General Affairs
Aadhaar Data Cannot Be Hacked Even After Trying A Billion Times: Minister
-
The biometric data of Aadhaar cannot be hacked even if someone tried a billion times, Union Minister for Information Technology Ravi Shankar Prasad said on Sunday, while calling the data storage system "completely safe and secure".
"... the system contains my fingerprints and my iris scan, kept in a safe and secure condition which cannot be broken into even with billion efforts," Mr Prasad said at a public function organised in Panaji.
The minister said that Aadhaar authorities conduct nearly one crore authentications every second.
"Do you know how many authentications we do every three seconds? Three crore. Do you know how many bank accounts are linked to Aadhaar? 80 crore accounts. And Aadhaar is your homegrown technology (at) one dollar each and completely safe and secure with proper parliamentary approval."
"(It is) so tough that even if I disclose information regarding a fingerprint and iris scan to an unknown person, except in case of national security, I can be prosecuted. That is the inclusive part we have done," Mr Prasad said, lauding the Modi government for "taking rapid steps in making India more digital".
"What is the digital profile of India? For a population of 130 crore, India is home to 121 crore mobile phones, 450 million smartphones, 50 crore plus Internet (connections) and 122 crore Aadhaar cards," Mr Prasad said.
Calling ''Digital India'' as a transformative programme designed to empower the ordinary Indians with the power of technology, Mr Prasad said that India looked to be a leader in digital revolution.
"We missed the industrial revolution, we missed the entrepreneurial revolution, which happened in the world in the 60s, 70s, and 80s because of licence-quota raj. We do not want to miss the digital revolution. We want to become leaders. That is the philosophy of Digital India," he said.
Mr Prasad said that one of the key objectives of Digital India is to bridge the gulf between ''digital haves'' and ''digital have nots'' and usher in digital inclusion based on technology which is developmental, inclusive and low cost.
"That is the transformative nature of Digital India, Skill India, Startup India, Smart Cities. It is all technology-based programming designed to empower ordinary Indians to reform, perform and transform," Mr Prasad said.
"... the system contains my fingerprints and my iris scan, kept in a safe and secure condition which cannot be broken into even with billion efforts," Mr Prasad said at a public function organised in Panaji.
The minister said that Aadhaar authorities conduct nearly one crore authentications every second.
"Do you know how many authentications we do every three seconds? Three crore. Do you know how many bank accounts are linked to Aadhaar? 80 crore accounts. And Aadhaar is your homegrown technology (at) one dollar each and completely safe and secure with proper parliamentary approval."
"(It is) so tough that even if I disclose information regarding a fingerprint and iris scan to an unknown person, except in case of national security, I can be prosecuted. That is the inclusive part we have done," Mr Prasad said, lauding the Modi government for "taking rapid steps in making India more digital".
"What is the digital profile of India? For a population of 130 crore, India is home to 121 crore mobile phones, 450 million smartphones, 50 crore plus Internet (connections) and 122 crore Aadhaar cards," Mr Prasad said.
Calling ''Digital India'' as a transformative programme designed to empower the ordinary Indians with the power of technology, Mr Prasad said that India looked to be a leader in digital revolution.
"We missed the industrial revolution, we missed the entrepreneurial revolution, which happened in the world in the 60s, 70s, and 80s because of licence-quota raj. We do not want to miss the digital revolution. We want to become leaders. That is the philosophy of Digital India," he said.
Mr Prasad said that one of the key objectives of Digital India is to bridge the gulf between ''digital haves'' and ''digital have nots'' and usher in digital inclusion based on technology which is developmental, inclusive and low cost.
"That is the transformative nature of Digital India, Skill India, Startup India, Smart Cities. It is all technology-based programming designed to empower ordinary Indians to reform, perform and transform," Mr Prasad said.
Sushma Swaraj Meets Bahrain Leaders, Discusses Ways To Improve Ties
-
External Affairs Minister Sushma Swaraj today called on Bahrain's Prime Minister Khalifa bin Salman Al-Khalifa and co-chaired the second joint commission meeting to discuss ways to further strengthen bilateral ties.
Ms Swaraj arrived in Bahrain on a two-day visit.
She began her engagements in Manama today by meeting her counterpart and a close friend of India Foreign Minister Shaikh Khalid bin Ahmed Al Khalifa.
The two leaders co-chaired 2nd India-Bahrain High Joint Commission.
The first meeting of the High Joint Commission (HJC) was held in New Delhi in February 2015.
Shaikh Khalid praised the contribution of the Indian community settled in Bahrain towards the economic development of the country.
Indians account for one-fourth of Bahrain's population.
Ms Swaraj later called on Prime minister Khalifa bin Salman and held discussions on consolidating the "valuable" bilateral relationship.
During the visit, she also gifted a box of books called 'Bharat ek Priychay' to the National Library in Manama.
"The symbolic box, with books on many aspects of India, will serve as a reference point for local people keen to know more about India," Ministry of External Affairs spokesperson Raveesh Kumar tweeted.
Ms Swaraj arrived in Bahrain on a two-day visit.
She began her engagements in Manama today by meeting her counterpart and a close friend of India Foreign Minister Shaikh Khalid bin Ahmed Al Khalifa.
The two leaders co-chaired 2nd India-Bahrain High Joint Commission.
The first meeting of the High Joint Commission (HJC) was held in New Delhi in February 2015.
Shaikh Khalid praised the contribution of the Indian community settled in Bahrain towards the economic development of the country.
Indians account for one-fourth of Bahrain's population.
Ms Swaraj later called on Prime minister Khalifa bin Salman and held discussions on consolidating the "valuable" bilateral relationship.
During the visit, she also gifted a box of books called 'Bharat ek Priychay' to the National Library in Manama.
"The symbolic box, with books on many aspects of India, will serve as a reference point for local people keen to know more about India," Ministry of External Affairs spokesperson Raveesh Kumar tweeted.
Will Not Allow Terror Activities Against India On Our Soil: Bangladesh
-
Bangladesh today reassured India that it will not allow its soil to be used for any terrorist activities against the neighbouring country as visiting Home Minister Rajnath Singh held talks with his counterpart Asaduzzaman Khan on security-related issues.
Mr Singh, who is in Dhaka on a three-day visit, co-chaired with Mr Khan the 6th India-Bangladesh home minister-level talks.
The meeting discussed "all security related matters of interest including counter terrorism, capacity building and increased cooperation between security agencies, border management, countering illegal activities like fake currency, drug and human trafficking, consular issues", the Indian High Commission in Dhaka said in a statement.
Briefing reporters after his talks Mr Singh, Asaduzzaman Khan said security issues largely featured in their meeting, with particular focus on border management, cross-border crimes and illegal activities.
"We had a successful meeting," Mr Singh said in his brief comment. He did not join Mr Khan for the media briefing.
Asaduzzaman Khan said Bangladesh reassured India that "we will not allow its soil to be used for any terrorist activities particularly against India in line with our zero tolerance policy to terrorism and militancy".
He said India has extended all types of support to Bangladesh to counter terrorism and militancy.
"They are now exchanging militancy related information with us," he said.
"Discussions were held to ease travel arrangements between the two countries as well," he said, adding that under a revised travel agreement signed today Bangladeshi freedom fighters and elderly nationals would get five years' multiple Indian visa.
Asaduzzaman Khan said discussions were held to make easier the visa issuance process for students and medical treatment seekers in India.
Mr Khan said the Rohingya issue was also discussed and his counterpart conveyed India's commitment to extend its assistance for safe, speedy and sustainable return of these people to Myanmar's Rakhine state.
India has offered to send more relief material and supplies to help Bangladesh deal with the needs of those in the relief camps. India is simultaneously working on a project to construct pre-fabricated housing in Rakhine to ensure the displaced Rohingya are properly resettled post-deportation.
More than six lakh Rohingya Muslims have taken shelter in Bangladesh following violence in Rakhine State in August last year.
Yesterday, Mr Singh held an "extremely fruitful" meeting with Bangladesh Prime Minister Sheikh Hasina when they discussed issues of mutual concern, including the menace of terrorism.
An Indian high commission statement issued after the meeting said Mr Singh sincerely thanked Hasina for cooperation in addressing New Delhi's "security concerns".
The statement said Sheikh Hasina agreed with Mr Singh that joint bilateral efforts to combat militancy and terrorism yielded "special success".
According to a spokesperson from Bangladesh Prime Minister's office, Mr Singh, without naming any country, said that the expected regional collaborative actions against militancy was not possible due to some nations in the region.
"After spending three days in Bangladesh I am heading back to New Delhi. I am deeply touched by the warmth and hospitality of the people of Bangladesh. Bharat-Bangladesh Moitree Chirojeebi Hok (Long live India-bangladesh friendship)," Mr Singh tweeted before his return to New Delhi.
Mr Singh, who is in Dhaka on a three-day visit, co-chaired with Mr Khan the 6th India-Bangladesh home minister-level talks.
The meeting discussed "all security related matters of interest including counter terrorism, capacity building and increased cooperation between security agencies, border management, countering illegal activities like fake currency, drug and human trafficking, consular issues", the Indian High Commission in Dhaka said in a statement.
Briefing reporters after his talks Mr Singh, Asaduzzaman Khan said security issues largely featured in their meeting, with particular focus on border management, cross-border crimes and illegal activities.
"We had a successful meeting," Mr Singh said in his brief comment. He did not join Mr Khan for the media briefing.
Asaduzzaman Khan said Bangladesh reassured India that "we will not allow its soil to be used for any terrorist activities particularly against India in line with our zero tolerance policy to terrorism and militancy".
He said India has extended all types of support to Bangladesh to counter terrorism and militancy.
"They are now exchanging militancy related information with us," he said.
"Discussions were held to ease travel arrangements between the two countries as well," he said, adding that under a revised travel agreement signed today Bangladeshi freedom fighters and elderly nationals would get five years' multiple Indian visa.
Asaduzzaman Khan said discussions were held to make easier the visa issuance process for students and medical treatment seekers in India.
Mr Khan said the Rohingya issue was also discussed and his counterpart conveyed India's commitment to extend its assistance for safe, speedy and sustainable return of these people to Myanmar's Rakhine state.
India has offered to send more relief material and supplies to help Bangladesh deal with the needs of those in the relief camps. India is simultaneously working on a project to construct pre-fabricated housing in Rakhine to ensure the displaced Rohingya are properly resettled post-deportation.
More than six lakh Rohingya Muslims have taken shelter in Bangladesh following violence in Rakhine State in August last year.
Yesterday, Mr Singh held an "extremely fruitful" meeting with Bangladesh Prime Minister Sheikh Hasina when they discussed issues of mutual concern, including the menace of terrorism.
An Indian high commission statement issued after the meeting said Mr Singh sincerely thanked Hasina for cooperation in addressing New Delhi's "security concerns".
The statement said Sheikh Hasina agreed with Mr Singh that joint bilateral efforts to combat militancy and terrorism yielded "special success".
According to a spokesperson from Bangladesh Prime Minister's office, Mr Singh, without naming any country, said that the expected regional collaborative actions against militancy was not possible due to some nations in the region.
"After spending three days in Bangladesh I am heading back to New Delhi. I am deeply touched by the warmth and hospitality of the people of Bangladesh. Bharat-Bangladesh Moitree Chirojeebi Hok (Long live India-bangladesh friendship)," Mr Singh tweeted before his return to New Delhi.
Concerns Raised As Centre Moves To Amend RTI Law In Parliament Session
-
A bill to amend the 2005 law on Right to Information has been listed for passing for the monsoon session of parliament. While government sources earlier indicated that the bill is only meant to revise salaries of RTI officers, opposition parties and activists expressed concerns that it could weaken the landmark transparency law.
Under the 2005 law, the Chief Information Commissioner at the Centre gets the same salary as the Chief Election Commissioner. In the states, the salary of state Information Commissioners and the Election Commissioner are on par.
Government sources said the Department Of Personnel and Training had suggested it might not be a good practice to link the salaries of Information Commissioners to that of the Election Commissioners, since the Election Commission was a constitutional body responsible for free and fair elections. In contrast, the Information Commission is a statutory body formed to look into complaints and requests for information under the RTI.
According to activists, a move to bring the salaries of RTI officers under the central and state governments, instead of the Parliament, may prove to be a coercive measure which may influence the freedom of officials to make decisions that go against the government.
RTI activist Anjali Bharadwaj has sought information from the Department of Personnel and Training on the proposed bill, through an RTI. In its response, the DoPT, however, said the bill is under consideration, because of which further information could not be provided.
Activists have criticised this lack of transparency and public consultation before the introduction of the bill. "We will be holding protests once the session starts against any amendment to this crucial act," said Ms. Bharadawaj.
Sources said the government had initially contemplated an ordinance, but finally decided against it in view of possible opposition to the move.
The amendment bill has been listed for "introduction, consideration and passing" in the monsoon session of parliament, which will be held from July 18 to August 10. Eighteen new bills have been listed for introduction in this session, which is expected to have 18 working days.
The opposition parties are yet to chalk out their plan of action, though the Left parties said they will raise the issue of increasing number of mob killings in house.
The ruling Telugu Desam Party of Andhra Pradesh will again pitch for a no-confidence motion against the government over its demand for special category status for the state.
The second half of the budget session of parliament was hugely disrupted due to a push for four no confidence motions against the government, which could not make any progress following constant protests by the AIADMK and the Telangana Rashtra Samithi.
Under the 2005 law, the Chief Information Commissioner at the Centre gets the same salary as the Chief Election Commissioner. In the states, the salary of state Information Commissioners and the Election Commissioner are on par.
Government sources said the Department Of Personnel and Training had suggested it might not be a good practice to link the salaries of Information Commissioners to that of the Election Commissioners, since the Election Commission was a constitutional body responsible for free and fair elections. In contrast, the Information Commission is a statutory body formed to look into complaints and requests for information under the RTI.
According to activists, a move to bring the salaries of RTI officers under the central and state governments, instead of the Parliament, may prove to be a coercive measure which may influence the freedom of officials to make decisions that go against the government.
RTI activist Anjali Bharadwaj has sought information from the Department of Personnel and Training on the proposed bill, through an RTI. In its response, the DoPT, however, said the bill is under consideration, because of which further information could not be provided.
Activists have criticised this lack of transparency and public consultation before the introduction of the bill. "We will be holding protests once the session starts against any amendment to this crucial act," said Ms. Bharadawaj.
Sources said the government had initially contemplated an ordinance, but finally decided against it in view of possible opposition to the move.
The amendment bill has been listed for "introduction, consideration and passing" in the monsoon session of parliament, which will be held from July 18 to August 10. Eighteen new bills have been listed for introduction in this session, which is expected to have 18 working days.
The opposition parties are yet to chalk out their plan of action, though the Left parties said they will raise the issue of increasing number of mob killings in house.
The ruling Telugu Desam Party of Andhra Pradesh will again pitch for a no-confidence motion against the government over its demand for special category status for the state.
The second half of the budget session of parliament was hugely disrupted due to a push for four no confidence motions against the government, which could not make any progress following constant protests by the AIADMK and the Telangana Rashtra Samithi.
Concerns Raised As Centre Moves To Amend RTI Law In Parliament Session
-
A bill to amend the 2005 law on Right to Information has been listed for passing for the monsoon session of parliament. While government sources earlier indicated that the bill is only meant to revise salaries of RTI officers, opposition parties and activists expressed concerns that it could weaken the landmark transparency law.
Under the 2005 law, the Chief Information Commissioner at the Centre gets the same salary as the Chief Election Commissioner. In the states, the salary of state Information Commissioners and the Election Commissioner are on par.
Government sources said the Department Of Personnel and Training had suggested it might not be a good practice to link the salaries of Information Commissioners to that of the Election Commissioners, since the Election Commission was a constitutional body responsible for free and fair elections. In contrast, the Information Commission is a statutory body formed to look into complaints and requests for information under the RTI.
According to activists, a move to bring the salaries of RTI officers under the central and state governments, instead of the Parliament, may prove to be a coercive measure which may influence the freedom of officials to make decisions that go against the government.
RTI activist Anjali Bharadwaj has sought information from the Department of Personnel and Training on the proposed bill, through an RTI. In its response, the DoPT, however, said the bill is under consideration, because of which further information could not be provided.
Activists have criticised this lack of transparency and public consultation before the introduction of the bill. "We will be holding protests once the session starts against any amendment to this crucial act," said Ms. Bharadawaj.
Sources said the government had initially contemplated an ordinance, but finally decided against it in view of possible opposition to the move.
The amendment bill has been listed for "introduction, consideration and passing" in the monsoon session of parliament, which will be held from July 18 to August 10. Eighteen new bills have been listed for introduction in this session, which is expected to have 18 working days.
The opposition parties are yet to chalk out their plan of action, though the Left parties said they will raise the issue of increasing number of mob killings in house.
The ruling Telugu Desam Party of Andhra Pradesh will again pitch for a no-confidence motion against the government over its demand for special category status for the state.
The second half of the budget session of parliament was hugely disrupted due to a push for four no confidence motions against the government, which could not make any progress following constant protests by the AIADMK and the Telangana Rashtra Samithi.
Under the 2005 law, the Chief Information Commissioner at the Centre gets the same salary as the Chief Election Commissioner. In the states, the salary of state Information Commissioners and the Election Commissioner are on par.
Government sources said the Department Of Personnel and Training had suggested it might not be a good practice to link the salaries of Information Commissioners to that of the Election Commissioners, since the Election Commission was a constitutional body responsible for free and fair elections. In contrast, the Information Commission is a statutory body formed to look into complaints and requests for information under the RTI.
According to activists, a move to bring the salaries of RTI officers under the central and state governments, instead of the Parliament, may prove to be a coercive measure which may influence the freedom of officials to make decisions that go against the government.
RTI activist Anjali Bharadwaj has sought information from the Department of Personnel and Training on the proposed bill, through an RTI. In its response, the DoPT, however, said the bill is under consideration, because of which further information could not be provided.
Activists have criticised this lack of transparency and public consultation before the introduction of the bill. "We will be holding protests once the session starts against any amendment to this crucial act," said Ms. Bharadawaj.
Sources said the government had initially contemplated an ordinance, but finally decided against it in view of possible opposition to the move.
The amendment bill has been listed for "introduction, consideration and passing" in the monsoon session of parliament, which will be held from July 18 to August 10. Eighteen new bills have been listed for introduction in this session, which is expected to have 18 working days.
The opposition parties are yet to chalk out their plan of action, though the Left parties said they will raise the issue of increasing number of mob killings in house.
The ruling Telugu Desam Party of Andhra Pradesh will again pitch for a no-confidence motion against the government over its demand for special category status for the state.
The second half of the budget session of parliament was hugely disrupted due to a push for four no confidence motions against the government, which could not make any progress following constant protests by the AIADMK and the Telangana Rashtra Samithi.
Business Affairs
No claimants for India-linked Swiss bank accounts holding around Rs 300 crore
-
It is the third year since Swiss banks made public a list of accounts lying dormant without any trace of owners and no claimant has come forward for those with Indian links, even as a political slugfest continues in India over alleged black money parked there.
The list of all such accounts -- of Swiss citizens and foreigners including from India -- was first published by the Switzerland Banking Ombudsman in December 2015 and it keeps getting updated as and when an account is declared dormant.
This is to allow real owners of the accounts or their legal heirs to stake a claim with necessary proof.
The details get deleted from the list when a successful claim is made and this was the case for as many as 40 accounts and two safe deposit boxes in the year 2017 itself, as per the latest information shared by the Ombudsman.
However, the list of over 3,500 such accounts continues to have at least six with links to India since December 2015, as no successful claimant has come forward for them.
Switzerland was perceived to be among the safest havens globally for financial assets for many years before a global crackdown on alleged tax evasion by using such strong banking privacy practices as prevalent in Swiss banks led to Switzerland agreeing to tighten its rules.
Subsequently, Switzerland has framed new laws for greater cooperation with several other countries on exchange of information and for stricter clampdown on illicit activities like money laundering and tax frauds.
India is one of the countries with which Switzerland has inked an automatic exchange of information pact on financial matters, while the Alpine nation has already been providing details on bank accounts in cases where Indian authorities have been able to provide proof of wrongdoings.
As per the latest data released by the Swiss National Bank (SNB), funds parked by Indians with Swiss banks rose 50 per cent to CHF 1.01 billion (about Rs 7,000 crore) in 2017.
The funds, described by SNB as 'liabilities' of Swiss banks or 'amounts due to' their clients, are official figures disclosed by Swiss authorities and do not indicate to the exact quantum of the much-debated alleged black money held in the famed safe havens of Switzerland.
The official figures, disclosed annually by Switzerland's central bank, also do not include the money that Indians, NRIs or others might have in Swiss banks in the names of entities from different countries.
It has been often alleged that Indians and other nationals seeking to stash their illicit wealth abroad use multiple layers of various jurisdictions, including tax havens, to shift the money in Swiss banks.
Also, with Switzerland putting in place an automatic information exchange framework with India and various other countries, the famed secrecy walls of Swiss banks are said to have crumbled. India will start getting this automatic data from next year.
However, the increase in Indians' money in Swiss banks has already triggered a sharp opposition attack on the government, which in turn has said that it would be wrong to assume that all funds deposited in Swiss banks were 'black money' and strong action would be taken against wrongdoers.
The funds officially held by Indians with banks in Switzerland accounts for only 0.07 per cent of the total funds kept by all foreign clients in the Swiss banking system, as per the SNB data.
In terms of the dormant accounts, at least three individuals from India and three others of Indian origin -- but resident of other countries -- continue to figure on the list of unclaimed bank accounts made public by Switzerland since December 2015.
While specific figure for India-linked dormant accounts is not known, the total holding in all such accounts is estimated at about 44 million Swiss franc (about Rs 300 crore).
Of the six with Indian links, place of residence of three has been mentioned as India, while it is Paris (France) for one and London for another. The place of residence for the sixth person was not disclosed.
These are Pierre Vachek and Bernet Rosmarie from 'Bombay', the earlier name of Mumbai, Bahadur Chandra Singh from Dehradun, Dr Mohan Lal from Paris, Suchah Yogesch Prabhudas from London. Kishore Lall is the person whose place of residence was not disclosed.
The date of birth has also been disclosed in one case that is for Vachek as January 1, 1908.
All these accounts were added to the public list in December 2015 and would remain there till December 2020, unless a successful claim is made for the money.
There are also some such accounts from Pakistan, including of one Nawaz Haq of Wazirabad, which was added to the list in November last year.
The list is aimed at giving their owners or their legal heirs a chance to claim the funds in these accounts. Only those accounts form part of the list which have got at least 500 Swiss francs and have remained unclaimed for at least 60 years.
The list contains a large number of people from Switzerland itself, as also from Germany, France, the UK, the US, Turkey, Austria and various other countries.
If no legitimate party claims the assets that have been published within one year of publication, the banks can transfer the assets in question to the government.
The claim deadline for potential legitimate claimants is five years if the assets in question have been dormant since at least 1954.
The list of all such accounts -- of Swiss citizens and foreigners including from India -- was first published by the Switzerland Banking Ombudsman in December 2015 and it keeps getting updated as and when an account is declared dormant.
This is to allow real owners of the accounts or their legal heirs to stake a claim with necessary proof.
The details get deleted from the list when a successful claim is made and this was the case for as many as 40 accounts and two safe deposit boxes in the year 2017 itself, as per the latest information shared by the Ombudsman.
However, the list of over 3,500 such accounts continues to have at least six with links to India since December 2015, as no successful claimant has come forward for them.
Switzerland was perceived to be among the safest havens globally for financial assets for many years before a global crackdown on alleged tax evasion by using such strong banking privacy practices as prevalent in Swiss banks led to Switzerland agreeing to tighten its rules.
Subsequently, Switzerland has framed new laws for greater cooperation with several other countries on exchange of information and for stricter clampdown on illicit activities like money laundering and tax frauds.
India is one of the countries with which Switzerland has inked an automatic exchange of information pact on financial matters, while the Alpine nation has already been providing details on bank accounts in cases where Indian authorities have been able to provide proof of wrongdoings.
As per the latest data released by the Swiss National Bank (SNB), funds parked by Indians with Swiss banks rose 50 per cent to CHF 1.01 billion (about Rs 7,000 crore) in 2017.
The funds, described by SNB as 'liabilities' of Swiss banks or 'amounts due to' their clients, are official figures disclosed by Swiss authorities and do not indicate to the exact quantum of the much-debated alleged black money held in the famed safe havens of Switzerland.
The official figures, disclosed annually by Switzerland's central bank, also do not include the money that Indians, NRIs or others might have in Swiss banks in the names of entities from different countries.
It has been often alleged that Indians and other nationals seeking to stash their illicit wealth abroad use multiple layers of various jurisdictions, including tax havens, to shift the money in Swiss banks.
Also, with Switzerland putting in place an automatic information exchange framework with India and various other countries, the famed secrecy walls of Swiss banks are said to have crumbled. India will start getting this automatic data from next year.
However, the increase in Indians' money in Swiss banks has already triggered a sharp opposition attack on the government, which in turn has said that it would be wrong to assume that all funds deposited in Swiss banks were 'black money' and strong action would be taken against wrongdoers.
The funds officially held by Indians with banks in Switzerland accounts for only 0.07 per cent of the total funds kept by all foreign clients in the Swiss banking system, as per the SNB data.
In terms of the dormant accounts, at least three individuals from India and three others of Indian origin -- but resident of other countries -- continue to figure on the list of unclaimed bank accounts made public by Switzerland since December 2015.
While specific figure for India-linked dormant accounts is not known, the total holding in all such accounts is estimated at about 44 million Swiss franc (about Rs 300 crore).
Of the six with Indian links, place of residence of three has been mentioned as India, while it is Paris (France) for one and London for another. The place of residence for the sixth person was not disclosed.
These are Pierre Vachek and Bernet Rosmarie from 'Bombay', the earlier name of Mumbai, Bahadur Chandra Singh from Dehradun, Dr Mohan Lal from Paris, Suchah Yogesch Prabhudas from London. Kishore Lall is the person whose place of residence was not disclosed.
The date of birth has also been disclosed in one case that is for Vachek as January 1, 1908.
All these accounts were added to the public list in December 2015 and would remain there till December 2020, unless a successful claim is made for the money.
There are also some such accounts from Pakistan, including of one Nawaz Haq of Wazirabad, which was added to the list in November last year.
The list is aimed at giving their owners or their legal heirs a chance to claim the funds in these accounts. Only those accounts form part of the list which have got at least 500 Swiss francs and have remained unclaimed for at least 60 years.
The list contains a large number of people from Switzerland itself, as also from Germany, France, the UK, the US, Turkey, Austria and various other countries.
If no legitimate party claims the assets that have been published within one year of publication, the banks can transfer the assets in question to the government.
The claim deadline for potential legitimate claimants is five years if the assets in question have been dormant since at least 1954.
Aurobindo takes over Apotex operations in five European countries for 74 million euros
-
Hyderabad-based Aurobindo Pharma has inked a definitive agreement with Canadian pharmaceutical firm Apotex to take over its commercial operations in five European countries. The two pharma players signed an all-cash deal amounting to 74 million euros, under which Aurobindo's step-down subsidiary Agile Pharma B V will acquire commercial businesses of Apotex and some supporting infrastructure, according to a regulatory filing by the Indian pharma major. The deal is expected to be finalised in three to six months.
The acquisition deal follows company's strategy to strengthen and grow its European business and to expand in key Eastern Europe markets, Aurobindo Pharma said in its statement. Under the acquisition deal, Aurobindo would acquire commercial infrastructure including personnel, products, marketing authorisations and dossier license rights in Poland, the Czech Republic, the Netherlands (including a manufacturing facility in Leiden), Spain and Belgium.
"The acquisition announced today is in line with our strategy to grow and diversify our business in Europe. Acquiring Apotex's businesses in these key five countries will allow us to further expand our product offering, including OTC medicines in the Netherlands, and considerably strengthen our position in Eastern Europe," Aurobindo SVP of European Operations V Muralidharan said.
The acquisition deal includes a portfolio of over 200 generics, more than 80 over-the-counter (OTC) products, and an additional pipeline of over 20 products which are expected to be launched over the next two years, according to the stock exchange filing by Aurobindo. The deal will help the Indian pharma company to extend and diversify its European product portfolio, the company said.
After the deal, Aurobindo will become one of the leading generics companies in Poland and the Czech Republic. In Poland, Aurobindo will add significant sales based on the established brand name APO as well as a dedicated sales force covering physicians and the pharmacy network.
In the Netherlands, the acquisition will help Aurobindo to add an OTC offering in the country, becoming a leading OTC company by volume, the company said. While in Spain it will strengthen the company's position in the generics market, it added. In Belgium, the deal will provide Aurobindo an entry into the retail generics space, where it will become one of the top five players, it said.
"The net sales for the acquired business in these five European countries was approximately EUR 133 million in the fiscal year ended in March 2018. Although some of these businesses are currently loss-making, the company expects them to return to profitability when combined with the Company's vertically integrated platform and existing commercial infrastructure," the company said in its statement.
The Indian firm and Apotex will enter into a transitional manufacturing and supply arrangement to support the ongoing growth plans of these businesses, the statement said.
Aurobindo has been expanding its presence in Europe since 2006 across several key markets. In 2014, it had acquired Actavis's commercial operations in seven Western European countries. Last year it acquired Portugal-based Generis Farmaceutica. The Hyderabad-based company currently has presence in nine European countries.
The acquisition deal follows company's strategy to strengthen and grow its European business and to expand in key Eastern Europe markets, Aurobindo Pharma said in its statement. Under the acquisition deal, Aurobindo would acquire commercial infrastructure including personnel, products, marketing authorisations and dossier license rights in Poland, the Czech Republic, the Netherlands (including a manufacturing facility in Leiden), Spain and Belgium.
"The acquisition announced today is in line with our strategy to grow and diversify our business in Europe. Acquiring Apotex's businesses in these key five countries will allow us to further expand our product offering, including OTC medicines in the Netherlands, and considerably strengthen our position in Eastern Europe," Aurobindo SVP of European Operations V Muralidharan said.
The acquisition deal includes a portfolio of over 200 generics, more than 80 over-the-counter (OTC) products, and an additional pipeline of over 20 products which are expected to be launched over the next two years, according to the stock exchange filing by Aurobindo. The deal will help the Indian pharma company to extend and diversify its European product portfolio, the company said.
After the deal, Aurobindo will become one of the leading generics companies in Poland and the Czech Republic. In Poland, Aurobindo will add significant sales based on the established brand name APO as well as a dedicated sales force covering physicians and the pharmacy network.
In the Netherlands, the acquisition will help Aurobindo to add an OTC offering in the country, becoming a leading OTC company by volume, the company said. While in Spain it will strengthen the company's position in the generics market, it added. In Belgium, the deal will provide Aurobindo an entry into the retail generics space, where it will become one of the top five players, it said.
"The net sales for the acquired business in these five European countries was approximately EUR 133 million in the fiscal year ended in March 2018. Although some of these businesses are currently loss-making, the company expects them to return to profitability when combined with the Company's vertically integrated platform and existing commercial infrastructure," the company said in its statement.
The Indian firm and Apotex will enter into a transitional manufacturing and supply arrangement to support the ongoing growth plans of these businesses, the statement said.
Aurobindo has been expanding its presence in Europe since 2006 across several key markets. In 2014, it had acquired Actavis's commercial operations in seven Western European countries. Last year it acquired Portugal-based Generis Farmaceutica. The Hyderabad-based company currently has presence in nine European countries.
India hunts for next Chief Economic Adviser, but big names are not really interested
-
Prime Minister Narendra Modi and his government have begun the search for the country's next Chief Economic Adviser, or CEA, but the big names are playing hard to get. Nearly a fortnight after the invitation for applications, the Ministry of Finance hasn't got an encouraging response.
Although the names of several economists, including Rathin Roy, Sanjeev Sanyal, Nagesh Kumar and Surjit Bhalla are doing the rounds, none of them have thrown their hat in the ring yet. The Department of Economic Affairs, under the aegis of the Finance Ministry, on June 30 announced the vacancy with an advertisement. It's a break from the tradition of picking candidates after internal discussions.
Business Today spoke to top economists, in India and abroad, to check their interest in the job and found they were not particularly enthusiastic. Almost all of them agreed that the minimum qualification of a postgraduate degree, and not a doctorate, was undesirable. A doctorate degree and research papers are seen as important but not essential requirements for the position. The CEA is expected to dig deep into his subject and give inputs to the political leadership. "You can hire a foreign-trained or an Indian economist but seeking just a postgraduate is not appropriate," says a top economist believed to be in the reckoning.
These economists are also evaluating the risk of not getting selected after applying. "At this stage of our career, we may want to work for the country but there will be a huge reputation risk of losing out," another economist said. This is the last year of the NDA regime and there will be an interim budget -- it doesn't require presentation of the Economic Survey and there is little time to influence policymaking in a big way. "This makes the risk, riskier," the same economist added.
The Finance Ministry is believed to be considering working bureaucrats and technocrats instead of internationally reputed names for the role. That's because those with international experience, the government appointed in the past, faced criticism for not understanding India's ground reality. Kaushik Basu was the World Bank's Chief Economist earlier while Raghuram Rajan and Arvind Subramanian were both with the IMF. Also, Subramanian worked at Peterson Institute for International Economics at Washington DC.
Meanwhile, the ideological parent of the BJP, the Rashtriya Swayamsevak Sangh (RSS) and its affiliates are against bringing economists with education and work experience abroad.
But, top officials in the government say they are talking to many economists. But will the big names send in their applications without the government assuring them they will be appointed? We'll have to wait and watch. July 20, the deadline for applying, is not far away.
Although the names of several economists, including Rathin Roy, Sanjeev Sanyal, Nagesh Kumar and Surjit Bhalla are doing the rounds, none of them have thrown their hat in the ring yet. The Department of Economic Affairs, under the aegis of the Finance Ministry, on June 30 announced the vacancy with an advertisement. It's a break from the tradition of picking candidates after internal discussions.
Business Today spoke to top economists, in India and abroad, to check their interest in the job and found they were not particularly enthusiastic. Almost all of them agreed that the minimum qualification of a postgraduate degree, and not a doctorate, was undesirable. A doctorate degree and research papers are seen as important but not essential requirements for the position. The CEA is expected to dig deep into his subject and give inputs to the political leadership. "You can hire a foreign-trained or an Indian economist but seeking just a postgraduate is not appropriate," says a top economist believed to be in the reckoning.
These economists are also evaluating the risk of not getting selected after applying. "At this stage of our career, we may want to work for the country but there will be a huge reputation risk of losing out," another economist said. This is the last year of the NDA regime and there will be an interim budget -- it doesn't require presentation of the Economic Survey and there is little time to influence policymaking in a big way. "This makes the risk, riskier," the same economist added.
The Finance Ministry is believed to be considering working bureaucrats and technocrats instead of internationally reputed names for the role. That's because those with international experience, the government appointed in the past, faced criticism for not understanding India's ground reality. Kaushik Basu was the World Bank's Chief Economist earlier while Raghuram Rajan and Arvind Subramanian were both with the IMF. Also, Subramanian worked at Peterson Institute for International Economics at Washington DC.
Meanwhile, the ideological parent of the BJP, the Rashtriya Swayamsevak Sangh (RSS) and its affiliates are against bringing economists with education and work experience abroad.
But, top officials in the government say they are talking to many economists. But will the big names send in their applications without the government assuring them they will be appointed? We'll have to wait and watch. July 20, the deadline for applying, is not far away.
FPIs carry on their selling spree; withdraw Rs 1,200 crore from debt markets
-
Continuing their selling spree, foreign investors have pulled out nearly Rs 1,200 crore from the debt markets in the first two weeks of the month on higher fuel prices and possibilities of rate hike by the US Federal Reserve.
The latest sell-off comes after foreign portfolio investors (FPIs) withdrew an amount close to Rs 50,000 crore from the debt markets in last five months (February to July). Prior to that, overseas investors had infused over Rs 8,500 crore in January.
As per the data compiled by depositories, net outflow in the debt markets stood at Rs 1,190 crore during July 2-23.
"Selling by FIIs in the Indian debt markets could be attributed to higher fuel prices which fans fear that the inflation may stoke further. This in turn could widen the country's current account deficit thus putting pressure on the rupee which has already depreciated almost 8 per cent since the end of January this year," said Himanshu Srivastava, senior research analyst, manager research at Morningstar.
"Additionally, tightening of policy back in the US also does not augur well for the Indian debt markets. This trend may continue given there are expectations that the US Fed may hike rates further," he added.
In contrast, foreign portfolio investors have put in Rs 592 crore in equities during the period under review.
After being on a selling spree for three consecutive months where FPIs pulled out net assets worth over Rs 20,000 crore (between April-June) from the equity markets, the month of July with net inflow of Rs 552 crore may appear like a breather.
"It would be too early to celebrate given the factors that influence FPI flows does not look promising. Also, the recent buying by FPIs could be a part of their short-term tactical play as the quantum of net inflows so far does not display conviction," Srivastava added.
Additionally, the concerns continue to persist over higher crude oil prices; increasing retail inflation; depreciating rupee against the US dollar; high chances of further rate hikes by the US Fed and fear of global trade war, he added.
The latest sell-off comes after foreign portfolio investors (FPIs) withdrew an amount close to Rs 50,000 crore from the debt markets in last five months (February to July). Prior to that, overseas investors had infused over Rs 8,500 crore in January.
As per the data compiled by depositories, net outflow in the debt markets stood at Rs 1,190 crore during July 2-23.
"Selling by FIIs in the Indian debt markets could be attributed to higher fuel prices which fans fear that the inflation may stoke further. This in turn could widen the country's current account deficit thus putting pressure on the rupee which has already depreciated almost 8 per cent since the end of January this year," said Himanshu Srivastava, senior research analyst, manager research at Morningstar.
"Additionally, tightening of policy back in the US also does not augur well for the Indian debt markets. This trend may continue given there are expectations that the US Fed may hike rates further," he added.
In contrast, foreign portfolio investors have put in Rs 592 crore in equities during the period under review.
After being on a selling spree for three consecutive months where FPIs pulled out net assets worth over Rs 20,000 crore (between April-June) from the equity markets, the month of July with net inflow of Rs 552 crore may appear like a breather.
"It would be too early to celebrate given the factors that influence FPI flows does not look promising. Also, the recent buying by FPIs could be a part of their short-term tactical play as the quantum of net inflows so far does not display conviction," Srivastava added.
Additionally, the concerns continue to persist over higher crude oil prices; increasing retail inflation; depreciating rupee against the US dollar; high chances of further rate hikes by the US Fed and fear of global trade war, he added.
Govt will know if you evade GST, Sushil Modi warns traders
-
Bihar Deputy Chief Minister and GST Network panel head Sushil Kumar Modi on Saturday said that the traders should stop evading taxes as the government can now track them down by using data analytics developed by Infosys. He said that the government - by using data analytics - has identified a large number of defaulters while filing GSTR3B and GSTR1.
"We will use data analytics to track GST tax defaulters through its network which has 360-degree view of online transactions to detect discrepancies," Modi said after chairing the 9th meeting of the GSTN Group of Ministers (GoM). Modi heads the GoM which was set up to address the IT-related issues of the GSTN.
In last one year of GST regime, the revenue authorities have come across numerous cases of tax evasion where companies used fake bills to claim input tax credit - an option in the GST which allows the taxpayers to claim credit for the taxes paid on purchase. To exploit this option, traders bought fake bills which enabled them to claim input tax credit on the supply which never happened.
Last month, the GST department sent notices to about 200 firms after data mining revealed that they may have evaded the taxes by under-invoicing or selling their goods in cash. According to reports, the GST department raised red flags in cases where details in GSTR3B and GSTR1 didn't match.
This year in May, GST officers sent scrutiny notices to several companies whose tax payments did not match the final sales return. The move had come after revenue authorities detected under payment of GST by about 34 per cent. As per an analysis done by the department, 34 per cent of businesses paid Rs 34,400 crore less tax between July-December while filing initial summary return (GSTR-3B).
Warning against this practice, Sushil Kumar Modi yesterday said: "Traders and dealers should not avoid or evade paying taxes that are due from them on their goods and services, as business intelligence software (third eye) will trace the defaulters easily."
Asked to comment on Finance Secretary Hasmukh Adhia's displeasure over technology failure in implementation of GST, Modi said the GoM is fully satisfied with Infosys and collectively solved the problems that cropped up in the past. "We would also continue to solve the existing problems in GSTN collectively. As on today, the number of returns filed is 124.8 million and number of payment transactions stands at 42.6 million. Therefore, Infosys performance is good," he said.
The GST Council is scheduled to hold its next meeting in New Delhi on July 21.
"We will use data analytics to track GST tax defaulters through its network which has 360-degree view of online transactions to detect discrepancies," Modi said after chairing the 9th meeting of the GSTN Group of Ministers (GoM). Modi heads the GoM which was set up to address the IT-related issues of the GSTN.
In last one year of GST regime, the revenue authorities have come across numerous cases of tax evasion where companies used fake bills to claim input tax credit - an option in the GST which allows the taxpayers to claim credit for the taxes paid on purchase. To exploit this option, traders bought fake bills which enabled them to claim input tax credit on the supply which never happened.
Last month, the GST department sent notices to about 200 firms after data mining revealed that they may have evaded the taxes by under-invoicing or selling their goods in cash. According to reports, the GST department raised red flags in cases where details in GSTR3B and GSTR1 didn't match.
This year in May, GST officers sent scrutiny notices to several companies whose tax payments did not match the final sales return. The move had come after revenue authorities detected under payment of GST by about 34 per cent. As per an analysis done by the department, 34 per cent of businesses paid Rs 34,400 crore less tax between July-December while filing initial summary return (GSTR-3B).
Warning against this practice, Sushil Kumar Modi yesterday said: "Traders and dealers should not avoid or evade paying taxes that are due from them on their goods and services, as business intelligence software (third eye) will trace the defaulters easily."
Asked to comment on Finance Secretary Hasmukh Adhia's displeasure over technology failure in implementation of GST, Modi said the GoM is fully satisfied with Infosys and collectively solved the problems that cropped up in the past. "We would also continue to solve the existing problems in GSTN collectively. As on today, the number of returns filed is 124.8 million and number of payment transactions stands at 42.6 million. Therefore, Infosys performance is good," he said.
The GST Council is scheduled to hold its next meeting in New Delhi on July 21.
General Awareness
Social Media Hub
-
Context: The Supreme Court has taken a strong note of the Information and Broadcasting Ministry’s decision to set up a social media hub for monitoring online data and said that it will be like creating a surveillance state. These observations were made by the court based on a petition filed.
Concerns over the proposed Social media hub:
The petition alleged that though the stated aim of the project was to enable the government to understand the impact of social media campaigns on welfare schemes and improve the reach of such campaigns, the project had two aspects — “mass surveillance apparatus that aims at collecting and analysing huge volumes of data, and profiling people based on that” and “utilising this data to predict the mood of people online and issue responses, including those targeted at individuals or groups”.
The social media analytical tool is expected to ‘listen’ to conversations on all major digital channels, including Facebook, Twitter, Instagram, LinkedIn, Tumblr, as well as blogs and news channels.
Therefore, the petition contended that “such intrusive action on the part of the government, is not only without the authority of law, but also infringes fundamental right to freedom of speech under Article 19(1)(a) of the Constitution.” The move is violative of Articles 14, 19(1)(a) and 21.
What is Social media communication hub?
The hub proposes to monitor social media (Facebook, Twitter, Instagram and even email) handles at the very local level in multiple languages to carry out “sentiment analysis”, track down the influence-making social media users and to categorise the conversations on social media into positive, negative and neutral sections.
It also aimed to track real time the way social media receives news on government’s schemes and announcements and also political events.
Benefits:
This information would help the government in formulating policies, schemes or rectify any flaws in their implementation at the ground level so that the ultimate beneficiary who is the common man is benefited and has a direct way to communicate any complaints regarding the same to the Government.
Social media managers:
As per the proposal, the project is meant to strengthen the social media division and recruit social media managers to be deployed in 712 districts of the country. Each district will have one social media manager who will be entrusted with the tasks of keeping a close eye on the regional and local media, collecting data of regional media and of local events, providing content for social media and supporting media units at the regional level for social media publicity.
Role of social media managers:
These social media managers will also monitor local editions of newspapers, local cable channels, local audio channels (FM) and key local social media handles for important local developments. They will make a daily analysis report incorporating local sentiments to be sent to region head in the PIB as well as the media hub (command centre).
Concerns:
The proposal to set up such a hub had turned controversial, as many called it an indirect measure to “snoop” on and influence voters.
What’s important?
For Prelims: Social Media Hub- features and concerns, Social media managers- roles.
For Mains: Controversy surrounding the proposed Social Media Hub.
Context: The Supreme Court has taken a strong note of the Information and Broadcasting Ministry’s decision to set up a social media hub for monitoring online data and said that it will be like creating a surveillance state. These observations were made by the court based on a petition filed.
Concerns over the proposed Social media hub:
The petition alleged that though the stated aim of the project was to enable the government to understand the impact of social media campaigns on welfare schemes and improve the reach of such campaigns, the project had two aspects — “mass surveillance apparatus that aims at collecting and analysing huge volumes of data, and profiling people based on that” and “utilising this data to predict the mood of people online and issue responses, including those targeted at individuals or groups”.
The social media analytical tool is expected to ‘listen’ to conversations on all major digital channels, including Facebook, Twitter, Instagram, LinkedIn, Tumblr, as well as blogs and news channels.
Therefore, the petition contended that “such intrusive action on the part of the government, is not only without the authority of law, but also infringes fundamental right to freedom of speech under Article 19(1)(a) of the Constitution.” The move is violative of Articles 14, 19(1)(a) and 21.
What is Social media communication hub?
The hub proposes to monitor social media (Facebook, Twitter, Instagram and even email) handles at the very local level in multiple languages to carry out “sentiment analysis”, track down the influence-making social media users and to categorise the conversations on social media into positive, negative and neutral sections.
It also aimed to track real time the way social media receives news on government’s schemes and announcements and also political events.
Benefits:
This information would help the government in formulating policies, schemes or rectify any flaws in their implementation at the ground level so that the ultimate beneficiary who is the common man is benefited and has a direct way to communicate any complaints regarding the same to the Government.
Social media managers:
As per the proposal, the project is meant to strengthen the social media division and recruit social media managers to be deployed in 712 districts of the country. Each district will have one social media manager who will be entrusted with the tasks of keeping a close eye on the regional and local media, collecting data of regional media and of local events, providing content for social media and supporting media units at the regional level for social media publicity.
Role of social media managers:
These social media managers will also monitor local editions of newspapers, local cable channels, local audio channels (FM) and key local social media handles for important local developments. They will make a daily analysis report incorporating local sentiments to be sent to region head in the PIB as well as the media hub (command centre).
Concerns:
The proposal to set up such a hub had turned controversial, as many called it an indirect measure to “snoop” on and influence voters.
What’s important?
For Prelims: Social Media Hub- features and concerns, Social media managers- roles.
For Mains: Controversy surrounding the proposed Social Media Hub.
Concerns over the proposed Social media hub:
The petition alleged that though the stated aim of the project was to enable the government to understand the impact of social media campaigns on welfare schemes and improve the reach of such campaigns, the project had two aspects — “mass surveillance apparatus that aims at collecting and analysing huge volumes of data, and profiling people based on that” and “utilising this data to predict the mood of people online and issue responses, including those targeted at individuals or groups”.
The social media analytical tool is expected to ‘listen’ to conversations on all major digital channels, including Facebook, Twitter, Instagram, LinkedIn, Tumblr, as well as blogs and news channels.
Therefore, the petition contended that “such intrusive action on the part of the government, is not only without the authority of law, but also infringes fundamental right to freedom of speech under Article 19(1)(a) of the Constitution.” The move is violative of Articles 14, 19(1)(a) and 21.
What is Social media communication hub?
The hub proposes to monitor social media (Facebook, Twitter, Instagram and even email) handles at the very local level in multiple languages to carry out “sentiment analysis”, track down the influence-making social media users and to categorise the conversations on social media into positive, negative and neutral sections.
It also aimed to track real time the way social media receives news on government’s schemes and announcements and also political events.
Benefits:
This information would help the government in formulating policies, schemes or rectify any flaws in their implementation at the ground level so that the ultimate beneficiary who is the common man is benefited and has a direct way to communicate any complaints regarding the same to the Government.
Social media managers:
As per the proposal, the project is meant to strengthen the social media division and recruit social media managers to be deployed in 712 districts of the country. Each district will have one social media manager who will be entrusted with the tasks of keeping a close eye on the regional and local media, collecting data of regional media and of local events, providing content for social media and supporting media units at the regional level for social media publicity.
Role of social media managers:
These social media managers will also monitor local editions of newspapers, local cable channels, local audio channels (FM) and key local social media handles for important local developments. They will make a daily analysis report incorporating local sentiments to be sent to region head in the PIB as well as the media hub (command centre).
Concerns:
The proposal to set up such a hub had turned controversial, as many called it an indirect measure to “snoop” on and influence voters.
What’s important?
For Prelims: Social Media Hub- features and concerns, Social media managers- roles.
For Mains: Controversy surrounding the proposed Social Media Hub.
No comments:
Post a Comment