TAXATION UPDATES 30.04.2019

CENTRE PLANS TO DEACTIVATE PAN NOT LINKED WITH AADHAAR

In a crackdown on duplicate Permanent Account Number (PAN) cards, the income tax department is likely to deactivate the PANs which are not linked with the Aadhaar number of the user by September 30. Over 20 crore out of a total of 44 crore PAN cards are yet to be linked to respective Aadhaar numbers. So far 24 crore PANs have been linked We suspect that a large number of the PAN cards would be bogus or duplicate. Many people without any taxable income possess PAN card, which is not required, said a senior official, adding that the government wants to curb the use of PAN card as an identity card. Many cases of tax evasion using duplicate PAN cards have come to the light of the tax authorities. PAN cards issued to non-users are increasingly being used to carry out tax evasion. The taxpayers in Assam and Meghalaya are, however, exempt from the requirement of linking PAN with Aadhaar.

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GST OFFICERS WORKING ON 'E-INVOICE' TO REDUCE TAX EVASION

GST officers are working on a system where businesses above a certain turnover threshold will have to generate 'e-invoice' on government or GST portal for every sale, thereby effectively reducing the room for tax evasion. To start with, businesses above a specified threshold will just get a unique number for every electronic invoice or e-invoice generated. This number can be matched with the invoices reported in the sales return and taxes paid, an official said. The official said that businesses beyond a turnover threshold would be provided a software which will be linked to GST or a government portal for generating e-invoice. The threshold can also be fixed on the basis of the value of invoice. The requirement of e-invoice generation could be either on the basis of turnover of the registered person or value of invoice. The thinking is, ideally, it should be based on turnover threshold so as to avoid splitting of sales, an official told. Giving example, the official said that if the minimum invoice value is fixed at Rs 1,000, there is a possibility of businesses of splitting the bills to avoid the invoice-based threshold cap. E-invoice generation method will be similar to the one being followed for e-way bill on the 'ewaybill.nic.in' portal or payment of Goods and Services Tax on the GSTN portal. The proposed system of e-invoice will eventually replace the requirement of generation of e-way bill for movement of goods, as invoices would be generated through a centralised government portal. The official further said that once full e-tax invoice starts getting generated, it would significantly ease burden of return filing by businesses as invoice wise data would be auto-populated in the return forms. We will have to study global models followed by countries like Latin America, South Korea and Europe. We will also look at ways to incentivise businesses to adopt the method of e-invoice generation, the official said. An officers committee, comprising central, state tax officials and GST Network Chief Executive, has been set up to look into the feasibility of introducing e-invoice system to streamline generation of invoices and easing compliance burden. The committee will finalise an interim report next month. The proposed 'e-invoice' is part of the exercise to check GST evasion. With almost two years into GST implementation, the government is now focussing on anti-evasion measures to shore up revenue and increase compliance.

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ANGEL TAX FOR STARTUPS: ACCREDITED INVESTORS MAY GET EXEMPTION

Funds received by startups from accredited investors may be exempted from angel tax subject to complying with certain net worth criteria an official said. This provision is considered by the government as part of an exercise to define 'accredited investors' with a view to increase investment flow in startups. The Department for Promotion of Industry and Internal Trade (DPIIT) is working on the definition, which would be submitted to the finance ministry for approval. Accredited or genuine investors can invest any amount but we will make some criteria for that. It should be liberal enough so that all such people can come under its purview. But it should not be over liberal and extra-stringent, the official said. How much a genuine investor is investing per year would depend on his/her net worth. An angel investor is the one who puts funds in a startup when it is taking steps to establish itself in the competitive market. Normally, about 300-400 startups get angel funding in a year. Their investment in a unit ranges between ₹15 lakh to ₹4 crore.

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GST COMPOSITION SCHEME TAXPAYERS TO FILE SELF-ASSESSED TAX IN FORM GST CMP-08: CBIC

Extending relief to composition taxpayers under Goods and Service Tax (GST), the finance ministry has allowed such businesses to file 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. So far, businesses opting for composition scheme had to file tax returns every quarter in GSTR-4 which ran into around seven pages. Easing out the procedure of filing, 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 a 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.

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DREAM11, OTHER ONLINE GAMING COS FACE POTENTIAL TAX BOUNCER ON GST

The indirect tax department has started questioning some of the leading online fantasy gaming companies to ascertain if there is a revenue leakage on account of the methodology used by these platforms to calculate and pay goods and services tax (GST), people familiar with the development said. Essentially tax officials want to determine if GST is applicable on the total transaction value or the net commissions (revenues) that accrue to these gaming firms. Some state-level tax authorities have begun an exercise to determine whether GST should be applicable on the entire contest entry amount, which includes users' contribution to the prize pool, or the gross revenue earned by the operators and online companies. Executives from half a dozen gaming companies were questioned b y the tax department. The valuation rules (under GST framework) are quite clear that GST is levied on the consideration and currently there is no clarity as to whether the revenue charged by these companies be considered consideration or the total pool. In March some companies were asked to explain why they shouldn't be paying GST on the total pool, said a tax official aware of the development. He said that some of the Bengaluru-based companies were questioned and that no tax demand has been made as yet. After queries were sent by the tax department, the Indian Federation of Sports Gaming (IFSG), an industry body, representing about 26 gaming companies, like Mumbai-based Dream11, Fantain, My11Circle and FanFight, among others have reached out to the Ministry of Finance and the GST committee for clarity on the issue. Dream11, the largest player in the online fantasy sports industry, said it pays 18% GST on its gross consideration (commissions) and is compliant with the current tax regulations. The gaming companies are currently paying 18% GST on their revenue. So, in this example, the online gaming company is paying 7.2 as GST whereas tax department wants 36 as GST (18% of 200).

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MOBILE APPLICATION TO CATCH GST TAX EVADERS; RESTAURANTS, B2C BUSINESSES UNDER GOVT RADAR

Owners of small restaurants and B2C entities are now under government radar as it looks to find out tax evaders with the help of a mobile application. Amid the piling consumer complaints that the small restaurants and cafes collect tax from the customers but do not return it to the government, the government has found out a way to catch the culprits. Several consumers have filed complaints through a mobile app — Iris Peridot — that GST was charged by small restaurants but the eatery neither deposited taxes with the government nor filed GST returns. Developed by a GST Suvidha Provider, the mobile application scans the unique GST Identification Number (GSTIN) of a business and then informs the application user whether the business is filing the returns. The same information is then passed on to the tax department, it added. However, restaurants are not the only tax evaders. Similar complaints have also been received for hardware, sanitary ware, furniture, electrical goods shops. Some customers have also flagged the issue of charging of GST by small local restaurants who otherwise would be under the composition scheme. While the government had passed several GST cuts, the majority of the Indian populace does not feel that the businesses are passing on the benefits to them.

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TRANSFER OF SHARES OF SUBSIDIARY NOT A SLUMP SALE, RULES BOMBAY HIGH COURT

The transfer of a subsidiary’s share cannot be ‘slump sale’ of an undertaking, the Bombay High Court and the Appellate bench of Mumbai tax tribunal have ruled. The court and tribunal rulings could deter income tax officials from branding every large equity transaction as a slump sale of a business to a third party and levy capital gains tax under section 50B of the Income Tax Act, experts told. A slump sale is nothing but outright sale of a business and is defined as under section 2(42C) of the IncomeTax Act as the transfer of one or more undertakings as a result of sale for a lump sum monetary consideration without values being assigned to the individual assets and liabilities in such sales. The tax department had erred in holding that a 2010 transaction between UTV Software Communication and The Walt Disney Company (South-east Asia) was a slump sale and levied short-term capital gains tax under section 50B, which provides the mechanism for computation of capital gains arising on slump sale. UTV Software held 49 per cent stake in its subsidiary UHEL, while two other shareholders held 50 per cent and one per cent in UHEL. All the three shareholders independently transferred their entire equity independently to Walt Disney. The tax tribunal held that UTV Software had only sold its shares in UHEL and that the undertaking of UHEL was not the subject matter of the sale as it did not hold 100 per cent stake in the company. Both the court and tribunal relied on the Supreme Court order in case of Vodafone International vs Union of India; and Bacha Guzdar vs tax tribunal wherein it was held that sale of shares of a company did not tantamount to sale of assets of the company. The High Court observed that there was only a change in the pattern of the company’s shareholding, which would not make it a slump sale as the undertaking continued to be vested in UHEL and unless provided in the tax act, the transfer of shares does not result in transfer of underlying assets.

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GST INVESTIGATION ARM FINDS TATA STARBUCKS GUILTY OF PROFITEERING RS 4.51 CRORE

The GST investigative arm has found Tata Starbucks guilty of profiteering to the tune of Rs 4.51 crore by not reducing prices of coffee despite a cut in the rate. Investigation by the Directorate General of Anti Profiteering (DGAP) has revealed that Tata Starbucks, the equal joint venture between the Tata and global coffee chain Starbucks, had hiked the base price of one its coffee variant after the GST Council cut tax rates on restaurants from 18 per cent to 5 per cent with effect from November 15, 2017. This kept the retail sale price of the product pre and post GST rate reduction intact. Sources said the DGAP has concluded its investigation in March and found that Starbucks profiteered Rs 4.51 crore. This case will be now heard by the National Anti-Profiteering Authority (NAA), which will pass the final order about the quantum of profiteering.

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GOVERNMENT SELLS 'ENEMY PROPERTIES' WORTH RS 1,874 CRORE IN APRIL

In a first, the government has sold 'enemy properties' worth Rs 1,874 crore in April, as it seeks to fast-track the sale process of such assets to meet the Rs 90,000-crore disinvestment target set for the current fiscal. The government has mopped up Rs 2,350 crore as the disinvestment proceeds in the first month of 2019-20, of which, Rs 476 crore was on account of IPO of Rail Vikas Nigam Ltd (RVNL) and Rs 1,874 crore from the sale of 'Enemy Property', according to data on the DIPAM website.

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EEPC INDIA SEEKS COPPER SCRAP POLICY TO CURB INFERIOR QUALITY IMPORTS

An over 60% drop in copper and copper product exports in March 2019 mainly attributed to shut down of Sterlite’s Tuticorin plant, has forced EEPC India to urge the government to bring in a Copper Scrap Policy in order to prevent import of inferior and hazardous material. We would also like to suggest that the Government should develop internationally compatible standards and may bring a copper scrap policy like steel scrap to prevent imports of inferior quality and hazardous material, the apex engineering exporters' organisation has said. There was a fall of 60.8% to $127.43 million in March 2019 vis-à-vis March 2018 in export of copper and copper products. Cumulatively, the decline in the exports of copper and its products was 69.4% around $1065.22 million in the full fiscal April-March 2018-19 vis-à-vis same period last year. Another source of imports of copper concentrate was Indonesia which according to industry has imposed an export tax. This in turn is making our imports expensive. Indonesia is a FTA partner of India under India – ASEAN FTA and the issue should be taken up at a government to government level. However, import of inferior quality and hazardous copper scrap should be prevented.

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INDIA NOTIFIES PACT WITH US TO CHECK TAX EVASION BY MNCS

India has notified the inter-governmental agreement with the US for exchange of country-by-country (CbC) reports on multinational companies regarding income allocation and taxes paid in order to help check cross-border tax evasion. The agreement, which was signed by Central Board of Direct Taxes Chairman P C Mody and US ambassador to India Kenneth Juster in March, was notified by the revenue department on April 25. This agreement for exchange of CbC reports, along with the Bilateral Competent Authority Arrangement, will enable both the countries to automatically exchange CbC reports filed by the ultimate parent entities of multinational enterprises (MNEs) in the respective jurisdictions, pertaining to the years commencing on or after January 1, 2016. It will also obviate the need for Indian subsidiary companies of US multinationals to do local filing of the CbC reports, thereby reducing the compliance burden. MNEs having global consolidated revenue of 750 million euro or more (or a local currency equivalent) in a year are required to file CbC reports in their parent entity’s jurisdiction. The rupee equivalent of 750 million euros has been prescribed as Rs 5,500 crore in Indian rules. This information will enable an enhanced level of assessment of tax risk by tax administrations of both the countries.

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OVER 50 BUILDERS FACE PROBE FOR PROFITEERING UNDER GST

More than 50 property developers, including some of India’s top builders, are being investigated for profiteering under the goods and services tax (GST) regime, said a person aware of the development. The investigation by the Directorate General of Anti-Profiteering (DGAP) is trying to find out if the builders made undue profits by failing to pass on to buyers the benefit of input tax credit that was available to them. Before GST was introduced in July 2017, various taxes levied by central and state governments on under-construction property added up to 5.5-6.5%. Under GST, real estate was placed under the 12% tax slab. Many builders duly raised prices, even though they could now claim input tax credit against products and services on which they had already paid tax. After 21 months, the tax credit facility was finally withdrawn on 1 April for new projects, as federal indirect tax body GST Council felt consumers were not benefiting from it. The companies under investigation are spread across the country and include some of the big names in the real estate industry, the person cited earlier said. Investigation reports are expected over the next few months. Niranjan Hiranandani, said that material and labour costs as well as taxes and levies on the real estate industry had seen a gradual rise in recent years, impacting the overall cost for a homebuyer. While each project and location will have different calculations, there is no ‘gain’ as a result of the levies, which came to an end post GST, when one does a simple calculation, said Hiranandani. He added that it would be incorrect to suggest that gains to developers on ceasing of levies post GST were not passed on to buyers. DGAP has so far investigated about 125 cases and found that 60% of them had indulged in profiteering Companies often find it onerous to pass on the benefit of tax reductions to every consumer across their product portfolio due to operational challenges. It is not sufficient for a business to show that it has not retained any of the tax benefits. Also, increasing the quantity of the product sold is not accepted as a way of passing on the benefit of tax cut to consumers, which should be in the form of a price cut. Officials concede that anti-profiteering provisions in the central and state GST Acts are not perfect and that these may evolve further in future.

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GOVT PAID INPUT TAX CREDIT ON RS 4,000 CR FAKE GST INVOICES IN 2018

The government is looking into a proposal from the Central Economic Intelligence Bureau (CEIB) to bring fraudulent input credit tax claimed by companies generating fake invoices of Goods and Services Tax, under the stringent Prevention of Money Laundering Act (PMLA) by making it a predicate offence punishable with rigorous imprisonment. A proposal was recently floated by the CEIB which has said that in the previous financial year, till December 2018, input tax credit was fraudulently availed by creating fake GST invoices to the tune of Rs 4,000 crore This is just a small fraction of the actual tax evasion and money laundering using shell companies. Invoices generated without actual supply of goods to the tune of Rs 24,000 crore has been detected last year by the Directorate General of GST Intelligence, which has the mandate to look only into the central GST evasion. The CEIB study says fraudulent claims of input tax credit at the state level could be larger. Invoices are generated without actual movement of goods and suppliers down the line claim input tax credit based on such fake invoices. Money earned through these fake transactions are actually black money and laundered by entities creating web of shell companies which have no real business activity.

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'DIRECT TAX COLLECTION UP SINCE DEMONETISATION'

Significant rise in direct net tax collections in the year of demonetisation and after, exceptional growth in revenue from advance and self-assessment tax under personal income tax and steady increase in new income tax filers point to positive impact of note ban, official sources said. Even as a political battle rages over demonetisation announced by PM Modi on November 8, 2016, government data show trends of formalisation of the economy and a widening of the tax net, suggesting positives despite the initial shock to the financial system. The revenue growth trends continued in the 2018-19 fiscal, more than two years after demonetisation, with corporate income tax growing at 14% and personal income tax at 13%. Voluntary tax payments under advance tax are also growing at a healthy rate of 14% which, if seen along with increasing digitalisation, points to a cleaner economic system, said sources. Apart from large cash deposits, there was a significant increase in accounts operated by persons such as domestic workers, artisans and casual labour. As they deposited old currency in banks, their cash became safer than it was when it was stored in tin boxes and under mattresses. Growth trends in the number of income tax returns filed have not slackened and a little over a crore of new filers were added till February this year. The demonetisation year of 2016-17 saw a 29% growth of new income tax filers, accelerating a trend since 2015-16. A clear upswing in new tax filers can be attributed to higher compliance due to transfer of cash into formal channels as a result of demonetisation, said a source. The data underlines enforcement actions against black money in the context of demonetisation, with Rs 900 crore seized between November, 2016 to March, 2017. The increase in revenues and returns is seen to have nudged individuals and businesses to adopt more transparent means.

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MONEY LAUNDERING ACT TO CURB GST FRAUDS?

The Central Economic Intelligence Bureau (CEIB) is of the view that use of the stringent Prevention of Money Laundering Act could be considered to curb and deter fraudulent input credit tax claimed by companies generating fake invoices of Goods and Services Tax. A proposal was recently floated by the CEIB, which has said that in the previous financial year, till December 2018, input tax credit was fraudulently availed by creating fake GST invoices to the tune of Rs 4,000 crore. This is just a small fraction of the actual tax evasion and money laundering using shell companies. Invoices generated without actual supply of goods to the tune of Rs 24,000 crore has been detected last year by the Directorate General of GST Intelligence. The CEIB study says fraudulent claims of input tax credit at the state level could be larger. Invoices are generated without actual movement of goods and suppliers down the line claim input tax credit based on such fake invoices. Money earned through these fake transactions is actually black money and laundered by entities creating web of shell companies. Through the CEIB, the nodal agency for economic intelligence, the government monitors economic crimes across the country investigated by several revenue intelligence agencies. Intelligence agencies are required to regularly share and update progress of their cases and probe details with the CEIB. The fraudulent claim of input tax credit by suppliers based on fake GST invoices is contravention of Section 16 of the GST Act, which the agency has proposed to be made a predicate offence so that the ED or any other agency can book such entities under the PMLA and attach their properties and those of their associates.

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COMPANIES FACE QUERIES OVER INPUT TAX CREDIT CLAIMS

India Inc could face a tax landmine with authorities beginning to question input tax credit claimed by companies in lieu of Goods and Services Tax paid by their vendors. The authorities have already started sending notices to businesses, confirming fears that scrutiny will increase in the new financial year as the government looks to plug leakages. Experts said notices have been sent in Gujarat, Telangana, Andhra Pradesh, Haryana and some other states. The issue has its origin in the provisions of the GST law that warrant a reversal of input tax credit claimed by a business if its vendor has not paid the tax for which credit is being claimed. Currently, there is no mechanism to ascertain if vendors have paid GST. The GST Network Portal allows viewing of the return-filing status of a registered person, but payment of tax cannot be determined. At best, buyers can only verify whether vendors have included the invoice in their GST filings. Effectively, while a business may have paid the tax to a vendor for which it wants to claim credit, it may not be possible to ascertain if the vendor has deposited the GST. In such a situation, requiring the buyers to forgo their input credits when they have already paid the GST to vendors and exercised due diligence to the extent possible does not seem like a fair proposition, said Pratik Jain. Jain said given the stakes involved, the issue is likely to result in litigation. The government needs to perhaps review the law and amend if they deem it appropriate. In any case, there should be some guidance provided to the taxpayers as to how the government expects them to ensure that vendors have indeed paid tax, he said.

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MADRAS HIGH COURT DISMISSES PIL SEEKING TO REGULATE OLA AND UBER

The Madras high court on Friday dismissed a plea moved by an autorickshaw driver seeking direction to the state government to regulate taxi aggregators Ola and Uber. It is not the case of the petitioner that vehicles operated by these companies do not have valid permit, but loss in business prospects due to the competitive pricing by the companies. The petitioner cannot ask for a regulation merely because the companies are offering lesser fare, a division bench of Justice S Manikumar and Justice Subramonium Prasad said while dismissing the plea. We can only observe that if the petitioner and others are willing to operate their vehicles at the rate on par with the companies, passengers would automatically travel in their vehicle, the bench said. Arguing the case as party-in-person, petitioner K Rajkumar submitted that the aggregators, who were into call taxi service, have recently started autorickshaw services. They have lured rickshaw drivers and public by offering incentives and low tariff which is totally against the rules framed by the government to run such services. They are indirectly trying to have monopoly over public transport in the state, Rajkumar said. Aggrieved, Rajkumar filed an RTI application with the transport authorities seeking information as to the licence/ permit granted to the companies. In its reply dated July 10, 2017, the office of the transport commissioner informed the petitioner that the department has not given permission to run such service or authority to fix tariff. Pointing out that bypassing the fare fixed by the government, the companies had fixed Rs 29 for 4 km, the petitioner claimed that such an act amounts to violation of provisions of the Motor Vehicles Act.

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RATIONALISE GST RATE FOR HOTELS, INCENTIVISE PVT INVESTMENT TO PUSH TOURISM SECTOR GROWTH: REPORT

The government should take steps such as rationalising GST rate for hotels and incentivising private participation to boost the tourism sector as it holds huge potential to push economic growth and job creation, a report Monday said. By 2029, the Indian tourism sector is likely to grow at 6.7 per cent per annum to reach Rs 35 lakh crore. Among the 14 measures suggested by the report, the other steps include creation of the National Tourism Authority and Advisory Council, release of tourism competitiveness index, greater coordination at state level and creation of land bank repository. GST applicable on hotels varies according to the room tariff. Rooms with tariff Rs 2,500-7,500 per night attract a rate of 18 per cent and rooms with tariff of Rs 7,500 and above per night attract a rate of 28 per cent. It is recommended to reduce GST with a ceiling of 18 per cent on hotel rooms to make the segment more competitive, it said. The report said availability of a suitable land parcel is the preliminary step for assessment towards development of a tourism project. Seeking relaxation in visa regime, it suggested that India should work with other member countries of BIMSTEC, SAARC and ASEAN to offer 'Combined Visa.

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TAX EVASION OF OVER RS 1,350 CRORE DETECTED IN RAIDS AGAINST HINDUSTAN POWERPROJECTS

The Income Tax department has detected tax evasion of more than Rs 1,350 crore during search and seizure operations conducted against Hindustan Powerprojects, a company owned by the nephew of Madhya Pradesh chief minister Kamal Nath, sources said. 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 1,350 crore, the CBDT said. According to sources, the raids were conducted at Nath's nephew Ratul Puri's company, Hindustan Powerprojects Pvt Ltd on April 7.

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HOUSING SALES DOWN 5% IN JAN-MAR 2019 ON CHANGES IN GST RATES, RULES: PROPTIGER

Housing sales dipped by 5 per cent to 75,706 units in nine major cities during January-March period because of transition in GST rates, according to a report. Housing sales in India's nine key property markets declined 5 per cent year-on-year (y-o-y) and new project launches fell 32 per cent annually during Q4 2018-19, the report said, adding that the unsold housing stock numbers declined by 10 per cent. PropTiger attributed the decline in home sales numbers to changes in the Goods and Services Tax (GST) transition rules. In contrast to PropTiger report, real estate consultant Anarock recently said housing sales rose by 58 per cent to 78,520 units in seven major cities during January- March period of 2019. In fact, as more clarity emerges pertaining to GST issues, these numbers might see improvement in the quarters that follow. Property rates would also see an upwards movement in the times to come, Mani Rangarajan said.

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PROTECTIONIST MEASURES HURTING ENGINEERING EXPORTS: EEPC CHIEF

Engineering exports from India face the challenge of tackling global protectionist measures. Plunging copper and copper products exports following closure of Sterlite’s smelter plant in Tamil Nadu and high domestic steel prices are some other challenges. Despite green shoots in West Asian nations, the ambiguity over withdrawal of Generalised System of Preferences (GSP) by the US and protectionist measures in Europe are a worry, said Ravi Sehgal. GSP withdrawal will obviously have an adverse impact on exports, say to the tune of 3-5 per cent. But that is not our major concern. We are worried about loss of buyer confidence and a possible higher duty in the long run. We fear that US companies may not enter into contracts with us because of the ambiguity that persists, Sehgal told. He said growth in exports of engineering products in FY19 remained flat at 8 per cent compared to that in FY18. This could indicate that there is a possible re-think by global buyers. EEPC had expected engineering exports to be to the tune of $90 billion by the end of FY19, but scaled projection down in view of increased protectionist measures. Engineering exports from India stood at around $82 billion in FY19 against $76 billion in FY18. EEPC, the apex body of engineering exporters, is under the Union Ministry of Commerce, and has over 13,000 members, nearly 60 per cent of them are MSMEs. According to Sehgal, Sterlite’s closure could result in nearly $3 billion loss in export of copper and copper products. Exports of the metal and its products fell by 61 per cent to $127.43 million in March, 2019 compared to that in the same month last year. Cumulatively for FY19, exports dropped by 69.4 per cent to $1.06 billion. The loss could be to the tune of $3 billion this fiscal. And there is also a fear of rising imports of inferior or hazardous quality of copper scrap, he said.

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VIJAY MALLYA REPEATS OFFER OF 100 PERCENT PAYBACK FOR INDIAN BANKS

Embattled liquor tycoon Vijay Mallya took to social media on Monday to lament the collapse of Jet Airways and repeated his offer of a 100 per cent payback for state-owned Indian banks to cover his now-defunct Kingfisher Airlines' debt. Several Indian airlines collapsed sadly including KFA. Now the previously unthinkable has happened with the collapse of Jet, Mallya said on Twitter on Monday. Genuine business failures. But I am criminally charged by CBI/ED despite offering 100% payback. Wonder why only me, he questioned.

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NIRAV MODI TO REMAIN IN CUSTODY AS HIS LEGAL TEAM FAILS TO MAKE FURTHER BAIL APPLICATION

Nirav Modi will remain in custody till the next hearing in extradition proceedings against him on May 24, as his legal team failed to make a further application for bail before the court. During the brief procedural hearing, Modi – the main accused in the $2-billion Punjab National Bank fraud case – appeared by video link from Wandsworth Prison in south London. Emma Arbuthnot, the Chief Magistrate of Westminster Court has set May 24 for the next procedural hearing (he has to be produced before the court every four weeks), and May 30 for the first case management hearing, for which Modi will be brought to the court in person. There was no further attempt to push for bail, following the unsuccessful application made before Judge Arbuthnot in March, at which the prosecution had accused Modi of threatening to kill a witness, and destroying evidence in an effort to curtail his case. Judge Arbuthnot had accepted the arguments, saying she was denying bail because of the risk he would fail to surrender to the court and his lack of community ties. Modi would have been entitled to make a third bail application if there had been a substantial change in circumstances for the application. However, no such application was made during the hearing. Modi has also so far failed to lodge an appeal at the High Court, which would have provided another avenue for him to attempt to gain bail. There is no time limit on this application though.

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PNB TAKES TARAPUR TEXTILES PARK TO DRT FOR $13-MILLION LOAN DEFAULT

With investigations into Nirav Modi scam in full swing, Punjab National Bank (PNB) has unearthed yet another default from its London branch. The bank has moved the Debt Recovery Tribunal (DRT) against Tarapur Textiles Park for defaulting an amount worth $13 million. A PNB official said Tarapur Textile account had turned into a non-performing asset and PNBIL (PNB International Ltd) has initiated recovery proceedings against the borrower. The case had been filed in the DRT by PNBIL in July last year and the matter is pending in court since then, PNB said. The bank is investigating why the loan was given by the London branch when the project was set up by an Indian company in Maharashtra. The bank has also invoked the personal guarantees of the promoters but it has not yielded any results so far for the bank in its bid to recover the dues.

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ED QUESTIONS AVISTA ADVISORY CEO RAJIV KOCHHAR IN MONEY LAUNDERING CASE

The Enforcement Directorate (ED) questioned Avista Advisory group CEO Rajiv Kochhar, brother-in-law of ICICI Bank's former chief Chanda Kochhar, for the second day on Monday, in connection with the ICICI-Videocon loan case. The ED had issued summons to Rajiv Kochhar and asked for personal appearance on April 30, which he had advanced. His (Rajiv) questioning and statement will continue for three-four days, an ED official said. The case was registered under the Prevention of Money Laundering Act (PMLA) in February. Meanwhile, Chanda Kochhar and husband Deepak Kocchar have sought an extension of 10 days from the ED for making a personal appearance. The ED has accepted the request and called the couple on May 11, said the official. Earlier, Deepak and Chanda Kochhar were summoned on April 30 and May 3. Singapore-based Avista, which specialises in debt recast, acted as an adviser for several borrowers of ICICI, including Videocon, especially with regard to foreign currency convertible bonds (FCCBs). The enforcement agency is examining several documents of Avista and its other subsidiaries overseas since 1995. Rajiv Kochhar has been asked to provide details such as a list of companies/trusts that he had incorporated along with brother Deepak Kochhar or directorships in other companies since 1995. He has also been asked to submit a list of movable and immovable assets both in India and abroad along with copies of balance sheets, profit and loss accounts and tax audits etc of their companies.

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GOVT ISSUES NOTICE TO RAHUL GANDHI OVER COMPLAINT ABOUT FOREIGN CITIZENSHIP

The Home Ministry has served a notice to Congress President Rahul Gandhi, asking him to clarify within a fortnight his factual position on a complaint questioning his citizenship status. In a letter, the Home Ministry said it has received a representation from BJP MP Subramanian Swamy in which it has been brought out that a company named Backops Limited was registered in the United Kingdom in 2003 with Rahul as one of its directors. The Home Ministry said Swamy's letter also mentioned that in the British company's annual returns filed on October 10, 2005 and October 31, 2006, Rahul's date of birth has been given as June 19, 1970 and had declared his nationality as British. Further, in the dissolution application dated February 17, 2009 of the above referred company, your nationality has been mentioned as British. You are requested to intimate the factual position in the matter to this Ministry within a fortnight of the receipt of this communication, the Home Ministry notice issued Monday said.

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MHA ISSUES NOTICE TO RAHUL GANDHI OVER HIS BRITISH CITIZENSHIP

The Ministry of Home Affairs (MHA) has issued a notice to Congress President Rahul Gandhi to clarify his nationality within a fortnight after Bharatiya Janata Party (BJP) MP Subramanian Swamy alleged that he is a British national. The MHA in a letter dated April 29, said that Gandhi has declared his nationality as British in an annual return filed by a British company named Backops Ltd. The Ministry sought the Congress President's response over the issue within 14 days. You are requested to intimate the factual position in the matter to this Ministry within a fortnight of the receipt of this communication, the letter read.

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SHASHI THAROOR CAN TRAVEL TO US, SAYS DELHI COURT

A special court here on Tuesday allowed Congress leader Shashi Tharoor to travel to the US after he was stopped from going abroad pending a decision in his wife Sunanda Pushkar's death case. Tharoor moved an application seeking permission to visit the US in May to attend some conferences and events. Special Judge Arun Bhardwaj allowed his plea. The court has directed Tharoor to provide the travel details to the investigating officer. It also asked him not to tamper with the evidence or influence witnesses in the case.

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SUPREME COURT SEEKS ELECTION COMMISSION REPLY ON VOTER PROSECUTION

The Supreme Court has sought the Election Commission’s response on a plea which sought striking down of a provision in election rules that envisages prosecution of an elector if a complaint alleging malfunctioning of EVMs and VVPATs cannot be proven. A bench comprising Chief Justice Ranjan Gogoi and justices Deepak Gupta and Sanjiv Khanna took note of the plea, filed by Mumbai-based lawyer Sunil Ahya, that said 49MA of the Conduct of Elections Rules was unconstitutional as it criminalised reporting of malfunctioning of EVM or VVPATs. The plea contended that the onus of proving an allegation cannot be on a voter when machines used for voting showed ‘arbitrary deviant behaviour’. The plea sought direction to the EC to register a complaint of any deviant behaviour of equipment used in the election process while pointing out that the burden of proof rests on the elector at the moment, and one risks criminal charges even if the complaint is correct as the machines need not repeat its arbitrary behavior for a second consecutive time. When an elector is asked to cast a test vote, under Rule 49MA, s/he may not get the same result because of a pre-programmed deviant behaviour of EVMs, the plea said. In the course of reporting deviant behaviour of an electronic machine used in the election process, an elector has to cast two votes; first one in secrecy and the second a test vote in the presence of the candidates or polling agents. A test vote cast subsequently in the presence of others cannot become a conclusive evidence of the deviant behaviour or otherwise of the previous vote cast in absolute secrecy, the plea said. It said that holding an elector accountable for deviant behaviours of EVMs and VVPATs could deter them from making a complaint, essential for improving the process. This may also create an illusion of free and fair elections, whereas the fact would be that people have simply not come forward to lodge complaints, the plea said. It also added that since only an elector could be a witness to the secrecy of his vote cast, it would violate Article 20(3) of the Constitution which says that no person accused of an offence shall be compelled to be a witness against himself. The plea referred to retired Assam DGP Harekrishna Deka, who after finding the discrepancy in the VVPAT did not complain as falsity of such complaint would have led to his imprisonment and heavy fine.

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PERFORMANCE REVIEW OF EXPORT PROMOTION COUNCILS TO START SOON

The government will soon begin a performance-based evaluation of over two dozen export promotion councils in the country as a follow-up to the Prime Minister’s Office’s direction that it should ascertain ways to boost exports, according to a senior official. The export promotion councils (EPCs) found falling short of the export targets could face closure or undergo restructuring. Niti Aayog, the government’s premier think tank, in collaboration with the commerce ministry, is evaluating the export promotion councils, following which it will rank them as part of its ongoing policy of developing indices and ranking on real-time basis. At present, there are 14 EPCs under the department of commerce and 11 under the textiles ministry. Besides promoting and developing Indian exports, these councils are also the registering authorities for exporters. Each council is responsible for promotion of a particular group of products or projects or services. The government funds EPCs under the Market Access Initiative (MAI) and Marketing Development Assistance scheme to help them promote exports. India exported $331.02 billion worth of merchandise in FY19, surpassing the earlier peak of $314.4 billion achieved in 2013-14, the commerce ministry had said earlier this month, attributing the lower exports in the intervening years to global slowdown.

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IT’S A CONVENIENT SEASON FOR BEING ‘PROUD HINDU’: ARUN JAITLEY

Mocking AAP for emphasising that its candidate for East Delhi Atishi Marlena is a Hindu of Rajput caste, finance minister Arun Jaitley said this showed that all political parties are now forced to display their Hindu background and defer to sentiments of the majority community. For Atishi to shed the family legacy of her Leftleaning parents who were important interlocutors in seeking pardon for Parliament attack convict Afzal Guru to start wearing her religion as well as caste of her father and spouse was hypocrisy, he added. While the instinct of the Kejriwal-led party is obviously to support jehadis and separatists, they realise that they need to appear as Hindus in order to win elections. The contrarians are merely a fringe. One cannot belong to the fringe and win elections. Religiosity is suddenly being discovered. Majority bashing has been replaced by a self-proclaimed title of a ‘proud Hindu’ or even a ‘Punjabi Hindu Kshatriya’. Elections, after all, are a convenient season for all the neo-converts, wrote Jaitley in his blog. He said other opposition parties are also constrained to showcase their Hindu identity. He said Congress leader and party’s candidate for Bhopal seat, Digvijay Singh, has also been compelled to publicly declare that he is a proud Hindu too. Jaitley also referred to two descrptions — Shiv Bhakt and Janeu Dhari Brahmin — Congress has used for party chief Rahul Gandhi and said it marked a departure from the days of first Prime Minister, Jawahar Lal Nehru, who believed Hinduism was obscurantist and a hurdle for the development of scientific temperament. It is also a success for BJP which under L K Advani argued that secularism cannot be reduced to majority-bashing. Jaitley recalled that no party except BJP supported Vishwa Hindu Parishad when came out with proud to be a Hindu pitch, but it is the VHP which has had the last laugh.

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BRING PROOF IN CHIT FUND CASE IF YOU WANT TO GRILL RAJEEV KUMAR: SC TO CBI

The Supreme Court Tuesday asked the CBI to furnish evidence for seeking custodial interrogation of former Kolkata Police Commissioner Rajeev Kumar, who was earlier heading the West Bengal Police SIT probing the Saradha chit fund scam case. A bench headed by Chief Justice Ranjan Gogoi asked Solicitor General Tushar Mehta, appearing for the CBI, to satisfy it that its request for seeking custodial interrogation of Kumar was bonafide and was in interest of justice. The bench also comprising Justices Deepak Gupta and Sanjiv Khanna asked Mehta to bring evidence to satisfy it that Kumar was even remotely involved in destruction or disappearance of evidence in the chit fund case. Mehta told the court that he will file the evidence against Kumar by tomorrow after which the bench listed the matter for further hearing on Wednesday. The court was hearing CBI's application in which the agency, which was asked by the apex court to investigate the case, was seeking custodial interrogation of Kumar on grounds that he had given evasive replies during questioning.

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CHINA SPENDS FOUR TIMES MORE THAN INDIA ON DEFENCE: SIPRI

China’s military expenditure is almost four times that of India, with the latter’s armed forces also getting hobbled by a ballooning revenue expenditure and pension bill. The US, of course, is the world’s largest spender on defence, with a military expenditure almost equal to the next eight countries combined. Latest data released by global think-tank Stockholm International Peace Research Institute (SIPRI) show the total world military expenditure rose by 2.6% to $1,822 billion in 2018. The five biggest spenders in 2018 were the US ($649 billion), China ($250 billion), Saudi Arabia ($67.6 billion), India ($66.5 billion) and France ($63.8 billion), which together accounted for 60% of the global military spending, it said. Though SIPRI does not go into details, the $66.5 billion (Rs 4.6 lakh crore) military expenditure figure for India includes defence pensions, which amount to one-fourth of the total. Of the remaining, two-thirds go in for the day-to-day running costs, salaries and the like for maintaining the almost 15-lakh strong Indian armed forces. Overall, this leaves just about one-fourth of the $66.5 billion figure for military modernisation and new weapon systems. So, despite India being the world’s fourth largest defence spender by displacing even Russia ($61.4 billion), its armed forces continue to suffer from critical shortages on several fronts, ranging from fighters and submarines to basic infantry weapons and night-fighting capabilities. Defence insiders say the Indian armed forces drastically need to slash their non-operational flab and manpower, especially in the 12-lakh strong Army, as well as take to genuine integration in a big way. There is simply not enough money. The capital allocation for defence already stands at 32-33% of the total central government capital expenditure, said a senior official. India also needs to build a strong defence-industrial base, shedding its strategically-vulnerable position of being the world’s largest arms importer. Exorbitant arms purchases from abroad, without much long-term planning and inter-Service prioritisation, cannot go on forever, he added. India, however, has no option but to be ready for its expansionist behaviour both along the 4,057-km Line of Actual Control as well as the Indian Ocean Region. But while China has undertaken rapid military modernisation, including manpower cuts in the 2.3-million People’s Liberation Army, while also emerging as the world’s fifth largest arms exporter, India has dragged its feet in both reforming its armed forces and boosting indigenous defence production.

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PAKISTAN REJECTS INDIA'S CLAIM OF SHOOTING DOWN ITS F-16 JET; SAYS ONE CANNOT HIDE IF A PLANE IS DOWNED

Pakistan Army on Monday once again rejected India's claim of shooting down a Pakistani F-16 fighter jet, saying one cannot hide if a plane is downed in today's age when even if a motorcycle crashes the world finds out. Pakistan also claims to have shot a second Indian Air Force jet during the engagement, a claim India has dismissed. We downed two Indian planes in the process, the whole world saw their debris and you [India] still claimed that one of the two planes was ours and one of our own pilots died, as we had initially said that two Indian pilots had been captured, and then said that there was only one. You [India] said that we have changed our statement because one pilot was our own, Pakistan military spokesman Major General Asif Ghafoor told reporters in Rawalpindi. We got initial information through the proper channel, then on the ground, I personally found out that only one person had been captured and I sent out the correction myself. How is it that you are ready to accept one of our statement, not the other? he was quoted as saying.

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PM NARENDRA MODI BETTING BIG ON NATIONALISM, UP & BENGAL

Prime Minister Narendra Modi has held 87 public rallies and three big roadshows over 31 days in the first four phases of the 2019 Lok Sabha elections, and they reveal some clear patterns in his messaging and focus areas. Modi has been persistent with a strong nationalism pitch, calling the opposition alliance a maha-milawat, and now making claims that he is coming back to power. And 50% of all his rallies and roadshows so far have been held in just five states – Uttar Pradesh, West Bengal, Maharashtra, Odisha and Gujarat. In contrast, the PM held only eight rallies across four major southern states of Andhra Pradesh, Telangana, Tamil Nadu and Kerala. Phased polling in some of the states – Bihar, Uttar Pradesh and West Bengal have it in seven phases – has helped Modi maximise his appearances in these states. The most consistent theme in Modi’s speeches has been the focus on nationalism and fallout of the surgical strikes carried out in Pakistan. He talked about these things at almost all his rallies, projecting himself as a strong leader and putting the opposition, from Congress to Mamata Banerjee to SP-BSP combine in the dock for questioning the strikes and asking for proof. Modi has also been quick to turn opposition’s attacks against him into his advantage. After BSP leader Mayawati termed him a fake backward, Modi responded by saying he is proud to be of the most backward caste. BJP is looking to dent the strong caste alliance of SP-BSP combine in UP. Modi has labelled the opposition alliance as one of corrupt leaders backing Pakistan. He had also raised the Hindu terror issue and Rahul Gandhi contesting from a ‘minority-dominated’ seat of Wayanad earlier this month in his public speeches. Modi held 12 rallies and a roadshow in UP in the first four phases when 41 seats mostly in western UP went to polls. He is now expected to increase the frequency of his rallies in the state, and is scheduled to address six rallies in eastern UP this week alone. The prime minister is also spending time in Hindi-belt states of Rajasthan and Madhya Pradesh where polling started only in the fourth phase, virtually after it was over in south India. Modi held four rallies in Rajastan for the fourth phase and is now slated to do as many more as the state will finish polling in the next phase on May 6. Modi is also expected to now focus on Madhya Pradesh where only six out of the 29 seats have voted.

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NESS WADIA GETS 2-YEAR SUSPENDED JAIL TERM FOR POSSESSION OF DRUGS: REPORT

Ness Wadia, has been sentenced to a two-year jail term in Japan for drug possession while on a skiing holiday, the Financial Times reported. Wadia, the eldest son of Nusli Wadia and heir to the 283-year-old Wadia Group, was arrested at a Japanese airport in early March after custom officials found about 25 gm cannabis resin in his trouser pocket. According to the report, Wadia has admitted to possession, saying that the drug was for his personal use. Wadia spent a period in detention before his indictment on March 20. He was awarded a two-year prison sentence by a district court in Japan. The sentence was suspended for five years.

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ADVANCE RELEASE OF FUNDS FROM SDRF TO STATE GOVERNMENTS OF ANDHRA PRADESH, ODISHA, TAMIL NADU AND WEST BENGAL

Based on the decision of National Crisis Management Committee (NCMC), Ministry of Home Affairs has ordered for advance release of financial assistance of Rs. 1086 crore to 4 States (i.e. Rs. 200.25 cr – for Andhra Pradesh + Rs. 340.875 cr – for Odisha + Rs. 309.375 cr – for Tamil Nadu + Rs. 235.50 cr – for West Bengal), to their State Disaster Response Fund (SDRF) to assist them in undertaking preventive and relief measures in response to cyclonic storm ‘FANI’.

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RECORDS SHOW NARENDRA MODI GOT AT LEAST FIVE INCOME TAX REFUNDS, RAHUL GANDHI SIX

Prime Minister Narendra Modi has got income tax refunds at least five times in the last 18 years, while Rahul Gandhi has received six refunds during the same period. Besides, the refunds for assessment years 2015-16 and 2012-13 got adjusted against outstanding demand in case of Modi, while it was the case for Gandhi in assessment year 2011-12. Rahul Gandhi's mother Sonia Gandhi has also got at least five refunds since the assessment year 2001-02, but there is no adjustment against any outstanding demand for her in this time period. On the other hand, Amit Shah's income tax refund got adjusted against outstanding demand for the assessment year 2015-16. The TIN-NSDL records do not show any other refund for him in the last 18 years. As per the 'refund status' records, Modi got his refund for the assessment year 2018-19 through 'direct credit' to his account on September 26, 2018. The refund for the same year took place on October 6, 2018 for Sonia Gandhi and on March 26, 2019 for Rahul Gandhi.

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GOVT HIKES CUSTOMS DUTY ON WHEAT TO 40 PER CENT

The government has hiked the customs duty on wheat to 40 per cent from 30 per cent to curb imports and protect the domestic industry. The government wants to restrict overseas purchase so that domestic prices of wheat do not come under pressure as the country’s wheat output is expected to scale a record high this year. The Central Board of Indirect Taxes and Customs (CBIC), through a notification, has hiked the basic customs duty (BCD) on wheat to 40 per cent.

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REALTORS IN A FIX AS LENDERS GET MORE DEMANDING

Financing of real estate developers and their projects is undergoing a major change after a liquidity crisis that began last autumn, with para banks and home financiers focusing on the quality and liquidity of their assets instead of expanding loan books. More restrictive access to cash has made non-banking finance companies (NBFCs) and housing finance companies (HFCs) engage in greater due-diligence on project proposals. Furthermore, the funds crunch has pushed lenders and facilitators to seek out newer structures that promise both safety nets and assurance of adequate returns. Some of the most-used traditional funding structures, such as refinancing, are not being considered at all unless the developer’s project is nearing completion and has chances of robust sales velocity in the near term. More than the liquidity scenario being tight, what is happening now is that lenders and financiers have turned more selective, said Saurabh Shatdal. Demand for liquidity from realtors is high and they are more receptive to new structures and facilitation. Interestingly, new products such as roll-up and platform deals across residential, commercial and retail segment are emerging wherein to achieve greater efficiency, opportunities of merging complementary businesses are considered. These deals allow investors to exercise greater controls on the outcomes of their investments. Alternative investment funds (AIFs) are set to benefit from the current liquidity crunch in the real estate market, but they are also investing with caution and deploying money through structures that didn’t exist until the past 6-8 months. Whoever is funding has become extremely selective, relationships are important and I will continue to go with a developer who has performed well for me in the past, said Ambar Maheshwari, CEO – Private Equity Funds, Indiabulls Asset Management Company. Right now, forming a new relationship with any new entity is bit of a challenge unless it is an already established developer, with a proven track record.

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IPR CASE: GUJARAT TO BACK FARMERS IN FIGHT AGAINST PEPSICO

28 Following strong protests from farmer groups and prominent citizens over PepsiCo India Holdings Pvt Ltd’s lawsuits against Gujarat potato growers, the State government has shown its intent to fight the multinational by becoming a party in the case, in solidarity with the farmers. Nitin Patel on Saturday hinted to make the State government a party in the case, wherein PepsiCo has slapped a ₹1-crore lawsuit each against four farmers from Sabarkantha district in North Gujarat. A formal announcement on the same is likely by Monday. Patel stated that the farmers’ groups had sought the State government’s intervention in the case to protect farmers’ rights. The government, according to him, will seek Court’s permission to become a party in the case, while it will also explore options to mediate to resolve the issue between PepsiCo and farmers. The Commercial Court at Ahmedabad City Civil Court will hear the case next on June 12.

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INDIAN AMONG 13 FOREIGNERS ARRESTED WITHOUT VALID VISA IN SRI LANKA

An Indian is among the 13 foreign nationals arrested by police for violating Sri Lankan immigration laws during their stay in the country, police said on Monday. The 20-year-old Indian national was arrested from Mount Lavinia without a valid visa on Monday, police spokesman S P Ruwan Gunasekara said, adding that he would be produced before the magistrate's court on Tuesday. The others arrested for the crime include ten Nigerians, an Iraqi and a Thai national staying in different parts of the Lankan capital. They will be produced in the courts, he was quoted.

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PAKISTAN RELEASES 55 INDIAN FISHERMEN, 5 CIVILIANS AS 'GOODWILL GESTURE'

Pakistan on Monday released 55 Indian fishermen and five civilians as a goodwill gesture amidst tension between the two countries after the Pulwama terror attack, according to a media report. The Indian fishermen and citizens, arrested in Pakistan, were released from Karachi's Malir jail. As a goodwill gesture amid tension with India, Pakistan had announced to release 360 Indian prisoners, including 355 fishermen and five civilians, during April, the report added.

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UN LISTING OF MASOOD AZHAR AS GLOBAL TERRORIST: CHINA TO LIFT HOLD SOON

China is expected to remove its hold on the listing of Jaish e Muhammad (JeM) chief Masood Azhar as an international terrorist in coming few weeks, multiple sources have confirmed to WION. Though time frame hasn't been given, sources on anonymity said, they are quite positive and hopeful. Sir Dominic Asquith on Friday said, We are strong supporters of listing of Masood Azhar for a decade. So that we will get to that conclusion shortly. I do remain optimistic that it will be resolved and very much it will be. Without taking China's name he said, We are waiting to see whether the country that is so far been resisting agreeing to its listing will lift that objection. Hoping, that we will get to that conclusion of listing Azhar. The Indian foreign secretary Vijay Gokhale was in China last Monday and give evidence regarding JeM's involvement in terror attacks in India. During his visit, he met Chinese officials including Chinese foreign minister Wang Yi.

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HIGH-LEVEL REVAMP: ANTI-HIJACK PANEL TO NOW INCLUDE PMO BRASS

The government has revamped its high-level anti-hijack panel to include top officials the Prime Minister’s Office, especially National Security Advisor Ajit Doval, who will be empowered to coordinate any immediate military response However, as per the order dated April 11, the panel will continue to be headed by Cabinet Secretary P K Sinha despite presence of senior PMO officials. The government had come under considerable criticism for replacing the Cabinet Secretary with the NSA as head of the Strategic Policy Group last September. It was argued that the move gave the NSA unbridled powers, which are beyond the checks that apply on a cabinet secretary. This group was created following the recommendations of the Kargil Review Committee in 1999. The anti-hijack panel was always headed by the cabinet secretary along with secretaries of home and defence as its members. It included commissioner of the Bureau of Civil Aviation Security and the Director General of Civil Aviation. It was modelled after the National Crisis Management Committee. The fresh order besides upgrading the membership also states that a control room will be set up within the Cabinet Secretariat in Rashtrapati Bhavan. Heads of R&AW and the Intelligence Bureau will also be members. While there have been no major incidents of hijack, alarm bells rang just after the Pulwama attack in February when the BCAS sounded a high alert after an anonymous call claimed that an Indian Airlines flight could be hijacked to Pakistan.

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IMRAN KHAN'S INTERIOR MINISTER PICK RAISES QUESTIONS ABOUT 'NEW' PAKISTAN

Pakistan's new interior minister, appointed in a major cabinet reshuffle this month by Prime Minister Imran Khan, is a former spy chief and close ally of the country's last military ruler who has long been accused of deep ties to militant groups. The appointment of retired Brigadier Ijaz Shah has been heavily criticised by the opposition Pakistan People's Party (PPP), whose slain former leader Benazir Bhutto regarded him as a deadly enemy. Some analysts said it suggested Pakistan's powerful military continued to wield heavy influence over the civilian administration - a persistent allegation since Khan took office eight months ago that both his government and the generals deny. Shah said: What power can I give the military as interior minister? I left the army a long time ago, I am a civilian and have participated in elections. He oversaw the surrender of wanted militant Omar Saeed Shaikh, who masterminded the kidnapping and killing of Wall Street Journal correspondent Daniel Pearl in 2002. That contributed to allegations he had been close to Islamist groups based along lawless border with Afghanistan, where Pakistan's security services have long been accused of playing a double game.

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OIL ABOVE $75 A BARREL RAISES CONCERNS OVER MACROECONOMIC INDICATORS

The price of Brent crude saw a 40 per cent fall in Q3 FY19, followed by a 50 per cent rise in the subsequent quarter. In the first month of FY20, crude oil crossed $75/bbl, raising concerns about the import bill, fear of rise in retail prices, and putting the two deficits, current account deficit and fiscal deficit, at a potential risk. Oil price has been gradually rising since January 2019. However, what can be linked to the general elections, the retail prices are not rising that fast. Petrol still costs Rs 73/litre in Delhi, quite less than Rs 76-79/litre when oil was hovering near $75/bbl in the last two instances. About a fourth of it was due to depreciation in the Indian rupee. Further rally in prices could raise import bill. Fuel inflation has started inching up again. Low price phase helped not just the government, profits of public oil companies surged as well. However, rising oil prices may compel the government to reduce taxes, and oil companies to reduce refining/ marketing margins, to maintain retail prices as they are, and quell inflation worries.

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THOUSANDS OF INDIAN FACTORIES UNDER SCRUTINY OVER 'MISERABLE' CONDITIONS

A southern Indian state is inspecting more than 7,000 garment factories and spinning mills after the national human rights watchdog raised concerns over miserable working conditions. India's National Human Rights Commission (NHRC) ordered authorities in Tamil Nadu to act after a report by the Thomson Reuters Foundation about female garment workers airing their grievances on radio stations and demanding better conditions. Checks for basic facilities such as toilets and creches for the more than 500,000 mostly female workers in Tamil Nadu, the largest hub in India's $40 billion-a-year textile and garment industry, began in March. We have found violations and have served notices to more than 200 factories spinning mills so far, said Kaveri Manoharan. Manoharan said there should be one toilet for every 20 employees and a creche where there are 30 women employed.

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INDIANS’ MORTAL REMAINS SHOULD NOT WAIT FOR WANT OF MONEY: MEA SUSHMA SWARAJ TO HIGH COMMISSIONER IN CANADA

Sushma Swaraj on Friday asked India’s High Commissioner to Canada Vikas Swarup to immediately arrange for sending back the mortal remains of an Indian engineer and his son who drowned in a swimming pool in that country. Swaraj, while responding to a media report, told Swarup that mortal remains of Indian nationals should not wait for the want of money. Please send them to India without delay, she directed the Indian High Commissioner. In a swimming pool drowning incident, software engineer Ram Niwas Mishra and his younger son died, while his elder son was critical. His wife was also in a hospital and in a state of shock. Mishra belonged to Uttar Pradesh’s Kannauj, the report said.

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AN INDIA-CHINA MANEOUVRE COULD SOON LEAVE WORLD'S OIL POWERS TOOTHLESS

Reports have revealed that the two Asian powerhouses — world's second and third largest importers of oil — have neared a momentous deal to set up a buyers' bloc that could dramatically tilt bargaining power in favour of importers. A high-level representative from China's National Energy Administration had visited India last week to put the deal on fast track. The upcoming buyers' bloc will bargain collectively on oil supplies. Over time, this joint sourcing mechanism could significantly erode OPEC's sway on all things oil. In the long run, the coming together of the two Asian giants is likely to bode well for other Asian oil importers too. The story says that the buyers' bloc might push OPEC to reduce the premiums placed on oil sold to Asian countries. Asian countries are mostly dependent on West Asian producers for their oil requirements. This dependence tilts the scales heavily in favour of the producers who force buyers to pay a premium. The share of imports in India's oil basket is slated to go up to 90 per cent, which means the risks for India from price fluctuations will also go up. For India, the first signs of oil trouble are already here. Following OPEC's production cut and recently tightened US sanctions against Iran and Venezuela, oil has hit $75 a barrel for the first time this year. The US had given a conditional waiver to eight nations to keep buying oil from Iran. The deadline for that waiver is set to end on May 2, following which the oil equation is set to get more complicated for Iran's top buyers like India and China.

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UK RATING REMAINS AT RISK OF DOWNGRADE FROM A NO-DEAL BREXIT: S&P, FITCH

Britain's credit rating remains at risk of a further downgrade despite the extended deadline for its departure from the European Union, ratings agencies S&P Global Ratings and Fitch Ratings said on Friday. The agreement between the EU and the UK to further extend the process to 31 October 2019 reduces but does not eliminate the risk of a 'no-deal' Brexit over the next six months, Fitch said. British Prime Minister Theresa May secured the extension to the Brexit deadline earlier this month after failing to bridge the divide within her own Conservative Party over the terms of Britain's departure from the EU. The delay averted the risk of an immediate no-deal Brexit which would deliver a shock to the world's fifth-biggest economy but the uncertainty remains, weighing on many companies which have cut back on investment. S&P said its negative outlook reflected the risk of sustained economic weakness and a hit to government finances if Britain lost access to EU markets, investors took fright or sterling's status as a reserve currency came under pressure. Fitch and S&P both have a AA rating on British government debt. That sluggish growth was likely to constrain the government's ability to raise public spending, despite promises by Finance Minister Philip Hammond that he would be able to end austerity if Britain secured a Brexit deal.

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NO US VISAS FOR PAKISTANIS? TRUMP ADMIN IMPOSES SANCTION ON ISLAMABAD

The US has imposed sanctions on Pakistan after Islamabad refused to take back its citizen deportees and visa over-stayers from America, warning that it may withhold visas of Pakistanis beginning from its senior officials. The State Department on Friday said that consular operations in Pakistan remain unchanged as of now but as a result of such a sanction mentioned in a Federal Register notification dated April 22, the US may withhold visas of Pakistanis beginning with its senior officials. Pakistan is the latest to join the list of 10 nations that have been imposed with sanctions under a US law according to which countries refusing to take back deportees and visa over-stayers will be denied American visas. Notably eight of these countries have been slapped with such visa sanctions under the Trump administration. Two of them Ghana and Pakistan have been included in the list this year.

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XI-IMRAN MEETING: CHINA HOPES PAKISTAN, INDIA CAN MEET HALFWAY

China’s President Xi Jinping expressed hope during a meeting with Pakistan’s Prime Minister Imran Khan Sunday that Pakistan and India can meet each other halfway and promote stabilisation and improvement of their ties. Xi’s remarks come months after India carried out airstrikes in Pakistan’s Balakot following a Jaish-e-Mohammad suicide attack on a CRPF convoy in Pulwama on February 14 in which 40 personnel were killed. The two sides also exchanged views on the situation in South Asia. Xi expressed hope that Pakistan and India can meet each other halfway and promote stabilisation and improvement of Pakistan-India relations, an official statement from the Chinese side read. China said it takes Pakistan as priority in its diplomacy and reiterated its firm support to Pakistan in safeguarding its sovereignty and national dignity. No matter how international and regional situations change, China firmly supports Pakistan in safeguarding its sovereignty and national dignity, choosing its own development path suited to its national conditions, combating terrorist and extremist forces, striving for a sound external security environment, and playing a constructive role in international and regional affairs, Xi said in a statement. He also said that major progress has been made in bilateral cooperation in the construction of the China-Pakistan Economic Corridor, finance, trade, and other aspects. Khan expressed hope that relations between the two neighbours will improve after the Indian general elections. We want to build a civilised relationship with our eastern neighbour and there is a possibility that if we can resolve the Kashmir issue through dialogue, things can improve, he was quoted by state-run Radio Pakistan as saying. Pakistan is willing to consolidate its traditional friendship with China, deepen pragmatic cooperation, and enhance communication and coordination with China in multilateral affairs, said Prime Minister Khan.

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CHINA’S BRI SHOULD BE POSITIVE FOR COMMODITIES, BUT EVIDENCE IS ELUSIVE: RUSSELL

China’s ambitious Belt and Road Initiative (BRI) is one of those vast programmes that should be positive for global commodities, but finding any concrete proof of increased demand is proving far more elusive. Last week’s BRI summit saw Chinese President Xi Jinping touting $64 billion in new deals for the plan to develop transport and infrastructure projects linking Asia, Africa and Europe. But questions still remain as to whether the BRI is much more than a publicity campaign designed as part of Beijing’s efforts to grow its diplomatic and economic clout, or whether it is indeed going to result in a swathe of investment that could eventually top out at more than $1 trillion. Certainly, Xi didn’t supply any details of the $64 billion in new deals, and estimates vary widely on how much money has actually been spent since the launch of BRI in 2013. Perhaps one way of looking at the impact of BRI on commodities is to examine China’s imports of raw materials and exports of capital and steel. If China was really ramping up its spending on BRI projects, it would be logical to expect to see outbound investment increasing as well. But the official data shows the trend going the wrong way, with 2018 outbound investment falling to $129 billion, a drop of 18 percent from $158 billion in 2017, and some 34 percent below the all-time high of $196 billion in 2016. However, steel exports have also been trending lower, slipping to 69.5 million tonnes in 2018, the lowest in five years and down from 75.6 million tonnes a year earlier. Neither are imports of major commodities, with steel-making ingredient iron ore peaking at 1.075 billion tonnes in 2017, before slipping to 1.065 billion last year, according to customs data.

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FIRST ANNIVERSARY OF MODI-XI JINPING WUHAN SUMMIT CELEBRATED WITH 'COLOURS OF INDIA' WEEK

Beijing-India and China on Monday kicked off the first anniversary of the landmark informal summit between Prime Minister Narendra Modi and President Xi Jinping in Wuhan, which was largely credited to have improved the bilateral ties after the Doklam standoff, by holding a week-long India festival in the central Chinese city. To commemorate the first anniversary of the Modi-Xi talks held on April 27-28, 2018, India launched Colours of India week in Wuhan during which dance performances, movie screenings, photo exhibitions and other business and tourism promotion events will be organised. It is being jointly organised by Embassy of India, Beijing and Indian Council for Cultural Relations (ICCR), New Delhi in association with the Hubei Provincial Government and Wuhan Municipal Government and supported by the China Arts Association, a statement from Indian Embassy here said. The festival also included photo exhibitions on the life and times of Mahatma Gandhi; Buddhist heritage sites of India along with Buddhist-themed sculptures by renowned Indian photographer Benoy Behl. It also showcases the worldwide celebration of International Day of Yoga.

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AFTER 'CALIPHATE' COLLAPSE, JIHADISTS HEAD TO AFGHANISTAN TO PLOT ATTACKS

Islamic State fighters who waged a bloody campaign in Syria and Iraq are heading to Afghanistan to continue their jihad and help plot spectacular attacks against America, a US official has told AFP. The warning comes as IS seeks to assert a regional influence after the loss of its self-proclaimed Middle East caliphate, and as South Asia reels from a series of devastating attacks. We know some have already made their way back here and are trying to transfer the knowledge, skills and experience they learned over there, a senior US intelligence official in Kabul told AFP in a recent interview. If we don't continue counterterrorism pressure against (IS in Afghanistan), there will be an attack in our homeland -- and a spectacular attack -- probably within the year, added the official, who asked not to be named for security reasons. The gunman, who had sworn allegiance to IS, killed 49 people in an Orlando nightclub. Internationally, IS claimed responsibility for a string of recent attacks, including the Easter Sunday bombings that killed 253 people in churches and hotels in Sri Lanka.

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MYSTERIOUS FOOTPRINTS FOUND IN THE HIMALAYAS. ARMY SAYS IT COULD BE OF MYTHICAL SNOWMAN

The Indian Army claimed to have found the footprints of a mythical beast called 'Yeti' in the Himalayas. As per the Twitter handle of the Army, an expedition team has found mysterious footprints measuring 32x15 inches close to Makalu Base Camp on 09 April 2019. This elusive snowman has only been sighted at Makalu-Barun National Park in the past, the tweet further added. The pictures, however, only show the print of only one foot. The Yeti or snowman is said to be an ape-like creature. Many have reported in the past about the presence of a big furry creature in the Himalayas but without any evidence.

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US EMBARGO ON IRAN OIL MAY SPELL FRESH TROUBLES FOR INDIAN AUTO FIRMS: BHARGAVA

The decision of US President Donald Trump to end waiver enjoyed by countries including India on Iran oil imports may cause further difficulties for India’s automobile sector. RC Bhargava, cautioned that domestic factors, coupled with latest international developments, may impact the demand. Bhargava said, This year we have Mr Trump putting an embargo on Iran oil, implementation of BS-VI and also safety regulations. If none of those factors was present, I would have said with great confidence that the (auto) demand will pick up. But because of this happening, customer behaviour has become unpredictable. Under the CSR programme, Maruti will invest Rs 125 crore over the next five years to build a hospital in association with Zydus Group and a school under Podar Group near Becharaji in Mehsana.

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TRUMP AGAIN GOES AFTER INDIA, SAYS IT SLAPS 'BIG TARIFFS' ON US PRODUCTS

Donald Trump has criticised India's big tariffs on American paper products and the iconic Harley-Davidson bikes, saying the US has been losing billions of dollars to countries like India, China and Japan. Trump alleged that every country has been ripping off America for years. The President has repeatedly claimed that India is a tariff king and imposes tremendously high tariffs on American products. For so many decades we've been losing tens of billions of dollars to China and Japan, and India, and name any country and we lost, but we're not losing anymore, he said to his cheering supporters. He said that the US was being charged high tariffs on foreign paper products. We charge other countries zero tariffs on foreign paper products, but when Wisconsin paper companies export it abroad. China charged us big tariffs, India charged us big tariffs, Vietnam charge us massive tariffs, Trump said. He claimed that people of the US demanded a government that puts America first.

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DONALD TRUMP PROPOSES TO WITHDRAW FROM UN ARMS TRADE TREATY, SAYS WILL NEVER SURRENDER AMERICAN SOVEREIGNTY TO ANYONE

Donald Trump announced Friday that the United States would not abide by a UN treaty aimed at regulating the global arms trade calling it misguided and an encroachment on US sovereignty. Trump said the US Senate had never ratified the 2013 Arms Trade Treaty despite his predecessor Barack Obama having endorsed it, and said he would never ratify it. We will never surrender American sovereignty to anyone, Trump said in a speech to the National Rifle Association in Indianapolis. We will never allow foreign bureaucrats to trample on your Second Amendment freedom, he said, referring to the constitutional right to bear arms. And that is why my administration will never ratify the UN arms trade treaty. I am officially announcing today that the United States will be revoking the effect of America's signature from this badly misguided treatment (sic). We're taking our signature back. The treaty, which entered into effect in December 2014, seeks to regulate the flow of weapons into conflict zones. It requires member countries to keep records of international transfers of weapons and to prohibit cross-border shipments that could be used in human rights violations or attacks on civilians. While 130 countries originally signed the treaty, only 101 have ratified and joined it. Those include major powers like France, Germany and the United Kingdom. The world's largest arms traders, the United States, China and Russia, have notjoined. In a statement the White House said the treaty fails to truly address the problem of irresponsible arms transfers, while providing a platform for those who would seek to constrain our ability to sell arms to our allies and partners. It also claimed that some groups are trying to use the treaty to overturn sovereign national decisions on arms exports -- pointing to one effort to block the British government's sale of weapons to Saudi Arabia. The ATT is simply not needed for the United States to engage in responsible arms trade, the White House said.

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PRESIDENT DONALD TRUMP UPBEAT ON POTENTIAL FOR US-JAPAN TRADE DEAL

Donald Trump expressed confidence Friday that a bilateral trade deal between the US and Japan can be reached quickly despite ongoing differences over tariffs as he opened talks with Prime Minister Shinzo Abe at the White House. Abe is a rare world leader who has managed to develop a personal relationship with Trump. Trump complained about Japan’s tariffs on US agricultural products while Abe aired his frustrations with US levies on Japanese automobiles. Trump has slapped tariffs on steel and aluminium imports from Japan and has held the threat of even steeper auto tariffs over Abe’s head. Still, Trump sounded optimistic that an agreement will be struck. Ultimately, we have a chance to make a good and very long-term trade deal with Japan, the president said. Asked later about the timetable, Trump said: I think it can go quickly. I think it can go fairly quickly. Maybe by the time I’m over there, maybe we sign it over there. But it’s moving along very nicely and we’ll see what happens.

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Thanks & Regards,
CS Meetesh Shiroya