Indian home minister Rajnath Singh today downplayed senior BJP leader Yashwant Sinha&#39;s criticism of the finance minister Arun Jaitley, saying India&#39;s economy is the fastest growing in the world, and the country&#39;s credibility has been established in the international arena.

Singh, who was responding to a question on Sinha&#39;s remarks over the state of the economy, said no one should forget these facts about the country.

&quot;The whole world admits that India is the fastest growing economy in the world. No one should forget this fact. In the matter of economy, in the international arena, India&#39;s credibility has been established,&quot; he told reporters here.

<a href="http://www.wionews.com/india-news/will-power-admit-the-truth-chidambaram-on-yashwant-sinhas-attack-on-arun-jaitleys-economic-mess-20728">In an opinion piece in Indian Express, </a>&#39;I need to speak up now&#39;, Sinha criticised Arun Jaitley over what he called the &quot;mess the finance minister has made of the economy&quot;.&nbsp;

The senior BJP leader said he would &quot;fail in my national duty if I did not speak up even now against the mess the finance minister has made of the economy.&quot;&nbsp;

Sinha, a former finance minister in prime minister Atal Bihari Vajpayee-led NDA government, who has been sidelined in the party, claimed a revival by the time of the next Lok Sabha election was &quot;highly unlikely&quot; and a &quot;hard landing&quot; appeared inevitable.&nbsp;

Sinha pointed out that the growth rate of 5.7&nbsp;per cent&nbsp;was actually 3.7&nbsp;per cent&nbsp;or less by the old method of calculation. He attributed the misleading growth rate to the government&#39;s decision to change the methodology for calculation of the&nbsp;GDP &nbsp;in&nbsp;2015 as a result of which the growth rate recorded earlier increased statistically by over 200 basis points on an annual basis.&nbsp;&nbsp; 
&nbsp; 
In a series of Twitter posts, senior Congress leader and former finance minister P Chidambaram asked the government to admit that Yashwant Sinha was speaking the truth.&nbsp;

&quot;Will Power now admit the Truth that economy is sinking?&quot; the former finance minister wrote.&nbsp;&nbsp;

Chidambaram asked the BJP government to respond to their senior party leader Yashwant Sinha&#39;s scathing attack on the central government&#39;s economic policies, particularly the &quot;mess&quot; that finance minister&nbsp;Arun&nbsp;Jaitley had made of the economy.&nbsp;

Rajnath Singh responded to former finance minister Yashwant Sinha's comment on economy

Indian home minister Rajnath Singh today downplayed senior BJP leader Yashwant Sinha's criticism of the finance minister Arun Jaitley, saying India's economy is the fastest growing in the world, and the country's credibility has been established in the international arena. Singh, who was responding to a question on Sinha's remarks over the state of the economy, said no one should forget these facts about the country. "The whole world admits that India is the fastest growing economy in the world. No one should forget this fact. In the matter of economy, in the international arena, India's credibility has been established," he told reporters here. In an opinion piece in Indian Express, 'I need to speak up now', Sinha criticised Arun Jaitley over what he called the "mess the finance minister has made of the economy". The senior BJP leader said he would "fail in my national duty if I did not speak up even now against the mess the finance minister has made of the economy." Sinha, a former finance minister in prime minister Atal Bihari Vajpayee-led NDA government, who has been sidelined in the party, claimed a revival by the time of the next Lok Sabha election was "highly unlikely" and a "hard landing" appeared inevitable. Sinha pointed out that the growth rate of 5.7 per cent was actually 3.7 per cent or less by the old method of calculation. He attributed the misleading growth rate to the government's decision to change the methodology for calculation of the GDP in 2015 as a result of which the growth rate recorded earlier increased statistically by over 200 basis points on an annual basis. In a series of Twitter posts, senior Congress leader and former finance minister P Chidambaram asked the government to admit that Yashwant Sinha was speaking the truth. "Will Power now admit the Truth that economy is sinking?" the former finance minister wrote. Chidambaram asked the BJP government to respond to their senior party leader Yashwant Sinha's scathing attack on the central government's economic policies, particularly the "mess" that finance minister Arun Jaitley had made of the economy.

World knows India's economy is the fastest growing: Rajnath

Arun Jaitley today in BJP national execution meet&nbsp;said that the main point of the PM&#39;s speech was that we should take BJP beyond elections and make it an instrument of mass participation.

He further said that PM has said that for Opposition -- Power is the means of enjoyment. However, power is not for enjoyment, it is for serving people (PM ne kaha ki vipaksh ke liye satta ek upbhog ka saadhan hai. Satta sukh ke liye nahi,sewa ke liye hoti hai).&nbsp;

Jaitley further said that the PM said sometimes the Opposition uses harsh words when there is no specific allegation, harsh language cannot be a substitute for a substantive charge.&nbsp;

PM Modi today at 6.30 pm will make an announcement of an important scheme for the poor, said the finance minister.&nbsp;

Jaitley said that it was never on UPA&#39;s agenda to step against black money and corruption, so if the BJP&nbsp;takes any step against it, they will be uneasy about it. &quot;Modi&#39;s battle against corruption is un-compromised, whoever gets caught will not be let off easily, and to emphasise this he (PM) has said &#39;I have no relatives&#39;,&quot;&nbsp;he said.&nbsp;

Watch the full speech by Arun Jaitley:&nbsp;

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Addressing media at the BJP National Executive Meet, New Delhi, September 25, 2017 <a href="https://t.co/IYHDgoyPA2">https://t.co/IYHDgoyPA2</a>
&mdash; Arun Jaitley (@arunjaitley) <a href="https://twitter.com/arunjaitley/status/912298389211045888">September 25, 2017</a></blockquote>
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Harsh language of Opposition can never be substitute for change, Jaitley cited the PM

Arun Jaitley today in BJP national execution meet said that the main point of the PM's speech was that we should take BJP beyond elections and make it an instrument of mass participation. He further said that PM has said that for Opposition -- Power is the means of enjoyment. However, power is not for enjoyment, it is for serving people (PM ne kaha ki vipaksh ke liye satta ek upbhog ka saadhan hai. Satta sukh ke liye nahi,sewa ke liye hoti hai). Jaitley further said that the PM said sometimes the Opposition uses harsh words when there is no specific allegation, harsh language cannot be a substitute for a substantive charge. PM Modi today at 6.30 pm will make an announcement of an important scheme for the poor, said the finance minister. Jaitley said that it was never on UPA's agenda to step against black money and corruption, so if the BJP takes any step against it, they will be uneasy about it. "Modi's battle against corruption is un-compromised, whoever gets caught will not be let off easily, and to emphasise this he (PM) has said 'I have no relatives'," he said. Watch the full speech by Arun Jaitley: Addressing media at the BJP National Executive Meet, New Delhi, September 25, 2017 https://t.co/IYHDgoyPA2 — Arun Jaitley (@arunjaitley) September 25, 2017 ×

Arun Jaitley at BJP meet: UPA uneasy as corruption was never on agenda

India is considering ways to revive its slowdown-hit economy and will unveil the &quot;necessary&quot; steps once Prime Minister Narendra Modi signs off on them, Finance Minister Arun Jaitley said on Wednesday.

Jaitley has held meetings with cabinet colleagues and other government officials over the past two days to devise a plan to lift economic growth, which slipped to a three-year low of 5.7 percent in the quarter to end-June.

&quot;We have taken note of all the economic indicators available,&quot; Jaitley told reporters. &quot;The government will take any additional moves which are necessary.&quot;

But he refused to divulge details, saying the measures would be unveiled only after consultation with Modi.

The last quarter&#39;s dismal figures prompted many private economists to revise down estimates for the fiscal year ending in March 2018.

The faltering economy has offered the opposition Congress party ample grist for its campaign against Modi ahead of general elections in 2019.

Although industrial output posted a modest recovery in July, 15 of 23 manufacturing industries recorded a contraction, adding to the concern.

Some economists are calling for expansionary fiscal policy to stimulate flagging consumer demand in Asia&#39;s third-largest economy.

But ramping up government spending, at a time when lower-than-expected tax collections and sluggish economic growth have strained federal revenues, could force Jaitley to walk away from his promise to trim the fiscal deficit to a decade-low of 3.2 percent of GDP.

The ebb in India&#39;s economic fortunes is in sharp contrast from a few quarters ago when it was the world&#39;s fastest growing major economy and was hailed as a rare bright spot in a dim global economy.

Since then economic growth has been on a downward trajectory, thanks to Modi&#39;s struggle to fix debt-laden state-run banks and stressed corporate balance sheets.

Faulty implementation of a nationwide goods and services tax has also caused chaos, dampening business activity in an economy that has yet to fully recover from Modi&#39;s crackdown on &quot;black money&quot;, or untaxed income. 
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Arun Jaitley has held meetings with cabinet colleagues and other government officials over the past two days to devise a plan to lift economic growth

India is considering ways to revive its slowdown-hit economy and will unveil the "necessary" steps once Prime Minister Narendra Modi signs off on them, Finance Minister Arun Jaitley said on Wednesday. Jaitley has held meetings with cabinet colleagues and other government officials over the past two days to devise a plan to lift economic growth, which slipped to a three-year low of 5.7 percent in the quarter to end-June. "We have taken note of all the economic indicators available," Jaitley told reporters. "The government will take any additional moves which are necessary." But he refused to divulge details, saying the measures would be unveiled only after consultation with Modi. The last quarter's dismal figures prompted many private economists to revise down estimates for the fiscal year ending in March 2018. The faltering economy has offered the opposition Congress party ample grist for its campaign against Modi ahead of general elections in 2019. Although industrial output posted a modest recovery in July, 15 of 23 manufacturing industries recorded a contraction, adding to the concern. Some economists are calling for expansionary fiscal policy to stimulate flagging consumer demand in Asia's third-largest economy. But ramping up government spending, at a time when lower-than-expected tax collections and sluggish economic growth have strained federal revenues, could force Jaitley to walk away from his promise to trim the fiscal deficit to a decade-low of 3.2 percent of GDP. The ebb in India's economic fortunes is in sharp contrast from a few quarters ago when it was the world's fastest growing major economy and was hailed as a rare bright spot in a dim global economy. Since then economic growth has been on a downward trajectory, thanks to Modi's struggle to fix debt-laden state-run banks and stressed corporate balance sheets. Faulty implementation of a nationwide goods and services tax has also caused chaos, dampening business activity in an economy that has yet to fully recover from Modi's crackdown on "black money", or untaxed income.

Taken note of indicators, will take necessary steps: Arun Jaitley on economic slowdown

Union Finance Minister Arun Jaitley pointed out that most perceive Centre&#39;s Pradhan Mantri Jan-Dhan Yojaa (PMJDY) as a &quot;usual&quot;&nbsp;government scheme which is implemented &quot;half-heartedly&quot;.

He made the announcement while discussing the three-year progress of the scheme at the Conclave on Financial Inclusion organised by the United Nations in New Delhi on Wednesday.

&quot;When we launched the Pradhan Mantri Jan-Dhan Yojana three years ago, we were not sure of the extent of its impact. It was only taken up on a mission mode, as India had not fully registered the potential impact of financial inclusion. I, too, wasn&#39;t sure of the impact of it. It came at a time when banking was just a prerogative of a small section of society, with almost 42 percent of India being excluded from it,&quot; the minister said.

According to Jaitley, 30 crore new accounts were opened under this scheme, a huge portion dedicated to women and other backward&nbsp;sections.

He also added that the zero balance accounts under the scheme have dropped down to 20 per cent from 77 per cent in just 3 years.

He mentioned that it is only after the 2014 launch of PMJDY that the condition of financial inclusion improved.

&quot;Almost 42% of Indian households before the scheme was launched were not under the banking system,&quot;&nbsp;he said.

He further added, that because of this scheme, India has now established the reputation of a fully grown society with bank accounts.

Jaitley declared demonetization to be a success, claiming that the move was able to integrate non-formal sectors of the economy with the formal ones.

He also mentioned that the digital transactions broadened during the remonetization period.

Watch the full address here:&nbsp; 
&nbsp;

<iframe allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/3j21w6795g8" width="560"></iframe>

According to Jaitley, 30 crore new accounts were opened under this scheme, a huge portion dedicated to women and other backward sections

Union Finance Minister Arun Jaitley pointed out that most perceive Centre's Pradhan Mantri Jan-Dhan Yojaa (PMJDY) as a "usual" government scheme which is implemented "half-heartedly". He made the announcement while discussing the three-year progress of the scheme at the Conclave on Financial Inclusion organised by the United Nations in New Delhi on Wednesday. "When we launched the Pradhan Mantri Jan-Dhan Yojana three years ago, we were not sure of the extent of its impact. It was only taken up on a mission mode, as India had not fully registered the potential impact of financial inclusion. I, too, wasn't sure of the impact of it. It came at a time when banking was just a prerogative of a small section of society, with almost 42 percent of India being excluded from it," the minister said. According to Jaitley, 30 crore new accounts were opened under this scheme, a huge portion dedicated to women and other backward sections. He also added that the zero balance accounts under the scheme have dropped down to 20 per cent from 77 per cent in just 3 years. He mentioned that it is only after the 2014 launch of PMJDY that the condition of financial inclusion improved. "Almost 42% of Indian households before the scheme was launched were not under the banking system," he said. He further added, that because of this scheme, India has now established the reputation of a fully grown society with bank accounts. Jaitley declared demonetization to be a success, claiming that the move was able to integrate non-formal sectors of the economy with the formal ones. He also mentioned that the digital transactions broadened during the remonetization period. Watch the full address here:

Zero balance accounts under PMJDY dropped down to 20 per cent from 77 per cent in 3 years

Mid-sized and luxury cars as also SUVs will cost more after the GST Council today decided to levy an additional 2 to 7 per cent cess on them but exempted small and hybrid cars from any hike.

The council also lowered the Goods and Services Tax (GST) rates for a number of daily-use products ranging from idli/dosa batter to kitchen gas lighter.

A 2 per cent additional cess will be levied on mid-sized cars, 5 per cent on large cars and 7 per cent on SUVs, taking the total incidence of taxation to pre-GST levels, Finance Minister Arun Jaitley said after an 8-hour long meeting of the panel here.

The council, headed by Jaitley, however, decided not to levy any additional tax on small petrol and diesel cars of up to 1200 cc as well as on hybrid ones.

The date of implementation of the additional cess will be notified later.

&quot;Small petrol and diesel cars enjoyed a tax advantage of 3 per cent post GST. But status quo will be maintained on small petrol diesel cars, so even if it has got cheaper let consumers enjoy the benefit,&quot; Jaitley said.

Tax on mid segment cars had gone down from 48 per cent to 43 per cent and the council today decided to increase cess by 2 per cent to 45 per cent, he said.

Large cars got an advantage of 8 per cent, but the council hiked cess today by 5 per cent, he said adding SUVs got benefit of 11 per cent post GST, but cess is being hiked by only 7 per cent.

&quot;Cess on cars with seating capacity above 10 but up to 13 as well as hybrid cars will remain unchanged,&quot; he said.

The council, he said, decided that in large vehicles where affordability of consumers is high, the pre-GST rate has not been restored.

&quot;Even though we had a headspace of hiking cess by 10 per cent, it has been hiked by 7 per cent,&quot; the finance minister said.

Jaitley said GST on about 30 items have been lowered after anomalies in the fixation of rates were pointed out.

To deal with businesses which are deregistering brands post GST to avoid taxes, the panel decided May 15, 2017 as the cut-off date for considering as a registered brand for the purpose of GST levy, irrespective of whether or not the brand is subsequently deregistered.

Unbranded food items are exempted from the GST, whereas branded and packaged food items attract 5 per cent rate. Hence, many businesses are deregistering their brands to avoid the levy.

The tax has been lowered on dried tamarind, custard power, oil cakes, dhoop batti, dhoop and other similar items, plastic raincoast, rubber bands, rice rubber rolls for paddy de-husking, computer monitors and kitchen gas lighters and brooms and brushes.

Also, the deadline for filing of sales return or GSTR-1 for the month of July, the first month of implementation of the new tax regime, has been extended by a month to October 10.

Deadlines for other three returns to be filed under the GST regime have also been extended.

Jaitley said overall GST collections have been robust with over 70 per cent of eligible taxpayers filing returns of about Rs 95,000 crore.

The meeting, the second since the implementation of GST, reviewed the functioning of GST Network -- the IT backbone and portal for registration and tax returns under the GST regime.

GSTN on &quot;two-three occasions got overloaded. These are transient challenges and glitches in technology. The council has decided to appoint a committee to interact with GSTN for smooth transition&quot;, the finance minister said.

Since the work is huge, the period of filing of returns has been extended, he said.

Jaitley further said that food stuff sold in open was categorised at zero per cent tax rate while the branded ones attracted 5 per cent.

Some businesses were deregistering their brands and selling under corporate brand name, creating inequality of trade, &quot;so we amended the rule&quot;, he said.

&quot;If you fall in either of two categories, you will pay 5 per cent tax -- one, if on May 15, 2017, you had a registered trade mark you have to pay 5 per cent GST. Two, if you have a mark or a name on which you are entitled to maintain actionable claim or exclusivity, then you have to pay 5 per cent,&quot; Jaitley added.

Khadi fabric sold through KVIC stores would be exempted, he said adding inter-state sales where turnover is less than Rs 20 lakh as also for artisans will not need registration.

Similar dispensation for certain categories of job work, excluding gold, has also been approved.

At its last meeting on August 5, the panel had approved hike in cess on mid, large size cars, SUVs, hybrid and luxury ones to up to 25 per cent,?from 15 per cent. Subsequently, an Ordinance promulgated and the council today looked into the quantum of hike.

Car prices had dropped by up to Rs 3 lakh as the tax rates fixed under the GST that came into effect from July 1, was lower than the combined central and state taxes in the pre-GST days. 
To fix this anomaly, the council raised the cess.

Revenue Secretary Hasmukh Adhia said the council has decided that GSTR-3B will be filed for four more months till December.

&quot;For GSTR-1, 2, 3, we are giving a long rope and we are staggering the return filing date for July,&quot; he said.

&quot;(For) companies with turnover of over Rs 100 crore, the last date for filing GSTR-1 will be October 3. For the rest, it will be October 10,&quot; he said.

GSTR-2 for July will have to be filed by October 31 and GSTR-3 by November 10.

Date of GSTR 1, 2, 3 return filing for month of August will be informed later.

Jaitley said businesses can opt for Composition Scheme till September 30 and the council has also allowed businesses to make rectification in transition form TRAN-1 once.

Under the GST, which replaced over a dozen central and state levies in the biggest tax reform since?independence, cars attract the top tax rate of 28 per cent.

On top of this, a cess of 1 to 15 per cent has been levied for the creation of a corpus to compensate states for any loss of revenue from implementation of GST.

 
&nbsp;

The council also lowered the Goods and Services Tax (GST) rates for a number of daily-use products ranging from idli/dosa batter to kitchen gas lighter

Mid-sized and luxury cars as also SUVs will cost more after the GST Council today decided to levy an additional 2 to 7 per cent cess on them but exempted small and hybrid cars from any hike. The council also lowered the Goods and Services Tax (GST) rates for a number of daily-use products ranging from idli/dosa batter to kitchen gas lighter. A 2 per cent additional cess will be levied on mid-sized cars, 5 per cent on large cars and 7 per cent on SUVs, taking the total incidence of taxation to pre-GST levels, Finance Minister Arun Jaitley said after an 8-hour long meeting of the panel here. The council, headed by Jaitley, however, decided not to levy any additional tax on small petrol and diesel cars of up to 1200 cc as well as on hybrid ones. The date of implementation of the additional cess will be notified later. "Small petrol and diesel cars enjoyed a tax advantage of 3 per cent post GST. But status quo will be maintained on small petrol diesel cars, so even if it has got cheaper let consumers enjoy the benefit," Jaitley said. Tax on mid segment cars had gone down from 48 per cent to 43 per cent and the council today decided to increase cess by 2 per cent to 45 per cent, he said. Large cars got an advantage of 8 per cent, but the council hiked cess today by 5 per cent, he said adding SUVs got benefit of 11 per cent post GST, but cess is being hiked by only 7 per cent. "Cess on cars with seating capacity above 10 but up to 13 as well as hybrid cars will remain unchanged," he said. The council, he said, decided that in large vehicles where affordability of consumers is high, the pre-GST rate has not been restored. "Even though we had a headspace of hiking cess by 10 per cent, it has been hiked by 7 per cent," the finance minister said. Jaitley said GST on about 30 items have been lowered after anomalies in the fixation of rates were pointed out. To deal with businesses which are deregistering brands post GST to avoid taxes, the panel decided May 15, 2017 as the cut-off date for considering as a registered brand for the purpose of GST levy, irrespective of whether or not the brand is subsequently deregistered. Unbranded food items are exempted from the GST, whereas branded and packaged food items attract 5 per cent rate. Hence, many businesses are deregistering their brands to avoid the levy. The tax has been lowered on dried tamarind, custard power, oil cakes, dhoop batti, dhoop and other similar items, plastic raincoast, rubber bands, rice rubber rolls for paddy de-husking, computer monitors and kitchen gas lighters and brooms and brushes. Also, the deadline for filing of sales return or GSTR-1 for the month of July, the first month of implementation of the new tax regime, has been extended by a month to October 10. Deadlines for other three returns to be filed under the GST regime have also been extended. Jaitley said overall GST collections have been robust with over 70 per cent of eligible taxpayers filing returns of about Rs 95,000 crore. The meeting, the second since the implementation of GST, reviewed the functioning of GST Network -- the IT backbone and portal for registration and tax returns under the GST regime. GSTN on "two-three occasions got overloaded. These are transient challenges and glitches in technology. The council has decided to appoint a committee to interact with GSTN for smooth transition", the finance minister said. Since the work is huge, the period of filing of returns has been extended, he said. Jaitley further said that food stuff sold in open was categorised at zero per cent tax rate while the branded ones attracted 5 per cent. Some businesses were deregistering their brands and selling under corporate brand name, creating inequality of trade, "so we amended the rule", he said. "If you fall in either of two categories, you will pay 5 per cent tax -- one, if on May 15, 2017, you had a registered trade mark you have to pay 5 per cent GST. Two, if you have a mark or a name on which you are entitled to maintain actionable claim or exclusivity, then you have to pay 5 per cent," Jaitley added. Khadi fabric sold through KVIC stores would be exempted, he said adding inter-state sales where turnover is less than Rs 20 lakh as also for artisans will not need registration. Similar dispensation for certain categories of job work, excluding gold, has also been approved. At its last meeting on August 5, the panel had approved hike in cess on mid, large size cars, SUVs, hybrid and luxury ones to up to 25 per cent,?from 15 per cent. Subsequently, an Ordinance promulgated and the council today looked into the quantum of hike. Car prices had dropped by up to Rs 3 lakh as the tax rates fixed under the GST that came into effect from July 1, was lower than the combined central and state taxes in the pre-GST days. To fix this anomaly, the council raised the cess. Revenue Secretary Hasmukh Adhia said the council has decided that GSTR-3B will be filed for four more months till December. "For GSTR-1, 2, 3, we are giving a long rope and we are staggering the return filing date for July," he said. "(For) companies with turnover of over Rs 100 crore, the last date for filing GSTR-1 will be October 3. For the rest, it will be October 10," he said. GSTR-2 for July will have to be filed by October 31 and GSTR-3 by November 10. Date of GSTR 1, 2, 3 return filing for month of August will be informed later. Jaitley said businesses can opt for Composition Scheme till September 30 and the council has also allowed businesses to make rectification in transition form TRAN-1 once. Under the GST, which replaced over a dozen central and state levies in the biggest tax reform since?independence, cars attract the top tax rate of 28 per cent. On top of this, a cess of 1 to 15 per cent has been levied for the creation of a corpus to compensate states for any loss of revenue from implementation of GST.

GST tax rates for luxury cars hiked, 30 daily-use items made cheaper

Finance Minister Arun Jaitley said on Wednesday that the<a href="http://www.wionews.com/business-economy/india-q1-economic-growth-slips-to-57-19725"> slowdown in India&#39;s GDP growth in the first quarter</a> to 5.7 per cent was a matter of concern.

&quot;It is certainly a matter of concern that first quarter GDP has come down to 5.7 per cent and it&#39;s obvious therefore that it throws a challenge for the economy,&quot; the finance minister said.

He said there was a requirement to improve policy and investment to improve upon these figures.

The finance minister attributed the de-stocking of inventories by the industry in anticipation of the Goods and Services Tax (GST)&nbsp;for an increase in sales and the reduction in manufacturing.

&quot;That manufacturing has fallen is essentially due to the anticipatory impact of GST. Since it came in July, most manufacturers were de-stocking,&quot; he said, noting that services growth had, however, improved during the quarter in question.

&quot;De-stocking of the manufacturing sector seems to have been completed, so the dip in manufacturing could be bottoming out from this quarter,&quot; he said.

&quot;Gross fixed capital ratio turned positive, investment improved...services improved,&quot; during the first quarter, he added.&nbsp;

The finance minister attributed the roll-out of the GST for the &quot;contradiction between services improving and manufacturing going down.&quot;

He said he was optimistic that the &quot;curve could turn for the better&quot; once GST was implemented.

The finance minister attributed the de-stocking of inventories by the industry in anticipation of the GST for an increase in trading and sales and the reduction in manufacturing.

Finance Minister Arun Jaitley said on Wednesday that the slowdown in India's GDP growth in the first quarter to 5.7 per cent was a matter of concern. "It is certainly a matter of concern that first quarter GDP has come down to 5.7 per cent and it's obvious therefore that it throws a challenge for the economy," the finance minister said. He said there was a requirement to improve policy and investment to improve upon these figures. The finance minister attributed the de-stocking of inventories by the industry in anticipation of the Goods and Services Tax (GST) for an increase in sales and the reduction in manufacturing. "That manufacturing has fallen is essentially due to the anticipatory impact of GST. Since it came in July, most manufacturers were de-stocking," he said, noting that services growth had, however, improved during the quarter in question. "De-stocking of the manufacturing sector seems to have been completed, so the dip in manufacturing could be bottoming out from this quarter," he said. "Gross fixed capital ratio turned positive, investment improved...services improved," during the first quarter, he added. The finance minister attributed the roll-out of the GST for the "contradiction between services improving and manufacturing going down." He said he was optimistic that the "curve could turn for the better" once GST was implemented.

Slowdown in GDP matter of concern: Arun Jaitley

Defence Minister Arun Jaitley&nbsp;hinted that he will not retain the portfolio for long. He also added that it was not up to him to decide.

Asked about his tenure as the defence minister, Arun Jaitley, &quot;At least I hope not for very long. That&#39;s anyway not me to decide.&quot;

Arun Jaitley, who also holds the finance portfolio,&nbsp;was handed the charge defence ministry in March after the resignation of then defence minister Manohar Parrikar before he took charge as the chief minister of Goa.

He is likely to drop one of the ministries by next month, a media report quoted a source as saying.

A major cabinet reshuffle is also on the cards&nbsp;before Prime Minister Narendra Modi leaves on Sunday for a BRICS summit in China, media reports said.

A change of guard in the Railways Ministry seems imminent after a recent spate of accidents.

Railway Minister Suresh Prabhu met PM Modi and offered to quit but was &quot;asked to wait&quot;.

Jaitley yesterday spoke about how demonetisation had hit the funds of terrorists and separatists in Jammu and Kashmir and Chhattisgarh.

The finance minister had said the ban of Rs 500 and Rs 1000 notes had resulted in a cash crunch and in a shortage of stone-pelters for separatists.

&quot;For the first time, the RBI has scrutinised each note, which has helped them differentiate between fake notes from the authentic ones. The cash squeeze is evident, since these terrorist elements are finding it difficult to mobilise support for them. Without enough cash notes, it is difficult to gather stone throwers as before,&quot; Arun Jaitley said.

The finance minister said his next step would be to put an end to black money used in elections, adding that the final stage of proposals was being deliberated.&nbsp;

The finance minister, who also serves as defence minister, said it was not up to him to decide how long he would continue in the post

Defence Minister Arun Jaitley hinted that he will not retain the portfolio for long. He also added that it was not up to him to decide. Asked about his tenure as the defence minister, Arun Jaitley, "At least I hope not for very long. That's anyway not me to decide." Arun Jaitley, who also holds the finance portfolio, was handed the charge defence ministry in March after the resignation of then defence minister Manohar Parrikar before he took charge as the chief minister of Goa. He is likely to drop one of the ministries by next month, a media report quoted a source as saying. A major cabinet reshuffle is also on the cards before Prime Minister Narendra Modi leaves on Sunday for a BRICS summit in China, media reports said. A change of guard in the Railways Ministry seems imminent after a recent spate of accidents. Railway Minister Suresh Prabhu met PM Modi and offered to quit but was "asked to wait". Jaitley yesterday spoke about how demonetisation had hit the funds of terrorists and separatists in Jammu and Kashmir and Chhattisgarh. The finance minister had said the ban of Rs 500 and Rs 1000 notes had resulted in a cash crunch and in a shortage of stone-pelters for separatists. "For the first time, the RBI has scrutinised each note, which has helped them differentiate between fake notes from the authentic ones. The cash squeeze is evident, since these terrorist elements are finding it difficult to mobilise support for them. Without enough cash notes, it is difficult to gather stone throwers as before," Arun Jaitley said. The finance minister said his next step would be to put an end to black money used in elections, adding that the final stage of proposals was being deliberated.

Hope not for very long: Arun Jaitley on defence minister portfolio

Alphabet&#39;s Google on Wednesday unveiled tools to make augmented reality apps for mobile devices using the Android operating system, setting up its latest showdown with Apple&nbsp;iPhone over next-generation smartphone features.

Phone-based augmented reality (AR), in which digital objects are superimposed onto the real world on screen, got a huge boost from the popularity of the Pok&eacute;mon Go game. The game, launched in the United States in July last year, sent players into city streets, offices, parks and restaurants to search for colourful animated characters.

Analysts expected the game to make $3 billion for Apple over two years as gamers buy &quot;Pok&eacute;Coins&quot; from its app store.

Google&#39;s take on the technology will first be available on the Samsung Galaxy S8 and Google&#39;s own Pixel phone. The company said in a blog post that it hoped to make the system, called ARCore, available to at least 100 million users, but did not set a date for a broad release.

Apple in June announced a similar system called ARKit that it plans to release this fall on &quot;hundreds of millions&quot; of devices.

Google and Apple will jockey for the attention of customers and software developers who will build the games, walking guides and other applications that would make AR a compelling feature.

Many tech industry leaders envision a future in which eyeglasses, car windshields, and other surfaces can overlay digital information on the real world. Google and Microsoft&nbsp;have already experimented with AR glasses.

&quot;AR is big and profound,&quot; Apple Chief Executive Tim Cook told investors earlier in August. &quot;And this is one of those huge things that we&#39;ll look back at and marvel on the start of it.&quot;

Apple and Google have had to make compromises to bring the technology to market.

In Apple&#39;s case, the Cupertino, California-based company decided to make its AR system work with devices capable of running iOS 11, its next-generation operating system due out this fall.

This means it will work on phones going back to the iPhone 6s, which have a single camera at the back and standard motion sensors, rather than a dual camera system found on newer models such as the iPhone 7 Plus or special depth-sensing chips in competing phones. That limits the range of images that can be displayed.

Google initially aimed to solve this problem with an AR system called Tango that uses a special depth-sensor, but only two phone makers so far support it. With ARCore, Google changed course to work on phones without depth sensors.

But the fragmentation of the Android ecosystem presents challenges. To spread its AR system beyond the Galaxy S8 and Pixel phone, Google will have to figure out how to account for the wide variety of Android phone cameras or require phone makers to use specific parts.

Apple, however, is able to make its system work well because it knows exactly which hardware and software are on the iPhone and calibrates them tightly.

Michael Valdsgaard, a developer with the furniture chain IKEA, called the system &quot;rock solid,&quot; noting that it could estimate the size of virtual furniture placed in a room with 98 per cent accuracy, despite lacking special sensors.

&quot;This is a classic example of where Apple&#39;s ownership of the whole widget including both hardware and software is a huge advantage over device vendors dependent on Android and the broader value chain of component vendors,&quot; said Jan Dawson, founder and chief analyst of Jackdaw Research.

The finance minister said demonetisation had succeeded in controlling black money in the economy, reducing the flow of cash, increased digitisation, and expanded the tax base

Alphabet's Google on Wednesday unveiled tools to make augmented reality apps for mobile devices using the Android operating system, setting up its latest showdown with Apple iPhone over next-generation smartphone features. Phone-based augmented reality (AR), in which digital objects are superimposed onto the real world on screen, got a huge boost from the popularity of the Pokémon Go game. The game, launched in the United States in July last year, sent players into city streets, offices, parks and restaurants to search for colourful animated characters. Analysts expected the game to make $3 billion for Apple over two years as gamers buy "PokéCoins" from its app store. Google's take on the technology will first be available on the Samsung Galaxy S8 and Google's own Pixel phone. The company said in a blog post that it hoped to make the system, called ARCore, available to at least 100 million users, but did not set a date for a broad release. Apple in June announced a similar system called ARKit that it plans to release this fall on "hundreds of millions" of devices. Google and Apple will jockey for the attention of customers and software developers who will build the games, walking guides and other applications that would make AR a compelling feature. Many tech industry leaders envision a future in which eyeglasses, car windshields, and other surfaces can overlay digital information on the real world. Google and Microsoft have already experimented with AR glasses. "AR is big and profound," Apple Chief Executive Tim Cook told investors earlier in August. "And this is one of those huge things that we'll look back at and marvel on the start of it." Apple and Google have had to make compromises to bring the technology to market. In Apple's case, the Cupertino, California-based company decided to make its AR system work with devices capable of running iOS 11, its next-generation operating system due out this fall. This means it will work on phones going back to the iPhone 6s, which have a single camera at the back and standard motion sensors, rather than a dual camera system found on newer models such as the iPhone 7 Plus or special depth-sensing chips in competing phones. That limits the range of images that can be displayed. Google initially aimed to solve this problem with an AR system called Tango that uses a special depth-sensor, but only two phone makers so far support it. With ARCore, Google changed course to work on phones without depth sensors. But the fragmentation of the Android ecosystem presents challenges. To spread its AR system beyond the Galaxy S8 and Pixel phone, Google will have to figure out how to account for the wide variety of Android phone cameras or require phone makers to use specific parts. Apple, however, is able to make its system work well because it knows exactly which hardware and software are on the iPhone and calibrates them tightly. Michael Valdsgaard, a developer with the furniture chain IKEA, called the system "rock solid," noting that it could estimate the size of virtual furniture placed in a room with 98 per cent accuracy, despite lacking special sensors. "This is a classic example of where Apple's ownership of the whole widget including both hardware and software is a huge advantage over device vendors dependent on Android and the broader value chain of component vendors," said Jan Dawson, founder and chief analyst of Jackdaw Research.

Demonetisation has succeeded in its objectives: Arun Jaitley hits back at Opposition

The government has managed to mop-up a revenue of Rs 92,283 crore in the first month of the <a href="http://www.wionews.com/south-asia/india-finalises-four-gst-rates-15791" target="_blank">Goods and Services Tax</a> which came into effect from July 1 this year.

The revenue figures came from just 64.42 per cent of the total taxpayer base.&nbsp;

&quot;The 64.42 per cent taxpayers have paid Rs 92,283 crore in taxes for July,&quot; finance minister Arun Jaitley said.

The implementation of the Goods and Services tax, which replaced most of the indirect taxes, is one of the biggest tax reforms in the country.

The GST regime is expected to usher in more compliance by taxpayers and increase the economic growth rate of the country. 
&nbsp;

The revenue figures came from just 64.42% of the total tax payer base

The government has managed to mop-up a revenue of Rs 92,283 crore in the first month of the Goods and Services Tax which came into effect from July 1 this year. The revenue figures came from just 64.42 per cent of the total taxpayer base. "The 64.42 per cent taxpayers have paid Rs 92,283 crore in taxes for July," finance minister Arun Jaitley said. The implementation of the Goods and Services tax, which replaced most of the indirect taxes, is one of the biggest tax reforms in the country. The GST regime is expected to usher in more compliance by taxpayers and increase the economic growth rate of the country.

Government mops up Rs 92,283 crore in first month of GST

India approved a proposal on Wednesday to set up a ministerial panel to speed up consolidation of state-run banks as part of its efforts to revive credit and economic growth.

Prime Minister Narendra Modi will name the members of the panel, which will oversee proposals for mergers from the boards of the banks, Finance Minister Arun Jaitley said after a meeting of the union&nbsp;cabinet.

The government owns majority stakes in 21 lenders, which account for more than two-thirds of banking assets in Asia`s third-biggest economy.

But these banks also account for the lion`s share of more than $150 billion in sour assets plaguing the sector, and need billions of dollars in new capital in the next two years to meet global Basel III capital norms.

Banking sector reforms are a major plank of Modi`s administration to revive credit growth, which has slowed to multi-decade lows as banks struggle with bad loans.

After top lender State Bank of India merged with its five subsidiary banks and also took over a niche state-run lender for women earlier this year, officials have said that more deals are being planned.

&quot;The object is to create strong banks,&quot; Jaitley told reporters, adding decisions would be solely based on &quot;commercial considerations&quot;.

The minister also said the onus of initiating such merger proposals would be on the boards of the banks.

Local ratings agency CRISIL, a unit of Standard &amp; Poor`s, said the new mechanism was an important first step towards kick-starting the consolidation process.

While analysts and investors have hailed the government`s plan to have fewer but nimbler banks, they are sceptical of the benefits of merging two or more weak banks or a weak bank with a stronger bank that could strain the stronger entity.

Bank employee unions have also opposed merger proposals over concerns they could lead to job losses. A million bank workers observed a one-day strike on Tuesday opposing bank mergers.

Nine of the 21 state-run banks reported a net loss for the last financial year ended March. Thirteen had posted losses the previous financial year.

Non-performing loans in the state banking sector have more than doubled in the past two years and were 12.5 percent of their total loans at the end of March. Including restructured loans, total stressed assets were more than 15 percent, central bank data shows. State-run banks as a group had a negative return on assets at the end of March, the central bank said.&nbsp;

State lenders` shares rose after the cabinet approval with the Nifty state bank index closing 2.1 percent higher in the Mumbai market that gained 0.9 percent.

Punjab National Bank, the second-biggest government-owned lender by assets, gained 3.4 percent, while No.3 Bank of Baroda added 1.2 per cent. Canara Bank rose 2.9 per cent.

The consolidation process will lead to formation of bigger banks aimed at reviving credit growth and overcome capital constraints

India approved a proposal on Wednesday to set up a ministerial panel to speed up consolidation of state-run banks as part of its efforts to revive credit and economic growth. Prime Minister Narendra Modi will name the members of the panel, which will oversee proposals for mergers from the boards of the banks, Finance Minister Arun Jaitley said after a meeting of the union cabinet. The government owns majority stakes in 21 lenders, which account for more than two-thirds of banking assets in Asia`s third-biggest economy. But these banks also account for the lion`s share of more than $150 billion in sour assets plaguing the sector, and need billions of dollars in new capital in the next two years to meet global Basel III capital norms. Banking sector reforms are a major plank of Modi`s administration to revive credit growth, which has slowed to multi-decade lows as banks struggle with bad loans. After top lender State Bank of India merged with its five subsidiary banks and also took over a niche state-run lender for women earlier this year, officials have said that more deals are being planned. "The object is to create strong banks," Jaitley told reporters, adding decisions would be solely based on "commercial considerations". The minister also said the onus of initiating such merger proposals would be on the boards of the banks. Local ratings agency CRISIL, a unit of Standard & Poor`s, said the new mechanism was an important first step towards kick-starting the consolidation process. While analysts and investors have hailed the government`s plan to have fewer but nimbler banks, they are sceptical of the benefits of merging two or more weak banks or a weak bank with a stronger bank that could strain the stronger entity. Bank employee unions have also opposed merger proposals over concerns they could lead to job losses. A million bank workers observed a one-day strike on Tuesday opposing bank mergers. Nine of the 21 state-run banks reported a net loss for the last financial year ended March. Thirteen had posted losses the previous financial year. Non-performing loans in the state banking sector have more than doubled in the past two years and were 12.5 percent of their total loans at the end of March. Including restructured loans, total stressed assets were more than 15 percent, central bank data shows. State-run banks as a group had a negative return on assets at the end of March, the central bank said. State lenders` shares rose after the cabinet approval with the Nifty state bank index closing 2.1 percent higher in the Mumbai market that gained 0.9 percent. Punjab National Bank, the second-biggest government-owned lender by assets, gained 3.4 percent, while No.3 Bank of Baroda added 1.2 per cent. Canara Bank rose 2.9 per cent.

Government clears proposal on bank consolidation, sets up ministerial panel

The government has cleared the setting up of a commission that will examine the sub-categorisation of Other Backward &nbsp;(OBC) in the central list.

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The decision has been taken to ensure that benefits reach all backward castes, Arun Jaitley said while briefing reporters on cabinet&#39;s decisions.

In another decision, the union cabinet also increased the creamy layer ceiling on jobs reserved for OBCs.

The ceiling has been hiked to Rs 8 lakh per annum from the existing Rs 6 lakh for central government jobs.

Several BJP leaders welcomed the government&#39;s decision saying it was a long pending demand of the OBC community.

&quot;It is an unparallelled step towards empowering backward classes. The average income among them had risen with time and there was an increasing demand to raise the creamy layer bar. The decision will provide reservation benefits to many more people,&quot; BJP general secretary Bhupender Yadav said.

The move will benefit BJP politically as it seeks to expand its presence among the backward classes.

&nbsp;

The government also raised the creamy layer ceiling to Rs 8 lakh from the existing Rs 6 lakh per annum

The government has cleared the setting up of a commission that will examine the sub-categorisation of Other Backward (OBC) in the central list. A Commission will be set up to examine sub-categorization of OBCs: Arun Jaitley pic.twitter.com/zqsYqytSgb — ANI (@ANI) August 23, 2017 × The decision has been taken to ensure that benefits reach all backward castes, Arun Jaitley said while briefing reporters on cabinet's decisions. In another decision, the union cabinet also increased the creamy layer ceiling on jobs reserved for OBCs. The ceiling has been hiked to Rs 8 lakh per annum from the existing Rs 6 lakh for central government jobs. Several BJP leaders welcomed the government's decision saying it was a long pending demand of the OBC community. "It is an unparallelled step towards empowering backward classes. The average income among them had risen with time and there was an increasing demand to raise the creamy layer bar. The decision will provide reservation benefits to many more people," BJP general secretary Bhupender Yadav said. The move will benefit BJP politically as it seeks to expand its presence among the backward classes.

Government to set up commission on sub-categorisation of OBCs

Union Finance Minister Arun Jaitley today said demonetisation left Maoists in many parts of India and separatists in Jammu and Kashmir &quot;fund starved&quot;.

He said it greatly reduced the number of protesters taking part in stone-pelting in the militancy-hit state.

&quot;Stone pelters used to gather in thousands on the streets of Kashmir before demonetisation was announced, but now not even 25 come together for such agitations,&quot; he said.

&quot;After demonetisation, separatists in Jammu and Kashmir and also Maoists in states like Chhattisgarh have become fund starved,&quot; the minister said.

Jaitley was speaking at a function organised by Mumbai BJP president Ashish Shelar. He spoke on the topic &#39;New India Pledge&#39;.

Maharashtra Chief Minister Devendra Fadnavis was also present on the occasion.

Elaborating on benefits of the move to scrap high-value notes in November 2016, Jaitley said money which was earlier getting circulated outside the economy had come into the formal banking system.

On the BJP&#39;s vision of building a &#39;New India&#39;, he said, &quot;We want to spend funds on defence, rural development and infrastructure.&quot;

&quot;We should have world-class public institutions so that shameful incidents such as the Gorakhpur tragedy do not recur,&quot;

The finance minister said the Modi government was not satisfied with a 7-7.5 per cent GDP growth rate.

To accelerate the growth rate, the government would continue to take tough decisions in the interest of the nation as it had done since coming into power in 2014, he said.

Jaitley listed several achievements of the BJP-led government, which had completed three years in power.

Among them, he spoke about the GST rollout, notes ban, the insolvency and bankruptcy code, amendment to laws related to benami transactions, fair allocation of spectrum and natural resources and double taxation avoidance treaties signed with various countries.

Jaitley said that due to demonetisation the money that was circulating outside the formal economy returned to the banking system

Union Finance Minister Arun Jaitley today said demonetisation left Maoists in many parts of India and separatists in Jammu and Kashmir "fund starved". He said it greatly reduced the number of protesters taking part in stone-pelting in the militancy-hit state. "Stone pelters used to gather in thousands on the streets of Kashmir before demonetisation was announced, but now not even 25 come together for such agitations," he said. "After demonetisation, separatists in Jammu and Kashmir and also Maoists in states like Chhattisgarh have become fund starved," the minister said. Jaitley was speaking at a function organised by Mumbai BJP president Ashish Shelar. He spoke on the topic 'New India Pledge'. Maharashtra Chief Minister Devendra Fadnavis was also present on the occasion. Elaborating on benefits of the move to scrap high-value notes in November 2016, Jaitley said money which was earlier getting circulated outside the economy had come into the formal banking system. On the BJP's vision of building a 'New India', he said, "We want to spend funds on defence, rural development and infrastructure." "We should have world-class public institutions so that shameful incidents such as the Gorakhpur tragedy do not recur," The finance minister said the Modi government was not satisfied with a 7-7.5 per cent GDP growth rate. To accelerate the growth rate, the government would continue to take tough decisions in the interest of the nation as it had done since coming into power in 2014, he said. Jaitley listed several achievements of the BJP-led government, which had completed three years in power. Among them, he spoke about the GST rollout, notes ban, the insolvency and bankruptcy code, amendment to laws related to benami transactions, fair allocation of spectrum and natural resources and double taxation avoidance treaties signed with various countries.

Demonetisation left Maoists and separatists 'fund starved': Arun Jaitley

Amid insolvency proceedings against debt-ridden realty company Jaypee Infratech comes Finance Minister Arun Jaitley&#39;s statement today (August 16) that the government sympathy is with flat buyers.

&quot;Flat buyers who have given money to developers should get their flats, government&#39;s sympathy is with the flat buyers,&quot; Finance Minister Arun Jaitley said at a press conference.

Hundreds of home buyers have been left in lurch - their investments stuck - after the National Company Law Tribunal (NCLT) admitted the bankers&#39; plea for initiating insolvency proceedings against Jaypee for defaulting 
on a Rs 526-crore loan.

On Monday, a top finance ministry official said the government was exploring whether it was legally tenable to sell other assets of the debt-ridden company to raise money to complete pending housing projects of the 
company.

&quot;The government is looking at ways to provide relief to Jaypee Infratech home buyers,&quot; the official said.

&quot;We will discuss with the corporate affairs ministry if bankruptcy code provides any legal ground for sale of other assets of companies to fund completion of pending projects.&quot;

The government also said it was considering the possibility of appointing a receiver or state agencies for the completion pending projects, where home buyers had paid money for booking flats.

&quot;We may have to take the legal way through the NCLT, which can pass an order to appoint an authority - may be a state agency - to sell assets of Jayee Infratech and with the money from sale of assets, the pending projects 
could be completed,&quot; he said.

Insolvency proceedings, he said, can continue simultaneously.

Last week, the Allahabad-bench of NCLT admitted insolvency plea of IDBI Bank relating to default of Rs 526 crore loan by Jaypee Infratech.

It appointed Anuj Jain the interim resolution professional (IRP) to carry out the proceedings under the Insolvency and Bankruptcy Code.

The implication of an interim resolution professional&#39;s appointment is that investors cannot sell, transfer or get possession of their flats under construction. There will also be a status quo on the execution of the registry of a 
property.

Jaypee Infratech, a part of the debt-ridden Jaypee group, has defaulted on Rs 526.11 crore outstanding loan to the IDBI.&nbsp;

The biggest incomplete project of Japyee is the mammoth Wish Town project in Delhi suburb Noida.

The company has reportedly handed over only 5,500 of the proposed 32,000 flats and 3,000 plots across 800 acres along the Noida-Greater Noida Expressway.&nbsp;

Hundreds of home buyers have been left in lurch - their investments stuck - after the insolvency proceedings against realty company Jaypee Infratech

Amid insolvency proceedings against debt-ridden realty company Jaypee Infratech comes Finance Minister Arun Jaitley's statement today (August 16) that the government sympathy is with flat buyers. "Flat buyers who have given money to developers should get their flats, government's sympathy is with the flat buyers," Finance Minister Arun Jaitley said at a press conference. Hundreds of home buyers have been left in lurch - their investments stuck - after the National Company Law Tribunal (NCLT) admitted the bankers' plea for initiating insolvency proceedings against Jaypee for defaulting on a Rs 526-crore loan. On Monday, a top finance ministry official said the government was exploring whether it was legally tenable to sell other assets of the debt-ridden company to raise money to complete pending housing projects of the company. "The government is looking at ways to provide relief to Jaypee Infratech home buyers," the official said. "We will discuss with the corporate affairs ministry if bankruptcy code provides any legal ground for sale of other assets of companies to fund completion of pending projects." The government also said it was considering the possibility of appointing a receiver or state agencies for the completion pending projects, where home buyers had paid money for booking flats. "We may have to take the legal way through the NCLT, which can pass an order to appoint an authority - may be a state agency - to sell assets of Jayee Infratech and with the money from sale of assets, the pending projects could be completed," he said. Insolvency proceedings, he said, can continue simultaneously. Last week, the Allahabad-bench of NCLT admitted insolvency plea of IDBI Bank relating to default of Rs 526 crore loan by Jaypee Infratech. It appointed Anuj Jain the interim resolution professional (IRP) to carry out the proceedings under the Insolvency and Bankruptcy Code. The implication of an interim resolution professional's appointment is that investors cannot sell, transfer or get possession of their flats under construction. There will also be a status quo on the execution of the registry of a property. Jaypee Infratech, a part of the debt-ridden Jaypee group, has defaulted on Rs 526.11 crore outstanding loan to the IDBI. The biggest incomplete project of Japyee is the mammoth Wish Town project in Delhi suburb Noida. The company has reportedly handed over only 5,500 of the proposed 32,000 flats and 3,000 plots across 800 acres along the Noida-Greater Noida Expressway.

Home buyers who have given money to developers should get flats: Arun Jaitley

Terrorists in the Kashmir Valley are now on the run and they cannot continue to terrorise people for decades, Defence Minister Arun Jaitley said today (August 13), maintaining that the government&#39;s priority was to clean up the Kashmir Valley of armed militants.

He said the terrorists in Kashmir were &quot;now under great pressure&quot; and the financial crunch caused by demonetisation and the action taken by National Investigation Agency (NIA) on illegal foreign fundings have checked illegal activities in Jammu and Kashmir in large scale.

&quot;Today no big militant can dream of committing terror acts and continue to terrorise the Valley for decades, but today their life shelf has dwindled to a few months. I will specifically praise the Jammu &amp; Kashmir police for working hard (towards eliminating terrorists),&quot; he said.

Jaitley said the country faced two serious threats -- one with respect to Jammu and Kashmir with maximum incidents happening from across the border, and second being the problem of naxalism in central parts of the country.

&quot;Since independence, Pakistan has never agreed that Kashmir is an integral part of India. That has been their unfinished agenda. They tried conventional war. But India&#39;s capability was way ahead in the conventional war. The wars of 1965, 1971 and Kargil clearly proved this,&quot; he said.

Jaitley said in the 1990s, they started changing their strategies and resorted to encouraging terrorism inside the country.

&quot;There is domination of our forces on the Line of Control (LoC) and the international border and it is difficult for terrorists to cross them,&quot; he said at the India TV Conclave &#39;Vande Mataram&#39;.

Jaitley, who was participating in a television programme,&nbsp;however, refrained from making any comment on the standoff between India and China in the Dokalam area near the Bhutan tri-junction, and said, &quot;let us have full faith on our security forces&quot;.

Asked&nbsp;about the beheading and mutilation of Indian security force personnel by Pakistan, the defence minister&nbsp;said, &quot;what happened after that, has been seen by everyone&quot;.

He was apparently referring to the surgical strike across the Line of Control (LoC) in Pakistan Occupied Kashmir after the incident.

Arun Jaitley said the forces were dominating the border with the help of technological tools. &quot;After surgical strikes in September last year, our forces are liquidating militants,&quot; he said.

The defence minister said that there was a move by the security forces to clean up the Valley of armed terrorists.

He said the money received by terrorists and other such groups has been squeezed after demonetisation and there has been the effect of the actions taken by the NIA against foreign funding allegedly used for subversive activities.

&quot;Whenever there was an encounter (earlier), hundreds and thousands would come out to throw stones. Many times, terrorists would escape under the protection of stone throwers. This is now becoming a history.

Those who were coming in hundred and thousands, today their number is limited to 20, 30 and 50. For the first time in the history, we have seen they have started looting banks,&quot; he said.

Jaitley said the terrorists are under tremendous pressure. &quot;They are on the run. Their number is also declining. Security forces are dominating them,&quot; he said.

He said India has been by and large free from the threat of the Islamic State.

&quot;There may be some isolated or exceptional incidents but there has been no influence in India,&quot; he said. 
 
The defence minister expressed concern over some instances glorifying the acts of terrorists or Maoists.

Referring to the shouting of anti-India slogans&nbsp;in Jawaharlal Nehru University last year, he expressed concern over the association of mainstream political parties with those raising such slogans.

The defence minister said a disturbing trend is coming up where efforts are being made to show the Indian state as helpless.

Asked about India&#39;s defence production, Jaitley said his ministry was working out ways to boost domestic production for the defence sector.

&quot;We want India to become a global power in the&nbsp;defence manufacturing sector, and towards that end, we are encouraging private players to come forward. We will, of course, also continue to strengthen our ordnance factories and defence PSUs,&quot; the minister said.&nbsp;

The defence minister said the financial crunch caused by demonetisation and the action taken by National Investigation Agency on illegal foreign fundings have checked illegal activities in Jammu and Kashmir in large scale

Terrorists in the Kashmir Valley are now on the run and they cannot continue to terrorise people for decades, Defence Minister Arun Jaitley said today (August 13), maintaining that the government's priority was to clean up the Kashmir Valley of armed militants. He said the terrorists in Kashmir were "now under great pressure" and the financial crunch caused by demonetisation and the action taken by National Investigation Agency (NIA) on illegal foreign fundings have checked illegal activities in Jammu and Kashmir in large scale. "Today no big militant can dream of committing terror acts and continue to terrorise the Valley for decades, but today their life shelf has dwindled to a few months. I will specifically praise the Jammu & Kashmir police for working hard (towards eliminating terrorists)," he said. Jaitley said the country faced two serious threats -- one with respect to Jammu and Kashmir with maximum incidents happening from across the border, and second being the problem of naxalism in central parts of the country. "Since independence, Pakistan has never agreed that Kashmir is an integral part of India. That has been their unfinished agenda. They tried conventional war. But India's capability was way ahead in the conventional war. The wars of 1965, 1971 and Kargil clearly proved this," he said. Jaitley said in the 1990s, they started changing their strategies and resorted to encouraging terrorism inside the country. "There is domination of our forces on the Line of Control (LoC) and the international border and it is difficult for terrorists to cross them," he said at the India TV Conclave 'Vande Mataram'. Jaitley, who was participating in a television programme, however, refrained from making any comment on the standoff between India and China in the Dokalam area near the Bhutan tri-junction, and said, "let us have full faith on our security forces". Asked about the beheading and mutilation of Indian security force personnel by Pakistan, the defence minister said, "what happened after that, has been seen by everyone". He was apparently referring to the surgical strike across the Line of Control (LoC) in Pakistan Occupied Kashmir after the incident. Arun Jaitley said the forces were dominating the border with the help of technological tools. "After surgical strikes in September last year, our forces are liquidating militants," he said. The defence minister said that there was a move by the security forces to clean up the Valley of armed terrorists. He said the money received by terrorists and other such groups has been squeezed after demonetisation and there has been the effect of the actions taken by the NIA against foreign funding allegedly used for subversive activities. "Whenever there was an encounter (earlier), hundreds and thousands would come out to throw stones. Many times, terrorists would escape under the protection of stone throwers. This is now becoming a history. Those who were coming in hundred and thousands, today their number is limited to 20, 30 and 50. For the first time in the history, we have seen they have started looting banks," he said. Jaitley said the terrorists are under tremendous pressure. "They are on the run. Their number is also declining. Security forces are dominating them," he said. He said India has been by and large free from the threat of the Islamic State. "There may be some isolated or exceptional incidents but there has been no influence in India," he said. The defence minister expressed concern over some instances glorifying the acts of terrorists or Maoists. Referring to the shouting of anti-India slogans in Jawaharlal Nehru University last year, he expressed concern over the association of mainstream political parties with those raising such slogans. The defence minister said a disturbing trend is coming up where efforts are being made to show the Indian state as helpless. Asked about India's defence production, Jaitley said his ministry was working out ways to boost domestic production for the defence sector. "We want India to become a global power in the defence manufacturing sector, and towards that end, we are encouraging private players to come forward. We will, of course, also continue to strengthen our ordnance factories and defence PSUs," the minister said.

Terrorists in Kashmir under great pressure, on the run: Arun Jaitley

Union finance minister Arun Jaitley, today, slammed the ruling LDF government in Kerala for the rise in political violence in the state.

Jaitley, who met the family members of slain RSS worker Rajesh Edavakode who was killed allegedly by CPI-M workers, said that awards would have been returned and campaigns started had such an attack happened in a BJP-ruled state. &nbsp;

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Let&#39;s assume if the kind of political violence in Kerala had taken place in BJP or NDA ruled state, what would&#39;ve happened?: FM Jaitley <a href="https://t.co/qbAb358bDq">pic.twitter.com/qbAb358bDq</a>
&mdash; ANI (@ANI_news) <a href="https://twitter.com/ANI_news/status/894152388482695168">August 6, 2017</a></blockquote>
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Awards would&#39;ve been returned,parl wouldn&#39;t have been allowed to function&amp;campaigns would&#39;ve been carried out within&amp;outside country:Jaitley <a href="https://t.co/eVBQVmmByp">pic.twitter.com/eVBQVmmByp</a>
&mdash; ANI (@ANI_news) <a href="https://twitter.com/ANI_news/status/894152558842830848">August 6, 2017</a></blockquote>
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Calling the attack on RSS worker barbaric, he said that even enemies won&#39;t inflict such brutality as those who are involved in the murder. He also added that such incidents will not suppress the party&#39;s ideology in Kerala.

&quot;Even enemies would not be as brutal as those who are involved in the murder.I visited the family of our deceased karyakarta, who was slaughtered in the most barbaric manner...he was an ideal karyakarta..This kind of violence will neither suppress ideology in Kerala nor it will be able to scare our workers. It will only increase their determination to work harder against those who are perpetuating this operation,&quot; Jaitley said.

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This kind of violence will neither suppress ideology in Kerala nor it will be able to scare our workers: Arun Jaitley in Thiruvananthapuram <a href="https://t.co/8Xm1QThBkQ">pic.twitter.com/8Xm1QThBkQ</a>
&mdash; ANI (@ANI_news) <a href="https://twitter.com/ANI_news/status/894102914611924992">August 6, 2017</a></blockquote>
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The union minister asked the state government to take swift action against recurrence of such incidents, ANI reported.

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I pray that this environment doesn&#39;t continue for long, hope state Govt takes action against recurrence of any such incident:Jaitley <a href="https://twitter.com/hashtag/Kerala?src=hash">#Kerala</a> <a href="https://t.co/CgyARcdN4v">pic.twitter.com/CgyARcdN4v</a>
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Kerala has been rocked by political clashes between CPI-M and BJP-RSS workers over the last one month in which 34-year old Rajesh lost his life.

Both RSS and BJP have asked for strict action against the perpetrators.

RSS joint general secretary Dattatreya Hosabale said that the Centre must intervene in the matter.

Union home minister <a href="http://www.wionews.com/south-asia/kerala-bjp-calls-for-statewide-strike-after-rss-worker-hacked-to-death-18388" target="_blank">Rajnath Singh had urged Kerala chief minister Pinarayi Vijayan to curb the political violence</a> in the state.

He said that even enemies won't inflict such brutality and such incidents won't deter party's workers

Union finance minister Arun Jaitley, today, slammed the ruling LDF government in Kerala for the rise in political violence in the state. Jaitley, who met the family members of slain RSS worker Rajesh Edavakode who was killed allegedly by CPI-M workers, said that awards would have been returned and campaigns started had such an attack happened in a BJP-ruled state. Let's assume if the kind of political violence in Kerala had taken place in BJP or NDA ruled state, what would've happened?: FM Jaitley pic.twitter.com/qbAb358bDq — ANI (@ANI_news) August 6, 2017 × Awards would've been returned,parl wouldn't have been allowed to function&campaigns would've been carried out within&outside country:Jaitley pic.twitter.com/eVBQVmmByp — ANI (@ANI_news) August 6, 2017 × Calling the attack on RSS worker barbaric, he said that even enemies won't inflict such brutality as those who are involved in the murder. He also added that such incidents will not suppress the party's ideology in Kerala. "Even enemies would not be as brutal as those who are involved in the murder.I visited the family of our deceased karyakarta, who was slaughtered in the most barbaric manner...he was an ideal karyakarta..This kind of violence will neither suppress ideology in Kerala nor it will be able to scare our workers. It will only increase their determination to work harder against those who are perpetuating this operation," Jaitley said. This kind of violence will neither suppress ideology in Kerala nor it will be able to scare our workers: Arun Jaitley in Thiruvananthapuram pic.twitter.com/8Xm1QThBkQ — ANI (@ANI_news) August 6, 2017 × The union minister asked the state government to take swift action against recurrence of such incidents, ANI reported. I pray that this environment doesn't continue for long, hope state Govt takes action against recurrence of any such incident:Jaitley #Kerala pic.twitter.com/CgyARcdN4v — ANI (@ANI_news) August 6, 2017 × Kerala has been rocked by political clashes between CPI-M and BJP-RSS workers over the last one month in which 34-year old Rajesh lost his life. Both RSS and BJP have asked for strict action against the perpetrators. RSS joint general secretary Dattatreya Hosabale said that the Centre must intervene in the matter. Union home minister Rajnath Singh had urged Kerala chief minister Pinarayi Vijayan to curb the political violence in the state.

Arun Jaitley slams LDF government in Kerala for failing to curb political violence

Senior advocate Ram Jethmalani in an explosive letter has claimed that Delhi chief minister Arvind Kejriwal &ldquo;used worse abuses than a mere crook&rdquo; for finance minister Arun Jaitley.

&quot;When Arun Jaitley filed the first suit and criminal case, you naturally sought my services. Ask your conscience how many times you used worse abuses than a mere &#39;crook&#39;. You have hundred times asked me to teach this crook a lesson,&quot; the lawyer said in a letter that he wrote to Kejriwal on July 20, a copy of which was uploaded on his <a href="http://ramjethmalanimp.blogspot.in/">blog</a>.

On May 18, Jethmalani had called the finance minister a &ldquo;crook&rdquo; in court, after which Jaitley had filed a fresh Rs 10-crore suit against Kejriwal.

The chief minister, however, clarified in the Delhi High Court that he had not asked Jethmalani to use derogatory and objectionable words against Jaitley.

&ldquo;That with due respect, it is submitted that neither the answering defendant nor the counsel briefing the senior counsel gave instructions to the learned senior counsel to use the objectionable words&hellip; The answering defendant vide letter July 19, 2017 has conveyed to the senior counsel directly that no instructions to use objectionable words were ever given by him at any point of time to the learned senior counsel,&rdquo; Kejriwal told the court in his reply to an application filed by Jaitley, according to the Indian Express.

On July 26th, Jethmalani quit as Kejriwal&rsquo;s lawyer.

&quot;The reason behind it is he has spoken a lie. He has gone and said that I have not given any instructions, but fact is he did and I have them recorded. I&#39;m not disappointed at all; I did all that I could do. If he does not pay me I don&#39;t mind, because I have fought for many for free. It does not make a difference if I lose one&quot;, Jethmalani told ANI.

Jaitley also alleged that he was asked scandalous questions and attempts were being made to delay the proceedings in the Rs 10 crore civil defamation suit, which he had filed against Kejriwal and five Aam Aadmi Party leaders in 2015.

 
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On May 18, Jethmalani had called the finance minister a 'crook' in court, after which Jaitley had filed a fresh Rs 10-crore suit against Kejriwal

Senior advocate Ram Jethmalani in an explosive letter has claimed that Delhi chief minister Arvind Kejriwal “used worse abuses than a mere crook” for finance minister Arun Jaitley. "When Arun Jaitley filed the first suit and criminal case, you naturally sought my services. Ask your conscience how many times you used worse abuses than a mere 'crook'. You have hundred times asked me to teach this crook a lesson," the lawyer said in a letter that he wrote to Kejriwal on July 20, a copy of which was uploaded on his blog. On May 18, Jethmalani had called the finance minister a “crook” in court, after which Jaitley had filed a fresh Rs 10-crore suit against Kejriwal. The chief minister, however, clarified in the Delhi High Court that he had not asked Jethmalani to use derogatory and objectionable words against Jaitley. “That with due respect, it is submitted that neither the answering defendant nor the counsel briefing the senior counsel gave instructions to the learned senior counsel to use the objectionable words… The answering defendant vide letter July 19, 2017 has conveyed to the senior counsel directly that no instructions to use objectionable words were ever given by him at any point of time to the learned senior counsel,” Kejriwal told the court in his reply to an application filed by Jaitley, according to the Indian Express. On July 26th, Jethmalani quit as Kejriwal’s lawyer. "The reason behind it is he has spoken a lie. He has gone and said that I have not given any instructions, but fact is he did and I have them recorded. I'm not disappointed at all; I did all that I could do. If he does not pay me I don't mind, because I have fought for many for free. It does not make a difference if I lose one", Jethmalani told ANI. Jaitley also alleged that he was asked scandalous questions and attempts were being made to delay the proceedings in the Rs 10 crore civil defamation suit, which he had filed against Kejriwal and five Aam Aadmi Party leaders in 2015.

You used worse abuses than 'crook' for Arun Jaitley: Jethmalani to Kejriwal

The G-20 (Group of 20)&nbsp;is an international forum which was formed with the purpose of establishing international cooperation on global economic and financial&nbsp;issues. The forum plays an important role in decision making on issues of international relevance.

G20 countries account for three-quarters of global trade. The G-20 countries produce more than&nbsp;80 per cent of the global economic&nbsp;output.&nbsp;

Around two-third&nbsp;of the global population lives in G-20 member countries.&nbsp;

The G-20 started in 1999 as a meeting of Finance Ministers and Central Bank Governors in the aftermath of the Asian financial crisis that sent shockwaves through the global economic community.

In 2008, the first G-20 Leaders&rsquo; Summit was held, and the group played a key role in responding to the global financial crisis that rattled world markets causing massive financial instabilty and leading to the collapse of financial institutions.&nbsp;Its decisive and coordinated actions boosted consumer and business confidence and supported the global&nbsp;economic recovery.&nbsp;

How it works 
Each year in December&nbsp;a different G-20 member country assumes presidency of the forum. To ensure continuity, the presidency is supported by a &ldquo;troika&rdquo; (Trio) made up of the current, immediate past and next host countries. Being an informal group, the group has no permanent secretariat.&nbsp;

The G-20 president is responsible for bringing together the G-20 agenda in consultation with other members and in response to developments in the global economy. The summit and the preparatory processes &ndash; often including more than 60 ministerial and working group meetings per year &ndash; are coordinated by the respective host country.

Members of G20 
The twenty members of the forum are :

<table border="0" cellpadding="1" cellspacing="1" style="width: 500px;">
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			<td>
			<ul>
				<li>Argentina</li>
				<li>Australia</li>
				<li>Brazil</li>
				<li>Canada</li>
				<li>China</li>
				<li>France</li>
				<li>Germany</li>
			</ul>
			</td>
			<td>
			<ul>
				<li>India</li>
				<li>Indonesia</li>
				<li>Italy</li>
				<li>Japan</li>
				<li>Republic of Korea</li>
				<li>Mexico</li>
				<li>Russia</li>
			</ul>
			</td>
			<td>
			<ul>
				<li>Saudi Arabia</li>
				<li>South Africa</li>
				<li>Turkey</li>
				<li>The United Kingdom</li>
				<li>The united States</li>
				<li>The European Union</li>
			</ul>
			</td>
		</tr>
	</tbody>
</table>

 
&nbsp;

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The map displays the member countries, which represent two-thirds of the world population (Image source: g20.org) (Others)
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At the invitation of each Presidency, international organisations also regularly attend the G20 meetings. These organisations include the International Labour Organisation (ILO), the International Monetary Fund (IMF), the Financial Stability Board (FSB), the World Bank (WB), the World Trade Organization (WTO), the Organisation for Economic Cooperation and Development (OECD) and the United Nations (UN). The German G20 Presidency has also invited the World Health Organisation (WHO) in 2017.

Spain attends the G-20 Summits as a permanent guest. The Presidency can also invite representatives of regional organisations and guests to the G-20 Summit.&nbsp;

India and G20

India has enacted a number of legislations and taken steps to tackle issues like black money, terror financing and food security which can be traced back to G-20. &nbsp;

For instance, India enacted the&nbsp;National Food Security Act with the objective to provide food and nutritional security by ensuring access to adequate quantity of food at affordable prices to people.&nbsp;

India stands to gain from G-20 knowledge sharing and best practices of improving food security without increasing water consumption to unsustainable levels. The same can then also form part of implementation under the National Water Policy of India.

G-20 has emerged as an important forum where global leaders come together to discuss issues of international significance. At a time, when countries like US are turning inwards and showing signs of protectionism, forums like G-20 have assumed all the more importance to steer the global economic community.&nbsp;&nbsp;&nbsp;

&nbsp;

G20 is an international informal forum where India has made the mark of an emerging economy which aspires to take the world along with it towards development

The G-20 (Group of 20) is an international forum which was formed with the purpose of establishing international cooperation on global economic and financial issues. The forum plays an important role in decision making on issues of international relevance. G20 countries account for three-quarters of global trade. The G-20 countries produce more than 80 per cent of the global economic output. Around two-third of the global population lives in G-20 member countries. The G-20 started in 1999 as a meeting of Finance Ministers and Central Bank Governors in the aftermath of the Asian financial crisis that sent shockwaves through the global economic community. In 2008, the first G-20 Leaders’ Summit was held, and the group played a key role in responding to the global financial crisis that rattled world markets causing massive financial instabilty and leading to the collapse of financial institutions. Its decisive and coordinated actions boosted consumer and business confidence and supported the global economic recovery. How it works Each year in December a different G-20 member country assumes presidency of the forum. To ensure continuity, the presidency is supported by a “troika” (Trio) made up of the current, immediate past and next host countries. Being an informal group, the group has no permanent secretariat. The G-20 president is responsible for bringing together the G-20 agenda in consultation with other members and in response to developments in the global economy. The summit and the preparatory processes – often including more than 60 ministerial and working group meetings per year – are coordinated by the respective host country. Members of G20 The twenty members of the forum are : Argentina Australia Brazil Canada China France Germany India Indonesia Italy Japan Republic of Korea Mexico Russia Saudi Arabia South Africa Turkey The United Kingdom The united States The European Union The map displays the member countries, which represent two-thirds of the world population (Image source: g20.org) (Others) × At the invitation of each Presidency, international organisations also regularly attend the G20 meetings. These organisations include the International Labour Organisation (ILO), the International Monetary Fund (IMF), the Financial Stability Board (FSB), the World Bank (WB), the World Trade Organization (WTO), the Organisation for Economic Cooperation and Development (OECD) and the United Nations (UN). The German G20 Presidency has also invited the World Health Organisation (WHO) in 2017. Spain attends the G-20 Summits as a permanent guest. The Presidency can also invite representatives of regional organisations and guests to the G-20 Summit. India and G20 India has enacted a number of legislations and taken steps to tackle issues like black money, terror financing and food security which can be traced back to G-20. For instance, India enacted the National Food Security Act with the objective to provide food and nutritional security by ensuring access to adequate quantity of food at affordable prices to people. India stands to gain from G-20 knowledge sharing and best practices of improving food security without increasing water consumption to unsustainable levels. The same can then also form part of implementation under the National Water Policy of India. G-20 has emerged as an important forum where global leaders come together to discuss issues of international significance. At a time, when countries like US are turning inwards and showing signs of protectionism, forums like G-20 have assumed all the more importance to steer the global economic community.

All you need to know about G-20

Finance Minister Arun Jaitley said India needed to evolve a mindset where paying taxes was the &quot;new normal&quot; in order to move from a developing nation to a developed one.

&quot;During the time of demonetisation I have said that India now needs to define the new normal. And the normal is whatever taxes I have to pay, I need to pay,&quot; the finance minister said while addressing the &quot;Chartered Accountants Day&quot; organised by The Institute of Chartered Accountants of India.

Remarking that it had &quot;become a norm to evade taxes&quot;, Arun Jaitley said the government could not keep lending money from various institutions and has to get money from the citizens in the form of taxes to run the country.

The government on rolled-out the milestone Goods and Services Tax (GST) across the country on Saturday, in what is being viewed as the biggest indirect tax reform in the country.

Arun Jaitley said it is time that India move from a developing to a developed economy and pointed out that there had been a tendency to evade taxes for decades.

He was referring to the protests after the 1 per cent levy on gold which was subsequently withdrawn. The same set of people welcomed GST Council&#39;s decision to tax gold at 3 per cent.

The finance minister said GST will strengthen economic structure and help formal economy to grow.

He said the current tax base was very low, where of the 130 crore population, only 78 lakh people showed income above Rs 5 lakh, of which 61 lakh are salaried people.

A total 80 lakh people - less than 1 per cent of the total population - were registered in indirect taxation under the three important categories - Service Tax, Value Added Tax and Excise Duty, Arun Jaitley said.

&quot;This is the top 1 per cent economic strata of the society, which says they don&#39;t know how to operate computer and hence I do not want to pay tax,&quot; Arun Jaitley said.

&quot;Please do something for the country - for the defence and development. Our system has been that not paying taxes is not wrong. No section can claim I have not paid taxes, so I will not pay.&quot;

&quot;The government which blinks will never be able to bring reforms. We are never scared to do any reform,&quot; he said.

The finance minister also said that he was hopeful that Jammu and Kashmir will clear GST soon.

 
&nbsp;

Arun Jaitley said it is time that India move from a developing to a developed economy and pointed out that there had been a tendency to evade taxes for decades.

Finance Minister Arun Jaitley said India needed to evolve a mindset where paying taxes was the "new normal" in order to move from a developing nation to a developed one. "During the time of demonetisation I have said that India now needs to define the new normal. And the normal is whatever taxes I have to pay, I need to pay," the finance minister said while addressing the "Chartered Accountants Day" organised by The Institute of Chartered Accountants of India. Remarking that it had "become a norm to evade taxes", Arun Jaitley said the government could not keep lending money from various institutions and has to get money from the citizens in the form of taxes to run the country. The government on rolled-out the milestone Goods and Services Tax (GST) across the country on Saturday, in what is being viewed as the biggest indirect tax reform in the country. Arun Jaitley said it is time that India move from a developing to a developed economy and pointed out that there had been a tendency to evade taxes for decades. He was referring to the protests after the 1 per cent levy on gold which was subsequently withdrawn. The same set of people welcomed GST Council's decision to tax gold at 3 per cent. The finance minister said GST will strengthen economic structure and help formal economy to grow. He said the current tax base was very low, where of the 130 crore population, only 78 lakh people showed income above Rs 5 lakh, of which 61 lakh are salaried people. A total 80 lakh people - less than 1 per cent of the total population - were registered in indirect taxation under the three important categories - Service Tax, Value Added Tax and Excise Duty, Arun Jaitley said. "This is the top 1 per cent economic strata of the society, which says they don't know how to operate computer and hence I do not want to pay tax," Arun Jaitley said. "Please do something for the country - for the defence and development. Our system has been that not paying taxes is not wrong. No section can claim I have not paid taxes, so I will not pay." "The government which blinks will never be able to bring reforms. We are never scared to do any reform," he said. The finance minister also said that he was hopeful that Jammu and Kashmir will clear GST soon.

Readiness to pay tax should be new normal in India: Arun Jaitley

Finance minister Arun Jaitley clarified on Thursday that it was not just the central government that had decided to bring in the Goods and Services Tax (GST) and all states and political parties that were a part of the decision-making process must attend the formal launch of the GST in Parliament on July 1.

&quot;I can&#39;t recall any discussion which has been more or greater than the one in the case of GST. Those who have been a party to this consultation and decision making process must also accept this is not a decision of the central government. It&#39;s equally a decision which 31 state governments and Union Territories have been a party to and these are representing various political complexions,&quot; the finance minister said.

&quot;Hope every political party will reconsider and revisit its decisions and be party to launch of massive reform to which they have themselves been privy to,&quot; Arun Jaitley said.&nbsp;

&quot;They must display broad shoulders and own up this decision. Symbolic boycotts are not evidence of any kind of disassociation from these decisions,&quot; he added.

&quot;I can say this without fear of contradiction that there has never been this (kind of) exercise, of this kind of political consultation and political consensus in bringing the GST,&quot; he said.

The finance minister&#39;s statements come after political parties like the Congress, Trinamool Congress, the RJD, the Left and the DMK said they would boycott the launch ceremony.

Union Minister Venkaiah Naidu concurred, saying &quot;symbolic boycotts are not evidence of any dissociation from these decisions&quot;.

Venkaiah Naidu said he did not understand why the Congress was boycotting the GST session.

&quot;Did GST come suddenly? Is it being rolled out without discussion? No. I can&#39;t understand the reason,&quot; Venkaiah Naidu said. &quot;GST is Indian Economy&#39;s Tryst with Destiny. It is the biggest reform after independence.&quot;

The historic Central Hall of Parliament will host a midnight function on June 30 to launch India&rsquo;s biggest tax overhaul since independence.

The Congress has&nbsp;objected&nbsp;to the fact that PM Modi and not President Pranab Mukherjee will launch GST.&nbsp;

The GST Bill was piloted by Pranab Mukherjee when he was the finance minister in the UPA regime.

Trinamool Congress chief Mamata Banerjee claims&nbsp;the economy is not yet ready to face the GST roll-out from July 1. In a Facebook post on Wednesday, the West Bengal Chief Minister claimed that&nbsp;it would take at least six more months to notify all rules and procedures and give enough time to the stakeholders for successfully implementing the landmark tax reform.

RJD chief Lalu Prasad announced today that his party will boycott the launch, claiming that the &#39;Centre has changed it&#39;.

&quot;RJD has supported the GST earlier but later it was found that the BJP-led government at the Centre has changed it. We will not be part of it,&quot; he said.

The DMK said today it will boycott the launch since &quot;it&nbsp;is only a function to announce a new tax law&quot; and similar functions were not held when banks and insurance companies were nationalised and other landmark bills passed.

&nbsp;

The finance minister clarified that GST was not just a decision of the central government and was equally a decision of 31 state governments and Union Territories

Finance minister Arun Jaitley clarified on Thursday that it was not just the central government that had decided to bring in the Goods and Services Tax (GST) and all states and political parties that were a part of the decision-making process must attend the formal launch of the GST in Parliament on July 1. "I can't recall any discussion which has been more or greater than the one in the case of GST. Those who have been a party to this consultation and decision making process must also accept this is not a decision of the central government. It's equally a decision which 31 state governments and Union Territories have been a party to and these are representing various political complexions," the finance minister said. "Hope every political party will reconsider and revisit its decisions and be party to launch of massive reform to which they have themselves been privy to," Arun Jaitley said. "They must display broad shoulders and own up this decision. Symbolic boycotts are not evidence of any kind of disassociation from these decisions," he added. "I can say this without fear of contradiction that there has never been this (kind of) exercise, of this kind of political consultation and political consensus in bringing the GST," he said. The finance minister's statements come after political parties like the Congress, Trinamool Congress, the RJD, the Left and the DMK said they would boycott the launch ceremony. Union Minister Venkaiah Naidu concurred, saying "symbolic boycotts are not evidence of any dissociation from these decisions". Venkaiah Naidu said he did not understand why the Congress was boycotting the GST session. "Did GST come suddenly? Is it being rolled out without discussion? No. I can't understand the reason," Venkaiah Naidu said. "GST is Indian Economy's Tryst with Destiny. It is the biggest reform after independence." The historic Central Hall of Parliament will host a midnight function on June 30 to launch India’s biggest tax overhaul since independence. The Congress has objected to the fact that PM Modi and not President Pranab Mukherjee will launch GST. The GST Bill was piloted by Pranab Mukherjee when he was the finance minister in the UPA regime. Trinamool Congress chief Mamata Banerjee claims the economy is not yet ready to face the GST roll-out from July 1. In a Facebook post on Wednesday, the West Bengal Chief Minister claimed that it would take at least six more months to notify all rules and procedures and give enough time to the stakeholders for successfully implementing the landmark tax reform. RJD chief Lalu Prasad announced today that his party will boycott the launch, claiming that the 'Centre has changed it'. "RJD has supported the GST earlier but later it was found that the BJP-led government at the Centre has changed it. We will not be part of it," he said. The DMK said today it will boycott the launch since "it is only a function to announce a new tax law" and similar functions were not held when banks and insurance companies were nationalised and other landmark bills passed.

Parties privy to reform, must attend launch: Arun Jaitley on GST ceremony boycott

Indian defence minister Arun Jaitley on Wednesday co-chaired the first meeting of India-Russia Joint Committee on Science and Technology Cooperation with &nbsp;Russian deputy prime minister Dmitry Rogozin and identified several key areas to step-up cooperation between the two countries in sectors like space and marine technologies, IT and deep ocean engineering.

The meeting was held in the Siberian city of Novosibirsk.

&quot;We recognise that in today&#39;s fast moving world of technological innovation and information driven business models, manufacturing can thrive only if we are able to establish a symbiotic relationship between innovation and enterprise,&quot; Jaitley said while addressing the forum., PTI reported.

Jaitley also said the new mechanism will further energise the bilateral partnership as it will help in opening up advanced areas of cooperation, benefitting the future generations,

India is reportedly considering to launch a nano satellite of Samara State University on an Indian launch vehicle.

Jaitley, who is on a three-day visit to Russia, will now travel to Moscow to co-chair India-Russia Inter Governmental Commission on Military Technological Cooperation on June 23.

&nbsp;

&nbsp;

Arun Jaitley is on a three-day visit to Russia to co-chair meetings of the India-Russia Joint Committee on Science and Technology Cooperation and the India-Russia Inter Governmental Commission on Military Technological Cooperation

Indian defence minister Arun Jaitley on Wednesday co-chaired the first meeting of India-Russia Joint Committee on Science and Technology Cooperation with Russian deputy prime minister Dmitry Rogozin and identified several key areas to step-up cooperation between the two countries in sectors like space and marine technologies, IT and deep ocean engineering. The meeting was held in the Siberian city of Novosibirsk. "We recognise that in today's fast moving world of technological innovation and information driven business models, manufacturing can thrive only if we are able to establish a symbiotic relationship between innovation and enterprise," Jaitley said while addressing the forum., PTI reported. Jaitley also said the new mechanism will further energise the bilateral partnership as it will help in opening up advanced areas of cooperation, benefitting the future generations, India is reportedly considering to launch a nano satellite of Samara State University on an Indian launch vehicle. Jaitley, who is on a three-day visit to Russia, will now travel to Moscow to co-chair India-Russia Inter Governmental Commission on Military Technological Cooperation on June 23.

Jaitley to focus on defence, science and technology during Russia visit

The GST Council, in its 17th meeting, decided to give a relaxation of two months to file returns taking into consideration any lack of preparedness.

&quot;To obviate any lack of preparedness, a slight relaxation of time for two months -- July-August -- has been given. From September, strict adherence to time will go on,&quot; Finance Minister Arun Jaitley told reporters here today.

The decision comes in the wake of industry asking for the deferment of the indirect tax regime

The Council also decided to tax hotels costing above Rs 7,500 at 28 per cent from the earlier Rs 5,000. This would mean hotels costing between Rs 2,500-7,500 will be taxed at 18 per cent.

The Council decided to tax the state-run lotteries at 12 per cent while the state-authorised ones at 28 per cent.&nbsp;

In a major move, the Coucil cleared the anti-profiteering rules as well.

&quot;I hope we are not compelled to use it (anti- profiteering),&quot; Jaitley added.

GST will come into effect on the midnight of June 30 and July 1.

(With inputs from PTI)

The decision to relax the rules regarding return filing were taken in consideration of any lack of preparedness

The GST Council, in its 17th meeting, decided to give a relaxation of two months to file returns taking into consideration any lack of preparedness. "To obviate any lack of preparedness, a slight relaxation of time for two months -- July-August -- has been given. From September, strict adherence to time will go on," Finance Minister Arun Jaitley told reporters here today. The decision comes in the wake of industry asking for the deferment of the indirect tax regime The Council also decided to tax hotels costing above Rs 7,500 at 28 per cent from the earlier Rs 5,000. This would mean hotels costing between Rs 2,500-7,500 will be taxed at 18 per cent. The Council decided to tax the state-run lotteries at 12 per cent while the state-authorised ones at 28 per cent. In a major move, the Coucil cleared the anti-profiteering rules as well. "I hope we are not compelled to use it (anti- profiteering)," Jaitley added. GST will come into effect on the midnight of June 30 and July 1. (With inputs from PTI)

GST Council relaxes return filing rules for July-August period

It is only recently that I noticed that primetime debates on TV have now become &#39;superprimetime&#39;. There is more frothing and foaming, more hot air and histrionics. And what better topic for such super-frothing than Kashmir (and by extension &#39;Pakistani-hand&#39;, &#39;proxy war&#39;)! Also, I hear now, watching this spectacle has become a habit for many Kashmiris as they watch Timesnow&#39;s &quot;The Newshour&quot; at dinner time.

In one such superprimetime show, something interesting happened. News was pouring in that Major Gogoi had been hailed as a hero by the Army, and Defence Minister Jaitley defended and lauded the army, placing it above the scrutiny of Parliament. Reacting to this, the Kashmiri speaker on the show says, &#39;you have done countless atrocities on us and hence Kashmiris do not expect any justice from you. Nor did they expect anything good from Major Gogoi&#39;.

The anchor asks: &#39;who is this &#39;you&#39;, are you not an Indian? Tell us, do you hold an Indian passport or not?&#39;

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<h5>The anchor asks: &#39;who is this &#39;you&#39;, are you not an Indian? Tell us, do you hold an Indian passport or not?&#39;</h5>
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For some reason, this question about passport seems to backfoot the two Kashmiris as they now look somewhat frazzled. The anchor hollers again: &#39;Holding an Indian passport, how can you attack this country?&#39; The pronouncement is made: &#39;You are hypocritical. You Kashmiris want the benefits of being an Indian, you take money and resources, but you attack India - such a hypocrite.&#39;

The two Kashmiri panelists persist in outlining the horrors committed by the Indian army, but then the anchor, thinking she has found the best way to corner these Kashmiris, repeats the same question: &#39;Tell us, you are an Indian or not? Which passport do you carry?&#39;

But then this time, things turn around.

To start with, the &#39;are you Indian?&#39; did not go unanswered. The response was: &#39;I am a Kashmiri&#39;. No reference to India, or &lsquo;Indian&rsquo;. Then when needled further: &#39;I am a Kashmiri, first and last&#39;. Then, &#39;I am a proud Kashmiri, first and last&#39;. This is when something interesting happened.

Instead of an answer, the Kashmiri panelist threw a counter-question: &#39;are you a gau rakshak?&#39; He turned the screw further: &#39;you tell me first, are you a gau rakshak, and then I will reply to you if I am an Indian.&#39; This was a major turning point in the debate.

The other panelists soon started fumbling, and the Kashmiri panelists then walked out of the debate. The anchor kept repeating, &#39;this debate is not about gau rakshaks, please let us not trivialise the debate - it is about Major Gogoi...&#39;

That one question changed everything.

What happened was that the claim of an expansive Indian citizenship or identity which has been benevolently extended to the &#39;hypocritical&#39;, &#39;ungrateful&#39; Kashmiris fell flat. The Kashmiri was able to force out the truth of the &#39;Indian First&#39; rhetoric. The only &#39;true Indian&#39; is the gau rakshak. So, first the Indian must denounce gau rakshaks, say you are not one of them, then we can perhaps talk. Otherwise, if the Indian is a gau rakshak, then every Kashmiri might very well be a stone-pelter.

So I, the Kashmiri, might be holding the Indian passport, but that is my tragedy, my condition, as I am being forced to fit into a citizenship modeled on the ethos and values of a gau rakshak - notwithstanding your secular, democratic constitution and suchlike tall declarations by Modi and whoever is in power. Hence I better remain what you accuse me of - a stone pelter.

India&#39;s pride of being a democracy, unlike &#39;sectarian Pakistan&#39; which has &#39;no place for minorities&#39;, stood undermined. That question implies an equivalence between Pakistan and India - the last thing the Indian nationalist wants. The nationalist Indian wants to be seen upholding the supposedly non-sectarian notion of &#39;we are Indians first&#39; while he secretly nurtures and cultivates the gau rakshak.

But what if the Indian is not a gau rakshak? Does Kashmir then want to be part of secular India?

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<h5>Gandhi exclaimed: &#39;Sir Akbar is wrong. I will ask them to shoot me first, before one Naga is shot!&#39;&quot;</h5>
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And here we can only recall Mahatma Gandhi&#39;s promise to the Nagas. Phizo, the Naga leader, tells us that Gandhi told him in 1947 that the Nagas are totally free not to be part of India. Gandhi said, &quot;If you do not wish to join the union of India, nobody will force you to do that. When the Naga delegates pointed out that the Governor, Sir Akbar Hydari was threatening to do exactly that, Gandhi exclaimed: &#39;Sir Akbar is wrong. I will ask them to shoot me first, before one Naga is shot!&#39;&quot;

Gandhi&#39;s promise not only remained unfulfilled, but his last sentence uncannily became a prediction of what was to come: the killing of Gandhi himself and (then) of Nagas, Kashmiris, and also of rebel peasants of Telangana (1948-50) by the newly independent secular democratic Indian republic under Nehru. The saga continues, from Nehru to Modi. Do we see a Congresss-BJP continuum at this level?&nbsp;

Do we see the secular nationalist and communal nationalist sharing something like the same &lsquo;deep state&rsquo; when it comes to separatist movements? UAPA, POTA, TADA, AFSPA are like the continuing inner heartbeat of Indian democracy, connecting all political parties and the respective governments in one common thread.

No matter what the ideological orientation of the regime, allowing the creation of another nation-state is an absolute no-no. This is common to India and Pakistan, as well as to Spain (the Basque), Russia&rsquo;s attitude towards Chechnya, or Turkey&rsquo;s towards Kurdistan today. If at all new nation-states are formed, like in the case of ex-Yugoslavia, the process seems inseparable from Balkanisation, another horror.

Perhaps the formation of East Timor in 1999 or Kosovo in 2008 was an exception. What this shows is those different variations of the &#39;gau rakshak model&#39;, or of the same sadness-inducing deep state across regimes seem to dominate almost every country. The world cries like a river.

No matter what the ideological orientation of the regime, allowing the creation of another nation-state is an absolute no-no.

It is only recently that I noticed that primetime debates on TV have now become 'superprimetime'. There is more frothing and foaming, more hot air and histrionics. And what better topic for such super-frothing than Kashmir (and by extension 'Pakistani-hand', 'proxy war')! Also, I hear now, watching this spectacle has become a habit for many Kashmiris as they watch Timesnow's "The Newshour" at dinner time. In one such superprimetime show, something interesting happened. News was pouring in that Major Gogoi had been hailed as a hero by the Army, and Defence Minister Jaitley defended and lauded the army, placing it above the scrutiny of Parliament. Reacting to this, the Kashmiri speaker on the show says, 'you have done countless atrocities on us and hence Kashmiris do not expect any justice from you. Nor did they expect anything good from Major Gogoi'. The anchor asks: 'who is this 'you', are you not an Indian? Tell us, do you hold an Indian passport or not?' The anchor asks: 'who is this 'you', are you not an Indian? Tell us, do you hold an Indian passport or not?' × For some reason, this question about passport seems to backfoot the two Kashmiris as they now look somewhat frazzled. The anchor hollers again: 'Holding an Indian passport, how can you attack this country?' The pronouncement is made: 'You are hypocritical. You Kashmiris want the benefits of being an Indian, you take money and resources, but you attack India - such a hypocrite.' The two Kashmiri panelists persist in outlining the horrors committed by the Indian army, but then the anchor, thinking she has found the best way to corner these Kashmiris, repeats the same question: 'Tell us, you are an Indian or not? Which passport do you carry?' But then this time, things turn around. To start with, the 'are you Indian?' did not go unanswered. The response was: 'I am a Kashmiri'. No reference to India, or ‘Indian’. Then when needled further: 'I am a Kashmiri, first and last'. Then, 'I am a proud Kashmiri, first and last'. This is when something interesting happened. Instead of an answer, the Kashmiri panelist threw a counter-question: 'are you a gau rakshak?' He turned the screw further: 'you tell me first, are you a gau rakshak, and then I will reply to you if I am an Indian.' This was a major turning point in the debate. The other panelists soon started fumbling, and the Kashmiri panelists then walked out of the debate. The anchor kept repeating, 'this debate is not about gau rakshaks, please let us not trivialise the debate - it is about Major Gogoi...' That one question changed everything. What happened was that the claim of an expansive Indian citizenship or identity which has been benevolently extended to the 'hypocritical', 'ungrateful' Kashmiris fell flat. The Kashmiri was able to force out the truth of the 'Indian First' rhetoric. The only 'true Indian' is the gau rakshak. So, first the Indian must denounce gau rakshaks, say you are not one of them, then we can perhaps talk. Otherwise, if the Indian is a gau rakshak, then every Kashmiri might very well be a stone-pelter. So I, the Kashmiri, might be holding the Indian passport, but that is my tragedy, my condition, as I am being forced to fit into a citizenship modeled on the ethos and values of a gau rakshak - notwithstanding your secular, democratic constitution and suchlike tall declarations by Modi and whoever is in power. Hence I better remain what you accuse me of - a stone pelter. India's pride of being a democracy, unlike 'sectarian Pakistan' which has 'no place for minorities', stood undermined. That question implies an equivalence between Pakistan and India - the last thing the Indian nationalist wants. The nationalist Indian wants to be seen upholding the supposedly non-sectarian notion of 'we are Indians first' while he secretly nurtures and cultivates the gau rakshak. But what if the Indian is not a gau rakshak? Does Kashmir then want to be part of secular India? Gandhi exclaimed: 'Sir Akbar is wrong. I will ask them to shoot me first, before one Naga is shot!'" × And here we can only recall Mahatma Gandhi's promise to the Nagas. Phizo, the Naga leader, tells us that Gandhi told him in 1947 that the Nagas are totally free not to be part of India. Gandhi said, "If you do not wish to join the union of India, nobody will force you to do that. When the Naga delegates pointed out that the Governor, Sir Akbar Hydari was threatening to do exactly that, Gandhi exclaimed: 'Sir Akbar is wrong. I will ask them to shoot me first, before one Naga is shot!'" Gandhi's promise not only remained unfulfilled, but his last sentence uncannily became a prediction of what was to come: the killing of Gandhi himself and (then) of Nagas, Kashmiris, and also of rebel peasants of Telangana (1948-50) by the newly independent secular democratic Indian republic under Nehru. The saga continues, from Nehru to Modi. Do we see a Congresss-BJP continuum at this level? Do we see the secular nationalist and communal nationalist sharing something like the same ‘deep state’ when it comes to separatist movements? UAPA, POTA, TADA, AFSPA are like the continuing inner heartbeat of Indian democracy, connecting all political parties and the respective governments in one common thread. No matter what the ideological orientation of the regime, allowing the creation of another nation-state is an absolute no-no. This is common to India and Pakistan, as well as to Spain (the Basque), Russia’s attitude towards Chechnya, or Turkey’s towards Kurdistan today. If at all new nation-states are formed, like in the case of ex-Yugoslavia, the process seems inseparable from Balkanisation, another horror. Perhaps the formation of East Timor in 1999 or Kosovo in 2008 was an exception. What this shows is those different variations of the 'gau rakshak model', or of the same sadness-inducing deep state across regimes seem to dominate almost every country. The world cries like a river.

The challenges of being an Indian

Indian Finance Minister Arun Jaitley clarified on Monday that the federal government would not fund farmers&#39; loans waived by the state government.

The finance minister&#39;s statement comes a day after the Maharashtra government waived farmers&#39; loans.

Asked about the Maharashtra government&#39;s decision, Arun Jaitley made it clear that there will be no funding by the federal government.

&quot;I have already made the position clear that states which want to go in for these kind of schemes (farm loan waivers) will have to generate them from their own resources. Beyond that the central government has nothing more to say,&quot; Arun Jaitley said.

Farmers in Madhya Pradesh have also demanded against relief from debt, sparking violent protests in the state.

Uttar Pradesh was the first state this year to announce a whopping Rs 36,359 crore farm debt waiver for small and marginal farmers.

Farmers in many states across the country are in distress because of sharp fall in prices in both domestic and global market.&nbsp;

Reserve Bank Governor Urjit Patel has already cautioned against loan waiver, and warned that the fiscal situation will go out of hand and may lead to inflation if the states continue with waivers.

&quot;The risk of fiscal slippages, which by and large can entail inflationary spillovers, has risen with the announcements of large farm loan waivers,&quot; the RBI said in its second bi-monthly monetary policy review for 2017-18 announced last week. 
 
(WION)

The finance minister's statement comes a day after the Maharashtra government waived farmers' loans

Indian Finance Minister Arun Jaitley clarified on Monday that the federal government would not fund farmers' loans waived by the state government. The finance minister's statement comes a day after the Maharashtra government waived farmers' loans. Asked about the Maharashtra government's decision, Arun Jaitley made it clear that there will be no funding by the federal government. "I have already made the position clear that states which want to go in for these kind of schemes (farm loan waivers) will have to generate them from their own resources. Beyond that the central government has nothing more to say," Arun Jaitley said. Farmers in Madhya Pradesh have also demanded against relief from debt, sparking violent protests in the state. Uttar Pradesh was the first state this year to announce a whopping Rs 36,359 crore farm debt waiver for small and marginal farmers. Farmers in many states across the country are in distress because of sharp fall in prices in both domestic and global market. Reserve Bank Governor Urjit Patel has already cautioned against loan waiver, and warned that the fiscal situation will go out of hand and may lead to inflation if the states continue with waivers. "The risk of fiscal slippages, which by and large can entail inflationary spillovers, has risen with the announcements of large farm loan waivers," the RBI said in its second bi-monthly monetary policy review for 2017-18 announced last week. (WION)

States will have to generate own resources for farm waivers: Finance Minister

Union Finance Minister Arun Jaitley on Monday sued Delhi Chief Minister Arvind Kejriwal under an additional defamation suit worth Rs&nbsp;10 crore, after the latter&#39;s counsel Ram Jethmalani confirmed that Jaitley was called a &quot;crook&quot;&nbsp;after being instructed by his client to do so.

The fresh suit was filed today in the Delhi High Court after Jethmalani accused Jaitley of being &quot;guilty of crimes and crookery&quot;. Earlier on Thursday, amid&nbsp;an ongoing tense round of cross-questioning between Jailtey and Jethmalani, the former was perturbed after being referred to as a &quot;crook&quot;&nbsp;by the 93-year-old veteran lawyer, in his defamation case against the Aam Aadmi Party (AAP) convener, resulting in a verbal spat between the two parties.

Baffled by the &quot;abuse&quot;&nbsp;hurled at him, Jaitley further demanded a clarification from the senior counsel whether this was the result of a personal tiff, to which Jethmalani clarified that the term was used under the instructions of Kejriwal. Developing on this premise, senior advocates Rajiv Nayar and Sandeep Sethi, who were representing Jaitley, alleged that the matter was transcribed as a duel between Jaitley and Jethmalani, rather than Jaitley and Kejriwal.

Jaitley had filed a criminal defamation complaint against Kejriwal and five other AAP leaders for allegedly defaming him in the Patiala House Court, while a civil defamation case was filed in the Delhi High Court.

Jaitley had also filed the suit seeking Rs 10 crore in damages after Kejriwal and five other AAP leaders accused him of alleged irregularities and financial bungling in the Delhi and District Cricket Association, of which Jaitley was the president for about 13 years until 2013.

Earlier in March, in a major jolt to Kejriwal, a Delhi Court put the former on trial in the criminal defamation case. The court had also framed a notice against Kejriwal and other AAP leaders in this case.

Chief Metropolitan Magistrate Sumit Dass framed defamation notice against Kejriwal and other AAP leaders. Meanwhile, Kejriwal and other AAP leaders have pleaded not guilty and claimed trial.

The hearing regarding the fresh suit is likely to take place in the Delhi High Court on Tuesday.

(ANI)&nbsp;

The fresh suit was filed in the Delhi high court

Union Finance Minister Arun Jaitley on Monday sued Delhi Chief Minister Arvind Kejriwal under an additional defamation suit worth Rs 10 crore, after the latter's counsel Ram Jethmalani confirmed that Jaitley was called a "crook" after being instructed by his client to do so. The fresh suit was filed today in the Delhi High Court after Jethmalani accused Jaitley of being "guilty of crimes and crookery". Earlier on Thursday, amid an ongoing tense round of cross-questioning between Jailtey and Jethmalani, the former was perturbed after being referred to as a "crook" by the 93-year-old veteran lawyer, in his defamation case against the Aam Aadmi Party (AAP) convener, resulting in a verbal spat between the two parties. Baffled by the "abuse" hurled at him, Jaitley further demanded a clarification from the senior counsel whether this was the result of a personal tiff, to which Jethmalani clarified that the term was used under the instructions of Kejriwal. Developing on this premise, senior advocates Rajiv Nayar and Sandeep Sethi, who were representing Jaitley, alleged that the matter was transcribed as a duel between Jaitley and Jethmalani, rather than Jaitley and Kejriwal. Jaitley had filed a criminal defamation complaint against Kejriwal and five other AAP leaders for allegedly defaming him in the Patiala House Court, while a civil defamation case was filed in the Delhi High Court. Jaitley had also filed the suit seeking Rs 10 crore in damages after Kejriwal and five other AAP leaders accused him of alleged irregularities and financial bungling in the Delhi and District Cricket Association, of which Jaitley was the president for about 13 years until 2013. Earlier in March, in a major jolt to Kejriwal, a Delhi Court put the former on trial in the criminal defamation case. The court had also framed a notice against Kejriwal and other AAP leaders in this case. Chief Metropolitan Magistrate Sumit Dass framed defamation notice against Kejriwal and other AAP leaders. Meanwhile, Kejriwal and other AAP leaders have pleaded not guilty and claimed trial. The hearing regarding the fresh suit is likely to take place in the Delhi High Court on Tuesday. (ANI)

Jaitley sues Kejriwal for additional Rs 10 crore

India has finalised four tax rates that will apply to services including telecoms, insurance, hotels and restaurants under the new Goods and Services Tax (GST) which should be rolled out on July 1, Finance Minister Arun Jaitley said on Friday.

The tax rates for services will be 5, 12, 18 and 28 percent - in line with those applying to goods.

Telecoms and financial services will be taxed at a standard rate of 18 percent while transport services will be taxed at 5 percent, Jaitley said.

&quot;The net effect of Goods and Services Tax will not be inflationary,&quot; Jaitley told reporters after a meeting of the GST Council in Srinagar, summer capital of Jammu and Kashmir state.

The council, comprising federal and state finance ministers, fixed rates on Thursday for more than 1,200 items under the GST, amid demands by some states to keep essential items under the lower tax category.

The new tax is likely to be non-inflationary as the government has kept a majority of food items, with a combined weighting of nearly 50 percent in the consumer price index, out of the tax net.

Basic food items like cereals, eggs and meat will attract zero tax while processed food items will be charged between 12 and 28 percent.&nbsp;

The long-awaited Goods and Services Tax has been hailed as India&#39;s biggest tax overhaul since independence in 1947. It will replace a slew of federal and state levies, transforming Asia&#39;s third largest economy into a single market.

&quot;GST regime will usher in lower taxes, seamless input tax credit, logistics savings and market share swings from unorganised to organised players,&quot; said Aditya Narain, Research head at Edelweiss Securities Ltd.&nbsp;

Prime Minister Narendra Modi, who completes three years of his term this month, had said the new tax will not cause price rises, while aiming to bring down tax leakages in the complex tax system.

(Reuters)

India's finance minister said the new rates should be implemented from July 1

India has finalised four tax rates that will apply to services including telecoms, insurance, hotels and restaurants under the new Goods and Services Tax (GST) which should be rolled out on July 1, Finance Minister Arun Jaitley said on Friday. The tax rates for services will be 5, 12, 18 and 28 percent - in line with those applying to goods. Telecoms and financial services will be taxed at a standard rate of 18 percent while transport services will be taxed at 5 percent, Jaitley said. "The net effect of Goods and Services Tax will not be inflationary," Jaitley told reporters after a meeting of the GST Council in Srinagar, summer capital of Jammu and Kashmir state. The council, comprising federal and state finance ministers, fixed rates on Thursday for more than 1,200 items under the GST, amid demands by some states to keep essential items under the lower tax category. The new tax is likely to be non-inflationary as the government has kept a majority of food items, with a combined weighting of nearly 50 percent in the consumer price index, out of the tax net. Basic food items like cereals, eggs and meat will attract zero tax while processed food items will be charged between 12 and 28 percent. The long-awaited Goods and Services Tax has been hailed as India's biggest tax overhaul since independence in 1947. It will replace a slew of federal and state levies, transforming Asia's third largest economy into a single market. "GST regime will usher in lower taxes, seamless input tax credit, logistics savings and market share swings from unorganised to organised players," said Aditya Narain, Research head at Edelweiss Securities Ltd. Prime Minister Narendra Modi, who completes three years of his term this month, had said the new tax will not cause price rises, while aiming to bring down tax leakages in the complex tax system. (Reuters)

India finalises four GST rates

The Goods and Service Tax (GST) Council meeting to deliberate on tax rates is underway in Srinagar&#39;s Sher-i-Kashmir International Conference Centre.

The meeting is being attended by the finance ministers of all the states and union territories.

The meeting is being chaired by union finance minister Arun Jaitley.

The 14th GST meeting in Srinagar comes in the wake of ongoing unrest in the valley.

The Mehbooba Mufti-led government in the state of Jammu and Kashmir is keen on being a part of the GST framework which will subsume all indirect taxes into a single tax.

The Jammu and Kashmir government will call a special session of the state assembly to pass a GST-related legislation to pave the way for its implementation, reported NDTV. &nbsp;

The GST Council will meet for the next two days to include goods and services in the 5, 12, 18 or 28 per cent tax bracket.

It is expected to kick off from July 1 this year.

(WION with inputs from ANI)

The 14th GST meeting in Srinagar comes in the wake of ongoing unrest in the valley

The Goods and Service Tax (GST) Council meeting to deliberate on tax rates is underway in Srinagar's Sher-i-Kashmir International Conference Centre. The meeting is being attended by the finance ministers of all the states and union territories. The meeting is being chaired by union finance minister Arun Jaitley. The 14th GST meeting in Srinagar comes in the wake of ongoing unrest in the valley. The Mehbooba Mufti-led government in the state of Jammu and Kashmir is keen on being a part of the GST framework which will subsume all indirect taxes into a single tax. The Jammu and Kashmir government will call a special session of the state assembly to pass a GST-related legislation to pave the way for its implementation, reported NDTV. The GST Council will meet for the next two days to include goods and services in the 5, 12, 18 or 28 per cent tax bracket. It is expected to kick off from July 1 this year. (WION with inputs from ANI)

GST Council meets in Srinagar

The world often wondered, how did Donald Trump win the US election. Well, he won through bullshitting.&nbsp;

Tired, scared and struggling from job loss, declining wages and endless military engagement in the Middle East, the American citizens bought into Trump&rsquo;s endless bullshit on illegal immigration. Courtesy the rhetoric used during the election campaign, America&rsquo;s economic revival suddenly became contingent on issues related to immigration. Migrants, legal or otherwise, Trump argued, is taking away jobs of Americans. It is the economic rights of Americans he professed to protect, and pleaded votes based on the claim.

It is about time that we decode the presidential bullshit on immigrants and their role (or lack of it) in the American life. Of course, by now as protestations flowed from the IT sector, Trump has learned to hammer down only on illegal immigrants, blaming them for all of the country&rsquo;s ills, from crime to depleted national resources. As far as foreign professionals are concerned, the president sounds more welcoming. Beneath the differential approach, however, lurks a greater danger: the President is cooking up a binary between illegal immigrants and merit-based immigration. As if the immigrant communities in the US can be divided into these two groups only.&nbsp;

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<h5>The President does not say how these family-based immigrant groups would fare in his fight against illegal entry and his preference for merit-based immigration.</h5>
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Trump does not come out in the open to say what his government&rsquo;s position will be on family-based immigration, which constitutes by far the majority among those getting immigrant visas. The President does not say how these family-based immigrant groups would fare in his fight against illegal entry and his preference for merit-based immigration. Family-based immigration, as per the law of the land, is not contingent upon merit but is based on family ties. The US government allows 2, 26, 000 Family Preference Immigrant visas and an unlimited number of Immediate Relative &amp; Family Sponsored visas each year. These forms of immigration are not illegal but with the President prioritising only on merit, there is nothing yet on what he proposed to do with these two categories.&nbsp;

A large section of the media is also buying into the President&rsquo;s false concocted binaries without pointing out that merit-based immigration and illegal immigration are two separate issues. They operate through separate channels, involve different demographics and involve completely different job descriptions. Stopping illegal immigration will not necessarily mean that merit-based immigration will increase in the US. A whole set of measures has to be taken to achieve that goal, not to mention sweeping immigration reforms. And, it is still not clear how is merit-based immigration compatible with Trump&rsquo;s &ldquo;hire Americans&rdquo; motto.&nbsp;

Trump&rsquo;s policies, particularly, his immigration policies are replete with such contradictions. The President is short of lying but in keeping the contradiction unresolved, he is bullshitting his country, that is, in traversing the twilight zone between truth and false information, President Trump continues to make unsubstantiated statements.&nbsp;

Trump&rsquo;s rant against illegal immigrants has no basis in the reality of the immigration scenario in the US. America does have millions of illegal immigrants living in the country. In fact, with Russia and India, United States counts as the top destination for immigrants who have crossed over illegally. But having said that, unauthorised immigrants represented 3.4 per cent of the total U.S. population in 2015 and it has undergone a small but statistically significant decline since 2009 when there were 11 million illegal immigrants in the US.

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<h5>In all other industries and forms of occupation, President Trump should know, illegal immigrants&nbsp;are outnumbered by U.S.-born workers</h5>
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To claim that these illegal immigrants are taking away the jobs of the American citizens or claiming state benefits, shows a lack of connection to ground reality. These illegal immigrants are mostly employed in the farming and construction sectors. In all other industries and forms of occupation, President Trump should know, illegal immigrants&nbsp;are outnumbered by U.S.-born workers. Moreover, as illegal aliens, these immigrants receive no benefits from the government. Even if we set aside the humanitarian aspect of illegal immigration as to what forces individuals to leave their homeland for unknown places, there are numbers that the president ignores to garner mass support for his immigration policy. It is for time to tell how long the world and, more particularly, his own countrymen allow him to go on bullshitting on the impact of illegal immigration on the realisation of the American dream.&nbsp;

President Trump is particularly fond of musing over lost American greatness and how he plans to revive it. Though the &ldquo;America First&rdquo; movement is fast gaining steam in the US, Trump balances it with his claims to initiate merit-based immigration in the country. Courtesy the hullabaloo he has successfully created, we have largely forgotten that the US always have had merit-based immigration.The 90,000 strong individuals who go to work in the US with an H1B visa get through because they have the merit. Huge multi-national corporations hire employees from all over the world and spend millions of dollars on them to send them to the US.&nbsp;

Let&rsquo;s not define merit here in terms abstract superior intellect. In countries following merit-based immigration system, points are awarded based on your last degree. In the US, degree matters but more importantly, the immigration office grants entry based on whether the individual has been able to secure a job in the US market commensurate with his/her degree.&nbsp;

H1B visa holders come with at least a university degree and sometimes even with a Ph.D. Without a job offer from a reputable, well-established and registered company in the US, it is impossible to get an H1B visa. In the long tedious process of H1B visa application and during the visa interview too, one has to prove, as per the visa regulation, the job falls into the category of &quot;specialty occupation&quot; and not just any job. That means one cannot get an H1B visa from India to work as a secretary in any office, or be a bartender, or be a professional driver. &nbsp;

Trump professes that he wants meritorious people to come to work in the US. But action speaks louder than words. President Trump has not done anything so far which would prove he is serious to retain talent from overseas. Far from increasing the annual &ldquo;cap&rdquo; of H1B visa, Trump is yet to implement Obama administration&rsquo;s proposal to increase the &ldquo;cap exempt&rdquo; category for non-profit hospitals, as well as educational and research institutions. Most meritorious professionals in the US who work in research and academic institutions fall in this cap. Many of the corporations could use this &ldquo;cap exempt&rdquo; category to hire bright professionals, irrespective of their national origin.

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<h5>But aside from the mindless chatter about attracting talents to build a new America which, incidentally, completely contradicts &ldquo;hire American&rdquo; policy, another crucial mistake that the Trump administration is committing is to make salary the basis of judging merit.</h5>
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But aside from the mindless chatter about attracting talents to build a new America which, incidentally, completely contradicts &ldquo;hire American&rdquo; policy, another crucial mistake that the Trump administration is committing is to make salary the basis of judging merit. The High Skilled Integrity and Fairness Act, introduced by Congressperson Zoe Lofgren of California, would raise H-1B holders&#39; minimum salaries to the US $130,000. Doing this would mean, losing out a significant number of talents in the field that are crucial but not well-paid. For instance, the average salary of a fire protection and fuel engineer is $130,000 and $123,000 respectively. Whereas a computer engineer on an average earns $121,245&nbsp; and healthcare facility engineer gets $120,027.

Under the circumstance, Asian countries, particularly India and China which have been supplying the largest number of IT professionals to the US, are all poised to lose significantly. The Indian government knows this perfectly. In meeting with the US commerce secretary Wilbur Ross, India&rsquo;s Finance minister Arun Jaitley raised India&rsquo;s concerns over the Trump administration&rsquo;s move to tighten the H-1B visa regime. The main concern of the minister in alignment with IT industry has been that most Indian professionals, who go to the USA with an H1B visa, stay there for a short term. Under the circumstance, they can never match the $130,000 proposed salary ceiling.

Contradictions and ambiguities replete Trump&rsquo;s immigration policy but he is yet to face stiff opposition on that count. The reason he is getting away with this is, people do not see how the President of United States is operating in the twilight zone; in matters of immigration policy, at least, Trump is not lying but he is not telling the truth either. Rather, he very cleverly waits for his audience to interpret his message according to their conviction. So, if one thinks Mexicans are taking away American jobs, the person will support the &ldquo;Wall&rdquo;; on the other hand, if one thinks, in a free-market economy, the state can&rsquo;t control employment, they will support Trump&rsquo;s merit-based immigration policy. It is because of this fragmented approach that Trump is walking away victorious.

Thus, only a holistic approach with eyes open to the ground reality will ensure that the President does not get away with bullshitting the American citizens and world population at large.

It is about time that we decode the presidential bullshit on immigrants and their role (or lack of it) in the American life.

The world often wondered, how did Donald Trump win the US election. Well, he won through bullshitting. Tired, scared and struggling from job loss, declining wages and endless military engagement in the Middle East, the American citizens bought into Trump’s endless bullshit on illegal immigration. Courtesy the rhetoric used during the election campaign, America’s economic revival suddenly became contingent on issues related to immigration. Migrants, legal or otherwise, Trump argued, is taking away jobs of Americans. It is the economic rights of Americans he professed to protect, and pleaded votes based on the claim. It is about time that we decode the presidential bullshit on immigrants and their role (or lack of it) in the American life. Of course, by now as protestations flowed from the IT sector, Trump has learned to hammer down only on illegal immigrants, blaming them for all of the country’s ills, from crime to depleted national resources. As far as foreign professionals are concerned, the president sounds more welcoming. Beneath the differential approach, however, lurks a greater danger: the President is cooking up a binary between illegal immigrants and merit-based immigration. As if the immigrant communities in the US can be divided into these two groups only. The President does not say how these family-based immigrant groups would fare in his fight against illegal entry and his preference for merit-based immigration. × Trump does not come out in the open to say what his government’s position will be on family-based immigration, which constitutes by far the majority among those getting immigrant visas. The President does not say how these family-based immigrant groups would fare in his fight against illegal entry and his preference for merit-based immigration. Family-based immigration, as per the law of the land, is not contingent upon merit but is based on family ties. The US government allows 2, 26, 000 Family Preference Immigrant visas and an unlimited number of Immediate Relative & Family Sponsored visas each year. These forms of immigration are not illegal but with the President prioritising only on merit, there is nothing yet on what he proposed to do with these two categories. A large section of the media is also buying into the President’s false concocted binaries without pointing out that merit-based immigration and illegal immigration are two separate issues. They operate through separate channels, involve different demographics and involve completely different job descriptions. Stopping illegal immigration will not necessarily mean that merit-based immigration will increase in the US. A whole set of measures has to be taken to achieve that goal, not to mention sweeping immigration reforms. And, it is still not clear how is merit-based immigration compatible with Trump’s “hire Americans” motto. Trump’s policies, particularly, his immigration policies are replete with such contradictions. The President is short of lying but in keeping the contradiction unresolved, he is bullshitting his country, that is, in traversing the twilight zone between truth and false information, President Trump continues to make unsubstantiated statements. Trump’s rant against illegal immigrants has no basis in the reality of the immigration scenario in the US. America does have millions of illegal immigrants living in the country. In fact, with Russia and India, United States counts as the top destination for immigrants who have crossed over illegally. But having said that, unauthorised immigrants represented 3.4 per cent of the total U.S. population in 2015 and it has undergone a small but statistically significant decline since 2009 when there were 11 million illegal immigrants in the US. In all other industries and forms of occupation, President Trump should know, illegal immigrants are outnumbered by U.S.-born workers × To claim that these illegal immigrants are taking away the jobs of the American citizens or claiming state benefits, shows a lack of connection to ground reality. These illegal immigrants are mostly employed in the farming and construction sectors. In all other industries and forms of occupation, President Trump should know, illegal immigrants are outnumbered by U.S.-born workers. Moreover, as illegal aliens, these immigrants receive no benefits from the government. Even if we set aside the humanitarian aspect of illegal immigration as to what forces individuals to leave their homeland for unknown places, there are numbers that the president ignores to garner mass support for his immigration policy. It is for time to tell how long the world and, more particularly, his own countrymen allow him to go on bullshitting on the impact of illegal immigration on the realisation of the American dream. President Trump is particularly fond of musing over lost American greatness and how he plans to revive it. Though the “America First” movement is fast gaining steam in the US, Trump balances it with his claims to initiate merit-based immigration in the country. Courtesy the hullabaloo he has successfully created, we have largely forgotten that the US always have had merit-based immigration.The 90,000 strong individuals who go to work in the US with an H1B visa get through because they have the merit. Huge multi-national corporations hire employees from all over the world and spend millions of dollars on them to send them to the US. Let’s not define merit here in terms abstract superior intellect. In countries following merit-based immigration system, points are awarded based on your last degree. In the US, degree matters but more importantly, the immigration office grants entry based on whether the individual has been able to secure a job in the US market commensurate with his/her degree. H1B visa holders come with at least a university degree and sometimes even with a Ph.D. Without a job offer from a reputable, well-established and registered company in the US, it is impossible to get an H1B visa. In the long tedious process of H1B visa application and during the visa interview too, one has to prove, as per the visa regulation, the job falls into the category of "specialty occupation" and not just any job. That means one cannot get an H1B visa from India to work as a secretary in any office, or be a bartender, or be a professional driver. Trump professes that he wants meritorious people to come to work in the US. But action speaks louder than words. President Trump has not done anything so far which would prove he is serious to retain talent from overseas. Far from increasing the annual “cap” of H1B visa, Trump is yet to implement Obama administration’s proposal to increase the “cap exempt” category for non-profit hospitals, as well as educational and research institutions. Most meritorious professionals in the US who work in research and academic institutions fall in this cap. Many of the corporations could use this “cap exempt” category to hire bright professionals, irrespective of their national origin. But aside from the mindless chatter about attracting talents to build a new America which, incidentally, completely contradicts “hire American” policy, another crucial mistake that the Trump administration is committing is to make salary the basis of judging merit. × But aside from the mindless chatter about attracting talents to build a new America which, incidentally, completely contradicts “hire American” policy, another crucial mistake that the Trump administration is committing is to make salary the basis of judging merit. The High Skilled Integrity and Fairness Act, introduced by Congressperson Zoe Lofgren of California, would raise H-1B holders' minimum salaries to the US $130,000. Doing this would mean, losing out a significant number of talents in the field that are crucial but not well-paid. For instance, the average salary of a fire protection and fuel engineer is $130,000 and $123,000 respectively. Whereas a computer engineer on an average earns $121,245 and healthcare facility engineer gets $120,027. Under the circumstance, Asian countries, particularly India and China which have been supplying the largest number of IT professionals to the US, are all poised to lose significantly. The Indian government knows this perfectly. In meeting with the US commerce secretary Wilbur Ross, India’s Finance minister Arun Jaitley raised India’s concerns over the Trump administration’s move to tighten the H-1B visa regime. The main concern of the minister in alignment with IT industry has been that most Indian professionals, who go to the USA with an H1B visa, stay there for a short term. Under the circumstance, they can never match the $130,000 proposed salary ceiling. Contradictions and ambiguities replete Trump’s immigration policy but he is yet to face stiff opposition on that count. The reason he is getting away with this is, people do not see how the President of United States is operating in the twilight zone; in matters of immigration policy, at least, Trump is not lying but he is not telling the truth either. Rather, he very cleverly waits for his audience to interpret his message according to their conviction. So, if one thinks Mexicans are taking away American jobs, the person will support the “Wall”; on the other hand, if one thinks, in a free-market economy, the state can’t control employment, they will support Trump’s merit-based immigration policy. It is because of this fragmented approach that Trump is walking away victorious. Thus, only a holistic approach with eyes open to the ground reality will ensure that the President does not get away with bullshitting the American citizens and world population at large.

How Donald Trump gets by: By operating in the twilight zone between truth and falsity

The government will shortly come out with an ordinance to empower the central bank, the Reserve Bank of India, to effectively deal with the problem of mounting bad loans in the banking sector.

A proposal to amend Section 35A of the Banking Regulation Act through the ordinance route was approved by the Cabinet headed by Prime Minister Narendra Modi, sources said.

The amendment will empower the RBI to issue direction to banks to recover non-performing assets (NPAs) from loan defaulters.

Section 35A empowers the Reserve Bank to issue directions to the banks in the public interest and depositors.

Briefing reporters about the Cabinet meeting, Finance Minister Arun Jaitley said the government has taken some important decisions in respect of the banking sector.

&quot;There is a convention that when some proposal is referred to the President, then details of it cannot be disclosed till it is approved. As soon as approval comes, details will be shared,&quot; he said.

Public Sector Banks (PSBs) are saddled with non-performing assets or bad loans to the tune of a staggering Rs 6 lakh crore.

Bad loans rose by over Rs 1 lakh crore in the first nine months of last fiscal to Rs 6.07 lakh crore by December 31, 2016.

Gross NPA of Public Sector Banks (PSBs) stood at Rs 5.02 lakh crore at the end of March 2016, up from Rs 2.67 lakh crore at the end of March 2015.

The amended law will also empower RBI to set up oversight panels that will shield bankers from later action by probe agencies looking into loan recasts.

Banks have been reluctant to resolve NPAs through settlement schemes or sell bad loans to asset reconstruction companies for fear of being hauled up by investigation agencies.

Once the law is amended, the RBI will be able to give specific solutions for specific cases and also, if required, look at providing relaxation in terms of current guidelines, said a senior government official aware of the deliberations.

Last month, Jaitley had said NPA resolution mechanism was being worked out with the RBI which will put enough pressure on borrowers to settle dues.

&quot;You see, the amounts are large, but the amounts are restricted. It&#39;s not that hundreds and thousands of businesses have created this problem. The problem of big NPA is confined essentially to 30-40, at best 50 companies, and therefore, those 40-50 accounts need to be resolved,&quot; he had said.

During resolution of NPAs, several issues like finding buyers and strategic partners come up, the minister had said.

Jaitley had gone on to say that &quot;if you look at the whole structure, there are enough instruments available for settlements as far as the banking system is concerned. There are different legislations where action can be taken&quot;.

According to sources, the joint lenders&#39; forum (JLF) is expected to be overhauled to facilitate quick decision making.

Instead of being a resolution mechanism, the JLF has become a delaying tool for big defaulters because as per the guidelines, restructuring needs approval of 60 per cent of consortium lenders which more often than not eludes, sources added.

As per the existing JLF guidelines, if a restructuring package is approved by 75 per cent of creditors by value and 60 per cent of creditors by number, other banks have to go along with it.

Besides, the sources said there could be provision which will make wilful default a criminal offence.&nbsp;

(PTI) 
&nbsp;

A proposal to amend Section 35 A of the Banking Regulation Act through the ordinance route was approved by the Cabinet headed by PM Modi

The government will shortly come out with an ordinance to empower the central bank, the Reserve Bank of India, to effectively deal with the problem of mounting bad loans in the banking sector. A proposal to amend Section 35A of the Banking Regulation Act through the ordinance route was approved by the Cabinet headed by Prime Minister Narendra Modi, sources said. The amendment will empower the RBI to issue direction to banks to recover non-performing assets (NPAs) from loan defaulters. Section 35A empowers the Reserve Bank to issue directions to the banks in the public interest and depositors. Briefing reporters about the Cabinet meeting, Finance Minister Arun Jaitley said the government has taken some important decisions in respect of the banking sector. "There is a convention that when some proposal is referred to the President, then details of it cannot be disclosed till it is approved. As soon as approval comes, details will be shared," he said. Public Sector Banks (PSBs) are saddled with non-performing assets or bad loans to the tune of a staggering Rs 6 lakh crore. Bad loans rose by over Rs 1 lakh crore in the first nine months of last fiscal to Rs 6.07 lakh crore by December 31, 2016. Gross NPA of Public Sector Banks (PSBs) stood at Rs 5.02 lakh crore at the end of March 2016, up from Rs 2.67 lakh crore at the end of March 2015. The amended law will also empower RBI to set up oversight panels that will shield bankers from later action by probe agencies looking into loan recasts. Banks have been reluctant to resolve NPAs through settlement schemes or sell bad loans to asset reconstruction companies for fear of being hauled up by investigation agencies. Once the law is amended, the RBI will be able to give specific solutions for specific cases and also, if required, look at providing relaxation in terms of current guidelines, said a senior government official aware of the deliberations. Last month, Jaitley had said NPA resolution mechanism was being worked out with the RBI which will put enough pressure on borrowers to settle dues. "You see, the amounts are large, but the amounts are restricted. It's not that hundreds and thousands of businesses have created this problem. The problem of big NPA is confined essentially to 30-40, at best 50 companies, and therefore, those 40-50 accounts need to be resolved," he had said. During resolution of NPAs, several issues like finding buyers and strategic partners come up, the minister had said. Jaitley had gone on to say that "if you look at the whole structure, there are enough instruments available for settlements as far as the banking system is concerned. There are different legislations where action can be taken". According to sources, the joint lenders' forum (JLF) is expected to be overhauled to facilitate quick decision making. Instead of being a resolution mechanism, the JLF has become a delaying tool for big defaulters because as per the guidelines, restructuring needs approval of 60 per cent of consortium lenders which more often than not eludes, sources added. As per the existing JLF guidelines, if a restructuring package is approved by 75 per cent of creditors by value and 60 per cent of creditors by number, other banks have to go along with it. Besides, the sources said there could be provision which will make wilful default a criminal offence. (PTI)

India: Cabinet clears ordinance to help banks recover bad loans from defaulters

The US-India ties have significantly improved over the last few decades, becoming &nbsp;more &quot;stronger&quot; and &quot;matured&quot; that defied changes in the governments in both the countries, India&#39;s finance Minister Arun Jaitley said Saturday.

Jaitley, speaking at a reception hosted by India&#39;s Ambassador to the US Navtej Sarna, said the Indian government is looking forward to working with the Trump Administration to strengthen the various dimensions of&nbsp;bilateral ties.

Stressing that India-US relationship has bipartisan support in both the countries, he said, &quot;In one sense it is a 
bipartisan relationship. I am sure it would be a great privilege for us to continue with the new administration to 
strengthen the various dimensions of this relationship&quot;.

Jaitley yesterday met US Commerce Secretary Wilbur Ross, the first cabinet-level interaction between the two 
countries under the Trump Administration.

&quot;The US-India relationship over the last few decades has significantly improved. It is far stronger, far matured. It defied the changes in the government whether in the US or in India,&quot; he said.

&quot;There is a little more optimism this year than I have seen in the last three years. This seems to be the good 
news, as far as these meetings are concerned,&quot; he said.

&quot;I met the (US) Commerce Secretary yesterday. I will meet the (US) Treasury Secretary tomorrow. This would 
be the first contact at that level between the new Administration and the Government of India,&quot; he said.

Arun Jaitley, who holds the additional charge of defence ministry, also said India is formulating a policy to help major global defence companies set up manufacturing units in the country in collaboration with Indian firms.

&quot;Under our changed policy, we are in the future going to concentrate not merely in buying from the rest of the world, but encouraging global defence majors in collaboration with Indian companies to set up manufacturing units in India,? Arun Jaitley said.

Arun Jaitley said the government has made the initial policy changes while some more are being planned.

&quot;Hopefully in the years to come, the impact of this change as far as defence manufacturing policy is concerned would be visible in India. It is receiving a good response from major manufacturers,? Jaitley said without giving any details.

During the meeting with US commerce secretary yesterday, Jaitley strongly raised India&#39;s concerns over the 
Trump administration&#39;s move to tighten the H-1B visa regime, highlighting the key role played by Indian 
professionals in boosting the American economy.

President Donald Trump this week signed an executive order for tightening the rules of the H-1B visa 
programme to stop its &quot;abuse&quot; and ensure that the visas are given to the &quot;most-skilled or highest paid&quot; 
petitioners, a decision that would impact India&#39;s USD 150 billion IT industry.

Jaitley outlined the significant contributions the skilled Indian professionals have made to the US economy and 
expressed the hope that the US administration will take this aspect into consideration while taking any decision. 
Jaitley, leading an Indian delegation, arrived here on April 20, to attend the annual Spring meetings of the 
International Monetary Fund and the World Bank.

In addition to his meetings and presentations at the annual Spring meetings of the IMF and the World Bank, 
Jaitley is also scheduled to attend meetings of other multilateral forums including that of the G-20 finance 
ministers.

Speaking about India&#39;s growth story, he said, &quot;In the last three years even in the midst of slowdown across the 
world, India has been able to grow in the range of seven to eight per cent. That is the rate of growth that we 
have fairly maintained. Our all other economic parameters seems to be fairly well under control.&quot;

&quot;The significant part of our economy today is, that there is perhaps for the first time, a huge amount of popular 
support as far as economic reforms are concerned,&quot; he said.

&quot;India has become one of the most open economies of the world. Most of our sectors are open for 
international investment. And we have been attracting one of the largest investments that any country has been 
attracting in the world.

And it is combination of this investment which is coming into India, coupled with higher public spending, even as the private sector spending was a little low, that has kept the Indian growth process going,&quot; he said.

He said the environment for doing business has considerably smoothened.

&quot;India has learned from its past experiences. And this itself has helped in cleaning up the entire process. We 
have now undertaken a very ambitious reform of cleaning up the system of political funding in India, something 
which had been eluding Indian democracy for quite sometime,&quot; he said. 
 
(PTI) 
&nbsp;

Jaitley, who is on a visit to the US, said there was more optimism in the relationship between the countries than in the last three years

The US-India ties have significantly improved over the last few decades, becoming more "stronger" and "matured" that defied changes in the governments in both the countries, India's finance Minister Arun Jaitley said Saturday. Jaitley, speaking at a reception hosted by India's Ambassador to the US Navtej Sarna, said the Indian government is looking forward to working with the Trump Administration to strengthen the various dimensions of bilateral ties. Stressing that India-US relationship has bipartisan support in both the countries, he said, "In one sense it is a bipartisan relationship. I am sure it would be a great privilege for us to continue with the new administration to strengthen the various dimensions of this relationship". Jaitley yesterday met US Commerce Secretary Wilbur Ross, the first cabinet-level interaction between the two countries under the Trump Administration. "The US-India relationship over the last few decades has significantly improved. It is far stronger, far matured. It defied the changes in the government whether in the US or in India," he said. "There is a little more optimism this year than I have seen in the last three years. This seems to be the good news, as far as these meetings are concerned," he said. "I met the (US) Commerce Secretary yesterday. I will meet the (US) Treasury Secretary tomorrow. This would be the first contact at that level between the new Administration and the Government of India," he said. Arun Jaitley, who holds the additional charge of defence ministry, also said India is formulating a policy to help major global defence companies set up manufacturing units in the country in collaboration with Indian firms. "Under our changed policy, we are in the future going to concentrate not merely in buying from the rest of the world, but encouraging global defence majors in collaboration with Indian companies to set up manufacturing units in India,? Arun Jaitley said. Arun Jaitley said the government has made the initial policy changes while some more are being planned. "Hopefully in the years to come, the impact of this change as far as defence manufacturing policy is concerned would be visible in India. It is receiving a good response from major manufacturers,? Jaitley said without giving any details. During the meeting with US commerce secretary yesterday, Jaitley strongly raised India's concerns over the Trump administration's move to tighten the H-1B visa regime, highlighting the key role played by Indian professionals in boosting the American economy. President Donald Trump this week signed an executive order for tightening the rules of the H-1B visa programme to stop its "abuse" and ensure that the visas are given to the "most-skilled or highest paid" petitioners, a decision that would impact India's USD 150 billion IT industry. Jaitley outlined the significant contributions the skilled Indian professionals have made to the US economy and expressed the hope that the US administration will take this aspect into consideration while taking any decision. Jaitley, leading an Indian delegation, arrived here on April 20, to attend the annual Spring meetings of the International Monetary Fund and the World Bank. In addition to his meetings and presentations at the annual Spring meetings of the IMF and the World Bank, Jaitley is also scheduled to attend meetings of other multilateral forums including that of the G-20 finance ministers. Speaking about India's growth story, he said, "In the last three years even in the midst of slowdown across the world, India has been able to grow in the range of seven to eight per cent. That is the rate of growth that we have fairly maintained. Our all other economic parameters seems to be fairly well under control." "The significant part of our economy today is, that there is perhaps for the first time, a huge amount of popular support as far as economic reforms are concerned," he said. "India has become one of the most open economies of the world. Most of our sectors are open for international investment. And we have been attracting one of the largest investments that any country has been attracting in the world. And it is combination of this investment which is coming into India, coupled with higher public spending, even as the private sector spending was a little low, that has kept the Indian growth process going," he said. He said the environment for doing business has considerably smoothened. "India has learned from its past experiences. And this itself has helped in cleaning up the entire process. We have now undertaken a very ambitious reform of cleaning up the system of political funding in India, something which had been eluding Indian democracy for quite sometime," he said. (PTI)

Global defence companies to set up base in India, partner with Indian firms: Arun Jaitley

Finance Minister Arun Jaitley has &quot;strongly raised&quot; the H-1B visa issue with US Commerce Secretary Wilbur Ross, highlighting the important role played by highly skilled Indian professionals in America, officials said Friday.

During the meeting here in Washington -- the first cabinet-level interaction between the two countries under the Trump administration -- Ross is believed to have said that US has started the process of reviewing H-1B visas issues and no decision has been taken on it yet, sources said.

Taking up the case of Indian IT companies and professionals, Jaitley told Ross about the contribution of highly skilled Indians in the economic development of the United States and India and stressed that they should continue to do so, which is in the best interest of the two countries, an Indian official said.

Ross is understood to have said that whatever the outcome of the review process, the Trump administration&#39;s objective is to have a merit-based immigration policy that gives preference to highly skilled professionals.

The executive order signed by Trump early this week calls for a review of H-1B visas by the departments of State, Labour, Homeland Security and Justice.

Jaitley, leading an Indian delegation, arrived in Washington DC yesterday morning to attend the annual Spring meeting of the International Monetary Fund and the World Bank.

Over the next two days, the Finance Minister is scheduled to hold a series of bilateral meetings with his counterparts from the US, Australia, France, Indonesia and Sweden. He is also likely to meet finance ministers from neighbouring Bangladesh and Sri Lanka.

Stressing that India-US relationship has bipartisan support in both the countries, the Finance Minister in his meeting with the commerce secretary said the two largest democratic countries of the world over the years have developed a&nbsp;strong strategic, economic and defence relationship.

The three phone conversations that Prime Minister Narendra Modi and Trump have had, along with the officials meeting, has shown that the two governments are going to build on this momentum in the years to come, the official said.

Briefing Ross on India&#39;s growth story, Jaitley is believed to have given an him insight into a series of &quot;far reaching reforms&quot; being undertaken by the Modi government post-demonetisation including the Goods and Services Tax (GST).

Jaitley said the two countries should be able to move towards achieving the goal of $500 billion per annum in bilateral trade in the next few years.

In addition to his meetings and presentations at the annual Spring meeting of the IMF and the World Bank, the Union minister is also scheduled to attend meetings of other multilateral forums including that of the G-20 finance ministers.

Before leaving Washington DC for New York on Sunday, he is expected to interact with think-tanks and eminent Indian-Americans.

(PTI)

The US commerce secretary said they have reviewed the process of reviewing H-1B visas issues and that no decision has been taken so far

Finance Minister Arun Jaitley has "strongly raised" the H-1B visa issue with US Commerce Secretary Wilbur Ross, highlighting the important role played by highly skilled Indian professionals in America, officials said Friday. During the meeting here in Washington -- the first cabinet-level interaction between the two countries under the Trump administration -- Ross is believed to have said that US has started the process of reviewing H-1B visas issues and no decision has been taken on it yet, sources said. Taking up the case of Indian IT companies and professionals, Jaitley told Ross about the contribution of highly skilled Indians in the economic development of the United States and India and stressed that they should continue to do so, which is in the best interest of the two countries, an Indian official said. Ross is understood to have said that whatever the outcome of the review process, the Trump administration's objective is to have a merit-based immigration policy that gives preference to highly skilled professionals. The executive order signed by Trump early this week calls for a review of H-1B visas by the departments of State, Labour, Homeland Security and Justice. Jaitley, leading an Indian delegation, arrived in Washington DC yesterday morning to attend the annual Spring meeting of the International Monetary Fund and the World Bank. Over the next two days, the Finance Minister is scheduled to hold a series of bilateral meetings with his counterparts from the US, Australia, France, Indonesia and Sweden. He is also likely to meet finance ministers from neighbouring Bangladesh and Sri Lanka. Stressing that India-US relationship has bipartisan support in both the countries, the Finance Minister in his meeting with the commerce secretary said the two largest democratic countries of the world over the years have developed a strong strategic, economic and defence relationship. The three phone conversations that Prime Minister Narendra Modi and Trump have had, along with the officials meeting, has shown that the two governments are going to build on this momentum in the years to come, the official said. Briefing Ross on India's growth story, Jaitley is believed to have given an him insight into a series of "far reaching reforms" being undertaken by the Modi government post-demonetisation including the Goods and Services Tax (GST). Jaitley said the two countries should be able to move towards achieving the goal of $500 billion per annum in bilateral trade in the next few years. In addition to his meetings and presentations at the annual Spring meeting of the IMF and the World Bank, the Union minister is also scheduled to attend meetings of other multilateral forums including that of the G-20 finance ministers. Before leaving Washington DC for New York on Sunday, he is expected to interact with think-tanks and eminent Indian-Americans. (PTI)

India 'strongly raises' H-1B visa issue with US, highlights role of skilled professionals

Veteran lawyer Ram Jethmalani, who is Delhi Chief Minister Arvind Kejriwal&#39;s counsel in the defamation case filed against him by Union Finance Minister Arun Jaitley, on Tuesday said that he would work for free if the Aam Aadmi Party (AAP) supremo cannot pay him his fees.

&quot;Even now if the government doesn&#39;t pay or he can&#39;t pay, I will appear free. I will then treat him as one of my poor clients,&quot; Jethmalani told ANI in an exclusive conversation.

Venting his ire over reports suggesting that Delhi&#39;s Lieutenant Governor Anil Baijal has sought Solicitor General Ranjit Kumar&#39;s advice in clearing the bills, the veteran lawyer said they are all in Jaitley&#39;s control.

Jethmalani further said that he charges only the rich clients.

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<h5>Deputy chief minister Manish Sisodia has signed off on the bills and sent them for clearance to the Lieutenant Governor, who had sought the opinion of experts on how to proceed</h5>
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&quot;Everybody knows this in this country that I charge only the rich, but for poor people I do work free and the poor people are about 90 per cent of my client,&quot; he said.

Jethmalani, who is defending Kejriwal in both a criminal and a civil defamation case filed by Jaitley, has reportedly sent bills for Rs one crore in retainership and Rs. 22 lakh for each appearance in court to the Delhi Chief Minister.

Jethmalani has made 11 appearances so far, leading to a total of Rs 3.42 crore.

Deputy Chief Minister Manish Sisodia has signed off on the bills and sent them for clearance to the Lieutenant Governor, who had sought the opinion of experts on how to proceed.

Baijal&#39;s move comes after the Delhi Government&#39;s Law Department, responding to a note by Sisodia, said that Lieutenant Governor&#39;s permission for clearing the bills was necessary.

(ANI)

Jethmalani is representing the Delhi chief minister in the defamation case filed against him by finance minister Arun Jaitely

Veteran lawyer Ram Jethmalani, who is Delhi Chief Minister Arvind Kejriwal's counsel in the defamation case filed against him by Union Finance Minister Arun Jaitley, on Tuesday said that he would work for free if the Aam Aadmi Party (AAP) supremo cannot pay him his fees. "Even now if the government doesn't pay or he can't pay, I will appear free. I will then treat him as one of my poor clients," Jethmalani told ANI in an exclusive conversation. Venting his ire over reports suggesting that Delhi's Lieutenant Governor Anil Baijal has sought Solicitor General Ranjit Kumar's advice in clearing the bills, the veteran lawyer said they are all in Jaitley's control. Jethmalani further said that he charges only the rich clients. Deputy chief minister Manish Sisodia has signed off on the bills and sent them for clearance to the Lieutenant Governor, who had sought the opinion of experts on how to proceed × "Everybody knows this in this country that I charge only the rich, but for poor people I do work free and the poor people are about 90 per cent of my client," he said. Jethmalani, who is defending Kejriwal in both a criminal and a civil defamation case filed by Jaitley, has reportedly sent bills for Rs one crore in retainership and Rs. 22 lakh for each appearance in court to the Delhi Chief Minister. Jethmalani has made 11 appearances so far, leading to a total of Rs 3.42 crore. Deputy Chief Minister Manish Sisodia has signed off on the bills and sent them for clearance to the Lieutenant Governor, who had sought the opinion of experts on how to proceed. Baijal's move comes after the Delhi Government's Law Department, responding to a note by Sisodia, said that Lieutenant Governor's permission for clearing the bills was necessary. (ANI)

Jethmalani says will work for free if Kejriwal cannot pay legal fees

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