General Affairs
Panel Begins Process For Appointment Of Next AIIMS Director
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With AIIMS Director Dr MC Mishra set to retire on January 31, a five-member panel led by Union Health Secretary CK Mishra today initiated the process to shortlist names for the post.
According to sources, the members of the search-cum- selection committee met at Nirman Bhawan here and were given the CVs of all the 53 candidates who have applied for the post.
"The members have been asked to go through the CVs of all the 53 applicants and shortlist 20 candidates out of them.
"In the next meeting, the members will deliberate on the shortlisted candidates to reach a conclusion. All 53 of them will be considered," a highly placed source at the Health Ministry said.
Apart from Health Secretary Mishra, who is the chairperson of the panel, the committee comprises Prime Minister's Principal Scientific Adviser R Chidambaram, secretary in Department of Health Research Soumya Swaminathan, Director General of Health Services Jagdish Prasad and Vice Chancellor of Delhi University Yogesh Tyagi.
"The committee will shortlist a few names, which will then have to be approved by the Institute Body before being sent to the Appointments Committee of the Cabinet (ACC) headed by the Prime Minister for final approval," a senior official at the premier medical institute said.
Last month, AIIMS had recommended a search-cum-selection committee headed by Union Health Minister JP Nadda which was rejected by the DoPT.
The PMO had then ordered reconstitution of the search panel based on DoPT guidelines.
According to sources, 53 eminent doctors, including 35 candidates from outside AIIMS, have applied for the Director's post and the screening of applications is complete.
The main contenders for the top post include Dr V K Paul, head of the department (HOD) of paediatrics, Dr Randeep Guleria, HOD of pulmonary medicine and sleep disorders, Dr Alka Kriplani, HOD of obstetrics and gynaecology, Dr A B Dey, HOD of geriatric medicine, and AIIMS medical superintendent Dr D K Sharma.
The outside candidates include KGMU Chancellor Dr Ravi Kant, ex-director of AIIMS, Rishikesh Dr Rajkumar, Director of JIPMER Dr Subhash Chandra Parija and Dr Rasik Vajpayee, the nephew of former Prime Minister Atal Bihari Vajpayee, sources said, adding a few doctors, based abroad, have also applied for the post.
According to sources, the members of the search-cum- selection committee met at Nirman Bhawan here and were given the CVs of all the 53 candidates who have applied for the post.
"The members have been asked to go through the CVs of all the 53 applicants and shortlist 20 candidates out of them.
"In the next meeting, the members will deliberate on the shortlisted candidates to reach a conclusion. All 53 of them will be considered," a highly placed source at the Health Ministry said.
"The committee will shortlist a few names, which will then have to be approved by the Institute Body before being sent to the Appointments Committee of the Cabinet (ACC) headed by the Prime Minister for final approval," a senior official at the premier medical institute said.
Last month, AIIMS had recommended a search-cum-selection committee headed by Union Health Minister JP Nadda which was rejected by the DoPT.
The PMO had then ordered reconstitution of the search panel based on DoPT guidelines.
According to sources, 53 eminent doctors, including 35 candidates from outside AIIMS, have applied for the Director's post and the screening of applications is complete.
The main contenders for the top post include Dr V K Paul, head of the department (HOD) of paediatrics, Dr Randeep Guleria, HOD of pulmonary medicine and sleep disorders, Dr Alka Kriplani, HOD of obstetrics and gynaecology, Dr A B Dey, HOD of geriatric medicine, and AIIMS medical superintendent Dr D K Sharma.
The outside candidates include KGMU Chancellor Dr Ravi Kant, ex-director of AIIMS, Rishikesh Dr Rajkumar, Director of JIPMER Dr Subhash Chandra Parija and Dr Rasik Vajpayee, the nephew of former Prime Minister Atal Bihari Vajpayee, sources said, adding a few doctors, based abroad, have also applied for the post.
Maharashtra Civic Polls: BJP Retains Top Position In Final Phase
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BJP today bagged 100 seats in the last phase of municipal council polls in Maharashtra for 244 seats and secured seven posts of Municipal Council President.
This takes the ruling party's tally at the end of fourth and final phase of elections to 1190 councillors and 71 municipal council presidents, retaining overall top position.
The polling for last phase of Municipal Council and Nagar Panchayat elections took place on Sunday across 11 local bodies in Nagpur and Gondia districts.
These 11 municipal councils were: Kamthi, Umred, Katol, Kalameshwar, Mohpa, Ramtek, Narkhed, Khapa and Saoner in Nagpur district, and Tirora and Gondia in Gondia district.
As many as 92 candidates were in the fray for 11 Municipal Council President posts, and 1190 candidates for 244 seats of councillors in these two districts.
An average 67.36 per cent voter turnout was registered.
Congress bagged 58 seats and won two council president posts. The party finished second overall, with 952 seats and 34 council presidents, at the end of final phase.
NCP won 26 councillor seats and finished with 812 seats in total. The party also won 22 council president posts. It did not win any president's post in the fourth phase.
Shiv Sena which won 598 seats in three phases, won another 14 seats in the fourth phase finishing with 612 councillors. The party won 26 council president posts. It did not win a single council president seat in the last phase.
MIM won a seat in Kamptee, while 18 seats in Katol were secured by 'Vidarbha Maza' party and four by PWP. In Saoner, Rashtriya Samaj Paksha won three seats.
BJP won president's posts in Khapa, Saoner, Gondia and Tirora, Umred, Kalameshwar and Ramtek. Congress won the president's seat in Kamptee and Mohapa. Vidarbha Maza won Katol council president's seat. Narkhed council president's seat went to Peoples Republican Party Nagar Vikas Agadhi.
This takes the ruling party's tally at the end of fourth and final phase of elections to 1190 councillors and 71 municipal council presidents, retaining overall top position.
The polling for last phase of Municipal Council and Nagar Panchayat elections took place on Sunday across 11 local bodies in Nagpur and Gondia districts.
These 11 municipal councils were: Kamthi, Umred, Katol, Kalameshwar, Mohpa, Ramtek, Narkhed, Khapa and Saoner in Nagpur district, and Tirora and Gondia in Gondia district.
An average 67.36 per cent voter turnout was registered.
Congress bagged 58 seats and won two council president posts. The party finished second overall, with 952 seats and 34 council presidents, at the end of final phase.
NCP won 26 councillor seats and finished with 812 seats in total. The party also won 22 council president posts. It did not win any president's post in the fourth phase.
Shiv Sena which won 598 seats in three phases, won another 14 seats in the fourth phase finishing with 612 councillors. The party won 26 council president posts. It did not win a single council president seat in the last phase.
MIM won a seat in Kamptee, while 18 seats in Katol were secured by 'Vidarbha Maza' party and four by PWP. In Saoner, Rashtriya Samaj Paksha won three seats.
BJP won president's posts in Khapa, Saoner, Gondia and Tirora, Umred, Kalameshwar and Ramtek. Congress won the president's seat in Kamptee and Mohapa. Vidarbha Maza won Katol council president's seat. Narkhed council president's seat went to Peoples Republican Party Nagar Vikas Agadhi.
President Pranab Mukherjee For Skills Upgrade Of Those Seeking Jobs Abroad
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Expressing concern over plight of temporary migrants abroad, President Pranab Mukherjee today called for upgrading of skills of those seeking jobs overseas saying this section contributes a major chunk to Indian remittance.
On vulnerabilities of expat Indians, especially Indian women marrying into NRI families, he said Indian community organisations abroad can most effectively address their concerns even as the government and its agencies deal with this issue.
He called upon NRIs to visit their home country to train young Indians with professional and technical education of highest standards.
Addressing the valedictory function of the 14th edition of Pravasi Bharatiya Divas in Bengaluru, President Mukherjee said, "With regards to temporary migrants going abroad in search of employment, it will also be prudent that attention is paid towards their skill upgrade."
Referring to NRIs who are temporary migrants in the Gulf region and South East Asia, he said, "They are Indian citizens who migrate for employment as low-skilled and semi-skilled labour. They toil hard day and night and save to sent the fruits of their labour as remittances to India, to maintain their families back home."
These remittances are the largest by any diaspora at 12 per cent of the total global remittances, amounting to USD 69 billion in 2015, he said.
"Many of them are likely to return to India, but while they live abroad, all of them are vulnerable in many ways owing to the fact that they do not enjoy privilege of citizenship in their host country," he said.
This is especially true of people working in areas of strife and conflict, with their security and physical wellbeing on the line, he said and commended the efforts of multiple ministries and organisation in bringing back of fellow countrymen from strife-torn nations.
The President also talked about e-migrate platform introduced since 2014 for efficient and transparent recruitment of 'emigration check required (ECR)' category of Indian workers.
"Such initiatives will surely help in protecting the rights of our workers proceeding abroad and ensure accountability of recruitment agents in India and their foreign employers," he added.
On vulnerabilities of expat Indians, especially Indian women marrying into NRI families, he said Indian community organisations abroad can most effectively address their concerns even as the government and its agencies deal with this issue.
He called upon NRIs to visit their home country to train young Indians with professional and technical education of highest standards.
Addressing the valedictory function of the 14th edition of Pravasi Bharatiya Divas in Bengaluru, President Mukherjee said, "With regards to temporary migrants going abroad in search of employment, it will also be prudent that attention is paid towards their skill upgrade."
"Many of them are likely to return to India, but while they live abroad, all of them are vulnerable in many ways owing to the fact that they do not enjoy privilege of citizenship in their host country," he said.
This is especially true of people working in areas of strife and conflict, with their security and physical wellbeing on the line, he said and commended the efforts of multiple ministries and organisation in bringing back of fellow countrymen from strife-torn nations.
The President also talked about e-migrate platform introduced since 2014 for efficient and transparent recruitment of 'emigration check required (ECR)' category of Indian workers.
"Such initiatives will surely help in protecting the rights of our workers proceeding abroad and ensure accountability of recruitment agents in India and their foreign employers," he added.
For Jallikattu In Pongal, Panneerselvam Asks PM Modi To Issue Executive Order
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Tamil Nadu Chief Minister O Panneerselvam has asked Prime Minister Narendra Modi to reintroduce Jallikattu - the traditional bull-taming sport - in the state through an ordinance or executive order before next week. Jallikattu had been banned in the state in 2014 and in November, the Supreme Court had dismissed the state's plea seeking review of its judgment. The sport is usually held in rural areas during Pongal, the five-day harvest festival which will begin on January 14. It has not been held in the state for the last two years.
"There is resentment and disappointment in rural Tamil Nadu regarding the Jallikattu ban," read Mr Panneerselvam's letter to PM Modi. "There has been no action from the Centre on the suggestions made by the Tamil Nadu government."
The Central government had recently lifted the ban on Jallikattu by removing bulls from the list of animals that cannot be used for sport. The Supreme Court, however, put a freeze on that order.
Chief Minister Pannerselvam's request comes as parliament has been called into session, when it is not possible to issue an Ordinance. The budget session begins on January 30.
For years, animal rights activists have been campaigning for a ban on Jallikattu, citing cruelty to animals. Besides, there have been instances when participants and spectators have been gored and maimed.
Local communities and hence the political parties of the state, however, are eager to reintroduce the sport.
Even the opposition DMK has been pressing the Centre and the state government to take steps to reintroduce Jallikattu. Protests have also been held across the state by supporters of Jallikattu, demanding that it be held on Pongal this year.
"There is resentment and disappointment in rural Tamil Nadu regarding the Jallikattu ban," read Mr Panneerselvam's letter to PM Modi. "There has been no action from the Centre on the suggestions made by the Tamil Nadu government."
Chief Minister Pannerselvam's request comes as parliament has been called into session, when it is not possible to issue an Ordinance. The budget session begins on January 30.
For years, animal rights activists have been campaigning for a ban on Jallikattu, citing cruelty to animals. Besides, there have been instances when participants and spectators have been gored and maimed.
Local communities and hence the political parties of the state, however, are eager to reintroduce the sport.
Even the opposition DMK has been pressing the Centre and the state government to take steps to reintroduce Jallikattu. Protests have also been held across the state by supporters of Jallikattu, demanding that it be held on Pongal this year.
At Petrol Pumps, No Extra Charge For Card Payments, Says Government
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There will be no extra charge for card transactions at petrol pumps, the government decided today after petrol pump owners threatened to stop accepting cards.
"Consumers will not pay extra for digital transactions," Minister of State for Petroleum Dharmendra Pradhan said after a meeting. There would be no burden on retail fuel outlets as well, he added.
According to the minister, banks and oil firms are discussing who will bear the extra cost charged by banks on card payments for fuel.
After the government stepped in last night, petrol pumps deferred till January 13 their move to stop all credit and debit card transactions.
To promote cashless transactions after the notes ban on November 8, the government had waived the Merchant Discount Rate on fuel. But after the 50-day period that the government gave for the cash crunch to ease ended, the banks decided to resume the fuel surcharge.
This meant petrol pumps would have to pay one per cent on all credit card transactions and between 0.25 per cent and 1 per cent on all debit card transactions.
Besides causing discontent, the move was seen as a big potential setback for the government's efforts to push cashless transactions after the scrapping of Rs. 500 and 1,000 notes, which wiped out 86 per cent of the cash in circulation.
"Consumers will not pay extra for digital transactions," Minister of State for Petroleum Dharmendra Pradhan said after a meeting. There would be no burden on retail fuel outlets as well, he added.
According to the minister, banks and oil firms are discussing who will bear the extra cost charged by banks on card payments for fuel.
To promote cashless transactions after the notes ban on November 8, the government had waived the Merchant Discount Rate on fuel. But after the 50-day period that the government gave for the cash crunch to ease ended, the banks decided to resume the fuel surcharge.
This meant petrol pumps would have to pay one per cent on all credit card transactions and between 0.25 per cent and 1 per cent on all debit card transactions.
Besides causing discontent, the move was seen as a big potential setback for the government's efforts to push cashless transactions after the scrapping of Rs. 500 and 1,000 notes, which wiped out 86 per cent of the cash in circulation.
Business Affairs
Ratan Tata Personally Asked Cyrus Mistry To Resign Before Ouster
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Tata Group patriarch Ratan Tata had personally asked Cyrus P Mistry to resign as chairman of Tata Sons as the board had lost faith in him, but his refusal led to the removal via majority vote.
In a para-by-para response to the petition filed by investment firms associated with Mr Mistry's family against his removal, Tata Sons - the holding company of the $103 billion salt-to-software conglomerate - told the National Company Law Tribunal (NCLT) that Mr Mistry was removed as Chairman on October 24 last year after "little or no signs of improvement" in his leadership.
Seven out of the nine directors of Tata Sons voted for his replacement after Farida Khambata abstained and Mr Mistry was declared ineligible to vote as he was an interest director.
"Before the commencement of the board meeting of Tata Sons on October 24, 2016, Ratan N Tata and (director) Nitin Nohria personally spoke to Cyrus Mistry and offered Cyrus Mistry an opportunity to resign voluntarily as Executive Chairman. However, Cyrus Mistry refused to do so," Tata Sons said in 204-page affidavit.
Stating that the decision was not taken suddenly or in haste, it said the removal "was the result of a chain of events that led to a growing trust and confidence deficit that had to be addressed without delay".
During his four years at the helm, "several disturbing facts" emerged about his leadership including insufficient details and discipline on capital allocation decisions, slow execution on problems, strategic Plan and Business Plan lacking specificity and follow-through, no meaningful steps to enter new growth businesses and weak top management team.
The affidavit said Mr Mistry was reluctant to accept and fully embrace the terms in the Articles of Association that spelled out the governance structure of Tata Sons and certain rights of the Tata Trusts and the Trust Nominee Directors -- terms which he himself had participated in finalising through extensive meetings and discussions with representatives of the Tata Trusts and external advisers.
Mr Mistry in a "systemic and planned manner" reduced the representation of Tata Sons' directors on the boards of other major Tata Companies.
As several directors of Tata Sons on the board of Tata companies retired, he did not appoint any directors of Tata Sons on the boards of other Tata Companies, as was the practice in the past.
The affidavit said: "This systematic dilution weakened the bind through which Tata values, ethos, governance principles, group strategies were to be implemented across the Tata Group companies.
"In most of the cases, Mr Mistry ensured that he was the only director who was common to Tata Sons and Tata Group companies. Effectively making himself the only 'channel' between Tata Sons and Tata group companies. Mistry's actions were deliberately weakening the Tata Group structure which was inimical to Tata Sons' interest and therefore, the mismanagement, if any has been perpetrated by Mr Mistry."
"During Mr Mistry's tenure as Executive Chairman, several board members, including Mr Nohria, repeatedly expressed their concerns to (him) about the criteria and discipline employed to make capital allocation decisions," said the affidavit.
While there was little discipline on expected returns on capital commitments, there was limited detail on the financial or strategic milestones that companies were expected to achieve to justify these capital requests, it said.
The affidavit said Mr Mistry focused only on the problems from the past and blamed them on "legacy issues" but identifying these hot-spots, the execution and follow-through was slow and lacked a sense of urgency.
Although a strategic plan was presented in June 2014, it lacked the specificity. Also, no new business initiative was launched that gained meaningful traction.
"Ensuring a positive relationship with investors and shareholders specially the principal shareholders is one of the primary duties of any leader, which Mr Mistry was unable to fulfil. This led to a growing and untenable trust deficit between Tata Sons and the Tata Trusts," it said.
The absence of proper interface for communication between the Trusts, the Board of Tata Sons and the operating companies led to a breakdown of communication between the three constituents, and the same was proving to be detrimental to the interest of the Tata Group as a whole.
Also, being a significant shareholder in his family enterprise (Shapoorji Pallonji Group of Companies), Mr Mistry was aware that it was being awarded significant contracts by the Tata Group even after his appointment as Deputy Chairman in November 2011 and his appointment as Chairman in December 2012.
For 4 years, the directors of Tata Sons supported Mr Mistry and exercised caution, restraint and patience, according to the affidavit.
"It was Mr Mistry himself who invited Ratan Tata to be the Chairman Emeritus of Tata Sons and in that capacity, Ratan Tata had the right to participate in the meetings of the Board of Directors of Tata Sons," it said.
Prior to October 24, 2016, in his capacity as Chairman Emeritus, Tata never attended any board meeting of Tata Sons and used to render advice only if warranted, as a person interested in the welfare of the Tata Group and in most cases, if not all, only when Mr Mistry reached out to him.
"Ratan Tata personally advised and counselled Mr Mistry on several matters, when time and again Mr Mistry reached out to Ratan Tata for guidance on business related matters," it said.
It said although the Nominations and Remunerations Committee of Tata Sons, in its meeting held on June 28, 2016, made positive comments on Mr Mistry's performance, it also stressed upon "the need for greater clarity on the functioning of the Board of Tata Sons Ltd in relation to the Tata Trusts, as well as its role vis-a-vis Group Companies".
Further, the Committee "did not sufficiently factor his ability to lead the Tata Group in the future".
"It was felt that Mr Mistry's leadership was lacking on numerous fronts and did not match up to his promises made at the time of his selection. Mr Mistry's leadership was not aligned to the long term goals and targets of Tata Sons as a company and the Tata Group as a whole," it added.
In a para-by-para response to the petition filed by investment firms associated with Mr Mistry's family against his removal, Tata Sons - the holding company of the $103 billion salt-to-software conglomerate - told the National Company Law Tribunal (NCLT) that Mr Mistry was removed as Chairman on October 24 last year after "little or no signs of improvement" in his leadership.
Seven out of the nine directors of Tata Sons voted for his replacement after Farida Khambata abstained and Mr Mistry was declared ineligible to vote as he was an interest director.
"Before the commencement of the board meeting of Tata Sons on October 24, 2016, Ratan N Tata and (director) Nitin Nohria personally spoke to Cyrus Mistry and offered Cyrus Mistry an opportunity to resign voluntarily as Executive Chairman. However, Cyrus Mistry refused to do so," Tata Sons said in 204-page affidavit.
Stating that the decision was not taken suddenly or in haste, it said the removal "was the result of a chain of events that led to a growing trust and confidence deficit that had to be addressed without delay".
During his four years at the helm, "several disturbing facts" emerged about his leadership including insufficient details and discipline on capital allocation decisions, slow execution on problems, strategic Plan and Business Plan lacking specificity and follow-through, no meaningful steps to enter new growth businesses and weak top management team.
The affidavit said Mr Mistry was reluctant to accept and fully embrace the terms in the Articles of Association that spelled out the governance structure of Tata Sons and certain rights of the Tata Trusts and the Trust Nominee Directors -- terms which he himself had participated in finalising through extensive meetings and discussions with representatives of the Tata Trusts and external advisers.
Mr Mistry in a "systemic and planned manner" reduced the representation of Tata Sons' directors on the boards of other major Tata Companies.
As several directors of Tata Sons on the board of Tata companies retired, he did not appoint any directors of Tata Sons on the boards of other Tata Companies, as was the practice in the past.
The affidavit said: "This systematic dilution weakened the bind through which Tata values, ethos, governance principles, group strategies were to be implemented across the Tata Group companies.
"In most of the cases, Mr Mistry ensured that he was the only director who was common to Tata Sons and Tata Group companies. Effectively making himself the only 'channel' between Tata Sons and Tata group companies. Mistry's actions were deliberately weakening the Tata Group structure which was inimical to Tata Sons' interest and therefore, the mismanagement, if any has been perpetrated by Mr Mistry."
"During Mr Mistry's tenure as Executive Chairman, several board members, including Mr Nohria, repeatedly expressed their concerns to (him) about the criteria and discipline employed to make capital allocation decisions," said the affidavit.
While there was little discipline on expected returns on capital commitments, there was limited detail on the financial or strategic milestones that companies were expected to achieve to justify these capital requests, it said.
The affidavit said Mr Mistry focused only on the problems from the past and blamed them on "legacy issues" but identifying these hot-spots, the execution and follow-through was slow and lacked a sense of urgency.
Although a strategic plan was presented in June 2014, it lacked the specificity. Also, no new business initiative was launched that gained meaningful traction.
"Ensuring a positive relationship with investors and shareholders specially the principal shareholders is one of the primary duties of any leader, which Mr Mistry was unable to fulfil. This led to a growing and untenable trust deficit between Tata Sons and the Tata Trusts," it said.
The absence of proper interface for communication between the Trusts, the Board of Tata Sons and the operating companies led to a breakdown of communication between the three constituents, and the same was proving to be detrimental to the interest of the Tata Group as a whole.
Also, being a significant shareholder in his family enterprise (Shapoorji Pallonji Group of Companies), Mr Mistry was aware that it was being awarded significant contracts by the Tata Group even after his appointment as Deputy Chairman in November 2011 and his appointment as Chairman in December 2012.
For 4 years, the directors of Tata Sons supported Mr Mistry and exercised caution, restraint and patience, according to the affidavit.
"It was Mr Mistry himself who invited Ratan Tata to be the Chairman Emeritus of Tata Sons and in that capacity, Ratan Tata had the right to participate in the meetings of the Board of Directors of Tata Sons," it said.
Prior to October 24, 2016, in his capacity as Chairman Emeritus, Tata never attended any board meeting of Tata Sons and used to render advice only if warranted, as a person interested in the welfare of the Tata Group and in most cases, if not all, only when Mr Mistry reached out to him.
"Ratan Tata personally advised and counselled Mr Mistry on several matters, when time and again Mr Mistry reached out to Ratan Tata for guidance on business related matters," it said.
It said although the Nominations and Remunerations Committee of Tata Sons, in its meeting held on June 28, 2016, made positive comments on Mr Mistry's performance, it also stressed upon "the need for greater clarity on the functioning of the Board of Tata Sons Ltd in relation to the Tata Trusts, as well as its role vis-a-vis Group Companies".
Further, the Committee "did not sufficiently factor his ability to lead the Tata Group in the future".
"It was felt that Mr Mistry's leadership was lacking on numerous fronts and did not match up to his promises made at the time of his selection. Mr Mistry's leadership was not aligned to the long term goals and targets of Tata Sons as a company and the Tata Group as a whole," it added.
'Tax Figures Are Real': Arun Jaitley Cites Robust Data To Counter Slowdown Fears
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Finance Minister Arun Jaitley today cited robust tax collection numbers to counter naysayers who say the economy is poised for a big slowdown after demonetisation.
Releasing data on tax collection, Mr Jaitley said that in the first three quarters (from April to December) of the fiscal year (2016-17) direct tax mop-up rose 12.01 per cent. Direct taxes comprise individual income as well as corporate tax.
"The big picture is that direct taxes for first three quarters have moved up, indirect taxes have significantly moved up. December 2016 has moved up compared to December 2015 and December 2016 has moved up compared to November 2016," the finance minister said, adding, "Tax figures are real. This is the money which has come in."
The indirect tax collection during the 9-month period rose 25 per cent, Mr Jaitley added. Giving a break-up, Mr Jaitley said central excise collection surged 43 per cent, services tax 23.9 per cent and customs duty 4.1 per cent. He said from November 2016 to December 2016, the indirect tax collection rose 12.8 per cent.
The Statistics Office on Friday predicted that economic growth in the fiscal year that ends in March would slow to a three-year low of 7.1 per cent, but without fully accounting for the disruption caused by demonetisation.
This has led economists to forecast a sharp slowdown in economic growth for this year. Many economists have pared their growth forecasts to 6.3-6.4 per cent for 2016-17, citing the impact of the demonetisation, which they reckon will linger for one more year.
Many critics of demonetisation have said that the full impact of the move was felt in December, rather than November, the month in which Prime Minister Narendra Modi announced a ban on 500 and 1000 rupee notes, aimed at battling corruption and black money.
In December 2016 alone, the central excise duty collection rose 31 per cent, Mr Jaitley said, as compared to December 2015. Services tax collection rose 12.4 per cent in December while customs duty collection fell 6.3 per cent primarily due to fall in gold imports, he said.
"As a considerable debate is in the public space about the impact of the currency squeeze in the month of November and December, the data of these two months become relevant," the finance minister said.
Mr Jaitley also said that even most of the states have reported an increase in collection of value added tax (VAT) collection. The VAT figures for December are yet to be released, he said.
Prime Minister Narendra Modi on November 8 had announced demonetisation of 500 and 1,000 notes which took away 86 per cent or Rs 15.44 lakh crore out of circulation.
Finance Minister Arun Jaitley today cited robust tax collection numbers to counter naysayers who say the economy is poised for a big slowdown after demonetisation.
Releasing data on tax collection, Mr Jaitley said that in the first three quarters (from April to December) of the fiscal year (2016-17) direct tax mop-up rose 12.01 per cent. Direct taxes comprise individual income as well as corporate tax.
"The big picture is that direct taxes for first three quarters have moved up, indirect taxes have significantly moved up. December 2016 has moved up compared to December 2015 and December 2016 has moved up compared to November 2016," the finance minister said, adding, "Tax figures are real. This is the money which has come in."
Releasing data on tax collection, Mr Jaitley said that in the first three quarters (from April to December) of the fiscal year (2016-17) direct tax mop-up rose 12.01 per cent. Direct taxes comprise individual income as well as corporate tax.
"The big picture is that direct taxes for first three quarters have moved up, indirect taxes have significantly moved up. December 2016 has moved up compared to December 2015 and December 2016 has moved up compared to November 2016," the finance minister said, adding, "Tax figures are real. This is the money which has come in."
The indirect tax collection during the 9-month period rose 25 per cent, Mr Jaitley added. Giving a break-up, Mr Jaitley said central excise collection surged 43 per cent, services tax 23.9 per cent and customs duty 4.1 per cent. He said from November 2016 to December 2016, the indirect tax collection rose 12.8 per cent.
The Statistics Office on Friday predicted that economic growth in the fiscal year that ends in March would slow to a three-year low of 7.1 per cent, but without fully accounting for the disruption caused by demonetisation.
This has led economists to forecast a sharp slowdown in economic growth for this year. Many economists have pared their growth forecasts to 6.3-6.4 per cent for 2016-17, citing the impact of the demonetisation, which they reckon will linger for one more year.
Many critics of demonetisation have said that the full impact of the move was felt in December, rather than November, the month in which Prime Minister Narendra Modi announced a ban on 500 and 1000 rupee notes, aimed at battling corruption and black money.
In December 2016 alone, the central excise duty collection rose 31 per cent, Mr Jaitley said, as compared to December 2015. Services tax collection rose 12.4 per cent in December while customs duty collection fell 6.3 per cent primarily due to fall in gold imports, he said.
"As a considerable debate is in the public space about the impact of the currency squeeze in the month of November and December, the data of these two months become relevant," the finance minister said.
Mr Jaitley also said that even most of the states have reported an increase in collection of value added tax (VAT) collection. The VAT figures for December are yet to be released, he said.
Prime Minister Narendra Modi on November 8 had announced demonetisation of 500 and 1,000 notes which took away 86 per cent or Rs 15.44 lakh crore out of circulation.
Digital Payments App BHIM Downloaded 10 Million Times in Just 10 Days: PM Modi
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Prime Minister Narendra Modi on Monday disclosed that the recently launched BHIM (Bharat Interface for Money) mobile application has recorded 10 million downloads.
The Prime Minister said the mobile-based application, launched to promote digital transactions, achieved the 10-million-downloads-mark within a span of only 10 days.
"Delighted to know that in a span of 10 days there have been over 10 million downloads of the BHIM App. BHIM App has made transactions faster and easier, thus making it popular among the youth. The App is also beneficial for traders," an official statement cited the Prime Minister as saying.
"The BHIM App is a fine example of Make in India and how technology is being effectively used to end the menace of corruption and black money."
On December 30, 2016, Prime Minister Modi had launched the BHIM mobile app.
At that time, the Prime Minister had said that BHIM app -- a re-branded version of UPI (Unified Payment Interface) and USSD (Unstructured Supplementary Service Data) -- will promote and make digital transactions easier.
The Prime Minister said the mobile-based application, launched to promote digital transactions, achieved the 10-million-downloads-mark within a span of only 10 days.
"Delighted to know that in a span of 10 days there have been over 10 million downloads of the BHIM App. BHIM App has made transactions faster and easier, thus making it popular among the youth. The App is also beneficial for traders," an official statement cited the Prime Minister as saying.
"The BHIM App is a fine example of Make in India and how technology is being effectively used to end the menace of corruption and black money."
On December 30, 2016, Prime Minister Modi had launched the BHIM mobile app.
At that time, the Prime Minister had said that BHIM app -- a re-branded version of UPI (Unified Payment Interface) and USSD (Unstructured Supplementary Service Data) -- will promote and make digital transactions easier.
Reduce Scrutiny Assessments To Slash Litigation: Taxman's Panel
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Scrutiny assessments that entail a top-to-bottom analysis of a taxpayers' I-T transactions should be "reduced significantly" for a period of three years, a committee constituted by the CBDT to cut down litigation issues between the taxman and the assessee has suggested.
In its report submitted to the policy-making body of the I-T department, the committee has also recommended that the number of such scrutiny cases given to each Assessing Officer (AO) should be "capped" in order to make them more effective for the department and less cumbersome for the taxpayers at large.
"Reduce scrutiny assessments significantly for a period of three years to give primacy to litigation management during this period.
"Cap the number of annual scrutiny cases per AO. The cap be kept low to allow reasonable time for enquiries and assessments," the committee said in the report as part of "immediate measures" required to reduce litigation in the department.
The seven-member committee, headed by Commissioner of Income Tax (Legal and Research) Sunita Bainsla, had submitted its report to the Central Board of Direct Taxes (CBDT) last year in September, which has been made public now.
Top sources in the department said with demonetisation throwing a big challenge before the taxman where numerous cases could be scrutinised for suspect black money cases, the CBDT is expected to consider the views of the panel for framing latest rules for bringing future cases under scrutiny given there are new and smart tech tools to probe such instances now.
The report, while suggesting the future "roadmap" has added that "the workload of assessment should not be allowed to be increased over a pre-defined number of cases for any AO.
Hence, fresh scrutiny assessments for a year should be limited based on the number of already pending cases with an officer.
"This will allow for more time for evidence gathering and writing of orders."
The tax department has said that it only brings about 1 per cent of cases, out of crores of Income Tax Returns (ITRs) filed, under the scrutiny assessment procedure in an year and has even started a pilot-project to conduct this procedure online.
Scrutiny is undertaken when the taxman suspects that the ITR filed does not reflect the true picture of an entities' income as compared to his expenses and matches certain other red flags decided by the CBDT every year based on the current and expected economic activity in the current fiscal.
The procedure entails furnishing of a number of records by the taxpayer to the AO that consumes more time and resources than a normal ITR filing and this subject has also led taxpayers to raise concerns of harassment and corruption in the past.
In its report submitted to the policy-making body of the I-T department, the committee has also recommended that the number of such scrutiny cases given to each Assessing Officer (AO) should be "capped" in order to make them more effective for the department and less cumbersome for the taxpayers at large.
"Reduce scrutiny assessments significantly for a period of three years to give primacy to litigation management during this period.
"Cap the number of annual scrutiny cases per AO. The cap be kept low to allow reasonable time for enquiries and assessments," the committee said in the report as part of "immediate measures" required to reduce litigation in the department.
The seven-member committee, headed by Commissioner of Income Tax (Legal and Research) Sunita Bainsla, had submitted its report to the Central Board of Direct Taxes (CBDT) last year in September, which has been made public now.
Top sources in the department said with demonetisation throwing a big challenge before the taxman where numerous cases could be scrutinised for suspect black money cases, the CBDT is expected to consider the views of the panel for framing latest rules for bringing future cases under scrutiny given there are new and smart tech tools to probe such instances now.
The report, while suggesting the future "roadmap" has added that "the workload of assessment should not be allowed to be increased over a pre-defined number of cases for any AO.
Hence, fresh scrutiny assessments for a year should be limited based on the number of already pending cases with an officer.
"This will allow for more time for evidence gathering and writing of orders."
The tax department has said that it only brings about 1 per cent of cases, out of crores of Income Tax Returns (ITRs) filed, under the scrutiny assessment procedure in an year and has even started a pilot-project to conduct this procedure online.
Scrutiny is undertaken when the taxman suspects that the ITR filed does not reflect the true picture of an entities' income as compared to his expenses and matches certain other red flags decided by the CBDT every year based on the current and expected economic activity in the current fiscal.
The procedure entails furnishing of a number of records by the taxpayer to the AO that consumes more time and resources than a normal ITR filing and this subject has also led taxpayers to raise concerns of harassment and corruption in the past.
Demonetisation Just A Bump; India To Maintain 7% Growth: Cisco
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Describing demonetisation as only a "bump", Cisco Executive Chairman John Chambers on Monday said India is well-positioned to maintain GDP growth rate of over 7 per cent for the next few years and it should be a "top ally" for the US in the Asia Pacific region.
Allaying fears that the new Trump administration could make policy decisions that adversely impact the Indian IT companies, he said: "I think India should be our top ally in Asia Pacific. And the two countries have so much in common, including being the largest and most powerful democracies. I am optimistic."
Chambers, who also dons the hat of USIBC Chairman, is leading one of the largest delegations of US businesses at the 8th Vibrant Gujarat to be held later this week.
Asked if a sudden policy change like demonetisation had adversely impacted the way foreign businesses view India, he said: "If there is one GDP in this world I would bet on, it's India and this (demonetisation) will be a bump... Very few people in the financial world say this isn't the right thing to do. What it basically does is, it builds a foundation for every citizen in this country to participate truly in a digital world.
"Does it bother me? It's actually reverse... I know that innovation by definition is disruptive and uncomfortable and there are bumps. I think the country (India) is moving remarkably fast and it's moving with a strategy and vision," he added.
On the government's digital push and growth of Indian economy, Chambers said Internet will facilitate 3-5 times the economic impact at a much faster pace seen previously.
"A year from now your GDP will be stronger dramatically because of the changes. And you are the envy of the world... I think GDP growth is sustainable at 7 per cent...this is not PM's goal...but I think above 7, and it is not out of the question to be 8, 9 or 10," he said.
India, Chambers added, used to be known as a slow follower but now it is getting known as a fast innovator.
Cisco and BPM major Genpact have unveiled the Global Center of Excellence in the city as part of the US-based firms Lighthouse City project.
Hosted and operated in Genpacts facility in Jaipur, the centre will serve as an innovation lab for Genpact and its partnering technology firms to rapidly test and deploy the latest smart technology advances from Cisco to help it become a fully responsive, smart and connected city.
Cisco has identified Jaipur as the first smart and connected Lighthouse City in South Asia in addition to cities in other regions, including Hamburg (Germany), Barcelona (Spain) and Adelaide (Australia).
Allaying fears that the new Trump administration could make policy decisions that adversely impact the Indian IT companies, he said: "I think India should be our top ally in Asia Pacific. And the two countries have so much in common, including being the largest and most powerful democracies. I am optimistic."
Chambers, who also dons the hat of USIBC Chairman, is leading one of the largest delegations of US businesses at the 8th Vibrant Gujarat to be held later this week.
Asked if a sudden policy change like demonetisation had adversely impacted the way foreign businesses view India, he said: "If there is one GDP in this world I would bet on, it's India and this (demonetisation) will be a bump... Very few people in the financial world say this isn't the right thing to do. What it basically does is, it builds a foundation for every citizen in this country to participate truly in a digital world.
"Does it bother me? It's actually reverse... I know that innovation by definition is disruptive and uncomfortable and there are bumps. I think the country (India) is moving remarkably fast and it's moving with a strategy and vision," he added.
On the government's digital push and growth of Indian economy, Chambers said Internet will facilitate 3-5 times the economic impact at a much faster pace seen previously.
"A year from now your GDP will be stronger dramatically because of the changes. And you are the envy of the world... I think GDP growth is sustainable at 7 per cent...this is not PM's goal...but I think above 7, and it is not out of the question to be 8, 9 or 10," he said.
India, Chambers added, used to be known as a slow follower but now it is getting known as a fast innovator.
Cisco and BPM major Genpact have unveiled the Global Center of Excellence in the city as part of the US-based firms Lighthouse City project.
Hosted and operated in Genpacts facility in Jaipur, the centre will serve as an innovation lab for Genpact and its partnering technology firms to rapidly test and deploy the latest smart technology advances from Cisco to help it become a fully responsive, smart and connected city.
Cisco has identified Jaipur as the first smart and connected Lighthouse City in South Asia in addition to cities in other regions, including Hamburg (Germany), Barcelona (Spain) and Adelaide (Australia).
General Awareness
Rivers of Major World Cities
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Dear Readers & Aspirants,we have collected some Rivers of Major World Cities. We hope, it will help you in Competitive exams.
City Country River Alexandria Egypt Nile Amsterdam Netherlands Amstel Baghdad Iraq Tigris Bangkok Thailand Chao Phraya Belgrade Yugoslavia Danube, Sava Berlin Germany Spree, Havel Bogotá Colombia Bogotá Brussels Belgium Senne Budapest Hungary Danube Buenos Aires Argentina RÃo de la Plata Cairo Egypt Nile Calcutta India Hugli Damascus Syria Barada Delhi India Yamuna Dublin Ireland LIffey Ho Chi Minh City Vietnam Saigon Hong Kong China Pearl Jakarta Indonesia Liwung Kiev Ukraine Dnieper Lisbon Portugal Tagus Lima Peru RÃmac London England Thames Madrid Spain Manzanares Melbourne Australia Yarra Montreal Canada St. Lawrence Moscow Russia Moskva Paris France Seine Prague Czech Republic Moldau Rome Italy Tiber Saint Petersburg Russia Neva Santiago Chile Mapocho São Paulo Brazil Tietê Seoul South Korea Han Shanghai China Huangpu Tokyo Japan Sumida Vienna Austria Danube Warsaw Poland Vistula Zagreb Croatia Sava Zürich Switzerland Limmat, Sihl
Dear Readers & Aspirants,we have collected some Rivers of Major World Cities. We hope, it will help you in Competitive exams.
| City | Country | River |
|---|---|---|
| Alexandria | Egypt | Nile |
| Amsterdam | Netherlands | Amstel |
| Baghdad | Iraq | Tigris |
| Bangkok | Thailand | Chao Phraya |
| Belgrade | Yugoslavia | Danube, Sava |
| Berlin | Germany | Spree, Havel |
| Bogotá | Colombia | Bogotá |
| Brussels | Belgium | Senne |
| Budapest | Hungary | Danube |
| Buenos Aires | Argentina | RÃo de la Plata |
| Cairo | Egypt | Nile |
| Calcutta | India | Hugli |
| Damascus | Syria | Barada |
| Delhi | India | Yamuna |
| Dublin | Ireland | LIffey |
| Ho Chi Minh City | Vietnam | Saigon |
| Hong Kong | China | Pearl |
| Jakarta | Indonesia | Liwung |
| Kiev | Ukraine | Dnieper |
| Lisbon | Portugal | Tagus |
| Lima | Peru | RÃmac |
| London | England | Thames |
| Madrid | Spain | Manzanares |
| Melbourne | Australia | Yarra |
| Montreal | Canada | St. Lawrence |
| Moscow | Russia | Moskva |
| Paris | France | Seine |
| Prague | Czech Republic | Moldau |
| Rome | Italy | Tiber |
| Saint Petersburg | Russia | Neva |
| Santiago | Chile | Mapocho |
| São Paulo | Brazil | Tietê |
| Seoul | South Korea | Han |
| Shanghai | China | Huangpu |
| Tokyo | Japan | Sumida |
| Vienna | Austria | Danube |
| Warsaw | Poland | Vistula |
| Zagreb | Croatia | Sava |
| Zürich | Switzerland | Limmat, Sihl |
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