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Black money window
At Rs 65,250 cr, IDS the most successful scheme so far
- Belying gloomy predictions that it would prove a damp squib, the government on Saturday announced that 64,275 individuals have opted for the Income Declaration Scheme, 2016, and declared undisclosed income to the tune of R65,250 crore.
- Belying gloomy predictions that it would prove a damp squib, the government on Saturday announced that 64,275 individuals have opted for the Income Declaration Scheme, 2016, and declared undisclosed income to the tune of R65,250 crore. This makes IDS the most successful among such schemes so far. On an average, nearly R1 crore was declared per person, much higher than R7 lakh in a 1997 scheme, which has hitherto been the most productive.
- Finance minister Arun Jaitley said he expected the amount declared under IDS to be revised upwards once the final tabulation is completed. The government would mop up R29,362 crore as tax and penalty from these declarations. Of this, 50% or R14,681 crore would be come to the Centre’s kitty in the current financial year, and the balance in 2017-18.3
Pay bills or book a flight without using your debit or credit card
Pay bills, repay loan, book air tickets at ATM
- If you were to walk into the CMS-managed ATM at Turner Road, Bandra, in Mumbai, you can buy movie tickets, pay bills or book a flight without using your debit or credit card. The machine enables payment via registered mobile (OTP) and Aadhaar platform for domestic remittances and currency deposit.
- ATMs in India are no longer just cash dispensers. From paying off your electricity or gas bill to buying gold coins while displaying current market prices, new-age intelligent ATMs are being designed to do it all. Customers could soon find ATMs becoming their one-stop-shop for all payments.
- ATM managers like FSS, CMS, AGS, and OEM makers like Diebold and NCR are looking at launching intelligent deposit ATMs with multi-function capabilities like cash recycling, foreign exchange, loan repayment, cheque encashment and bill payment for utilities, mobile recharge and DTH top-ups.
Trade with Pakistan is lower
Value of Trade with Pakistan lower than that with Nepal, Bangladesh & Sri Lanka
- Amidst growing tensions in India and Pakistan relations in the aftermath of the Uri terror attack, there have been calls for complete shutdown of trade & other relations with Pakistan.
- As per data available with the government, the total value of India’s trade with Pakistan was about $ 2.61 billion in 2015-16, which is 0.4% of the India’s total global trade in that year.Value of trade with Pakistan is less than the value of India’s trade with the other neighbours like Nepal, Bangladesh & Sri Lanka.
- As per the data shared in the Parliament, India’s trade with Pakistan is a meager 0.4% of India’s total global trade. It is also less than the value of trade with other neighbouring countries like Bangladesh, Nepal & Sri Lanka.
State Bank Of India
Its chairperson gets one year extension
- The government has extended the term of Arundhati Bhattacharya, chairperson, State Bank of India (SBI) by one year. Ms. Bhattacharya, was appointed on October 7, 2013, for three years.
- The government has issued a notification to this effect which has been received by the SBI chairman’s office. “I am grateful to the government for giving me some more time to take forward the initiatives that I have taken,” Ms. Bhattacharya told.
- The extension will help Ms Bhattacharya to complete the merger process of five subsidiaries as well as the Bharatiya Mahila Bank, the process for which began a few months ago.
New black money window
Rs. 65,250 cr. mopped up via new black money window
- Union Finance Minister Arun Jaitley on Saturday announced that the Central Board of Direct Taxes (CBDT) had received total disclosures of Rs. 65,250 crore under the Income Disclosure Scheme, 2016 in the form of cash and other assets.
- The Minister added that since some disclosures that were received manually were yet to be tabulated and verified, the figure could be revised upward. The four-month window under the scheme for declaring undisclosed income or black money that had escaped assessment closed at Friday midnight.
- Mr. Jaitley refused to draw comparisons of the current Income Declaration Scheme (IDS), 2016 with the Voluntary Disclosure Scheme of 1997, in which the then government, he said, had mopped up Rs. 9,760 crore in taxes at an average of about Rs. 7 lakh per declarant. Unlike the IDS, Mr. Jaitley said, the earlier scheme had not penalised the declarents and allowed them to value the assets declared at the market prices of 1987 rather than current rates.
Foreign investors pumped
FPI inflows surpass Rs. 20,000 cr in Sep, at 11-month high
- Foreign investors pumped in more than Rs. 20,000 crore into the capital market in September, making it the highest net inflow in 11 months.This also marks the third consecutive month of positive inflows (equity and debt).
- The trend is likely to continue in coming weeks as regulator Sebi has decided to offer direct entry to well-regulated foreign investors for investing in corporate bonds, say experts.They attributed the latest flurry of capital to factors such as sound progress in rollout of GST, better corporate earnings and the US Fed’s decision not to lift interest rates.
- Sentiment turned better after the current account deficit (CAD) narrowed sharply to just USD 300 million, or 0.1 per cent of GDP, in the June quarter and domestic passenger vehicle sales grew for the 14th straight month in August, they added.According to depositors’ data, net investment by FPIs stood at Rs 10,443.
State Bank Of India and Punjab National Bank
They may pick stake in Rs 500 crore credit enhancement fund
- Government is considering roping in two-three banks, including SBI and PNB, to pick up stake in IIFCL-anchored Rs 500-crore Credit Enhancement Fund announced by Finance Minister Arun Jaitley in the budget this year.
- Besides, the Finance Ministry has requested insurance regulator Irdai to provide an exemption to allow LIC to hold beyond 15 per cent stake in the proposed venture, which is expected to be registered as the Alternate Investment Fund (AIF).
- The exemption has been sought because Irdai guidelines allow an insurer not to have more than 15 per cent stake in any company as it leads to conflict of interest.To address regulatory concerns, the government has asked India Infrastructure Finance Company (IIFCL) to spearhead the setting up of the fund since the wholly-owned government infra funding company has the requisite expertise and runs its credit enhancement scheme.
PM Modi calls for ‘Swachhagraha’
- Reiterating the importance of recycling and reusing waste to create wealth, Prime Minister Narendra Modi on Friday called for “Swachhagraha” or insistence on cleanliness, like Mahatma Gandhi’s “Satyagraha”.
- Addressing the India Sanitation Conference inaugurated by Mr Modi at Vigyan Bhavan in New Delhi.
- October 2 this year, one lakh villages will become Open Defecation Free or ODF while 40 districts across the country will achieve ODF status in the current financial year.
- Only budget allocations cannot further cleanliness. Like… ‘Satyagraha’ that freed us from the British, today there is need for ‘Swachhagraha’ to make India free from filth.
- “The cleanliness movement has spread its root in a very short time. But to make it effective, people should develop a strong sense of cleanliness and an equal dislike for dirt,” – Modi
Dont put India and Pak in same group: BCCI to ICC
- BCCI on Friday decided that India will avoid playing Pakistan even in the multi-nation tournament.
- So India asked the ICC not to place the teams of the two countries in the same group in the future.
- The issue was discussed on the sidelines of the Special General Meeting here against the backdrop of heightened tensions between India and Pakistan in the wake of Uri terror attack.
- “Keeping in mind that the government has adopted a new strategy to isolate Pakistan and in view of the public sentiment in the country, we request ICC not to put India and Pakistan in the same pool of the multi-nation tournaments,” -BCCI President Anurag Thakur.
- If the two countries reach the Semi-finals and have to clash at that time, it is another situation which can’t be avoided.
- India is already not playing a bilateral tournament against Pakistan because of the unabated terror attacks emanating from the neighbouring country.
Black Money Scheme achieves Successfully
- The response to the government’s Income Declaration Scheme (IDS) for black money has been “beyond expectations.
- Country has got a large amount of money.
- It is even beyond our expectations and it is likely to go up.
‘India to deploy nuke enabled jets against China, Pak’
- India will deploy the recently bought Rafale combat jets capable of carrying tactical nuclear warheads near disputed regions with Pakistan and China as New Delhi continues to be the largest arms buyer in the world.
- The jets are capable of carrying tactical nuclear warheads, which means India’s nuclear deterrence capability will be enhanced.
- India recently signed a deal to buy 36 Rafale fighter jets from France for close to 7.8 billion euros ($8.7 billion).
- The Jets will allow the air force to strike targets in Pakistan and China from within Indian territory, will begin after three years.
- The IAF has 33 fighter squadrons, each consisting of 18 planes. It requires 45 combat units to counter a combined threat from China and Pakistan.
- China’s neighbours, including India, are “hyping” the so-called “China threat” and have gone on an arms purchasing spree – a move that has increased the import of Western-made weapons into Asia.
The Cleanest School in India
- Dehradun’s Kendriya Vidyalaya FRI was on Friday awarded by PM Narendra Modi as the cleanest school in the country.
- The school encourages waste management and recycling and 60% of its premises has greenery.
- Moreover, regular discussions on cleanliness are held in the school.
- The school has won this award amongst all schools under the government sector.
Saudi warns of blowback over 9/11 law
- Saudi Arabia has warned of “disastrous consequences” from a United States law allowing 9/11 victims to sue the kingdom, in a major spike in tension between the long-standing allies.
- The warning came after the U.S. Congress voted overwhelmingly on Wednesday to override President Barack Obama’s veto of the Justice Against Sponsors of Terrorism Act, which allows attack survivors and relatives of terrorism victims to pursue cases against foreign governments in US federal court and to demand compensation if such governments are proven to bear some responsibility for attacks on US soil.
- A Saudi Foreign Ministry source late on Thursday called on the U.S. Congress “to take the necessary measures to counter the disastrous and dangerous consequences” of the law.
US mood hardens as Philippines President Duterte stokes outrage
- As the body count mounts in the Philippines’ deadly war on drugs, and its combative president’s rhetoric plumbs new depths, the mood in Washington toward a key Asian ally is hardening.
- ‘ Influential US lawmakers are warning that the extra-judicial killings in the drug war. President Rodrigo Duterte on Friday compared it to the Holocaust could affect American aid.
- While the Obama administration maintains that its 65-year-old alliance with the Philippines remains “ironclad,” a senior US diplomat is cautioning Duterte against more anti-US posturing.
China blocks tributary of Brahmaputra in Tibet to build dam
- China has blocked a tributary of the Brahmaputra river in Tibet as part of the construction of its “most expensive” hydro project which could cause concern in India as it may impact water flows into the lower riparian countries.
- The Lalho project on Xiabuqu river, a tributary of Yarlung Zangbo (the Tibetan name for Brahmaputra), in Xigaze in Tibet involves an investment of 4.95 billion yuan ($740 million), Zhang Yunbao, head of the project’s administration bureau was quoted as saying by Chinese state-run Xinhua news agency today.
- Xigaze also known as Shigatse is closely located to Sikkim. From Xigaze, the Brahmaputra flows into Arunachal Pradesh. Terming it as the “most expensive project”, the report said the project, whose construction began in June 2014, was scheduled to be completed in 2019.