General Affairs
UDF Confident Of Facing Kerala Assembly Polls, Says Oommen Chandy
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THIRUVANANTHAPURAM: Kerala Chief Minister Oommen Chandy today said the Congress-led UDF is confident of facing the impending Assembly elections as the government is seeking vote after "meeting" all poll promises made by the front in 2011.
Launching the election convention of the front in Thiruvananthapuram, he accused the CPI(M)-led LDF of running away from discussions as it lacked self-confidence to face UDF's development agenda.
"LDF ran away from discussions even in the Assembly. They could only level charges. They are afraid to participate in discussions," Mr Chandy said.
KPCC president VM Sudheeran said UDF is ready to face any challenge and would contest the polls unitedly.
Home Minister Ramesh Chennithala, who also spoke, expressed confidence that the UDF would retain power.
IUML leader and state Industries Minister PK Kunhalikutty was among those who spoke during the convention.
THIRUVANANTHAPURAM: Kerala Chief Minister Oommen Chandy today said the Congress-led UDF is confident of facing the impending Assembly elections as the government is seeking vote after "meeting" all poll promises made by the front in 2011.Launching the election convention of the front in Thiruvananthapuram, he accused the CPI(M)-led LDF of running away from discussions as it lacked self-confidence to face UDF's development agenda.
"LDF ran away from discussions even in the Assembly. They could only level charges. They are afraid to participate in discussions," Mr Chandy said.
KPCC president VM Sudheeran said UDF is ready to face any challenge and would contest the polls unitedly.
Home Minister Ramesh Chennithala, who also spoke, expressed confidence that the UDF would retain power.
IUML leader and state Industries Minister PK Kunhalikutty was among those who spoke during the convention.
JNU Student Kanhaiya Kumar Granted Bail By Delhi High Court
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NEW DELHI: JNU student Kanhaiya Kumar was granted bail today by the Delhi High Court, nearly three weeks after he was arrested on sedition charges in a case that has led to mass protests and opposition allegations that the government is trying to crush dissent.
Granting the student leader bail for six months with conditions, the court appeared to liken his alleged offence to "infection in a limb".
"Sometimes students who misinterpret freedom of speech need to be cured. Whenever some infection is spread in a limb, effort is made to cure it by giving antibiotics orally... if the infection results in infecting the limb to the extent that it becomes gangrene, amputation is the only treatment. During the period spent by the petitioner in judicial custody, he might have introspected about the events that had taken place. To enable him to remain in the mainstream, at present I am inclined to opt for the conservative method of treatment," said the judge.
Mr Kumar has been asked to guarantee that he will not participate in any "anti-national activity" and that he will appear whenever required for investigations.
The 28-year-old student was arrested on February 12 and is in the Tihar Jail for his alleged role in an event at JNU or the Jawaharlal Nehru University on February 9 to mark the anniversary of the hanging of Parliament attack convict Afzal Guru, in which anti-India slogans were raised. Two more students, Umar Khalid and Anirban Bhattacharya have been arrested on the same charges.
After the court order, cheers erupted among hundreds of JNU students who had launched protests demanding Kanhaiya's release. The faculty of JNU will pay the bail bond of Rs.10,000.
Earlier today, a forensic report revealed that two videos of the Afzal Guru event that were used as evidence of seditious conduct were doctored and words seen to incite violence were inserted in them.
Mr Kumar was attacked before his last appearance in court around two weeks ago.
The police had argued against his bail saying they have enough evidence of anti-national activities.
Granting the student leader bail for six months with conditions, the court appeared to liken his alleged offence to "infection in a limb".
"Sometimes students who misinterpret freedom of speech need to be cured. Whenever some infection is spread in a limb, effort is made to cure it by giving antibiotics orally... if the infection results in infecting the limb to the extent that it becomes gangrene, amputation is the only treatment. During the period spent by the petitioner in judicial custody, he might have introspected about the events that had taken place. To enable him to remain in the mainstream, at present I am inclined to opt for the conservative method of treatment," said the judge.
The 28-year-old student was arrested on February 12 and is in the Tihar Jail for his alleged role in an event at JNU or the Jawaharlal Nehru University on February 9 to mark the anniversary of the hanging of Parliament attack convict Afzal Guru, in which anti-India slogans were raised. Two more students, Umar Khalid and Anirban Bhattacharya have been arrested on the same charges.
After the court order, cheers erupted among hundreds of JNU students who had launched protests demanding Kanhaiya's release. The faculty of JNU will pay the bail bond of Rs.10,000.
Earlier today, a forensic report revealed that two videos of the Afzal Guru event that were used as evidence of seditious conduct were doctored and words seen to incite violence were inserted in them.
Mr Kumar was attacked before his last appearance in court around two weeks ago.
The police had argued against his bail saying they have enough evidence of anti-national activities.
Omar Abdullah Says He Will Never Enter Into An Alliance With BJP
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SRINAGAR: National Conference (NC) working president Omar Abdullah today said his party will never enter into an alliance with the BJP, stating that he would quit politics than compromise with the honour and dignity of the state and its people.
NC would never enter into any sort of an alliance with the BJP, he said.
"I would rather quit politics than compromise with the honour and dignity of the state and its people," Mr Abdullah said addressing a public meeting in south Kashmir's Shopian district on the occasion of rejoining of Shabir Ahmed Kullay in the party.
The former chief minister alleged that PDP's "sellout" to the BJP brought with it disillusionment, disempowerment and contempt for the people of the state.
PDP entered into an alliance with those who want to "abolish our flag, destroy the foundations of our special status and patronise those who persecute people on the basis of what they eat and do not eat," he said.
In the last year, BJP has used its alliance with PDP in Jammu and Kashmir as a "certificate to disguise its politics of polarisation as that of inclusivity," Mr Abdullah said.
He said PDP has "risked" the political rights and interests of the people of the state in order to clench on to power in an embrace with the BJP while BJP and RSS leaders continue to "spew venom" against minorities and continue to "threaten them of dire consequences."
"I can never have anything to do with these people and would refuse every position of power that comes at the cost of the dignity of my people," Mr Abdullah said.
SRINAGAR: National Conference (NC) working president Omar Abdullah today said his party will never enter into an alliance with the BJP, stating that he would quit politics than compromise with the honour and dignity of the state and its people.NC would never enter into any sort of an alliance with the BJP, he said.
"I would rather quit politics than compromise with the honour and dignity of the state and its people," Mr Abdullah said addressing a public meeting in south Kashmir's Shopian district on the occasion of rejoining of Shabir Ahmed Kullay in the party.
The former chief minister alleged that PDP's "sellout" to the BJP brought with it disillusionment, disempowerment and contempt for the people of the state.
PDP entered into an alliance with those who want to "abolish our flag, destroy the foundations of our special status and patronise those who persecute people on the basis of what they eat and do not eat," he said.
In the last year, BJP has used its alliance with PDP in Jammu and Kashmir as a "certificate to disguise its politics of polarisation as that of inclusivity," Mr Abdullah said.
He said PDP has "risked" the political rights and interests of the people of the state in order to clench on to power in an embrace with the BJP while BJP and RSS leaders continue to "spew venom" against minorities and continue to "threaten them of dire consequences."
"I can never have anything to do with these people and would refuse every position of power that comes at the cost of the dignity of my people," Mr Abdullah said.
AGP Decides To Join Hands With BJP To Contest Assam Assembly Polls
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NEW DELHI: Bharatiya Janata Party (BJP) and Asom Gana Parishad (AGP) will jointly fight the coming Assam Assembly elections, former chief minister and AGP leader Prafulla Kumar Mahanta announced today.
The announcement came after top AGP leadership had an hour-long discussion with BJP president Amit Shah in New Delhi.
"We had a meeting with the BJP president where we have decided to contest the coming Assam Assembly polls together," Mr Mahanta told news agency PTI.
The former two-time chief minister said a formal announcement about the alliance will be made by the two parties in a day or two where the number of seats to be contested by them would be made public.
BJP's chief ministerial candidate Sarbananda Sonowal, AGP president Atul Bora and others were present in the meeting.
Mr Bora said that a Common Minimum Programme will be announced by the two parties soon.
"The alliance will dethrone the corrupt and non- performing Tarun Gogoi-led Congress government in Assam," he said.
Election to the 126-member Assam Assembly is expected to be held in April-May.
BJP and AGP had an alliance in 2009 Lok Sabha polls in which the BJP bagged four seats and AGP just one.
The two parties considered an alliance ahead of the 2014 Lok Sabha polls but the regional party had backed off, apparently on the assumption that such an understanding would not be beneficial for AGP.
In 2014 Lok Sabha polls, BJP won seven of the state's 14 seats and AGP drew a blank. BJP won in Dibrugarh, Jorhat, Nagaon, Tezpur, Lakhimpur, Mongoldoi and Guwahati, all considered to be former AGP strongholds.
Mr Mahanta became Assam's chief minister for the first time at the age of 32 in 1985 after leading a six-year-old agitation against illegal migration from Bangladesh as president of All Assam Students Union.
Mr Mahanta was Assam's chief minister between 1985 and 1990 and again from 1996 to 2001.
Mr Sonowal was in AGP before joining BJP about four years ago. He was an AGP lawmaker between 2004-2009.
Several other senior BJP leaders were also earlier with AGP.
The announcement came after top AGP leadership had an hour-long discussion with BJP president Amit Shah in New Delhi.
"We had a meeting with the BJP president where we have decided to contest the coming Assam Assembly polls together," Mr Mahanta told news agency PTI.
The former two-time chief minister said a formal announcement about the alliance will be made by the two parties in a day or two where the number of seats to be contested by them would be made public.
BJP's chief ministerial candidate Sarbananda Sonowal, AGP president Atul Bora and others were present in the meeting.
Mr Bora said that a Common Minimum Programme will be announced by the two parties soon.
"The alliance will dethrone the corrupt and non- performing Tarun Gogoi-led Congress government in Assam," he said.
Election to the 126-member Assam Assembly is expected to be held in April-May.
BJP and AGP had an alliance in 2009 Lok Sabha polls in which the BJP bagged four seats and AGP just one.
The two parties considered an alliance ahead of the 2014 Lok Sabha polls but the regional party had backed off, apparently on the assumption that such an understanding would not be beneficial for AGP.
In 2014 Lok Sabha polls, BJP won seven of the state's 14 seats and AGP drew a blank. BJP won in Dibrugarh, Jorhat, Nagaon, Tezpur, Lakhimpur, Mongoldoi and Guwahati, all considered to be former AGP strongholds.
Mr Mahanta became Assam's chief minister for the first time at the age of 32 in 1985 after leading a six-year-old agitation against illegal migration from Bangladesh as president of All Assam Students Union.
Mr Mahanta was Assam's chief minister between 1985 and 1990 and again from 1996 to 2001.
Mr Sonowal was in AGP before joining BJP about four years ago. He was an AGP lawmaker between 2004-2009.
Several other senior BJP leaders were also earlier with AGP.
Myanmar Parliament To Change Presidential Elections Date: Document
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KOLKATA: Dispelling doubts raised by Left Front ally Revolutionary Socialist Party (RSP) over the secular credentials of Congress, senior CPI(M) leader Sujan Chakraborty today said that the party is "indeed secular and democratic".
The Congress too reciprocated by saying that the CPI(M) was a "better and more trusted ally" than Trinamool Congress.
"I don't know what RSP said. But as far as CPI(M) is concerned we don't consider Congress as a communal party. We feel Congress is a secular and a democratic force," Mr Chakraborty said.
RSP state secretary Khisti Goswami had yesterday doubted the secular credentials of the Congress.
"We don't believe Congress is a secular party. We have to know what their policy is. Has it changed its stand as they had been with TMC before? We have presented our critical assessment to the Left Front chairman," RSP state secretary Khisti Goswami said.
The partners of the CPI(M)-led Left Front yesterday had said the Congress should make the first move in forging an alliance for 2017 state Assembly polls and approach the Left Front in this regard.
Asked what would they do if the Left Front on its own announces candidates as the Congress high command is yet to come clear on the question of alliance, senior Congress leader Abdul Mannan said, "It is true we want to fight in an alliance against the misrule of TMC. But we are separate political parties, so if they announce seats on their own it is their matter. The alliance is going on the right track".
"The discussions are on and they are fruitful. The Left are not like TMC which humiliated us in the alliance," Mr Mannan said.
Notwithstanding the CPI(M)'s efforts to put the tie-up in place to defeat the Trinamool, a major Left Front partner the RSP was not very upbeat about it.
"We are looking into it critically. We do accept that the people want to forge a democratic secular front against the TMC. We have to know what their policy is, have they (Congress) changed their stand, as they had been with TMC before? We have presented our critical assessment to the Left Front chairman," RSP state secretary Khisti Goswami said.
Mr Manan, a senior leader of state Congress is hopeful of the two parties (Congress and CPI-M) entering into a tie-up.
"Our state president has already issued a statement, which itself proves that we have a green signal from the high command. We are hopeful about a final announcement from the high command very soon," he said.
Apart from the joint rallies, the CPI(M) and the Congress last month had conducted various joint programmes across the state - be it rallies or protest-marches.
Election symbol of Hand (Congress symbol) embedded in Sickle and Hammer (CPI-M symbol) were also seen in various parts of the state calling for support to the alliance candidates across the state.
"It is the people who want to forge an alliance. It is no longer limited between parties. People and supporters outside the Left want to join this fight against undemocratic TMC and we all have to respect the aspirations of the masses," CPI(M) politburo member Mohammed Salim said.
Sources in the state Congress and the CPI(M) said talks regarding seat adjustments between both the parties have already started.
In the last Lok Sabha polls, which had witnessed a four-cornered fight, the Trinamool Congress had secured 39.7 per cent votes while the Left Front polled 29.9 per cent votes.
The Congress had polled 9.7 per cent while the BJP riding on the Modi wave had secured 16.9 per cent votes.
KOLKATA: Dispelling doubts raised by Left Front ally Revolutionary Socialist Party (RSP) over the secular credentials of Congress, senior CPI(M) leader Sujan Chakraborty today said that the party is "indeed secular and democratic".The Congress too reciprocated by saying that the CPI(M) was a "better and more trusted ally" than Trinamool Congress.
"I don't know what RSP said. But as far as CPI(M) is concerned we don't consider Congress as a communal party. We feel Congress is a secular and a democratic force," Mr Chakraborty said.
RSP state secretary Khisti Goswami had yesterday doubted the secular credentials of the Congress.
"We don't believe Congress is a secular party. We have to know what their policy is. Has it changed its stand as they had been with TMC before? We have presented our critical assessment to the Left Front chairman," RSP state secretary Khisti Goswami said.
The partners of the CPI(M)-led Left Front yesterday had said the Congress should make the first move in forging an alliance for 2017 state Assembly polls and approach the Left Front in this regard.
Asked what would they do if the Left Front on its own announces candidates as the Congress high command is yet to come clear on the question of alliance, senior Congress leader Abdul Mannan said, "It is true we want to fight in an alliance against the misrule of TMC. But we are separate political parties, so if they announce seats on their own it is their matter. The alliance is going on the right track".
"The discussions are on and they are fruitful. The Left are not like TMC which humiliated us in the alliance," Mr Mannan said.
Notwithstanding the CPI(M)'s efforts to put the tie-up in place to defeat the Trinamool, a major Left Front partner the RSP was not very upbeat about it.
"We are looking into it critically. We do accept that the people want to forge a democratic secular front against the TMC. We have to know what their policy is, have they (Congress) changed their stand, as they had been with TMC before? We have presented our critical assessment to the Left Front chairman," RSP state secretary Khisti Goswami said.
Mr Manan, a senior leader of state Congress is hopeful of the two parties (Congress and CPI-M) entering into a tie-up.
"Our state president has already issued a statement, which itself proves that we have a green signal from the high command. We are hopeful about a final announcement from the high command very soon," he said.
Apart from the joint rallies, the CPI(M) and the Congress last month had conducted various joint programmes across the state - be it rallies or protest-marches.
Election symbol of Hand (Congress symbol) embedded in Sickle and Hammer (CPI-M symbol) were also seen in various parts of the state calling for support to the alliance candidates across the state.
"It is the people who want to forge an alliance. It is no longer limited between parties. People and supporters outside the Left want to join this fight against undemocratic TMC and we all have to respect the aspirations of the masses," CPI(M) politburo member Mohammed Salim said.
Sources in the state Congress and the CPI(M) said talks regarding seat adjustments between both the parties have already started.
In the last Lok Sabha polls, which had witnessed a four-cornered fight, the Trinamool Congress had secured 39.7 per cent votes while the Left Front polled 29.9 per cent votes.
The Congress had polled 9.7 per cent while the BJP riding on the Modi wave had secured 16.9 per cent votes.
Business Affairs
Sensex sprints 464 points post RBI move, banks shine
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Market maintained its post-Budget momentum for the second day as the benchmark Sensex surged 464 points to 24,243 -- nearly a one-month high -- led by gains in banking after RBI eased capital requirement rules for lenders.
The central bank has allowed lenders to expand their capital base under the upcoming Basel III rules.
Asian markets turned positive on gains in oil prices and a solid set of economic data in the US.
Rupee was a sentiment booster as it firmed up against the dollar to 67.59 (intra-day).
Sentiment remained bullish as buying paced up after the government stuck to its fiscal deficit target, which raised hopes of a rate cut by the Reserve Bank any time this month, brokers said.
Finance Minister Arun Jaitley maintained the fiscal deficit target for 2016-17 at 3.5 per cent of GDP.
RBI relaxed rules to recognise more balance sheet items as common equity tier-I capital which will help unlock up to Rs 35,000 crore for these lenders impacted by asset quality troubles.
The 30-share Sensex, after a gap-up opening, rallied further and closed the session higher by 463.63 points, or 1.95 per cent, at 24,242.98 -- its highest closing since February 8.
The gauge had posted its biggest single-day gain of 777.35 points in almost 7 years in yesterday's trade.
Now, the Sensex has gone up by over 1,240 points, posting its best two-day gains in almost seven years.
The 50-share NSE Nifty, after reclaiming the crucial 7,300-mark, settled at 7,368.85, up 146.55 points, or 2.03 per cent.
Shares of state-owned banks such as SBI, PNB, Bank of Baroda were at the centre of buying activity.
Among the 30 Sensex components, SBI was the star performer surging the most (up 11.50 per cent) to Rs 180.85, followed by ICICI Bank (7.36 per cent) to Rs 220.20.
Gains in Adani Ports, Hero MotoCorp, BHEL, Tata Steel, Axis Bank, NTPC, HDFC and Maruti Suzuki supported the upside.
As many 23 stocks gained while 7 led by M&M, Coal India, and Sun Pharma finished in the red.
Among sectors, the BSE realty index jumped most by rising 5.05 per cent, followed by banking (4.92 per cent), infrastructure (2.84 per cent), PSU (2.57 per cent), IT (2.49 per cent) and power (2.13 per cent).
The broader markets too continued to trend firm as retail investors boosted their bets, with the BSE small-cap index rising 2.21 per cent and mid-cap 1.88 per cent.
Asian shares, including those of Hong Kong, Japan, Singapore and Shanghai, remained in the positive territory while Europe ruled high on speculation that the global economic recovery will gain traction.
Foreign portfolio investors (FPIs) net bought shares worth Rs 1,760.98 crore yesterday, provisional data from stock exchanges showed.
Market maintained its post-Budget momentum for the second day as the benchmark Sensex surged 464 points to 24,243 -- nearly a one-month high -- led by gains in banking after RBI eased capital requirement rules for lenders.
The central bank has allowed lenders to expand their capital base under the upcoming Basel III rules.
Asian markets turned positive on gains in oil prices and a solid set of economic data in the US.
Rupee was a sentiment booster as it firmed up against the dollar to 67.59 (intra-day).
Sentiment remained bullish as buying paced up after the government stuck to its fiscal deficit target, which raised hopes of a rate cut by the Reserve Bank any time this month, brokers said.
Finance Minister Arun Jaitley maintained the fiscal deficit target for 2016-17 at 3.5 per cent of GDP.
RBI relaxed rules to recognise more balance sheet items as common equity tier-I capital which will help unlock up to Rs 35,000 crore for these lenders impacted by asset quality troubles.
The 30-share Sensex, after a gap-up opening, rallied further and closed the session higher by 463.63 points, or 1.95 per cent, at 24,242.98 -- its highest closing since February 8.
The gauge had posted its biggest single-day gain of 777.35 points in almost 7 years in yesterday's trade.
Now, the Sensex has gone up by over 1,240 points, posting its best two-day gains in almost seven years.
The 50-share NSE Nifty, after reclaiming the crucial 7,300-mark, settled at 7,368.85, up 146.55 points, or 2.03 per cent.
Shares of state-owned banks such as SBI, PNB, Bank of Baroda were at the centre of buying activity.
Among the 30 Sensex components, SBI was the star performer surging the most (up 11.50 per cent) to Rs 180.85, followed by ICICI Bank (7.36 per cent) to Rs 220.20.
Gains in Adani Ports, Hero MotoCorp, BHEL, Tata Steel, Axis Bank, NTPC, HDFC and Maruti Suzuki supported the upside.
As many 23 stocks gained while 7 led by M&M, Coal India, and Sun Pharma finished in the red.
Among sectors, the BSE realty index jumped most by rising 5.05 per cent, followed by banking (4.92 per cent), infrastructure (2.84 per cent), PSU (2.57 per cent), IT (2.49 per cent) and power (2.13 per cent).
The broader markets too continued to trend firm as retail investors boosted their bets, with the BSE small-cap index rising 2.21 per cent and mid-cap 1.88 per cent.
Asian shares, including those of Hong Kong, Japan, Singapore and Shanghai, remained in the positive territory while Europe ruled high on speculation that the global economic recovery will gain traction.
Foreign portfolio investors (FPIs) net bought shares worth Rs 1,760.98 crore yesterday, provisional data from stock exchanges showed.
No arrest for service tax evasion up to Rs two crore
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The Finance Ministry has proposed 100 per cent increase, to Rs two crore, in the monetary limit for arresting Service Tax evaders, a step aimed at projecting its taxpayer-friendly image.
At present the limit to arrest such evaders is Rs one crore.
Finance Minister Arun Jaitley has proposed to bring in this change through Finance Bill 2016 introduced in Parliament on Monday.
The power to arrest in Service Tax law is proposed to be restricted only to situations where the tax payer has collected the tax but not deposited it with the exchequer, and amount of such tax collected but not paid is above the threshold of Rs 2 crore, as per the new proposal which will come into force after passing of the Bill in Parliament.
The monetary limit for filing complaints for punishable offences is proposed to be enhanced to Rs 2 crore, it said.
The power to arrest a Service Tax evader was first given in 2013 before which revenue authorities had no power to arrest such persons for non-payment of collected Service Tax.
The Finance Ministry had then for the first time amended Service Tax rules to attract the Criminal Procedure Code in line with Customs and Central Excise regulations.
In the case of the offence, where the amount exceeds Rs 50 lakh, a defaulter will get imprisonment for a term which may extend to seven years, as per the Finance Act 2013.
The monetary limit was last year increased to Rs one crore and now it has been proposed to be Rs two crore.
The monetary limits for arrest and prosecution have been increased to ensure that these powers are not used against small and medium businesses and a taxpayer-friendly atmosphere is created, a senior Finance Ministry official said.
Service Tax has become focus area of the Finance Ministry. In 2015 budget, the Finance Minister had increased the Service Tax rate from 12.36 per cent to 14 per cent, which was made applicable from June 1, 2015. Thereafter, Swachh Bharat Cess of 0.5 per cent was added in Service Tax from November 15, last year.
Now the limit of 14.5 per cent of Service Tax has been proposed to be increased by 0.5 per cent, in 2016-17 budget proposals, by imposing 0.5 per cent of Krishi Kalyan Cess. The new rate of 15 per cent of Service Tax is slated to come into effect from June 1, 2016.
The Ministry has also proposed to increase limitation period for recovery of Service Tax not levied or paid, or shortlevied or short paid, or erroneously refunded, for cases not involving fraud, collusion, suppression etc. is proposed to be enhanced by one year, that is, from 18 months to 30 months in its budget for the next fiscal.
The Finance Ministry has proposed 100 per cent increase, to Rs two crore, in the monetary limit for arresting Service Tax evaders, a step aimed at projecting its taxpayer-friendly image.
At present the limit to arrest such evaders is Rs one crore.
Finance Minister Arun Jaitley has proposed to bring in this change through Finance Bill 2016 introduced in Parliament on Monday.
The power to arrest in Service Tax law is proposed to be restricted only to situations where the tax payer has collected the tax but not deposited it with the exchequer, and amount of such tax collected but not paid is above the threshold of Rs 2 crore, as per the new proposal which will come into force after passing of the Bill in Parliament.
The monetary limit for filing complaints for punishable offences is proposed to be enhanced to Rs 2 crore, it said.
The power to arrest a Service Tax evader was first given in 2013 before which revenue authorities had no power to arrest such persons for non-payment of collected Service Tax.
The Finance Ministry had then for the first time amended Service Tax rules to attract the Criminal Procedure Code in line with Customs and Central Excise regulations.
In the case of the offence, where the amount exceeds Rs 50 lakh, a defaulter will get imprisonment for a term which may extend to seven years, as per the Finance Act 2013.
The monetary limit was last year increased to Rs one crore and now it has been proposed to be Rs two crore.
The monetary limits for arrest and prosecution have been increased to ensure that these powers are not used against small and medium businesses and a taxpayer-friendly atmosphere is created, a senior Finance Ministry official said.
Service Tax has become focus area of the Finance Ministry. In 2015 budget, the Finance Minister had increased the Service Tax rate from 12.36 per cent to 14 per cent, which was made applicable from June 1, 2015. Thereafter, Swachh Bharat Cess of 0.5 per cent was added in Service Tax from November 15, last year.
Now the limit of 14.5 per cent of Service Tax has been proposed to be increased by 0.5 per cent, in 2016-17 budget proposals, by imposing 0.5 per cent of Krishi Kalyan Cess. The new rate of 15 per cent of Service Tax is slated to come into effect from June 1, 2016.
The Ministry has also proposed to increase limitation period for recovery of Service Tax not levied or paid, or shortlevied or short paid, or erroneously refunded, for cases not involving fraud, collusion, suppression etc. is proposed to be enhanced by one year, that is, from 18 months to 30 months in its budget for the next fiscal.
LIC hikes stake in Bharat Forge to 7%
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State-owned Life Insurance Corporation (LIC) has hiked its stake in components maker Bharat Forge Ltd by 2.02 per cent, by buying 47.12 lakh shares in the open market.
LIC, which earlier had 5 per cent stake, increased its shareholding in the company (Bharat Forge) to 7.02 per cent by buying shares between December 12, 2015, and March 1, 2016, in Bharat Forge said in a regulatory filing.
Shares of Bharat Forge closed at Rs 790.15 apiece, up 1.99 per cent on BSE.
State-owned Life Insurance Corporation (LIC) has hiked its stake in components maker Bharat Forge Ltd by 2.02 per cent, by buying 47.12 lakh shares in the open market.
LIC, which earlier had 5 per cent stake, increased its shareholding in the company (Bharat Forge) to 7.02 per cent by buying shares between December 12, 2015, and March 1, 2016, in Bharat Forge said in a regulatory filing.
Shares of Bharat Forge closed at Rs 790.15 apiece, up 1.99 per cent on BSE.
PF tax issue to be addressed during Budget discussion: FM Arun Jaitley
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Amid widespread concerns, Finance Minister Arun Jaitley today said in Lok Sabha that the issue related to the proposal to tax PF will be addressed by him during the discussion on Budget.
"We are seized of the problem. I will address it during the Budget discussion," Jaitley said.
He was responding when TMC members raised the issue soon after the question House with Saugata Roy demanding that Jaitley, who was in the House, make an immediate announcement.
TMC leader Sudip Bandhyopadhyaya said the Budget proposal to tax the EPF has caused nation-wide concern.
Jaitley had spoken on similar lines earlier in the day at a meeting organised by industry chambers and said he will spell out the final decision on the matter when he speaks during the debate on Budget in Parliament.
Amid widespread concerns, Finance Minister Arun Jaitley today said in Lok Sabha that the issue related to the proposal to tax PF will be addressed by him during the discussion on Budget.
"We are seized of the problem. I will address it during the Budget discussion," Jaitley said.
He was responding when TMC members raised the issue soon after the question House with Saugata Roy demanding that Jaitley, who was in the House, make an immediate announcement.
TMC leader Sudip Bandhyopadhyaya said the Budget proposal to tax the EPF has caused nation-wide concern.
Jaitley had spoken on similar lines earlier in the day at a meeting organised by industry chambers and said he will spell out the final decision on the matter when he speaks during the debate on Budget in Parliament.
RBI to ease rules on what lenders can count as Basel III capital
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The Reserve Bank of India said on Tuesday it would ease rules on what lenders can count towards their core capital requirements under upcoming Basel III rules, in moves intended to ease pressure on the cash-constrained sector.
Government had estimated last year that lenders would need to raise about $17 billion from markets over four years to meet total funding requirements of about $28 billion beyond projected profits.
In a bid to ease those fundraising pressures, the RBI said lenders can now apply gains from revaluation of property to core capital requirements under certain conditions.
The RBI also said conversions of foreign currency in financial statements can now more easily be considered common equity capital, while also easing rules on counting deferred tax assets.
The moves could free up an estimated Rs 30,000 crore -Rs 35,000 crore ($4.42-$5.16 billion) for state-owned lenders and Rs 5,000 crore for private sector lenders, according to estimates by policy makers.
RBI Governor Raghuram Rajan said in January the central bank was working on identifying undervalued assets and other types of capital that could be counted as capital under Basel III requirements.
The Reserve Bank of India said on Tuesday it would ease rules on what lenders can count towards their core capital requirements under upcoming Basel III rules, in moves intended to ease pressure on the cash-constrained sector.
Government had estimated last year that lenders would need to raise about $17 billion from markets over four years to meet total funding requirements of about $28 billion beyond projected profits.
In a bid to ease those fundraising pressures, the RBI said lenders can now apply gains from revaluation of property to core capital requirements under certain conditions.
The RBI also said conversions of foreign currency in financial statements can now more easily be considered common equity capital, while also easing rules on counting deferred tax assets.
The moves could free up an estimated Rs 30,000 crore -Rs 35,000 crore ($4.42-$5.16 billion) for state-owned lenders and Rs 5,000 crore for private sector lenders, according to estimates by policy makers.
RBI Governor Raghuram Rajan said in January the central bank was working on identifying undervalued assets and other types of capital that could be counted as capital under Basel III requirements.
General Awareness
Famous Sports Personalities in the World
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Dear Readers & Aspirants,we have compiled the table with some important Famous Persoalities associated with Sports .Now-a-days one question is asking from Cricket Stadiums in the World. We hope, it will help you in Competitive exams.
Name Of The Persons Country Sports Lionel Messi Argentina Football Diego Maradona Argentina Football Sir Donald Bradman Australia Cricket David Campese Australia Rugby Union Jack Nicklaus Australia Golf. Rod Laver Australia Tennis. Shane Warne Australia Cricket. Severiano Ballesteros Golf. Eddy Merckx Belgium Cycling. Pele Brazil Football. Ronaldhino Brazil Football. Bruno Soares Brazil Tennis Aryton Senna Brazilian Motor Racing Emil Zatopek Czechoslovakia Athletics. Ian Botham England Cricket. C.B.Fry England Cricket. David Beckham England Football. Lewis Hamilton England Motor Racing. Steve Davis England Snooker. W.G. Grace England Cricket. Haile Gebreselassie Ethiopia Athletics. Kenenisa Bekele Ethiopia Athletics. Abebe Bikila Ethopia Athletics. Paavo Nurmi Finland Athletics. Bernard Hinault France Cycling. Jacques Anquetil France Cycling. Serge Blanco France Rugby Union. Michael Schumacher Germany Motor Racing. Steffi Graf Germany Tennis. Andy Murray Great Britain Tennis. Bill Shankly Great Britain Football. Bobby Moore Great Britain Football. Chris Froome Great Britain Cycling. Chris Hoy Great Britain Cycling. Fred Perry Great Britain Tennis. Henry Cooper Great Britain Boxing. Mo Farah Great Britain Athletics. Nick Faldo Great Britain Golf. Paula Radcliffe Great Britain Athletics. Roger Bannister Great Britain Athletics. Sebastian Coe Great Britain Athletics. Sir Steve Redgrave Great Britain Rowing. Stirling Moss Great Britain Motor Racing. Dhyan Chand India Hockey. Rajyavardhan Singh Rathore India Shooting Balbir Singh Sr India Hockey. Pullela Gopichand India Bedminton. Vijay Kumar India Shooting. Yogeshwar Dutt India Wrestling. Sachin Tendulkar India Cricket. Sushil Kumar India Wrestling. Leslie Claudius India Hockey. Khashaba Dadasaheb Jadhav India Wrestling Vijender Singh India Boxing Gagan Narang India Shooting Kapil Dev India Cricket Mahesh Bhupathi India Tennis Leander Paes India Tennis Saina Nehwal India Bedminton Jwala Gutta India Bedminton Rohan Bopanna India Tennis Sania Mirza India Tennis Sunil Gavaskar India Cricket Prakash Padukone India Bedminton Ravichandra Ashwin India Cricket Viswanathan Anand India Chess Apurvi Chandela India Shooting Siril Verma India Badminton Fausto Coppi Italy Cycling Usain Bolt Jamaica Race Asbel Kiprop Kenya Athletics Tegla Laroupe Kenya Athletics Hicham El Guerrouj Morocco Athletics George Best Northern Ireland Football. Grete Waitz Norway Athletics. Magnus Carlsen Norway Chess Imran Khan Pakistan Cricket. Miguel Tabuena Philippines Golf Manny Pacquiao Phillipines Boxing. Cristiano Ronaldo Portugal Football. Eusebio Portugal Football. Jose Mourinho Portugal Football. Nadia Comaneci Romania Gymnastics. Maria Sharapova Russia Tennis. Vladimir Kramnik Russia Chess Svetlana Kuznetsova Russia Tennis Alex Ferguson Scotland Football. Eric Liddell Scottish Athletics. Viktor Troicki Serbia Tennis Rafael Nadal Spain Tennis. Seve Ballesteros Spain Golf. Carolina Marin Spain Badminton Bjorn Borg Sweden Tennis. Martina Hingis Switzerland Tennis. Roger Federer Switzerland Tennis. Johan Cruyff The Netherlands Football. Jamie Murray UK Tennis Serguei Bubka Ukraine Athletics. Tiger Woods US Golf. Muhammad Ali US Boxing Floyd Joy Mayweather US Boxing Carl Lewis US Athletics Billie Jean King US Tennis Jackie Joyner Kersee US Athletics. Al Oerter US Athletics. Babe Didrikson Zaharias US Golf. Babe Ruth US Baseball. Bo Jackson US Baseball. Bob Beamon US Athletics. Chris Evert US Tennis. Greg Lemond US Cycling. Jim Thorpe US Swimming. Jimmy Connors US Tennis. Joe Dimaggio US Baseball. John Mcenroe US Tennis. Kelly Slater US Surfing. Lance Armstrong US Cycling. Magic Johnson US Basketball. Mark Spitz US Swimming. Martina Navratilova US Tennis. Michael Johnson US Athletics. Michael Jordan US Basketball. Michael Phelps US Swimming. Jonathan Edwards Wales Rugby Union. Gareth Bale Wales Football. Gareth Edwards Wales Rugby Union. Brian Lara West Indies Cricket. Sir Viv Richards West Indies Cricket. Sir Gary Sobers West Indies Cricket. Monica Seles Yugoslavia / US Tennis.
- Dear Readers & Aspirants,we have compiled the table with some important Famous Persoalities associated with Sports .Now-a-days one question is asking from Cricket Stadiums in the World. We hope, it will help you in Competitive exams.
Name Of The Persons Country Sports Lionel Messi Argentina Football Diego Maradona Argentina Football Sir Donald Bradman Australia Cricket David Campese Australia Rugby Union Jack Nicklaus Australia Golf. Rod Laver Australia Tennis. Shane Warne Australia Cricket. Severiano Ballesteros Golf. Eddy Merckx Belgium Cycling. Pele Brazil Football. Ronaldhino Brazil Football. Bruno Soares Brazil Tennis Aryton Senna Brazilian Motor Racing Emil Zatopek Czechoslovakia Athletics. Ian Botham England Cricket. C.B.Fry England Cricket. David Beckham England Football. Lewis Hamilton England Motor Racing. Steve Davis England Snooker. W.G. Grace England Cricket. Haile Gebreselassie Ethiopia Athletics. Kenenisa Bekele Ethiopia Athletics. Abebe Bikila Ethopia Athletics. Paavo Nurmi Finland Athletics. Bernard Hinault France Cycling. Jacques Anquetil France Cycling. Serge Blanco France Rugby Union. Michael Schumacher Germany Motor Racing. Steffi Graf Germany Tennis. Andy Murray Great Britain Tennis. Bill Shankly Great Britain Football. Bobby Moore Great Britain Football. Chris Froome Great Britain Cycling. Chris Hoy Great Britain Cycling. Fred Perry Great Britain Tennis. Henry Cooper Great Britain Boxing. Mo Farah Great Britain Athletics. Nick Faldo Great Britain Golf. Paula Radcliffe Great Britain Athletics. Roger Bannister Great Britain Athletics. Sebastian Coe Great Britain Athletics. Sir Steve Redgrave Great Britain Rowing. Stirling Moss Great Britain Motor Racing. Dhyan Chand India Hockey. Rajyavardhan Singh Rathore India Shooting Balbir Singh Sr India Hockey. Pullela Gopichand India Bedminton. Vijay Kumar India Shooting. Yogeshwar Dutt India Wrestling. Sachin Tendulkar India Cricket. Sushil Kumar India Wrestling. Leslie Claudius India Hockey. Khashaba Dadasaheb Jadhav India Wrestling Vijender Singh India Boxing Gagan Narang India Shooting Kapil Dev India Cricket Mahesh Bhupathi India Tennis Leander Paes India Tennis Saina Nehwal India Bedminton Jwala Gutta India Bedminton Rohan Bopanna India Tennis Sania Mirza India Tennis Sunil Gavaskar India Cricket Prakash Padukone India Bedminton Ravichandra Ashwin India Cricket Viswanathan Anand India Chess Apurvi Chandela India Shooting Siril Verma India Badminton Fausto Coppi Italy Cycling Usain Bolt Jamaica Race Asbel Kiprop Kenya Athletics Tegla Laroupe Kenya Athletics Hicham El Guerrouj Morocco Athletics George Best Northern Ireland Football. Grete Waitz Norway Athletics. Magnus Carlsen Norway Chess Imran Khan Pakistan Cricket. Miguel Tabuena Philippines Golf Manny Pacquiao Phillipines Boxing. Cristiano Ronaldo Portugal Football. Eusebio Portugal Football. Jose Mourinho Portugal Football. Nadia Comaneci Romania Gymnastics. Maria Sharapova Russia Tennis. Vladimir Kramnik Russia Chess Svetlana Kuznetsova Russia Tennis Alex Ferguson Scotland Football. Eric Liddell Scottish Athletics. Viktor Troicki Serbia Tennis Rafael Nadal Spain Tennis. Seve Ballesteros Spain Golf. Carolina Marin Spain Badminton Bjorn Borg Sweden Tennis. Martina Hingis Switzerland Tennis. Roger Federer Switzerland Tennis. Johan Cruyff The Netherlands Football. Jamie Murray UK Tennis Serguei Bubka Ukraine Athletics. Tiger Woods US Golf. Muhammad Ali US Boxing Floyd Joy Mayweather US Boxing Carl Lewis US Athletics Billie Jean King US Tennis Jackie Joyner Kersee US Athletics. Al Oerter US Athletics. Babe Didrikson Zaharias US Golf. Babe Ruth US Baseball. Bo Jackson US Baseball. Bob Beamon US Athletics. Chris Evert US Tennis. Greg Lemond US Cycling. Jim Thorpe US Swimming. Jimmy Connors US Tennis. Joe Dimaggio US Baseball. John Mcenroe US Tennis. Kelly Slater US Surfing. Lance Armstrong US Cycling. Magic Johnson US Basketball. Mark Spitz US Swimming. Martina Navratilova US Tennis. Michael Johnson US Athletics. Michael Jordan US Basketball. Michael Phelps US Swimming. Jonathan Edwards Wales Rugby Union. Gareth Bale Wales Football. Gareth Edwards Wales Rugby Union. Brian Lara West Indies Cricket. Sir Viv Richards West Indies Cricket. Sir Gary Sobers West Indies Cricket. Monica Seles Yugoslavia / US Tennis.
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