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India

Defence production target set at Rs 90K cr for 2019-20

The department of defence production has set itself a target of producing equipment worth Rs 90,000 crore in the financial year 2019-20. Exports worth Rs 15,000 crore have been envisaged from the total quantity of equipment produced.

The target set by the department for 2019-20 is nearly 12 per cent higher than the production achieved in the previous financial year. In the financial year 2018-19, the department had produced equipment worth Rs 80,502 crore.

Exports had accounted for Rs 10,745 crore worth of equipment in the financial year 2018-19.

According to the department, greater focus will be placed on modernisation and indigenisation of domestic manufacturing in order to boost production.

Speaking at a seminar on modernisation and indigenisation of the IAF in New Delhi on Tuesday, Defence Minister Rajnath Singh had stressed upon the need to reduce dependency on defence imports. He had also said that India continues to be one of the largest importers of defence equipment in the world.

“Of that which is produced within the country, there is a sizeable dependency on foreign original equipment manufacturers for sub-systems and components. We need to cut down dependency on foreign manufacturers and develop comprehensive capabilities ourselves,” Singh had said.

Defence production in India has grown from Rs 74,121 crore in the year 2016-17 to Rs 80,502 crore in 2018-19. In the year 2017-18, defence production in India had touched Rs 78,817 crore.

Defence exports have witnessed a tremendous growth from Rs 1,521 crore in 2016-17 to Rs 10,745 crore in 2018-19. In 2017-18, the exports figure had stood at Rs 4,682 crore.

As per ministry sources, part of this steep increase in exports is owing to the government policies and initiatives.

“Boost for Indian Defence Exporters. UK appoints Mr Dominic Beales, in British High Commission Delhi as local liaison officer for support to Indian exporters in defence/aerospace,” tweeted Secretary (Defence Production) Dr Ajay Kumar on Wednesday.

The department of defence production is one of the four wings functioning under the Defence Ministry and has an officer of the rank of Secretary at its helm of affairs. The department deals with matters pertaining to defence production, indigenisation of imported stores, equipment and spares, and planning and control of departmental production units of the Ordnance Factory Board and Defence Public Sector Undertakings.

(IANS)

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India

Financial institutions debit Rs 759 cr from IL&FS against NCLAT order

The beleaguered group IL&FS has informed NCLT that in contravention of a NCLAT order, banks have debited about Rs 759 crore in the last eight months for repayment on their dues which amounts to coercive creditor action.

As per the fifth progress report to the NCLT, the company said that banks and financial institutions” actions affects its efforts to survive as a ”going concern”.

“In contravention with the October 2018 order of the NCLAT, some banks and financial institutions have been debiting the accounts of IL&FS group entities of ”Amber” and ”Red” classified ones without authorisation and from the group to service debt obligations payable by the relevant entities,” IL&FS said in its latest progress report.

With respect to the cash credit facilities provided by the lenders to the IL&FS group entities, some banks and financial institutions have been even appropriating interests by debiting the current accounts of the relevant group firm on a monthly basis, the update said.

“If the creditors of the IL&FS group continue with such actions the result will be that the ”going concern” status of those companies will be affected leading to disruption of operations and consequent value deterioration,” the company told NCLT.

The report said the auto debiting of accounts of the IL&FS group entities have been placed before the NCLAT and the appellate tribunal on August 8 asked the government and IL&FS to bring it to the notice and treat it as “contempt of court”.

Under the cost cutting measures, the company said that the new board has achieved the target of reduction of operating expenses for financial year 2018-2019 by about 26.22 per cent as set by the Fourth Progress Report.

The new board has achieved the target as there has been a reduction of operating expenses by 32 per cent and a significant contribution towards this has been achieved by the office space management , review of operating practices and administrative expenses by 60 per cent, the report said.

Further, the progress report showed that as IL&FS was unable to meet its repayments obligations due to financial mess, Government has also made payments under guarantees issued by it on IL&FS”s loans . On a loan from ADB ($50.5 million), government paid about $2 million dollar from the COntingency from of India which is shown as a loan to IL&FS. The present outstanding from ADB as on March 2019 is $23.80 million dollar.

The 54 million euro loan from KfW was also guaranteed by Government. After Government paid 0.732 million euro from CFI to KfW the outstanding to KfW as on March is 9.16 million euro.

(IANS)

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India

PNB recovers Rs 278 cr from poor account holders as penalty

The Punjab National Bank (PNB) has recovered Rs 278.66 crore as penalty in the financial year 2018-19 from the poor account holders for not maintaining the minimum balance.

This was revealed after an RTI activist in Madhya Pradesh’s Neemuch district, Chandrashekhar Gaur sought information from the PNB on the amount recovered from the account holders in the last two financial years for not maintaining a minimum balance in savings and current account.

This amount has been recovered from about 1 crore 27 lakh customers across the country.

According to a PNB data, the penalty amount of Rs 278.66 crore is 32 per cent more than the amount recovered in the last financial year (2017-18).

The bank has recovered a total of Rs 226.36 crore from Rs 1,22,53,756 savings accounts and Rs 52.30 crore from fine accounts of Rs 5,37,692 current accounts during the financial year 2018-19.

Gaur said: “The penalty charged by a bank for not keeping the minimum amount in the accounts is a penalty on poverty.

“It should be reviewed immediately in the larger public interest and recovery of all such penalty charges should be stopped with immediate effect,” he added.

(IANS)

Categories
India

Delhi Government releases Rs 109 cr to MCDs to fight diseases

Delhi Chief Minister Arvind Kejriwal on Wednesday instructed the Urban Development Department to release around Rs 109 crore to the three Municipal Corporations of Delhi to make sure that the civic bodies had funds required to deal with the vector-borne diseases, like dengue and chikungunya.

In a statement released to media, the Chief Minister’s Office claimed the amount would be shared between the three MCDs with North MCD getting Rs 57.15 crore, East MCD Rs 28.40 crore and the South MCD Rs 23.57 crore to tackle the diseases.

The Chief Minister said the fund shortage should not be an excuse for lack of preparation for prevention of vector-borne diseases in Delhi.

Kejriwal asked the department to tell the MCDs that “maintenance of public health is their mandatory function as defined in the Delhi Municipal Corporations (DMC) Act,” and when enough fund was being provided ahead of time there should now be no excuse in effectively dealing with the diseases.

The Delhi government also released Rs 46.88 crore for primary education to MCDs. Of this, the East MCD will get around Rs 22.50 crore, the North MCD Rs 12.50 crore and the South MCD Rs 11.75 crore.

(IANS)

Categories
India

Pakistan imported medicines worth Rs 136 cr from India in 2019

Pakistan imported medicines and vaccines worth (Pakistani) Rs 136,99,87,000 from India in 2019, its Health Ministry has said.

Express News reported that the imported medicines included life-saving drugs, tablets, syrups and vaccines.

According to figures announced by the Pakistan Health Ministry in Senate on Friday, the country imported drugs and vaccines worth (Pakistani) Rs 15,43,17,000 in January; Rs 22,32,47,000 in February; Rs 19,37,37,000 in March; Rs 11,10,42,000 in April; Rs 18,96,47,000 in May and Rs 4,89,12,000 from India.

Demanding that the senate be informed about which medicines and vaccines were being imported from India, Senator Abdul Rehman Malik said the government must curb the shortage of snake venom serum and rabies vaccines in Pakistan by making it mandatory for local manufacturers to produce these vaccines in addition to expensive medical products.

“It’s a pity that medicines are being imported from India and China when Pakistan is self-sufficient in medical raw material. Vaccines made here would be much more affordable,” he added.

(IANS)

Categories
India

Enforcement Directorate attaches Rs 24.77 cr of properties of Choksi

The Enforcement Directorate (ED) attached immovable properties, valuables, vehicles and bank accounts with a total value of Rs 24.77 crore of fugitive diamond trader Mehul Choksi.

The action was taken under the Prevention of Money Laundering Act, 2002 in connection with the Punjab National Bank fraud case.

The ED has attached three commercial properties in Dubai, valuables, a Mercedes Benz E280 and Fixed Deposits controlled by Choksi, who is now said to be based in Antigua.

(IANS)

Categories
India

BJP offered Rs 10 cr each to our 7 MLAs; Aam Aadmi Party

The Aam Aadmi Party (AAP) on Wednesday accused the BJP of indulging in horse-trading and said that it offered Rs 10 crore each to at least seven of its MLAs for joining the saffron party ahead of the Lok Sabha polls.

Speaking to the media, AAP leader and Deputy Chief Minister Manish Sisodia said, “The BJP has contacted at least seven of our MLAs and offered them Rs 10 crore to leave the party before the Lok Sabha elections. It is in touch with more MLAs, but seven of them informed us.”

According to Sisodia, if the BJP was doing such things it reflected the AAP’s government’s success. “Delhi has a government, which is working to resolve the problems faced by the people here. So the BJP does not have any issues to contest the elections. And their false issues are not bought by the public,” he said.

AAP’s Delhi head Gopal Rai said that the BJP was desperate as all its seven MP were losing the Lok Sabha polls.

Delhi goes to polls in the sixth phase of Lok Sabha elections on May 12. Assembly elections in the state are also scheduled for later this year.

Sisodia said that the BJP should contest the elections on its own and on the work done by it. “I want to tell the BJP, (its President) Amit Shah and (Prime Minister Narendra) Modi, if you have courage, fight the elections on issues. But please don’t try to buy the AAP MLAs,” he said.

The Deputy Chief Minister also said that it will not be easy for the saffron party to buy AAP MLAs as they would inform their party about it. “Before the MCD elections, the BJP managed to buy our MLA from Bawana, but people taught it a good lesson. So I want to tell the BJP that if it has an agenda to change the country it should focus on that.”

Referring to Modi’s comment that 40 Trinamool Congress (TMC) MLAs in West Bengal were in touch with him, Sisodia said, “They are trying to do with AAP MLA in Delhi what they’re attempting with TMC MLAs in West Bengal. The PM trying to weaken the democracy by purchasing Oppposition MLAs. Does it look good? I want to ask Modi. Have some shame and respect democracy,” Sisodia added.

Rai said: “The party has repeatedly shown that it does not believe in democracy and the Constitution. I urge people of Delhi to teach the BJP a lesson.”

IANS

Categories
Business

Jet staff confident of securing Rs 3,000 cr fund, seek SBI nod to bid

Sensing the options to revive the grounded Jet Airways are fast running out, a group of airline employees has written to SBI seeking permission to allow a consortium of employees and external investors to bid for the management control of the company.

The employee representatives have said they will secure an investment of up to Rs 3,000 crore from “outside investors.”

The associations that have sent the proposal are Society for Welfare of Indian Pilots (SWIP) and Jet Aircraft Maintenance Engineers’s Welfare Association (JAMEWA).

The associations have promised that employees would contribute towards revival of the airline from their future earnings and increased productivity.

“As per our initial estimate. the contribution of employee group over a hypothetical 5-year Employee Stock Ownership Programme (ESOP) is likely to upward of Rs 4,000 crore,” a joint letter to SBI Chairman stated.

They said that the decision has been taken through extensive discussion with various employee groups across the company, and also with colleagues who have in the past successfully held senior management positions.

“We recognize that legacy issues of high operating costs, overstaffing, unfavourable vendor/lease agreements and adverse debt/equity ratio etc are involved,” the proposal letter said.

The associations have also urged the lenders to ensure the process of de-registration of aircraft and re-allocation of airport slots be immediately reversed.

“…if not reversed quickly, (it) would spell doom for any future prospects of reviving the company,” the associations warned.

Lenders of Jet Airways led by SBI are currently in the process of selling the airline to recover their dues of over Rs 8,400 crore.

Private equity firm TPG Capital, Indigo Partners, National Investment and Infrastructure Fund (NIIF) and Etihad Airways are in the race to buy a stake in the grounded Jet Airways.

IANS

Categories
India

Investors demand write-offs as Jet owes over Rs 11K cr outstanding debt

Prospective investors in the temporarily grounded Jet Airways have asked lenders to take a massive haircut or write-off around 80 per cent outstanding debt of the airline which is more than Rs 11,000 crore, document and sources revealed on Monday.

According to industry insiders, nine India based banks and two international lenders are expected to suffer major write-off with one of the interested parties asking for over 80 per cent write-off.

The latest figure, which includes the interest accrued on lenders loans, external commercial borrowings and non convertible debentures (NCDs) was revealed after IANS accessed the financial obligations document.

These figures exclude liabilities to vendors and employees.

Accordingly, the airline owes the largest chunk to its lenders at over Rs 7,000 crore (Rs 7,251 crore).

The State Bank of India (SBI), itself, has an exposure of Rs 1,958 crore worth of working capital and term loan on its sheet.

The nine lenders are led by the SBI.

Another public sector lender Punjab National Bank, follows suit with Jet owing an outstanding of Rs 1,746 crore.

Last week, Jet Airways announced temporary suspension of all its flight services as it failed to secure interim funding for maintaining even bare minimum operations.

On its part, Jet in a regulatory had said that the SBI told the airline that consortium of lenders are unable to consider the private carrier’s request for critical interim funding.

“Since no emergency funding from the lenders or any other source is forthcoming, the airline will not be able to pay for fuel or other critical services to keep the operations going,” the filing said.

“Consequently, with immediate effect, Jet Airways is compelled to cancel all its international and domestic flights. The last flight will operate today (April 17).”

IANS

 

Categories
India

Rs 1.48 cr cash seized from AMMK premises in Theni

The Income Tax (I-T) Department early on Wednesday claimed to have seized cash amounting to Rs 1.48 crore from the premises of an AMMK functionary in Andipatti in Theni district.

The IT officials began their search late on Tuesday that ended at 5.30 a.m. on Wednesday, an official said.

He claimed that the unaccounted cash amounted to Rs 1.48 crore. “This cash was neatly packed in 94 packets/envelops on which the ward number, number of voters and the amount of Rs 300 per voter was written. All these wards are within Andipatti Assembly segment which is going to bypoll tomorrow (Thursday),” the IT official said.

The premises belongs to a functionary of AMMK party. In fact, the AMMK party office is functioning in the ground floor, he added.

According to the IT official, a person present at the premises in a sworn statement said Rs 2 crore in cash was brought in there for distribution to voters in Andipatti panchayat union area on April 16.

Initially a group of party workers overpowered the flying squad persons standing guard outside the premises, broke open the door and snatched some cash packets.

Police had to fire warning shots that prompted the miscreants to flee with a few cash packets, but they also dropping some of them.

All the remaining cash in 94 bundles (Rs 1.48 crore) was seized along with the envelopes, the IT official added.

A postal ballot paper for Andipatti Assembly by-election which was already marked for AMMK candidate was also found in the premises and was seized, the officer claimed.

The District Collector and Superindentent of Police reached the spot and supervised the security. The police has filed an FIR against a number of persons.

Meanwhile, IT officials and Election Commission’s static surveillance team on Tuesday night also searched the residence of Rajya Sabha member and DMK leader Kanimozhi in Thoothukudi on receipt of an information.

The search team left empty handed apologising to Kanimozhi as the information turned out to be wrong.

IANS

Categories
Business India

Deepak Talwar case; ED attaches Rs 120 cr Delhi hotel

The Enforcement Directorate (ED) on Saturday said it has provisionally attached Holiday Inn hotel worth Rs 120 crore in connection with a money laundering case against aviation lobbyist Deepak Talwar.

The hotel is located at Aerocity in Delhi and valued at around Rs 120.20 crore, it said.

Investigation against Talwar was initiated under the Prevention of Money Laundering Act (PMLA) in August 2017 on the basis of an FIR registered by the Central Bureau of Investigation against officials of the Civil Aviation Ministry, National Aviation Co of India Ltd, Air India and unknown private persons, the ED said in a statement.

“It has been revealed that Deepak Talwar illegally engaged in liasoning/lobbying with politicians, ministers, other public servants and officials of Ministry of Civil Aviation for airlines such as Emirates, Air Arabia and Qatar Airways for securing undue benefits for them.

“He illegally managed to secure favourable traffic rights for these airlines during 2008-09 at the cost of national carrier Air India,” the investigative agency said.

Investigations revealed that in lieu of securing favourable traffic rights, these airlines made payments to the tune of Rs 272 crore to Talwar in 2008-09, it added.

The ED alleged that Talwar created a web of entities owned by him and his family members in India and international offshore havens to launder the proceeds of crime.

“Part of these payments were made to a bank account in Bank of Singapore, belonging to a company – M/s Asiafield Ltd – registered in the British Virgin Islands and beneficially owned by Deepak Talwar.

“These proceeds of crime were layered through a series of international money transfers, to finally integrate in India in M/s Wave Hospitality Pvt Ltd, a company beneficially owned and controlled by Deepak Talwar and his family members in the name of his son Aditya Talwar,” it said.

“These proceeds of crime were then utilized in the construction of Holiday Inn in Aerocity, New Delhi,” it added.

Talwar fled the country in 2017 to avoid investigation. He was deported by immigration authority of Dubai on January 31 and arrested under PMLA. He is now in judicial custody.

The agency said that further investigation was in progress.

IANS

Categories
India

Congress’ minimum guarantee to benefit 25 cr poor; Rahul

Congress President Rahul Gandhi on Monday said nearly 25 crore poor people in the country will get financial assistance of Rs 72,000 per annum if the party is voted to power.

Announcing the details of the party’s promised Minimum Income Guarantee scheme, Nyay, Gandhi said it will provide Rs 72,000 per annum to 20 per cent of the poorest families in the country.

Addressing the media here after a meeting of the Congress Working Committee, Gandhi said the scheme will be the “final assault on poverty”.

Nyay, a major promise of the Congress ahead of 2019 Lok Sabha polls, is economically feasible, he added, as he refused to take any question other than the scheme.

He said the scheme will supplement income of those earning Rs 12,000 per month.

“The minimum income line is Rs 12,000. Those who have income less than Rs 12,000 we will top up (their income),” he said.

IANS

Categories
India Science & Technology

Modi to interact with 1 cr party workers through video conference

Prime Minister Narendra Modi will interact with over 1 crore Bharatiya Janata Party (BJP) workers and volunteers from 15,000 locations across the country on February 28 in what the party claimed would be the “world’s largest video conference”.

“On Feb 28, PM Modi will interact with over 1 crore BJP karyakartas, volunteers & well wishers, spread across 15,000 locations, in what would be world’s largest video conference,” BJP President Amit Shah said in a tweet on Sunday. 

People can send their questions to the Prime Minister for the interaction titled ‘Mera Booth Sabse Mazboot’ through NaMO app.

With the interaction, Modi is aiming at mobilising support from the general public and galvanising the party workers into action for the upcoming Lok Sabha election.

“Mera Booth, Sabse Mazboot – Get ready for a unique interaction with PM Narendra Modi on February 28. The Prime Minister will be interacting with volunteers, supporters and party karyakartas from across the country,” read the message on the Prime Minister’s website.

IANS

Categories
India

SC directs RCOM to pay Ericsson Rs 550 cr with interest

The Supreme Court on Wednesday directed Reliance Communications to pay Rs 453 crore to Ericsson India within four weeks failing which its chairman will have to undergo a three-month sentence.

A bench of Justice Rohinton Fali Nariman and Justice Vineet Saran directed the court’s Registry to give Ericsson Rs 118 crore that were earlier deposited by RCOM. 

The court said that the entire amount that RCOM has to pay to Ericsson is Rs 550 crore plus the interest that was generated.

The court also imposed a fine of Rs 1 crore each on RCOM, Reliance Telecommunication and Reliance Infratel that would be deposited with the Supreme Court Legal Services Committee (SCLSC).

In case of default the Chairman of all three companies would have to undergo sentence of one month each.

The bench ordered this as it did not accept the “unconditional apology” tendered to the court by the RCOM Chairman.

RCOM Chairman Anil Ambani was present in the court when the order was announced.

IANS

Categories
Business

Business worth Rs 25,000 cr hit as traders protest against Pulwama attack; CAIT

The Confederation of All India Traders (CAIT) on Monday said that business worth about Rs 25,000 crore was hit due to the “Bharat Trade Bandh” that was called to protest against the recent Pulwama terror attack.

According to CAIT, the day-long bandh saw seven crore business establishments remain closed across the country, including Delhi.

“Business of about Rs 25,000 crore was hit due to today’s ‘Bharat Trade Bandh’,” the confederation said in a statement.

“In the wake of tremendous and spontaneous voluntary response from traders across the country, the CAIT has decided to create a Special Relief Fund exclusively for the welfare of the forces,” it said.

In the worst-ever terror attack in Jammu and Kashmir since militancy erupted in 1989, a suicide bomber on Thursday rammed his SUV packed with explosives into a CRPF bus on the Srinagar-Jammu highway in Pulwama district, killing as many as 40 troopers and leaving many injured.

IANS

Categories
India

Rs 46 cr collected under Bharat Ke Veer; Government

The Government on Monday said that a sum of Rs 46 crore has been collected and dispersed as part of the “Bharat Ke Veer” initiative for CRPF troopers who lost their lives in the February 14 Pulwama attack.

Over 80,000 people came forward in the last few days since Thursday to contribute over Rs 20 crore, a statement said.

IANS

Categories
India

Odisha urges Centre to release Rs 3,654.41 cr for food subsidy

Odisha Chief Minister Naveen Patnaik has requested the Centre for release of food subsidy to the state for timely payment to farmers.

In a letter to Union Consumer Affairs Minister Ram Vilas Paswan, Patnaik wrote that Odisha’s food subsidy bill of Rs 3,654.41 crore was pending with the Department of Food and Public Distribution (DFPD).

“It is a matter of concern that Odisha’s subsidy bill amounting to Rs 3,654.41 crore (which includes the advance subsidy up to March 2019) is pending with the DFPD. Such a huge pendency is causing shortage of funds at the Odisha State Civil Supplies Corporation (OSCSC), which may hinder timely payment to farmers,” he said.

The OSCSC, a state PSU, procures paddy on behalf of the government. It borrows money from banks to pay the cost of the paddy directly to the farmers.

While Rs 7,600 crore was paid to farmers last year, the payments this year have already crossed more than Rs 6,000 crore, informed Patnaik.

OSCSC is on the verge of reaching its credit limit, he added.

“To ensure adequate funds with the OSCSC for payment to farmers, it is essential that the DFPD regularly releases the food subsidy to the government of Odisha,” said the Chief Minister.

IANS

Categories
Business

Automobili Lamborghini launches Huracan EVO; priced at Rs 3.73 cr

Super sports car manufacturer Automobili Lamborghini on Thursday launched the new Lamborghini Huracan EVO priced at Rs 3.73 crores (ex-showroom).

Powered by a 5.2 litre naturally-aspirated V10 engine, the new super sports car can accelerates from 0-100 km per hour in 2.9 seconds and from 0-200 km per hour in 9 seconds, with a top speed of more than 325 km per hour.

–IANS

Categories
Business

Reversing declining trend, GST revenue Rs 1,02,503 cr in January

Reversing the declining trend of two months, the revenue collection under the Goods and Services Tax (GST) showed a marked improvement in January and stood at Rs 1,02,503 crore, crossing the Rs 1-lakh crore-mark only for the third time this fiscal.

The January collection was also 14 per cent higher than last year’s collection in the same month, the Finance Ministry said on Saturday.

The revenue collected in January relates to transactions made in December. The collection in December (for November transactions) was Rs 94,726 crore, down from Rs 97,637 crore in November.

The last time the GST collections had breached the Rs 1-lakh crore-mark was in October when it stood at Rs 1,00,710 crore.

Out of the Rs 1,02,503 crore collected in January, Rs 17,763 crore was collected as Central-GST (CGST), Rs 24,826 crore as State-GST (SGST), Rs 51,225 crore as Integrated-GST (IGST) and Rs 8,690 crore as cess, the Ministry said.

“In FY19, it is for the third time that GST revenue collection has crossed Rs 1 lakh crore,” it said in a statement.

It said a total of 73.3 lakh GSTR-3B returns were filed till January 31, up from 72.44 lakh returns the previous month.

The Ministry said that January 2019 collections were 14 per cent above the January 2018 collections of Rs 89,825 crore.

“This jump has been achieved despite various tax reductions having come into force that provided major relief to the consumers. The gross GST collections over the last three-month period has been 14 per cent higher than the corresponding period last year,” it stated

The announcement of GST figures crossing the Rs 1-lakh crore-mark was already made by the Finance Minister Piyush Goyal on Friday during his Interim Budget speech, when he said the collection for the month was expected to be at around Rs 1,03,000 crore. However, the actual numbers were released on Saturday.

The average monthly GST collection this year has been Rs 97,100 crore, as compared to Rs 89,700 crore last year.

IANS

Categories
Business

Anti-black money moves brought Rs 1.3 lakh cr income to tax; Goyal

Presenting the Interim Budget 2019-20, Union Finance Minister Piyush Goyal on Friday said the measures taken against black money by the Centre since 2014 have brought income of Rs 1,30,000 crore to tax.

Asserting the Modi government’s commitment to eliminate black money from the economy, he said measures like Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, Fugitive Economic Offenders Act, 2018 and demonetisation were taken that have started showing results.

“The measures taken by the government in the last four and a half years have also led to seizure and attachment of assets worth about Rs 50,000 crore.

“During this period, benami assets worth Rs 6,900 crore and foreign assets worth Rs 1,600 crore have also been attached,” Goyal said.

“As many as 3,38,000 shell companies have been detected and deregistered and their directors have been disqualified,” he added.

Further, Goyal said the direct tax collections went up by 18 per cent in 2017-18 and the tax base expanded by 1.06 crore with more than one crore filing tax returns in the financial year 2017-18.

Anti-black money moves brought Rs 1.3 lakh cr income to tax: Goyal

IANS

Categories
Business

Rs 64,587 cr budgetary support for railways in 2019-20; Goyal

Finance Minister Piyush Goyal on Friday said the government has allocated Rs 64,587 crore for railways in the Interim Budget for 2019-20.

Presenting the Interim Budget in Parliament, Goyal said: “Indian Railways has experienced its safest year in history. We are introducing container cargo movement to the North East.

“All unmanned level crossings on broad gauge network have been completely eliminated,” he said.

Speaking about the manufacture of engineless Train 18, Goyal said: “Vande Bharat Express will give Indian passengers world class facility, with speed, safety and service. This major leap developed by our engineers will give an impetus to Make in India programme and create jobs.”

He said: “Capital support from Budget for railways is proposed at Rs 64,587 crore for railways in 2019-20.

“In fact, railways’ overall capital expenditure programme is historic at Rs 1,58,658 crore.”

Goyal also said that the operating ratio of railways will come down to 95 per cent in 2019-20 from 96.2 per cent in 2018-19.

Rs 64,587 cr budgetary support for railways in 2019-20: Goyal

IANS