Friday, 31 January 2014
Monday, 27 January 2014
Corruption, black money catch govt eye before polls | Business Standard
In what can be construed the Aam Aadmi Party (AAP) effect, the Centre has expedited measures against graft and black money. After cracking down on Cyprus for not sharing information, the government is getting tough with other non-cooperating jurisdictions and setting up offices abroad to tighten the noose around evaders.
Prime Minister Manmohan Singh has cleared the long-pending proposal to set up income-tax overseas units (ITOUs) in eight more countries, finance ministry officials said. Interestingly, the decisions came after the results of Assembly polls last month, characterised by Congress' defeat in four major states and the impressive debut of AAP in Delhi.
ITOUs, which facilitate and expedite the exchange of information process under double-taxation avoidance agreements (DTAA), were established in Mauritius and Singapore earlier. Later, the government announced to create ITOUs at Cyprus, France, Germany, Japan, the Netherlands, the United Arab Emirates, the UK and the US. The decision, however, has come only now. India has been putting pressure on tax havens to share information in whatever way it can. DTAAs are being renegotiated and new Tax Exchange Information Agreements are being signed. When it blacklisted Cyprus for not sharing information, the move was to send a strong message to other tax havens that India could take a similar action against them.
Acting upon the list shared by France giving names of Indians with secret bank accounts in HSBC Geneva, the tax department has been issuing notices to people who are not sharing information. In this case, Finance Minister P Chidambaram recently wrote to Switzerland as without its help the Indian government cannot make much headway.
In what can be construed the Aam Aadmi Party (AAP) effect, the Centre has expedited measures against graft and black money. After cracking down on Cyprus for not sharing information, the government is getting tough with other non-cooperating jurisdictions and setting up offices abroad to tighten the noose around evaders.
Prime Minister Manmohan Singh has cleared the long-pending proposal to set up income-tax overseas units (ITOUs) in eight more countries, finance ministry officials said. Interestingly, the decisions came after the results of Assembly polls last month, characterised by Congress' defeat in four major states and the impressive debut of AAP in Delhi.
ITOUs, which facilitate and expedite the exchange of information process under double-taxation avoidance agreements (DTAA), were established in Mauritius and Singapore earlier. Later, the government announced to create ITOUs at Cyprus, France, Germany, Japan, the Netherlands, the United Arab Emirates, the UK and the US. The decision, however, has come only now. India has been putting pressure on tax havens to share information in whatever way it can. DTAAs are being renegotiated and new Tax Exchange Information Agreements are being signed. When it blacklisted Cyprus for not sharing information, the move was to send a strong message to other tax havens that India could take a similar action against them.
Acting upon the list shared by France giving names of Indians with secret bank accounts in HSBC Geneva, the tax department has been issuing notices to people who are not sharing information. In this case, Finance Minister P Chidambaram recently wrote to Switzerland as without its help the Indian government cannot make much headway.
Saturday, 4 January 2014
INDIAN POLITY : A POWERHOUSE OF SHAMELESS NATIONAL MISLEADERS
The Indian prime minister, Dr Manmohan Singh yesterday was candid enough in accepting his government failures in controlling inflation, checking corruption and tackling unemployment which have been the major banes of his government during its tenure all through. In spite of all this how he could bring himself to he singing praises for the achievements of his government particularly when talking about the growth achieved during the last nine years. One starts wondering whether he is an overrated economist or an underrated politician. But one thing is quite clear that he could feed the nation on some statistics which as numbers are true but in true essence totally misleading. When inflation during all this period has been at a level of 10% and more, when the government salaries have doubled on account of increases in dearness allowance alone in the last seven to eight years, is the GDP increase a result of more production or a result of stagnant production with increased prices of goods and commodities due to inflation.The first mathematical guess appears to be suggesting a contraction in the overall produce. The nation will be grateful if the loyal statisticians of this insincere polity give out figures of produce in tonnage and numbers as the case may be, rather than the rupee value. The Indian nation is lucky that the inflation did not reach astronomical figures for then the polity perhaps would have fed the nation with growth rates exceeding even 20% and would have sought credit instead of being ashamed of their total failure.
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