Indian Holocaust My Father`s Life and Time: Nine Hundred
Palash Biswas
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This would help taxpayers plan for a change in the "anti-avoidance regime," it added.
A panel appointed by India's government recommended that the implementation of a much-debated rule introduced to fight tax evasion be deferred by three years,a move likely to cheer investors!It is match fixing as it has been. But the match is not limited between Congress and BJP as the Left,SP and TDP claim. The entire political class an even the civil society are also involved in the match.Bills being passed without debate, minutes and guillotine has to be used soon, the floor management is now not limited within the parliament. Neither it is limited to legislation only. Governance and policy making continue to push for ethnic cleansing in the exclusive dollar linked economy and the play subverts public attention with surgical precision. Forgone taxes tell the story of stimulus untold, the root behind deficit economy of black money re cyles. Now the GAAR story has become the focus of foreign capital inflow. The government today expanded the scope of the expert committee on General Anti-Avoidance Rules (GAAR) to include all non-resident tax payers, even as the Committee submitted its draft report to the Ministry. The provisions of General Anti Tax Avoidance Rules (GAAR) should be 'intelligently' applied, said the Chairman of Expert committee, Parthasarathi Shome, after submitting the draft report to Finance Ministry.The announcement to increase the scope of GAAR committee, which is headed by tax expert Parthasarthi Shome, was made after the panel in its report suggested changes in the Income Tax Act and Rules.Mind you,India's economic growth languished near its slowest in three years in the quarter that ended in June but was slightly better than expected, signalling the worst may be over for Asia's third largest economy and dashing investor hopes of an early rate cut. Fiscal deficit during April-July reached 51 per cent of the budgetary estimate of Rs 5.13 lakh crore, raising fears of the government breaching its fiscal deficit target of 5.1 per cent of GDP for the current year.The renewed concerns will discourage the Reserve Bank of India from easing monetary policy and give the rating agencies reason to carry out their threat of downgrading India's sovereign rating to junk grade.
The Reserve bank of India must go bold and big with a 100 basis-point reduction in its main policy rate to spur consumption, KV Kamath said on Wednesday. A sharp cut in the repo rate, he said, is urgently needed if the country's growth prospects are to remain unimpaired.
"I would think that we need to head towards a 100-basis point cut soon," the chairman of the country's largest private lender ICICI Bank told ET in an interview. (http://economictimes.indiatimes.com/news/economy/indicators/for-growths-sake-cut-rate-by-1-kv-kamath-chairman-icici-bank/articleshow/15972363.cms).
One of India's top businessmen has slammed the government over its economic policies, saying it is no longer possible to sell the " India story".Companies have long griped about India's byzantine rules and suffocating bureaucracy, but perceived inconsistency in government policy, stalled economic reforms and a spate of political scandals have soured the investment mood.
The government today expanded the scope of the expert committee on General Anti-Avoidance Rules (GAAR) to include all non-resident tax payers, even as the Committee submitted its draft report to the Ministry.
The announcement to increase the scope of GAAR committee, which is headed by tax expert Parthasarthi Shome, was made after the panel in its report suggested changes in the Income Tax Act and Rules.
The committee, which was set up by Prime Minister Manmohan Singh in July to address concerns of foreign and domestic investors on GAAR, suggested the government should issue a circular to clarify GAAR provisions along with illustrations.
"The draft report has recommended certain amendments in the Income-tax Act, 1961; guidelines to be prescribed under the Income-tax Rules, 1962; circular to clarify GAAR provisions along with illustrations; and other measures to improve tax administration specifically oriented towards GAAR matters", a Finance Ministry release said.
"It has now been decided to expand the scope of the terms of reference of the committee to include all non-resident tax payers instead of only FIIs," it said.
The Finance Ministry had earlier on August 6, 2012 asked the expert committee to examine the applicability of the amendment on taxation of non-resident transfer of assets where the underlying asset is in India, in the context of Foreign Institutional Investors (FIIs) operating in India purely for portfolio investment.The stakeholders, the release added, can submit their comments on the draft report by September 15.
In view of the concerns expressed by investors, the Government had already postponed implementation of GAAR by a year to April, 2013. The proposal was introduced in Budget for 2012-13 by the then Finance Minister Pranab Mukherjee.
Meanwhile, Bernanke sought to shoot down criticism of the Federal Reserve's easy-money policies and strengthen the case for new efforts by the central bank to bring down what he described as gravely high unemployment.Barack Obama also faces atough time at home as Dr Manmohan singh, the underachiever. India, best known for replicating US economic and foreign policies since the incarnation of DR. Manmohan Singh has to follow Bernanke step by step.Most amusing part of the fixed match is the third front hype afresh and Ramdev jumping to lead his yoga forces against Congress.Indian politics in recent years has been a two-horse race between the Congress party and the Bharatiya Janata Party. Now, speculation is mounting the smaller parties are planning yet another effort to form what is known in India as a "Third Front" to challenge the two main parties.Not the people, nor the country or the economy is on the agenda, it is all and all an exercise to set up and steramlining the vote bank equations ahead of 2014 general elections.More interesting it turns as India's Prime Minister Manmohan Singh said he has asked Rahul Gandhi, politician and scion of the Nehru-Gandhi dynasty, to join the Cabinet, a move aimed at lifting the sagging popularity of the ruling Congress party. Aggressive defence is not working as expected, it should be understood. The Dynasty is the last resort of survival, of course.Meanwhile,Keen to break the logjam in Parliament over the CAG report, Congress president Sonia Gandhi has reached out to Leader of Opposition Sushma Swaraj but the BJP appeared unrelenting on its stand.
Indian marxists form a queer set of hypocrite. having remained silent since Hillary`s Kolkata visit for so long, they opt for the last resort in anti imperialism to get back the lost minority vote bank.n a veiled attack on chief minister Mamata Banerjee for 'encouraging imperialism', CPI(M) veteran Buddhadeb Bhattacharjee on Saturday said it was unprecedented that the state government was eager to invite a US president next year.He made the reference to the state government's desire, expressed during US Secretary of State Hillary Clinton's visit here in May last, to invite Barack Obama to attend 'Yuva Utsav' on the occasion of the 150th birth anniversary of Swami Vivekananda here in January, 2013.
Addressing a Left Front gathering at the end of a four-km 'Anti-imperialism and Capitalism' procession in the city, the former chief minister said "it has to be perceived what is going to happen in this state in the backdrop of stepped-up US aggression in political and economic fields."
Bhattacharjee said "it is unprecedented since Independence that any US secretary of state ever visited a chief minister at Writers' Buildings."Stating that no political party or ruling party had ever invited a US president to visit the state, he exhorted the Left parties to unitedly stop US "aggressive postures" after its keenness to enter India's multi-brand retail business, besides insurance, banking and pension sectors.
The procession was organised to mark the menace of Hitler's aggressive war policy and Nazi Germany's invasion of Poland on September 1, 1939.Earlier, Leader of the Opposition Suryakanta Mishra said "it is amazing that our chief minister is vehemently opposing FDI entry in retail business, but she has no hesitation to favour American infiltration in education and health sectors."
Former Gujarat minister Maya Kodnani was sentenced to 28 years in jail on Friday for murder during one of the country's worst religious riots, when up to 2,500 people, most of them Muslim, were hunted down and hacked, beaten or burnt to death in 2002.Instead of any feel of repent or shame,the land mark decision is converted in an election equation favouring the saffron brigade as the Hindutva lobby is all in feel good mood as they believe the sacrifice by Maya would polarise Hindu vote in favour of BJP Prime minister face.
Sticking to its demand for resignation of Manmohan Singh for irregularities in coal block allocation, BJP today vowed to continue its "parliamentary tactic" of stalling proceedings and challenged the Congress to seek a fresh mandate from people.BJP leader and Rajya Sabha MP M Venkaiah Naidu said his party was not demanding the resignation of Congress-led UPA government merely on the alleged " coalgate" scam but also on a "series of scams and issues," including the 2G spectrum allocation.
CPI(M) politburo member Sitaram Yechury on Saturday said his party wanted discussion on coal block allocation in the Parliament and does not support BJP's demand of resignation of Prime Minister.
"Government must be accountable to the parliament and if Prime Minister resigns, the government will fall. If discussion begins in Parliament it would also be difficult for BJP also because they also did many wrong deeds regarding coal block allocation when NDA was in power," Yechury told reporters.
The 'coalgate' row should be used to reverse the privatisation of natural and mineral resources in India, the Communist Party of India-Marxist (CPI-M) said on Thursday.CPI-M general secretary Prakash Karat also blasted the Bharatiya Janata Party (BJP), saying it was the National Democratic Alliance (NDA) government which deregulated coal pricing and took steps to weaken the state-run Coal India Ltd (CIL).In an article in the CPI-M mouthpiece People's Democracy, Karat demanded a high level investigation to fix responsibility for the irregularities and corruption involved in the coal block policy.
As the controversy over 'Coal-gate' heats up, sources have told that the licences for more than 50 coal blocks have been reviewed, and several of these could soon be cancelled.Amidst the storm over CAG report on coal block allocation, the Prime Minister's Office (PMO) has expressed displeasure over inaction by the coal ministry in cancelling blocks where mining has not taken place and asked it to expedite the matter by September 6. The PMO communication to the coal ministry came ahead of the Inter-Ministerial Group Meeting (IMG) on Monday to take a decision on the fate of 58 coal blocks including 25 blocks allocated to private companies like Tata Power, Reliance Power and ArcelorMittal.Sources said that the PMO on August 27 conveyed to the coal ministry its concern over inaction with regard to de-allocation of blocks to which show-cause notices have been issued.The government in April had began the process of slapping notices on companies that failed to develop the 58 coal blocks within the stipulated time. Apart from Tata Power, Reliance Power and ArcelorMittal, notices were issued to firms like Hindalco, Grasim Industries, GVK Power, MMTC and others.Subsequently, in June, it had formed the IMG to review the progress of coal blocks allocated to companies for captive use. It is headed by additional secretary Zohra Chatterji and has representatives of steel, power, law, economic affairs and mines ministries, among others .
Separately, the CBI is investigating criminality in 12 firms which were given licenses under the 'fast track' category but had not yet commenced mining of the allocated coal blocks.
On the other hand, while corporate India presses for labour reforms and cites policy paralysis to accomplish reforms as the greatest hindernace in the growth story and the government does always love to talk about political compusions. We have seen intensive corporate lobying exposed in2 G spectrum scam. We also witnessed while Tata Motors was being ejected out of singur, how corporate and market forces rallied behind fire brand populist lady Ms Mamata Banerjee.In fact, production system has never been the priority of the political class. It ran blind after foreign capital inflow.Corporate India made most of it with service, construction and consumer sectors while engaged in in fight against one another. Here you are! Maruti Suzuki India posted its worst sales decline in 10 months in August, hurt by labor problems that led to a lockout at its north India factory, while other car makers posted sales growth.Domestic car sales of Maruti Suzuki India declined by 35 per cent in August, hit by a month-long lockout at its Manesar plant, but the other two main players, Hyundai and Tata Motors posted positive growth during the month amid tough market conditions.However,India's economy expanded at a slightly faster pace in April-June, but industry representatives seized on figures showing investment has slowed sharply as another sign of malaise and stepped up pressure on the government to push through reforms to spur growth. And these reforms share invoke the monopoly war all around.
AARATI KRISHNAN writes for Hindu Businessline:
Policymakers in the financial sector sure have a thing or two to learn from the Sahara group. Here they are, trying every trick in the book to make small investors take to shares and bonds and not succeeding even a bit. The Finance Ministry has offered tax breaks on equities and discounted prized public sector stock. The Reserve Bank of India (RBI) has pushed banks to serve up no-frills bank accounts. The Securities and Exchange Board of India (SEBI) tried everything from minimum public shareholding to electronic IPOs to woo small investors.
But they have ignored all this and poured money into gold and property instead. The number of demat accounts has not moved past the two-crore mark for two years now.
Meanwhile, it transpires that the Sahara group has managed to mop up nearly Rs 20,000 crore from over two crore investors with its home-spun 'optionally fully convertible debentures'. It has been able to do this without the benefit of any expensive investment bankers, road shows or public filings. The group claims this was all due to untiring efforts of its 10-lakh strong field force. But the Supreme Court has taken a jaundiced view of the matter and asked the group to refund the entire money.
That's an opportunity for the policymakers. Forget tax breaks and e-IPOs. Just hire Sahara's field force and get financial inclusion going!
http://www.thehindubusinessline.com/features/investment-world/article3848295.ece?ref=wl_companies
While Times of India reports:
The Sahara Group on Friday resorted to an emotional outburst against regulators for repeatedly questioning the source of all its public deposits and investments and challenged the authorities to find any 'benami' (illegal) money with the group.
In a late evening release, several hours after the Supreme Court judgment directing the group to repay Rs 17,400 crore of investors' money along with 15% interest, Sahara sought to comfort its depositors saying there was nothing to worry about and that there wouldn't be even a day's delay in repayment. "Sahara is the most honest custodian of your money and by the grace of God, we are so healthy that there cannot be even one day delay in any payment commitment of Sahara," the release said.
It also emphasized that in the last 33 years, there hasn't been a single complaint of non-payment against the company and that it has paid around Rs 1,40,000 crore to about 12 crore investors. It may be pointed out that during 2008, the Reserve Bank of India had directed the group to close its para-banking business and repay its depositors within seven years. "The RBI in 2008 killed our financial inclusion-based RNBC (residual non-banking finance company) activities and gave us seven years' time to repay our depositors, which we cleared in just four years," it said. "The income tax department held on to our refund for decades, to the tune of around Rs 2,000 crore...but ultimately they had to pay us back the entire amount in the year 2011," it added.
The group, which supports various sports activities including the sponsorship of the Indian cricket team and is also a part-owner of a Formula One racing team-Force India-said that it was because of its "meteoric rise" that it has been at the receiving end of the authorities 'again and again'.
The group has also been in the news recently for buying out two iconic hotels, one each in London and New York.
"For the past seven-eight years, we have faced the onslaught of various authorities since they concluded whimsically...that the deposits and investments we have received from the public are fictitious and bogus as they feel the money with us is ill-gotten from politicians, etc", the statement said in an oblique reference to the SC judgment asking Sebi to probe the source of funds. "The fact is that there is not a single benami money and this statement is Sahara's challenge to all authorities of our country".
Emphasizing the fact that it has never done anything against the law, it said that the authorities have convinced the courts of its wrong doing by creating a negative perception of the group and that it would never blame the courts for it. Highlighting the fact that all their investors are genuine, the statement added: "Each and every rupee we have accepted in last 33 years is always against receipt from the company and with an application form duly signed by its depositors and investors".
http://timesofindia.indiatimes.com/business/india-business/Sahara-Group-lashes-out-at-regulators/articleshow/16104776.cms?
Unlisted conglomerate Sahara, one of India's biggest groups and a household name through its cricket sponsorship, must refund 174 billion rupees raised by "dubious" means from 22 million small investors, India's top court has ruled.
Friday's judgment underscored an increasing assertiveness by India's judiciary and regulators as businesses and financial markets expand at a fast pace in Asia's third-largest economy.
K.S. Radhakrishnan, one of the two judges ruling on the case, said in his order that the ruling demonstrated the need to treat economic offences "with an iron hand".
The sting in the judgment's tail was that Sahara must also pay investors - mostly from smaller towns and rural areas where banking penetration is low - interest at 15 percent from the day money was paid in.
The group, which has interests ranging from financial services and housing to media and sports, said late on Friday it had complied with rules for such fund-raising, and assured investors that it was "healthy" enough to honour its payment obligations in time.
"It needs to be realized that GAAR (General Anti Avoidance Rules) is an extremely advanced instrument of tax administration—one of deterrence, rather than for revenue generation—for which intensive training of tax officers, who would specialize in the finer aspects of international taxation, is needed," the panel said while submitting a draft report on the rule.
Investors saw the proposed rules as desperate means by a cash-strapped government to raise funds to rein in its yawning budget deficit. Many of them said that the anti-avoidance rules, which give authorities powers to scrutinize any deal that they feel has been structured to evade taxes, would give unbridled power to tax authorities and that all deals could be viewed with suspicion. Some feared it would be used to target transactions routed through jurisdictions such as Mauritius, with which India has a double-tax-avoidance treaty.The sharp criticism forced the government to defer implementation of GAAR by a year to April 1, 2013. The expert panel suggested GAAR be implemented from 2016-2017.
"GAAR has been received poorly in India due to the somewhat more stringent versions put out by government," as well as the perceived lack of adequate consultation with stakeholders, the panel said in its report.
The committee headed by Parthasarathi Shome, the chief of a government body on international economic relations, said that the government should announce the implementation date immediately to remove uncertainty from the minds of stakeholders.The committee, which was set up by Prime Minister Manmohan Singh in July to address concerns of foreign and domestic investors on GAAR, suggested the government should issue a circular to clarify GAAR provisions along with illustrations.The so-called GAAR provisions and a retrospective tax amendment were proposed by the government in March and since then have hurt investor sentiment and been met by strong criticism in India and overseas.
The panel has sought comments from various sections of the government and the general public by Sept. 15, before it submits its final recommendations by Sept. 30.
"The draft report has recommended certain amendments in the Income-tax Act, 1961; guidelines to be prescribed under the Income-tax Rules, 1962; circular to clarify GAAR provisions along with illustrations; and other measures to improve tax administration specifically oriented towards GAAR matters", a Finance Ministry release said.
"It has now been decided to expand the scope of the terms of reference of the committee to include all non-resident tax payers instead of only FIIs," it said.
The Finance Ministry had earlier on August 6, 2012 asked the expert committee to examine the applicability of the amendment on taxation of non-resident transfer of assets where the underlying asset is in India, in the context of Foreign Institutional Investors (FIIs) operating in India purely for portfolio investment.The stakeholders, the release added, can submit their comments on the draft report by September 15.
In view of the concerns expressed by investors, the Government had already postponed implementation of GAAR by a year to April, 2013. The proposal was introduced in Budget for 2012-13 by the then Finance Minister Pranab Mukherjee.
Industry and experts today said the draft guidelines on General Anti-Avoidance Rules (GAAR) are encouraging and progressive.
"The Report of Expert Committee on GAAR is most encouraging. CII has been advocating a postponement in the introduction of GAAR," CII Director General Chandrajit Banerjee said while commenting on the draft proposals.
He said the report is especially laudable since ambiguity in the earlier guidelines in terms of use of words such as "commercial substance" have been addressed by providing a clear definition.
Ernst & Young Tax Partner Pranav Sayta said the suggestion to defer implementation the anti-tax avoidance provision by three years among other suggestions could go a long way in reviving investors sentiment.
The GAAR panel under tax expert Parthasarathi Shome, constituted by Prime Minister Manmohan Singh in July, has submitted a detailed draft guidelines to address the concerns on the issue. Earlier, a Finance Ministry panel had also given recommendations.
"Certain features such as recommendation to abolish capital gain on listed securities are very well thought off," PwC India's Rahul Garg commented.
Another leading chamber Ficci hoped the draft would lead to bold policy decisions aimed at restoring confidence and reviving growth.
"Ficci is happy that a pragmatic and practical view has been taken in recommending a deferral in the implementation of GAAR at a time when business sentiment desperately needs a boost," chamber's president RV Kanoria said.
The panel has sought public comments on the draft guidelines till September 15 and after that the guidelines are expected to be finalised.
Government's total receipts in the first four months added up to Rs 1.73 lakh crore, only 17.7 per cent of the budget amount, data released on Friday showed, while its expenditure climbed to Rs 4.37 lakh crore, 29.3 per cent of the budgeted amount.
This shows the slowing growth is taking its toll on revenues while government was unable to rein in its expenditure.
"The fiscal deficit number is concerning and if you extrapolate this, the number by the end of this year is bound to go haywire. The government is very likely to exhaust its budgeted fiscal deficit and will lap up more resources than expected. More G-secs will put pressure on yield," said Sunil Sinha, senior economist, CRISIL.
The credit rating agency expects deficit to come in at 6.2 per cent of GDP.
Finance minister P Chidambaram has promised to set out a fiscal consolidation plan and has tasked a team of experts led by Vijay Kelkar to suggest a road map.
The government is keen to avoid a situation like last year when it reported a fiscal deficit of 5.9 per cent of GDP against the budgeted figure of 4.7 per cent. During the same period last year the fiscal deficit was 55.4 per cent of the budgeted amount, suggesting that the breach could be significant this year as well if corrective measures are not taken. The budget has assumed Rs 30,000 crore from disinvestment but nothing has been raised yet.
It may also not get the Rs 40,000 crore from spectrum sale may sale if deferred payment option is given to telecom companies.
Non-plan expenditure was 33.3 per cent of the budgeted but plan expenditure was only 21.9 per cent in first four months, indicating some tightening of discretionary spending.
The Income Tax Separtment has a new weapon in its arsenal to identify evaders — the database of the Credit Information Bureau of India.
Set up by the State Bank of India along with several other banks and non-banking finance companies, the credit information bureau maintains records of individual payments pertaining to loans and credits.
The IT department will now use the bureau's extensive database for high value recoveries from tax evaders. The credit information bureau will help the IT department recover a part of the Rs 478,863 crore tax that various entities owe the Department. The funds are locked up in disputes and litigations.
The Central Board of Direct Taxes, in its internal document called Central Action Plan for fiscal 2012-13, has reiterated the importance of the credit information bureau in the recovery process and has said it is one of the means to enforce recovery from defaulters.
CIBIL's database contains PAN-wise records of loans taken by entities from banks and financial institutions. CIBIL also assigns credit scores to borrowers depending on factors like repayment pattern, defaults and loans availed by them.
Using the CIBIL database would help the IT department to move effectively given the extensive details of loans and credit taken by different entities. Since the CIBIL database also contains information about the credit rating of such entities, this would also help in ascertaining the financial capability of the PAN holders against whom the tax demand has been raised by the Department.
The BSE benchmark Sensex snapped its four-week gaining streak and tumbled by 354 points to end at one month low of 17,429.56 due to fall in metal, realty, capital goods, auto and banking counters on the back of weak global cues.
The market continued to feel the heat of over week-long logjam in Parliament over the CAG report on coal block allocations, raising fears of delay in further reform process. Statement on interest rates given by Reserve Bank Governor D Subbarao in US also affected the market sentiment.
He said, "The battle against inflation has not ended yet... it is still much above RBI's comfort level of 5-6 per cent and to control it we need to keep interest rates high, but to support growth we need to keep interest rates low."
The 30-share index on Monday touched a high of 17,820.07, but then declined for the most of the week and touched a low of 17,337.61 before ending the week at 17,429.56, showing a net loss of 353.65, or 1.99 per cent.
The index had gained 944.02 points, or 5.61 per cent, during the last four weeks.
The NSE 50-share Nifty also dropped by 128.20 points, or 2.38 per cent, to end at 5,258.50. It had gained 286.85 points, or 5.62 per cent, in the last four weeks.
The global markets were also under selling pressure for most of the week ahead of the much-awaited speech from US Federal Reserve Chairman Ben Bernanke on August 31 at an annual gathering of Central bankers in Jackson Hole town in Wyoming as investors waited for the outcome of the summit.
Infosys co-founder and chairman emeritus N.R. Narayana Murthy has criticized the government's slow decision making, saying the country's progress has been hit by bureaucracy.
"I keep meeting corporate leaders globally. Earlier, if China was mentioned three times, India was mentioned once. Now, if China is mentioned 30 times, India is not even mentioned. That tells the story. We have cut our own legs off by our inaction and our policies," he said in an interview with NDTV Profit on Thursday.
Mr. Murthy said quick decision-making is the need of the hour and "has nothing to do with Parliament, opposition, coalition or the global downturn".
The Infosys co-founder referred to the problems of the IT sector, saying suggestions he had made to the government over a year ago had seen little action.
"I gave a list of suggestions to Pranab Mukherjee (the then finance minister) 14 months ago, met the Prime Minister twice, but nothing happened," he said, adding, "(I) can't understand when an IT industry contributes 25 per cent to exports, how its problems are not seen as urgent or how its problems are not solved by 5 pm this evening."
The Prime Minister should urge bureaucrats and ministers to take quick decisions, "and there is a need to act like P.V. Narasimha Rao did in 1991" (when he took over as the country's prime minister).
Mr. Murthy, who knows Mr Singh personally and has vouched for his honesty, said he is in the current situation because of "a set of circumstances".
"I sympathize with him… that does not mean progress cannot take place with legislation," he said.
On software exports, he said the government should ensure growth is not curtailed by unnecessary tax clauses.
"While we sympathize with the UPA government on issues that have immobilized it because of what has happened in Parliament, there are many areas that depend purely on how quickly bureaucrats can take decisions. The PM has appointed another committee. I don't think you need more committees. While I have tremendous respect for Mr. Singh, we must create an urgency in our bureaucratic decision-making."
http://profit.ndtv.com/news/corporates/article-china-30-india-0-thanks-to-bureaucracy-narayana-murthy-310096?pfrom=home-topstory
Stating that rising prices should have been controlled faster, RBI Deputy Governor K C Chakrabarty today said interest rate will be reduced as and when inflation comes down.
"As and when inflation rate comes down, interest rates will come down...." he said on the sidelines of an event.
"Our policy rate was 3.5 per cent in 2008. Then inflation went up to 10 per cent, we should have controlled inflation faster," he said while delivering a lecture on 'Indian Economy: Today and Tomorrow' organised by the Gujarat Chamber of Commerce and Industry (GCCI).
He said inflation in manufacturing and services sector can be reduced by lowering the cost of production services with the use of technology.
Inflation in July moderated to 6.87 per cent, helped by decline in vegetable prices, even as food inflation stayed in double digits and manufactured items remained under price pressure.
Though the inflation has moderated in July, from 7.25 per cent in June, it remains much above the 5-6 per cent comfort level of the Reserve Bank.
On the high current account deficit (CAD), he said it is mainly because of high oil and gold imports.
In a lighter vein he said, "Ahmedabad is notorious for gold .. Do not use gold for the next five years ... I think the problem shall be solved."
"People should start travelling on bicycle and save fuel," he said.
In its balance of payment statement in June, the Reserve Bank in July had said that India's CAD widened to the highest ever level to 4.5 per cent of GDP at USD 21.7 billion in January-March period of 2011-12 due to higher imports of oil and gold.
Chakrabarty also said a growth of at least 9-10 per cent shall be required over the next 20 years.
"We need to grow at least by 9-10 per cent for next 20 years if the society has to survive and this burden has to be shouldered by you all," he said.
On the global economic situation, he said, "This is a crisis, absolutely no doubt, it comes once in a lifetime... I can say we shall not be alive when this type of crisis comes next...."
Drawing attention to countries like Greece which are in midst of sovereign debt crisis, he said they have to work hard and as well as sacrifice. "The envoy of Portugal told me his salary has gone down by 20 per cent year-on-year, but how many of you had to do this here," he wondered.
Across the globe food prices are going to go up and they may not be able solve the true inflation for a pretty long time, he said.
To a particular query, Chakrabarty said the issue on payments from Iran was a political issue. "You should contact the Prime Minister or Finance Ministry on this count," he said.
AHMEDABAD: Stating that rising prices should have been controlled faster, RBI Deputy Governor K C Chakrabarty today said interest rate will be reduced as and when inflation comes down.
"As and when inflation rate comes down, interest rates will come down...." he said on the sidelines of an event here.
"Our policy rate was 3.5 per cent in 2008. Then inflation went up to 10 per cent, we should have controlled inflation faster," he said while delivering a lecture on 'Indian Economy: Today and Tomorrow' organised by the Gujarat Chamber of Commerce and Industry (GCCI).
He said inflation in manufacturing and services sector can be reduced by lowering the cost of production services with the use of technology.
Inflation in July moderated to 6.87 per cent, helped by decline in vegetable prices, even as food inflation stayed in double digits and manufactured items remained under price pressure.
Though the inflation has moderated in July, from 7.25 per cent in June, it remains much above the 5-6 per cent comfort level of the Reserve Bank.
On the high current account deficit (CAD), he said it is mainly because of high oil and gold imports.
In a lighter vein he said, "Ahmedabad is notorious for gold .. Do not use gold for the next five years ... I think the problem shall be solved."
"People should start travelling on bicycle and save fuel," he said.
In its balance of payment statement in June, the Reserve Bank in July had said that India's CAD widened to the highest ever level to 4.5 per cent of GDP at USD 21.7 billion in January-March period of 2011-12 due to higher imports of oil and gold.
Chakrabarty also said a growth of at least 9-10 per cent shall be required over the next 20 years.
"We need to grow at least by 9-10 per cent for next 20 years if the society has to survive and this burden has to be shouldered by you all," he said.
On the global economic situation, he said, "This is a crisis, absolutely no doubt, it comes once in a lifetime... I can say we shall not be alive when this type of crisis comes next...."
Drawing attention to countries like Greece which are in midst of sovereign debt crisis, he said they have to work hard and as well as sacrifice. "The envoy of Portugal told me his salary has gone down by 20 per cent year-on-year, but how many of you had to do this here," he wondered.
Across the globe food prices are going to go up and they may not be able solve the true inflation for a pretty long time, he said.
To a particular query, Chakrabarty said the issue on payments from Iran was a political issue. "You should contact the Prime Minister or Finance Ministry on this count," he said.
US markets have turned the corner, but uncertainty stays: Stephen H Penman
The US treasury market may be the mother of all bubbles, said Stephen H Penman, the George O. May Professor at Columbia University's Graduate School of Business. In an interview with Nihar Gokhale and Jwalit Vyas on the sidelines of an ICICI Securities conference, Penman said if the bubble bursts, the rush of liquidity out of bonds will push up borrowing costs for US corporates and also depress the US dollar. Excerpts:
How do you see the US economy now, four years after the Lehman Brothers incident?
Markets have turned around, but there is still a big discount for uncertainty. This recession is not like the one in 1991, there is a lot of private debt, a lot of government debt and a lot of young people. In politics, the parties are very different and the remedies they see are very different, so the (Presidential) election is going to be important.
What are the risks and uncertainties that come along with these stimuli?
You should look at the long-term growth more than the short-term solutions. The growth may be achieved in the short term, but what will happen if inflation rises due to huge money printing? Interest rates will be increased resulting in reduced money supply, which means more problems for debt holders. And if the debt market crashes, there will be a huge problem not only in the US, but worldwide.
Now we have the fiscal cliff coming up... you're automatically going to have cuts in government spending and increasing taxes. These are reverse stimuli.
What is your view on the US debt markets?
Some call the US bond market as the mother of all bubbles. And it's not just the federal government deficits, but even the state government deficits and pension liabilities are rising. There is also a lot of private debt and a lot of debt from people's college education. Young people, if unemployed, cannot repay this debt. In all other models, you would expect bond yields to be much higher given the inflation, the printing of money, the fundamentals and the debt situation. But it's this rush for safety that has led to lower yields.
So what will happen in case the bubble bursts?
The borrowing cost of the US government will increase significantly, adding to the already large deficit. Consequently, the rising borrowing cost of the corporates will dampen investment. Investors taking refuge in US bonds for safety will suffer huge losses, leading to wealth contraction. Faith in the US bonds as "risk-free asset" will be eroded and the ability of the US dollar to serve as the reserve currency will be called into question. But the best case is that this disaster scenario has a low probability, may be 10-15%.
http://economictimes.indiatimes.com/markets/global-markets/us-markets-have-turned-the-corner-but-uncertainty-stays-stephen-h-penman/articleshow/16089556.cms
Left Front Govt's Stand
On Allocation of Coal Blocks
The prime minister in his written statement laid on the table of both the Houses of Parliament amidst din, said, amongst other things, that the Left Front government in West Bengal had opposed the auction process for allocation of coal mines. This is a distortion of facts. We are reproducing below a note on this entire matter that explains the stand of the CPI(M)-led Left Front government on this matter.
IN the context of the shift of strategy of the Coal India Limited (CIL) and its subsidiaries on the issue of mining of coal in the public sector, the central government took a policy decision in the mid 2000s to open up the coal sector to the private players in keeping with its policy framework to deregulate and privatise – a departure from the hitherto-followed-policy to strengthen the public sector in overall national interest. The policy of the central government was essentially tailored on the recommendations of the Hoda Committee, which the Left Front government had found detrimental to the growth of domestic industries.
With the 'Policy Resolution on Industries, 1994' in place, the Left Front government was mandated to achieve its Eleventh Plan objectives with focus on the core sectors like power and steel. Keeping this perspective in view and fully sensing the unfolding realities, the Left Front government requested the central government to allocate Coal Blocks, which the Coal India Limited and its subsidiaries were not inclined to mine, to the state government to meet the industrial requirements of the state.
The union coal secretary vide his letter No. 13016/18/2005-CA.1 dated 21st September 2005 wrote to the chief secretary to the government of West Bengal that "the central government is considering allocation of suitable Coal Blocks to state government undertakings /companies through government route provided that the state undertakings/ companies, i.e. Mineral Development Corporation /Power Utilities etc. are authorised to undertake coal mining in terms of the provisions of their Memorandum and Articles of Association ."
Subsequently, the central government constituted a Screening Committee with union coal secretary as chairman where representatives of various state governments were invited for discussion and decision on the allocation of Coal Blocks after examining the applications received from the state governments as well as from the private entities. So far as the Left Front government of West Bengal is concerned, it requested the central government from time to time to allocate 20 Coal Blocks in favour of the West Bengal Mineral Development and Trading Corporation (WBMDTC)/ West Bengal Power Development Corporation Ltd (WBPDCL), under State Dispensation route through Screening Committee mechanism. The state government vide Commerce & Industries' Department letter No. 10694 /Pr.S/C&I dated 18th June, 2007 submitted a list of 20 Coal Blocks (all located within the territorial boundary of West Bengal) for allocation.
It is to be noted in this connection that the Trans Damodar and Ichhapur Coal Blocks had already been allotted by the central government in favour of WBMDTC on 14.01.2005 and 02.08.2006 respectively.
LF GOVT OPPOSED
PRIVATE PLAYERS
Again, the state government through chief secretary's letter No. 314-CS/2007 dated 24th October 2007 explained the state government's perspective for allocation of Coal Blocks under State Dispensation route as well its concern against central government's preference for the private players which constituted a marked departure from central government's own policy as communicated vide No. 38035/2/97-CA dated 12th December 2001 and No. 13016/18/2005-CA.1 dated 21st September 2005.
The state government further vide chief secretary's DO letter No. 314-CS dated 24th October 2007 wrote: "One of the options to meet… the requirements of coal for … the projects is, of course, to ensure availability through Coal India Ltd., and particularly Eastern Coalfields Limited (ECL) and Bharat Coking Coal Limited (BCCL). However, during our discussion with representatives of CIL, ECL and BCCL, it transpired that the present availability of coking and non-coking coal with these companies do not permit them to meet these additional requirements even in the foreseeable future.
"The second option, therefore, is to ensure availability of coal to these new projects through exploration and mining of virgin coal blocks recently put up for allocation by your ministry. But, at the same time, the state government is opposed to the idea of direct allocation of such coal blocks to these companies to guard against chances of diversion, non-utilisation/part utilisation and related unforeseen possibilities. The state government would like the West Bengal Mineral Development and Trading Corporation Ltd (WBMDTC), which is a fully state government owned corporation for mining and trading operations, to operate these new Blocks for meeting the requirement of new greenfield steel and power projects in the state.
"To our surprise, however, it has been observed that the Coal Screening Committee recommended allocation of such Coal Blocks to private companies in spite of specific recommendation of the state government that such Coal Blocks should be allocated only to WBMDTC. The recent recommendation of the Screening Committee on Gourangdih ABC may kindly be referred to. The state government is also unable to understand as to why private companies are being recommended for allocation of Coal Blocks which have been specifically earmarked for State dispensation/ government company route. In fact, all the 20 that we have previously requested for allocation to WBMDTC – all being to this specific category of State dispensation /government company route, we strongly feel that private companies should not be given access to Coal Blocks which have been earmarked for the State dispensation route. Another point raised by the Screening Committee in its meeting is that WBMDTC had in itself not applied for allocation of these Coal Blocks. Since WBMDTC is only a subsidiary corporation under the state government and since the state government as the principal body has specifically requested for allocation of Coal Blocks to WBMDTC as early as December 2006 and January 2007, we feel that the issue of WBMDTC having not itself applied for these Blocks is not relevant. The state government strongly opposes any allocation of Coal Blocks to any private company particularly those which are earmarked for State dispensation /government company route."
The state government further stated to the central government vide chief secretary's DO letter No. 107-CS/2008 dated 8th February 2008 that "the state government is fully conscious of the paucity of coal which is a useful industry raw material and the need for its optimal utilisation. Accordingly, our whole effort is directed to providing fillip to the coal mining process simultaneously through WBMDTC and private efforts, and at the same time, boost the industrial resurgence of the state."
VIEWS ON THE
NEW LEGISLATION
In 2008, the central government came up with a new legislative intent seeking to replace the existing Mines and Minerals (Development and Regulation) Act, 1957. The state government vide principal secretary, Commerce & Industries, Department's DO letter No. 2247/Pr.S dated 10th August 2009 communicated its views on the Draft MM (DR) Act 2009. A few changes were suggested. It was spelt out in the letter that the views of the state government as presented in the meeting convened by the central government in Delhi on August 10, 2009 would form part of the suggested changes. Among the views presented by the representative of the state government attending the said meeting in Delhi, the following points deserve special mention.
"While competitive bidding for transparent and rational allocation process is a principle that cannot be faulted, the proposition neither defines the role of the states nor safeguards their interests. In fact, with this proposal the legal position, already tilted in favor of the central government, gets further distorted. Therefore, the state government urges that the power to invite applications to grant of mining lease should be devolved on the state government. However, while doing so, the qualifications of the applicants must be clearly defined and the bidding process must assign appropriate weights to the investments on account of value addition, end-use and improvement of infrastructure in the mineral bearing area."
It was further communicated to the government of India that if the government of India persists with its proposal of vesting itself with the powers in the extant Act under the proposed amendment, the state government's serious reservations against the proposition can be enumerated as given below:
i. The Screening Committee route confers on the state governments the onus and freedom of making recommendations on the basis of value additions the end-use proponents desire to make. Despite the New Mineral Policy actively encouraging value additions, competitive bidding route will curtail such possibilities drastically, skewing further the imbalance between exploitation of mining reserves and captive mining. Needless to say, the two locations of captive mining and end-use project may not be co-terminus in the proposed regime.
ii. Fast-track exploration needs, envisioned in the New Mineral Policy 2008 (NMP), would require simplified procedure to facilitate establishment of mineral reserves and inventory preparation by deploying state-of-the-art techniques, technology and equipment. This proposal militates against NMP's stipulation of involving the private sector in a scientific and speedy prospecting and exploration process, given the Standing Committee's caveat of only explored blocks being put to such competitive bidding. As per available information out of 17,300 sq. km of potential coal bearing area in the country, until the end of Tenth Plan, only 11,865 sq. km area has been regionally/promotionally explored. To cite a state-specific example, in West Bengal out of the total coal resource forecast of GSI of 28.32 billion tonnes, only 11.65 billion tonnes are in the proved category of which so far only 2 billion tonnes has been extracted. The hiatus between the available geological and extractable/extracted resources is too large to be ignored.
iii. States like West Bengal, largely dependent on coal for thermal power generation, may get left out if competitive bidding is resorted for allocating coal blocks.
iv. The financial strength of highest bidder would tilt the allocation process in favour of large companies. This would contravene the need for equity in allocation to small and medium producers, whose dependence on fuel supply linkage through public sector utilities would only grow. The ground experience of poor qualitative and quantitative delivery management by these utilities especially after introduction of New Coal Distribution Policy 2008 is, however, not very encouraging.
v. Despite abundance of coal resources in West Bengal, the state is totally dependent on coal allocation/ linkage of fuel supply by the union coal ministry for its upcoming new steel projects and ongoing power projects. For both, its coal requirements can be easily met from existing reserves if the state is delegated the power of allocation of Coal Blocks located within its geographical boundaries. Such a step would not only save considerable money and time involved in allocation, but also substantially cut down the gestation period of these capital-intensive projects. Likewise, such decision for the power projects, whose fuel supply linkage is currently being met partly from ECL coalfields and partly from outside West Bengal, would end the criss-cross movement of coal, besides huge logistics operations for rail-road movement, rake availability and supply chain sustenance.
vi. Production of steel, cement and sponge iron requires higher grade of coal with some specific properties while for power generation any kind of coal can be used. Sub-optimal utilisation of higher grade of coal in the competitive bidding process cannot be ruled out.
vii. The Standing Committee has rightly highlighted the need for creation of Area Development Authorities for improving the community welfare and peripheral development in the mining areas through a special Local Coal Area Development Authority. Earmarking of funds for this purpose alone would leave the essential area of social development untouched by the highest bidder, as his priority would be to focus on maximum extraction in the mining area and maximum attention to end-use site.
viii. The experience hitherto gained in captive mining allocation to private end-use projects does not evoke enough confidence that scaling-up of the process would accelerate the two processes of coal mining with commissioning of end-use project in a concomitant and time-bound manner.
It is necessary to mention that the government of India allocated to the WBMDTC only 6 Coal Blocks from January 2005 to December 2007 under State dispensation/ government company route despite repeated request of the state government to allocate 20 Coal Blocks for meeting the industrial requirements of the state.
Further, in response to the DO letter No. F-01/447 dated 7th November 2009 of the minister-in-charge of the Department of Commerce & Industries, government of West Bengal, the minister of state (independent charge) of coal, government of India, vide his DO letter No. 38036/1/2009-CA-I dated 20th November 2009 intimated that "at present there is no proposal for allocation of Coal Blocks either through government company dispensation route or Screening Committee route under consideration of the ministry." In response to DO letter No. F-01/AD-533 dated 11th November 2009 of the minister-in-charge, Commerce & Industries Department, Govt of West Bengal, the union minister for coal vide his DO letter No. 38036/1/2009-CA-I dated 17th December 2009 the views communicated were no different.
The state government of West Bengal had, however, been persistent in its efforts for having the Coal Blocks allocated through State dispensation/ government company route from the beginning. In his DO letter No. F-01/196 dated 29th March 2010 to the union minister for coal, the minister-in-charge, Commerce and Industries, Govt of West Bengal reiterated the same stand but to no avail. The fact, however, remains that the state government of West Bengal had never opposed competitive bidding. What it has always insisted upon is that the 'State dispensation route/government company' route should not be bartered away to the private companies in the interests of the states.
http://pd.cpim.org/2012/0902_pd/09022012_2.html
Indian coal mining controversy
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| * | This article needs attention from an expert in Indian politics. The specific problem is: Incomplete. WikiProject Indian politics may be able to help recruit an expert. (August 2012) |
Coal Mining Scam or Coalgate is a corruption scandal wherein the Comptroller and Auditor General of India (CAG) office accused the Government of India for providing the nation's coal deposits to private and state-run entities in an irregular and arbitrary manner instead of publicly auctioning them off to the highest bidder, resulting in a loss of approximately 186,000 crore (US$33.67 billion) to the exchequer during the period 2004-2009.[1][2][3] There were leaks of the report in media in March 2012 which claimed the figure to be around 1,060,000 crore (US$191.86 billion). [4] It is called by the media as the Mother of all Scams.[5][6] Discussion about the issue was placed in the Parliament on 26th Aug, 2012 by the Prime Minister Manmohan Singh with wide protests from the opposition. [7]
According to the Comptroller and Auditor General of India, this is a leak of the initial draft and the details being brought out were observations which are under discussion at a very preliminary stage. [8] On 29th May 2012, Prime Minister Manmohan Singh offered to give up his public life if found guilty in this scam.[9]
Contents |
History of coal mines In India
In 1973, the Indira Gandhi government nationalized coking and non-coking coal mines in the country. In 1976, government introduced two exceptions to this policy.- Captive mining by private companies engaged in production of iron and steel.
- Sub-lease of coal mining to private parties in isolated pockets not amenable to economic development and not requiring rail transport.
According to a report published in Times Of India, 155 coal blocks were allocated to about 100 public and private companies, including some electricity boards:[11][12]
- NTPC Limited
- Jindal Steel and Power
- Bhushan Power & Steel Ltd
- Jayaswal Neco
- Aditya Birla Group
- Essar Group
- Adani Group
- ArcelorMittal, India
- Lanco Group
Investigation
On 31 May 2012, Central Vigilance Commission (CVC) based on a complaint of Bharatiya Janata Party Member of Parliament Prakash Javadekar directed a CBI enquiry.[13] [14]See also
- Comptroller and Auditor General of India (CAG)
- Vinod Rai, the CAG whose report triggered the whole 'Coalgate scam' controversy.
Other scams and corruption
- Mining scam in India
- 2G spectrum scam, a scam which came into limelight after CAG headed by Vinod Rai submitted report projecting loss of 1.76 Lac Crore.
- Uttar Pradesh NRHM scam
- Concerns and controversies over the 2010 Commonwealth Games
- List of scandals in India
- Corruption in India
- Licence Raj
- Mafia Raj
- Rent seeking
Anti corruption efforts
- 2011 Indian anti-corruption movement
- Jan Lokpal Bill
- Right to Public Services legislation
- United Nations Convention against Corruption
References
- ^ 'Coalgate': Government releases bits of CAG letter to deny TOI report Economic times. 23 MAR, 2012
- ^ Coalgate report rocks Parliament Deccan Herald. Mar 22, 2012
- ^ 'Coalgate': Govt releases bits of CAG letter to deny TOI report Times of India Mar 23, 2012
- ^ "CAG report on coal allocation only a draft: Pranab". Press Trust of India. The Hindu. Retrieved 21 August 2012.
- ^ "Potential coal mining scam in Madhya Pradesh, Chhattisgarh?". IBN Live. 22 March 2012. Retrieved 22 March 2012.
- ^ "Coal scam shakes parliament; opposition says PM held portfolio, must explain". NDTV. 22 March 2012. Retrieved 22 March 2012.
- ^ http://economictimes.indiatimes.com/news/politics/nation/coal-scam-full-text-of-pm-manmohan-singhs-statement-in-parliament/articleshow/15816145.cms
- ^ "Report on coal fields creates fresh furor for Indian government". CNN. March 23, 2012. Retrieved March 23, 2012.
- ^ "Will quit if coalgate charges against me are proved: PM Manmohan Singh". 30 may 2012.
- ^ "COAL: CHOICE FOR INDIAN ENERGY". Retrieved March 24, 2012.
- ^ "Coal mining blocks: Report suggests Tatas, Jindals, NTPC, MMTC made windfall gains". Retrieved 23 March 2012.
- ^ "CAG: Govt lost Rs 10.7 lakh crore by not auctioning coal blocks". Times of India. Mar 22, 2012. Retrieved 23 March 2012.
- ^ "CVC asks CBI to probe alleged coal scam despite UPA govt's attempt to brush it under the carpet". 31 May 2012. Retrieved 31 May 2012.
- ^ "CVC Refers Coal Block Allocation Case to CBI". Outlook India. 31 May 2012. Retrieved 31 May 2012.
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