General Affairs
Tribal Village In Chhattisgarh Logs In To Cashless Transactions
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A tribal village in Chhattisgarh has virtually become cashless with its residents adopting digital mode to make payments.
Jariya, a village located 450 kms from state capital Raipur, is perhaps the first cashless village in the Jashpur district where all shopkeepers have accessed e-money transaction facilities.
"Residents of Jariya have avoided the chaos of cash crunch and adopted cashless mode of payment with the initiative of local administration and panchayat," said a local district administration official.
The village with a population of around 1386 has 263 families, about 80% of them tribals.
Of the total population, 515 people possess Adhaar card, ATM card and bank account while 260 use mobile phones, he said.
The owners of all eight shops in the village have shifted to digital mode of payment including POS (point of sale) machine, the official added.
Though Jariya has no bank but it enjoys good internet connectivity through mobile networks due to its proximity to the district headquarter, making cashless transaction possible.
The official said the villagers are now using cards or e-wallet to make payments.
Behind this digital push is the village Sarpanch Sanjay Lakra who got an equal support from the district administration.
Notably, Jariya was earlier declared 'open defecation free' after construction of toilets in each and every house.
After demonetisation exercise, Mr Lakra decided the village should also take measures to use digital channels for transactions and help villagers overcome the cash crunch woes, including standing in queues at bank in Jashpur.
Simultaneously, local administration has launched a campaign to make villagers familiar with digital economy and banking, as a result of which those without bank accounts now have them.
"Now, almost all the account holders have linked their mobile number and Adhaar number with the bank accounts," the official added.
Jariya, a village located 450 kms from state capital Raipur, is perhaps the first cashless village in the Jashpur district where all shopkeepers have accessed e-money transaction facilities.
"Residents of Jariya have avoided the chaos of cash crunch and adopted cashless mode of payment with the initiative of local administration and panchayat," said a local district administration official.
The village with a population of around 1386 has 263 families, about 80% of them tribals.
Of the total population, 515 people possess Adhaar card, ATM card and bank account while 260 use mobile phones, he said.
The owners of all eight shops in the village have shifted to digital mode of payment including POS (point of sale) machine, the official added.
Though Jariya has no bank but it enjoys good internet connectivity through mobile networks due to its proximity to the district headquarter, making cashless transaction possible.
The official said the villagers are now using cards or e-wallet to make payments.
Behind this digital push is the village Sarpanch Sanjay Lakra who got an equal support from the district administration.
Notably, Jariya was earlier declared 'open defecation free' after construction of toilets in each and every house.
After demonetisation exercise, Mr Lakra decided the village should also take measures to use digital channels for transactions and help villagers overcome the cash crunch woes, including standing in queues at bank in Jashpur.
Simultaneously, local administration has launched a campaign to make villagers familiar with digital economy and banking, as a result of which those without bank accounts now have them.
"Now, almost all the account holders have linked their mobile number and Adhaar number with the bank accounts," the official added.
Army Suffered More Casualties In Jammu And Kashmir This Year Than Last 2
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The casualties suffered by the army in Jammu and Kashmir this year is almost equal to the total combined number of soldiers killed in the last two years.
This year - one of the most violent in recent times -- 63 soldiers were killed in Jammu and Kashmir. The figure was 39 soldiers in 2015 and 26 in 2014.
Today, tributes were paid to three soldiers killed in a terrorist attack on an army convoy at Pampore on the outskirts of Srinagar. They were 35-year-old Naik Ratheesh C from Kerala, Sourabh Nandkumar from Pune, 33, and Shashikant Pandey, 24, from Jhankhand.
The attack comes less than a month after militants struck at an army unit in Nagrota near Jammu, killing seven soldiers.
The frequency of attacks has spiraled this year - the worst of them was on an army installation in Uri near the Line of Control in September, in which 18 soldiers were killed.
Besides an escalation in terrorist strikes in the hinterland, the army casualties have gone up due to a sharp spurt in ceasefire violations and Border Action Team operations by the Pakistani army following the Indian army's surgical strikes on six terror launch pads along the Line of Control.
According to sources, the terrorists being pushed into Jammu and Kashmir by Pakistan are highly trained and indoctrinated.
The government says an escalation points to the frustration of Pakistan, which is also trying to take advantage of the current unrest in Kashmir by instigating violence to destabilise the PDP-BJP government.
"Pakistan has been isolated the world over. That's why it is pushing up the graph of militancy in total desperation. Prime Minister Narendra Modi has exposed Pakistan in the country, in the Middle-East and across the world. That's why Pakistan is causing a spurt in violence in Jammu and Kashmir and on the borders," Deputy Chief Minister Nirmal Singh
This year - one of the most violent in recent times -- 63 soldiers were killed in Jammu and Kashmir. The figure was 39 soldiers in 2015 and 26 in 2014.
Today, tributes were paid to three soldiers killed in a terrorist attack on an army convoy at Pampore on the outskirts of Srinagar. They were 35-year-old Naik Ratheesh C from Kerala, Sourabh Nandkumar from Pune, 33, and Shashikant Pandey, 24, from Jhankhand.
The attack comes less than a month after militants struck at an army unit in Nagrota near Jammu, killing seven soldiers.
Besides an escalation in terrorist strikes in the hinterland, the army casualties have gone up due to a sharp spurt in ceasefire violations and Border Action Team operations by the Pakistani army following the Indian army's surgical strikes on six terror launch pads along the Line of Control.
According to sources, the terrorists being pushed into Jammu and Kashmir by Pakistan are highly trained and indoctrinated.
The government says an escalation points to the frustration of Pakistan, which is also trying to take advantage of the current unrest in Kashmir by instigating violence to destabilise the PDP-BJP government.
"Pakistan has been isolated the world over. That's why it is pushing up the graph of militancy in total desperation. Prime Minister Narendra Modi has exposed Pakistan in the country, in the Middle-East and across the world. That's why Pakistan is causing a spurt in violence in Jammu and Kashmir and on the borders," Deputy Chief Minister Nirmal Singh
India, Tajikistan To Step Up Anti-Terror, Defence Cooperation
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India and Tajikistan on Saturday inked an agreement to share financial intelligence to counter money laundering and financing of terrorism.
The agreement was signed by the two countries after comprehensive talks between Prime Minister Narendra Modi and Tajikistan President Emomali Rahmon.
PM Narendra Modi and Tajik President Emomali Rahmon discussed on strategic issues including threats posed by radicalisation and extremism, trade and investments.Apart from on strategic issues including threats posed by radicalisation and extremism, trade and investments.
"We assessed the broad progress achieved under different pillars of our bilateral engagement, including our partnership in defence and security.
"India and Tajikistan live in an extended neighbourhood that continues to face multiple security challenges and threats. The threat from terrorism endangers not just our two countries. It casts a long shadow of violence and instability over the entire region," PM Modi said at a joint press meet with Mr Rahmon.
The prime minister said that combating terrorism has been an important area of cooperative engagement between the two countries.
"We appreciate Tajikistan's role in the Central Asian region as a mainstay against forces of extremism, radicalism, and terrorism. President Rahmon and I agreed today to strengthen action on this front based on mutually agreed priorities," he said.
On his part, President Rahmon said terrorism and extremism undermine all developmental efforts worldwide.
A joint statement issued after the talks said the two leaders discussed situation in the region and stressed that terrorism and extremism seriously threaten peace, stability and progress of all countries.
"The two leaders agreed that terrorism in all its forms and manifestations must be eliminated without any distinction between good and bad terrorists and called for an end to sponsorship, support and provision of safe havens and sanctuaries to terrorists," the statement said.
PM Modi and President Rahmon reaffirmed their resolve to work for
early adoption of the Comprehensive Convention on International Terrorism by the UN General Assembly.
Apart from MoU concerning Cooperation in the Exchange of Financial Intelligence related to money laundering, related crimes and financing of terrorism, the two sides also inked pacts on broadcasting of audio visual programmes and protocol amending the Avoidance of Double Taxation and Prevention of Fiscal Evasion and announced initialling of document on Bilateral Investment Treaty.
The agreement was signed by the two countries after comprehensive talks between Prime Minister Narendra Modi and Tajikistan President Emomali Rahmon.
PM Narendra Modi and Tajik President Emomali Rahmon discussed on strategic issues including threats posed by radicalisation and extremism, trade and investments.Apart from on strategic issues including threats posed by radicalisation and extremism, trade and investments.
"We assessed the broad progress achieved under different pillars of our bilateral engagement, including our partnership in defence and security.
"India and Tajikistan live in an extended neighbourhood that continues to face multiple security challenges and threats. The threat from terrorism endangers not just our two countries. It casts a long shadow of violence and instability over the entire region," PM Modi said at a joint press meet with Mr Rahmon.
The prime minister said that combating terrorism has been an important area of cooperative engagement between the two countries.
"We appreciate Tajikistan's role in the Central Asian region as a mainstay against forces of extremism, radicalism, and terrorism. President Rahmon and I agreed today to strengthen action on this front based on mutually agreed priorities," he said.
On his part, President Rahmon said terrorism and extremism undermine all developmental efforts worldwide.
"The two leaders agreed that terrorism in all its forms and manifestations must be eliminated without any distinction between good and bad terrorists and called for an end to sponsorship, support and provision of safe havens and sanctuaries to terrorists," the statement said.
PM Modi and President Rahmon reaffirmed their resolve to work for
early adoption of the Comprehensive Convention on International Terrorism by the UN General Assembly.
Apart from MoU concerning Cooperation in the Exchange of Financial Intelligence related to money laundering, related crimes and financing of terrorism, the two sides also inked pacts on broadcasting of audio visual programmes and protocol amending the Avoidance of Double Taxation and Prevention of Fiscal Evasion and announced initialling of document on Bilateral Investment Treaty.
Notes Ban A 'Modi-Made Disaster', Says Rahul Gandhi A Day After Meeting PM
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A day after he met Prime Minister, Congress Vice President Rahul Gandhi again hit out at the latter for the demonetisation of high value currency notes.
Mr Gandhi claimed that the prime minister had attacked the economic system of the country to benefit the one per cent "super rich."
"For the first time in the history of India, Prime Minister has attacked the poor people of this country. Usually the Prime Minister works for the country. They work for the economy, but Narendra Modi has attacked our economic system," Mr Gandhi alleged at a Congress rally in north Karnataka.
"As it is said a man-made disaster, in the same way demonetization is Modi-made disaster," the Congress Vice-President said as he targeted the Prime Minister squarely blaming him for the hardships post-demonetisation.
More than 100 people had died, he claimed, adding, "Fidel Castro (Cuban revolutionary) was remembered in the Parliament and we stood in silence for two minutes as a mark of respect to him, but BJP leaders did not have two minutes time for these hundred people."
"Who is responsible for their deaths? Narendra Modi is responsible....In the last two and half years Narendra Modi government has been attacking the poor," he said.
Accusing the Modi government of trying to divide India, he said on the one side, there were one per cent super rich who have private aircraft, flashy vehicles and big businesses and on the other, there were 99 per cent of people who are honest like farmers, labourers, small traders and middle class who toil every day for the sake of the country and their lives.
"In the last two and half years, one per cent super rich in this country have amassed 70 per cent of India's wealth and if you look deep into this one per cent, only 50 families have major portion of India's wealth."
"You know their names; these are the people who travel with Narendra Modi to America, Japan, and Australia," Mr Gandhi said.
"Congress wants to get rid of corruption from India and whatever step the BJP government takes whether it is big or small if it is against corruption we will give it full support," he said.
Asserting that demonetization was not against the rich but against the poor, middle class, farmers, labourers and small traders, Mr Gandhi said "all black money is not cash, and all cash is not black money."
"Who has black money, it is with those 50 families, and it is with one per cent super rich in this country..," he said.
"...All the black money is not in cash, India's thieves are clever, and as soon as they get money they invest it in land, real estate, gold or in foreign bank accounts like Swiss bank."
According to government figures, he said six per cent of black money is in cash, 94 per cent in real estate, big buildings and in foreign bank accounts.
Claiming that the Swiss government had given a list of Swiss bank account holders' names to Indian government, he said the Congress had been asking the government to table the names of "these thieves" in the Parliament for the last two and half years."Why is it not being tabled? Why is Modi protecting them?"
"Why are Lalit Modi and Vijay Mallya sitting in London? Why are they not in India? Why didn't you get them back? Vijay Mallya is India's thief. After demonetization why did you waive Rs. 1200 crore loan of this man? Answer me why did you feed him a toffee of Rs. 1200 crore?"
Mr Gandhi said Mr Modi knows that most part of black money is in Swiss bank, real estate and in huge buildings, "but I don't know for what reason instead of going after 94 per cent black money, he is after the six per cent. Instead of going after one per cent super rich he is behind 99 per cent."
Mr Gandhi claimed that the prime minister had attacked the economic system of the country to benefit the one per cent "super rich."
"For the first time in the history of India, Prime Minister has attacked the poor people of this country. Usually the Prime Minister works for the country. They work for the economy, but Narendra Modi has attacked our economic system," Mr Gandhi alleged at a Congress rally in north Karnataka.
"As it is said a man-made disaster, in the same way demonetization is Modi-made disaster," the Congress Vice-President said as he targeted the Prime Minister squarely blaming him for the hardships post-demonetisation.
"Who is responsible for their deaths? Narendra Modi is responsible....In the last two and half years Narendra Modi government has been attacking the poor," he said.
Accusing the Modi government of trying to divide India, he said on the one side, there were one per cent super rich who have private aircraft, flashy vehicles and big businesses and on the other, there were 99 per cent of people who are honest like farmers, labourers, small traders and middle class who toil every day for the sake of the country and their lives.
"In the last two and half years, one per cent super rich in this country have amassed 70 per cent of India's wealth and if you look deep into this one per cent, only 50 families have major portion of India's wealth."
"You know their names; these are the people who travel with Narendra Modi to America, Japan, and Australia," Mr Gandhi said.
Asserting that demonetization was not against the rich but against the poor, middle class, farmers, labourers and small traders, Mr Gandhi said "all black money is not cash, and all cash is not black money."
"Who has black money, it is with those 50 families, and it is with one per cent super rich in this country..," he said.
"...All the black money is not in cash, India's thieves are clever, and as soon as they get money they invest it in land, real estate, gold or in foreign bank accounts like Swiss bank."
According to government figures, he said six per cent of black money is in cash, 94 per cent in real estate, big buildings and in foreign bank accounts.
Claiming that the Swiss government had given a list of Swiss bank account holders' names to Indian government, he said the Congress had been asking the government to table the names of "these thieves" in the Parliament for the last two and half years."Why is it not being tabled? Why is Modi protecting them?"
"Why are Lalit Modi and Vijay Mallya sitting in London? Why are they not in India? Why didn't you get them back? Vijay Mallya is India's thief. After demonetization why did you waive Rs. 1200 crore loan of this man? Answer me why did you feed him a toffee of Rs. 1200 crore?"
Mr Gandhi said Mr Modi knows that most part of black money is in Swiss bank, real estate and in huge buildings, "but I don't know for what reason instead of going after 94 per cent black money, he is after the six per cent. Instead of going after one per cent super rich he is behind 99 per cent."
VVIP Chopper Scam: Ex-Air Chief SP Tyagi Sent To Jail Till December 30
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Former Air Chief SP Tyagi, arrested in connection with the Rs. 3,600 crore VVIP chopper scam earlier this month, has been sent to jail till December 30 by a court in Delhi. The former Air Chief was interrogated by the Central Bureau of Investigation or CBI for a week in connection with the AgustaWestland chopper scandal, since his arrest on December 10. In court today, the CBI did not ask for further custody.
The defence team mentioned in court reports from Italy, which say that country's top court has ordered a re-trial in the case in Italy against two former top executives of defence group Finmeccanica, which is the parent organization of AgustaWestland. According to some reports, the grounds for cancellation of the Milan High Court judgement by the Italian Supreme Court are based on the fact that the original complaints and those that led to the conviction for the offence of corruption differ by "date, place and persons."
The court in Delhi, however, said it will take it up when the bail hearing of all three accused - SP Tyagi, his cousin Sanjeev Tyagi and Delhi-based lawyer Gautam Khaitan - comes up on December 21, next Tuesday.
Mr Tyagi's wife broke down in court on hearing the judgement.
The 71-year-old former Air Chief has been accused of abusing his official position to swing the deal for a dozen VVIP choppers in favour of Finmeccanica - the parent company of UK-based helicopter maker AgustaWestland - by investigators in Italy and India. It has been said that he had altered the specifications of the tender at the instance of his cousins.
Mr Tyagi, who headed the Air Force between 2005 and 2007, has maintained that changing the specifications of the helicopters that made Agusta eligible, was not his decision alone. In 2003, the Prime Minister's Office asked the air chief to get involved in the procurement and the changes in specifications were suggested during a meeting in 2005, he has said.
The defence team mentioned in court reports from Italy, which say that country's top court has ordered a re-trial in the case in Italy against two former top executives of defence group Finmeccanica, which is the parent organization of AgustaWestland. According to some reports, the grounds for cancellation of the Milan High Court judgement by the Italian Supreme Court are based on the fact that the original complaints and those that led to the conviction for the offence of corruption differ by "date, place and persons."
The 71-year-old former Air Chief has been accused of abusing his official position to swing the deal for a dozen VVIP choppers in favour of Finmeccanica - the parent company of UK-based helicopter maker AgustaWestland - by investigators in Italy and India. It has been said that he had altered the specifications of the tender at the instance of his cousins.
Mr Tyagi, who headed the Air Force between 2005 and 2007, has maintained that changing the specifications of the helicopters that made Agusta eligible, was not his decision alone. In 2003, the Prime Minister's Office asked the air chief to get involved in the procurement and the changes in specifications were suggested during a meeting in 2005, he has said.
Business Affairs
Embarrassed, upset over handful of employees: Axis Bank CEO Shikha Sharma
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"Embarrassed and upset" over the conduct of a handful of employees bringing the organisation into disrepute, Axis Bank MD and CEO Shikha Sharma on Sunday said the bank has hired KPMG to conduct a forensic audit for enhanced due diligence and building more safeguards.
Assuring that the fundamentals of the bank is on a "solid footing', Sharma said in a letter to Axis Bank customers that the bank is tracking sudden surge in account activity and have 'proactively identified potentially suspicious accounts".
"The recent media reports around the conduct of a few of our employees have left me embarrassed and upset. We have fallen short of your expectations because a handful of people did not follow our fully compliant and robust processes. We have taken the toughest action against such employees and we will do so in every case of divergence from our Code of Conduct.
"I regret that the misdeeds of a few people have eroded the hard work of 55,000+ employees, who have been at the front end beyond working hours, displaying extraordinary patience and commitment to their responsibilities," she said in the letter.
The Income Tax Department had last week conducted a raid at an Axis Bank branch in Noida and unearthed Rs 60 crore from the accounts of 20 shell companies.
Sharma said the bank has proactively identified suspicious accounts and has given inputs to regulatory authorities for further investigation.
"I would like to reassure you that the bank has always been committed to the highest standards of operational control and continues to fully cooperate with the authorities. We have been tracking sudden surges in account activity and have proactively identified potentially suspicious accounts.
"This proactive identification has been one of the inputs in investigation by the regulatory authorities, who are visiting some of our branches to seek out information.
Further, we have hired KPMG to conduct a forensic audit for enhanced due diligence and building more safeguards," she said.
Thanking customers for the support and understanding since the demonetisation initiative, Sharma said it has been a challenging time and the bank has tried its "level best" to make it easier for customers.
"We have made every effort to ease the transition by making special arrangements for senior citizens and differently abled people at our branches, using micro-ATMs to deliver cash to BSF personnel, ensuring salary disbursement to government and corporate employees across the length and breadth of our country," Sharma wrote.
"I assure you that the fundamentals of the bank, built painstakingly over the last 22 years, focused on serving its retail and corporate customers are on a solid footing... We will always safeguard your interests because your trust matters the most. I look forward to your continued confidence in making us a safe, strong bank that is always focused on you," she said in the letter.
"Embarrassed and upset" over the conduct of a handful of employees bringing the organisation into disrepute, Axis Bank MD and CEO Shikha Sharma on Sunday said the bank has hired KPMG to conduct a forensic audit for enhanced due diligence and building more safeguards.
Assuring that the fundamentals of the bank is on a "solid footing', Sharma said in a letter to Axis Bank customers that the bank is tracking sudden surge in account activity and have 'proactively identified potentially suspicious accounts".
"The recent media reports around the conduct of a few of our employees have left me embarrassed and upset. We have fallen short of your expectations because a handful of people did not follow our fully compliant and robust processes. We have taken the toughest action against such employees and we will do so in every case of divergence from our Code of Conduct.
"I regret that the misdeeds of a few people have eroded the hard work of 55,000+ employees, who have been at the front end beyond working hours, displaying extraordinary patience and commitment to their responsibilities," she said in the letter.
The Income Tax Department had last week conducted a raid at an Axis Bank branch in Noida and unearthed Rs 60 crore from the accounts of 20 shell companies.
Sharma said the bank has proactively identified suspicious accounts and has given inputs to regulatory authorities for further investigation.
"I would like to reassure you that the bank has always been committed to the highest standards of operational control and continues to fully cooperate with the authorities. We have been tracking sudden surges in account activity and have proactively identified potentially suspicious accounts.
"This proactive identification has been one of the inputs in investigation by the regulatory authorities, who are visiting some of our branches to seek out information.
Further, we have hired KPMG to conduct a forensic audit for enhanced due diligence and building more safeguards," she said.
Thanking customers for the support and understanding since the demonetisation initiative, Sharma said it has been a challenging time and the bank has tried its "level best" to make it easier for customers.
"We have made every effort to ease the transition by making special arrangements for senior citizens and differently abled people at our branches, using micro-ATMs to deliver cash to BSF personnel, ensuring salary disbursement to government and corporate employees across the length and breadth of our country," Sharma wrote.
"I assure you that the fundamentals of the bank, built painstakingly over the last 22 years, focused on serving its retail and corporate customers are on a solid footing... We will always safeguard your interests because your trust matters the most. I look forward to your continued confidence in making us a safe, strong bank that is always focused on you," she said in the letter.
EC seeks ban on anonymous contributions to parties above Rs 2000
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Seeking to stem the flow of blackmoney in polls, the Election Commission has urged the government to amend laws to ban anonymous contributions of Rs 2000 and above made to political parties.
There is no constitutional or statutory prohibition on receipt of anonymous donations by political parties. But there is an "indirect partial ban" on anonymous donations through the requirement of declaration of donations under section 29C of The Representation of the People Act, 1951.
But, such declarations are mandated only for contributions above Rs 20,000.
As per the proposed amendment, sent by the Commission to the government, and made part of its compendium on proposed electoral reforms, "anonymous contributions above or equal to the amount of Rs two thousand should be prohibited."
Only on Saturday, the government had said that political parties depositing old 500 and 1,000 rupee notes in their accounts will be exempt from income tax provided the donations taken are below Rs 20,000 per individual and properly documented.
Revenue Secretary Hasmukh Adhia said the government is not tinkering with the tax exemption available to political parties and they are free to deposit old 500 and 1000 rupee notes in their bank accounts. But these deposits will, however, be subject to the condition that individual donations taken in cash do not exceed Rs 20,000 and are properly documented with full identity of the donor.
The Commission has also proposed that exemption of Income Tax should only be extended to political parties that contest elections and win seats in Lok Sabha or assembly polls.
Section 13A of the Income-tax Act, 1961 confers tax exemption to political parties for income from house property, income by way of voluntary contributions, income from capital gains and income from other sources.
Only income under the head 'salaries and income from business or profession' are chargeable to tax in the hands of political parties in India.
The Commission said, "There could be cases where political parties could be formed merely for availing of provisions of income tax exemption if the facility, that are at the expense of the public exchequer, is provided to all political parties."
In yet another recommendation to check blackmoney, the EC has asked the Law Ministry to ensure that political parties are made to register details of donors for coupons of all amounts on the basis of a Supreme Court order of 1996.
Coupons are one of the ways devised by the political parties for collecting donations and hence are printed by the party itself. There is no cap or limit as to how many coupons can be printed or its total quantum.
Currently, the details of donors is not required for coupons with small amounts such as for Rs 10 or 20. "These smaller sums aggregate into a bigger amount and hence, they need to be accounted for, to ensure transparency," the Commission said.
Seeking to stem the flow of blackmoney in polls, the Election Commission has urged the government to amend laws to ban anonymous contributions of Rs 2000 and above made to political parties.
There is no constitutional or statutory prohibition on receipt of anonymous donations by political parties. But there is an "indirect partial ban" on anonymous donations through the requirement of declaration of donations under section 29C of The Representation of the People Act, 1951.
But, such declarations are mandated only for contributions above Rs 20,000.
As per the proposed amendment, sent by the Commission to the government, and made part of its compendium on proposed electoral reforms, "anonymous contributions above or equal to the amount of Rs two thousand should be prohibited."
Only on Saturday, the government had said that political parties depositing old 500 and 1,000 rupee notes in their accounts will be exempt from income tax provided the donations taken are below Rs 20,000 per individual and properly documented.
Revenue Secretary Hasmukh Adhia said the government is not tinkering with the tax exemption available to political parties and they are free to deposit old 500 and 1000 rupee notes in their bank accounts. But these deposits will, however, be subject to the condition that individual donations taken in cash do not exceed Rs 20,000 and are properly documented with full identity of the donor.
The Commission has also proposed that exemption of Income Tax should only be extended to political parties that contest elections and win seats in Lok Sabha or assembly polls.
Section 13A of the Income-tax Act, 1961 confers tax exemption to political parties for income from house property, income by way of voluntary contributions, income from capital gains and income from other sources.
Only income under the head 'salaries and income from business or profession' are chargeable to tax in the hands of political parties in India.
The Commission said, "There could be cases where political parties could be formed merely for availing of provisions of income tax exemption if the facility, that are at the expense of the public exchequer, is provided to all political parties."
In yet another recommendation to check blackmoney, the EC has asked the Law Ministry to ensure that political parties are made to register details of donors for coupons of all amounts on the basis of a Supreme Court order of 1996.
Coupons are one of the ways devised by the political parties for collecting donations and hence are printed by the party itself. There is no cap or limit as to how many coupons can be printed or its total quantum.
Currently, the details of donors is not required for coupons with small amounts such as for Rs 10 or 20. "These smaller sums aggregate into a bigger amount and hence, they need to be accounted for, to ensure transparency," the Commission said.
SPONSORED: Demonetisation is accelerating change in India
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The government's recent announcement on demonetization is being looked at as the first of several measures aimed at cleaning out the economy of corruption and accelerating the adaptation of cashless transactions.
It has been suggested that India, which has faced large-scale corruption and graft for decades now, needs to implement large-scale reforms to transform itself from an economic standpoint. And while demonetization - and its implementation - has citizens divided, many are increasingly taking in the idea of cashless transactions.
Like in the west, people are opening up to the idea of e-transactions. After all, cashless transactions - using debit/credit cards, e-wallets, online banking and more, are easy, convenient and transparent.
But this is easier said than done. While the perks of cashless economy are many, there are also some challenges. For instance, mobile penetration in India is high, but the reach of smartphones - the prerequisite for digital transactions - is still comparatively low. Similarly, the penetration of debit and credit cards is also below the numbers expected to carry out an exercise the size of India's demonetization drive. Point of Sale (PoS) devices are also low.
Alarmingly low levels of digital literacy and the absence of a robust cybersecurity framework appears to be another constraint for the establishment of a strong digital economy.
But the announcement has not been all bad. For instance, the increase in bank deposits, lending rates are expected to come down, which in turn, should make it a good time to take a loan. The lack of hard cash will also adversely impact real estate prices, even if it is only marginally.
The shift to digital will also reduce the cost of maintaining ATMs and eventually printing notes. Black money, tackling which was the main reason why the government claims to have taken this step, is also likely to be impacted, as now, all transactions will be transparent and hold accountability. Such a move should then help the government deliver welfare schemes to the poor.
Electronic transfers are the way ahead
The shortage of liquid cash, at least in the near term, is pushing citizens towards using credit or debit cards, internet banking, and e-wallets. Electronic transfer of funds is a better way to transact, reducing the need to stand in long queues at banks and outside ATMs. Credit and debit cards are there to help make purchases at retail stores as well as on the Internet easy and convenient.
And it's not just banks but even non-banking financial companies (NBFCs) are extending products and services aimed at helping consumers partake in cashless transactions. Bajaj Finserv, for example, offer an EMI (Existing Member Identification) Card, which lets you shop for a variety of products - from consumer durables and smartphones to furniture and apparel, footwear and eyewear to even groceries at over 30,000 retailers across more than 300 cities. Take a look at this and a host of other features and join the cashless revolution.
The government's recent announcement on demonetization is being looked at as the first of several measures aimed at cleaning out the economy of corruption and accelerating the adaptation of cashless transactions.
It has been suggested that India, which has faced large-scale corruption and graft for decades now, needs to implement large-scale reforms to transform itself from an economic standpoint. And while demonetization - and its implementation - has citizens divided, many are increasingly taking in the idea of cashless transactions.
Like in the west, people are opening up to the idea of e-transactions. After all, cashless transactions - using debit/credit cards, e-wallets, online banking and more, are easy, convenient and transparent.
But this is easier said than done. While the perks of cashless economy are many, there are also some challenges. For instance, mobile penetration in India is high, but the reach of smartphones - the prerequisite for digital transactions - is still comparatively low. Similarly, the penetration of debit and credit cards is also below the numbers expected to carry out an exercise the size of India's demonetization drive. Point of Sale (PoS) devices are also low.
Alarmingly low levels of digital literacy and the absence of a robust cybersecurity framework appears to be another constraint for the establishment of a strong digital economy.
But the announcement has not been all bad. For instance, the increase in bank deposits, lending rates are expected to come down, which in turn, should make it a good time to take a loan. The lack of hard cash will also adversely impact real estate prices, even if it is only marginally.
The shift to digital will also reduce the cost of maintaining ATMs and eventually printing notes. Black money, tackling which was the main reason why the government claims to have taken this step, is also likely to be impacted, as now, all transactions will be transparent and hold accountability. Such a move should then help the government deliver welfare schemes to the poor.
Electronic transfers are the way ahead
The shortage of liquid cash, at least in the near term, is pushing citizens towards using credit or debit cards, internet banking, and e-wallets. Electronic transfer of funds is a better way to transact, reducing the need to stand in long queues at banks and outside ATMs. Credit and debit cards are there to help make purchases at retail stores as well as on the Internet easy and convenient.
Electronic transfers are the way ahead
The shortage of liquid cash, at least in the near term, is pushing citizens towards using credit or debit cards, internet banking, and e-wallets. Electronic transfer of funds is a better way to transact, reducing the need to stand in long queues at banks and outside ATMs. Credit and debit cards are there to help make purchases at retail stores as well as on the Internet easy and convenient.
And it's not just banks but even non-banking financial companies (NBFCs) are extending products and services aimed at helping consumers partake in cashless transactions. Bajaj Finserv, for example, offer an EMI (Existing Member Identification) Card, which lets you shop for a variety of products - from consumer durables and smartphones to furniture and apparel, footwear and eyewear to even groceries at over 30,000 retailers across more than 300 cities. Take a look at this and a host of other features and join the cashless revolution.
New design bank note in other denominations to be brought: Govt
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The government today said new design bank notes in other denominations will be introduced in due course.
The Diplomatic Missions have written to convey their "appreciation" for the government's recent effort to make economy "more transparent and as a move that will also have a positive impact on FDI," Minister of State for Finance Arjun Ram Meghwal said in a written reply to the Lok Sabha.
"The bank notes in the denomination of Rs 500 and Rs 2,000 with new design have recently been introduced. New design bank notes in other denomination will be introduced in due course," he said while replying to a question on whether the government proposes to print new currency notes of Rs 20 and Rs 50.
Since the announcement of cancellation of legal tender of 500 and 1,000 rupee notes on November 8, the RBI has introduced new 500 and 2,000 rupee notes in the system.
"RBI and the banks have been advised to step up the supply of cash to the public. The availability of cash and issuance of cash to bank branches and post offices on a daily basis is being constantly monitored and necessary rebalancing is bring done for more efficient allocation of banknotes of requisite denominations between different areas," Meghwal said.
He said government has taken various steps to ameliorate the inconvenience caused to the public.
In a separate reply to question on whether demonetisation has adversely affected the economy of the country, Meghwal said overall economic growth is dependent on many factors, including rate of capital formation and savings, availability of infrastructure, efficiency of resource allocation, money supply and the degree of financial development.
"It is difficult to pin-point the impact of demonetisation on the economy via its impact on the aforesaid factors," he added.
Meghwal, further said that about Rs 370 crore of cash and jewellery has been seized by the Income tax department since the cancellation of the legal tender character of the high denomination bank notes and total undisclosed income admitted before the department is more than Rs 2,500 crore.
"Close coordination is being maintained with other enforcement agencies for action against the offenders as an on-going process which include searches, surveys, enquiries, tax assessment, levy of penalties and filing of prosecution complaints in criminal courts," he said.
The government today said new design bank notes in other denominations will be introduced in due course.
The Diplomatic Missions have written to convey their "appreciation" for the government's recent effort to make economy "more transparent and as a move that will also have a positive impact on FDI," Minister of State for Finance Arjun Ram Meghwal said in a written reply to the Lok Sabha.
"The bank notes in the denomination of Rs 500 and Rs 2,000 with new design have recently been introduced. New design bank notes in other denomination will be introduced in due course," he said while replying to a question on whether the government proposes to print new currency notes of Rs 20 and Rs 50.
Since the announcement of cancellation of legal tender of 500 and 1,000 rupee notes on November 8, the RBI has introduced new 500 and 2,000 rupee notes in the system.
"RBI and the banks have been advised to step up the supply of cash to the public. The availability of cash and issuance of cash to bank branches and post offices on a daily basis is being constantly monitored and necessary rebalancing is bring done for more efficient allocation of banknotes of requisite denominations between different areas," Meghwal said.
He said government has taken various steps to ameliorate the inconvenience caused to the public.
In a separate reply to question on whether demonetisation has adversely affected the economy of the country, Meghwal said overall economic growth is dependent on many factors, including rate of capital formation and savings, availability of infrastructure, efficiency of resource allocation, money supply and the degree of financial development.
"It is difficult to pin-point the impact of demonetisation on the economy via its impact on the aforesaid factors," he added.
Meghwal, further said that about Rs 370 crore of cash and jewellery has been seized by the Income tax department since the cancellation of the legal tender character of the high denomination bank notes and total undisclosed income admitted before the department is more than Rs 2,500 crore.
"Close coordination is being maintained with other enforcement agencies for action against the offenders as an on-going process which include searches, surveys, enquiries, tax assessment, levy of penalties and filing of prosecution complaints in criminal courts," he said.
Sun Pharma completes acquisition of Ocular Technologies Sarl
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Sun Pharma today said it has completed the acquisition of the US-based eye care specialist Ocular Technologies Sarl.
"All the necessary formalities for closure of the said transaction have been concluded and the company has successfully completed the acquisition of Ocular Technologies Sarl, on December 15, 2016," Sun Pharmaceutical Industries said in a BSE filing.
In October this year, Sun Pharma announced acquisition of 100 per cent equity stake in Ocular Technologies Sarl, owned by the private equity firm Auven Therapeutics, for a front payment of USD 40 million.
Sun Pharma will also pay more contingent on meeting drug development and sales milestones as well as tiered royalty on sales of Seciera for the company for accelerated development of breakthrough therapeutic drugs.
Currently, Ocular is developing Seciera for treating dry eye disease, the city-based company said, adding the drug is currently in Phase-3 confirmatory clinical trials.
Sun Pharma today said it has completed the acquisition of the US-based eye care specialist Ocular Technologies Sarl.
"All the necessary formalities for closure of the said transaction have been concluded and the company has successfully completed the acquisition of Ocular Technologies Sarl, on December 15, 2016," Sun Pharmaceutical Industries said in a BSE filing.
In October this year, Sun Pharma announced acquisition of 100 per cent equity stake in Ocular Technologies Sarl, owned by the private equity firm Auven Therapeutics, for a front payment of USD 40 million.
Sun Pharma will also pay more contingent on meeting drug development and sales milestones as well as tiered royalty on sales of Seciera for the company for accelerated development of breakthrough therapeutic drugs.
Currently, Ocular is developing Seciera for treating dry eye disease, the city-based company said, adding the drug is currently in Phase-3 confirmatory clinical trials.
General Awareness
Europe Continent Countries & Capitals, Currency with Code
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Name Capital Currency Official language Åland Islands Mariehamn Euro(EUR) Swedish Albania Tirana Lek(ALL) Albanian Andorra Andorra la Vella Euro(EUR) Catalan Austria Vienna Euro(EUR) German Belarus Minsk Belarusian ruble(BYR) Belarusian
Russian Belgium Brussels Euro(EUR) Dutch
French
German Bosnia and Herzegovina Sarajevo Convertible mark(BAM) Bosnian
Croatian
Serbian Bulgaria Sofia Lev(BGN) Bulgarian Croatia Zagreb Kuna(HRK) Croatian Czech Republic Prague Czech koruna(CZK) Czech Denmark Copenhagen Danish krone(DKK) Danish Estonia Tallinn Euro(EUR) Estonian Faroe Islands Tórshavn Faroese króna (DKK) Faroese
Danish Finland Helsinki Euro(EUR) Finnish
Swedish France Paris Euro (EUR)
CFP franc (XPF) French Germany Berlin Euro(EUR) German Gibraltar Gibraltar Gibraltar pound (GIP) English Greece Athens Euro(EUR) Greek Guernsey Saint Peter Port Pound sterlingc (GBP) English
French Hungary Budapest Forint(HUF) Hungarian Iceland Reykjavík Icelandic króna(ISK) Icelandic Ireland Dublin Euro (EUR) English
Irish Isle of Man Douglas Manx pound (official)
Pound sterling(also used) (GBP) English
Manx Italy Rome Euro(EUR) Italian Jersey Saint Helier Pound sterlingd (GBP) English
French Kosovo Pristina Euro (EUR) Albanian
Serbian Latvia Ryga Euro(EUR) Latvian Liechtenstein Vaduz Swiss franc(CHF) German Lithuania Vilnius Euro(EUR) Lithuanian Luxembourg Luxembourg Euro(EUR) Luxembourgish
French
German Macedonia Skopje Macedonian denar(MKD) Macedonian Malta Valletta Euro(EUR) Maltese
English Moldova Chişinău Moldovan leu(MDL) Moldovan Monaco Monaco Euro(EUR) French Montenegro Podgorica Euro (EUR) Montenegrin Netherlands Amsterdam Euro (EUR) Dutch Norway Oslo Norwegian krone(NOK) Norwegian
Bokmål
Nynorsk Poland Warsaw Złoty(PLN) Polish Portugal Lisbon Euro (EUR) Portuguese Romania Bucharest Romanian leu(RON) Romanian San Marino San Marino Euro(EUR) Italian Serbia Belgrade Serbian dinar(RSD) Serbian Slovakia Bratislava Euro(EUR) Slovak Slovenia Ljubljana Euro(EUR) Slovene Spain Madrid Euro(EUR) Spanish
Catalan
Galician
Basque Svalbard Longyearbyen Norwegian krone (NOK) Norwegian Sweden Stockholm Swedish krona(SEK) Swedish Switzerland Bern Swiss franc German
French
Italian
Romansh Transnistria Tiraspol Transnistrian rubled(PRB) Russian
Moldovan
Ukrainian Ukraine Kiev Ukrainian hryvnia(UAH) Ukrainian United Kingdom London Pound sterling (GBP) English Vatican City Vatican City Euro(EUR) Italian
| Name | Capital | Currency | Official language |
|---|---|---|---|
| Åland Islands | Mariehamn | Euro(EUR) | Swedish |
| Albania | Tirana | Lek(ALL) | Albanian |
| Andorra | Andorra la Vella | Euro(EUR) | Catalan |
| Austria | Vienna | Euro(EUR) | German |
| Belarus | Minsk | Belarusian ruble(BYR) | Belarusian Russian |
| Belgium | Brussels | Euro(EUR) | Dutch French German |
| Bosnia and Herzegovina | Sarajevo | Convertible mark(BAM) | Bosnian Croatian Serbian |
| Bulgaria | Sofia | Lev(BGN) | Bulgarian |
| Croatia | Zagreb | Kuna(HRK) | Croatian |
| Czech Republic | Prague | Czech koruna(CZK) | Czech |
| Denmark | Copenhagen | Danish krone(DKK) | Danish |
| Estonia | Tallinn | Euro(EUR) | Estonian |
| Faroe Islands | Tórshavn | Faroese króna (DKK) | Faroese Danish |
| Finland | Helsinki | Euro(EUR) | Finnish Swedish |
| France | Paris | Euro (EUR) CFP franc (XPF) | French |
| Germany | Berlin | Euro(EUR) | German |
| Gibraltar | Gibraltar | Gibraltar pound (GIP) | English |
| Greece | Athens | Euro(EUR) | Greek |
| Guernsey | Saint Peter Port | Pound sterlingc (GBP) | English French |
| Hungary | Budapest | Forint(HUF) | Hungarian |
| Iceland | Reykjavík | Icelandic króna(ISK) | Icelandic |
| Ireland | Dublin | Euro (EUR) | English Irish |
| Isle of Man | Douglas | Manx pound (official) Pound sterling(also used) (GBP) | English Manx |
| Italy | Rome | Euro(EUR) | Italian |
| Jersey | Saint Helier | Pound sterlingd (GBP) | English French |
| Kosovo | Pristina | Euro (EUR) | Albanian Serbian |
| Latvia | Ryga | Euro(EUR) | Latvian |
| Liechtenstein | Vaduz | Swiss franc(CHF) | German |
| Lithuania | Vilnius | Euro(EUR) | Lithuanian |
| Luxembourg | Luxembourg | Euro(EUR) | Luxembourgish French German |
| Macedonia | Skopje | Macedonian denar(MKD) | Macedonian |
| Malta | Valletta | Euro(EUR) | Maltese English |
| Moldova | Chişinău | Moldovan leu(MDL) | Moldovan |
| Monaco | Monaco | Euro(EUR) | French |
| Montenegro | Podgorica | Euro (EUR) | Montenegrin |
| Netherlands | Amsterdam | Euro (EUR) | Dutch |
| Norway | Oslo | Norwegian krone(NOK) | Norwegian Bokmål Nynorsk |
| Poland | Warsaw | Złoty(PLN) | Polish |
| Portugal | Lisbon | Euro (EUR) | Portuguese |
| Romania | Bucharest | Romanian leu(RON) | Romanian |
| San Marino | San Marino | Euro(EUR) | Italian |
| Serbia | Belgrade | Serbian dinar(RSD) | Serbian |
| Slovakia | Bratislava | Euro(EUR) | Slovak |
| Slovenia | Ljubljana | Euro(EUR) | Slovene |
| Spain | Madrid | Euro(EUR) | Spanish Catalan Galician Basque |
| Svalbard | Longyearbyen | Norwegian krone (NOK) | Norwegian |
| Sweden | Stockholm | Swedish krona(SEK) | Swedish |
| Switzerland | Bern | Swiss franc | German French Italian Romansh |
| Transnistria | Tiraspol | Transnistrian rubled(PRB) | Russian Moldovan Ukrainian |
| Ukraine | Kiev | Ukrainian hryvnia(UAH) | Ukrainian |
| United Kingdom | London | Pound sterling (GBP) | English |
| Vatican City | Vatican City | Euro(EUR) | Italian |
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