Tag Archives: Black money

Combating the menace of black money is a shared priority of India and Switzerland: Narendra Modi

Newsroom24x7 Staff

Prime Minister Narendra Modi and President of the Swiss Confederation  Johann Schneider-Ammann
Prime Minister Narendra Modi and President of the Swiss Confederation Johann Schneider-Ammann

Geneva: Combating the menace of “black money” and tax evasion is our shared priority, Prime Minister of India Narendra Modi said here today in the presence of Swiss President Schneider-Ammann.

Jointly addressing the media with the Swiss President, Modi said: “We discussed the need for an early and expeditious exchange of information to bring to justice the tax offenders Modi said adding an early start to negotiations on the Agreement on Automatic Exchange of Information would be important in this respect.”

India and Switzerland, the Prime Minister went on to state, share a commitment to reform international institutions in line with current global realities. We have both agreed to support each other for our respective bids for the non-permanent membership of the UN Security Council. I am also thankful to the President for Switzerland’s understanding and support for India’s membership of the Nuclear Suppliers Group.

Modi further said that India and Switzerland have both been the voices of peace, understanding and humanitarian values in the world. In last seven decades, our friendship has consistently seen an upward trajectory. Today, President and I reviewed our multifaceted bilateral ties. We also held detailed discussions with Swiss CEOs.

The economic links between India and Switzerland are strong and vibrant, Modi pointed out adding many Swiss companies are household names in India. Ties of collaboration in trade, investment, science and technology and skill development benefit both our societies. India has affirmed it’s readiness to resume FTA talks with EFTA. We are all aware of the strengths of the Swiss economy. But, India too is undergoing profound transformations. We are today the fastest growing economy in the world. But, that alone is not enough. I want the Indian economy to be driven by smart and sustainable cities, robust farm sector, vibrant manufacturing and dynamic service sector. And, its engines to run on world class network of rail, roads, airports and digital connectivity. Where a home for everyone, and electricity in every home is a reality. And, its 500 million plus youth is skilled and ready to meet the global needs of manpower. President and I agreed to build on the Swiss Vocational and Educational Training system suited to India’s needsYesterday we observed World Environment Day. In tune with its objectives and India’s civilizational ethos an economically prosperous India will also be friendly to the planet and our environment. Reliance on renewable energy, rather than on fossil fuels would be our guiding motto.
Modi said that India sees a perfect connect between its development needs and Swiss strengths. Emphasising this, he invited the Swiss companies to avail of this great opportunity to be a key partner in India’s economic growth. Ultimately, the economic prosperity of 1.25 billion plus would also benefit the entire world.
Modi drew attention to the Indian film industry and spoke of the enchanting beauty of the Swiss landscapes. At the same time, he aid that India is keen to welcome larger number of Swiss visitors to India.For this, India has opened the facility of e-Tourist Visa for Swiss nationals earlier this year.

Pointing to success stories of the relationship between the two countries, the Prime Minister said that one of these making waves in the Grand Slams of the tennis world is the partnership of famous Swiss player Martina Hingis with Sania Mirza and Leander Paes of India. He said that he is confident that the common commitments and values, people to people links and a strong and growing economic partnership will take the relations between the two countries to new heights.

Indian PM Narendra Modi leaves for Washington DC concluding his Geneva visit on June 6
Indian PM Narendra Modi leaves for Washington DC concluding his Geneva visit on June 6

Later during the day, on concluding his Geneva visit, the Prime Minister left for Washington DCon June 6, 2016


What ails India’s Income Tax Department

Lalit Shastri

income taxThere is a general perception among the masses that the Income Tax department, has largely failed, along with other enforcement agencies, to curb the menace of black money and come down heavily against those involved in money laundering -an activity that poses a serious threat to national and international security.

Besides the general perception, what is adversely affecting the working of the Income Tax department across the country is much dithering and neglect of important matters, especially issues relating to management of junior and mid-level cadres, by the Central Board of Direct Taxes (CBDT).

The Income Tax Gazetted Officers’ Association and Employees Federation has been agitating for the immediate regularisation of the ad‐hoc promotion for the revenue year 2014‐15 and promotion for the revenue years 2015‐16 and 2016‐17 as sanctioned by the Union Finance Minister.

The Joint Council of Action representing the Income Tax gazetted officers and employees is also demanding the settlement of pay‐anomalies in various cadres, as acknowledged by the Seventh Central Pay Commision.

Another issue pending relates to the Recruitment Rules that are to be approved by the concerned authorities and notified.

There is considerable heartburn among the junior and mid-level cadres of the Income Tax Department with regard to the new format of the APAR (Performance Appraisal Report) for the Assessing Officers. They are seeking immediate withdrawal of this format by asserting that it is discriminatory and tilts heavily in favour of PrCCITs and CCITs.

Representatives of Income Tax officers and employees are meeting in the first week of June to take up all these matters. They would also discuss the issue of promotion from ITO to ACIT and also take up the issue of promotions in other cadres. They will even thrash out the issues of Annual General Transfer in the JCIT/ACIT cadres and the officers whose case has not been considered in the latest transfer orders of the CBDT for Annual General Transfer 2016 which is being described as a deviation from the existing transfer policy.

What is also bothering the Income Tax officers across regions is the anomaly in sanctioned and working strength of ACsIT/DCsIT and scrutiny of their workload.

Imran khan praising Narendra Modi: Video goes viral

Newsroom24x7 Desk

Imran Khan
Imran Khan

New Delhi: A video of Pakistani politician and ex-cricketer Imran Khan praising Prime Minister Narendra Modi as an upright and honest lesser has gone viral on social media.

Imran Khan’s video posted on youtube in 2014, a few months after Mr. Modi began his innings as Prime Minister is being discussed with interest in political and bureaucratic circles in India.

Click here to watch the video

One year of Modi Rule: People’s confidence has been restored by facing the challenges confronting the nation

Lalit Shastri

Union Minister for Mines and Steel Narendra Singh Tomar addressing a press conference to mark the completion of one year of the NDA government, in Bhopal on June 08, 2015. Minister of State for Mines and Steel Vishnu Deo Sai is also seen.
Union Minister for Mines and Steel Narendra Singh Tomar addressing a press conference to mark the completion of one year of the NDA government, in Bhopal on 8 June 2015. Minister of State for Mines and Steel Vishnu Deo Sai is also seen.

Bhopal: Union Minister for Mines and Steel Narendra Singh Tomar today said when the new Government came to power in New Delhi on 26 May 2014, the country was confronted with diverse problems, including a tottering economy and a series of scams, but Prime Minister Narendra Modi accepted these challenges and within a year he has succeeded in restoring people’s confidence in the Government by ensuring speedy and transparent decisions and firm steps to combat the scourge of corruption.

Tomar was addressing a press conference here to mark the completion of one year of the NDA government on Monday. Giving a panoramic view of the overall scenario, he said that under the leadership of Narendra Modi, the Centre-State relations have improved and the states are now enjoying more power. Our relations with neighburing countries and also with other countries have improved, he said adding India’s, GDP from 5% last year, has now gone up to 7.4%. Similarly the inflation rate has also come down from 10% last year to 5 % this year.

At the Prime Minister’s initiative, Tomar said, the Black Money Bill was introduced and passed by both Houses of Parliament and the Special Investigation Team (SIT) is in place to combat black money. The Minister brought under spotlight the CAG conclusion that the exchequer suffered a loss of Rs. 1,76000 crore in coal allocation and emphasised the the fact that this amount is much less than the loss in real terms. To explain the point, Tomar said that with the auction of just 34 of the 204 coal allocations cancelled, Rs. 2,00,000 crore have been raised. Even in the spectrum acution a revenue of Rs. 1,10,000 crore has been generated.

Tomar underscored the amendments to the Mining and Minerals Development and Regulation (MMDR) Act and said that illegal mining now has higher penalties up to 5 lakh rupees and imprisonment up to 5 years. Regarding the Farm sector, he said that adequate relief is now guaranteed to farmers suffering damage to their standing crops due to natural calamities. Now the compensation for crop damage due to natural calamity will be assessed on the basis of crop damage of 33% and not 50%, he pointed out.

The Minister said that the Prime Minister’s Rural Road project will be carried forward and 50,000 kilomters of new tar roads are planned to be constructed to connect villages. The priority is also to expand the irrgation capacity to cover every piece of agriculture land in the country.

Tomar drew attention to the Jan Dhan scheme launched by Prime Minister Modi to provide bank accounts to the poor and how 15 million bank accounts with a deposit of Rs. 15000 crore, have been opened under this scheme.

The Minister said that 50 crore people in India are working in the unorganised sector. For them the smart card scheme has been introduced. He also threw light on the ambitious Atal Pension Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana and Pradhan Mantri Suraksha Bima Yojna.

On the mining front, Tomar said that the Centre has not been discriminatory towards any state and pointed out that all the states are going to benefit from the hike in mining royalty. To eliminate corruption and bring accountability, the only route for mineral allocation now will be e-auction. In India, there is mining potential in 8,00,000 square kilometers but miningis being done only on 1% of this area. hence a Mineral Exploration Fund is is being set up for exploration purpose.

The Steel Ministry plays the role of coordination. Spelling out the target, he said Steel Authority of India (SAIL) now produces 13 million tonnes of Steel and by September this year the capacity will increase to 23 million tonnes. The target is to touch 50 million tonnes by 2025.