General Affairs
Baramulla Attack: 1 Security Personnel Dead, Terrorists May Have Escaped
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BARAMULLA: Since first light on Monday morning, security forces have launched a "search and cordon" operation in Kashmir's Baramulla, where terrorists attacked adjoining Army and Border Security Force (BSF) camps last night.
A BSF personnel has died and another is critically injured.
The terrorists, believed to be about three to four in number, may have fled after an intense two-hour gun battle, sources said, and the entire area has been cordoned off as security forces search for them. The Baramulla highway that to leads to Handwara has been sealed.
The terrorists attacked the 46 Rashtriya Rifles camp of the Army and the adjacent BSF camp in main town Baramulla, about 60 km from capital Srinagar, in two groups at about 10.30 pm on Sunday. Heavy firing and loud grenade blasts were heard.
After about two hours of firing, the Army said the situation was "contained and under control."
The attackers had managed to enter the fringes of the BSF camp but met heavy gun fire from the Army and the BSF, on high alert since four Pakistani terrorists had sneaked into an army base in Uri, also in Baramulla district, and killed 19 soldiers two weeks ago.
The terrorists who attacked Baramulla yesterday are suspected to have entered India across the Jhelum river.
Home Minister Rajnath Singh, National Security adviser were briefed about the security situation in Baramulla.
Last week, the Indian Army said it had conducted surgical strikes across the Line of Control against teams of Pakistani terrorists waiting to infiltrate into India with the aim of attacking various places in Jammu and Kashmir and also several metros.
A BSF personnel has died and another is critically injured.
The terrorists, believed to be about three to four in number, may have fled after an intense two-hour gun battle, sources said, and the entire area has been cordoned off as security forces search for them. The Baramulla highway that to leads to Handwara has been sealed.
After about two hours of firing, the Army said the situation was "contained and under control."
The terrorists who attacked Baramulla yesterday are suspected to have entered India across the Jhelum river.
Home Minister Rajnath Singh, National Security adviser were briefed about the security situation in Baramulla.
Last week, the Indian Army said it had conducted surgical strikes across the Line of Control against teams of Pakistani terrorists waiting to infiltrate into India with the aim of attacking various places in Jammu and Kashmir and also several metros.
Foreign Media On Netaji Files Declassified By Japan
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LONDON: The Japanese government recently declassified archival materials to help settle the long-held controversy over the death of Subhas Chandra Bose, a hero of India's independence movement. The materials show Bose died in a plane crash in Taipei just after the end of World War II.
The documents recently became available to the public at the Foreign Ministry's Diplomatic Archives in Minato Ward, Tokyo.
The persistent belief of some Indians - especially in the state of West Bengal - that Bose is still alive has made it difficult for Japan to return his remains, which currently reside in the country. A section of Bose's family are hoping the declassification will help bring the remains back to India.
According to conventional wisdom, Bose died in a plane crash in August 1945. But many Indians - especially residents of his birthplace, Kolkata in eastern India - have insisted the accident was staged and that he actually went to live in what was then the Soviet Union after the war. They have opposed the return of Bose's remains, claiming their authenticity cannot be verified.
The Indian government has conducted three official investigations in the past. In 2006, it announced that the plane crash and the authenticity of the remains could not be confirmed because the Taiwan side was unable to produce a record of the accident.
India asked the Japanese government to conduct its own survey in 1956. A report on the survey, "Investigation on the cause of death and other matters of the late Subhas Chandra Bose," was recently declassified ahead of its publication and given to Bose's bereaved family.
The report is based on the testimonies of witnesses and military doctors who were at Bose's bedside when he died. According to the report, a plane heading to the Chinese city of Dalian crashed at 1:50 p.m. on Aug. 18, 1945, immediately after taking off from Taipei, a fueling base. Bose suffered severe burns over his entire body and was taken to Taiwan's Army Hospital, where he reportedly told doctors to treat others first. He was in fact treated first but died at 7 p.m. the same day. The document also explains how his remains and belongings were sent to Japan.
Born in 1897, Bose became president of the Congress Party for India's independence but resigned from the post following differences with Mahatma Gandhi. He exiled himself in Germany before moving to Japan. In 1944, he commanded the Indian national army at the Battle of Imphal, a clash during the now-defunct Imperial Japanese Army's invasion of British India through Burma, now Myanmar. He was said to have aspired to continue fighting in the former Soviet Union after the end of World War II, but died without seeing the independence of his country.
Bose's only daughter is Anita Bose Pfaff, 73, who currently lives in Germany. She said she hopes the latest release of materials will settle the dispute and that his remains will be returned to India, a country whose independence he earnestly desired.
Journalist Ashis Ray, a relative of Pfaff who has investigated Bose's death, says the belief that he is still alive originates from people in his hometown who are reluctant to admit the death of their hero.
This view has also been held for political purposes, and Ray hopes the disclosure of the documents will help more people accept he died in the accident.
Bose's remains currently reside in Renkoji temple in Suginami Ward, Tokyo.
Temple priest Kyozen Mochizuki, 42, said, "The remains were supposed to have been kept here temporarily." However, the Indian government's unclear position on Bose's death has prevented Renkoji from returning the remains for the last 71 years.
Mochizuki is hopeful the release of the archival materials will result in Bose's remains being returned to India.
The temple held a funeral for Bose after his body was cremated in Taiwan and the remains brought to Tokyo. Every year since, it has honored him with a memorial service on the anniversary of his death.
Renkoji also contains a bust of Bose erected in 1990 by former soldiers of the now-defunct Imperial Japanese Army.
The temple has hosted Indian prime ministers including Jawaharlal Nehru, Indira Gandhi, Atal Bihari Vajpayee, and other prominent political figures.
The documents recently became available to the public at the Foreign Ministry's Diplomatic Archives in Minato Ward, Tokyo.
The persistent belief of some Indians - especially in the state of West Bengal - that Bose is still alive has made it difficult for Japan to return his remains, which currently reside in the country. A section of Bose's family are hoping the declassification will help bring the remains back to India.
According to conventional wisdom, Bose died in a plane crash in August 1945. But many Indians - especially residents of his birthplace, Kolkata in eastern India - have insisted the accident was staged and that he actually went to live in what was then the Soviet Union after the war. They have opposed the return of Bose's remains, claiming their authenticity cannot be verified.
India asked the Japanese government to conduct its own survey in 1956. A report on the survey, "Investigation on the cause of death and other matters of the late Subhas Chandra Bose," was recently declassified ahead of its publication and given to Bose's bereaved family.
The report is based on the testimonies of witnesses and military doctors who were at Bose's bedside when he died. According to the report, a plane heading to the Chinese city of Dalian crashed at 1:50 p.m. on Aug. 18, 1945, immediately after taking off from Taipei, a fueling base. Bose suffered severe burns over his entire body and was taken to Taiwan's Army Hospital, where he reportedly told doctors to treat others first. He was in fact treated first but died at 7 p.m. the same day. The document also explains how his remains and belongings were sent to Japan.
Born in 1897, Bose became president of the Congress Party for India's independence but resigned from the post following differences with Mahatma Gandhi. He exiled himself in Germany before moving to Japan. In 1944, he commanded the Indian national army at the Battle of Imphal, a clash during the now-defunct Imperial Japanese Army's invasion of British India through Burma, now Myanmar. He was said to have aspired to continue fighting in the former Soviet Union after the end of World War II, but died without seeing the independence of his country.
Bose's only daughter is Anita Bose Pfaff, 73, who currently lives in Germany. She said she hopes the latest release of materials will settle the dispute and that his remains will be returned to India, a country whose independence he earnestly desired.
Journalist Ashis Ray, a relative of Pfaff who has investigated Bose's death, says the belief that he is still alive originates from people in his hometown who are reluctant to admit the death of their hero.
This view has also been held for political purposes, and Ray hopes the disclosure of the documents will help more people accept he died in the accident.
Bose's remains currently reside in Renkoji temple in Suginami Ward, Tokyo.
Temple priest Kyozen Mochizuki, 42, said, "The remains were supposed to have been kept here temporarily." However, the Indian government's unclear position on Bose's death has prevented Renkoji from returning the remains for the last 71 years.
Mochizuki is hopeful the release of the archival materials will result in Bose's remains being returned to India.
The temple held a funeral for Bose after his body was cremated in Taiwan and the remains brought to Tokyo. Every year since, it has honored him with a memorial service on the anniversary of his death.
Renkoji also contains a bust of Bose erected in 1990 by former soldiers of the now-defunct Imperial Japanese Army.
The temple has hosted Indian prime ministers including Jawaharlal Nehru, Indira Gandhi, Atal Bihari Vajpayee, and other prominent political figures.
Reservation Based On Caste Should Be Scrapped: Raj Thackeray
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THANE: MNS chief Raj Thackeray on Sunday said reservation based on the caste should be scrapped.
"Reservation based on the caste should be scrapped. The reservation should be given only for the economically backward. Whenever I get the opportunity to meet the Prime Minister (Narendra Modi), I will request him to give reservation to those who are economically backward irrespective of the caste," Raj said while addressing a gathering in Thane.
He alleged that former Prime Minister V P Singh was the "culprit" who brought in the reservation system and "poisoned" the country.
Meanwhile, he praised the Maratha community for taking out "disciplined" protest marches across the state.
"Such 'morchas' (protest marches) were never taken out in the country and the state," he added.
The MNS chief also took a jibe at Congress-NCP asking why no reservation was given to the community when the two parties were in power.
The members of the Maratha community are taking out protest marches to press for their demands which include stern action against the culprits of Kopardi rape and murder case, reservations for the community and scrapping of SC/ST (Prevention of Atrocities) Act.
The silent marches began after the alleged rape and murder of a Maratha girl by some Dalits youths at Kopardi in July.
"Reservation based on the caste should be scrapped. The reservation should be given only for the economically backward. Whenever I get the opportunity to meet the Prime Minister (Narendra Modi), I will request him to give reservation to those who are economically backward irrespective of the caste," Raj said while addressing a gathering in Thane.
He alleged that former Prime Minister V P Singh was the "culprit" who brought in the reservation system and "poisoned" the country.
"Such 'morchas' (protest marches) were never taken out in the country and the state," he added.
The members of the Maratha community are taking out protest marches to press for their demands which include stern action against the culprits of Kopardi rape and murder case, reservations for the community and scrapping of SC/ST (Prevention of Atrocities) Act.
The silent marches began after the alleged rape and murder of a Maratha girl by some Dalits youths at Kopardi in July.
Congress Issues Whip For Special Karnataka Session On Water Release
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BENGALURU: Karnataka's ruling Congress on Sunday issued whip to its lawmakers to attend the special joint session of the state legislature on Monday to decide on the Supreme Court order to release Cauvery water to Tamil Nadu.
"Chief whip Ashok Pattan has issued the whip directing our legislators in the assembly and council to be present in Vidhana Soudha on Monday and participate in the discussion on the apex court order," a party source told IANS.
The cabinet on Saturday decided to convene the day-long session after an all-party meeting urged the state government not to release the river water at any cost as it is required for drinking purpose in the region.
A division bench of the top court on Friday directed the state to release 6,000 cusecs per day for a week from October 1-6.
"As the resolution to utilise the scarce water in the four dams across the river basin for drinking purpose was unanimously passed in the council and the assembly at a special session on September 23, only the legislature has to decide on how best to use the resource," said the party official.
Deficit monsoon rains this year led to the lowest storage of water in the four reservoirs of Kabini, KRS, Harangi and Hemavathy across the river basin in the state's southern region.
"The reservoirs has collectively 27 tmc (thousand million cubic) feet of water, which is barely sufficient to meet the drinking needs of the people in cities, towns and villages in the region," said the source.
Chief Minister Siddaramaiah meanwhile regretted that Karnataka was being portrayed as a "villain" for not releasing the water without ascertaining the ground realities in a distress situation.
"The Supreme Court is unable to understand the crisis we are facing due to deficit rains in the catchment areas of the reservoirs. When we are not able to release water for our farmers, how can we do for irrigation in the neighbouring state," he said at a Gandhi Jayanti function in Bengaluru.
Noting that his government was bound by the legislative resolution - not to draw water for any purpose other than drinking needs, the chief minister said it was unfortunate the apex court was repeatedly asking the state to release water despite explaining the distress situation.
"We can't obey an order which is not helpful to the people. We don't intend to disrespect the Supreme Court nor defy its order but we are in a precarious situation to conserve whatever water we have for drinking purpose only," he added.
"Chief whip Ashok Pattan has issued the whip directing our legislators in the assembly and council to be present in Vidhana Soudha on Monday and participate in the discussion on the apex court order," a party source told IANS.
The cabinet on Saturday decided to convene the day-long session after an all-party meeting urged the state government not to release the river water at any cost as it is required for drinking purpose in the region.
"As the resolution to utilise the scarce water in the four dams across the river basin for drinking purpose was unanimously passed in the council and the assembly at a special session on September 23, only the legislature has to decide on how best to use the resource," said the party official.
Deficit monsoon rains this year led to the lowest storage of water in the four reservoirs of Kabini, KRS, Harangi and Hemavathy across the river basin in the state's southern region.
"The reservoirs has collectively 27 tmc (thousand million cubic) feet of water, which is barely sufficient to meet the drinking needs of the people in cities, towns and villages in the region," said the source.
Chief Minister Siddaramaiah meanwhile regretted that Karnataka was being portrayed as a "villain" for not releasing the water without ascertaining the ground realities in a distress situation.
"The Supreme Court is unable to understand the crisis we are facing due to deficit rains in the catchment areas of the reservoirs. When we are not able to release water for our farmers, how can we do for irrigation in the neighbouring state," he said at a Gandhi Jayanti function in Bengaluru.
Noting that his government was bound by the legislative resolution - not to draw water for any purpose other than drinking needs, the chief minister said it was unfortunate the apex court was repeatedly asking the state to release water despite explaining the distress situation.
"We can't obey an order which is not helpful to the people. We don't intend to disrespect the Supreme Court nor defy its order but we are in a precarious situation to conserve whatever water we have for drinking purpose only," he added.
Anti-India Slogans Raised, Stones Thrown From Pak During Retreat Ceremony At Wagah
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NEW DELHI: After the initial experiment in food and fertiliser, better targeting of kerosene subsidy is next on government agenda to plug diversion and black marketing of the fuel, Finance Minister Arun Jaitley said.
"Kerosene in some parts of the country is used as fuel, and in many parts... is misused. There is a huge amount of diversion... So, states are making efforts to become kerosene free because of a lot of diversion taking place," he said at an event of the Observer Research Foundation in New Delhi today.
He specifically made a mention of Union Territory of Chandigarh and Haryana trying to become kerosene free.
"That's one of the next items which is on the agenda as far as rationalisation is concerned, but there is still a section of society which uses kerosene as a fuel and therefore, you have to find a mechanism (as to) how to deal with the kerosene problem," he said.
With an aim to take PDS kerosene to the targeted beneficiary, it has been decided to implement the direct benefit transfer in kerosene (DBTK) in 39 districts in 2016-17. The districts spread across nine states have been identified in consultation with local governments, including Punjab, Gujarat, Himachal Pradesh, Madhya Pradesh and Chhattisgarh.
Giving examples of on-boarding of various government schemes on DBT, he said the government is now experimenting in various areas.
"Somewhere fertiliser is being experimented, somewhere food... One of the the great advantages would be to plug leakages, eliminate corruption and duplicacy and better targeting of subsidy," Mr Jaitley added.
It helps the government reach the targeted section more effectively and save money in the process that can be used for social programmes or alternatively, other developmental activities, he said.
"We are in the initial stages of various areas of implementation and I think the apprehensions which existed a couple of years ago have been to a large extent adequately addressed. Direct payment through this whole process of identification is slowly going to become the rule and not resorting to it would be an exception," he said.
"The whole idea is that in reaching the weakest section, the leakages takes place and only a small fraction reaches the targeted entity, and I think we will be able to get over that curse."
"Kerosene in some parts of the country is used as fuel, and in many parts... is misused. There is a huge amount of diversion... So, states are making efforts to become kerosene free because of a lot of diversion taking place," he said at an event of the Observer Research Foundation in New Delhi today.
He specifically made a mention of Union Territory of Chandigarh and Haryana trying to become kerosene free.
"That's one of the next items which is on the agenda as far as rationalisation is concerned, but there is still a section of society which uses kerosene as a fuel and therefore, you have to find a mechanism (as to) how to deal with the kerosene problem," he said.
With an aim to take PDS kerosene to the targeted beneficiary, it has been decided to implement the direct benefit transfer in kerosene (DBTK) in 39 districts in 2016-17. The districts spread across nine states have been identified in consultation with local governments, including Punjab, Gujarat, Himachal Pradesh, Madhya Pradesh and Chhattisgarh.
With an aim to take PDS kerosene to the targeted beneficiary, it has been decided to implement the direct benefit transfer in kerosene (DBTK) in 39 districts in 2016-17. The districts spread across nine states have been identified in consultation with local governments, including Punjab, Gujarat, Himachal Pradesh, Madhya Pradesh and Chhattisgarh.
Giving examples of on-boarding of various government schemes on DBT, he said the government is now experimenting in various areas.
"Somewhere fertiliser is being experimented, somewhere food... One of the the great advantages would be to plug leakages, eliminate corruption and duplicacy and better targeting of subsidy," Mr Jaitley added.
It helps the government reach the targeted section more effectively and save money in the process that can be used for social programmes or alternatively, other developmental activities, he said.
"We are in the initial stages of various areas of implementation and I think the apprehensions which existed a couple of years ago have been to a large extent adequately addressed. Direct payment through this whole process of identification is slowly going to become the rule and not resorting to it would be an exception," he said.
"The whole idea is that in reaching the weakest section, the leakages takes place and only a small fraction reaches the targeted entity, and I think we will be able to get over that curse."
"Somewhere fertiliser is being experimented, somewhere food... One of the the great advantages would be to plug leakages, eliminate corruption and duplicacy and better targeting of subsidy," Mr Jaitley added.
It helps the government reach the targeted section more effectively and save money in the process that can be used for social programmes or alternatively, other developmental activities, he said.
"We are in the initial stages of various areas of implementation and I think the apprehensions which existed a couple of years ago have been to a large extent adequately addressed. Direct payment through this whole process of identification is slowly going to become the rule and not resorting to it would be an exception," he said.
"The whole idea is that in reaching the weakest section, the leakages takes place and only a small fraction reaches the targeted entity, and I think we will be able to get over that curse."
Business Affairs
Six triggers that everyone on Dalal Street discussing this morning
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The confrontation at the border appears far from abetting. Sunday night, a bunch of militants opened fire on an Indian army camp in north Kashmir, brewing fresh tensions between India and Pakistan. The good news back home is black money window has fetched government Rs 65,250 crore, while on global front, the concerns over mess in Deutsche Bank have somewhat receded. Other than that, British Prime Minister Theresa May has finally announced a date to kick off Brexit.
Below is the wrap-up of all this and more that traders on Dalal Street are discussing this morning:
- Fidayeen attack on army camp: One BSF jawan was killed while another injured when terrorists tonight carried out a 'fidayeen' (suicide) attack on a BSF and adjoining army camps in Baramulla, barely four days after the Indian Special Forces smashed seven terror launch pads during a surgical strike across the Line of Control (LoC).
- Black money window: A huge sum of Rs 65,250 crore in black money was declared through the one-time declaration window, marking the biggest-ever disclosure of hidden wealth that will rake in Rs 29,362 crore in taxes to the Indian exchequer. The government is expected to get this fiscal year nearly Rs 14,700 crore or half of the total taxes due.
- Yuan enters SDR basket: In a policy milestone long sought by the Chinese government, China's yuan has finally entered the International Monetary Fund's elite SDR basket of currencies, raising the currency's status as global reserve asset. The four other members of this prestigious club are the US dollar, pound, yen and euro.
- Deutsche fears recede: Shares of Deutsche Bank recovered slightly on Friday on reports that the bank was negotiating a much smaller fine with the US Department of Justice, though the Wall Street Journal reported on Sunday that the talks were in flux. The DOJ fined Germany's largest bank $14 billion earlier in September for what it alleged were sales of toxic mortgage-backed securities.
- UK to trigger Brexit process by March 2017: British Prime Minister Theresa May said she will formally trigger the process of the UK's exit from the 28-nation EU by the end of March 2017, ending the speculation surrounding the timing of the important move. May confirmed the deadline for triggering Article 50 of the Lisbon Treaty, which sets in place a two-year process of withdrawal from the European Union or so-called Brexit, as the first quarter of next year.
- Asian markets trade higher: Just a hint of a deal between Deutsche Bank and DOJ was enough to nudge global markets back on optimism rally. Japan's Nikkei added over 200 points, while Hong Kong's Hang Seng index gained 300 points. Chinese markets are closed for the entire trading week.
The confrontation at the border appears far from abetting. Sunday night, a bunch of militants opened fire on an Indian army camp in north Kashmir, brewing fresh tensions between India and Pakistan. The good news back home is black money window has fetched government Rs 65,250 crore, while on global front, the concerns over mess in Deutsche Bank have somewhat receded. Other than that, British Prime Minister Theresa May has finally announced a date to kick off Brexit.
Below is the wrap-up of all this and more that traders on Dalal Street are discussing this morning:
- Fidayeen attack on army camp: One BSF jawan was killed while another injured when terrorists tonight carried out a 'fidayeen' (suicide) attack on a BSF and adjoining army camps in Baramulla, barely four days after the Indian Special Forces smashed seven terror launch pads during a surgical strike across the Line of Control (LoC).
- Black money window: A huge sum of Rs 65,250 crore in black money was declared through the one-time declaration window, marking the biggest-ever disclosure of hidden wealth that will rake in Rs 29,362 crore in taxes to the Indian exchequer. The government is expected to get this fiscal year nearly Rs 14,700 crore or half of the total taxes due.
- Yuan enters SDR basket: In a policy milestone long sought by the Chinese government, China's yuan has finally entered the International Monetary Fund's elite SDR basket of currencies, raising the currency's status as global reserve asset. The four other members of this prestigious club are the US dollar, pound, yen and euro.
- Deutsche fears recede: Shares of Deutsche Bank recovered slightly on Friday on reports that the bank was negotiating a much smaller fine with the US Department of Justice, though the Wall Street Journal reported on Sunday that the talks were in flux. The DOJ fined Germany's largest bank $14 billion earlier in September for what it alleged were sales of toxic mortgage-backed securities.
- UK to trigger Brexit process by March 2017: British Prime Minister Theresa May said she will formally trigger the process of the UK's exit from the 28-nation EU by the end of March 2017, ending the speculation surrounding the timing of the important move. May confirmed the deadline for triggering Article 50 of the Lisbon Treaty, which sets in place a two-year process of withdrawal from the European Union or so-called Brexit, as the first quarter of next year.
- Asian markets trade higher: Just a hint of a deal between Deutsche Bank and DOJ was enough to nudge global markets back on optimism rally. Japan's Nikkei added over 200 points, while Hong Kong's Hang Seng index gained 300 points. Chinese markets are closed for the entire trading week.
'64,275 declarants disclose Rs 65,250 crore black money'
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In the biggest ever black money disclosure, at least Rs 65,250 crore of undisclosed assets were declared in the one-time compliance window, yielding Rs 29,362 crore in taxes to the government.
While the black money declarations will go up once all the online and manual filings of undisclosed assets filed at the end of the four-month window on September 30 are compiled, the government will get nearly Rs 14,700 crore or half of the due taxes, this fiscal.
Announcing the declarations made under the Income Declaration Scheme (IDS), Finance Minister Arun Jaitley said 64,275 declarants disclosed an amount of Rs 65,250 crore.
"Some disclosures have not been tabulated... This figure could be revised upward once the final tabulation is done," he told a news conference here.
Government had offered a one-time chance to holders of income and assets that had illegally escaped taxes, to come clean by paying a tax and penalty of 45 per cent.
On the declarations compiled so far, the government will get Rs 29,362.5 crore in tax and penalty. The declarants can pay this amount in two installments up to September 30, 2017.
Half or Rs 14,681.25 crore will accrue this fiscal.
Last year, under a similar scheme for foreign black money holders, 644 declarations of undisclosed foreign income and assets were received, and just Rs 2,428 crore was collected in taxes.
"We will maintain secrecy of these declarations," Jaitley said, adding the tax would accrue to the Consolidated Fund of India and would be used for welfare of public.
The average declaration per declarant comes to Rs 1 crore.
A total tax of Rs 9,760 crore was collected under the Voluntary Income Disclosure Scheme (VIDS) amnesty scheme brought by the then Finance Minister P Chidambaram in 1997.
"In 1997, the tax collected was Rs 9,760 crore," Jaitley said, adding that VDIS and IDS cannot be compared as the two schemes are different.
While IDS is not an amnesty scheme, VDIS provided blanket amnesty, he said. Taxation under IDS is charged at the rate of 45 per cent while the effective rate of tax in the 1997 scheme was in single digit.
Jaitley also listed out the steps taken by the government to unearth unaccounted money in over two years, including Rs 56,378 crore during search operation and Rs 16,000 crore from non-filers of tax returns.
In the biggest ever black money disclosure, at least Rs 65,250 crore of undisclosed assets were declared in the one-time compliance window, yielding Rs 29,362 crore in taxes to the government.
While the black money declarations will go up once all the online and manual filings of undisclosed assets filed at the end of the four-month window on September 30 are compiled, the government will get nearly Rs 14,700 crore or half of the due taxes, this fiscal.
Announcing the declarations made under the Income Declaration Scheme (IDS), Finance Minister Arun Jaitley said 64,275 declarants disclosed an amount of Rs 65,250 crore.
"Some disclosures have not been tabulated... This figure could be revised upward once the final tabulation is done," he told a news conference here.
Government had offered a one-time chance to holders of income and assets that had illegally escaped taxes, to come clean by paying a tax and penalty of 45 per cent.
On the declarations compiled so far, the government will get Rs 29,362.5 crore in tax and penalty. The declarants can pay this amount in two installments up to September 30, 2017.
Half or Rs 14,681.25 crore will accrue this fiscal.
Last year, under a similar scheme for foreign black money holders, 644 declarations of undisclosed foreign income and assets were received, and just Rs 2,428 crore was collected in taxes.
"We will maintain secrecy of these declarations," Jaitley said, adding the tax would accrue to the Consolidated Fund of India and would be used for welfare of public.
The average declaration per declarant comes to Rs 1 crore.
A total tax of Rs 9,760 crore was collected under the Voluntary Income Disclosure Scheme (VIDS) amnesty scheme brought by the then Finance Minister P Chidambaram in 1997.
"In 1997, the tax collected was Rs 9,760 crore," Jaitley said, adding that VDIS and IDS cannot be compared as the two schemes are different.
While IDS is not an amnesty scheme, VDIS provided blanket amnesty, he said. Taxation under IDS is charged at the rate of 45 per cent while the effective rate of tax in the 1997 scheme was in single digit.
Jaitley also listed out the steps taken by the government to unearth unaccounted money in over two years, including Rs 56,378 crore during search operation and Rs 16,000 crore from non-filers of tax returns.
Govt rounds off fee at toll plazas to cut traffic delays
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In order to cut traffic delays on account of settling payments involving small change, the government has rounded off fee at toll plazas that are built on public-private-partnership (PPP) basis.
Efforts are also on to step up the introduction of electronic tolling across the country, officials said.
India is estimated to be suffering huge losses of about $21.3 billion annually over slow traffic and additional fuel consumption due to poor roads and frequent long halts at various points, including delays at toll plazas for want of small change.
"We have rounded off toll fee at highways on PPP where developers had inked pacts with the NHAI. This has been initiated at 26 such stretches and very soon it will implemented pan-India," a senior Road Transport and Highways Ministry official told PTI.
The rounding off is to the nearest multiple of five at toll plazas, the official said, adding that stretches where the fee amounted to Rs 68 or 69 will now be charged Rs 70, while on stretches where it is Rs 62, Rs 60 could be charged.
The move, the official said, will significantly reduce long queues on account of tolls.
According to a recent study by logistics firm Transport Corporation of India (TCI) and IIM-Kolkata, the cost of delay on highways was $6.6 billion per year and the cost of additional fuel consumption due to delay was $14.7 billion per year on account of several factors like poor road conditions and delays at plazas.
With regard to electronic tolls, Road Transport and Highways Minister Nitin Gadkari has said that "banks have sold 50,000 RFID tags to be pasted on vehicles to ensure no manual transactions at toll plazas".
To ensure non-stop vehicle movement at toll plazas, the National Highways Authority of India has rolled out cashless payment mechanism, FASTag, at over 275 tolls on highways.
FASTag offers near non-stop movement of vehicles through toll plazas and convenience of cashless payments of toll fee with nationwide inter-operable electronic toll collection services. It employs RFID technology for making toll payments directly from the pre-paid account linked to it. Vehicles with FASTag use a dedicated lane for cashless pass through.
In order to cut traffic delays on account of settling payments involving small change, the government has rounded off fee at toll plazas that are built on public-private-partnership (PPP) basis.
Efforts are also on to step up the introduction of electronic tolling across the country, officials said.
India is estimated to be suffering huge losses of about $21.3 billion annually over slow traffic and additional fuel consumption due to poor roads and frequent long halts at various points, including delays at toll plazas for want of small change.
"We have rounded off toll fee at highways on PPP where developers had inked pacts with the NHAI. This has been initiated at 26 such stretches and very soon it will implemented pan-India," a senior Road Transport and Highways Ministry official told PTI.
The rounding off is to the nearest multiple of five at toll plazas, the official said, adding that stretches where the fee amounted to Rs 68 or 69 will now be charged Rs 70, while on stretches where it is Rs 62, Rs 60 could be charged.
The move, the official said, will significantly reduce long queues on account of tolls.
According to a recent study by logistics firm Transport Corporation of India (TCI) and IIM-Kolkata, the cost of delay on highways was $6.6 billion per year and the cost of additional fuel consumption due to delay was $14.7 billion per year on account of several factors like poor road conditions and delays at plazas.
With regard to electronic tolls, Road Transport and Highways Minister Nitin Gadkari has said that "banks have sold 50,000 RFID tags to be pasted on vehicles to ensure no manual transactions at toll plazas".
To ensure non-stop vehicle movement at toll plazas, the National Highways Authority of India has rolled out cashless payment mechanism, FASTag, at over 275 tolls on highways.
FASTag offers near non-stop movement of vehicles through toll plazas and convenience of cashless payments of toll fee with nationwide inter-operable electronic toll collection services. It employs RFID technology for making toll payments directly from the pre-paid account linked to it. Vehicles with FASTag use a dedicated lane for cashless pass through.
Unfazed by HC ruling, Nitish Kumar brings in new liquor law with harsher provisions
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Two days after the Patna High Court quashed its order on prohibition, Bihar government on Gandhi Jayanti today came out with a new law banning liquor with more harsh provisions like arrest of all adults in the event of recovery of the contraband in their house.
The government notified the Bihar Prohibition and Excise Act, 2016 to ensure that the ban on sale and consumption of alcohol including Indian Made Foreign Liquor (IMFL) as well spiced and domestic liquor continued in the state.
At a special Cabinet convened today, Chief Minister Nitish Kumar and other members of his Cabinet took a pledge that the government would continue with prohibition which is "ushering positive social change" in the state.
Besides retaining many provisions of the previous one, the new liquor law has some more stringent provisions including enhancing duration of imprisonment, hiking amount of fine, arrest of all adults in case of recovery of liquor bottle from a house and collective fine on a place in case of habitual violation of prohibition.
Principal Secretary (Cabinet Secretariat) Brajesh Mehrotra usually briefs media about Cabinet decisions, but today the Chief Minister himself took the mike and answered all queries.
The CM told reporters that the new liquor law, brought into force from today, would be a real tribute to the Father of the Nation when the state is readying to observe the centenary celebration of Gandhiji's Champaran Satyagraha against British rule from the state in early 2017.
The new liquor law came into force in Bihar barely two days after the Patna High Court had on Friday quashed its April 5 notification describing it as ultra vires of Constitution.
The new Bihar Prohibition and Excise Act, 2016 after approval from both Houses of state Legislatures on August 4, got the consent of Governor Ram Nath Kovind on September 7 last.
The CM told reporters that after receiving the approval from Governor, the state Cabinet had in its meeting on September 14 last gave it a nod for notification from October 2.
Principal Additional Advocate General Lalit Kishore who had attended a high level meeting convened by the CM hours after the HC order on Friday which had quashed its April 5 notification describing it as ultra vires of Constitution, made it clear that the Division Bench of Chief Justice Iqbal Ahmad Ansari and Justice Navnati Prasad Singh had quashed the April 5 notification on prohibition and did not say anything about the Amended Excise Act.
Two days after the Patna High Court quashed its order on prohibition, Bihar government on Gandhi Jayanti today came out with a new law banning liquor with more harsh provisions like arrest of all adults in the event of recovery of the contraband in their house.
The government notified the Bihar Prohibition and Excise Act, 2016 to ensure that the ban on sale and consumption of alcohol including Indian Made Foreign Liquor (IMFL) as well spiced and domestic liquor continued in the state.
At a special Cabinet convened today, Chief Minister Nitish Kumar and other members of his Cabinet took a pledge that the government would continue with prohibition which is "ushering positive social change" in the state.
Besides retaining many provisions of the previous one, the new liquor law has some more stringent provisions including enhancing duration of imprisonment, hiking amount of fine, arrest of all adults in case of recovery of liquor bottle from a house and collective fine on a place in case of habitual violation of prohibition.
Principal Secretary (Cabinet Secretariat) Brajesh Mehrotra usually briefs media about Cabinet decisions, but today the Chief Minister himself took the mike and answered all queries.
The CM told reporters that the new liquor law, brought into force from today, would be a real tribute to the Father of the Nation when the state is readying to observe the centenary celebration of Gandhiji's Champaran Satyagraha against British rule from the state in early 2017.
The new liquor law came into force in Bihar barely two days after the Patna High Court had on Friday quashed its April 5 notification describing it as ultra vires of Constitution.
The new Bihar Prohibition and Excise Act, 2016 after approval from both Houses of state Legislatures on August 4, got the consent of Governor Ram Nath Kovind on September 7 last.
The CM told reporters that after receiving the approval from Governor, the state Cabinet had in its meeting on September 14 last gave it a nod for notification from October 2.
Principal Additional Advocate General Lalit Kishore who had attended a high level meeting convened by the CM hours after the HC order on Friday which had quashed its April 5 notification describing it as ultra vires of Constitution, made it clear that the Division Bench of Chief Justice Iqbal Ahmad Ansari and Justice Navnati Prasad Singh had quashed the April 5 notification on prohibition and did not say anything about the Amended Excise Act.
Govt appoints four nominees to Insolvency and Bankruptcy Board
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Government has appointed four nominees, including two joint secretaries, to the Insolvency and Bankruptcy Board of India (IBBI).
M S Sahoo, who has served as member of fair trade regulator CCI and markets watchdog Sebi, took charge as IBBI Chairperson on Saturday.
Sources said four government nominees have been appointed to the board.
The nominees are Ajay Tyagi, Additional Secretary at the Department of Economic Affairs, Amardeep Singh Bhatia, Joint Secretary at the Corporate Affairs Ministry, G S Yadav, Joint Secretary at the Department of Legal Affairs and Unnikrishnan, Legal Adviser at the RBI.
IBBI has been set up under the Insolvency and Bankruptcy Code, 2016 -- which seeks to consolidate and amend laws relating to reorganisation as well as insolvency resolution of corporate persons, partnership firms and individuals in a time-bound manner.
Apart from the Chairperson and four government nominees, the board would have five more persons, including three Whole Time Members. Two others would be from outside.
Corporate Affairs Ministry, which is implementing the Code, has already started the process for hiring three Whole Time Members.
Sources said appointment of the three members is likely to take two to three months.
IBBI would regulate the functioning of insolvency professionals, insolvency professional agencies and information utilities.
Under the new law, notified in May, employees, creditors and shareholders would have powers to initiate winding up process at the first sign of financial stress such as serious default in repayment of bank loan.
In August, Finance and Corporate Affairs Minister Arun Jaitley had asked officials to ensure that the Code is implemented in a time-bound manner.
Government has appointed four nominees, including two joint secretaries, to the Insolvency and Bankruptcy Board of India (IBBI).
M S Sahoo, who has served as member of fair trade regulator CCI and markets watchdog Sebi, took charge as IBBI Chairperson on Saturday.
Sources said four government nominees have been appointed to the board.
The nominees are Ajay Tyagi, Additional Secretary at the Department of Economic Affairs, Amardeep Singh Bhatia, Joint Secretary at the Corporate Affairs Ministry, G S Yadav, Joint Secretary at the Department of Legal Affairs and Unnikrishnan, Legal Adviser at the RBI.
IBBI has been set up under the Insolvency and Bankruptcy Code, 2016 -- which seeks to consolidate and amend laws relating to reorganisation as well as insolvency resolution of corporate persons, partnership firms and individuals in a time-bound manner.
Apart from the Chairperson and four government nominees, the board would have five more persons, including three Whole Time Members. Two others would be from outside.
Corporate Affairs Ministry, which is implementing the Code, has already started the process for hiring three Whole Time Members.
Sources said appointment of the three members is likely to take two to three months.
IBBI would regulate the functioning of insolvency professionals, insolvency professional agencies and information utilities.
Under the new law, notified in May, employees, creditors and shareholders would have powers to initiate winding up process at the first sign of financial stress such as serious default in repayment of bank loan.
In August, Finance and Corporate Affairs Minister Arun Jaitley had asked officials to ensure that the Code is implemented in a time-bound manner.
General Awareness
Vice President Hamid Ansari’s five-day tour of Nigeria and Mali
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Vice President Hamid Ansari had a five-day tour of Nigeria and Mali in order to further strengthen Indias bilateral engagements with these two West African nations.
About Hamid Ansari :
Mohammad Hamid Ansari is the 12th and current Vice President of India, in office since 2007. Ansari is the only person to get re-elected for the post of Vice President of India after Radhakrishnan.
- He also presently serves as President of the Indian Institute of Public Administration and Chancellor of Punjab University, Chandigarh.
- Ansari worked as an ambassador and served as Vice-Chancellor of the Aligarh Muslim University from 2000 to 2002.
- Later he was Chairman of the National Commission for Minorities from 2006 to 2007. He was elected as Vice President of India on 10 August 2007 and took office on 11 August 2007.
- He was re-elected on 7 August 2012 and was sworn-in by Pranab Mukherjee, the President of India. The oath taking ceremony was conducted at Rashtrapati Bhavan on 11 August 2012.
- He started his career as Officer in theIndian Foreign Service in 1961. He was Permanent Representative of India to the United Nations, Indian High Commissioner to Australia and Ambassador to the United Arab Emirates, Afghanistan, Iran and Saudi Arabia. He was awarded the Padma Shree in 1984.
- He was also Professor &Vice-Chancellor of the Aligarh Muslim University from May 2000 to March 2002. He is known for his role in ensuring compensation to the victims of the Gujarat riots and pushing for a complete re-look into the relief and rehabilitation for riot victims since 1984.
- During the visit, the vice president was accompanied by his wife Salma Ansari, Minister of State for Finance Arjun Ram Meghwal, four MPs and senior officials.
- He also met the governor of Lagos and deliver an address at the joint business forum at the University of Lagos.
Aim of the visit :
To boosting the relationship between the two countries and explore new areas of cooperation to expand and diversify bilateral relationship.
Nigeria Visit – 26-29, 2016 :
Vice President Hamid Ansari arrived in this Nigerian capital on the first leg of his five-day, two-nation tour which will also take him to the another West African country Mali.
- India is Nigeria’s biggest partner in trade in Africa. It is also a major supplier of energy.
- New areas of cooperation were identified – renewable energy, solar alliance, agriculture, manufacturing, health and science and technology with particular interest shown in our space programme.
- In capital Abuja, he held talks with President Muhammadu Buhari and his counterpart Yemi Osinbajo, addressed members of the Nigerian and Indian industry and also the Indian community besides delivering a speech at the National College of Defence.
- It is noted that Some Indians have been affected by criminal incidents especially kidnappings and armed robberies in various parts of Nigeria.
- Apart from kidnapping of Indian nationals from time to time, there was an incident of sea piracy off Nigerian coast in February when 18 crew members of a merchant vessel including 11 Indian nationals were taken hostage by pirates.
- Ansari lauded the role of Indians, particularly teachers and doctors, saying they have been contributing immensely to the national developmental work.
- Over 100 Indian companies have made Nigeria their base to operate inWest Africa, employing the largest number of Nigerians after the Federal Government, and covering diverse sectors of the economy.
- It is estimated that the Indian investments have exceeded USD 10 billion so far, and another USD 5 billion are committed. Indian investments are in diverse sectors such as communications, power, pharmaceuticals, healthcare, automotive sector and oil, among others.
Nigeria :
- Capital: Abuja Dialing
- Currency: Nigerian Naira
- Nigeria President – Muhammadu Buhari
Mali Visit – 29-30 September 2016 :
After Nigeria, Mr. Ansari then went to Mali, the first high-level visit by any Indian leader. In Malian capital Bamako, he addressed the National Assembly, Parliament of Mali, and met President Ibrahim Boubacar Keita, Prime Minister Modibo Keita, CEOs of Indian origin and Indian companies and also Indians posted in the West African country under United Nations Mission.
- The two leaders also witnessed the signing of agreements in the field of standards and for expanding cultural exchanges and cooperation.
- He also participated in the Friday prayers at the Grand Mosque with the prime minister and hundreds of other devout. Two MoUs were also signed between India and Mali, one on standards and the other on cultural exchange.
Mali :
- Capital: Bamako
- Currency: West African CFA franc
- President : Ibrahim Boubacar Keïta
Vice President Hamid Ansari had a five-day tour of Nigeria and Mali in order to further strengthen Indias bilateral engagements with these two West African nations.
About Hamid Ansari :
Mohammad Hamid Ansari is the 12th and current Vice President of India, in office since 2007. Ansari is the only person to get re-elected for the post of Vice President of India after Radhakrishnan.
- He also presently serves as President of the Indian Institute of Public Administration and Chancellor of Punjab University, Chandigarh.
- Ansari worked as an ambassador and served as Vice-Chancellor of the Aligarh Muslim University from 2000 to 2002.
- Later he was Chairman of the National Commission for Minorities from 2006 to 2007. He was elected as Vice President of India on 10 August 2007 and took office on 11 August 2007.
- He was re-elected on 7 August 2012 and was sworn-in by Pranab Mukherjee, the President of India. The oath taking ceremony was conducted at Rashtrapati Bhavan on 11 August 2012.
- He started his career as Officer in theIndian Foreign Service in 1961. He was Permanent Representative of India to the United Nations, Indian High Commissioner to Australia and Ambassador to the United Arab Emirates, Afghanistan, Iran and Saudi Arabia. He was awarded the Padma Shree in 1984.
- He was also Professor &Vice-Chancellor of the Aligarh Muslim University from May 2000 to March 2002. He is known for his role in ensuring compensation to the victims of the Gujarat riots and pushing for a complete re-look into the relief and rehabilitation for riot victims since 1984.
- During the visit, the vice president was accompanied by his wife Salma Ansari, Minister of State for Finance Arjun Ram Meghwal, four MPs and senior officials.
- He also met the governor of Lagos and deliver an address at the joint business forum at the University of Lagos.
Aim of the visit :
To boosting the relationship between the two countries and explore new areas of cooperation to expand and diversify bilateral relationship.
Nigeria Visit – 26-29, 2016 :
Vice President Hamid Ansari arrived in this Nigerian capital on the first leg of his five-day, two-nation tour which will also take him to the another West African country Mali.
- India is Nigeria’s biggest partner in trade in Africa. It is also a major supplier of energy.
- New areas of cooperation were identified – renewable energy, solar alliance, agriculture, manufacturing, health and science and technology with particular interest shown in our space programme.
- In capital Abuja, he held talks with President Muhammadu Buhari and his counterpart Yemi Osinbajo, addressed members of the Nigerian and Indian industry and also the Indian community besides delivering a speech at the National College of Defence.
- It is noted that Some Indians have been affected by criminal incidents especially kidnappings and armed robberies in various parts of Nigeria.
- Apart from kidnapping of Indian nationals from time to time, there was an incident of sea piracy off Nigerian coast in February when 18 crew members of a merchant vessel including 11 Indian nationals were taken hostage by pirates.
- Ansari lauded the role of Indians, particularly teachers and doctors, saying they have been contributing immensely to the national developmental work.
- Over 100 Indian companies have made Nigeria their base to operate inWest Africa, employing the largest number of Nigerians after the Federal Government, and covering diverse sectors of the economy.
- It is estimated that the Indian investments have exceeded USD 10 billion so far, and another USD 5 billion are committed. Indian investments are in diverse sectors such as communications, power, pharmaceuticals, healthcare, automotive sector and oil, among others.
Nigeria :
- Capital: Abuja Dialing
- Currency: Nigerian Naira
- Nigeria President – Muhammadu Buhari
Mali Visit – 29-30 September 2016 :
After Nigeria, Mr. Ansari then went to Mali, the first high-level visit by any Indian leader. In Malian capital Bamako, he addressed the National Assembly, Parliament of Mali, and met President Ibrahim Boubacar Keita, Prime Minister Modibo Keita, CEOs of Indian origin and Indian companies and also Indians posted in the West African country under United Nations Mission.
- The two leaders also witnessed the signing of agreements in the field of standards and for expanding cultural exchanges and cooperation.
- He also participated in the Friday prayers at the Grand Mosque with the prime minister and hundreds of other devout. Two MoUs were also signed between India and Mali, one on standards and the other on cultural exchange.
Mali :
- Capital: Bamako
- Currency: West African CFA franc
- President : Ibrahim Boubacar Keïta
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