TAXATION UPDATES 08.05.2019

CBIC INTRODUCES SIMPLIFIED AUTO REGISTRATION FOR IEC HOLDERS AT ICEGATE

To attract importers and exporters for registration on ICEGATE and to provide them various information services including reports, the Central Board of Indirect Taxes (CBIC) has introduced a simplified auto registration for the IEC holders. IEC holders (Importer/Exporter) can now register at ICEGATE without digital Signature. Registration is allowed with IEC and any of one GSTIN attached to it. Please choose one GSTIN carefully, pertaining to the IEC, the CBIC said. The simplified registration module in ICEGATE is designed to register at the ICEGATE without the need to upload the Digital Signature Certificate (DSC), PAN verification, document upload to ICEGATE and approval procedure. However, IEC holders registered under Simplified Auto Registration category are not permitted to file Customs documents.

 __ _ _ _ _ _ _ _ _ _ _ _ _ _  _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

TAX RETURNS IN FY19 SEEM LOW BECAUSE OF DELAYED FILING BARRED, SAYS CBDT

The Central Board of Direct Taxes (CBDT) on Monday said that income-tax (IT) e-returns filed in FY18 and the previous few years were inflated as these included returns for not just the assessment year concerned but for substantial number of returns belonging to earlier years as well. However, Finance Act, 2017 was amended in April last year to mandate that a revised return for an earlier year could be furnished only up to the end of the subsequent assessment year and not further This meant that in FY19, taxpayers could file returns for that year and a smaller number of returns belonging to the previous year. Due to this, the e-filing numbers recorded in FY19 are not comparable with those filed in FY18, CBDT said in a statement. However, the fact remains that till FY18, the government used to cite the tax base inclusive of the substantial numbers of revised returns from the previous years and claimed this to be a sign of rapidly expanding tax base. It hasn’t still released the returns data specific to only the respective assessment years. On its official website, the CBDT has published the e-return filing numbers for any year including revised returns since FY12. Furthermore, even in the annual time-series data published by the board, the e-filing numbers are published in financial year terms, which leaves no scope for determining number of returns filed for in a particular assessment year only. The board said that during FY18, out of a total of 6.74 crore returns, 5.47 crore were filed for the same year. In comparison, during FY19, a total of 6.68 crore e-returns were filed included 6.49 crore of that year, marking an annual increase of almost 19%. It said that during FY18, apart from the returns for the AY17-18, nearly 1.21 crore ITRs were filed for AY16-17.

 __ _ _ _ _ _ _ _ _ _ _ _ _ _  _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

PART B OF FORM 16 (SALARY TDS CERTIFICATE) TO BE ISSUED BY DOWNLOADING FROM TRACES WEBSITE/ PORTAL, NOTIFIES CBDT

Section 203 of the Income-tax Act, 1961 (the Act) read with the Rule 31 of the Income-tax Rules 1962 (the Rules) stipulates furnishing of certificate of tax deduction at source (TDS) by the deductor to the deductee specifying therein the prescribed particulars such as amount of TDS, valid permanent account number (PAN) of the deductee, tax deduction and collection account number (TAN) of the deductor, etc. The relevant form for TDS certificate in case of deduction under section 192 of Chapter XVII-B of the Act is Form No. 16 which is to be issued annually. TDS Certificate in Form No 16 has two parts viz. Part A and Part B (Annexure). Part A contains details of tax deduction and deposit and Part B (Annexure) contains details of income. Vide Central Board of Direct Taxes Notification No. 36/2019 dated 12.04.2019, ‘Part B (Annexure) of Form 16’ and ‘Annexure II of Form no. 24Q’ in Appendix II to the Income tax Rules, 1962 have been amended. In exercise of the powers delegated by the Central Board of Direct Taxes, under sub-rule (6A) of Rule 31 of the Income-tax Rules, 1962, the Principal Director General of Income-tax (Systems) hereby specifies the procedure, formats and standards for the purposes of generation and download of certificates from TDS Reconciliation Analysis and Correction Enabling System or (https://www.tdscpc.gov.in) (hereinafter called TRACES Portal), as below:

1 ISSUE OF PART B OF FORM NO. 16 FOR DEDUCTION OF TAX AT SOURCE MADE ON OR AFTER 1st day of April, 2018:

All deductors (including Government deductors who deposit TDS in the Central Government Account through book entry) shall be able to issue the TDS certificate in Part B of F orm No. 16 (by generation and download through TRACES Portal) in respect of all sums deducted on or after the 1st day of April, 2018 under the provisions of section 192 of Chapter XVII-B provided that the relevant TDS statement for the fourth quarter i.e. Form 24Q is furnished alongwith duly filled in Annexure II of Form 24Q as substituted vide Central Board of Direct Taxes Notification No. 36/2019 dated 12.04.2019. To ensure generation of accurate TDS certificate in Part B of Form No. 16, the deductor(s) need to report correct data in Annexure II of Form 24Q. The TRACES generated Form No. 16 shall have a unique TDS certificate number.

AUTHENTICATION OF TDS CERTIFICATE IN FORM NO. 16

The deductor, issuing the TDS certificate in Form No. 16 by downloading it from the TRACES Portal, shall, before issuing to the deductee authenticate the correctness of contents mentioned therein and verify the same either by using manual signature or by using digital signature in accordance with sub-rule (6) of Rule 31.

‘Part B (Annexure)’ of Form No. 16 item nos. 2(f) and lOCk)

The item nos. 2(t) and 10(k) in Part B (Annexure) of Form 16 required to be filled-in by the deductor manually shall be made available at the bottom of the TRACES generated Form 16 (Part B) and the deductor shall duly fill details, where available, in item numbers 2(t) and 10(k) before furnishing of Part B (Annexure) to the employee. The deductors who opt to authenticate Part B of Form No. 16 manually will be provided with the download of the Part B of Form No. 16 alongwith these item nos. 2(t) and 10(k) appearing at the bottom of the Form. The deductor shall duly fill details, where applicable, in item numbers 2(t) and 10(k) before furnishing of Part B (Annexure) to the employee. The deductors who opt to authenticate Part B of Form No. 16 using Digital Signature Certificate (DSC) will be provided with the download of Part B of Form No. 16 without item nos. 2(t) and 10(k) and therefore these details shall be required to be prepared by the employer and issued to the employee, where applicable, before furnishing of Part B to the employee. Sub rule (3) of Rule 31 of the Income tax Rules, 1962 prescribes the time limit for issuance of Form 16 by the deductor to the employee. Currently, Form 16 should be issued by 15th June of the Financial Year immediately following the financial year in which income was paid and tax deducted.

 __ _ _ _ _ _ _ _ _ _ _ _ _ _  _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

RECORD APRIL GST COLLECTION AN EXCEPTION RATHER THAN A RULE; NOT ENOUGH TO BRIGDE FISCAL DEFICIT

India’s goods and services tax revenue touched the highest ever in April, but the spurt in collections is far from becoming the norm just yet. Collections from the nationwide sales tax rose 10 percent to 1.13 trillion rupees ($16 billion) in April from a year ago, official data show. While that was the closest to the 1.15 trillion rupees monthly target set by Prime Minister Narendra Modi’s administration, it’s still not enough to bridge the government’s budget gap, say economists. If GST collections do not improve further and sustain, the pressure on the central government’s fiscal position will continue, economists Suvodeep Rakshit and Upasna Bhardwaj at Kotak Mahindra Bank wrote in a note. The targeted growth of 24 percent in the financial year ending March 31 will be difficult to achieve. India let fiscal deficit widen for a second straight year as Modi, who’s seeking a second term in office in elections currently underway, tried to win over voters through cash handouts for farmers and tax cuts for the middle class. The government needs to more stringently implement programs to discourage tax evasion and boost compliance of direct and indirect taxes to alleviate the fiscal stress, said Ashray Ohri. The government had touted GST as a tool to increase tax compliance when it was introduced in July 2017. Collections under the new tax have crossed the 1 trillion rupee-mark in three of the first four months in 2019, suggesting it’s gaining traction. The jump in collections was expected to happen after transition period of adjustment is over, said Arvind Virmani. One data point doesn’t, however, make a new trend.

 __ _ _ _ _ _ _ _ _ _ _ _ _ _  _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

ED SEIZES ASSET WORTH RS 1.46 CRORE OF KAILASH GAHLOT’S BROTHER

The Enforcement directorate (ED) seized assets worth Rs 1.46 crore that belong to Harish Gahlot, brother of Delhi minister, Kailash Gahlot. The assets were seized in lieu of those Harish Gehlot held in the United Arab Emirates (UAE). This was done under section 37 A of Foreign Exchange Management Act, 1999 (FEMA). The investigation was initiated under FEMA based on the information received from the Income Tax Department. They found that a sum of Rs 1 crore was transferred from India to Delhi by Harish Gahlot through a Delhi-based Hawala-dealer. This was to be used as the advance payment towards two flats in Dubai during September, 2018. Nitesh Gahlot paid the Dubai-based developers the advance for the two flats. One flat was booked under his name and his father’s name while the other was meant for his elder brother and mother. The investigation also revealed that, in the same period, Harish Gahlot had also sent Rs 50 lac from his bank in India to the bank account of his son in Dubai under the Liberalized Remittance Scheme for the purpose code S0305 – Travel for Education Including Fees Hostel Expenses etc.

 __ _ _ _ _ _ _ _ _ _ _ _ _ _  _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

CHARGES AGAINST GST, CUSTOMS OFFICIALS FOR HELPING IN SMUGGLING GOLD

The Central Bureau of Investigation has charged three Customs and GST officials based in Bengaluru for allegedly helping smugglers bring gold from Dubai in the form of paste, officials said on Tuesday. The agency had received information that Directorate of Revenue Intelligence officials had intercepted six international passengers who were handing over smuggled gold to some receivers. During investigation, it was found that the gold was being smuggled in the form of paste, which was hidden in the waist belt by the couriers, the agency said. The CBI alleged that on October 14, 2018, six carriers brought 11 kilogram gold costing Rs. 3.67 crore which was seized by the Directorate of Revenue Intelligence officials. It is learnt that the smugglers convert gold into powdered form and thereafter mix the gold with some substances and make it into a compound which physically will be in the form of a paste. The paste is hidden in the waist belt worn by the carriers, the agency alleged. The smugglers selected passengers who were not in the suspect list and their details were sent in advance to Jamsheer who passed them on to Rajnish Kumar Saroh, it said. He allegedly checked customs database and intimated Jamsheer if selected couriers were in the list of suspects or not, the CBI alleged.

 __ _ _ _ _ _ _ _ _ _ _ _ _ _  _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

5 INDIAN SAILORS ABDUCTED IN NIGERIA, MEA ASKS AMBASSADOR TO ENSURE RELEASE

Five Indian sailors have been abducted by pirates in Nigeria and External Affairs Minister Sushma Swaraj has asked the Indian high commissioner there to take up the matter at the highest levels of the Nigerian government to ensure their release. She also asked Indian ambassador in Nigeria Abhay Thakur to send her a report on the matter. I have seen news reports about abduction of five Indian sailors by pirates in Nigeria. I am asking Indian High Commissioner to take this up at the highest level with Government of Nigeria for their release, Swaraj tweeted.

 __ _ _ _ _ _ _ _ _ _ _ _ _ _  _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

INITIATIVES BY COMMERCE MINISTRY TO BOOST TRADE WITH AFRICAN COUNTRIES

The Commerce Ministry and Indian High Commissions and Embassies of eleven African countries arranged an interaction over Digital Video Conference (DVC) with the Indian business community in Africa. This initiative was held in order to build an effective engagement withthe Indian Diaspora in Africain order to further deepen and strengthen India-Africa trade ties. India’s total trade with the African region during 2017-18 was USD 62.69 billion (8.15% of India’s total trade with the World). India’s share of exports to African countries as a percentage of India’s total exports to the world was of the order of 8.21% in 2017-18. Africa region’s share in India’s total imports from the World accounted for 8.12% in 2017-18. African countries present immense opportunities for India with the world’s largest land mass, 54 countries, a population growing to be almost equivalent to that of India, huge mineral resources, oil wealth, a youthful population, falling poverty levels and increasing consumption patterns. Thus, Africa has a huge demand for new business models for market entry, stable market access, entrepreneurship and investments in transport, telecom, tourism, financial services, real estate and construction. This initiative of the Commerce Ministry emphasizes the need for a multipronged strategy for further enhancing trade and investment ties between the two regions. Commerce Ministry recognizes that for formulating an effective export strategy it is imperative to engage the Indian business community in Africa for mutual gain for both sides as trade relations between the people of same origin instill greater confidence amongst trade partners. The Indian community in Africa is playing a vital role in all fields like politics, business and education. As per the latest available estimatesthe current strength of the Indian Diaspora in the African countries is 2.8 million out of those 2.5 million are PIOs and rest 220967 are NRIs. Total overseas Indians are 30.83 million of which 17.83 million are PIOs and 13 million are NRIs. (Ministry of Overseas Indian Affairs, 2016). Indian Diaspora in Africa constitutes 9.11% of the total Diaspora of India. The inherent strength of India in Africa is its rich and vast Diaspora which has established strong links with the political, economic and social fabric of the African continent. In order to formulate a strategy to boost India-Africa Trade & Investment, the Indian Diaspora in Africa has to be leveraged furtherin order to ensure that the strategy is effective. Suggestionswere sought from the India business community. The major issues highlighted by the Indian Business Community in these 11 countries are:

·       Improving the Line of Credit system and developing a facility for an affordable and competitive funding.

·       Setting up of Indian Banks/financial institutions in Africa

·       Enhanced Buyers’ Credit facility for promotion of trade between the two regions

·       Reviewing and liberalizing visa policies from both sides

·       Need for direct flights between the India and African countries

·       Exploring the possibility of rupee trade to address the issue of shortage of dollars in region.

·       Creation of common database of buyer-suppliers in the two regions for facilitating matchmaking for enhancement of bilateral trade.

·       Development of a robust trade dispute settlement mechanism

·       More frequent and structured country/sector specific trade exhibitions in Africa

·       Establishment of country chapters of FICCI or CII in Africa

·       Frequent visits of policy makers, chamber of commerce and investors for familiarization with local business and investment regime for informed decisions

Department of Commerce welcomed the suggestions of the Indian business community and assured them that these suggestions will be shared with relevant stakeholders /Departments in order to incorporate the suggestions in the India-Africa strategy for trade promotion.

  __ _ _ _ _ _ _ _ _ _ _ _ _ _  _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

OIL IMPORTS FROM IRAN DOWN 57% Y/Y IN APRIL: TRADE

India's oil imports from Iran fell about 57 percent year-on-year in April, according to data, the last month when New Delhi was allowed to load Iranian oil ahead of U.S. sanctions stopping purchases of oil from the OPEC member. India, Iran's top oil client after China, shipped in about 277,600 barrels per day (bpd) of oil from Tehran in April, down about 31.5 percent from the previous month, preliminary tanker arrival data from shipping and industry sources showed. In April, Washington asked buyers of Iranian oil, mostly in Asia, to halt purchases or face sanctions. India is scheduled to get two very large crude carriers carrying 4 million barrels of Iranian oil this month - one each at Paradip in the east and Kochi in the west. The two vessels were loaded in April. India's overall imports from Iran in January to April 2019 fell nearly 45 percent to 304,500 bpd compared with 552,000 bpd a year ago, the data showed.

 __ _ _ _ _ _ _ _ _ _ _ _ _ _  _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

NO DATA OF SURGICAL STRIKES CONDUCTED BEFORE SEPTEMBER 2016: ARMY

In its reply to an RTI, which sought to know how many surgical strikes on Pakistan were carried out during the UPA era, the Indian Army Tuesday said it does not have any data about them. This section does not hold any data pertaining to surgical strikes if carried out before September 29, 2016, stated the Director General Military Operations (DGMO) of the Indian Army in response to an RTI filed by Jammu-based activist Rohit Choudhary. The applicant had sought information about how many surgical strikes on Pakistan were carried out between 2004 to 2014 and after September 2014, and how many of them were successful. Lt Colonel A D S Jasrotia for Chief Public Information Officer of the Indian Army had in April last year stated, Indian Army conducted surgical strike along the LC on September 29, 2016. No Indian soldier lost his life during the surgical strike. Alleging that the Congress has a habit of lying, Union minister General VK Singh asked, Will you please let me know which ‘So-called Surgical Strike’ are you attributing to my tenure as COAS. Am sure you must have hired some Coupta to invent another story.

 __ _ _ _ _ _ _ _ _ _ _ _ _ _  _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

RAILWAY BRIBERY CASE: ED ATTACHES PROPERTY WORTH ₹ 89.68 LAKH

In a money laundering case related to the Railway Board bribery case involving Vijay Singla, former Railways Minister Pawan Kumar Bansal’s nephew, the Enforcement Directorate has provisionally attached an amount of ₹89.68 lacs under the Prevention of Money Laundering Act, 2002 (PMLA). The ED initiated an investigation under the provisions of PMLA on the basis of an FIR and charge sheet filed by the CBI under Section 120B of IPC read with Section 7, 8 and 12 of Prevention of Corruption Act, 1988 before Ld. Special judge (SPE/CBI cases) Patiala House Court, New Delhi, against Mahesh Kumar, Member (Staff), Railway Board, Vijay Singla, Sandeep Goyal and seven other accused. Vijay Singla demanded ₹10 crore through Sandeep Goyal from N Manjunath to get Mahesh Kumar posted as Member (Electrical). While delivering a token amount to Vijay Singla and Sandeep Goyal, the CBI team raided the premises of office of Vijay Singla at Sector 28, Chandigarh and recovered ₹89,68,000.

 __ _ _ _ _ _ _ _ _ _ _ _ _ _  _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

₹30.35 LAKH IN FOREIGN CURRENCY SEIZED AT HYDERABAD AIRPORT

The sleuths of Central Industrial Security Force (CISF) on Monday night apprehended a Dubai-bound passenger at the Rajiv Gandhi International Airport, Shamshabad here and seized foreign currencies equivalent of over ₹30 lakh from his possession.

 __ _ _ _ _ _ _ _ _ _ _ _ _ _  _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

PRIYANKA GANDHI LIKENS MODI TO DURYODHANA; YOU WILL KNOW WHO IS ARJUNA ON MAY 23, REPLIES AMIT SHAH

Priyanka Gandhi on Tuesday likened him to Duryodhana, saying the character from Mahabharata had lots of ego and it was the prime reason for his defeat. She said PM Modi’s arrogance would bring his downfall in the Lok Sabha elections. Desh ne ahankaar ko kabhi maaf nahi kiya, aisa ahankaar Duryodhan mein bhi tha, jab Bhagwan Krishna unhe samjhane gaye to unko bhi Duryodhan ne bandhak banane ki koshish ki.Dinkar ji ki panktiyan hain,’Jab naash manuj par chaata hai,pehle vivek mar jata hai (The country has never forgiven arrogance. Duryodhana had similar arrogance. When Lord Krishna tried to make him understand, he instead tried to capture him. Renowned poet Dinkar has written, ‘When someone is about to be destroyed, their wisdom ends first’, Priyanka said. Referring to PM Modi’s bhrashtachari no. 1 taunt at Rajiv Gandhi, Priyanka Gandhi said BJP leaders never talk about unfulfilled promises during campaigns but seek votes in the name of martyrs or the martyr of her family. Lashing out at Priyanka Gandhi, Amit Shah said, Priyanka ji this is democracy, nobody becomes ‘Duryodhana’ just because you called them so. We will find out on May 23 who is ‘Duryodhana and who is ‘Arjuna'.

 __ _ _ _ _ _ _ _ _ _ _ _ _ _  _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

MAMATA BANERJEE: WANT TO GIVE PM MODI A TIGHT SLAP OF DEMOCRACY

Mamata Banerjee on Tuesday said she wanted to give the prime minister a tight slap of democracy after the former accused TMC of being toll collector party. Money doesn’t matter to me. That is why when Narendra Modi came to Bengal and accused my party of being tolabaaz (toll collector), I wanted to give him a tight slap of democracy. PM Modi has repeatedly accused the TMC supremo of corruption and earlier said that the position of the prime minister cannot be bought in an auction by the money gained from Saradha and Narada scams. Nirmala Sitharaman said Mamata Banerjee’s syndicate morcha was influencing the elections. In spite of central forces coming and assuring the voters that their presence will make a difference, Didi’s syndicate morcha people are all over the place. Mamata Banerjee screams about democracy, she is the one who is violating democracy, Nirmala Sitharaman as saying. Of late, Mamata Banerjee has sharpened her attacks on PM Modi. I don’t consider him the country’s PM, hence I didn’t sit for the meeting. I don’t want to be seen with him on the same platform. I will speak to the next PM. We can take care of cyclone damage by ourselves. We don’t need Centre’s help ahead of polls.

  __ _ _ _ _ _ _ _ _ _ _ _ _ _  _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

ELECTION COMMISSION CLEAN CHIT TO PM MODI IN TWO MORE CASES: SOURCES

The Election Commission has given clean chit to Prime Minister Narendra Modi in two more cases, sources aware of the development said Monday. The Congress had alleged that he held a roadshow in Ahmedabad on April 23 and the sources said the commission has concluded that Modi did not violate the model code and the election law. They said that the commission has also cleared Modi for his April 9 speech at Chitradurga in Karnataka where he had reportedly asked new voters to dedicate their vote for the heroes of the Balakot air strike. On the same day, he had made a similar appeal in Ausa in Latur district of Maharashtra. The EC had given a clean chit to him in that case as well, but one of the election commissioners had given a dissenting view in the matter. Though the commission has so far not made the two decisions public, with these decisions, Modi has been given a clean chit in eight matters. The poll authorities in Gujarat are learnt to have maintained that prima facie no violation was found. The Congress had moved the EC alleging that Modi took out a roadshow after casting his vote and made political remarks in violation of the Model Code of Conduct. After casting his vote in Ahmedabad, Modi walked some distance from the polling booth and interacted briefly with media persons. Gandhi had been issued a show cause notice for his Madhya Pradesh speech in which he had reportedly said that the government has enacted a new law which allows tribals to be shot. The commission has now submitted a report to the Supreme Court of the cases related to Modi and Shah that it has disposed. Alleging delay on EC's part, the Congress had moved the top court for a remedy. The matter would come up for hearing on Wednesday.

 __ _ _ _ _ _ _ _ _ _ _ _ _ _  _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

LOOKS DIFFICULT FOR BJP TO REACH 280-MARK: SANJAY RAUT

Sanjay Raut believes that the BJP may fall short of an absolute majority in the Lok Sabha, prompting it to depend on allies to form the next government. Raut said that it looks a bit difficult for the BJP to reach the 280-seat mark as it did in the 2014 polls. What Ram Madhav says is right. The NDA will form the next government. The BJP will be the single largest party. As of now it looks a bit difficult for the BJP to reach the 280-282 figure on its own but our NDA parivar (family) will cross the majority mark, Raut told.

 __ _ _ _ _ _ _ _ _ _ _ _ _ _  _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

INDUSTRY BODY CEPCI URGES GOVT TO CURB ILLEGAL IMPORT OF CASHEW KERNELS

The Cashew Export Promotion Council of India Tuesday urged the government to curb illegal import of cashew kernels that has led to closure of over 50 per cent of domestic factories resulting in a loss of about six lakh jobs. The industry body has urged the government to blacklist fraudulent importers and invoke the COFEPOSA (Conservation of Foreign Exchange and Prevention of Smuggling Activities Act) against repeated offenders. The import of cashew kernels to India should be subject to 100 per cent inspection by the customs for sampling and testing, it demanded. The Cashew Export Promotion Council of India (CEPCI) has made a representation in this regard to the commerce ministry as well as the Central Board of Indirect Taxes and Customs. R K Bhoodes said a large volume of 'plain cashew kernels' (mostly broken) is being imported from competing countries, such as Vietnam, Mozambique and Ivory Coast, by misusing the duty exemption under various free-trade agreements (FTAs). These countries have recently started processing the products that are inferior in quality compared to Indian products. Also, these countries do not have a domestic market to sell their broken cashew kernels and are disposing of at a throw away price, he claimed. Bhoodes further said, Some of the Indian processors have opened their processing units in these countries. They also push these low-quality kernels into the Indian market in these fraudulent ways. Currently, the import duty on plain cashew kernel is 45 per cent. The same custom duty is levied on 'cashew kernel' but with a minimum import price of Rs 288 per kg for broken grades and Rs 400 per kg for whole cashew, he added. Expressing concern over the sharp surge in illegal imports of cashew kernels in India, the CEPCI chairman said, When such low-quality and low-priced broken kernels are dumped in the Indian domestic market evading customs duty, genuine processors in India find it extremely difficult to sell their products and the domestic market prices have declined to such a low level that domestic processing is unviable in India. Further, re-exporting of low-quality wholes kernels of other countries with Indian labels has tarnished the brand of Indian kernels in the overseas market, he said. Indian quality has almost lost its credibility in the international market. Such exports of imported un-peeled cashew kernels also avails 5 per cent export incentive as well as applicable to fully processed cashew in India. This is a big blow to the efforts of the CEPCI to promote 'Indian cashew' as a brand, Bhoodes said. If this practice is allowed to be continued, that would lead to the total collapse of the cashew industry in India, he said.

 __ _ _ _ _ _ _ _ _ _ _ _ _ _  _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

GIRIRAJ SINGH SURRENDERS IN COURT IN MCC VIOLATION CASE, GETS BAIL

Giriraj Singh on Tuesday surrendered before a local court in a model code of conduct violation case for making controversial remarks against the Muslim community at an election rally in the state. The firebrand BJP leader surrendered before the court of Chief Judicial Magistrate Thakur Aman Kumar here. The CJM granted bail to Mr. Singh in the case lodged under relevant sections of the Representation of People’s Act and the Indian Penal Code. Those who cannot say ‘Vande Mataram’ or cannot respect the motherland, the nation will never forgive them. My ancestors died at the Simaria Ghat and did not need a grave but you need three handspans of space, he had said in Hindi for making the remarks at a poll meeting in Begusarai on April 24. The court also asked Mr. Singh to furnish two bail bonds of ₹5,000 each.

 __ _ _ _ _ _ _ _ _ _ _ _ _ _  _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

MODI'S ANTI-RAJIV GANDHI COMMENTS SPUR MORE TO JOIN CAMPAIGN

Narendra Modi's utterances on former Prime Minister Rajiv Gandhi seems to have spurred activists from different sectors to make a beeline to campaign against the BJP in the last two rounds of Lok Sabha elections. Maharashtra Trade Unions Joint Action Committee (TUJAC) Convenor Vishwas Utagi said he will go to campaign in Delhi and some urban centres in Punjab to bring awareness among the people on various issues. It was the strong foundation laid by the late Rajiv Gandhi that the public sector and private sector flourished and the country could achieve an excellent GDP during the tenure of Prime Minister Manmohan Singh. We shall highlight these things to challenge Modi's fake campaign and insult to a martyr like Rajiv, Utagi told. Raju Shetti will campaign in 8-10 constituencies in Bihar and Uttar Pradesh, mainly in the farmer belts. I have been asked by those states' farmers groups to campaign so that we can give a tough fight to the Bharatiya Janata Party. Along with some other leaders, we shall start canvassing in a few constituencies, and more if required, from May 10, Shetti told. Formerly with the ruling NDA, the SSS is now part of the 56-party Mahagathbandhan in Maharashtra, led by the Congress-Nationalist Congress Party, with Shetti attempting his third consecutive term as MP from Hathkanangle in the state.

 __ _ _ _ _ _ _ _ _ _ _ _ _ _  _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

DELHI HC QUASHES FIR ACCUSING AAP MLA SOMNATH BHARTI OF DOMESTIC VIOLENCE

The Delhi High Court Tuesday quashed an FIR accusing AAP MLA Somnath Bharti of domestic violence. Justice Chander Shekhar allowed Bharti's plea to quash the criminal case after noting that Bharti and his wife Lipika Mitra are living happily together. The court also noted that the woman has no objection if the FIR is quashed. It had earlier allowed Bharti's wife to withdraw her petition seeking cancellation of the bail granted to him in the domestic violence case in view of the settlement of their marital dispute. Mitra had on June 10, 2015 filed a complaint against him with the Delhi Commission for Women and an FIR was lodged by the police on September 9, 2015 for allegedly subjecting her to domestic violence and trying to kill her.

 __ _ _ _ _ _ _ _ _ _ _ _ _ _  _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

FIRST ROUND OF NEGOTIATIONS FOR THE INDIA-ECUADOR FREE TRADE AGREEMENT TO TAKE PLACE SOON

The first round of India-Ecuador Free Trade Agreement (FTA) which will reduce and/or eliminate customs duties on certain items traded between the two is scheduled to take place soon. This assumes significance as the region holds great potential for exports and investments. The feasibility study related to the India-Ecuador FTA is completed and the date and place of the first round of negotiations will be decided once the new government is in office. The respective investment promotion agencies of the two countries are already promoting greater exchange of information on investment and business opportunities in both countries. In an effort to expand its trade basket with India, the South American nation has reached out to India for setting up a Centre for Excellency in Agriculture. There are huge opportunities for Indian companies in the oil sector, pharmaceuticals and gold, and silver. The government of the South America nation has recently started exported long-lasting roses and environment-friendly products for the Indian garment industry. So far, 99% of the teakwood used in India comes from that country. Agricultural products including canned tuna fish, prawns, and sardines, broccoli and asparagus are some products that can be imported from that country.

 __ _ _ _ _ _ _ _ _ _ _ _ _ _  _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

TRYING TO CONVINCE PEOPLE TO VOTE FOR EDUCATION, HEALTH INSTEAD OF MANDIR-MASJID, SAYS MANISH SISODIA

Manish Sisodia Tuesday said he had no hesitation in accepting that he was trying to convince people to vote for education and health instead of Mandir-Masjid (politics of religion). Sisodia was issued a notice by the Delhi chief electoral officer following a complaint by the BJP which alleged that the Aam Aadmi Party (AAP) used public funds for issuing letters seeking votes by highlighting achievements of the government. However, as far as the complaint of Bharatiya Janata Party leader is concerned, I would like to say that this is nothing but expression of their frustration. The letters have been written by me to individuals in my personal capacity. No public fund has been used in sending the letters, he said in his reply. The minister also urged the BJP not to indulge in petty politics and try to seek votes on the basis of work if they have done any. He said the Election Commission should also encourage political parties to seek votes on the issues like education, health, water, electricity, jobs, etc. and discourage parties who are seeking votes in the name of hate. Citing that the pass percentage of Delhi government schools in class 12 has increased and crossed 94 per cent, which is a record in the history of national capital, Sisodia said not only education but the infrastructure of schools and several other things have undergone drastic change. It’s a matter of pride for me to be the Education Minister of Delhi and I have no hesitation to accept that I am trying to convince people of Delhi to vote on the issues of education, health, etc. instead of issues of Mandir-Masjid and other fictitious issues being raised by BJP and its leader Sh. Narender Modiji, he said in the reply.

 __ _ _ _ _ _ _ _ _ _ _ _ _ _  _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

SURESH PRABHU FOR GOVT-TO-GOVT AGREEMENT BETWEEN INDIA AND US TO FACILITATE PRIVATE SECTOR FIRMS

Suresh Prabhu Tuesday made a case for a government-to-government agreement between India and the US to facilitate private companies in both the countries. Can we have government-to-government agreement in which we will make sure that the policy support that is required for private sector emanates from this umbrella agreement, he said. Prabhu said public policies may sometimes create challenges for corporates but if we have a government-to-government agreement, we can clearly spell out the certainty, stability, forward-looking policies and this will facilitate companies to prepare their corporate plans. He also expressed hope that issues being faced by businesses in India and the US can be sorted out in a way that benefits both the countries. I can clearly see that issues can be sorted out in a way that benefits both the countries, Prabhu said one needs to look at big picture and make sure that irritants are tackled in a manner that helps foster this relationship. The remarks assumes significance as Indian companies are raising issues like restrictive visa regime in the US, American firms are flagging concerns related to India's intellectual property policies and e-commerce norms. Prabhu said India's economy is expected to touch USD 5 trillion in the next 7-8 years and USD 10 trillion by 2035 and in this, US companies can help. These numbers are possible to achieve only when we have friends like you (the US). With this growth, US companies will also benefit, he added. Further, the commerce minister said that in the US, President Donald Trump's slogan that let's Make America Great Again, I would add and say let's Make America Great Again by making India-US relationship far better again. I think we should rephrase that (slogan) to MAGAWIC - Make America Great Again with Indian Cooperation.

 __ _ _ _ _ _ _ _ _ _ _ _ _ _  _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

US WANTS INDIA TO ELIMINATE TRADE BARRIERS FOR AMERICAN COMPANIES, SAYS COMMERCE SECRETARY WILBUR ROSS

The US wants India to eliminate trade barriers for American companies and remove restrictions with regard to data localisation to cut the cost of doing business, visiting US Commerce Secretary Wilbur Ross said Tuesday. Our goal is to eliminate barriers to the US companies operating here including data localisation restrictions that actually weaken data security and increase the cost of doing business, he said here. He also alleged that India imposes very high import duties on goods like automobiles, motorcycles, agri products and alcoholic beverages. currently US businesses face significant market access barriers in India. These include both tariff and non-tariff barriers as well as multiple practices and regulations to the disadvantage of foreign companies. India’s average applied tariffs rate is 13.8 per cent and that remains the highest of any major world economy, the very highest. It has for example a 60 per cent tariff on auto, while the US has 2.5 per cent. It has 50 per cent tariff on motorcycles and 150 per cent on alcoholic beverages. Just a few extreme examples, he added. India imposes bound tariff rates — maximum import duty India can charge under global trade rules of WTO — on agricultural products at the average of an incredible 113.5 per cent and some are as high as 300 per cent, he said, adding they are way too high. However, India’s trade experts counter this by saying that India is not a ‘tariff king’ and it has all the right to take appropriate measures to protect the interest of specific sectors like agriculture. We are working diligently with the Indian government and our private sector partners to address market access issues through the US India commercial dialogue and through the recently re-convened US India-CEO forum, Ross said. Major obstacles being faced by the US companies include price controls on medical devices and restrictive tariff and inspections on electronics and telecommunications products. He noted that duties on routers and switches and parts of cellular phones are as high as 20 per cent. In stark contrast, he said, the duty on these products imported by the US from India is zero. Zero versus 20 per cent. That’s not a justified imbalance. These high tariffs undermine India’s goal of improving digital access and literacy, Ross added. He expects that the new government would look at these matters. In the World Bank’s Ease of Doing Business report, India climbed an impressive 23 spots this year but it still ranks 77 out of 190 countries. So, there is lots of room for further improvement, he said. He mentioned that India is the US’s 13th largest export market due to overly restrictive market access barriers. Referring to trade imbalance with India, the commerce secretary said the US accounts for 20 per cent of India’s total exports. Last year, the bilateral trade between the two countries totalled at USD 142 billion, up by about USD 16 billion from 2017. In the services sector also, US has a trade deficit with India, he said adding last year it was USD 3 billion. This is specially unusual. We generally have services surplus with most countries. But in the case of India, the deficit is largely due to IT services, he said. Ross also said that as India is pursuing a range of development priorities including revitalisation of urban infrastructure, we are confident that US technology and expertise can play an important role in serving India’s critical development needs.

 __ _ _ _ _ _ _ _ _ _ _ _ _ _  _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

CHINA'S EXPORTS FALL, IMPORTS RISE AHEAD OF CRUCIAL TRADE TALKS WITH US

China's exports fell more than expected in April while imports rose, official data showed Wednesday ahead of high-stakes talks aimed at resolving a trade war with the United States. The world's two leading economies face a possible make-or-break moment when top negotiators meet in Washington this week following months of fraught talks. Donald Trump has upped the ante with plans to more than double tariffs on USD 200 billion in Chinese goods on Friday, the last day of a two-day visit by President Xi Jinping's point man Vice Premier Liu He. The trade war has battered shipments between the economic giants. In April China's exports across the Pacific fell 13.2 percent from a year earlier, while imports from the US fell 25.7 percent, according to the data from China's customs administration. The politically sensitive trade surplus with the US remained large, widening to USD 21 billion last month from USD 20.5 billion in March. Last year it hit a record USD 323.3 billion. Global markets have taken a beating this week as investors grow increasingly concerned that the China-US trade deal, which last week appeared all but ready to sign, could fall through. US negotiators accused Beijing of reneging on commitments made during months of talks focusing on clamping down on theft of US technology and reducing China's massive subsidies. If Trump's threat becomes reality, it will be a game changer for the global economy, said Steve Cochrane, chief APAC economist at Moody's Analytics, adding the worst-case scenario would result in a US recession and a rapid reduction of growth in China. Tepid global demand for China's goods have heightened the risk for Beijing, which posted 6.4 percent economic growth in the first quarter, having decelerated every quarter last year. Today's exports data support our view that there is real risk of double dip in growth, and Beijing cannot afford to stop easing yet, said Lu Ting, an economist at Nomura bank. With the rapid escalation of the trade conflict with the US, we believe Beijing will likely step up easing measures again, he wrote in a note. Beijing has moved to jumpstart its cooling economy this year with massive tax cuts and fee reductions, and a targeted reduction in the amount of cash that small and medium-sized banks must hold in reserve announced on Monday. But the central bank has yet to cut interest rates.

 __ _ _ _ _ _ _ _ _ _ _ _ _ _  _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

INDIA HAS MADE MANY IMPORTANT CONTRIBUTIONS TO AFGHANISTAN'S DEVELOPMENT: US

The US on Tuesday said its Special Representative for Afghan peace Zalmay Khalilzad has recognised the many important contributions India has made to Afghanistan's development in his talks with top Indian government officials. Khalilzad held consultations with Indian government officials and other stakeholders on the Afghan peace process during his May 6-7 visit here, the US Embassy said. Khalilzad welcomed expressions of support for the Afghan peace process, which strengthens an emerging international consensus for peace efforts. He also recognized the many important contributions India has made to Afghanistan's development, the embassy said in a statement. It said Khalilzad and his counterparts discussed the many important benefits that peace would bring, which include preventing international terrorists use of Afghanistan as a platform for attacks, improving prospects for regional peace and security and increasing regional connectivity and trade. Khalilzad and his counterparts also discussed that Afghanistan's political future is for Afghans to decide through an inclusive and legitimate process, the embassy said. They also agreed that Afghan gains of the last 18 years must be preserved and built upon. Ambassador Khalilzad will continue to consult with Indian counterparts as the peace process moves forward, it added.

 __ _ _ _ _ _ _ _ _ _ _ _ _ _  _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

US MAY TAKE FINAL DECISION ON GSP ISSUE AFTER FORMATION OF NEW GOVERNMENT

The US is unlikely to take a decision over preferential tariffs on $5.6 billion of Indian exports until May 23, when India gets a new government. This was indicated at bilateral talks over the past two days, sources said. Benefits under the US’ Generalized System of Preferences (GSP) were scheduled to end this week. The US has indicated that no movement should be expected on the GSP front before May 23. They will wait till the elections are over, said a source in the know of details. The US announced withdrawal of special duty benefits on March 5. By statute, these changes may not take effect until at least 60 days after notifications to the US Congress and the Government of India. GSP removal will be enacted by a Presidential Proclamation. The official said Washington has also hinted it is a natural ally of India due to its strategic importance and should have a deeper relation than other countries. This assumes significance in the wake of US President Donald Trump slamming China for slow talks on a bilateral trade deal, and threatening to slap tariffs on almost all imported goods starting from Friday. Wilbur Ross met commerce and industry minister Suresh Prabhu on Monday, wherein the two discussed issues related to ecommerce, data protection and localisation and intellectual property rights. India is a vital strategic partner. It plays an increasingly important role in South Asia and in the whole Indo-Pacific region, Ross said. Ross is also understood to have told India that the two should have regular telephonic interactions at the highest level to resolve trade matters. The US has shared its discontent at India’s investment norms for inventory-based ecommerce firms, said the source cited above. India prohibits ecommerce companies with foreign direct investment (FDI) from selling products via firms in which they have an equity interest. It also bars them from making deals with sellers to sell exclusively on platforms. The policy change of December 2018 had a direct bearing on Amazon and Walmart (that owns Flipkart). Washington has also flagged its concerns on India’s draft ecommerce policy on data localisation requirements, restrictions on cross-border data flows, transfer of intellectual property and proprietary source code, and preferential treatment for domestic digital products. As per officials, these are being examined and suitable changes may be incorporated in the final version. As for medical devices’ price caps, India is considering a definitive time frame for applying trade margin at the first point of sale, rather than the landed cost, to address the concerns of US medical devices manufacturers. On intellectual property rights, the US sought stricter enforcement of laws.

 __ _ _ _ _ _ _ _ _ _ _ _ _ _  _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

TRUMP LOST $1.17 BILLION OVER 10 YEARS ON FAILED BUSINESS DEALS: REPORT

Donald Trump, who won the presidency in part on his image as a successful business mogul, lost $1.17 billion over 10 years on failed business deals, according to tax records obtained by the New York Times. The losses, in the 1980s and 1990s, were greater than those reported by nearly any other American taxpayer during that period, according to Internal Revenue Service data the Times said it had reviewed. In 1990 and 1991, according to the Times report, Trump’s loses of $250 million a year were more than double those of the nearest taxpayer the IRS collected information on. Democrats in Congress have been battling for the release of the president’s more recent returns, a clash that may likely end in court. Trump sold himself to voters as a master deal maker, who could bring the same success to the country as he did to his businesses. While he never personally filed for bankruptcy, his businesses sought bankruptcy protection four times. The Times said it did not obtain the actual tax returns, but instead received Trump’s IRS tax transcripts that included figures from his federal 1040 tax form from someone who had legal access to it. The Times said it was able to verify some of the figures by cross referencing them to other documents they had obtained. The losses cover Trump’s taxes from 1985 to 1994. The losses began with $46.1 million in 1985 from casinos, hotels and retail space, and grew year after year, the Times reported. The returns also show how Trump’s primary sources of income changed each year from stock market earnings -- in part from boosting stock prices by suggesting he would take over a company -- to an unexplained $52.9 million gain in interest income. Yet the income was offset each year by losses, which were so great that Trump would have been able to avoid paying income taxes for eight of the 10 years.

 __ _ _ _ _ _ _ _ _ _ _ _ _ _  _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

US-CHINA TRADE WAR A RECALIBRATION OF GLOBALISATION, SAYS DAMODARAN

Valuation guru Aswath Damodaran said the perception that globalisation is good is being shattered. He feels a recalibration in global trade is taking shape where China, which has never followed rules, is being forced to come to the terms. It was long overdue, the professor at Stern School of Business, NYU, told. For a while, the perception was: anything that increases global trade is good. But the consequences of that were not good for a lot of people in the developed markets Let us face it: both Brexit and the election of Donald Trump reflected that reality, which is globalisation was great for the cities, but it was terrible for the rest of the country, Damodaran said. The valuation guru said this is true for the US, the UK, the Europe as well as for India. The experts and financial markets have always loved globalisation because it makes them more prosperous. But it has had real cost for the rest of the economy. What you are seeing is a recalibration where people are saying -- okay, trade is good, but there have to be some rules that people follow. To be quite honest, the Chinese have never followed rules, when it comes to global trade, Damodaran said. Damodaran said while he is not a Donald Trump supporter per se, what the US leader is doing with China was long overdue because the Chinese essentially took the trade rules, pushed them to the limit, broke them and knew that people cared so much about global trade that there will be no push back. Now that there is some push back, you are getting a reality adjustment.

 __ _ _ _ _ _ _ _ _ _ _ _ _ _  _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

REFUSAL TO HAND OVER DONALD TRUMP'S TAX RETURNS SETS UP LEGAL FIGHT

The administration won't be turning President Donald Trump's tax returns over to the Democratic-controlled House. Mnuchin told Ways and Means Committee Chairman Richard Neal, D-Mass., in a Monday letter that the panel's request lacks a legitimate legislative purpose as Supreme Court precedent requires. In making that determination, Mnuchin said he relied on the advice of the Justice Department. He concluded that the Treasury Department is not authorized to disclose the requested returns and return information. He said the Justice Department will provide a more detailed legal justification soon. The move, which was expected, is sure to set in motion a legal battle over Trump's tax returns. The chief options available to Democrats are to subpoena the IRS for the returns or to file a lawsuit. I will consult with counsel and determine the appropriate response, Neal said in a statement Monday. Neal originally demanded access to Trump's tax returns in early April under a law that says the IRS shall furnish the returns of any taxpayer to a handful of top lawmakers, including the chair of the tax-writing Ways and Means Committee. He maintains that the committee is looking into the effectiveness of IRS mandatory audits of tax returns of all sitting presidents, a way to justify his claim that the panel has a potential legislative purpose. Democrats are confident in their legal justification and say Trump is stalling in an attempt to punt the issue past the 2020 election. Trump has privately made clear he has no intention of turning over the much-coveted records. He is the first president since Watergate to decline to make his tax returns public, often claiming that he would release them if he was not under audit. Trump has long told confidants that he was under audit and therefore could not release his taxes. But in recent weeks, he has added to the argument, telling advisers that the American people elected him once without seeing his taxes and would do so again, according to the three White House officials and Republicans, who were not authorized to speak publicly about private conversations and spoke on condition of anonymity.

 __ _ _ _ _ _ _ _ _ _ _ _ _ _  _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

BULK DRUG EXPORTS RISE AS INDIAN MAKERS CASH IN ON CHINA'S REGULATORY WOES

Exports of bulk drugs and intermediates from India grew in double digits during the financial year (FY) 2019, a period that was marked by drug shortages in the global market owing to supply disruptions in China. India's domestic market, too, was plagued by shortages of bulk drugs as the pharma industry depends on imports from China. According to data released by the Pharmaceutical Exports Promotion Council (Pharmexcil), exports of bulk drugs and intermediates in FY19 stood at $3.9 billion, up 10.5 per cent over the previous year. The category contributes accounts for about 20.3 per cent of India's overall pharmaceutical exports. Almost 60 per cent of the country's total bulk drug requirements is imported from China. Bulk drugs or active pharmaceutical ingredients (APIs) are the raw materials used for making formulations or medicines. Intermediates are chemical compounds that are used in producing APIs. Supplies from China were disrupted since the beginning of FY19 as Chinese companies were upgrading their plants or had shut them down due to environmental concerns. Around September last year, the Indian pharmaceutical industry had warned that as sourcing of APIs had become a challenge, pipeline stock was getting liquidated. The Indian Drug Manufacturers Association (IDMA) had told the government about the criticality of the situation, and had also requested the Centre to consider allowing flexibility to bulk drug makers in changing their product mix, as long as effluent load doesn’t increase. Things, however, have stabilised now, say industry sources. Supplies from China are more or less stable now. However, prices of some APIs have gone up as their cost of production increased after they took steps to address environmental concerns. At the same time, prices of some intemediates like amoxicilin have come down, said an industry source. He added that the supply crunch has done good for the Indian bulk drug industry, as API makers augmented their capacity. Pharmexcil data showed that exports of bulk drugs grew throughout the year except in the months of July and September. In May, August and March last year, experts grew over 20 per cent. August saw the highest growth of the year in percentage terms, at 32 per cent, while March 2019 saw exports touch $443.88 million -- the highest in value terms. There was a disruption in the global market due to the Chinese situation. The Indian industry tried to cash in on the opportunity. The cost of production of APIs here is higher than that of China, which hampers the export competitiveness of our products, said a bulk drug maker who did not wish to be named. He added that while exports have grown, supplies to domestic players have not been disrupted. For many APIs and intermediates, India is dependent on China as most players avoid these as they are not viable. Chinese products are 35-40 per cent cheaper than Indian ones either formulation makers prefer buying those, or they have back-end integration, he claimed. Certain APIs and intermediates are not manufactured in India. India exported bulk drugs and intermediates to 174 destinations during 2018-19. Trading in bulk drugs for a year or so is following a different pattern due to sporadic shortages, which are a result of China’s regulatory policies and India could fill some of the supply gaps, Pharmexcil said.

 __ _ _ _ _ _ _ _ _ _ _ _ _ _  _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

INDIA, CHINA TO HAVE HIGHEST HEALTH BENEFITS FROM REDUCED EMISSIONS: STUDY

India and China, which face the highest burden of death from air pollution, will reap the biggest health benefits of a robust climate policy aimed at reducing carbon emissions, a study has found. Researchers from the University of Vermont in the US and colleagues found that the price tag for cutting global emissions may seem expensive, until the human toll of deaths from air pollution and climate change are factored in. The study, published in the journal Nature Communications, found that immediate, dramatic cuts in carbon emissions -- aggressive enough to meet the Paris Climate Agreement -- are economically sound if human health benefits are factored in. Reducing greenhouse gas emissions will also reduce deaths from air pollution in communities near the emissions reductions, said Mark Budolfson from the University of Vermont. These health 'co-benefits' of climate change policy are widely believed to be important, but until now have not been fully incorporated in global economic analyses of how much the world should invest in climate action, said Budolfson. By factoring in these additional co-benefits and co-harms, the researchers identified a climate policy that would bring immediate net benefits globally, both in health and economic terms. The strongest potential near-term health benefits are in China and India, which face among the highest death rates from air pollution, researchers said. By adding air pollution to global climate models, Budolfson and colleagues found that economically, the optimal climate policy would be more aggressive than previously thought, and would produce immediate net benefits globally. By making smart investments in climate action, we can save lives now through improved air quality and health, he said. The researchers find that the dramatic efforts needed to meet the Paris Agreement targets of limiting global temperature rise to two degrees Celsius is economically defensible. This is because the health benefits resulting from air pollution reductions can offset the near-term costs. Prior economic studies on this issue did not support such a strict climate target. The climate problem has several features that make it particularly difficult to solve, said Marc Fleurbaey of Princeton University in the US.

 __ _ _ _ _ _ _ _ _ _ _ _ _ _  _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

BILLIONAIRE MITTAL'S AIRTEL FALTERS IN WAR WITH AMBANI'S JIO

For at least a fourth quarter in a row, Mittal’s Bharti Airtel Ltd. shored up its profits with one-time gains masking headwinds posed by upstart Reliance Jio Infocomm Ltd. Jio’s roll-out, after its 2016 debut, has knocked Airtel from its perch in a consolidation that shrank the industry to three players from about a dozen four years ago. Airtel is struggling to add subscribers in a saturated market after Jio managed to lure more than 300 million users over the past three years -- a quarter of the world’s second-largest market. The aggressive expansion of Jio with free calls and cheaper data, backed by the deep pockets of Asia’s richest man, was bad news for highly indebted incumbents engaged in a tariff war that had pushed call rates to less than a cent. Shriveling earnings portend further trouble for Airtel. Already saddled with more than $17 billion of debt -- the highest among Asian peers -- it is also preparing to spend billions more on 5G airwaves at a government auction in coming months. Adding to its woes, Moody’s Investors Service cut its rating to junk earlier this year. The New Delhi-based company is counting on some asset sales, a rights issue and an initial public offering in London of its Africa unit to bolster its finances. What Bloomberg Intelligence Says Airtel’s profit will suffer until Jio is ready to raise prices. It is hard to say when, but Jio may remain aggressive until it achieves the No. 1 spot in mobile revenue. In the meantime, Airtel is trying to weather through by preserving margin at the sacrifice of subscriber loss, divesting assets to ease debt burden, and raising equity to avoid a credit downgrade.-- Anthea Lai. Airtel said in an exchange filing Monday that a one-time net gain of 20.2 billion rupees ($291 million) on account of a credit related to re-assessment of levies boosted its net income to 1.1 billion rupees for the quarter through March. Analysts had predicted a loss of 9.66 billion rupees.

 __ _ _ _ _ _ _ _ _ _ _ _ _ _  _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

FACEBOOK TO MAKE LONDON BASE FOR WHATSAPP PAYMENTS

Facebook, the social media giant has made London as a base for the global roll-out of its digital payments service before launching WhatsApp Pay in India. WhatsApp will be hiring almost 100 people in London to focus on digital payments service along with additional operations staff that could be hired in Dublin. Globally, WhatsApp almost has 400 employees globally. Facebook CEO Mark Zuckerberg made an announcement on 224th April that the company actively is working on to launch WhatsApp Pay in India.

 __ _ _ _ _ _ _ _ _ _ _ _ _ _  _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

INDIA IT & BUSINESS SERVICES MARKET TO REACH $14.3 BILLION BY 2020: IDC

India's IT and business services market is likely to grow by over eight per cent to reach USD 13.1 billion by the year-end and expand further to USD 14.3 billion by 2020, according to research firm IDC. Of the total market, IT services segment contributed about 76 per cent in the second half of 2018, it said in a report. The IT services market is slated to reach USD 10 billion by December 2019, growing at 9.1 per cent annually. The Indian government's higher spending on the Digital India and Smart Cities initiatives, and the increased adoption of next-gen technologies by organizations is driving growth in the IT services market, the report added. IDC estimated that the IT services market will grow at a CAGR (compound annual growth rate) of 8.6 per cent between 2019-2023 to reach USD 14 billion by the end of 2023. The India IT & Business Services market is expected to grow annually by 8.8 per cent to reach USD 13.1 billion by December 2019, the report said, adding that the market is further expected to register an annual growth rate of 8.7 per cent to be valued at USD 14.3 billion by December 2020. In India, growth in the IT services market is being propelled by the banking, financial services and insurance (BFSI) and the government verticals, IDC India Director Enterprise Solutions Ranganath Sadasiva said. The other emerging verticals which are expected to adopt IT Services and futuristic technologies more aggressively in the next 3-5 years are the manufacturing, retail, healthcare and education verticals, Sadasiva added. Additionally, a number of technology start-ups offering niche solutions in artificial intelligence, machine learning, Internet of Things, blockchain, automation, etc have come up, which is further driving adoption of IT services in the country, he said.

 __ _ _ _ _ _ _ _ _ _ _ _ _ _  _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

NARENDRA MODI SECOND MOST FOLLOWED POLITICIAN GLOBALLY: REPORT

Narendra Modi has become the second most-followed politician in the world with a social media audience of 110,912,648 million on platforms including Facebook, Twitter, and Instagram, a study by online visibility management and content marketing SaaS platform SEMrush said on Tuesday. The most-followed politician globally was former US President Barack Obama, who has 182,710,777 followers on his Facebook, Instagram, and Twitter accounts. With almost 110 million followers worldwide, Modi has overtaken US President Donald Trump who has 96 million followers globally. However, Trump is the second-most followed politician on Twitter. The popularity of our PM Narendra Modi is immense and the study finding depicting him as the 2nd most followed person globally after former US President Barack Obama is a culmination of this fact, Fernando Angulo, Head of International Partnership, SEMrush, said in a statement.

 __ _ _ _ _ _ _ _ _ _ _ _ _ _  _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

CHINA SAYS VICE PREMIER LIU HE TO VISIT US FOR TRADE TALKS

China's commerce ministry today said that Vice Premier Liu He will visit the US on May 9 and May 10 for bilateral trade talks at the invitation of senior US officials. The continuation of trade talks between world’s two economies was thrown in jeopardy after President Donald Trump on Sunday said US will impose additional tariffs on Chinese goods, slated to go into effect on Friday. The swift deterioration in negotiations between the world's two largest economies hit global financial markets as investors faced the prospect of an escalation rather than an end to a 10-month-old trade war.

#For Source of Information copy and paste the heading in google.




Thanks & Regards,
CS Meetesh Shiroya