needs of farmers in the states of Haryana,
Punjab, Maharashtra and Karnataka, launched a new report on Thursday to
highlight the potential of smart tech. The 'Promoting Clean and Energy
Efficient Cold-Chains in India' report finds that using mobile apps and data
analysis to manage harvesting and logistics could help to reduce the amount of
food wasted between farm gate and supermarket shelf, whilst boosting farmers'
incomes and reducing the environmental impact of much-needed food cooling. The
recommendation is part of a four-point roadmap developed by the experts, which
includes promoting new business models that involves the communities taking
charge of their own cooling needs; establishing Living Labs in rural
communities where new technology can be tested among many other things. Toby
Peters, said: We're proposing a radical new approach to cooling provision with
recommendations combined with government of India action to address needs from
the first to last mile of the cold-chain as well as those of the broader rural
community. We must build capacity whilst demonstrating the efficiency of new
technology that people will be able to use easily and affordably. For example,
with increased penetration of mobile-based apps and technologies in rural
areas, there is potential for an information-based system to help make informed
marketing decisions and boost farmers' incomes. Effective refrigeration is
essential to preserve food and medicine. It underpins industries and economic
growth, while air conditioning is key to sustainable urbanisation and human
productivity and makes much of the world bearable - or even safe - to live in.
The problems in India are acute, where up to 50 per cent of food is lost
post-harvest because of lack of cold chain. The new report highlights that only
4 per cent of produce that would benefit from a cold-chain actually does so,
compared with around 70 per cent in a country like the UK. Krishan Dhawan,
added: Cold chains are expected to grow rapidly in the next couple of years.
Under a Business-as-Usual scenario, most cold chains will run on diesel and
adopt carbon intensive cooling and refrigeration technologies. The way forward
is for India is transition to cleaner and more efficient cold chains, in order
to tackle climate change and to achieve wider socioeconomic benefits. The
report was launched at the two-day Clean Cooling Congress, which opened in
London on Wednesday, hosted by University of Birmingham with the World Bank
Group and the UK Department of Business Energy & Industrial Strategy (BEIS)
and Mission Innovation.
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WTO: FIVE COUNTRIES SEEK TO JOIN INDIA-EU TALKS ON IMPORT
DUTIES ON SELECT ICT PRODUCTS
India is likely to come
under more pressure at the World Trade Organization (WTO) to roll back import
duties on mobile phones, cameras and certain other products in the information
and communication technology (ICT) sector with five countries, including
Canada, the US, Thailand, Singapore and Chinese Taipei, seeking permission of
the dispute settlement body (DSB) to join the consultations the EU has
initiated with New Delhi on the matter. We are yet to arrive at a mutually
suitable date for consultations with the EU on the matter of duties imposed on
ICT products. The number of members who would want to be part of it may go up
further as there is a lot of interest in this case. However, we are very clear
that India has not violated any rule, a government official told. In its
request for consultations filed with the DSB earlier this month, the EU alleged
that India applied duties on a number of ICT products in excess of the rates it
has committed to at the WTO. These items included telephone sets, including
telephones for cellular networks or for other wireless networks, transmission
apparatus for radio-broadcasting or television, television cameras, digital
cameras and video camera recorders and microphones, loudspeakers, headphones
and earphones, among others. The EU pointed out that as per India’s schedule of
commitments at the WTO (under the Information Technology Agreement of 1996),
New Delhi was supposed to apply zero per cent import duties on the identified
items. The levies affect EU exports worth €600 million per year, the EU said.
India levied customs duty on mobile phones and some other ICT items at 10 per
cent for the first time in July 2017 and later increased it to 15 per cent that
year. Despite protests from a number of WTO members, customs duties on mobiles
were further increased to 20 per cent in last year’s Budget. Canada, too,
pointed out that over 2016-18, it had exported the items identified by the EU
in its submission worth $40.2 million to India, the official said. Thailand
said from 2015 to 2017, it was India’s largest supplying market for digital
cameras accounting for 34.5 per cent of total imports. It said that in 2018,
India imported the identified products worth $318 million from Thailand.
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NOW US MAY OFFER OIL TO INDIA ON CONCESSIONAL TERMS
The US may offer oil and
gas to India on concessional terms from its own reserves to help the country
tide over lifting of Iran sanction waiver that would suck out close to 10% of
Indian crude imports. Diplomatic sources said the talks between Indian
officials and the visiting US Principal Deputy Assistant Secretary of State for
South and Central Asia, Alice Wells, on Tuesday focused on ways to ensure that
India does not face oil shortage. The US has also indicated its intent of
supplying increased quantities of oil and gas to India on a short notice to
prevent the country from facing any shortages. It has also hinted that key
energy producers including the United Arab Emirates (UAE) and Saudi Arabia have
been asked to ensure stable oil supplies to all friendly countries and
partners. The talks with the US on oil supplies hinges on the terms of exports.
The offer has been indicated and this needs to be worked out in detail post May
2, when petroleum-related Iran sanctions waiver is lifted on five oil importing
countries including India. Transportation cost is an issue to bring oil from
the US, the diplomatic source said. Though Indian oil companies have started
importing oil from the US for past couple of years, the quantity remains
miniscule and forms just about 1 per cent of country's total oil imports. But
the quantity can grow with US shale oil market becoming relevant again at
current crude levels and an increase in total rig count in the world's largest
oil guzzling nation.
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JAPAN COURT GRANTS $4.5 MILLION BAIL TO CARLOS GHOSN
A Japanese court granted
Carlos Ghosn bail Thursday, meaning the former Nissan boss could soon walk out
of his Tokyo detention centre to prepare his defence against multiple charges
of financial misconduct. The Tokyo District Court set bail at 500 million yen
($4.5 million) as the 65-year-old auto sector titan faces four charges ranging
from concealing part of his salary from shareholders to syphoning off Nissan
funds for his personal use. Prosecutors quickly appealed the court's decision,
delaying his immediate release but public broadcaster NHK said he could walk
out of his detention centre as early as Thursday. The court temporarily
suspended the bail process as it considered the appeal. According to conditions
set by the court, Ghosn cannot leave Japan and is subject to other restrictions
to prevent him from attempting to flee or destroy evidence relating to the
case. Ghosn denies all the charges, with a spokesperson for the executive
saying on Monday he would vigorously defend himself against these baseless
accusations and fully expects to be vindicated. The spokesperson said Ghosn was
being detained under cruel and unjust conditions, in violation of his human
rights, in an effort by prosecutors to coerce a confession from him.
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INDIA WARNED SRI LANKA THRICE BEFORE SUNDAY EASTER BOMBINGS,
INCLUDING AN HOUR BEFORE THE ATTACK: REPORT
India warned Sri Lanka
about a possible terror attacks thrice ahead of the Easterr Sunday Bombings.
The final warning, was given one hour before the explosions started, a person
told the channel. The first warning was communicated on April 4, the second on
April 20 and third on the morning of the attack. The warning had specified that
the targets would include churches or hotels, the person told. Sri Lankan
officials have also admitted that the received intelligence, but both the PM
and President said they weren’t privy to any such intel. Out of close to 40
foreign nationals, at least 10 Indians were also killed in the terror attack
which shook the country on Sunday. Ranil Wickremesinghe has also confirmed that
IS terrorists have also planned to target the Indian High Commission in Colombo.
Speaking to an English news channel, he said that India has shared intelligence
but there have been some lapses.
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INDIA MUST FIND A WAY TO BYPASS US SANCTIONS ON IRAN
In its attempt to cripple
the Iranian economy, the US administration has decided to enforce a complete
oil embargo on Iran In a dramatic announcement, it decided to end all waivers
granted to 8 countries which included India, China, Turkey, Japan, Greece,
Italy, South Korea and Taiwan. The secretary of state Mike Pompeo said, We will
no longer grant any exemptions. We’re going to zero. We will continue to
enforce sanctions and monitor compliance. Any nation or entity interacting with
Iran should do its diligence and err on the side of caution. The risks are
simply not going to be worth the benefits. This development has the potential
to destabilise West Asia, and will adversely impact the countries dependent on
crude imports from Iran. Any country or a company importing crude from Iran
will invite penalties by the US from the early next month. The nature of the
penalty is not yet clear but this will undoubtedly deter financial institutions
and companies with exposure to the US market from trading with Iran. This has
sent shock waves across the globe with the price of Brent crude, the global
benchmark, rising by 3.5 percent, settling at $74.04 a barrel from $72 a week
ago. Sanction on Iran is not a new phenomenon, but the present one is aimed at
maximum pressure as a last resort. By ending the waivers, the US administration
modified the sanctions re-imposed in November 2018. Iran and a group of six
nations had signed this ground-breaking deal, known as the Joint Comprehensive
Plan of Action (JCPOA), ending a stalemate of 12 years over Iran’s nuclear
programme. This was considered a landmark foreign policy achievement of the
Obama administration. Trump administration, steered by hawkish national
security advisor, John Bolton, and the secretary of state, Mike Pompeo, wanted
to dismantle this deal as it did not restrict Iran’s regional interventions and
its missile development programme. Despite widespread international criticism,
the US withdrew from this agreement in 2018. The UK, Germany, France, Russia
and China pledged to salvage this deal and criticised the US for its unilateral
action. While imposing sanctions in November 2018, Mike Pompeo gave a list of
12 demands which included: full access to the nuclear development programme, ban
on uranium enrichment, prohibiting nuclear missiles, withdrawal from Syria and
stopping support to Hezbollah and Hamas. The US administration presumes that
the regime in Iran will capitulate and begin unconditional negotiations. It is
concerned about the rising influence of Iran in West Asia with the help of
Russia. Iran’s support was crucial for the survival of Bashar al-Assad regime
in Syria. The Jewish lobby in Washington would like Iran to sever ties with
Hezbollah, Hamas and other extremist organisations in Palestine. Saudi Arabia,
the puppet state of the US, views Iran as a major geopolitical and security
challenge in the region. However, to expect that the Iranian regime will either
collapse or capitulate is delusional, and betrays the lessons learnt from the
history of sanctions. In the majority of the previous cases, the sanctions
failed to achieve the desired outcome simply because the US had neither the
capacity nor the requisite backing from the international community. The regime
in Iran enjoys explicit support from Russia and China, and there is no reason
to believe that this will alter in the near future. China criticised the
sanction saying that the US was operating outside its jurisdiction. It has a
well-developed financial mechanism in place to bypass the dollar regime. This
is not to say that the sanction had no impact on Iran. The Iranian economy
contracted by 6 percent last year. The value of currency plummeted, foreign
investors withdrew and banking transactions became more complicated. There is a
shortage of essential commodities which hurts the civil population more than
the ruling elite. India should not capitulate under pressure from the United
States. It has vital energy and strategic interests in the Persian Gulf,
Central Asia and Afghanistan. Chabahar port is crucial for India’s access to
Eurasia and Europe. It must negotiate hard with the US, and be ready to device
alternative mechanisms to bypass the sanctions. We must acknowledge the fact
that India’s strategic interests do not necessarily converge with that of the
US in every region.
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DONALD TRUMP MISSES TAX RETURN DEADLINE, LEGAL BATTLE LIKELY
The White House has refused
to meet a Tuesday deadline to deliver six years of President Donald Trump's tax
returns to Congress, escalating a battle that is expected to head to court. The
House Ways and Means Committee's chairman, Richard Neal, had given the Internal
Revenue Service until April 10 to turn over the president's personal tax
returns, and those of several entities connected to Trump, for 2013 through
2018. That deadline was extended to April 23. But Trump has signaled he does
not want his financial information disclosed, repeating his oft-used excuse
during the 2016 presidential campaign that he would not release his tax returns
while under audit by the IRS. Trump broke with a long-established norm during
the 2016 elections by refusing to release the returns as most presidents have
done since the 1970s even though it is not required by law. The president is
pretty clear: Once he's out of audit, he will think about doing it, White House
Deputy Press Secretary Hogan Gidley told Fox News on Tuesday. He's not inclined
to do so at this time. The US Treasury Department said it was reviewing Neal's
request and consulting with the Justice Department, and that there were serious
constitutional questions related to the request. Steven Mnuchin, in a letter to
Neal, said the department would render a final decision by May 6 on whether or
not to comply. But Mnuchin also warned that congressional Democrats, through
the Ways and Means demand, were seeking to obtain and expose the president's
tax returns. Democrats have warned that legal action, such as a subpoena of
financial data, could follow if the Trump administration does not comply,
precipitating a lengthy battle in the courts.
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DELHI COURT SENDS 14TH ACCUSED IN ISIS-INSPIRED GROUP CASE TO
NIA CUSTODY TILL MAY 1
A Delhi court on Wednesday
sent Mohd Faiz, an alleged member of an ISIS-inspired terror module that was
planning to carry out terror attacks in and around the National Capital Region
and Uttar Pradesh, to NIA custody till May 1. Rakesh Syal allowed the NIA to
quiz Faiz, who was arrested yesterday, after the agency sought seven days
remand to question him. The NIA told the court that Faiz was arrested as he was
the key conspirator in planning to carry out terrorist attacks in NCR and Uttar
Pradesh. The agency also informed the court that Faiz was the main member of
Harkat-Ul-Harb-E-Islam, an ISIS-inspired group. It said that investigation has
revealed he was involved in the procurement of arms ammunition for the group to
carry out terrorist attacks. M S Khan, appearing for Faiz, opposed the plea of
NIA seeking custody, saying he has already joined the investigation and there
was no need of sending him to the agency's remand. It had claimed to have
seized a locally-made rocket launcher, material for suicide vests and 112 alarm
clocks to be used as timers besides recovering 25 kg of explosive material --
potassium nitrate, ammonium nitrate and sulphur. The ISIS-inspired group had
allegedly purchased remote-controlled cars and wireless doorbells to use their
circuits in assembling remote-controlled improvised explosive devices, the NIA
has alleged.
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BOMBAY HC ADJOURNS HEARING OF KOTAK VS RBI DUE TO LACK OF TIME
The writ petition filed by
Kotak Mahindra Bank on the promoter shareholding norms stipulated by the
Reserve Bank of India did not come up for hearing before the Bombay High Court
on Monday. Though the matter has been adjourned to January next year due to a
lack of time the two parties are likely to request an earlier date for hearing,
possibly this week. On account of paucity of time, matter stands adjourned to
January 9, 2020, said the Bombay High Court in its order, adding, If any
ad-interim relief or interim relief is operative till today, the same will be
continue to operate till the next date. If ad-interim or interim relief is not
granted for a limited period, the said order will remain unaffected.
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MP GOVT SPENT RS 1.58 CRORE FOR STAY OF KAMAL NATH, 3 OFFICERS
IN SWITZERLAND: RTI
About Rs 1.58 crore was
spent for making arrangements for the stay of Madhya Pradesh Chief Minister
Kamal Nath, three of his top bureaucrats in Switzerland and on wooing investors
to the state, according to RTI documents. The delegation of Madhya Pradesh
government participated in the exclusive business lounge in Davos to co-brand
the state along with the Department of Industrial Policy and Promotion,
government of India, according to RTI documents. The dedicated team members of
the delegation in collaboration with 'Invest India' will closely interact with
potential investors, academia, policy makers, etc. to highlight the state as a
highly potential investment destination in central India so as to get them attracted
for making investments in various sectors in Madhya Pradesh, the state
government had defined as the purpose of the visit. It said if the visit is not
undertaken then Madhya Pradesh may lose opportunities of investment promotion
to get investments in the state. In a note sheet, activist Ajay Dubey,
necessary approval for expenditure of nearly Rs 1.58 crore on the trip,
including that on a session on Madhya Prades, was sought on January 5. Further,
it is clarified that a representative of the Confederation of Indian Industry,
Madhya Pradesh is also accompanying the delegation and the financial sanction
of Rs 1,57,85,000 accorded for the above visit to Davos, also covers the cost
of air tickets, accommodation, etc. of the CII representative, an order said.
Giving the break up, it said Rs 30 lakh was paid for air ticket and visa
expenses for Davos, Rs 45 lakh for hotel (stay and meeting room), Rs 9.5 lakh
on local conveyance, Rs two lakh for VIP lounge access at Zurich airport, Rs
50,000 on travel insurance and Rs 40 lakh on DIPP lounge participation charges
and promotional material. Rs 1.5 lakh was the Dearness Allowance (DA) at the
rate of USD 100 per day and Rs 15 lakh was for miscellaneous expenses, the RTI
reply said. An amount of Rs 14.35 lakh was paid as ten per cent administrative
fees to the CII, it said. Such a huge expenditure of Rs 1.58 crore was totally
avoidable especially when the state is trying hard to improve its accounts.
There could have been better use of the tax payers' money, Dubey said.
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MODI BIOPIC ROW: EC SAYS THE FILM SHOULD RELEASE AFTER LS
POLLS; SC WILL GIVE VERDICT ON FRIDAY
The Election Commission
has reiterated that its decision to ban the release of the biographical film on
Prime Minister Narendra Modi during the ongoing polls is valid, a source said
on Wednesday. The Election Commission (EC) submitted its report in a sealed
cover on the biopic PM Narendra Modi starring Vivek Oberoi to the Supreme Court
on Monday. According to a source familiar with the poll body's report to the
apex Court, it said the officials, who watched the film, opined that there is
high probability that a particular political party will gain electoral mileage
if the film is permitted to be released during the ongoing polls. Consequently,
the poll body is justified in its decision to release the film after the last
phase of voting for the Lok Sabha elections on May 19, according to the report.
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CONGRESS HITS OUT AT MODI GOVT OVER US DECISION TO END IRAN
OIL WAIVERS
The Congress Tuesday hit
out at the government over the US decision of not renewing its waiver that let
countries like India buy Iranian oil without facing sanctions, saying it is a
diplomatic and economic failure of the Modi dispensation. The opposition party
also alleged that Prime Minister Modi has directed oil companies not to
increase the prices of petrol and diesel till May 23 so that he can garner
votes. The Trump administration Monday decided not to renew the waiver that let
countries import Iranian oil without facing US sanctions. Crude oil prices are
touching the sky — highest in six months. The Rupee has tumbled to the ground,
USD 1=Rs 69.61. The US has put sanctions on import of crude oil from Iran,
Congress chief spokesperson Randeep Surjewala said. India had bought 230 lakh
tonne crude oil from Iran in 2018. It is easy for India to import oil from Iran
because it pays in rupees instead of US dollars, he said in a series of tweets.
We also have a 60-day credit period and free shipping facility. This, the
Congress had done. The Prime Minister is a sitting like a mute spectator over
the country’s oil needs and security. Why? Surjewala asked. He also asked
whether the American curbs on importing oil from Iran were an attack on India’s
sovereignty. Why is Modi ji, who keeps boasting about his bravery everyday,
silent? Modi ji is not telling the country that in order to dupe people and
garner votes, he has directed oil companies not to increase the prices till May
23, the Congress spokesperson alleged. There is preparation to increase the
prices of petrol-diesel by Rs 5-10 on the evening of May 23. But the country
will not be duped by this, he said. The Congress-led government had invested
billions of dollars in Iran’s Chabahar port to ensure that India is connected
to Afghanistan and central Asia, bypassing Pakistan, Surjewala said. The
American curbs will affect the Chabahar port and national security will be
compromised, he claimed. The curbs on Iran have adversely impacted India’s
strategic sea route and Modi ji is silent. This is a diplomatic and economic
failure of the Modi government. Modi ji pick up your bags and leave, Surjewala
said.
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TRADE WINDS: EXPORTS FALTER UNDER MODI GOVERNMENT’S WATCH, BUT
VALUE-ADDED SEGMENTS DO WELL
Merchandise exports may
have hit a record $331 billion in FY19 but that is hardly any consolation for
the current government, as outbound shipment grew at an average of only 1.4%
since FY15, against 12.3% in the previous five years. The share of goods
exports in the country’s nominal GDP, too, dropped to an average of 12.6% in
the NDA’s five years from 15.7% during the UPA-II period (2009-14). However,
some of the segments among the ones that record decent value-addition levels
(15-40%) seem to be contributing more to the overall export basket in recent
years. Shipments of engineering goods — from steel to shipping — chemicals and
related products like pharmaceuticals and textiles & garments made up for a
sizable 48% (average) of total goods exports in the past five years, against
40% during the UPA-II. The average value addition in engineering goods, the
biggest export segment accounting for almost a quarter of total merchandise
exports, is around 30-35%, according to an estimate by the Engineering Export
Promotion Council of India. For its part, the NDA faced a tougher external
environment, as growth in global merchandise export value slowed to a meagre 1%
in the last five years, against 4.4% during the UPA-II regime, according to the
WTO data. A global trade war involving the US and China has weighed on trade
prospects, particularly since last year, and threatened to disrupt growth
momentum, going further. The Trump administration’s announcement to withdraw
duty-free benefits on annual Indian exports worth $5.6 billion from May, too,
is a dampener, although its impact will be felt from this fiscal. Subdued
global commodity price movement in initial years of the current regime, too,
dented export value, even though anecdotal evidence suggests shipment volume
didn’t falter as much. Despite subdued exports, merchandise trade deficit
didn’t spiral, partly due to low oil prices, even though massive electronic
imports weighed on trade balance. At $148 billion, the average annual trade
deficit during the UPA-II period was higher than $140 billion in the last five
years. Although oil prices, which contributed immensely to the trade imbalance
during the UPA period, remained somewhat benign, massive electronics imports
served to inflate the deficit in recent years, along with oil. Electronics
items, which made up for almost 8% of the overall imports in FY14, ballooned to
11% in FY19. In contrast, the share of petroleum products in the overall goods
imports eased to around 28% in FY19 from almost 37% in FY14, thanks to low oil
prices.
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BUSINESSMAN THRASHING: SC SHIFTS ATEEQ TO GUJARAT JAIL, WANTS
CBI PROBE
The Supreme Court on
Tuesday ordered shifting of dreaded don and ex-Samajwadi Party MP Ateeq Ahmed,
who had got his goons to kidnap businessman Mohit Jaiswal in December last year
and thrash him inside his cell in Deoria jail, to a prison in Gujarat to
prevent him from running an extortion racket in UP. The audacious kidnapping
and assault of a businessman inside a prison cell had created ripples after it
was reported and the SC had taken cognisance and sought an account from the UP
government. Accepting the plea of amicus curiae Vijay Hansaria, who criticised
the state police and prison officials for allowing the incident right under
their noses, a bench of CJI Ranjan Gogoi and Justices Deepak Gupta and Sanjiv
Khanna also ordered a CBI probe and asked the agency to submit periodic status
reports. The court also accepted Hansaria's suggestion for immediate suspension
of all jail officials alleged to have been involved in the brazen manner in
which jail rules were flouted to allow goons to bring in a businessman into
Ahmed's prison cell and thrash him before the don for refusing to pay extortion
money. Admitting that the incident took place inside Deoria jail, the UP
government said Ahmed had since been shifted to Bareilly district jail as an
inquiry found the complicity of the jail superintendent and other officials.
Ahmed is facing 106 cases of which 17 are for murder, 12 under UP Gangsters
Act, eight under Arms Act and four under UP Goondas Act.
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GAUTAM GAMBHIR DELHI'S RICHEST LOK SABHA CANDIDATE WITH ASSETS
WORTH RS 147 CR
Former Indian opener
Gautam Gambhir is the richest among all the candidates in fray for the Lok
Sabha election in Delhi with total assets worth Rs 147 core. The
cricketer-turned-politician, who will be making his electoral debut from East
Delhi, has shown an income of nearly Rs 12.40 crore in the income tax returns
filed for 2017-18. His wife Natasha Gambhir declared an income of Rs 6.15 lakh
in the IT returns filed during the same period. Vijender Singh from Congress
and Aam Aadmi Party's Raghav Chadha for the South Delhi seat, declared movable assets
worth over Rs 1.37 crore while his wife has cash and jewellery worth over Rs
13.21 lakh. He has declared immovable assets worth Rs 11.80 crore while his
wife has properties worth 4.57 crore. He has shown liabilities of over Rs 20.38
lakh. Hans Raj Hans, who will be contesting from the North West Delhi, showed
an income of nearly Rs 9.28 lakh in the income tax returns filed in 2017-18. In
the 2013-14 financial year, he had declared an income of nearly Rs 22.64 lakh.
He and his wife have declared movable assets worth Rs 1.44 crore and Rs 18.50
lakh respectively. His immovable assets are worth Rs 11.48 crore. He owns a
Toyota Innova, Ford Endeavour and Maruti Gypsy. He has declared liabilities of
over Rs 23.89 lakh.
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OPPOSITION PARTIES HAVE NO OPTION BUT TO ACCEPT DEFEAT: PM
MODI
Lashing out at opposition
parties that claimed the EVMs were being manipulated, Prime Minister Narendra
Modi Wednesday said the 'mahamilawatis' have realized they stand no chance
after three phases of elections and are looking for excuses to defend their
poor show. Modi said the opposition parties have no option left but to accept
defeat
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PRESSURE RISING ON CHINA TO CHANGE STANCE ON MASOOD AZHAR
Diplomatic negotiations to
list Jaish-e-Mohammed (JeM) chief Masood Azhar under 1267 sanctions committee
of the UN Security Council (UNSC) has entered the last lap as China could
signal its decision on the issue by the end of Tuesday (USA Time). A positive
signal from China would enable UNSC to list Azhar as a global terrorist under
the 1267 sanctions committee. USA and China are engaged in intense negotiations
on the issue as Washington awaits Beijing’s stand on the issue. India has
separately engaged China on the issue when foreign secretary Vijay Gokhale
visited Beijing this week. China stated that the listing issue was moving
towards a settlement while denying that there is an April 23 deadline.
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SRI LANKA, LIKE WORLD, AGAIN SEES SCOURGE OF SUICIDE ATTACKS
The Easter attacks in Sri
Lanka are a bloody echo of decades past in the South Asian island nation, when
militants inspired by attacks in the Lebanese civil war helped develop the
suicide bomb vest. Government ministers have said seven Sri Lankans from a
little-known local group carried out the six nearly simultaneous bombings at
churches and hotels on Sunday that killed more than 300 people and wounded
about 500. While little else was known about the group or their motives, Sri Lanka's
Tamil Tiger fighters used suicide bombings in the country's 26-year civil war
before being wiped out by government forces. Similar bombs would then detonate
across Israel, wielded by Palestinian militants, and later across the wider
Middle East, Africa and Europe by Islamic extremists in the wake of the Sept.
11, 2001, attacks. Such attacks strike fear around the world because of their
indiscriminate slaughter of civilians like those eating breakfast at a hotel or
worshipping in a church on Easter. Sunday's assault also raises questions about
whether the perpetrators had help or experience from abroad. I call today the
age of the suicide bomber. This is very much a time of extreme acts that have
to, in a way, usurp the previous attacks, said Iain Overton, executive director
of the London-based group Action on Armed Violence, who wrote a book on suicide
bombings. They have to be much more devastating, more impactful, more hurtful,
to get as much media headlines as possible. Experts put the first modern suicide
bombing in 1881, when a radical killed Czar Alexander II of Russia. What may be
the first photographs of a suicide bomb vest came in the 1930s, when China used
them in its war against Imperial Japan. Japanese kamikaze pilots turned their
own planes into weapons. But the shock of the suicide bomber only struck the
minds of many in the West in the 1980s with Lebanon's civil war. Suicide truck
bomb attacks struck both the U.S. Embassy in Beirut, killing 63 people, and
later U.S. Marine and French barracks, killing 231 American troops and 58
French soldiers in the bloodiest day for the armed forces since World War II.
The U.S. later would blame the Shiite militant group Hezbollah, which formed
out of Lebanon's civil war, and Iran for the bombings. Both deny involvement.
Up until then, there were some 350 suicide attacks worldwide from 1980, said
Robert A. Pape, a political science professor at the University of Chicago who
directs the school's Chicago Project on Security and Threats. Today, the number
of suicide attacks since 1980 is around 6,000, Pape said, with around half in
Iraq and Syria alone.
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US KILLS MORE AFGHAN CIVILIANS THAN BY THE TALIBAN, OTHER
INSURGENTS: UN
Afghan civilians are for
the first time being killed in greater numbers by US and pro-government forces
than by the Taliban and other insurgent groups, a UN report released Wednesday
revealed. The bloody milestone comes as the US steps up its air campaign in
Afghanistan while pushing for a peace deal with the Taliban, who now control or
influence more parts of the country than at any time since they were ousted in
2001. During the first three months of 2019, international and pro-government
forces were responsible for the deaths of 305 civilians, whereas insurgent
groups killed 227 people, the United Nations Assistance Mission in Afghanistan
(UNAMA) said in a quarterly report. Most of the deaths resulted from air
strikes or from search operations on the ground, primarily conducted by
US-backed Afghan forces, some of which UNAMA said appear to act with impunity.
UNAMA urges both the Afghan national security forces and international military
forces to conduct investigations into allegations of civilian casualties, to
publish the results of their findings, and to provide compensation to victims
as appropriate, the report states. UNAMA started compiling civilian casualty
data in 2009 amid deteriorating security conditions in Afghanistan. It is the
first tally since records began that shows pro-government forces have killed
more civilians than insurgents have. UNAMA's report did however find that
overall, civilian casualties dropped 23 percent as compared to the first three
months of 2018. In all, UNAMA documented 1,773 casualties last quarter: 581
deaths and 1,192 injured -- the lowest first quarter toll since 2013.
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10 JK MILITANTS BASED IN PAKISTAN INVOLVED IN LOC TRADE:
OFFICIALS
At least 10 militants, who
had crossed over to Pakistan set up businesses across the border with the active
aid of ISI and were involved in the recently suspended cross LoC trade to
provide funds to terrorists and separatists in Jammu and Kashmir, officials
said. These Jammu and Kashmir natives are either based in Islamabad and
Rawalpindi in Pakistan or Muzaffarabad in Pakistan occupied Kashmir (PoK) and
operate businesses ranging from almonds, dry dates, dry fruits to mangoes as
part of the modus operandi to send money to fuel unrest in Jammu and Kashmir on
behalf of the Pakistani intelligence agency ISI, they said. These 10 militants
were using the the cross LoC trade between Jammu and Kashmir and PoK to fund
terrorists and separatists in Jammu and Kashmir, a senior security official
said. India last week indefinitely suspended cross-LoC trade at two points along
the Line of Control in Jammu and Kashmir following reports that it was being
misused by elements from across the border to smuggle weapons, narcotics and
fake currency. The LoC trade across Chakan-Da-Bagh and Salamabad was intended
as a confidence building measure for the population living in Jammu and Kashmir
and across the Line of Control (LoC) in PoK. Security officials also gave
details of the 10 militants and their businesses which were involved in the
cross LoC trade.
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NORTH KOREA’S KIM JONG UN TO MEET PUTIN IN RUSSIA ON THURSDAY:
KREMLIN
North Korean leader Kim
Jong Un and Russian President Vladimir Putin will meet on Thursday in the
Russian Pacific port of Vladivostok to discuss the international standoff over Pyongyang’s
nuclear programme, a Kremlin official said. The visit is part of Kim’s effort
to build foreign support analysts said, after the breakdown of a second
U.S.-North Korea summit in Vietnam in February meant no relief on sanctions for
North Korea. The details of the summit were confirmed by Yuri Ushakov, a
Kremlin foreign policy aide. The main item on the agenda would be international
efforts to end the standoff over North Korea’s nuclear programme, Ushakov told
reporters. The North’s Korean Central News Agency (KCNA) said on Tuesday the
visit would happen soon, but did not elaborate on a time or location. Kim’s
chief aide, Kim Chang Son, was seen in Vladivostok on Sunday, according to
South Korea’s Yonhap news agency. South Korea’s foreign ministry said it
understood the agenda would include Russia-North Korea relations,
denuclearisation, and regional cooperation. Russia shares our viewpoints such
as the achievement of complete denuclearisation on the Korean Peninsula and the
settlement of permanent peace, foreign ministry spokesman Kim In-chul said in
Seoul. I hope that the summit will be an opportunity that contributes to
positive progress.
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UK'S THERESA MAY UNDER FIRE AS PARLIAMENT RETURNS FROM BREXIT
BREAK
British Prime Minister
Theresa May faced renewed pressure Tuesday from her restive Conservative Party
to resign as lawmakers returned to Parliament — and to Brexit wrangling — after
an 11-day Easter break. Britain's European Union exit, long scheduled to take
place last month, has been delayed as the government tries to win Parliament's
backing for a divorce deal. The bloc has given Britain until October 31 to
ratify an agreement or leave the 28-nation EU without a deal to smooth the way.
Most economists believe that a 'no-deal' Brexit would plunge Britain into
recession as customs checks would likely be installed at UK ports and tariffs
imposed on trade between the UK and the EU. Talks on striking a compromise
Brexit agreement are set to resume between May's government and the main
opposition Labour Party. But several days of talks earlier this month failed to
produce a breakthrough, and there are few signs the gap between the two sides
is closing. Anger is growing among pro-Brexit Conservative lawmakers and officials
over the delay to Brexit and May's bid for compromise. I believe the only way
we're going to break this impasse properly is if we have fresh leadership of
the Conservative Party, Evans told. May has said she will step down once
Parliament has approved a Brexit deal.
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CONSUMER ITEMS TO GET COSTLIER IN INDIA AS DONALD TRUMP ADDS
TO INDIA’S CRUDE OIL WOES
The recent rise in crude
oil prices following the US decision on Monday to not grant exemption from
sanctions to the Iranian oil importers including India, may stoke India’s
headline inflation going forward. It would eventually add to financial woes of common
people as they will have to shell out more to fulfil their household needs. As
India is a huge consumer of crude oil and imports more than 80 percent of its
oil needs, the rise in crude oil prices directly affects the consumers. It is
also one of the third largest importers of crude oil from Iran after China and
Japan. There has been a rally of around 4% in crude oil prices in the last ten
days. Crude oil prices touched a six-month high this week. Consumer items
including air conditioners, televisions, furniture, bottles, food and beverage
containers, biscuits and noodles may get expensive with the surge in oil
prices. If the oil remains at $75 per barrel or higher on a sustained basis,
there will be a negative impact on headline inflation. Though the RBI reduced
their inflation target by 40 basis points in its last policy, they will be
compelled to look at an increase in oil prices in next policy to see if there
would be an adverse impact on the inflation or the prediction of RBI on
inflation, Dhawal Dalal, said. Despite the rally in crude oil essentially
helped by supply side headlines, this is nevertheless feeding through into a
rise in product prices of oil importing nations. Particularly for India,
continued uptick in Brent could weigh on the RBI MPC reaction function
especially amid other existing potential risks of uneven monsoons, uptrend in
food inflation, and fiscal reflationary impulses. We note that RBI has taken
India crude basket at US$67/bbl for FY20 for its inflation forecasting, Madhavi
Arora, lead economist at Edelweiss Securities, FX and Rates told.
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IT’S EASY TO MAKE MONEY
Despite being the year of
elections, nearly 28 per cent of India’s rich are hopeful of easy wealth
creation this year, a survey said. Globally, 12 per cent of the respondents, on
average, are optimistic about the same in 2019, said Knight Frank survey. The
economic and political factors would be favourable for creating wealth this
year, news agency PTI reported citing the Attitudes Survey of ultra high net
worth individuals (UHNWI) by Knight Frank. The number is up 3 per cent from
2018. However, 36 per cent of the Indians are of the view that creating wealth
would be challenging task this year as against 68 per cent of the global
average. It shows India shares a highly positive outlook in this regard,
according to the survey. Despite being election year, Indian UHNWIs are more
optimistic of the country’s growth journey and expect wealth to increase in the
year 2019. This is a solid testimony of strong economic fundamentals built in
the country owing to the various economic reforms and structuring, the survey
added. The survey said that India continues to be one of the major growth
engines of the global economy. The improvement in the indices such as ease of
doing business among others have ensured that the investors have a positive
outlook on the Indian economy. This in juxtaposition to the uncertainty around
US-China trade tensions, a China economic slowdown and Brexit have impacted overall
global growth sentiment but has further strengthened Indian UHNWIs outlook for
domestic markets, news agency PTI reported citing Shishir Baijal, saying.
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9 SUICIDE BOMBERS, INCLUDING WOMAN TOOK PART IN LANKA'S EASTER
SUNDAY BOMBINGS
Nine suicide bombers
including a woman, were involved in the massive Easter Sunday bombings and 60
people have been arrested so far for their suspected links to Sri Lanka’s worst
terror attack that killed at least 359 people, a top police officer said
Wednesday. Suicide bombers, believed to be members of local Islamist extremist
group, carried out a series of devastating blasts that tore through churches
and luxury hotels in Sri Lanka on Sunday. Ruwan Wijewardena said the multiple
bomb attacks were carried out not by the National Tawheed Jamath (NTJ) but by
its splinter group. Wijewardena told reporters that the members of the group
had differences and the final attack was carried out by a group that left the
main NTJ. The Islamic State terror group has claimed the attack, although it
did not provide direct evidence of its involvement. Out of the nine suicide
bombers, eight have been identified by the Criminal Investigation Department
(CID), Police Spokesman Ruwan Gunasekara said.
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Thanks & Regards,
CS Meetesh Shiroya
Thanks & Regards,
CS Meetesh Shiroya
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