General Affairs
Election Commission Seeks 200 Income Tax Officers For 2017 Assembly Polls
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NEW DELHI: The Election Commission (EC) has set the ball rolling for next year's Assembly polls in five states, including Uttar Pradesh and Punjab, as it has sought 200 Income Tax department officers from the government to work for it as observers to check the menace of black money.
The officers of the Indian Revenue Service (IRS) cadre have been sought from their cadre controlling authority, the Central Board of Direct Taxes (CBDT), and is part of the special deputation of these officers which the Election Commission seeks every time it conducts polls in the country.
The Election Commission wrote to the CBDT early this month seeking the manpower for conducting Assembly polls in Uttarakhand, Punjab, Manipur, Goa and Uttar Pradesh apart from other by-elections during the same period in some other states.
"Deployment of Expenditure Observers and the close observation of process of elections at the constituency level has become an integral part of election management in the country. As the micro management has become a proven methodology, the role of observer in ensuring free and fair election in the country has become more and more relevant in recent times.
"Having made a detailed study of the requirement of Expenditure Observers during above said period, the Election Commission has decided to get a list of names of 200 IRS (Income Tax) officers sponsored for consideration to be appointed as Election Observers," the Election Commission said in its communication to the CBDT.
These officers will act as the supervisors of the special surveillance teams deployed by the EC during the polls period to keep a check on black funds and other illegal inducements. Apart from I-T department, officers from other central and Group 'A' services are also brought on deputation to EC to act as observers in various other roles.
The Election Commission had, in 2010, created a special cell called the Election Expenditure monitoring cell in its establishment to conduct free and fair elections and ensure a level playing field for all candidates and voters by curbing the usage of black money and illicit funds.
The cell, in its six years of existence, has brought out some maiden initiatives like introduction of shadow expenditure registers, deployment of surveillance teams and coordination with specialist agencies like Financial Intelligence Unit (FIU) and others, to check black money in polls.
A senior I-T officer was this week posted in the cell after its top post of Director General (Election Expenditure) was lying vacant for close to a year. Another appointment of Director in the cell could be made soon to assist the Director General.
The officers of the Indian Revenue Service (IRS) cadre have been sought from their cadre controlling authority, the Central Board of Direct Taxes (CBDT), and is part of the special deputation of these officers which the Election Commission seeks every time it conducts polls in the country.
"Deployment of Expenditure Observers and the close observation of process of elections at the constituency level has become an integral part of election management in the country. As the micro management has become a proven methodology, the role of observer in ensuring free and fair election in the country has become more and more relevant in recent times.
"Having made a detailed study of the requirement of Expenditure Observers during above said period, the Election Commission has decided to get a list of names of 200 IRS (Income Tax) officers sponsored for consideration to be appointed as Election Observers," the Election Commission said in its communication to the CBDT.
These officers will act as the supervisors of the special surveillance teams deployed by the EC during the polls period to keep a check on black funds and other illegal inducements. Apart from I-T department, officers from other central and Group 'A' services are also brought on deputation to EC to act as observers in various other roles.
The Election Commission had, in 2010, created a special cell called the Election Expenditure monitoring cell in its establishment to conduct free and fair elections and ensure a level playing field for all candidates and voters by curbing the usage of black money and illicit funds.
The cell, in its six years of existence, has brought out some maiden initiatives like introduction of shadow expenditure registers, deployment of surveillance teams and coordination with specialist agencies like Financial Intelligence Unit (FIU) and others, to check black money in polls.
A senior I-T officer was this week posted in the cell after its top post of Director General (Election Expenditure) was lying vacant for close to a year. Another appointment of Director in the cell could be made soon to assist the Director General.
'If The Horse Can't Speak, I Will': Robert Vadra To BJP Lawmaker On Shaktiman
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DEHRADUN: Robert Vadra, Congress chief Sonia Gandhi's son-in-law, allegedly got an earful from BJP's Uttarakhand lawmaker Ganesh Joshi after championing the cause of Shaktiman - the police horse that died in April.
Mr Joshi had been accused of instigating the attack on the horse, which broke its leg, from which the animal never recovered. Following television footage of the horse taking multiple blows, condemnation for its attackers had flooded the social media.
Dubbing Mr Joshi "Shaktiman killer," Mr Vadra told news agency ANI that he had met him at the Dehradun airport. Mr Joshi, he said, was at the airport to receive BJP minister Krishna Raj.
"I told him what I thought of him. He then came towards me screaming, shouting and threatening. But I told him that if the horse can't speak then I will," he said.
Mr Vadra further said Mr Joshi and his "goons" were later asked to leave the airport for creating a commotion.
Shaktiman, a white horse deployed with the mounted police whose hind-leg was injured during a BJP protest rally, succumbed to his injuries on April 20.
Mr Joshi had been arrested on March 18 for allegedly attacking the horse and was remanded in judicial custody for 14 days. Mr Joshi had denied any wrongdoing, saying, "I'm very sad. I was not at fault... if I am found guilty, then cut off my leg."
Following the horse's death, he had faced fresh criticism, with Union minister Maneka Gandhi saying Shaktiman was an officer on duty and Mr Joshi "should be arrested for killing a police officer".
While Mr Joshi has not been available for comment, BJP spokesperson Nalin Kohli said, "Any Indian citizen has the right to have a point of view".
Mr Vadra, Mr Kohli said, does not wish to communicate on many of the issues that are addressed to him. "There are questions regarding his business and business dealings. Would be good if he speaks on them so that the nation knows what his views are on all these issues," he added.
Mr Joshi had been accused of instigating the attack on the horse, which broke its leg, from which the animal never recovered. Following television footage of the horse taking multiple blows, condemnation for its attackers had flooded the social media.
"I told him what I thought of him. He then came towards me screaming, shouting and threatening. But I told him that if the horse can't speak then I will," he said.
Mr Vadra further said Mr Joshi and his "goons" were later asked to leave the airport for creating a commotion.
Shaktiman, a white horse deployed with the mounted police whose hind-leg was injured during a BJP protest rally, succumbed to his injuries on April 20.
Mr Joshi had been arrested on March 18 for allegedly attacking the horse and was remanded in judicial custody for 14 days. Mr Joshi had denied any wrongdoing, saying, "I'm very sad. I was not at fault... if I am found guilty, then cut off my leg."
While Mr Joshi has not been available for comment, BJP spokesperson Nalin Kohli said, "Any Indian citizen has the right to have a point of view".
Mr Vadra, Mr Kohli said, does not wish to communicate on many of the issues that are addressed to him. "There are questions regarding his business and business dealings. Would be good if he speaks on them so that the nation knows what his views are on all these issues," he added.
Myanmar President U Htin Kyaw Visits Taj Mahal
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AGRA: Myanmar President U Htin Kyaw on Sunday visited the Taj Mahal on the second leg of his four-day trip to India.
The President stayed at the Taj Mahal for around an hour, according to Munnazar Ali, caretaker of the 17th century site.
President Kyaw on Saturday arrived at Bodh Gaya in Bihar and offered prayers at the revered Mahabodhi temple.
He is accompanied by his wife and a 31-member Myanmarese delegation, comprising five ministers, government officials and family members.
President Kyaw is expected to meet Prime Minister Narendra Modi in New Delhi on Monday.
This is the first presidential visit from Myanmar after Nobel laureate Aung San Suu Kyi's National League for Democracy assumed power in March this year.
The President stayed at the Taj Mahal for around an hour, according to Munnazar Ali, caretaker of the 17th century site.
President Kyaw on Saturday arrived at Bodh Gaya in Bihar and offered prayers at the revered Mahabodhi temple.
He is accompanied by his wife and a 31-member Myanmarese delegation, comprising five ministers, government officials and family members.
President Kyaw is expected to meet Prime Minister Narendra Modi in New Delhi on Monday.
This is the first presidential visit from Myanmar after Nobel laureate Aung San Suu Kyi's National League for Democracy assumed power in March this year.
Pullela Gopichand An Example Of Excellent Teacher: PM Modi
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NEW DELHI: Badminton coach Pullela Gopichand is an example of an "excellent teacher", Prime Minister Narendra Modi said today.
"I salute Gopichand's hard work and dedication towards the games," PM Modi said in his 23rd 'Mann Ki Baat' radio address.
Indian badminton player PV Sindhu won the silver medal at the Rio Olympic games under Gopichand's coaching.
PM Modi said teachers were as important as mothers.
"For me, September 5 is not only Teachers Day but a day of learning as well. Teachers are as important as mothers in our lives. They spend their lives caring for their students," he said.
PM Modi paid tribute to late Sarvapalli Radhakrishnan, the former President of India whose birthday is celebrated as Teachers Day.
"He used to love to be known as a teacher. He lived the incredible life like a teacher despite being a President."
PM Modi said he was still in touch with a man, now 90 years of age, who taught him years ago. His teacher writes to him with his own hand, said the Prime Minister.
"He analyses whatever work I do in a month. He still tells me new things from various books that he reads. It is like he gives me a correspondence class every month," PM Modi said.
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PM Modi said he has "immense respect" for people with good handwriting as his own handwriting was not that good.
"I salute Gopichand's hard work and dedication towards the games," PM Modi said in his 23rd 'Mann Ki Baat' radio address.
Indian badminton player PV Sindhu won the silver medal at the Rio Olympic games under Gopichand's coaching.
PM Modi said teachers were as important as mothers.
"For me, September 5 is not only Teachers Day but a day of learning as well. Teachers are as important as mothers in our lives. They spend their lives caring for their students," he said.
PM Modi paid tribute to late Sarvapalli Radhakrishnan, the former President of India whose birthday is celebrated as Teachers Day.
PM Modi said he was still in touch with a man, now 90 years of age, who taught him years ago. His teacher writes to him with his own hand, said the Prime Minister.
"He analyses whatever work I do in a month. He still tells me new things from various books that he reads. It is like he gives me a correspondence class every month," PM Modi said.
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PM Modi said he has "immense respect" for people with good handwriting as his own handwriting was not that good.
Feeling Proud Over Mother Teresa's Canonisation: PM Modi
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NEW DELHI: Prime Minister Narendra Modi on Sunday paid tributes to Mother Teresa, saying every Indian must feel proud as she has officially been recognised as a saint.
PM Modi said that despite being not an Indian, Mother Teresa dedicated her whole life serving the Indians.
"Mother Teresa devoted her whole life serving the poor and destitute people in India. When such a person is conferred with sainthood, it is natural for Indians to feel proud," PM Modi said in his "Mann Ki Baat" radio address.
He noted that Mother Teresa was an Albanian and English was not her mother tongue.
"Mother Teresa is going to be canonised on September 4. We are sending an official delegation led by External Affairs Minister Sushma Swaraj to represent 1.25 crore Indians at the ceremony," PM Modi said.
Mother Teresa, who arrived in Kolkata on January 6, 1929, won numerous honours, including the 1979 Nobel Peace Prize.
On October 19, 2003, she was beatified as "Blessed Teresa of Calcutta".
A second miracle was credited to her intercession by Pope Francis in December last year, paving way for her to be recognised as a saint by the Roman Catholic Church.
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Her canonisation is scheduled for September 4, a day before her 19th death anniversary.
PM Modi said that despite being not an Indian, Mother Teresa dedicated her whole life serving the Indians.
"Mother Teresa devoted her whole life serving the poor and destitute people in India. When such a person is conferred with sainthood, it is natural for Indians to feel proud," PM Modi said in his "Mann Ki Baat" radio address.
He noted that Mother Teresa was an Albanian and English was not her mother tongue.
"Mother Teresa is going to be canonised on September 4. We are sending an official delegation led by External Affairs Minister Sushma Swaraj to represent 1.25 crore Indians at the ceremony," PM Modi said.
On October 19, 2003, she was beatified as "Blessed Teresa of Calcutta".
A second miracle was credited to her intercession by Pope Francis in December last year, paving way for her to be recognised as a saint by the Roman Catholic Church.
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Her canonisation is scheduled for September 4, a day before her 19th death anniversary.
Business Affairs
Maruti Suzuki's SUV Vitara Brezza, and six other brands figure in top 10 list
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Maruti Suzuki India has maintained its leadership position in the country's passenger vehicle (PV) market in July with seven of its models featuring in the top 10 selling brands last month, including recently launched compact SUV Vitara Brezza.
According to the latest data from Society of Indian Automobile Manufacturers (SIAM), in the top 10 best selling passenger vehicles, Maruti's Alto retained the top position in July with 19,844 units as against 22,212 units in July last year.
The company's compact sedan Dzire was the second best selling model with 16,170 units as compared to 19,716 units in July last year.
Compact car Wagon R was third, selling 15,207 units.
The vehicle stood at fourth position in the year-ago period with 15,540 unit sales.
MSI's premium hatchback swift stood at fourth position with 13,934 units in July. It was at third position in July last year with sales of 18,870 units.
Rival Hyundai's hatchback Grand i10 stood at fifth position last month with 11,961 units. The company had sold 8,691 units of the vehicle in the same period last year.
MSI's Vitara Brezza zoomed into the sixth position with sale of 10,232 units last month. Hyundai's premium hatchback Elite i20 stood at seventh position last month with sale of 9,910 units.
Renault's entry-level model Kwid stood at eighth slot with 9,897 unit sales. MSI's premium hatchback Baleno came ninth with sales of 9,120 units. It's van Omni with 8,564 units was at tenth position.
Hyundai's Creta, Honda Cars India's Jazz, MSI's Celerio failed to make it to the top 10 list. They had featured in the top 10 passenger vehicle list in the same period of last year.
Maruti Suzuki India has maintained its leadership position in the country's passenger vehicle (PV) market in July with seven of its models featuring in the top 10 selling brands last month, including recently launched compact SUV Vitara Brezza.
According to the latest data from Society of Indian Automobile Manufacturers (SIAM), in the top 10 best selling passenger vehicles, Maruti's Alto retained the top position in July with 19,844 units as against 22,212 units in July last year.
The company's compact sedan Dzire was the second best selling model with 16,170 units as compared to 19,716 units in July last year.
Compact car Wagon R was third, selling 15,207 units.
The vehicle stood at fourth position in the year-ago period with 15,540 unit sales.
MSI's premium hatchback swift stood at fourth position with 13,934 units in July. It was at third position in July last year with sales of 18,870 units.
Rival Hyundai's hatchback Grand i10 stood at fifth position last month with 11,961 units. The company had sold 8,691 units of the vehicle in the same period last year.
MSI's Vitara Brezza zoomed into the sixth position with sale of 10,232 units last month. Hyundai's premium hatchback Elite i20 stood at seventh position last month with sale of 9,910 units.
Renault's entry-level model Kwid stood at eighth slot with 9,897 unit sales. MSI's premium hatchback Baleno came ninth with sales of 9,120 units. It's van Omni with 8,564 units was at tenth position.
Hyundai's Creta, Honda Cars India's Jazz, MSI's Celerio failed to make it to the top 10 list. They had featured in the top 10 passenger vehicle list in the same period of last year.
MPs red flag big loans to highway firms
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The parliamentary standing committee for transport has observed that it is rather "strange" that loans disbursed by banks for some highway projects exceed the estimated project cost and expressed concern over a large chunk of the Rs 75,000 crore worth of loans extended to the road sector turning bad.
In particular, the committee has raised questions about huge loans advanced to Jaypee Infratech turning into non-performing assets (NPAs).
For IDBI, the NPA percentage is as high as 52 per cent of loans disbursed for the road sector. The committee wants to know the reason why this huge amount has become NPA, that too to a single concessionaire, Jaypee Infratech Ltd, the panel chaired by Kanwar Deep Singh said in its latest report.
Seeking full details of the project awarded to Jaypee, the 33-member standing committee further observed that State Bank of India has lent Rs 19,502 crore out of which Rs 1,986 crore has slipped into NPAs.
The committee observed that it was rather strange that a concessionaire who has got a project for Rs 1,000 crore gets Rs 1,400 crore for the same project. Projecting that total NPAs of Rs 2.6 lakh crore may go up to Rs 4 lakh crore because of defaults, the committee recommended that banks be empowered more to make recovery of bad debt.
The committee urged the government to consider empowering banks adequately to make recovery of bad debt easier. For example, in the case of a default, the banks may be allowed to take over the entire company. It also took on board SBI's contention that all approvals from statutory authorities and clearances from government agencies should be obtained before a particular project is sent for bidding. Another area of discord is the project cost estimated by NHAI and the concessionaires, which results in lending delay by financial institutions.
The parliamentary standing committee for transport has observed that it is rather "strange" that loans disbursed by banks for some highway projects exceed the estimated project cost and expressed concern over a large chunk of the Rs 75,000 crore worth of loans extended to the road sector turning bad.
In particular, the committee has raised questions about huge loans advanced to Jaypee Infratech turning into non-performing assets (NPAs).
For IDBI, the NPA percentage is as high as 52 per cent of loans disbursed for the road sector. The committee wants to know the reason why this huge amount has become NPA, that too to a single concessionaire, Jaypee Infratech Ltd, the panel chaired by Kanwar Deep Singh said in its latest report.
Seeking full details of the project awarded to Jaypee, the 33-member standing committee further observed that State Bank of India has lent Rs 19,502 crore out of which Rs 1,986 crore has slipped into NPAs.
The committee observed that it was rather strange that a concessionaire who has got a project for Rs 1,000 crore gets Rs 1,400 crore for the same project. Projecting that total NPAs of Rs 2.6 lakh crore may go up to Rs 4 lakh crore because of defaults, the committee recommended that banks be empowered more to make recovery of bad debt.
The committee urged the government to consider empowering banks adequately to make recovery of bad debt easier. For example, in the case of a default, the banks may be allowed to take over the entire company. It also took on board SBI's contention that all approvals from statutory authorities and clearances from government agencies should be obtained before a particular project is sent for bidding. Another area of discord is the project cost estimated by NHAI and the concessionaires, which results in lending delay by financial institutions.
RBI unions on warpath against FM Arun Jaitley
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RBI staff unions have appealed to MPs, and state finance ministers to block the proposal to set up a Public Debt Management Agency (PDMA) as holding of government securities by the central bank in a developing economy is better for the country. The argument for separation of public debt management from the RBI is hardly relevant in our context, says the letter written last week.
The letter, written by the All-India Reserve Bank Employees Association, All-India Reserve Bank Workers Federation, All-India Reserve Bank Officers Association and the Reserve Bank of India Officers Association, has been addressed to MPs across party lines as well as to the states' finance ministers.
Finance Minister Arun Jaitely in the 2016 Budget proposed to divest the public debt management functions from the RBI by setting up a separate body under the finance ministry as an autonomous agency to bring both the country's external borrowings and domestic debt under one roof.
But following opposition from the RBI, he dropped the proposal from the 2016 Finance Bill. The minister, however, said the government, in consultation with RBI, will prepare a road map to pursue a separate debt management agency later, in line with the global practices.
The PDMA will act as an investment banker to the government and will raise capital through bonds. At present, the RBI is handling the government's borrowing programme and setting up of PDMA requires amendments to the RBI Act.
Currently, RBI fully handles issuance and infrastructure of G-secs. The middle office, which is currently with the finance ministry, handles formulation of a long-term debt management strategy, annual debt issuance and periodic calendars of borrowing, forecasting cash and borrowing requirements.
It also lays down a comprehensive risk management framework. The letter says when foreign investors want to invest largescale in the country, they have to purchase huge amount of rupee bonds to buy domestic assets.
Consequently, the rupee appreciates and makes exports costly, and to offset this the RBI has to intervene and suck out excess foreign currencies from the market. This maintains the exchange value of the rupee but increases its supply in the domestic market, triggering inflation, argues the letter. The RBI sells government securities which it holds in its reserves and pulls out excess rupee supply from the market.
This exercise warrants RBI having huge stock of government securities, it says.
Under such arrangement, the RBI at a time can manage public debt, maintain the exchange rate, the unions further stated.
RBI staff unions have appealed to MPs, and state finance ministers to block the proposal to set up a Public Debt Management Agency (PDMA) as holding of government securities by the central bank in a developing economy is better for the country. The argument for separation of public debt management from the RBI is hardly relevant in our context, says the letter written last week.
The letter, written by the All-India Reserve Bank Employees Association, All-India Reserve Bank Workers Federation, All-India Reserve Bank Officers Association and the Reserve Bank of India Officers Association, has been addressed to MPs across party lines as well as to the states' finance ministers.
Finance Minister Arun Jaitely in the 2016 Budget proposed to divest the public debt management functions from the RBI by setting up a separate body under the finance ministry as an autonomous agency to bring both the country's external borrowings and domestic debt under one roof.
But following opposition from the RBI, he dropped the proposal from the 2016 Finance Bill. The minister, however, said the government, in consultation with RBI, will prepare a road map to pursue a separate debt management agency later, in line with the global practices.
The PDMA will act as an investment banker to the government and will raise capital through bonds. At present, the RBI is handling the government's borrowing programme and setting up of PDMA requires amendments to the RBI Act.
Currently, RBI fully handles issuance and infrastructure of G-secs. The middle office, which is currently with the finance ministry, handles formulation of a long-term debt management strategy, annual debt issuance and periodic calendars of borrowing, forecasting cash and borrowing requirements.
It also lays down a comprehensive risk management framework. The letter says when foreign investors want to invest largescale in the country, they have to purchase huge amount of rupee bonds to buy domestic assets.
Consequently, the rupee appreciates and makes exports costly, and to offset this the RBI has to intervene and suck out excess foreign currencies from the market. This maintains the exchange value of the rupee but increases its supply in the domestic market, triggering inflation, argues the letter. The RBI sells government securities which it holds in its reserves and pulls out excess rupee supply from the market.
This exercise warrants RBI having huge stock of government securities, it says.
Under such arrangement, the RBI at a time can manage public debt, maintain the exchange rate, the unions further stated.
GST an example of how big tasks can be done if parties work together: PM Narendra Modi
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Days after GST Bill was passed by Parliament, Prime Minister Narendra Modi on Sunday gave credit to all political parties who unanimously approved the legislation despite "bitter rivalries", saying it was an example of how big tasks can be done if all parties work together.
"In August 2016, parties having intense political rivalry, parties which do not let go any chance to attack each other, all came together to pass the GST bill," he said in his monthly radio programme 'Mann Ki Baat'.
"The credit goes to all the parties. This is an example of how big a task can be accomplished when all parties work together in one direction," he added.
The long-pending Constitution amendment bill that will pave the way for roll out of GST, a new uniform indirect tax regime, in the country was passed by Rajya Sabha on August 3 and by Lok Sabha on August 8.
The GST will replace more than a dozen levies central and state levies, including central excise duty, service tax and central sales tax as well as VAT on sale of goods and entry tax, to make movement of goods seamless across 1.3 billion market. Instead of the good being taxed multiple times at different rates, under the new GST regime goods would be taxed at point of consumption.
The Lok Sabha had earlier passed the bill in May 2015 but it hit the roadblock in the Rajya Sabha where the principal opposition Congress insisted on certain changes, including capping the tax rate in the constitution.
Days after GST Bill was passed by Parliament, Prime Minister Narendra Modi on Sunday gave credit to all political parties who unanimously approved the legislation despite "bitter rivalries", saying it was an example of how big tasks can be done if all parties work together.
"In August 2016, parties having intense political rivalry, parties which do not let go any chance to attack each other, all came together to pass the GST bill," he said in his monthly radio programme 'Mann Ki Baat'.
"The credit goes to all the parties. This is an example of how big a task can be accomplished when all parties work together in one direction," he added.
The long-pending Constitution amendment bill that will pave the way for roll out of GST, a new uniform indirect tax regime, in the country was passed by Rajya Sabha on August 3 and by Lok Sabha on August 8.
The GST will replace more than a dozen levies central and state levies, including central excise duty, service tax and central sales tax as well as VAT on sale of goods and entry tax, to make movement of goods seamless across 1.3 billion market. Instead of the good being taxed multiple times at different rates, under the new GST regime goods would be taxed at point of consumption.
The Lok Sabha had earlier passed the bill in May 2015 but it hit the roadblock in the Rajya Sabha where the principal opposition Congress insisted on certain changes, including capping the tax rate in the constitution.
SFIO widens Mallya probe; ex bankers under scanner
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Widening its probe into the financial irregularities at erstwhile Kingfisher Airlines, SFIO has started examining former chiefs of various banks, including public sector lenders, for having extended fresh loans allegedly without full due-diligence amid ballooning losses at the Vijay Mallya-owned carrier.
The white-collar crimes probe agency is also looking at allegations of loans being extended on the basis of "inflated" valuation of brands and some other assets as also suspected fund diversions from the airline, whose founder and main promoter Vijay Mallya is already under scanner of multiple agencies, including the CBI and the Enforcement Directorate.
Sources said SFIO has widened investigations into the affairs of Kingfisher Airlines and is now focussing on the lenders as well as their top management personnel for the suspected lapses in the due diligence process before extending loans to the carrier.
The agency has examined some former heads of public sector banks which had extended loans to the airline at a time when the carrier's losses were on the rise, they added.
When contacted, former heads of some public sector banks, on condition of anonymity, accepted having been approached by the agency but maintained it was more about seeking information about the loan disbursal and other technicalities.
They maintained that there were no lapses at the top management level and diverted the official queries to the respective banks.
According to the sources, SFIO, which comes under the Corporate Affairs Ministry, has issued summons to former top officials of more than ten banks.
A significant chunk of the loans were given between 2007 and 2010, while the carrier's net losses jumped to more than Rs 1,600 crore in 2008-09 period.
Queries sent to SFIO Director and Corporate Affairs Ministry remained unanswered.
Bogged down by huge losses and liabilities, including dues to the lenders, the carrier was grounded in late 2012.
The flamboyant Mallya, who has also been declared as a wilful defaulted, left the country in March this year amid lenders stepping up efforts to recover dues worth more than Rs 9,000 crore.
As part of the probe, which has been going for more than three years, SFIO has already questioned Mallya and other officials of the now defunct airline.
Besides, the Serious Fraud Investigation Office (SFIO) is looking into the high valuation of over Rs 4,000 crore secured by the airline as part of its overall probe.
The agency is investigating whether such a high valuation was arrived at fraudulently to get more funds from banks and siphon off the additional money for purposes other than proposed investment in the airline.
In this regard, SFIO is also looking into the role of Grant Thornton LLP, which had valued the brand.
Grant Thornton India LLP, in March, had said it stands by the brand valuation report of Kingfisher Airlines and was ready to provide all required information to appropriate authorities.
Sebi is also looking into alleged cases of insider trading and violations of listing regulations and corporate governance norms, among other lapses.
The ED registered a money laundering case against Mallya and others based on a CBI FIR registered last year. The agency is also investigating the overall financial structure of Kingfisher Airlines and will look into any payment of kickbacks.
The CBI had booked Mallya, Director of Kingfisher Airlines, the company, former CFO A Raghunathan and unknown officials of IDBI Bank in its FIR alleging that the loan was sanctioned in violation of norms regarding credit limits.
Widening its probe into the financial irregularities at erstwhile Kingfisher Airlines, SFIO has started examining former chiefs of various banks, including public sector lenders, for having extended fresh loans allegedly without full due-diligence amid ballooning losses at the Vijay Mallya-owned carrier.
The white-collar crimes probe agency is also looking at allegations of loans being extended on the basis of "inflated" valuation of brands and some other assets as also suspected fund diversions from the airline, whose founder and main promoter Vijay Mallya is already under scanner of multiple agencies, including the CBI and the Enforcement Directorate.
Sources said SFIO has widened investigations into the affairs of Kingfisher Airlines and is now focussing on the lenders as well as their top management personnel for the suspected lapses in the due diligence process before extending loans to the carrier.
The agency has examined some former heads of public sector banks which had extended loans to the airline at a time when the carrier's losses were on the rise, they added.
When contacted, former heads of some public sector banks, on condition of anonymity, accepted having been approached by the agency but maintained it was more about seeking information about the loan disbursal and other technicalities.
They maintained that there were no lapses at the top management level and diverted the official queries to the respective banks.
According to the sources, SFIO, which comes under the Corporate Affairs Ministry, has issued summons to former top officials of more than ten banks.
A significant chunk of the loans were given between 2007 and 2010, while the carrier's net losses jumped to more than Rs 1,600 crore in 2008-09 period.
Queries sent to SFIO Director and Corporate Affairs Ministry remained unanswered.
Bogged down by huge losses and liabilities, including dues to the lenders, the carrier was grounded in late 2012.
The flamboyant Mallya, who has also been declared as a wilful defaulted, left the country in March this year amid lenders stepping up efforts to recover dues worth more than Rs 9,000 crore.
As part of the probe, which has been going for more than three years, SFIO has already questioned Mallya and other officials of the now defunct airline.
Besides, the Serious Fraud Investigation Office (SFIO) is looking into the high valuation of over Rs 4,000 crore secured by the airline as part of its overall probe.
The agency is investigating whether such a high valuation was arrived at fraudulently to get more funds from banks and siphon off the additional money for purposes other than proposed investment in the airline.
In this regard, SFIO is also looking into the role of Grant Thornton LLP, which had valued the brand.
Grant Thornton India LLP, in March, had said it stands by the brand valuation report of Kingfisher Airlines and was ready to provide all required information to appropriate authorities.
Sebi is also looking into alleged cases of insider trading and violations of listing regulations and corporate governance norms, among other lapses.
The ED registered a money laundering case against Mallya and others based on a CBI FIR registered last year. The agency is also investigating the overall financial structure of Kingfisher Airlines and will look into any payment of kickbacks.
The CBI had booked Mallya, Director of Kingfisher Airlines, the company, former CFO A Raghunathan and unknown officials of IDBI Bank in its FIR alleging that the loan was sanctioned in violation of norms regarding credit limits.
General Awareness
ISRO successfully test-fires Scramjet Rocket Engine
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Indian Space Research Organisation (ISRO) successfully tested its own scramjet engines from Satish Dhawan Space Centre (SDSC) in Sriharikota in Andhra Pradesh.
About Scramjet Engine:
A scramjet supersonic combusting ramjet is a variant of a ramjet air breathing jet engine in which combustion takes place in supersonic airflow. As in ramjets, a scramjet relies on high vehicle speed to forcefully compress the incoming air before combustion.
- But a ramjet decelerates the air tosubsonic velocities before combustion, while airflow in a scramjet is supersonic throughout the entire engine. This allows the scramjet to operate efficiently at extremely high speeds.
- Scramjets are designed to operate in the hypersonic flight regime, beyond the reach of turbojet engines, and, along with ramjets, fill the gap between the high efficiency of turbojets and the high speed of rocket engines.
- Turbo machinery-based engines, while highly efficient at subsonic speeds, become increasingly inefficient at transonic speeds, as the compressor fans found in turbojet engines require subsonic speeds to operate.
- While the flow from transonic to low supersonic speeds can be decelerated to these conditions, doing so at supersonic speeds results in a tremendous increase in temperature and a loss in the total pressure of the flow. Around Mach 3–4, turbo machinery is no longer useful, and ram-style compression becomes the preferred method.
- All scramjet engines have an intake which compresses the incoming air, fuel injectors, a combustion chamber, and a divergent thrust nozzle. Sometimes engines also include a region which acts as aflame holder, although the high stagnation temperatures mean that an area of focused waves may be used, rather than a discrete engine part as seen in turbine engines.
- Other engines use pyrophoric fuel additives, such as silane, to avoid flameout. An isolator between the inlet and combustion chamber is often included to improve the homogeneity of the flow in the combustor and to extend the operating range of the engine.
- A scramjet is reminiscent of a ramjet. In a typical ramjet, the supersonic inflow of the engine is decelerated at the inlet to subsonic speeds and then re accelerated through a nozzle to supersonic speeds to produce thrust. This deceleration, which is produced by a normal shock, creates a total pressureloss which limits the upper operating point of a ramjet engine.
About ISRO:
- The Indian Space Research Organisation is the space agency of the Indian government headquartered in the city of Bangalore. Its vision is to “harness space technology for national development, while pursuing space science research and planetary exploration“.
- Formed in 1969, ISRO superseded the erstwhile Indian National Committee for Space Research (INCOSPAR) established in 1962 by the efforts of independent India’s first Prime Minister, Jawaharlal Nehru, and his close aide and scientist Vikram Sarabhai.
- The establishment of ISRO thus institutionalised space activities in India.It is managed by the Department of Space, which reports to the Prime Minister of India.
- ISRO built India’s firstsatellite, Aryabhata, which was launched by the Soviet Union on 19 April in 1975. In 1980, Rohini became the first satellite to be placed in orbit by an Indian-made launch vehicle, SLV-3. ISRO subsequently developed two other rockets: the Polar Satellite Launch Vehicle (PSLV) for launching satellites into polar orbits and the Geosynchronous Satellite Launch Vehicle (GSLV) for placing satellites into geostationary orbits.
- These rockets have launched numerous communications satellites and earth observation satellites. Satellite navigation systems like GAGAN and IRNSS have been deployed. In January 2014, ISRO successfully used an indigenous cryogenic engine in a GSLV-D5 launch of the GSAT-14.
- ISRO sent one lunar orbiter, Chandrayaan-1, on 22 October 2008 and one Mars orbiter, Mars Orbiter Mission, which successfully entered Mars orbit on 24 September 2014, making India the first nation to succeed on its first attempt, and ISRO the fourth space agency in the world as well as the first space agency in Asia to successfully reach Mars orbit.
- Indian Space Research Organisation (ISRO) successfully tested its own scramjet engines from Satish Dhawan Space Centre (SDSC) in Sriharikota in Andhra Pradesh.About Scramjet Engine:A scramjet supersonic combusting ramjet is a variant of a ramjet air breathing jet engine in which combustion takes place in supersonic airflow. As in ramjets, a scramjet relies on high vehicle speed to forcefully compress the incoming air before combustion.
- But a ramjet decelerates the air tosubsonic velocities before combustion, while airflow in a scramjet is supersonic throughout the entire engine. This allows the scramjet to operate efficiently at extremely high speeds.
- Scramjets are designed to operate in the hypersonic flight regime, beyond the reach of turbojet engines, and, along with ramjets, fill the gap between the high efficiency of turbojets and the high speed of rocket engines.
- Turbo machinery-based engines, while highly efficient at subsonic speeds, become increasingly inefficient at transonic speeds, as the compressor fans found in turbojet engines require subsonic speeds to operate.
- While the flow from transonic to low supersonic speeds can be decelerated to these conditions, doing so at supersonic speeds results in a tremendous increase in temperature and a loss in the total pressure of the flow. Around Mach 3–4, turbo machinery is no longer useful, and ram-style compression becomes the preferred method.
- All scramjet engines have an intake which compresses the incoming air, fuel injectors, a combustion chamber, and a divergent thrust nozzle. Sometimes engines also include a region which acts as aflame holder, although the high stagnation temperatures mean that an area of focused waves may be used, rather than a discrete engine part as seen in turbine engines.
- Other engines use pyrophoric fuel additives, such as silane, to avoid flameout. An isolator between the inlet and combustion chamber is often included to improve the homogeneity of the flow in the combustor and to extend the operating range of the engine.
- A scramjet is reminiscent of a ramjet. In a typical ramjet, the supersonic inflow of the engine is decelerated at the inlet to subsonic speeds and then re accelerated through a nozzle to supersonic speeds to produce thrust. This deceleration, which is produced by a normal shock, creates a total pressureloss which limits the upper operating point of a ramjet engine.
About ISRO:- The Indian Space Research Organisation is the space agency of the Indian government headquartered in the city of Bangalore. Its vision is to “harness space technology for national development, while pursuing space science research and planetary exploration“.
- Formed in 1969, ISRO superseded the erstwhile Indian National Committee for Space Research (INCOSPAR) established in 1962 by the efforts of independent India’s first Prime Minister, Jawaharlal Nehru, and his close aide and scientist Vikram Sarabhai.
- The establishment of ISRO thus institutionalised space activities in India.It is managed by the Department of Space, which reports to the Prime Minister of India.
- ISRO built India’s firstsatellite, Aryabhata, which was launched by the Soviet Union on 19 April in 1975. In 1980, Rohini became the first satellite to be placed in orbit by an Indian-made launch vehicle, SLV-3. ISRO subsequently developed two other rockets: the Polar Satellite Launch Vehicle (PSLV) for launching satellites into polar orbits and the Geosynchronous Satellite Launch Vehicle (GSLV) for placing satellites into geostationary orbits.
- These rockets have launched numerous communications satellites and earth observation satellites. Satellite navigation systems like GAGAN and IRNSS have been deployed. In January 2014, ISRO successfully used an indigenous cryogenic engine in a GSLV-D5 launch of the GSAT-14.
- ISRO sent one lunar orbiter, Chandrayaan-1, on 22 October 2008 and one Mars orbiter, Mars Orbiter Mission, which successfully entered Mars orbit on 24 September 2014, making India the first nation to succeed on its first attempt, and ISRO the fourth space agency in the world as well as the first space agency in Asia to successfully reach Mars orbit.
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