General Affairs
Chennai Oil Spill Worse Than Thought, 10 More Days To Clean Up
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It may take 10 more days to clean up the worst-affected areas after a massive oil spill caused by the collision of two ships off Chennai last Saturday. The Coast Guard today rejected speculation that the response to the huge environmental disaster had been haphazard and delayed. Hundreds of volunteers, including engineering students and fishermen, are manually collecting sludge in buckets to clear the water and reduce the damage.
The Coast guard denies there was any delay in response after cargo ships carrying Liquefied Petroleum Gas and petroleum oil lubricant collided near Chennai's Kamarajar Port. "The accident happened around 4 am on Saturday. We got the information at 6 am and at 7 am our chopper was there. The spill was much less then. Our immediate focus then was safety of the crew and the ship. We've done 19 sorties so far monitoring the situation," said Rajan Bargotra, Coast Guard Inspector General.
After initially denying any spill, the port authorities said 200 litres had leaked. The figure was amended to one metric tonne, then two-three, and finally, the Coast Guard released a more worrying assessment - 20 tonnes. Experts have wondered whether in the phase of denial, previous time was lost.
Tonnes of thick sludge collected from the worst-hit among the beaches of Chennai will be treated with bacteria. On the 74 km coast in Chennai, tar balls have piled up in a 12-km stretch. On board Coast Guard's ship Varad, Mr Bargotra shows pockets of oil neutralised by dispersant sprayed by ships and choppers. He insists that there is no threat to the environment. "It's a major accident but a minor spill. The turtles have not died, nor has there been any death of fish," he said.
Mr Bargotra also dismisses criticism that his team lacks modern equipment, especially after it emerged that super-sucker machines failed to extract the sludge. "We have skimmers but weren't effective. In a rocky situation like this manual operation is very effective," he said.
An inquiry has started into the spill. Chennai Port Trust Chairman P Raveendran says, "Action will be taken according to the polluter pays principle.
After initially denying any spill, the port authorities said 200 litres had leaked. The figure was amended to one metric tonne, then two-three, and finally, the Coast Guard released a more worrying assessment - 20 tonnes. Experts have wondered whether in the phase of denial, previous time was lost.
Tonnes of thick sludge collected from the worst-hit among the beaches of Chennai will be treated with bacteria. On the 74 km coast in Chennai, tar balls have piled up in a 12-km stretch. On board Coast Guard's ship Varad, Mr Bargotra shows pockets of oil neutralised by dispersant sprayed by ships and choppers. He insists that there is no threat to the environment. "It's a major accident but a minor spill. The turtles have not died, nor has there been any death of fish," he said.
Mr Bargotra also dismisses criticism that his team lacks modern equipment, especially after it emerged that super-sucker machines failed to extract the sludge. "We have skimmers but weren't effective. In a rocky situation like this manual operation is very effective," he said.
An inquiry has started into the spill. Chennai Port Trust Chairman P Raveendran says, "Action will be taken according to the polluter pays principle.
Over 6 Lakh People Win Rs. 97.07 Crore Under Digital Payment Scheme
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Over 6.26 lakh people have been awarded a total of Rs. 97.07 crore in the last 35 days under the Niti Aayog's schemes to promote digital payments.
Among those lucky winners 5.55 lakh consumers have won prize of Rs. 1,000 under the Lucky Grahak Yojana - Daily scheme, while 26,145 consumers won under the Weekly scheme between December 25, 2016 to January 31, 2017, Niti Aayog said in a statement.
In addition to that over 35,000 merchants have been declared winners under the Digi Dhan Vyapar Yojana weekly scheme, it added.
"Data from National Payment Corporation of India reflects that people from different age groups, occupations and different walks of life have taken part in a big way in the Lucky Grahak Yojana and Digi-dhan Vyapar Yojana giving a boost to digital transactions," it added.
The two schemes were launched on December 25, 2016 and shall remain open till April 14, 2017.
Under the scheme, every day 15,000 daily winners vie for total prize money of Rs. 1.5 crore, while over 14,000 winners qualify for weekly draws with total prize money of over Rs. 8.3 crore per week.
"40 such Digi-Dhan Melas have been held across the country since 25th December, 2016 till date. Over 100 Digi-Dhan Melas will be held across the country to inculcate digital payment among the people," it said.
Among those lucky winners 5.55 lakh consumers have won prize of Rs. 1,000 under the Lucky Grahak Yojana - Daily scheme, while 26,145 consumers won under the Weekly scheme between December 25, 2016 to January 31, 2017, Niti Aayog said in a statement.
In addition to that over 35,000 merchants have been declared winners under the Digi Dhan Vyapar Yojana weekly scheme, it added.
Under the scheme, every day 15,000 daily winners vie for total prize money of Rs. 1.5 crore, while over 14,000 winners qualify for weekly draws with total prize money of over Rs. 8.3 crore per week.
"40 such Digi-Dhan Melas have been held across the country since 25th December, 2016 till date. Over 100 Digi-Dhan Melas will be held across the country to inculcate digital payment among the people," it said.
One More Pak Fishing Boat Seized By BSF In Gujarat
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The Border Security Force or BSF today seized one more abandoned Pakistani fishing boat near Sir Creek in Kutch district on the Indo-Pak border during an extensive search operation in the area, officials said.
With this latest seizure, the total number of Pak fishing boats captured in creek area has gone up to four in the last three days, they added.
"BSF has seized a Pak fishing boat in the Indian territory of the creek area today. Occupants of the boat have fled to the neighbouring country before the boat was spotted. This is the fourth such boat seized by BSF troops during the last three days," a senior BSF official said.
On Tuesday, BSF seized an abandoned Pakistani fishing boat from Sir Creek, following which, an extensive search operation of creek area has been commenced by the BSF.
Later yesterday, two more engine-fitted boats from the neighbouring country were seized by the BSF from the same area, officials said.
These two boats were abandoned in Pabewari Creek near Sir Creek by Pakistani fishermen, who fled away into Pak territory after being chased by a BSF patrol party, the official said, adding nothing suspicious has been found from these boats.
Pakistani fishing boats are found in creek area at regular intervals. Earlier, such abandoned boats were found in Padala Creek and Haraminala area by the BSF.
With this latest seizure, the total number of Pak fishing boats captured in creek area has gone up to four in the last three days, they added.
"BSF has seized a Pak fishing boat in the Indian territory of the creek area today. Occupants of the boat have fled to the neighbouring country before the boat was spotted. This is the fourth such boat seized by BSF troops during the last three days," a senior BSF official said.
Later yesterday, two more engine-fitted boats from the neighbouring country were seized by the BSF from the same area, officials said.
These two boats were abandoned in Pabewari Creek near Sir Creek by Pakistani fishermen, who fled away into Pak territory after being chased by a BSF patrol party, the official said, adding nothing suspicious has been found from these boats.
Pakistani fishing boats are found in creek area at regular intervals. Earlier, such abandoned boats were found in Padala Creek and Haraminala area by the BSF.
Poll Commission Pulls Up Centre, Says No Last Minute Cabinet Proposals
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The Central Ministries are sending proposals to the Election Commission for clearance at the last minute - a violation of procedure after the Model Code of Conduct has been announced. Expressing its "unhappiness" about the state of affairs, the Election Commission has written to cabinet secretary PK Sinha, asking him to ensure that every proposal is sent at least 48 hours in advance.
In its letter, the Commission said after the Model Code of Conduct comes into force, there are standing instructions that ministries should send proposals to be taken up by the cabinet through the Cabinet Secretariat to the Election Commission.
"A tendency is being observed to flout the Commission's aforesaid instructions," read the letter, sent by the panel's senior principal secretary RK Srivastava. The letter said the commission wanted the country's top civil servant to impress upon all ministries to "strictly adhere" to the 48-hour advance notice.
An official said proposals from government departments started pouring in for the panel's approval after the Model Code of Conduct kicked in. The provision of getting the commission's approval is aimed at ensuring that the Model Code did not stall urgent government business.
It has been made clear in the past that proposals, which can easily wait till the elections are over, should be put on hold till then.
The Model Code of conduct came into place after assembly elections in five states - Uttar Pradesh, Manipur, Goa, Uttarakhand and Punjab -- were announced last month. The elections begin on February 4 and will continue till March 8. The results will be announced on March 11.
In its letter, the Commission said after the Model Code of Conduct comes into force, there are standing instructions that ministries should send proposals to be taken up by the cabinet through the Cabinet Secretariat to the Election Commission.
It has been made clear in the past that proposals, which can easily wait till the elections are over, should be put on hold till then.
The Model Code of conduct came into place after assembly elections in five states - Uttar Pradesh, Manipur, Goa, Uttarakhand and Punjab -- were announced last month. The elections begin on February 4 and will continue till March 8. The results will be announced on March 11.
Physical Education Must For CBSE Class 10 Students, Grades Will Be Given
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Yoga, martial arts and NCC and sports will be a compulsory part of the curriculum of Class 10 - subjects in which students will be graded, but it won't be part of their overall assessment. This is what the Central Board of Secondary Education has said in its guidelines to assess students after board exams have been reintroduced.
"Indigenous sports, yoga and NCC must be encouraged in the schools creating a sense of physical fitness, discipline, sportsmanship, patriotism, self-sacrifice and health care," read the the notification, which has been sent to the Heads of Schools affiliated to the board.
"These activities will be graded on a 5-point grading scale (A to E) and will have no descriptive indicators," the notification further said. The students will be graded by the Physical education teacher concerned.
Under the new model, 20% of the assessment will be internal and the rest through the board-organised examination. Students need to get 33% marks in each evaluation to pass in any subject.
The notification said the students should be provided with the opportunity to get professionally trained in their area of interest and regular timings should be allotted for these classes. The Physical Education, the notification however said, will be included in the marksheet, but will not have an impact on the overall assessment of the child.
The principal of Kendriya Vidyalaya school in Noida's Sector 24 said they received the notification last evening and needed to deliberate on the details before commenting.
The principal of Don Bosco school refused to comment on the matter, saying they are yet to receive the notification.
"Indigenous sports, yoga and NCC must be encouraged in the schools creating a sense of physical fitness, discipline, sportsmanship, patriotism, self-sacrifice and health care," read the the notification, which has been sent to the Heads of Schools affiliated to the board.
"These activities will be graded on a 5-point grading scale (A to E) and will have no descriptive indicators," the notification further said. The students will be graded by the Physical education teacher concerned.
The notification said the students should be provided with the opportunity to get professionally trained in their area of interest and regular timings should be allotted for these classes. The Physical Education, the notification however said, will be included in the marksheet, but will not have an impact on the overall assessment of the child.
The principal of Kendriya Vidyalaya school in Noida's Sector 24 said they received the notification last evening and needed to deliberate on the details before commenting.
The principal of Don Bosco school refused to comment on the matter, saying they are yet to receive the notification.
Business Affairs
RBI to soon put new Rs 100 banknotes in circulation
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The Reserve Bank will soon put into circulation new Rs 100 banknotes which will be similar to the design of the ones in Mahatma Gandhi Series-2005.
"The Reserve Bank will shortly issue Rs 100 denomination banknotes in the Mahatma Gandhi Series-2005, with the inset letter R in both the number panels, bearing the signature of Dr Urjit R Patel, Governor, Reserve Bank of India," RBI said in a notification.
The year of printing '2017' will be on the reverse of the banknote.
RBI said the design of these banknotes to be issued now are similar in all respects to the Rs 100 banknotes in Mahatma Gandhi Series- 2005 issued earlier.
Among the features of the banknotes, there would be ascending size of numerals in the number panels, bleed lines, and enlarged identification mark on the obverse.
All the banknotes in the denomination of Rs 100 issued by the Bank in the past will continue to be legal tender, RBI added.
The Reserve Bank will soon put into circulation new Rs 100 banknotes which will be similar to the design of the ones in Mahatma Gandhi Series-2005.
"The Reserve Bank will shortly issue Rs 100 denomination banknotes in the Mahatma Gandhi Series-2005, with the inset letter R in both the number panels, bearing the signature of Dr Urjit R Patel, Governor, Reserve Bank of India," RBI said in a notification.
The year of printing '2017' will be on the reverse of the banknote.
RBI said the design of these banknotes to be issued now are similar in all respects to the Rs 100 banknotes in Mahatma Gandhi Series- 2005 issued earlier.
Among the features of the banknotes, there would be ascending size of numerals in the number panels, bleed lines, and enlarged identification mark on the obverse.
All the banknotes in the denomination of Rs 100 issued by the Bank in the past will continue to be legal tender, RBI added.
Over 1,100 searches, 5,100 notices post demonetisation so far: Jaitley
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This led to seizure of valuables worth over Rs 610 crore, of which as high as Rs 513 crore were in cash.
"Post demonetisation, during November 9, 2016 to January 10, 2017, more than 1,100 searches and surveys were conducted and more than 5,100 notices were issued by the Income Tax Department for verification of suspicious high-value cash deposits," Finance Minister Arun Jaitley said in a written reply in the Lok Sabha on Friday.
He was responding to a query on the extent to which the government has achieved its objective of the cash ban announced on November 8.
The seizure of the money in the whole exercise so far has involved Rs 110 crore in the form of new currency notes (of Rs 500 and Rs 2,000).
"The undisclosed income detected in these ongoing investigations till January 10, 2017, was more than Rs 5,400 crore," he said.
In a separate reply, Minister of State for Finance Santosh Gangwar said relevant information has been shared by the I-T Department with other law enforcement agencies such as the Enforcement Directorate and the Central Bureau of Investigation for appropriate action.
"As on November 8, 2016, there were 17,165 million pieces of Rs 500 and 6,858 million pieces of Rs 1,000 in circulation.
The value of specified bank notes of Rs 500 and Rs 1,000 returned to RBI and currency chests amounted to Rs 12.44 lakh crore as of December 10, 2016," Gangwar said.
Jaitley said demonetisation seeks to create a new normal wherein GDP would be "bigger, cleaner and real".
"This exercise is part of the government's resolve to eliminate corruption, blackmoney, counterfeit currency and terror funding," said the finance minister.
The government is taking steps such as collection of requisite information from various sources, conducting investigations in appropriate cases, searches, surveys, assessment of income, levy of penalty and launching of criminal prosecution to curb blackmoney, he said.
Formation of the special investigation team (SIT) on blackmoney, enactment of comprehensive law, Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, amendment of the Benami Transactions (Prohibition) Act, 1988, are among other measures taken by the government to weed out blackmoney inside and outside the country, he said further.
In reply to a question on action taken or proposed against offenders, Gangwar said it is an ongoing process and a number of effective measures have been taken to verify cash deposits in old Rs 500 and Rs 1,000 notes in banks by those whose case deposits were not in line with their existing profile based on filings with the tax department.
This led to seizure of valuables worth over Rs 610 crore, of which as high as Rs 513 crore were in cash.
"Post demonetisation, during November 9, 2016 to January 10, 2017, more than 1,100 searches and surveys were conducted and more than 5,100 notices were issued by the Income Tax Department for verification of suspicious high-value cash deposits," Finance Minister Arun Jaitley said in a written reply in the Lok Sabha on Friday.
He was responding to a query on the extent to which the government has achieved its objective of the cash ban announced on November 8.
The seizure of the money in the whole exercise so far has involved Rs 110 crore in the form of new currency notes (of Rs 500 and Rs 2,000).
"The undisclosed income detected in these ongoing investigations till January 10, 2017, was more than Rs 5,400 crore," he said.
In a separate reply, Minister of State for Finance Santosh Gangwar said relevant information has been shared by the I-T Department with other law enforcement agencies such as the Enforcement Directorate and the Central Bureau of Investigation for appropriate action.
"As on November 8, 2016, there were 17,165 million pieces of Rs 500 and 6,858 million pieces of Rs 1,000 in circulation.
The value of specified bank notes of Rs 500 and Rs 1,000 returned to RBI and currency chests amounted to Rs 12.44 lakh crore as of December 10, 2016," Gangwar said.
Jaitley said demonetisation seeks to create a new normal wherein GDP would be "bigger, cleaner and real".
"This exercise is part of the government's resolve to eliminate corruption, blackmoney, counterfeit currency and terror funding," said the finance minister.
The government is taking steps such as collection of requisite information from various sources, conducting investigations in appropriate cases, searches, surveys, assessment of income, levy of penalty and launching of criminal prosecution to curb blackmoney, he said.
Formation of the special investigation team (SIT) on blackmoney, enactment of comprehensive law, Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, amendment of the Benami Transactions (Prohibition) Act, 1988, are among other measures taken by the government to weed out blackmoney inside and outside the country, he said further.
In reply to a question on action taken or proposed against offenders, Gangwar said it is an ongoing process and a number of effective measures have been taken to verify cash deposits in old Rs 500 and Rs 1,000 notes in banks by those whose case deposits were not in line with their existing profile based on filings with the tax department.
BSE creates history, stock lists at 34.61% premium on NSE
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Asia's oldest bourse BSE listed on rival NSE at a record premium price on Friday. The IPO was subscribed 51 times at a price band of Rs 805-Rs 806 per share.
The exchange on which stocks of nearly 3,000 firms are traded got listed at a 34.61 per cent premium over its issue price of Rs 805 on the NSE.
The stock which listed at Rs 1,085 touched an intra-day high of Rs 1,200. Around 1.57 crore stocks of BSE were traded with total value of transactions recorded at Rs 1.75 crore.
The share sale is the largest in recent times and the first to be held this year. The stock commanded over 20 percent premium in the grey market on Thursday. At 12:32 hours, the BSE stock was trading 1.82 percent or 19.70 points higher at Rs 1104.70 level.
The stock closed 1.33 percent or 14.45 points lower on the NSE.
BSE CEO and MD Ashishkumar Chauhan said getting over 35 per cent premium listing for the stock is a pleasant surprise for us and the investors.
The exchange posted Rs 122 crore in FY 16 profit.
BSE, which also offers clearing and data, reported a net profit of Rs 76 crore ($11.3 million) in the quarter ended September, up 78 per cent from a year earlier.
The exchange had Rs 250 crore cash on its books as of September 30.
"They offer a full bouquet of products which is basically the fundamental strength of this exchange," said Deven Choksey, managing director at KR Choksey Shares and Securities.
"I think the way in which BSE has carved out its business model provides confidence to investors. Plus, they are profit making and have cash in the balance sheet."
The IPO which opened for subscription from January 23-25 received applications 51 times at a price band of Rs 805-806 per share. The Rs 1,243-crore IPO saw qualified institutional buyers' portion getting subscribed by 49 times and that of non-institutional investors by a spectacular 159 times.
During the initial share sale, shareholders offered 1.54 crore shares estimated to be worth around Rs 1,243.44 crore at the higher end of price band. The BSE IPO received a subscribe rating from investment advisor Equinomics.
Asia's oldest bourse BSE listed on rival NSE at a record premium price on Friday. The IPO was subscribed 51 times at a price band of Rs 805-Rs 806 per share.
The exchange on which stocks of nearly 3,000 firms are traded got listed at a 34.61 per cent premium over its issue price of Rs 805 on the NSE.
The stock which listed at Rs 1,085 touched an intra-day high of Rs 1,200. Around 1.57 crore stocks of BSE were traded with total value of transactions recorded at Rs 1.75 crore.
The share sale is the largest in recent times and the first to be held this year. The stock commanded over 20 percent premium in the grey market on Thursday. At 12:32 hours, the BSE stock was trading 1.82 percent or 19.70 points higher at Rs 1104.70 level.
The stock closed 1.33 percent or 14.45 points lower on the NSE.
BSE CEO and MD Ashishkumar Chauhan said getting over 35 per cent premium listing for the stock is a pleasant surprise for us and the investors.
The exchange posted Rs 122 crore in FY 16 profit.
BSE, which also offers clearing and data, reported a net profit of Rs 76 crore ($11.3 million) in the quarter ended September, up 78 per cent from a year earlier.
The exchange had Rs 250 crore cash on its books as of September 30.
"They offer a full bouquet of products which is basically the fundamental strength of this exchange," said Deven Choksey, managing director at KR Choksey Shares and Securities.
"I think the way in which BSE has carved out its business model provides confidence to investors. Plus, they are profit making and have cash in the balance sheet."
The IPO which opened for subscription from January 23-25 received applications 51 times at a price band of Rs 805-806 per share. The Rs 1,243-crore IPO saw qualified institutional buyers' portion getting subscribed by 49 times and that of non-institutional investors by a spectacular 159 times.
During the initial share sale, shareholders offered 1.54 crore shares estimated to be worth around Rs 1,243.44 crore at the higher end of price band. The BSE IPO received a subscribe rating from investment advisor Equinomics.
I-T department can dig out 10-year old data involving big transactions
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Stepping up the war against black money, the Income Tax Department can now scrutinise income tax returns of the previous 10 years if any search leads to undisclosed deposits or property of over Rs 50 lakh.
The present ceiling for scrutiny of past returns of income is six years, Finance Minister Arun Jaitley has proposed to increase this period to 10 years in the Budget for 2017-18 tabled in Parliament on Wednesday.
"What we have said now is (that) if during a search we find there is any asset or income worth over Rs 50 lakh which is not disclosed and is older than four years, then we can go back to 10 years,'' CBDT Chairman Sushil Chandra said at a post-Budget seminar here.
According to the memorandum to the Finance Bill 2017, the amendment to the Income Tax Act will take effect from April 1, 2017. This means that the books of accounts of an assessee can be reopened by taxmen back till 2007. The amendment seeks to check tax evasion where evidence of undisclosed investment in assets are found during a search or seizure operation. The tax returns can be opened only when undisclosed income and asset of over Rs 50 lakh are unearthed in a search operation and not a mere survey by the tax department. The amendment to the I-T Act empowers tax officials to issue notices to such assessees up to the 10th assessment year, beyond the sixth assessment year already provided for in the I-T Act. As per the amendment, notices can be issued if the assessing officer has in his possession books of accounts or other documents or evidence which reveal that the income that has escaped assessment amounts to Rs 50 lakh or more in a year or in aggregate of four assessment years. The notices can also be issued if the income which escaped assessment is in the form of assets.
The amended provision of Section 153A shall apply where search under Section 132 is initiated or requisition under Section 132A is made on or after April 1, 2017, the memorandum said. In case of undisclosed foreign assets, the government had allowed tax authorities to reopen cases up to 16 years. The move to extend the period for reopening of tax cases is part of the intensified efforts of the government to unearth black money.
The government had earlier come out with disclosure schemes for foreign and domestic black money holders. In November, it demonetised highvalue bank notes and provided black money holders one last opportunity to disclose unaccounted cash holding in Pradhan Mantri Garib Kalyan Yojana (PMGKY).
Finance Act 2016 provided that where any income has accrued, arisen or been received or any asset has been acquired out of such income prior to commencement of the Income Declaration Scheme, 2016 (IDS), and no declaration in respect of such income is made under the Scheme, then, such income shall be deemed to have accrued, arisen or received, as the case may be, in the year in which a notice of the I-T Act is issued by the Assessing Officer. We have omitted this clause, he said.
Stepping up the war against black money, the Income Tax Department can now scrutinise income tax returns of the previous 10 years if any search leads to undisclosed deposits or property of over Rs 50 lakh.
The present ceiling for scrutiny of past returns of income is six years, Finance Minister Arun Jaitley has proposed to increase this period to 10 years in the Budget for 2017-18 tabled in Parliament on Wednesday.
"What we have said now is (that) if during a search we find there is any asset or income worth over Rs 50 lakh which is not disclosed and is older than four years, then we can go back to 10 years,'' CBDT Chairman Sushil Chandra said at a post-Budget seminar here.
According to the memorandum to the Finance Bill 2017, the amendment to the Income Tax Act will take effect from April 1, 2017. This means that the books of accounts of an assessee can be reopened by taxmen back till 2007. The amendment seeks to check tax evasion where evidence of undisclosed investment in assets are found during a search or seizure operation. The tax returns can be opened only when undisclosed income and asset of over Rs 50 lakh are unearthed in a search operation and not a mere survey by the tax department. The amendment to the I-T Act empowers tax officials to issue notices to such assessees up to the 10th assessment year, beyond the sixth assessment year already provided for in the I-T Act. As per the amendment, notices can be issued if the assessing officer has in his possession books of accounts or other documents or evidence which reveal that the income that has escaped assessment amounts to Rs 50 lakh or more in a year or in aggregate of four assessment years. The notices can also be issued if the income which escaped assessment is in the form of assets.
The amended provision of Section 153A shall apply where search under Section 132 is initiated or requisition under Section 132A is made on or after April 1, 2017, the memorandum said. In case of undisclosed foreign assets, the government had allowed tax authorities to reopen cases up to 16 years. The move to extend the period for reopening of tax cases is part of the intensified efforts of the government to unearth black money.
The government had earlier come out with disclosure schemes for foreign and domestic black money holders. In November, it demonetised highvalue bank notes and provided black money holders one last opportunity to disclose unaccounted cash holding in Pradhan Mantri Garib Kalyan Yojana (PMGKY).
Finance Act 2016 provided that where any income has accrued, arisen or been received or any asset has been acquired out of such income prior to commencement of the Income Declaration Scheme, 2016 (IDS), and no declaration in respect of such income is made under the Scheme, then, such income shall be deemed to have accrued, arisen or received, as the case may be, in the year in which a notice of the I-T Act is issued by the Assessing Officer. We have omitted this clause, he said.
FM Arun Jaitley says 3.2% fiscal deficit target 'realistic'
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Finance Minister Arun Jaitley on Friday said a "realistic" fiscal deficit target of 3.2 per cent of GDP has been fixed for 2017-18 and 3 per cent for the next year that could be achieved on account of higher tax revenues and disinvestment proceeds.
He said the Budget for 2017-18 does not factor in the full gains accruing from the high-value currency demonetisation in form of higher taxes on undisclosed income.
"As far as demonetisation is concerned, we will bear in mind that whatever is the revenue and other gains of it, they have not been fully factored. As against the 17 per cent growth in (tax) revenue in the last two years, we have actually put it at 12 per cent this year. A target which we could surpass. This year our collections are higher than what we had anticipated and hopefully we will maintain that course even next year," he said at a post-Budget meet organised by industry chambers.
Encouraged by buoyancy in tax revenues, the government has set a "realistic target" of 3.2 per cent fiscal deficit in 2017-18 against 3.5 per cent in the current year, he said, adding that a roadmap to take it to 3 per cent in 2018-19 has been planned.
"We have a much higher target for disinvestment. Eventually, more and more PSUs including general insurance companies will be listed and as per listing requirements, we are required to divest a part of their equity as well," he said while anticipating that such listings would give the government revenues.
The Finance Minister also said the time has now come to abolish the Foreign Investment Promotion Board (FIBP) to cut red-tapism.
This is because "90 per cent of the FDI comes through automatic route. During the course of the year, we will bring out the entire roadmap for the abolition of FIPB, we intend listing of several PSUs to make them more competitive and transparent," he added.
Finance Minister Arun Jaitley on Friday said a "realistic" fiscal deficit target of 3.2 per cent of GDP has been fixed for 2017-18 and 3 per cent for the next year that could be achieved on account of higher tax revenues and disinvestment proceeds.
He said the Budget for 2017-18 does not factor in the full gains accruing from the high-value currency demonetisation in form of higher taxes on undisclosed income.
"As far as demonetisation is concerned, we will bear in mind that whatever is the revenue and other gains of it, they have not been fully factored. As against the 17 per cent growth in (tax) revenue in the last two years, we have actually put it at 12 per cent this year. A target which we could surpass. This year our collections are higher than what we had anticipated and hopefully we will maintain that course even next year," he said at a post-Budget meet organised by industry chambers.
Encouraged by buoyancy in tax revenues, the government has set a "realistic target" of 3.2 per cent fiscal deficit in 2017-18 against 3.5 per cent in the current year, he said, adding that a roadmap to take it to 3 per cent in 2018-19 has been planned.
"We have a much higher target for disinvestment. Eventually, more and more PSUs including general insurance companies will be listed and as per listing requirements, we are required to divest a part of their equity as well," he said while anticipating that such listings would give the government revenues.
The Finance Minister also said the time has now come to abolish the Foreign Investment Promotion Board (FIBP) to cut red-tapism.
This is because "90 per cent of the FDI comes through automatic route. During the course of the year, we will bring out the entire roadmap for the abolition of FIPB, we intend listing of several PSUs to make them more competitive and transparent," he added.
General Awareness
Finance Minister Arun Jaitley presented the Union budget 2017-2018
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Union Finance Minister Shri Arun Jaitley presented his fourth Union budget 2017-2018 in Lok Sabha on February 1, 2017. This is the fourth budget by the Narendra Modi government.
What is Budget?
The Union Budget of India is also referred to as the Annual financial statement in the Article 112 of the Constitution of India.
- It is the annual budget of the Republic of India which is being presented by the Government on the first day of February for 2017-18 so that it could be materialized before the commencement of new financial year in April.
- Till 2016 it was presented on the last working day of February by the Finance Minister of India in Parliament.
- The budget is presented by means of the Finance bill and the Appropriation bill and has to be passed by both the Houses before it coming into effect from April 1.
- The first Union budget of independent India was presented by R. K. Shanmukham Chetty on November 26, 1947.
Union Budget 2017-18
It is the first budget after major changes in Indian economy like Goods and Services Tax and Demonetization in 2016.
The Budget for 2017-18 contains three major reforms.
- Presented on Februray 1, 2017 instead of usual practice of being presented on last day of February.
- Merger of Railway Budget with the General Budget
- Abolition of Planned & Non-Planned Expenditure
Agenda of Union Budget 2017-18
The agenda for the Union Budget 2017-18 is TEC India, where T stands for Transform, E stands for Energize and C for Clean.
- The agenda seeks to transform the quality of governance and life of people; Energise various sections of society especially the youth and the vulnerable to bring out the best in them and Clean the country from the evils of corruption, black money and non-transparent political funding.
10 Pillars of Budget 2017-18
The Budget 2017-18 is based on 10 distinct pillars to meet the TEC India agenda.
- Farmers
- Rural Population
- Youth
- Poor and the Underprivileged
- Infrastructure
- Financial Sector
- Digital Economy
- Public Service
- Prudent Fiscal Management
- Tax Administration
Major Highlights of Union Budget of India 2017-18
The total Budget expenditure allocated for 2017-18 is Rs. 21.47 lakh crores.
DEMONETIZATION
Demonetisation move will not have a lasting impact on the economy.It would lead to higher, cleaner and real GDP growth and tax revenues with elimination of corruption, black money, counterfeit currency and terror funding.
- Potential to generate long term benefits by transfer of resources from the tax evaders to the Government which can be used for the welfare of the poor and the deprived.
- Increased capacity of Banks to lend at reduced interest rates and a huge shift towards digitisation among all sections of society.
FARMERS
The agriculture sector is expected to grow at 4.1% in the current fiscal with a better monsoon.
Important Allocations
Total Agriculture Credit to Farmers in 2017-18 Rs. 10 lakh crore Allocation under Fasal Bima Yojana for 2017-18 Rs. 9000 crore Long Term Irrigation Fund in NABARD created in 2016-17 Rs. 20000 crore Dedicated Micro Irrigation Fund to be created in NABARD Rs. 5000 crore Digital transformation of Primary Agriculture Credit Societies (PACS) in the next 3 years by NABARD. Rs. 1900 crore
Dairy Processing and Infrastructure Development Fund in NABARD Rs. 8000 crore
NABARD would work to computerize and integrate all the 63,000 functional Primary Agriculture Credit Societies (PACS) with the Core Banking System of District Central Cooperative Banks
- The budget aims to increase the coverage under Fasal Bima Yojana from 30% of cropped area in 2016-17 to 40% in 2017-18 and 50% in 2018-19.
- Long Term Irrigation Fund in NABARD created in last year budget has been allotted Rs. 20000 crore for 2017-18 making total allocation of Rs. 40000 crore for the fund.
- Micro Irrigation Fund will be set up in NABARD to achieve the goal of ‘per drop more crop’.
- The Diary Processing and Infrastructure Development Fund in NABARD with total corpus of Rs. 8000 over 3 years would start with initial corpus of Rs. 2000 crore.
- Interest Subvention of 60 days for farmers in respect of their loans from the cooperative credit structure, as announced by Prime Minister Narendra Modi
- Government to set up new mini labs in Krishi Vigyan Kendras (KVKs) to test soil quality under Soil Health Cards and ensure 100% coverage of all 648 KVKs in the country. Additionally, 1000 mini labs to be set up by qualified local entrepreneurs for which Government will provide credit linked subsidy.
- Coverage of National Agricultural Market (e-NAM) increased from the current 250 Agriculture Produce Marketing Committees (APMCs) to 585 APMCs. Each APMCs would get maximum assistance of Rs. 75 lakh for establishment of cleaning, grading and packaging facilities.
- Create model law on contract farming to integrate fruit and vegetable farmers with agro processing units for better price realisation and reduction of post-harvest losses.
RURAL POPULATION
Important Allocations
Total allocation for rural, agriculture and allied sectors Rs 1,87,223 crore MNREGA Rs.48,000 crore Pradhan Mantri Gram Sadak Yojana (PMGSY) Rs.27,000 crores Pradhan Mantri Awaas Yojana (Gramin) Rs. 23000 crore Deendayal Upadhyaya Gram Jyoti Yojana Rs. 4,814 crore Deendayal Antyodaya Yojana Rs. 4,500 crore
Total allocation for rural, agriculture and allied sectors for 2017-18 is Rs 1,87,223 crore which is 24 percent more than previous year’s allocation.
- Allocation under MNREGA increased to Rs.48,000 crore in 2017-18 from Rs 38,500 crore in 2016-17. This is highest ever allocation. Women participation in MGNREGA has increased to 55% compared to less than 48% in the past.
- Allocation under Pradhan Mantri Gram Sadak Yojana (PMGSY) for 2017-18 is Rs. 19,000 crore by central government. Besides, with the contribution of the state government under PMGSY, a total amount of Rs. 27000 crore will be spent on PMGSY in 2017-18.
- The pace of construction of PMGSY roads has accelerated to reach 133 km roads per day in 2016-17, as against an average of 73 km during the period 2011-2014.
- Under Pradhan Mantri Awaas Yojana (Gramin), the allocation increased to Rs. 23,000 crore for 2017-18 compared to Rs. 15000 crore in 2016-17. Government proposes to construct 1 crore houses by 2019 for houseless and kucha house residing people.
- Additional allocation of Rs. 4,814 crore has been proposed under the Deendayal Upadhyaya Gram Jyoti Yojana in 2017-18. Government aims to achieve 100% village electrification by May 1, 2018
- Allocations for Deendayal Antyodaya Yojana (National Rural Livelihood Mission) for promotion of skill development and livelihood opportunities for rural area people is Rs. 4,500 in 2017-18. The allotment under Prime Minister’s Employment Generation Programme (PMEGP) and credit support schemes has been increased more than 3 times.
- .Government will undertake Mission Antyodaya to make 1 crore households and 50000 gram panchayats poverty free by 2019, i.e. the 150th birth anniversary of Gandhiji. For this a composite index would be developed to monitor the progress.
- Target of completing 5 lakh farm ponds and 10 lakh compost pits from MGNREGA funds as announced in the 2016-17 Budget to be achieved by March 2017. Finance x.Ministry expects 10 lakh farm ponds would be completed instead of 5 lakh by March 2017. For 2017-18, another 5 lakh farm ponds will be taken up for drought proofing of gram panchayats.
- Sanitation coverage in villages increased from 42 percent in October 2016 to 60 percent currently.
- Sub mission under the National Rural Drinking Water Programme (NRDWP) to provide safe drinking water to over 28,000 arsenic and fluoride affected habitations in the next four years.
- Mason training to be imparted to 5 lakh persons by 2022 with an immediate target of training at least 20,000 persons by 2017-18 to develop new skills among rural people.
- Human Resource Reforms For Results Programme to be launched during 2017-18 to implement development programme in Panchayati raj institutions.
YOUTH
Pradhan Mantri Kaushal Kendras (PMKK) has been extended to more than 600 districts across the country. It is already promoted in more than 60 districts.
- 100 India International Skills Centres would be set up across the country to offer advanced training and courses in foreign languages to help youths seeking job outside the country.
- Skill Acquisition and Knowledge Awareness for Livelihood Promotion programme (SANKALP) to be launched in 2017-18 at a cost of Rs. 4,000 crore to provide market relevant training to 3.5 crore youth.
- Next phase of Skill Strengthening for Industrial Value Enhancement (STRIVE) to be launched in 2017-18 at a cost of Rs. 2,200 crore.
- Five Special Tourism Zones anchored on (Special Purpose Vehicle) SPVs would be set up in partnership with the States. Incredible India 2.0 Campaign will be launched across the world.
- For Higher Education, government would undertake reforms in UGC to give colleges and institutions greater administrative and academic autonomy
- SWAYAM (Study Webs of Active –Learning for Young Aspiring Minds) platform would be launched with at least 350 online courses and further link it to DTH channels, dedicated to education to enable students to virtually attend the courses taught by the best faculty; access high quality reading resources; participate in discussion forums; take tests and earn academic grades
- National Testing Agency to be set up as an autonomous organization to conduct all entrance examinations for higher education institutions
THE POOR AND THE UNDERPRIVILEGED
- Mahila Shakti Kendra to be set up at village level with an allocation of Rs. 500 crores in 14 lakh Integrated Child Development Services (ICDS) Anganwadi Centres.
- Allocation for Women and Children welfare under various schemes across all Ministries increased from Rs. 1,56,528 crores in 2016-17 to Rs. 1,84,632 crores in 2017-18.
- Under Maternity Benefit Scheme Rs. 6,000 will be transferred directly to the bank accounts of pregnant women who undergo institutional delivery and vaccinate their children
- National Housing Bank to refinance individual housing loans of about Rs. 20,000 crore in 2017-18.
- Action plan made to eliminate Kala-Azar and Filariasis by 2017, Leprosy by 2018, Measles by 2020 and tuberculosis by 2025.
- Similarly, action plan prepared to reduce Infant Mortality Rate (IMR) from 39 in 2014 to 28 by 2019 and Measles, Mumps, and Rubella (MMR) from 167 in 2011-13 to 100 by 2018-2020.
- 1.5 lakh Health Sub Centres will be transformed into Health and Wellness Centres.
- Government to create additional 5,000 Post Graduate seats per annum in Medical colleges.
- Two new All India Institutes of Medical Sciences to be set up in the States of Jharkhand and Gujarat.
- Propose to amend the Drugs and Cosmetics Rules to ensure availability of drugs at reasonable prices and promote use of generic medicines
- Allocation for the welfare schemes of Scheduled Castes increased 35 percent from Rs. 38,833 crores in 2016-17 to Rs. 52,393 crores in 2017-18.
- Allocation for Scheduled Tribes is Rs. 31,920 crores and for Minority Affairs to Rs. 4,195 crores.
- Aadhar based Smart Cards to be issued for senior citizens containing their health details with pilot service in 15 districts during 2017-18.
- LIC to implement scheme providing assured pension with a guaranteed return of 8% per annum for 10 years to senior citizen.
INFRASTRUCTURE
Total Infrastructure Allocation Rs. 3,96,135 crores Allocation in Transportation Sector including rail, roads, shipping Rs. 2,41,387 crores Railway Sector Rs. 1,31,000 crores Allocation for Highway Rs. 64,900 crores
RAILWAYS
The total capital and development expenditure of Railways has been allotted Rs. 1,31,000 crores out of which Rs. 55,000 crores would be funded by the Government.
The 4 major areas that Railways will focus on in 2017-18 includes
- Passenger safety
- Capital and development works
- Cleanliness
- Finance and accounting reforms
Rashtriya Rail Sanraksha Kosh to be created with a corpus of Rs. 1 lakh crores over a period of 5 years for safety of Passengers.
- Unmanned level crossings on Broad Gauge lines to be eliminated by 2020
- It is proposed to feed about 7,000 stations with solar power in the medium term
- Railway lines of 3,500 kms to be built in 2017-18, as against 2,800 kms in 2016-17.
- 500 stations will be made differently-abled friendly with lifts and escalators.
- Coach Mitra facility to be launched to register all coach related complaints and requirements. Indian Railways coaches to be fitted with bio-toilets by 2019.
- Railways to offer competitive ticket booking facility. Service charge on booking e-tickets through IRCTC has been withdrawn.
ROAD TRANSPORT
- The total allocation for highways increased from Rs. 57,976 crores in 2016-17 to Rs. 64,900 crores in 2017-18.
- 2,000 kms of coastal connectivity roads have been identified for construction and development
- Total length of roads, including those under PMGSY, built from 2014-15 till the current year is about 1,40,000 kms which is significantly higher than previous three years
TELECOM SECTOR
- BharatNet Project allocated Rs. 10,000 crores in 2017-18.
- High speed broadband connectivity on optical fibre to be made available in more than 1,50,000 gram panchayats at low tariff by the end of 2017-18
- A DigiGaon initiative to be launched to provide tele-medicine, education and skills through digital technology.
ELECTRONIC MANUFACTURING
- Nearly 250 investment proposals for electronics manufacturing have been received in the last 2 years with total investment of Rs. 1.26 lakh crores.
- Allocation for incentive schemes like M-SIPS and EDF increased to all time high Rs. 745 crores in 2017-18.
- Trade Infrastructure for Export Scheme (TIES) to be launched in 2017-18 to promote export infrastructure.
FINANCIAL SECTOR :
Foreign Investment Promotion Board (FIPB) to be abolished in 2017-18
Computer Emergency Response Team for Financial Sector (CERT-Fin) will be established.
- The shares of Railway PSEs like IRCTC, IRFC and IRCON will be listed in stock exchanges.
- Rs. 10,000 crore allocated for recapitalization of Banks in 2017-18 in line with the ‘Indradhanush’ roadmap.
- Allocation under the Pradhan Mantri Mudra Yojana has been doubled in 2017-18 at Rs. 2.44 lakh crore from previous 1.22 lakh crore with priority to Dalits, Tribals, Backward Classes, Minorities and Women.
DIGITAL ECONOMY
Two new schemes would be launched under BHIM App. Referral Bonus Scheme for individuals and a Cashback Scheme for merchants.
- Mission would be set up to undertake Rs.2,500 crore digital transactions in 2017-18 through UPI, USSD, Aadhar Pay, IMPS and debit cards.
- Banks to introduce additional 10 lakh new PoS terminals by March 2017 and 20 lakh Aadhar based PoS by September 2017.
- Government to create Payments Regulatory Board in the Reserve Bank of India replacing the existing Board for Regulation and Supervision of Payment and Settlement Systems.
PUBLIC SERVICE
- Head Post Offices to function as front offices for rendering passport services.
- Centralised Defence Travel System developed to enable soldiers and officers to book travel tickets.
- Tribunals with overlapping functions to be merged
- A High Level Committee under the Chairmanship of Honourable Prime Minister to be set up to improve the standards of public service and transparent governance
- Centenary year of Champaran Satyagrah to be commemorated in 2017-18
- Government of India will support Government of Gujarat to commemorate 100 years of Sabarmati Ashram in 2017.
- A comprehensive web based interactive Pension Disbursement System for Defence Pensioners will be established.
- Government proposes to introduce a system of single registration and two tier system of examination.
- Government to introduce legislation to confiscate the assets of economic offenders
FISCAL MANAGEMENT
- The total expenditure in Budget for 2017-18 has been allocated Rs. 21.47 lakh crores.
- Capital expenditure increased by 25.4% compared to the previous year.
- Total resources being transferred to the States and the Union Territories with Legislatures is Rs. 4.11 lakh crores as against Rs. 3.60 lakh crores in 2016-17.
- FRBM Committee has recommended 3% fiscal deficit for the next three years
- The fiscal deficit projected for 2017-18 is 3.2% of GDP and 3% in the following year.
- The Revenue Deficit of 2.3% in 2016-17 was reduced to 2.1% in the Revised Estimates.
- The Revenue Deficit is estimated at 1.9% in 2017-18 as against 2.1 percent in 2016-17.
- Net market borrowing of Government to be limited to Rs. 3.48 lakh crores in 2017-18 compared to Rs. 4.25 lakh crores in 2016-17
TAX PROPOSAL
Measures for Promoting Affordable Housing and Real Estate Sector
- The holding period for considering the Capital Gain Tax of immovable property has been increased from 2 years to 3 years.
- Minimum Alternate Tax (MAT) has been proposed to be carry forwarded for 15 years instead of 10 years.
- In MSME sector for companies with turnover upto Rs. 50 crore the income tax will be reduced to 25%.
- Basic customs duty on LNG reduced from 5% to 2.5%.
Promoting Digital Economy
- For tax payers with annual turnover of less than Rs. 2 crore, the rate of 6% of annual turnover will be used for calculating tax(presumptive income) instead of earlier 8%.
- Limit of cash donation reduced from Rs. 10,000 to Rs. 2000.
- No cash transaction above Rs 3 lakh will be permitted.
Transparency in Electoral Funding
A political party can receive a maximum of Rs 2000 in cash per person.
Ease of Doing Business
- Business entity that will opt for presumptive income scheme the threshold of audit has been increased from Rs 1 Crore to Rs 2 Crore.
- No TDS deduction on commission payable to individual insurance agents if their income is below taxable limit.
Personal Income-Tax
- For individuals with income between Rs. 2.5 Lakh and Rs.5 lakh rate of taxation has been reduced from 10% to 5%.
- For individuals whose annual taxable income is between Rs. 50 lakhs and Rs. 1 crore a surcharge of 10% of tax payable will be levied.
- Single Page Income Tax Return filing form for taxable income under Rs. 5 lakh
- Small firms with turnover up to Rs.50 crore will now only need to pay 25% tax instead of 30%.
Union Finance Minister Shri Arun Jaitley presented his fourth Union budget 2017-2018 in Lok Sabha on February 1, 2017. This is the fourth budget by the Narendra Modi government.
What is Budget?
The Union Budget of India is also referred to as the Annual financial statement in the Article 112 of the Constitution of India.
- It is the annual budget of the Republic of India which is being presented by the Government on the first day of February for 2017-18 so that it could be materialized before the commencement of new financial year in April.
- Till 2016 it was presented on the last working day of February by the Finance Minister of India in Parliament.
- The budget is presented by means of the Finance bill and the Appropriation bill and has to be passed by both the Houses before it coming into effect from April 1.
- The first Union budget of independent India was presented by R. K. Shanmukham Chetty on November 26, 1947.
Union Budget 2017-18
It is the first budget after major changes in Indian economy like Goods and Services Tax and Demonetization in 2016.
The Budget for 2017-18 contains three major reforms.
- Presented on Februray 1, 2017 instead of usual practice of being presented on last day of February.
- Merger of Railway Budget with the General Budget
- Abolition of Planned & Non-Planned Expenditure
Agenda of Union Budget 2017-18
The agenda for the Union Budget 2017-18 is TEC India, where T stands for Transform, E stands for Energize and C for Clean.
- The agenda seeks to transform the quality of governance and life of people; Energise various sections of society especially the youth and the vulnerable to bring out the best in them and Clean the country from the evils of corruption, black money and non-transparent political funding.
10 Pillars of Budget 2017-18
The Budget 2017-18 is based on 10 distinct pillars to meet the TEC India agenda.
- Farmers
- Rural Population
- Youth
- Poor and the Underprivileged
- Infrastructure
- Financial Sector
- Digital Economy
- Public Service
- Prudent Fiscal Management
- Tax Administration
Major Highlights of Union Budget of India 2017-18
The total Budget expenditure allocated for 2017-18 is Rs. 21.47 lakh crores.
DEMONETIZATION
Demonetisation move will not have a lasting impact on the economy.It would lead to higher, cleaner and real GDP growth and tax revenues with elimination of corruption, black money, counterfeit currency and terror funding.
- Potential to generate long term benefits by transfer of resources from the tax evaders to the Government which can be used for the welfare of the poor and the deprived.
- Increased capacity of Banks to lend at reduced interest rates and a huge shift towards digitisation among all sections of society.
FARMERS
The agriculture sector is expected to grow at 4.1% in the current fiscal with a better monsoon.
Important Allocations
| Total Agriculture Credit to Farmers in 2017-18 | Rs. 10 lakh crore |
| Allocation under Fasal Bima Yojana for 2017-18 | Rs. 9000 crore |
| Long Term Irrigation Fund in NABARD created in 2016-17 | Rs. 20000 crore |
| Dedicated Micro Irrigation Fund to be created in NABARD | Rs. 5000 crore |
| Digital transformation of Primary Agriculture Credit Societies (PACS) in the next 3 years by NABARD. | Rs. 1900 crore |
| Dairy Processing and Infrastructure Development Fund in NABARD | Rs. 8000 crore |
NABARD would work to computerize and integrate all the 63,000 functional Primary Agriculture Credit Societies (PACS) with the Core Banking System of District Central Cooperative Banks
- The budget aims to increase the coverage under Fasal Bima Yojana from 30% of cropped area in 2016-17 to 40% in 2017-18 and 50% in 2018-19.
- Long Term Irrigation Fund in NABARD created in last year budget has been allotted Rs. 20000 crore for 2017-18 making total allocation of Rs. 40000 crore for the fund.
- Micro Irrigation Fund will be set up in NABARD to achieve the goal of ‘per drop more crop’.
- The Diary Processing and Infrastructure Development Fund in NABARD with total corpus of Rs. 8000 over 3 years would start with initial corpus of Rs. 2000 crore.
- Interest Subvention of 60 days for farmers in respect of their loans from the cooperative credit structure, as announced by Prime Minister Narendra Modi
- Government to set up new mini labs in Krishi Vigyan Kendras (KVKs) to test soil quality under Soil Health Cards and ensure 100% coverage of all 648 KVKs in the country. Additionally, 1000 mini labs to be set up by qualified local entrepreneurs for which Government will provide credit linked subsidy.
- Coverage of National Agricultural Market (e-NAM) increased from the current 250 Agriculture Produce Marketing Committees (APMCs) to 585 APMCs. Each APMCs would get maximum assistance of Rs. 75 lakh for establishment of cleaning, grading and packaging facilities.
- Create model law on contract farming to integrate fruit and vegetable farmers with agro processing units for better price realisation and reduction of post-harvest losses.
RURAL POPULATION
Important Allocations
| Total allocation for rural, agriculture and allied sectors | Rs 1,87,223 crore |
| MNREGA | Rs.48,000 crore |
| Pradhan Mantri Gram Sadak Yojana (PMGSY) | Rs.27,000 crores |
| Pradhan Mantri Awaas Yojana (Gramin) | Rs. 23000 crore |
| Deendayal Upadhyaya Gram Jyoti Yojana | Rs. 4,814 crore |
| Deendayal Antyodaya Yojana | Rs. 4,500 crore |
Total allocation for rural, agriculture and allied sectors for 2017-18 is Rs 1,87,223 crore which is 24 percent more than previous year’s allocation.
- Allocation under MNREGA increased to Rs.48,000 crore in 2017-18 from Rs 38,500 crore in 2016-17. This is highest ever allocation. Women participation in MGNREGA has increased to 55% compared to less than 48% in the past.
- Allocation under Pradhan Mantri Gram Sadak Yojana (PMGSY) for 2017-18 is Rs. 19,000 crore by central government. Besides, with the contribution of the state government under PMGSY, a total amount of Rs. 27000 crore will be spent on PMGSY in 2017-18.
- The pace of construction of PMGSY roads has accelerated to reach 133 km roads per day in 2016-17, as against an average of 73 km during the period 2011-2014.
- Under Pradhan Mantri Awaas Yojana (Gramin), the allocation increased to Rs. 23,000 crore for 2017-18 compared to Rs. 15000 crore in 2016-17. Government proposes to construct 1 crore houses by 2019 for houseless and kucha house residing people.
- Additional allocation of Rs. 4,814 crore has been proposed under the Deendayal Upadhyaya Gram Jyoti Yojana in 2017-18. Government aims to achieve 100% village electrification by May 1, 2018
- Allocations for Deendayal Antyodaya Yojana (National Rural Livelihood Mission) for promotion of skill development and livelihood opportunities for rural area people is Rs. 4,500 in 2017-18. The allotment under Prime Minister’s Employment Generation Programme (PMEGP) and credit support schemes has been increased more than 3 times.
- .Government will undertake Mission Antyodaya to make 1 crore households and 50000 gram panchayats poverty free by 2019, i.e. the 150th birth anniversary of Gandhiji. For this a composite index would be developed to monitor the progress.
- Target of completing 5 lakh farm ponds and 10 lakh compost pits from MGNREGA funds as announced in the 2016-17 Budget to be achieved by March 2017. Finance x.Ministry expects 10 lakh farm ponds would be completed instead of 5 lakh by March 2017. For 2017-18, another 5 lakh farm ponds will be taken up for drought proofing of gram panchayats.
- Sanitation coverage in villages increased from 42 percent in October 2016 to 60 percent currently.
- Sub mission under the National Rural Drinking Water Programme (NRDWP) to provide safe drinking water to over 28,000 arsenic and fluoride affected habitations in the next four years.
- Mason training to be imparted to 5 lakh persons by 2022 with an immediate target of training at least 20,000 persons by 2017-18 to develop new skills among rural people.
- Human Resource Reforms For Results Programme to be launched during 2017-18 to implement development programme in Panchayati raj institutions.
YOUTH
Pradhan Mantri Kaushal Kendras (PMKK) has been extended to more than 600 districts across the country. It is already promoted in more than 60 districts.
- 100 India International Skills Centres would be set up across the country to offer advanced training and courses in foreign languages to help youths seeking job outside the country.
- Skill Acquisition and Knowledge Awareness for Livelihood Promotion programme (SANKALP) to be launched in 2017-18 at a cost of Rs. 4,000 crore to provide market relevant training to 3.5 crore youth.
- Next phase of Skill Strengthening for Industrial Value Enhancement (STRIVE) to be launched in 2017-18 at a cost of Rs. 2,200 crore.
- Five Special Tourism Zones anchored on (Special Purpose Vehicle) SPVs would be set up in partnership with the States. Incredible India 2.0 Campaign will be launched across the world.
- For Higher Education, government would undertake reforms in UGC to give colleges and institutions greater administrative and academic autonomy
- SWAYAM (Study Webs of Active –Learning for Young Aspiring Minds) platform would be launched with at least 350 online courses and further link it to DTH channels, dedicated to education to enable students to virtually attend the courses taught by the best faculty; access high quality reading resources; participate in discussion forums; take tests and earn academic grades
- National Testing Agency to be set up as an autonomous organization to conduct all entrance examinations for higher education institutions
THE POOR AND THE UNDERPRIVILEGED
- Mahila Shakti Kendra to be set up at village level with an allocation of Rs. 500 crores in 14 lakh Integrated Child Development Services (ICDS) Anganwadi Centres.
- Allocation for Women and Children welfare under various schemes across all Ministries increased from Rs. 1,56,528 crores in 2016-17 to Rs. 1,84,632 crores in 2017-18.
- Under Maternity Benefit Scheme Rs. 6,000 will be transferred directly to the bank accounts of pregnant women who undergo institutional delivery and vaccinate their children
- National Housing Bank to refinance individual housing loans of about Rs. 20,000 crore in 2017-18.
- Action plan made to eliminate Kala-Azar and Filariasis by 2017, Leprosy by 2018, Measles by 2020 and tuberculosis by 2025.
- Similarly, action plan prepared to reduce Infant Mortality Rate (IMR) from 39 in 2014 to 28 by 2019 and Measles, Mumps, and Rubella (MMR) from 167 in 2011-13 to 100 by 2018-2020.
- 1.5 lakh Health Sub Centres will be transformed into Health and Wellness Centres.
- Government to create additional 5,000 Post Graduate seats per annum in Medical colleges.
- Two new All India Institutes of Medical Sciences to be set up in the States of Jharkhand and Gujarat.
- Propose to amend the Drugs and Cosmetics Rules to ensure availability of drugs at reasonable prices and promote use of generic medicines
- Allocation for the welfare schemes of Scheduled Castes increased 35 percent from Rs. 38,833 crores in 2016-17 to Rs. 52,393 crores in 2017-18.
- Allocation for Scheduled Tribes is Rs. 31,920 crores and for Minority Affairs to Rs. 4,195 crores.
- Aadhar based Smart Cards to be issued for senior citizens containing their health details with pilot service in 15 districts during 2017-18.
- LIC to implement scheme providing assured pension with a guaranteed return of 8% per annum for 10 years to senior citizen.
INFRASTRUCTURE
| Total Infrastructure Allocation | Rs. 3,96,135 crores |
| Allocation in Transportation Sector including rail, roads, shipping | Rs. 2,41,387 crores |
| Railway Sector | Rs. 1,31,000 crores |
| Allocation for Highway | Rs. 64,900 crores |
RAILWAYS
The total capital and development expenditure of Railways has been allotted Rs. 1,31,000 crores out of which Rs. 55,000 crores would be funded by the Government.
The 4 major areas that Railways will focus on in 2017-18 includes
- Passenger safety
- Capital and development works
- Cleanliness
- Finance and accounting reforms
Rashtriya Rail Sanraksha Kosh to be created with a corpus of Rs. 1 lakh crores over a period of 5 years for safety of Passengers.
- Unmanned level crossings on Broad Gauge lines to be eliminated by 2020
- It is proposed to feed about 7,000 stations with solar power in the medium term
- Railway lines of 3,500 kms to be built in 2017-18, as against 2,800 kms in 2016-17.
- 500 stations will be made differently-abled friendly with lifts and escalators.
- Coach Mitra facility to be launched to register all coach related complaints and requirements. Indian Railways coaches to be fitted with bio-toilets by 2019.
- Railways to offer competitive ticket booking facility. Service charge on booking e-tickets through IRCTC has been withdrawn.
ROAD TRANSPORT
- The total allocation for highways increased from Rs. 57,976 crores in 2016-17 to Rs. 64,900 crores in 2017-18.
- 2,000 kms of coastal connectivity roads have been identified for construction and development
- Total length of roads, including those under PMGSY, built from 2014-15 till the current year is about 1,40,000 kms which is significantly higher than previous three years
TELECOM SECTOR
- BharatNet Project allocated Rs. 10,000 crores in 2017-18.
- High speed broadband connectivity on optical fibre to be made available in more than 1,50,000 gram panchayats at low tariff by the end of 2017-18
- A DigiGaon initiative to be launched to provide tele-medicine, education and skills through digital technology.
ELECTRONIC MANUFACTURING
- Nearly 250 investment proposals for electronics manufacturing have been received in the last 2 years with total investment of Rs. 1.26 lakh crores.
- Allocation for incentive schemes like M-SIPS and EDF increased to all time high Rs. 745 crores in 2017-18.
- Trade Infrastructure for Export Scheme (TIES) to be launched in 2017-18 to promote export infrastructure.
FINANCIAL SECTOR :
Foreign Investment Promotion Board (FIPB) to be abolished in 2017-18
Computer Emergency Response Team for Financial Sector (CERT-Fin) will be established.
- The shares of Railway PSEs like IRCTC, IRFC and IRCON will be listed in stock exchanges.
- Rs. 10,000 crore allocated for recapitalization of Banks in 2017-18 in line with the ‘Indradhanush’ roadmap.
- Allocation under the Pradhan Mantri Mudra Yojana has been doubled in 2017-18 at Rs. 2.44 lakh crore from previous 1.22 lakh crore with priority to Dalits, Tribals, Backward Classes, Minorities and Women.
DIGITAL ECONOMY
Two new schemes would be launched under BHIM App. Referral Bonus Scheme for individuals and a Cashback Scheme for merchants.
- Mission would be set up to undertake Rs.2,500 crore digital transactions in 2017-18 through UPI, USSD, Aadhar Pay, IMPS and debit cards.
- Banks to introduce additional 10 lakh new PoS terminals by March 2017 and 20 lakh Aadhar based PoS by September 2017.
- Government to create Payments Regulatory Board in the Reserve Bank of India replacing the existing Board for Regulation and Supervision of Payment and Settlement Systems.
PUBLIC SERVICE
- Head Post Offices to function as front offices for rendering passport services.
- Centralised Defence Travel System developed to enable soldiers and officers to book travel tickets.
- Tribunals with overlapping functions to be merged
- A High Level Committee under the Chairmanship of Honourable Prime Minister to be set up to improve the standards of public service and transparent governance
- Centenary year of Champaran Satyagrah to be commemorated in 2017-18
- Government of India will support Government of Gujarat to commemorate 100 years of Sabarmati Ashram in 2017.
- A comprehensive web based interactive Pension Disbursement System for Defence Pensioners will be established.
- Government proposes to introduce a system of single registration and two tier system of examination.
- Government to introduce legislation to confiscate the assets of economic offenders
FISCAL MANAGEMENT
- The total expenditure in Budget for 2017-18 has been allocated Rs. 21.47 lakh crores.
- Capital expenditure increased by 25.4% compared to the previous year.
- Total resources being transferred to the States and the Union Territories with Legislatures is Rs. 4.11 lakh crores as against Rs. 3.60 lakh crores in 2016-17.
- FRBM Committee has recommended 3% fiscal deficit for the next three years
- The fiscal deficit projected for 2017-18 is 3.2% of GDP and 3% in the following year.
- The Revenue Deficit of 2.3% in 2016-17 was reduced to 2.1% in the Revised Estimates.
- The Revenue Deficit is estimated at 1.9% in 2017-18 as against 2.1 percent in 2016-17.
- Net market borrowing of Government to be limited to Rs. 3.48 lakh crores in 2017-18 compared to Rs. 4.25 lakh crores in 2016-17
TAX PROPOSAL
Measures for Promoting Affordable Housing and Real Estate Sector
- The holding period for considering the Capital Gain Tax of immovable property has been increased from 2 years to 3 years.
- Minimum Alternate Tax (MAT) has been proposed to be carry forwarded for 15 years instead of 10 years.
- In MSME sector for companies with turnover upto Rs. 50 crore the income tax will be reduced to 25%.
- Basic customs duty on LNG reduced from 5% to 2.5%.
Promoting Digital Economy
- For tax payers with annual turnover of less than Rs. 2 crore, the rate of 6% of annual turnover will be used for calculating tax(presumptive income) instead of earlier 8%.
- Limit of cash donation reduced from Rs. 10,000 to Rs. 2000.
- No cash transaction above Rs 3 lakh will be permitted.
Transparency in Electoral Funding
A political party can receive a maximum of Rs 2000 in cash per person.
Ease of Doing Business
- Business entity that will opt for presumptive income scheme the threshold of audit has been increased from Rs 1 Crore to Rs 2 Crore.
- No TDS deduction on commission payable to individual insurance agents if their income is below taxable limit.
Personal Income-Tax
- For individuals with income between Rs. 2.5 Lakh and Rs.5 lakh rate of taxation has been reduced from 10% to 5%.
- For individuals whose annual taxable income is between Rs. 50 lakhs and Rs. 1 crore a surcharge of 10% of tax payable will be levied.
- Single Page Income Tax Return filing form for taxable income under Rs. 5 lakh
- Small firms with turnover up to Rs.50 crore will now only need to pay 25% tax instead of 30%.
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