Saturday, 16 December 2017
BUDGET 2019 :SUGGESTION FOR SALARY INCOME | SIMPLE TAX INDIA
Being repetitive might be an early sign of Dementia
Being repetitive might be an early sign of Dementia http://www.abplive.in/world-news/being-repetitive-might-be-an-early-sign-of-dementia-619305 -Shared via ABP Live App
Gujarat exit poll: Journalists predict BJP govt in state, Congress to improve tally
Gujarat exit poll: Journalists predict BJP govt in state, Congress to improve tally http://www.abplive.in/india-news/gujarat-election-exit-poll-30-journalists-predict-winner-of-gujarat-619135 -Shared via ABP Live App
7th Pre-Budget Consultation
The Union Minister of Finance and Corporate Affairs, Shri Arun Jaitley held his 7th Pre-Budget Consultation Meeting with the representatives of the Banks and Financial Institutions (FIs) in national capital yesterday;
FM: In order to strengthen the banks, which are the key pillars of the economy, the Central Government has decided to take a massive step to recapitalize the Public Sector Banks (PSBs) in a front-loaded manner which in turn would help in credit growth and job creation among others.
The Union Minister of Finance and Corporate Affairs, Shri Arun Jaitley said that in order to strengthen the banks, which are the key pillars of the economy, the Central Government has decided to take a massive step to recapitalize the Public Sector Banks (PSBs) in a front-loaded manner. He said that the Government has decided to infuse capital worth Rs.2.11 lakh crore in PSBs in next two years through budgetary provisions of Rs.18,139 crore, and Rs. 1,35,000 crore through Re-capitalisation Bonds, and the balance through raising of capital by banks from the market. The Finance Minister Shri Arun Jaitley was making the Opening Remarks during his 7thPre-Budget Consultation Meeting with the representatives of the Banks and the Financial Institutions (FIs) in the national capital here today. The Finance Minister, Jaitley said that capital adequacy of the banks will help in credit growth and job creation among others.
Along with the Union Finance Minister Shri Jaitley, the Pre-Budget Consultation Meeting was also attended among others by both the Ministers of State, Shri S.P Shukla and Shri Pon Radhakrishnan, Dr. Hasmukh Adhia, Finance Secretary, Shri A.N. Jha, Secretary, Expenditure, Shri Subhash Chandra Garg, Secretary (Economic Affairs), Shri Rajiv Kumar, Secretary (DFS), Shri Sushil Kumar Chandra, Chairman, CBDT, Shri Sanjeev Sanyal, Principal Economic Adviser (PEA), and other senior officers of the Ministry of Finance.
Stakeholders representing the Banking and Financial Institutions who attended today's meeting included Shri N.S. Vishwanathan, Deputy Governor, Reserve Bank of India, Shri Jatinder Bir Singh, Chairman Indian Banks Association, Shri Rajnish Kumar, Chairman SBI, Shri Ashwani Kumar, Chairman & Managing Director, Dena Bank, Ms. Chanda Kochhar, MD & CEO, ICICI, Shri Rajeev Rishi, CMD, Central Bank of India, Shri Mahesh Kumar Jain, MD &CEO, IDBI Bank Ltd., Shri H K Bhanwala, Chairman, NABARD, Shri Sunil Kakar, MD & CEO, IDFC Limited Ms. Sunita Sharma, Managing Director, LIC of India, Ms. Shikha Sharma, MD&CEO, AXIS Bank, Shri Aditya Puri, Managing Director, HDFC Bank Ltd., Shri Chandra Shekhar Ghosh, MD & CEO, Bandhan Bank, Shri Adhil Shetty, CEO, Bank Bazaar, Shri M.G. George Muthoot, Chairman,The Muthoot Group, Shri N. S. Venkatesh, Chief Executive, Association of Mutual Funds in India (AMFI), Shri Raman Aggarwal, Chairman, Finance Industry Development Council (FIDC), Shri Milind Kamble, Chairman, Dalit Indian Chamber of Commerce and Industry (DICCI), Shri Yashish Dahiya, CEO, Policybazaar, Shri Uday Kotak, Vice Chairman & MD, Kotak Mahindra Bank, Shri Rashesh Shah, Chairman & CEO, Edelweiss Group, and Shri Vijay Mahajan, Chairman Basix- Microfinance among others.
Various suggestions were given by the representatives of the Banking and Financial Institutions. It was suggested that TDS limit for Bank interest should be raised from the current Rs.10,000/- especially for senior citizens and pensioners given the current scenario. The limit of Rs.10,000/- was last set in the year 1997. It was also suggested to have a Credit Guarantee Fund to encourage investment in Agriculture Sector.
It was suggested that premium up to Rs. 1 lakh on life Insurance policies be exempted from income tax.
Small and Marginal farmers have come together to form FPOs rather than Cooperatives – should get the same benefits as those of companies; Incentives should be given for investments to promote agriculture and infrastructure; Crop Insurance benefits and interest subvention on agriculture credit be given through DBT to avoid misuse; Incentives for incremental jobs among others.
Among other suggestions include to encourage affordable housing, even rental properties need to be given tax benefits; Time limit of recognition of bad debts should be aligned – RBI gives 180days and IT Act 90 days; Monthly reporting by banks to Income Tax Department should be waived – only annual reporting;
It was suggested to incentivise digital transactions to make 2018 as a year of Paperless Access to Finance; it was suggested to extend the date of Masala Bond TDS which expires in June 2018 among others.
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DSM/SBS
ASSOCHAM asks govt to remove bail-in from FRDI Bill, says bank deposits only financial security of pensioners
ASSOCHAM said on Thursday that the government's assurance to protect the depositors' interest in case a bank lands up in trouble needs to be spelt out clearly and unambiguously in the Financial Resolution and Deposit Insurance (FRDI) Bill. It also mentioned that the clause that seeks to treat depositors as other creditors and shareholders for bail-in must be removed.
In a statement, the chamber said that that particular clause has raised doubt and panic among bank depositors. ASSOCHAM Secretary General DS Rawat said that the concept of "bail-in" especially by depositors should be completely done away in the Indian context, and their money has to be protected at any cost. "Otherwise, the trust in the banking system runs the risk of being eroded and the savings by the households would find way into unproductive avenues like real estate, gold, jewellery and even in the unorganised and informal financial markets run by unscrupulous people," Rawat added.
Rawat also added that most middle class families, pensioners and other elderly people usually don't have any other form of social security. In such, bank deposits are their only financial security. On top of that, the rising cost of healthcare is also a blow to the middle class. Any move, hence, to copy the Western model of bail-in must be avoided, he said.
The intention behind the clause is simply to indicate that the government should not be the one always taking the hit for a bail-out of a bank in trouble. Shareholders and other stake holders, which would also include depositors – above the limit of insured amount – should also be responsible for saving a financial entity.
The government's assurance notwithstanding, Sub-section 7 of Section 52 of the proposed law mentions that the bail-in shall not be applicable to deposits to the extent only covered by insurance. The sub-section says, "The bail-in instrument or scheme under this section shall not affect- (a) any liability owed by a specified service provider to the depositors to the extent such deposits are covered by deposit insurance."
However, currently deposits are covered only upto Rs 1 lakh, which is a meagre sum for families keeping savings of their entire lifetime in the banks.
Source: BT
आधार (Aadhaar) पर सुप्रीम कोर्ट से राहत, अब 31 मार्च तक बैंक खाते-मोबाइल नंबर कर सकेंगे लिंक
आधार (Aadhaar) पर सुप्रीम कोर्ट से राहत, अब 31 मार्च तक बैंक खाते-मोबाइल नंबर कर सकेंगे लिंक
केंद्र और राज्य सरकारों द्वारा जारी विभिन्न अधिसूचनाओं में आधार (Aadhaar) को विभिन्न योजनाओं जैसे छात्रों द्वारा दी जानेवाली परीक्षा, छात्रवृत्ति, अंतिम संस्कार और एचआईवी मरीजों के इलाज के लिए अनिवार्य बनाने के खिलाफ अंतरिम राहत की मांग करने वाली कई याचिकाओं पर सुप्रीम कोर्ट शुक्रवार को सुनवाई की. इस दौरान सुप्रीम कोर्ट ने आम आदमी को बड़ी राहत देते हुए आधार को लिंक करने की डेडलाइन 31 मार्च तक बढ़ा दी है. आधार की वैधता को लेकर 17 जनवरी से सुप्रीम कोर्ट सुनवाई करेगा.
बिना आधार खोल सकेंगे बैंक अकाउंट
सुप्रीम कोर्ट ने कहा कि नये बैंक खाते बिना आधार कार्ड (Aadhaar Card) के खोले जा सकते हैं. हालांकि बैंक खाते खुलवाने को ये जरूर बताना हेागा कि उसने आधार कार्ड हासिल करने के लिए अप्लाई कर दिया है.
मोबाइल नंबर लिंक करने के लिए भी मिला समय
सुप्रीम कोर्ट ने भी ये साफ किया है कि मोबाइल नंबर को आधार कार्ड से लिंक करने की प्रक्रिया पर भी उसका ये फैसला लागू होगा. इसका मतलब यह है कि अब मोबाइल नंबर को भी 31 मार्च तक Aadhaar लिंक करने का समय मिल गया है. बता दें कि पहले इसके लिए 6 फरवरी की डेडलाइन तय थी.
सरकार ने अभी तक आधार को विभिन्न योजनाओं से जोड़ने को लेकर कुल 139 अधिसूचनाएं जारी की है, जिसमें इसे मनरेगा से लेकर पेंशन योजना और प्रोविडेंड फंड से लेकर प्रधानमंत्री जन धन योजना तक को जोड़ने का निर्देश दिया गया है.
बढ़ गई है डेडलाइन
बता दें कि सुप्रीम कोर्ट के फैसले से पहले ही केंद्र सरकार बैंक खातों समेत अन्य कई योजनाओं के लिए आधार कार्ड लिंक करने की डेडलाइन को 31 मार्च तक बढ़ा चुकी है.
सुप्रीम कोर्ट के मुख्य न्यायाधीश दीपक मिश्रा की अगुवाई में पांच न्यायाधीशों की संवैधानिक पीठ ने इस मामले में राहत की मांग को लेकर गुरुवार और शुक्रवार को सुनवाई की. इसमें विभिन्न याचिकाकर्ताओं ने आधार को निजता के अधिकार का मौलिक अधिकार का उल्लंघन बताते हुए चुनौती दी थी, जिस पर नियमित सुनवाई अगले साल 10 जनवरी से शुरू होगी.
अटॉर्नी जनरल के. के. वेणुगोपाल ने अदालत से कहा कि नए बैंक खाता खोलने के लिए आधार को जोड़ने की अनुमति दी जाए. वहीं, याचिकाकर्ताओं के वकील ने कहा कि किसी वर्तमान खाता धारक द्वारा नए खाता धारक के परिचय की प्रणाली पिछले सात दशकों से चल रही है, तो अगले तीन महीनों तक इसे जारी रखने की अनुमति देने से कोई आसमान नहीं टूट पड़ेगा.
Cabinet approves subsidizing MDR charges on debit card/BHIM UPI/AePS transactions of value less than Rs.2000
Government of India
Cabinet
15-December-2017 17:23 IST
A Committee comprising of Secretary Department of Financial Services, Secretary Ministry of Electronics & I.T. and the CEO, National Payment Corporation of India (NPCI) will look into the industry cost structure of such transactions which will form the basis to determine the levels of reimbursement.
As a result of this approval, for all transactions less than Rs. 2000 in value, the consumer and the merchant will not suffer any additional burden in the form of MDR thereby leading to greater adoption of digital payment modes for such transactions. Since such transactions account for sizeable percentage of transaction volume, it will help to move towards a less cash economy.
It is estimated that the MDR to be reimbursed to the banks in respect of transactions less than Rs.2000 in value would be Rs.1,050 crore in FY 2018-19 and Rs.1,462 crore in FY 2019-20.
When payment is made at a merchant point of sale, MDR is payable by the merchant to the bank. Citing this, many people make cash payments inspite of having debit cards. Similarly, MDR is charged on payments made to merchants through BHIM UPI platform and AePS.
Friday, 15 December 2017
Mr Asthana's Post
PERIODICA REVISION OF PENSION
SC extends deadline for linking of Aadhaar to all services to March 31
Thursday, 14 December 2017
PM addresses inaugural session of 90th Annual General Meeting of FICCI
PM addresses inaugural session of 90th Annual General Meeting of FICCI
The Prime Minister, Shri Narendra Modi, today addressed the inaugural session of the 90th Annual General Meeting of FICCI.
He recalled that around the time of FICCI's founding in 1927, Indian Industry had united against the Simon Commission that was constituted by the then British Government. He said that Indian Industry had joined all other sections of Indian society, in national interest, at that time.
The Prime Minister said that a similar atmosphere exists today when people of the country are coming forward to fulfill their responsibilities towards the nation. He said the hopes and aspirations of people are to rid the country from internal problems like corruption, and black money. He said political parties and chambers of industry should keep in mind the country's requirements and the feelings of the people, and work accordingly.
The Prime Minister said that a lot has been achieved since independence, but several challenges have arisen as well. He said the poor seemed to be struggling against the system that came to be established, for things such as bank accounts, gas connections, scholarships, pensions etc. He said the Union Government is working to end this struggle, and to create a system that is transparent and sensitive. He said the Jan Dhan Yojana is one example of this, and increasing "ease of living" has been the focus of the Union Government. He also mentioned the Ujjwala Yojana, construction of toilets under the Swachh Bharat Mission, and Pradhan Mantri Awas Yojana. He said that he has come through poverty, and understands the need to work for the requirements of the poor and the nation. He also mentioned the Mudra Yojana, for collateral-free loans to entrepreneurs.
The Prime Minister said that the Union Government is working to strengthen the banking system. He said the issue of NPAs is a legacy received by the current Government. He said, rumours are now being spread about the Financial Regulation and Deposit Insurance (FRDI) Bill. He said the Government is working to protect the interests of the account holders, but rumours that are being spread are the exact opposite. He said organizations such as FICCI have a responsibility to generate awareness about such issues. He said, that similarly, FICCI has a role to play in making GST more effective. He said the Government's effort is to ensure that maximum businesses register for GST. He said the more formal the system becomes, the more it will benefit the poor. It will enable easier availability of credit from the banks, and reduce cost of logistics, thereby enhancing competitiveness of businesses. I hope FICCI has some plan to generate large-scale awareness among small traders, he added. He also said that FICCI must also voice concerns, when necessary, on issues such as builders exploiting the common man.
The Prime Minister mentioned policy decisions taken in sectors such as urea, textile, civil aviation, and health, and the benefits achieved from them. He also mentioned reforms in sectors such as defence, construction, food-processing etc. He said that as a result of these measures, India's rank has risen from 142 to 100, in the World Bank "Ease of Doing Business" rankings. He also mentioned other indicators which point to the robust health of the economy. He said that the steps taken by the Government are also playing a key role in job creation.
The Prime Minister said FICCI has a key role to play in sectors such as food processing, start-ups, artificial intelligence, solar power, healthcare etc. He urged FICCI to play the role of a think-tank for the MSME sector.
Periodical revision of pension
Mr Asthana's financial constraints are understandable but it is up to him to decide how to meet the situation in the present circumstances and explore the options for the same.
If he decides to withdraw from the legal fight at this juncture,it will indeed be unfortunate,but with five other SLPs before the Supreme Court,the case will go on.Personally I feel that there are better chances today of a successful finality in the Apex Court than if Mr Asthana would have carried on the fight alone as done earlier.Not that he would not have been able to win, but the risk of losing the legal battle has now been minimized with different pensioners' organizations in the legal fight for a common cause.
So I feel that there is no room for pessimism in the present situation.Let us look forward for good developments on 10th January 2018 in the Supreme Court.
Greetings.
C H Mahadevan
Senior Advocate Rajeev Dhavan Decides To Quit Court Practice
Senior Advocate Rajeev Dhavan has decided to give up court practice. In a letter to Chief Justice DIpak Misra he said;
Extension of deadline till 31.3.18 for submission of Aadhaar number, and Permanent Account Number or Form 60 by client to the reporting entity
Extension of deadline till 31.3.18 for submission of Aadhaar number, and Permanent Account Number or Form 60 by client to the reporting entity
After considering various representations received and inputs received from Banks, it has been decided to notify 31st March, 2018 or six months from the date of commencement of account based relationship by the client, whichever is later, as the date of submission of the Aadhaar number, and Permanent Account Number or Form 60 by the clients to the reporting entity. Necessary notification in this regard has been issued.
It may be recalled that earlier Under the provisions of Prevention of Money-laundering (Maintenance of Records) Second Amendment Rules, 2017, published in the Extraordinary Gazette of India vide G.S.R. 538 (E) dated 01.06.2017, it was provided that
i) In case the client, eligible to be enrolled for Aadhaar and obtain a Permanent Account Number does not submit the Aadhaar number or the Permanent Account Number at the time of commencement of an account based relationship with a reporting entity, the client shall submit the same within a period of six months from the date of the commencement of the account based relationship. Provided that the clients, eligible to be enrolled for Aadhaar and obtain the Permanent Account Number, already having an account based relationship with reporting entities prior to date of this notification, the client shall submit the Aadhaar number and Permanent Account Number by 31st December, 2017.
(ii) In case the client fails to submit the Aadhaar number and Permanent Account Number within the aforesaid six months period, the said account shall cease to be operational till the time the Aadhaar number and Permanent Account Number is submitted by the client. Provided that in case client already having an account based relationship with reporting entities prior to date of this notification fails to submit the Aadhaar number and Permanent Account Number by 31st December, 2017, the said account shall cease to be operational till the time the Aadhaar number and Permanent Account Number is submitted by the client.
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DSM/SBS/KA
