Electoral bonds: FinMin knew serial number could reveal donor’s identity

Ministry was reluctant to assign serial numbers initially, but relented after SBI raised concerns about internal control and reconciliation

The finance ministry was initially reluctant to put up serial numbers on electoral bonds, saying they had the potential to reveal the identity of the donors, but agreed later on, after concerns were raised by State Bank of India (SBI).

After being entrusted with the task of issuing electoral bonds, SBI had raised certain concerns with the finance ministry, according to official documents accessed through the Right to Information (RTI) Act by activists Commodore Lokesh Batra (retired) and Anjali Bhardwaj. This was after the Union government issued the framework for electoral bonds, a financial instrument for making anonymous donations to political parties, on January 2, 2018.

In a letter dated January 19, 2018, SBI said that though the bonds will not carry the name of the buyer they “will necessarily need a serial number” as it will leave no audit trail for internal control and reconciliation and identifying the genuineness of the electoral bonds will become difficult at the branch level.

To this, the finance ministry drafted a clarification saying “putting a serial number would establish a link between the donor and the political party. This could discourage them to use such bonds. Hence, SBI may think of other security features, including holograms, to establish the genuineness of electoral bonds.”

Amit Shah likely to be FM; investors say he will ‘get things done’

Amit Shah will probably need to move quickly to stimulate an economy beset by weak farm incomes, slow jobs growth and falling sales of key consumer goods including cars and motorbikes

Indian Prime Minister Narendra Modi is set to name Amit Shah, the chief of his Hindu nationalist Bharatiya Janata Party (BJP), as the country’s new finance minister after taking his oath of office for the second time on Thursday, according to several Indian media reports. As Modi’s right-hand man and long-time strategist, Shah would be in a powerful position to direct financial policy in Asia’s third-largest economy in his first role as a federal lawmaker.

Amit Shah masterminded the BJP’s landslide victory in the April-May general election, but there are questions about his lack of central government experience and financial background, especially at a time of growing signs of weakness in the economy.

Modi is expected to announce his ministers’ departments on Friday, after all of them were sworn in on Thursday evening at an open-air ceremony outside the colonial-era presidential palace with some 8,000 guests including Bollywood stars and leaders of neighbours Bangladesh and Sri Lanka. The 54-year-old Shah, among 57 new and old ministers who will join Modi in the next government, pledged to give his best to create a strong and prosperous India.

“This team is a blend of youthful energy and administrative experience,” Modi said on Twitter. “It has people who have excelled as parliamentarians and those who have had distinguished professional careers. Together, we will work for India’s progress.”

Modi slams Cong over Pitroda’s ‘hua toh hua’ remark on 1984 riots

Narendra Modi will campaign in Punjab’s Hoshiarpur today, while Rahul Gandhi will address rallies in Himachal Pradesh and Chandigarh. 

Prime Minister Narendra Modi and the BJP attacked the Congress over Rahul Gandhi’s nearby helper Sam Pitroda’s “hua toh hua (what occurred, occurred)” comment on the 1984 enemy of Sikh uproars on Thursday. “The Congress, which ruled for a most extreme period, has been obtuse and that is reflected by the three words verbally expressed yesterday… These words have not been verbally expressed simply like that, these words are character and attitude and aims of the Congress,” PM Modi said at a rally in Haryana’s Rohtak.

“Also, which were these words? These were ‘hua toh hua’,” PM Modi included, rehashing the expression. “Hua toh hua,” rehashed PM Modi and told the get-together that they should ponder what the Prime Minister was stating. “We can comprehend self-importance of the individuals who run the Congress in these three words-‘hua toh hua’,” he said.

Mr Pitroda, who is responsible for the Congress’ abroad units, had gotten over the BJP’s recommendation that the 1984 enemy of Sikh uproars occurred on the requests of previous head administrator Rajiv Gandhi. “I don’t think along these lines, this is additionally another untruth. Shouldn’t something be said about 1984 at this point? What have you done over the most recent five years, talk about that. What occurred in 1984, occurred. What have you done? (Abdominal muscle kya hai ’84 ka? Aapne kya kiya 5 saal mein, uski baat kariye. ’84 mein hua to hua. Aapne kya kiya?),” Mr Pitroda told news office ANI.

Association Minister Arun Jaitley addressed whether the Congress president will evacuate his “Master (educator)” from the gathering. He said Sam Pitroda’s response is “intelligent of the absence of regret” of the Congress over the 1984 mobs. The BJP had refered to the Nanavati Commission report to approve its case, which has incensed the Congress. BJP pioneer Tajinder Pal Bagga recorded a police grumbling against Mr Pitroda for his comments…(Read Full Story)

Explainer: What is an interim budget? What FM Jaitley can and cannot do

This will be the last Budget of the current BJP-led NDA government before the 2019 General Elections

Interim Budget 2019: With just a few months left before the Narendra Modi government formally completes its tenure, Finance Minister Arun Jaitley will present NDA regime’s first interim budget on February 1, 2019.

As this will be the ruling BJP government’s last budget before the upcoming Lok Sabha elections, here’s an explanation of what an interim budget actually means.

What is an interim budget?

An interim budget is presented by a government which is going through a transition period or is in its last year in office ahead of the general elections. Traditionally, an incumbent government cannot present a full-fledged Union Budget in the election year. Instead, the Finance Minister presents an interim budget during the joint sitting of Rajya Sabha and Lok Sabha in the Parliament, the livemint reported.

With an interim budget, the incumbent government seeks a vote of approval from the Parliament to draw money from the Consolidated Fund of India to meet its budget expenses before the end of the financial year, i.e; March 31st, 2019. It is a traditional practice which takes place in the run-up to every general election, according to an India Today report.

The full-fledged Union Budget is presented by the newly-elected government after Lok Sabha polls. In recent times, interim budgets have been instrumental for the incumbent governments to list out their achievements to draw voters’ support.

What can be done?

An interim budget is similar to a Union Budget. In interim-budget, the ruling government tables estimate of its expenditure, revenue, fiscal deficit and financial performance and projections for the upcoming financial year. The ruling government at the end of its tenure, presents an interim budget for three to four months so as to keep the country running unhampered. The likely focus of the incumbent government in the interim budget can be to outline its economic vision for the next five years if it may remain in power, said the livemint article…

Contain By: Business Standard

Interim Budget 2019: Will Jaitley double I-T exemption limit to Rs 5 lakh?

The Union Budget will precede the unveiling of the Direct Tax Code Report on February 28

Interim Budget 2019: The 2019 interim budget on February 1 is likely to bring some good news for taxpayers. Ahead of 2019 Lok Sabha elections, Finance Minister Arun Jaitley may double the income tax (I-T) exemption threshold for the salaried taxpayers from the present Rs 250,000 to Rs 500,000, according to an IANS report.

With financial apathy on the rise after demonetisation drive, this pre-poll sop tactic by the PM Narendra Modi-led government is expected to benefit the middle-class segment of the society. FM Jaitley may also reinstate a tax-free status for medical expenses and transport allowance.

The demand to double the I-T exemption limit to Rs 500,000 was made by the Confederation of Indian Industry (CII) as one of its pre-Budget recommendations. The industry has also sought an increase in the deduction under Section 80C to Rs 250,000 to incentivise savings.

As the ruling BJP government is trying to outline its economic policy vision to remain in power, it would be interesting to see how these major changes could be made in the interim budget or vote-on-account budget, considering that not too many policy changes should be made….

Contain Source: Business Standard or BS

To bridge fiscal deficit, RBI likely to pay govt $5.8 bn interim dividend

The dividend could help Prime Minister Narendra Modi’s administration bridge a widening budget deficit following a drop in tax collections

Interim Budget 2019: The Reserve Bank of India (RBI), having changed management last month following a clash with the government, is likely to transfer an interim dividend of Rs 300-400 billion ($4.32 billion-$5.8 billion) to the government by March, according to three sources with direct knowledge of the matter.

The dividend could help Prime Minister Narendra Modi’s administration bridge a widening budget deficit following a drop in tax collections, and would come after the government pushed the RBI for the additional funds ahead of a national election due by May.

Read Source: Business Standard or BS

Former finance ministry official Shaktikanta Das was appointed as the new governor of the Reserve Bank of India (RBI), following resignation of Urjit Patel last month amid tensions over the dividend payout and other issues.The government and RBI have now appointed a panel to look into the issue around the sharing of the RBI’s reserves.

“We are absolutely sure that an interim dividend of more than 300 billion rupees would be paid before March end,” one of the sources told Reuters.The RBI did not respond to an email seeking comment, while the Finance Ministry declined to comment.

Keep Reading : Budget 2019

NITI unveils 'Strategy for New India @75' to make India $4-trillion economy

The acceleration in economic growth, it has said, must be inclusive, sustained, ‘clean’ and formalised

Latest News: The Niti Aayog has said average annual growth of 8 per cent during 2018-19 to 2022-23, with the concluding year yielding 9-10 per cent expansion, is needed to generate sufficient jobs and make India a $4-trillion (Rs 285 trillion) economy.

In a document titled ‘Strategy for New India @75′, it suggested this growth rate be achieved through increasing the investment rate, improving the ratio of taxes to Gross Domestic Product (GDP), raising export, continued exit of the government from non-strategic public sector units and further liberalising the Foreign Direct Investment regime.

Click Here – Business Standard OR BS

The acceleration in economic growth, it has said, must be inclusive, sustained, ‘clean’ and formalised. The investment rate should be raised from the present 29 per cent of GDP to 36 per cent by 2022-23, of which half must come from public investment. Government contribution to capital expenditure should be raised to 7 per cent by 2022-23, from 4 per cent at present

“The strategic document will be followed by a vision document, which will spell out the 15-year growth trajectory India needs to follow. The main focus of both documents is to ensure as to how reforms and the best of government initiatives reach the bottom of the pyramid,” said NITI Aayog Vice Chairman Rajiv Kumar on Wednesday…Read here NITI Aayog

Rafale price can be discussed only if facts on deal can be made public: SC

The top court also sought the assistance of any Air Force officer on the issue of procurement of 36 Rafale fighter jets from France

Latest News :The Supreme Court Wednesday said any discussion on pricing of the Rafale fighter jets can only take place if the facts on the deal are allowed to come in the public domain. “The decision we need to take is whether to bring the fact on pricing in public domain or not,” a bench headed by the Chief Justice Ranjan Gogoi said. The bench, also comprising justices S K Kaul and K M Joseph, told Attorney General K K Venugopal that without bringing the facts in public domain, there was no question of any debate on pricing.

However, the bench clarified to the attorney general that any discussion on price will be considered if it thinks that it should come in the public domain. The top court also sought the assistance of any Air Force officer on the issue of procurement of 36 Rafale fighter jets from France.|Rafale Deal

“We are dealing with requirements of the Air Force and would like to ask an Air Force officer on the Rafale jet. We want to hear from an Air force officer and not the official of the Defence Ministry on the issue,” the bench said when Venugopal commenced his arguments on behalf of the Centre.

Venugopal told the bench that an Air Force officer would be reaching within a few minutes. The attorney general in his arguments defended the secrecy clause related to the pricing of Rafale jets saying,”Our adversaries may get advantages if the entire details on the pricing is disclosed.” Refusing to divulge details on the pricing aspect, Venugopal said he would not be able to assist the court further on the pricing issue.

Click Here —BUSINESS STANDARD OR BS

Milk, Mercedes can’t be taxed at single GST rate, says PM Narendra Modi

To criticism that the GST was ‘hurriedly implemented’, the PM said the government had been responsive, with issues identified and redressed in real time

 

Prime Minister (PM) Narendra Modi on Sunday ruled out a single slab for the goods and services tax (GST), stating that milk and the Mercedes could not have the same rate.

The GST regime was rolled out on July 1 last year. The central government on Sunday marked its first anniversary with an event in New Delhi, while Modi took to social media to showcase its advantages.

In an interview to Swarajya, a news website, Modi responded to criticism of his government’s version of the GST. He ruled out a single tax slab, pointed at the gains of the past one year, and admitted to teething troubles having plagued the regime in its first year.

To the Congress party’s criticism that there should be a single tax rate, he said: “It would have been very simple to have just one slab but it would have meant we could not have food items at 0 per cent tax rate. Can we have milk and Mercedes at the same rate?”

“So, when our friends in the Congress say that they will have just one GST rate, they are effectively saying they will tax food items and commodities, which are currently at 0 or 5 per cent, at 18 per cent,” Modi said.

To criticism that the GST was “hurriedly implemented”, the PM said the government had been responsive, with issues identified and redressed in real time.

The PM did not rule out the possibility that tax rates could come down further on some items. He said the government had reduced taxes on nearly 400 groups of items, and around 150 groups have a 0 per cent tax rate.

Modi also responded to the Opposition’s charge that the GST was “anti-people” by sharing on Twitter and the NaMo app the advantages the tax reform had brought for the common people. With the assembly elections scheduled in three key North Indian states in the next five months, and the Lok Sabha elections due in less than nine months, the PM tweeted that “decreasing prices”, because of the GST, were “helping poor and middle class”.

He also reached out to small businesses, a key support base of the Bharatiya Janata Party (BJP), and said the tax reform had provided “increasing opportunities for small and medium entrepreneurs”. With the hashtag “GST for New India”, the PM tweeted that the GST had brought growth, simplicity, and transparency. He said it had boosted formalisation, enhanced productivity, and furthered “ease of doing business”.

The PM said the GST had been designed to “eliminate inspector raj with the help of information technology”, and suggested that the GST roll-out was consistent with his vision of “minimum governance”.

The PM in his last radio broadcast had said the tax reform was an example of cooperative federalism with decisions in all 27 GST Council meetings having been reached by consensus.

Modi said the number of enterprises registered since Independence until June 30, 2017, was 6.6 million. He said in just one year after the introduction of the GST, the number of new enterprises registered was 4.8 million. He said around 3.5 billion invoices were processed, 110 million returns were filed, and 100 million e-way bills generated. “Would we be looking at such numbers, if GST were indeed very complex?” Modi asked.

Click Here : PM Narendra Modi

Arvind Subramanian resigns as CEA to Modi govt, Jaitley announces in blog

Subramanian has informed Jaitley that he would like to go back to the United States on account of pressing family commitments

Union Minister Arun Jaitley said on Thursday that Chief Economic Advisor Arvind Subramanian will be leaving the finance ministry because of “pressing family commitments” and will return to the US.

Subramanian was appointed as CEA to the finance ministry on October 16, 2014 for a period of three years. In 2017 his term was extended for a year.

“Few days ago Chief Economic Advisor Arvind Subramanian met me over video conferencing. He informed me that he would like to go back to the United States on account of pressing family commitments. His reasons were personal but extremely important for him. He left me with no option but to agree with him,” Jaitley wrote in a Facebook post.

He further said that on expiry of Subramanian’s three year term in October last year, he had requested him to continue for some more time.

ALSO READ: Full text: In FB post, Jaitley says CEA Arvind Subramanian has resigned

“Even at that stage he told me that he was torn between family commitment and his current job which he considered the best and most fulfilling he has ever done,” the minister said.

Jaitley, who was the Finance Minister before undergoing a kidney transplant surgery in mid-May, also thanked Subramanian for hmacroeconomicn to macro economic management of Indian economy.

“Personally I will miss his dynamism, energy, intellectual ability and ideas. He would walk into my room – at times several times a day, addressing me as Minister to give either the good news or otherwise. Needless to say his departure will be missed by me. But I know that his heart is very much here. I am sure he will keep sending advice and analysis wherever he is,” Jaitley wrote.

Click here for full source : Arvind Subramanian

Himachal polls: BJP manifesto is about 'mafia raj', jobs, free pilgrimage

The strong focus on measures to better the law and order situation comes in the backdrop of widespread protests over the Kotkhai rape and murder case and other incidents

Dismantling "mafia raj", women's safety, free 'chardham' pilgrimage for the elderly and jobs for youth are among the key focus areas in the Bharatiya Janata Party's (BJP's) "Vision Document" for the Himachal Pradesh polls which was released by Union Finance Minister Arun Jaitley here on Sunday.

The document promised a 24-hour helpline in the chief minister's office for reporting all types of crimes, setting up of Somnath Vahini, a task force of ex-servicemen to take on drug mafia and crime.

The strong focus on measures to better the law and order situation comes in the backdrop of widespread protests over the Kotkhai rape and murder case and other incidents.

"The BJP government would have to do ten years' work in five years as the present Congress government did not take up any developmental work while re-establishing the credibility of the government would be challenge," Jaitley said while releasing the manifesto.

ALSO READ : HP polls: Palampur set for interesting contest

 

He was flanked by Union ministers J P Nadda and Thawar Chand Gehlot, former chief ministers Shanta Kumar and Prem Kumar Dhumal, state BJP chief Satpal Singh Satti and other senior leaders.

 

The vision document stressed on eradication of corruption while also claiming that the activities of land, forest, drug, mining, and building mafia would be curbed while transparency would be ushered in public life.

To ensure transparency, BJP MLAs would publicly declare all their assets, it said.

Safe drinking water to every house, road connectivity to all villages, emergency medical services in rural and remote areas, doubling the income of farmers by 2022, raising of compensation for land acquired by the government for developmental projects, social security pension and free "Chardham Yatra" for senior citizens are other salient features of the document.....Read More 

FM Arun Jaitley hits back, calls Yashwant Sinha 'job applicant at 80'

In a newspaper article on Wednesday, Sinha had criticised Jaitley for running the economy aground

 

On Thursday, a day in the wake of getting fire from party associate Yashwant Sinha, Finance Minister (FM) Arun Jaitley portrayed his ancestor as "a vocation candidate at 80".

At the arrival of a book, India @70 Modi @3.5, the FM stated, "Likely, a more fitting title for the book would have been India @70, Modi @3.5 and a vocation candidate @ 80."

Ceasing from taking names, he blamed Sinha for acting working together with previous back clergyman P Chidambaram in condemning him.

Jaitley, who is confronting feedback for directing the economy to slip to its slowest pace of development in three years, said he had done a little research to haul out what Sinha and Chidambaram needed to say in regards to each other previously. "One said of the other: Chidambaram should be conceived again to coordinate my record as back priest. He at that point connected fund serve Chidambaram to a bumbling specialist for neglecting to control India's disturbing financial deficiency. And afterward went on and said I blame him for running the economy down to the ground," he said in a clear reference to remarks made by Sinha.

Sinha, he stated, had blamed Chidambaram for being "the most vain individual" who bothered his telephones.(economy policy)

Not to be abandoned, Chidambaram had called Sinha's residency amid the Atal Bihari Vajpayee government as the "most noticeably bad years since advancement", he reviewed.

Jaitley said he didn't have the extravagance so far of being a previous back clergyman (Sinha) nor did he have the advantage of being a previous fund serve who has turned a reporter (Chidambaram). Being a previous back priest, "I can advantageously overlook a strategy loss of motion (amid UPA-II). I can advantageously overlook the 15 for each penny NPAs of 1998 and 2002 (amid Sinha's term as back clergyman). I can helpfully overlook the $4-billion hold left in 1991 and I can switch over and change the account."

READ MORE 

Jayant Sinha takes on father Yashwant; defends Modi's economic policies

Jayant Sinha argues critics have missed the fundamental structural reforms that are transforming the economy 

A day after senior BJP leader Yashwant Sinha hit out at Finance Minister Arun Jaitley for creating an economic mess, his son and Union minister, Jayant Sinha, has defended the government's economic policies, stating that it is undertaking structural reforms that are "necessary to create a 'New India' and provide good jobs for our billion-strong workforce".

In a Times of India blog post, Jayant wrote that stories on the challenges faced by the Indian economy are "conclusions drawn from a narrow set of facts".

"They have simply missed the fundamental structural reforms that are transforming the economy," he said.(economy today)

Here is how he defended the Narendra Modi government:

1) The Union minister argued that one, or two, quarters of GDP growth were quite inadequate to evaluate the long-term impact of the structural reforms underway.

Former finance minister Yashwant Sinha, for his part, has said, "For quarter after quarter, the growth rate of the economy has been declining until it reached the low of 5.7 per cent in the first quarter of the current fiscal, the lowest in three years.

And please note that the methodology for calculation of the GDP was changed by the present government in 2015 as a result of which the growth rate recorded earlier increased statistically by over 200 basis points on an annual basis. So, according to the old method of calculation, the growth rate of 5.7 per cent is actually 3.7 per cent or less."

(READ MORE)

Even 'Superman' Jaitley couldn't handle economic chaos: Yashwant Sinha

Here are 5 reasons why former FM Yashwant Sinha believes the economy is on a downward spiral and Raid Raj is rampant

Former finance minister Yashwant Sinha, now a dissident voice within the Bharatiya Janata Party (BJP), has spoken out against the way his own party has, apparently, dented India’s economy. In a recent column, 'I need to speak up now', written for The Indian Express, Sinha has said that many in the BJP know that the economy is on a downward spiral, but they are not speaking up due to fear. In one of the most scathing criticisms, Sinha said the distress in the economy was so deep that a revival was unlikely before the next general elections, and he also warned of a hard landing.

In hard-hitting words, Sinha said, "The prime minister claims that he has seen poverty from close quarters. His finance minister is working over-time to make sure that all Indians also see it from equally close quarters."

What is the picture of the Indian economy today?

Private investment has shrunk, industrial production has collapsed, agriculture, real estate are in the doldrums, the service sector is in a slow lane, exports have dwindled. In short, according to Yashwant Sinha, the entire Indian economy is under stress.

Sinha added that demonetisation had proved to be “an unmitigated economic disaster”, and that the poor implementation of the Goods and Services Tax had sunk many businesses.(economy news)

Reasons for this decline have been allowed to accumulate over time to cause the present crisis, he said.

Here are five reasons why Yashwant Sinha believes the economy is on a downward spiral:

1. Arun Jaitley, the brightest star in the NDA govt: The finance minister's indispensability was established further when the prime minister rewarded him not only by giving him the finance ministry, including the department of disinvestment, but also the ministries of defence and corporate affairs. Four ministries in one go out of which he still retains three. "Finance ministry, in the best of times, calls for the undivided attention of its boss if the job has to be properly done. In challenging times it becomes more than a 24x7 job. Naturally, even a superman like Jaitley could not do justice to the task", said Yashwant Sinha....Read more

Dealing in excessive cash no more safe in India: Arun Jaitley

Jaitley assured that the economic indicators are being assessed and appropriate action will be taken soon

Union Finance Minister Arun Jaitley on Thursday said corruption no longer exists in the Centre, while lauding its proactiveness in implementing the Goods and Services Tax (GST), the crackdown on excessive cash transactions, benami property, shell companies and so on.

"Corruption in the central government has become a thing of the past. This is happening in states as well. The present government has taken quick decisions whether it is implementing the GST or targeting subsidies are concerned. As far as black money and benami transactions are concerned, it is no safer in India to deal in excessive cash," Jaitley said while addressing the 2nd India Investor Summit organised by JPMorgan here.

Urging timely filing of the GST, Jaitley stated that assesses should file their returns four to five days prior to the due date to avoid last minute glitches.

"India's confidence as a nation has increased tremendously in the last few years. So far, we have been able to contain the impact of inflation post-GST. There has been a positive move towards digitization, and remonetisation has been substantially completed. As far as bringing more items under GST is concerned, I think real estate is the easiest to bring in," he opined.

Jaitley assured that the economic indicators are being assessed and appropriate action will be taken soon....Read More

Gurmeet Ram Rahim sentencing today: 'Messenger of god' gets the message of law

The duration of Ram Rahim's imprisonment will be announced on Monday

 

“I have always respected the law. Even though I am having a backache, still abiding by the law, I will go to court (tomorrow). I have full faith in God. Everyone should maintain peace.” Thus spake Gurmeet Ram Rahim Singh, film actor, producer, director, businessman and evangelist of the Dera Sacha Sauda a day before he was convicted by a CBI court of raping a disciple.

The story of Gurmeet Ram Rahim Singh aka messenger of god (as his film in which he was a hero, actor, director and producer was called) begins in the first decade of 2000.

A dera is a single person setting up a religious institution for social or educational activities. There are thousands of deras, big and small, all over north India, headed by Sikh or Hindu chiefs. The Radhasoami Satsang Beas is one such, the Nirankaris have their own deras. The logic is that as the Akal Takht, the highest Sikh religious body, cannot be present everywhere to translate on the ground the tenets of Sikhism, anyone who wants to can set up a dera to preach and practise a religion that technically does not recognise caste.

ALSO READ: Gurmeet Ram Rahim rape conviction: 36 killed, 250 injured in Dera violence

The Dera Sacha Sauda is one such. It is located in what is now Haryana but was once undivided Punjab. It has a largely Dalit following in Sirsa, which is a Sikh belt contiguous with Punjab. Gurmeet Ram Rahim Singh is a successor of previous highly popular gurus, and has a reputation of being a somewhat quixotic individual who lives in an air-conditioned cave, is fond of dressing in king-like robes, drives in luxury cars, and keeps armed guards with him at all times.

All political leaders — Parkash Singh Badal, Amarinder Singh, Vasundhara Raje Scindia, and SS Dhindsa — have called on him to seek his blessings. This has been a recognition of the huge following of largely Dalit supporters he has been able to command. Sirsa sits atop the Chandigarh-Punjab-Rajasthan border and can influence political opinion in three states.

ALSO READ: Gurmeet Ram Rahim rape conviction: 36 killed, 250 injured in Dera violence

Gurmeet Ram Rahim Singh would have been just another harmless religious leader had it not been for two events — one, a CBI enquiry into the circumstances of the murder of a journalist in the area who wrote reports charging Singh with various misdeeds including murder and rape; and two, that Singh, one day in the middle of the campaign for the 2007 assembly elections announced to his followers that they all must vote for the Congress. (Read more)

Arvind Panagariya quits NITI Aayog: Meet the advocate of growth-boosting policies

Rajasthan University product, presently Columbia Univ professor, considered an advocate of growth-boosting and market-oriented policies

Renowned Columbia University professor Arvind Panagariya will be the first vice-chairman of the newly created NITI Aayog (the prime minster will be chairman), at a time when the world is looking at India to shed years of slack economic growth.

His first big challenge will be to give a firm direction and focus to NITI Aayog, the first name being an acronym for National Institution for Transforming India. It is supposed to play a different role from the command-oriented Planning Commission of India.

A Business Standard columnist till now, Panagariya, in an article published in this newspaper on December 30, 2014, said the government’s real test would be in the next Budget document. And that without a clear road map of reforms in it, the dream of “good days” (acche din) might become history.  (economy news)

He’d also favoured a slight relaxation in the fiscal consolidation schedule when Finance Minister Arun Jaitley presented his maiden Budget six months earlier, to spur economic activities. A point also made in the Mid-Year Analysis for 2014-15, penned by Chief Economic Adviser Arvind Subramanian.

Panagariya, mentored by renowned trade economist Jagdish Bhagwati, was most recently credited as one of the brains behind labour law reforms in Rajasthan. He was vice-chairman of the Rajasthan chief minister's economic advisory council.

Born on September 30, 1952, he has been a supporter of the prime minister’s economic policies and openly spoken on the success of the latter's tenure as chief minister of Gujarat.... (READ MORE)

Demonetisation: RBI will give junked notes' figure after counting, says FM

Arun Jaitley says final figures will come out once the fake notes were weeded out

Finance Minister Arun Jaitley Tuesday said the RBI is in the process of counting scrapped currency notes and will come out with the final figures once the fake notes were weeded out.
Answering oft-repeated questions over the issue, he said in the Lok Sabha that the Reserve Bank had received the last tranche of scrapped currency notes of Rs 500 and Rs 1,000 only in July and the central bank would take time in counting the billions of notes.

Economy News policy

On November 8 last year, the government had scrapped high denomination currency notes of Rs 500 and Rs 1,000 which amounted to around 86 per cent of the currency in circulation.
Replying to a discussion on supplementary demands for grants in the Lok Sabha, Jaitley said one of the major benefits of demonetisation was squeezing of funds for terrorists in Jammu and Kashmir and naxalites in Chhattisgarh.

On questions regarding the amount of scrapped currency deposited back in the banks, the finance minister said, "Today they (RBI) have to count every currency note. They have to take the fake currency out...That exercise the RBI is taken to a very advanced level."

The minister said since March demands were being raised for disclosure of the amount of scrapped currency deposited in the banks but it can not be done over night.

"...I am hearing that argument 'tell us the currency'. Please study the subject closely. And therefore as soon as they (RBI) complete this exercise, the figure will be placed by them before the country along with the figure of fake currency," he added.....(READ MORE)

Opposition to FM Jaitley: Scrapping Rs 2,000 note, bringing Rs 1,000 coin?

However, Jaitley did not respond even as the Opposition members insisted on clarification in RS

The Opposition in Rajya Sabha on Wednesday asked Finance Minister Arun Jaitley to clarify whether the government has decided to scrap the newly launched Rs 2,000 note and introduce a Rs 1,000 coin.

However, Jaitley, who was present in the House, did not respond even as the Opposition members insisted for clarification from him on the issue.(economy news)

Raising a point of order during the Zero Hour, Naresh Agrawal (Samajwadi Party) said: "The government has taken a decision to scrap Rs 2,000 note. The RBI (Reserve Bank) has been given order not to print the Rs 2,000 notes... If any policy decision been taken during the Parliament Session, the tradition is to announce it in the House."

So far, the RBI has printed 3.2 lakh crore pieces of Rs 2,000 notes. "And now it has stopped printing... RBI cannot bully. One note ban has been done, the second one is being planned. Let the Finance Minister say..," he said.

To this, Deputy chairman P J Kurien said, "that is RBI's action."

Agrawal then said that the earlier note ban decision was taken by the government and not the RBI. "The RBI board had opposed it but the government took the decision. The earlier decision (of demonetisation) was taken by the government, the second one is also from the government," he said.
Echoing his views, Leader of Opposition Ghulam Nabi Azad too sought clarification from the government on whether it was planning to introduce Rs 1,000 coins.

"Every day we read about a coin of [Rs] 1,000, 100 and 200. What is the actual status? Are we to go by what media is writing? The House is to be enlightened by the Finance Minister. What is the truth," he asked.

"Are we going to have [a] coin of Rs 1,000 coin. To carry coins, we have to purchase a bag? We must know. Our sisters have the purse. We shall also have to buy [a] purse just to carry the coins of Rs 1,000 (denomination)," he said and added that there was no politics in this issue.

Tiruchi Siva (Dravida Munnetra Kazhagam) said he cannot dispense with the media reports completely and sought clarification from the government on the issue.

Janata Dal (United) MP Sharad Yadav said the issue was serious as the rumours are strong, adding that the government should clarify and stop the rumours or else people will start returning Rs 2,000 notes.
 

Benami property: Aadhaar-PAN link opposed in name of privacy, says Jaitley

Arun Jaitley said, 'People should voluntarily made disclosures and come within the tax net'

Economy news : Finance Minister Arun Jaitley Monday said example needs to be set to create a deterrent ag the inst use of anonymous people to hide ill-gotten wealth, amid some politicians and their family members coming under the scanner for alleged benami deals.

Referring to opposition of PAN-Aadhaar linkage, he said it is an "effective anti-evasion measure" and will get rid of multiple PAN cards and mismatch in income and expenditure, but it is being opposed "in the name of privacy".

He also said that the government is using technology to reduce the interface between a tax department official and the taxpayer to not just cut compliance cost but also corruption and harassment.

Addressing tax officers at the Income Tax Day event here, he said that tax rates have to become more reasonable but for that to happen, the tax base has to be widened by including more people in the net.

"These days we are finding political leaders also resorted to (benami dealings)," he said, without naming anyone. "Therefore (we are) unearthing them."

He said the government has taken steps under the stringent Benami Transactions (Prohibition) Amendment Act, 2016 that provides for confiscating properties of those who use name of other people to convert unaccounted wealth into white.

"Unless we can set some examples, we set down right deterrent against such kind of practices" can this practice of benami properties end, he said.

Raids were conducted in recent weeks at various places including Delhi and Haryana over alleged Rs 1,000 crore benami land deals involving the RJD chief and his family.

Jaitley said that the situation where the compliant tax payer has to actually pay twice over -- once his own share of taxes and the second time a higher share to compensate the non-compliant, cannot be allowed.

"Our vision is: we will use technology, we will ensure that our procedure is simple, we will ensure that there is almost negligent interface between (tax) department and assessee, (and) we would like our rates to become even more reasonable, but to enable us to that we need to expand our base," he said.

People should voluntarily made disclosures and come within the tax net, he said.

India, on the one hand, boasts of being the fastest growing major economy in the world but on the other hand lacks in some of the essential expenditure, he said.

"A more empowered country will need to be a country which is empowered by honest and compliant taxpayers. The faster we can do it, the greater it will be in the larger interest of the country," he said. 

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