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The Indian government has paid Cairn Energy Plc Rs 7,900 crore to refund taxes it had collected to enforce a retrospective tax demand, ending a seven-year-old dispute that had tarred the country's image as an investment destination. The company, which is now known as Capricorn Energy PLC, in a statement said it has received "net proceeds of $1.06 billion", of which nearly 70 per cent will be returned to the shareholders. The tax department had used a 2012 legislation, which gave it powers to go back 50 years and slap capital gains levies wherever ownership had changed hands overseas but business assets were in India, to seek Rs 10,247 crore in taxes from Cairn.
The BJP and the AIADMK are unable to sort out ideological differences, observes N Sathiya Moorthy.
Vice President Dhankar's and Law Minister Rijuju's recent interventions have the danger of destabilising the Constitutional equilibrium, cautions N Sathiya Moorthy.
Chief Economic Adviser (CEA) K V Subramanian on Tuesday exuded confidence that India would achieve double-digit growth in the current financial year on the back of policy initiatives and continuing reforms. He also said the country is well poised to meet the fiscal deficit target of 6.8 per cent of GDP. "At this stage, I can say confidently that we should be able to achieve that fiscal deficit number. "Any shortfalls that might happen on the disinvestment side will also be accompanied by positive surprises that have happened on tax revenue," he told reporters.
Rather than talking endlessly about lost and marginal opportunities, India's climate envoys need to start thinking bigger, says Mihir S Sharma.
The application, filed through advocate AP Singh, said, "The Acts were passed hastily without adequate discussion... Inherent weaknesses of the agricultural sector cannot be addressed by way of monetization of farmers."
The RBI's mistake may have been in interpreting its mandate to maintain retail inflation at 4%, with 2% leeway in either direction, as being a mandate that permitted it to do nothing even when inflation was at or near the upper bound of 6%, observes T N Ninan.
The Centre, after the repeal of the farm Acts, may bring in another important piece of legislation concerning farmers in the form of the long-pending Seeds Bill. This will be in the ogoing winter session of Parliament. Sources said the draft Seeds Bill, in the way it was prepared in 2019, sought to overcome several of the shortcomings of the Seeds Bill of 2004, which was proposed to replace the Seeds Act of 1966. However, the 2004 Bill could not be cleared owing to deficiencies in it.
Amid concerns over minorities being targeted in India, former Reserve Bank governor Raghuram Rajan on Thursday cautioned that an 'anti-minority' image for the country can lead to loss of market for Indian products and may also result in foreign governments perceiving the nation as an unreliable partner. India enters the perception battle from a position of strength, the professor at Chicago's Booth School of Business said, alluding to credentials like democracy and secularism, but warned that this battle is "ours to lose". The comments came a day after bulldozers tore down several concrete and temporary structures close to a mosque in Jahangirpuri as part of an anti-encroachment drive, days after the northwest Delhi neighbourhood was rocked by communal violence.
Days after the government said the Reserve Bank will introduce a digital currency in 2022-23, Governor Shaktikanta Das on Thursday said the central bank does not want to rush and is carefully examining all aspects before introduction of the Central Bank Digital Currency (CBDC). He, however, declined to give any timeline for the launch of the CBDC. In her Budget 2022-23 speech, Finance Minister Nirmala Sitharaman had announced that the RBI will introduce a digital currency in the next financial year beginning April 2022 to boost the digital economy and for more efficient currency management.
UK-based Cairn Energy PLC on Tuesday said it will drop litigations to seize Indian properties in countries ranging from France to the US, within a couple of days of getting a USD 1 billion refund resulting from the scrapping of a retrospective tax law.
The government is looking at tweaking provisions of the Indian Contracts Act of 1872 to bring agreements between farmers and companies under its ambit, aiming to prevent exploitation of farm people.
The manifesto, released by BJP national president JP Nadda, promised to protect "genuine Indian citizens and to detect infiltrators" to ensure the Ahom civilization stays safe.
Both Houses of Parliament were adjourned sine die on Wednesday, bringing the Monsoon Session of Parliament to an end eight days ahead of schedule.
Sharing his experience of the yatra so far, the Congress leader said he felt sad while talking to farmers, youth, and tribals.
Renowned women's rights activist and founder of the Self Employed Women's Association (SEWA) Ela Bhatt passed away in Ahmedabad on Wednesday due to age-related ailments, her associates said.
'There is so much for the country that we have to achieve.' 'Be it Aatmanirbhar Bharat campaign, or economic targets or many other pledges like this, we have to achieve them during this period.'
State Bank of India's house economists on Monday said the recent farm sector reforms reek of parochial thinking and promote lazy farming as they only cater to cereal-producing states. In the recently concluded monsoon session, the government rushed through three legislation to change the way agricultural produce is marketed, sold and stored by dismantling the decades-old APMC (Agricultural Produce Market Committee) mandis.
He again assured farmers that the existing government support system for them will continue.
In a first, the Comptroller and Auditor General's (CAG) officers reached out to several ministries in the last week of April as part of a confidence-boosting measure. The meeting brought the CAG officials and those from the ministries across the table to discuss the pain points in their relations. CAG of India Girish Chandra Murmu took this novel step because of growing tensions between those audited and the auditor.
The government's annual Economic Survey on Friday strongly defended new farm laws, saying they herald a new era of market freedom which can go a long way in improving lives of small and marginal farmers in India. These legislations were designed "primarily" for the benefit of "small and marginal farmers", which constitute around 85 per cent of the total number of farmers and are the biggest sufferer of the "regressive" APMC-regulated market regime, the survey said. The pre-budget document defended the farm laws in the backdrop of long-running farmers' agitation at various borders of the national capital seeking repeal of these legislations expressing concern that they are pro-corporate and could weaken government regulated mandis, also called Agriculture Produce Marketing Committees (APMCs).
'Have you seen a situation like this anywhere before, globally or in India, where a government says, okay, we are withdrawing a law because you don't want it?'
Electoral politics is going to be an important part of farmer protests going forward.
In a rare gesture, not only the legislators of the ruling Communist Party of India (Marxist)-headed Left Democratic Front and Congress-led United Democratic Front, but the lone Bharatiya Janata Party member in the 140-member state assembly, O Rajagopal, also supported the resolution against the Centre, saying 'it is the democratic spirit'.
'The Muslims in Karnataka are safe and secure. The state government belongs to everybody.'
'The PM says he believes in discussion and debate, then why are discussions and debates not being allowed in Parliament?'
The government is unlikely to come up with the IPO of Life Insurance Corporation (LIC) in the current financial year ending March 2022, as the valuation of the state-owned behemoth is taking more than anticipated time, and the preparatory work is still far from complete. There are still some issues that need to be addressed with regard to the valuation of LIC, a senior official of one of the merchant bankers said. Even after the valuation, there are several regulatory processes that have concluded, the official said.
Prime Minister Narendra Modi was not present at the all-party meeting convened by the government.
The Opposition on its part wants to corner the government by raising issues like alleged shortcomings in the healthcare system during the second wave of the coronavirus pandemic and the distribution of Covid vaccines to states.
Petrol and diesel prices, which have been on a freeze for the past four months in view of assembly elections in states like Uttar Pradesh, need to be increased by over Rs 12 per litre by March 16 for fuel retailers to break even. International crude oil prices shot above $120 a barrel for the first time in nine years on Thursday before retreating a little to $111 on Friday, but the gulf between cost and retail rates has only widened. With international oil prices - on which domestic fuel retails are directly benchmarked - spiking in the last two months, state-owned fuel retailers "need a massive price hike of Rs 12.1 per litre on or before March 16, 2022, just to breakeven and a price hike of Rs 15.1 is required" after including margins for oil firms, ICICI Securities said in a report.
The Congress-led grouping has some reasons to feel emboldened over recent political developments.
The move came a day after Parliament approved two agriculture sector-reform bills which have been bitterly opposed by the opposition parties like Congress and TMC.
Phillip Morris says its research shows that the product while giving the same delivery of nicotine to smokers, does not produce the toxic and carcinogenic effects of cigarette smoking known as harmful and potential harmful constituents.
Twitter can probably afford to wait it out. But would it have the moral courage to do so? asks Devangshu Datta.
The petitions alleged that these laws would dismantle the Agricultural Produce Market Committee system intended to ensure fair prices for farm products
Attacking the Samajwadi Party, Prime Minister Narendra Modi on Thursday said it supported rioters and the mafia, and fielded criminals in western Uttar Pradesh for the assembly elections.
A bipartisan legislation has been introduced in the US House of Representatives to eliminate the per country cap on employment-based Green Card, a move which is likely to benefit Indian IT professionals languishing over decades of waiting for the Permanent Resident Card. The legislation was introduced by Congresswoman Zoe Lofgren and Congressman John Curtis. The Equal Access to green cards for Legal Employment (EAGLE) Act, 2021 needs to be passed by the Senate before it can be sent to the White House for the president to sign it into a law. A Green Card, known officially as a Permanent Resident Card, is a document issued to immigrants to the US as evidence that the bearer has been granted the privilege of residing permanently.
Generally, before adjourning the house sine die the chair reads out the statistics about the business transacted in the house in detail.
If the real estate sector is properly managed, it could drive not just finance but demand for a range of products and services, observes T N Ninan.
Another bill related to the farm sector, the Essential Commodities (Amendment) Bill, was passed on Tuesday.
