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The International News Weekly india November 09, 2018 | Toronto 08 Demonetisation led to formalisation of economy, expanded tax base: Jaitley New Delhi: Finance Minister Arun Jaitley on Thursday said demonetisation resulted in formalisation of economy and increased tax base, prompting the government to earmark more resources for the poor and infrastructure development. In a Facebook post on the second anniversary of Demonetisation, Jaitley said in first four years of the National Democratic Alliance (NDA) government, the number of income tax returns filers has gone up to 6.86 crore from 3.8 crore in May 2014. “By the time the first five years of this government are over, we will be close to doubling the assessee base,” he said in the post titled “Impact Of Demonetisation”. The demonetisation of Rs 500 and Rs 1,000 currency notes in November 2016, the minister said, had resulted in “more formalisation (of economy), more revenue, more resources for the poor, better infrastructure, and a better quality of life for our citizens.” He further said with the implementation of the goods and services tax (GST), it is now becoming increasingly difficult to evade the tax system and the indirect tax to gross domestic product (GDP) ratio has gone up to 5.4 per cent post GST, from 4.4 per cent in 2014-15. Terming the criticism, that almost the entire cash money got deposited in the banks post demonetisation, as “illinformed”, Jaitley said confiscation of currency was not an objective of demonetisation. “Getting it into the formal economy and making the holders pay tax was the broader objective. The system required to be shaken in order to make India move from cash to digital transactions. This would obviously have an impact on higher tax revenue and a higher tax base,” Jaitley said. The government had on November 8, 2016, announced ban on old 500 and 1000 rupee notes, to curb black money in the system. Of the Rs 15.41 lakh crore worth Rs 500 and Rs 1,000 notes in circulation on November 8, 2016, 99.3 per cent or notes worth Rs 15.31 lakh crore have returned to the banking system. This means, just Rs 10,720 crore of the junked currency did not return to the banking system. After the note ban, old junked notes, called specified bank notes (SBNs), were allowed to be deposited in banks with unusual deposits coming under income tax scrutiny. Jaitley said demonetisation compelled holders of cash to deposit the same in the banks. “The enormity of cash deposited and identified with the owner resulted in suspected 17.42 lakh account holders from whom the response has been received online through non-invasive method,” he said. The violators faced punitive actions. Larger deposits in banks improved lending capacity for the banks. A lot of this money was diverted to mutual funds for further investments. It became a part of the formal system, Jaitley added. He said the share of indigenously developed payment system of unified payments interface (UPI) and RuPay card have reached 65 per cent of the payments done through debit and credit cards. Jaitley said in 2017- 18, the tax returns filed reached 6.86 crore, an increase of 25 per cent over the previous year. This year, as on October 31, 2018, already 5.99 crore returns have been filed — which is an increase of 54.33 per cent compared to the previous year till this date. As many as 86.35 lakh new filers were added this year. Economic Affairs Secretary Subhash Chandra Garg said demonetisation and GST reflect long-term vision of the government and its ability to undertake massive structural reforms. “Tax filers under both direct and indirect taxes are close to getting doubled. Digital payments have risen sharply and become common place. Fake notes are out,” Garg tweeted. PM offers prayers at Kedarnath shrine Kedarnath: Prime Minister Narendra Modi offered prayers at Kedarnath shrine on Wednesday and extended Diwali greetings to the soldiers posted on the India-China border. After offering prayers, the Prime Minister met the locals gathered at the temple of Lord Shiva near the Mandakini river. He later reviewed the ongoing development works in Kedarpuri. Before offering prayers, the PM celebrated the festival with jawans of the Indian Army and Indo-Tibetan Border Police (ITBP) personnel at Harsil village near the India-China border. Greeting the soldiers on the festive occasion, he said that their devotion to duty in the remote icy heights is enabling the strength of the nation and securing the future and the dreams of 125 crore Indians. In 2016, PM Modi went to Himachal Pradesh to celebrate the festival with Indo-Tibetan Border Police personnel at an outpost. Last year, he celebrated Diwali with jawans at Gurez in Jammu and Kashmir. AGENCIES
The International News Weekly india November 09, 2018 | Toronto 09 Depts not sticking to SC norms: Women panel Chandigarh : Glaring anomalies in the constitution of the mandatory internal complaint committees for handling sexual harassment cases by various Punjab government departments have came to the fore. The Punjab Women Commission (PWC), which is probing the sexual harassment charge against Amritsar district manager of Marked, has found that none of the committees have a representative of any NGO or a person familiar with the issue of sexual harassment. The panel also found that the internal committee at Amritsar Civil Hospital did not have members as mandated under the Supreme Court’s Vishaka guidelines in dealing with sexual harassment at workplace. The PWC has received two complaints from woman doctors of private hospitals in Mohali wherein seniors have forced the victims not to pursue the matter. Taking a serious note of the violation, the PWC has shot off a communication to all departments telling them to adhere to the guidelines. Manisha Gulati, PWC What the guidelines say... • The complaint committee should be headed by a woman and not less than half of its member should be women. • To prevent the possibility of any undue pressure or influence from higher levels, such committee should involve a third party, either an NGO or any other body familiar with the issue of sexual harassment. • The committee must make an annual report to the department concerned of the complaints and action taken by them. chairperson, said since the beginning of the #MeToo movement, there had been an increase in the number of complaints pertaining to sexual harassment at workplace. “However, the complaint committees either do not have the requisite number of women members or representatives of an NGO,” she said. “I have written to all departments to ensure the guidelines are followed. In some cases, the complaints are not taken up seriously as members are from the department concerned,” she said. On senior women officers terming the recent guidelines issued by the PWC as regressive, the chairperson said though she had largely reiterated the Centre’s guidelines, she was open to suggestions from the aggrieved officers. Nirav Modi declared 'proclaimed absconder' in customs case Mumbai : A Gujarat court on Thursday declared fugitive diamantaire Nirav Modi a "proclaimed absconder" in a customs duty evasion case filed in March and ordered him to appear in person on November 15. In a public notification issued earlier in the day in newspapers, and also sent to government and police departments, Nirav Modi was declared proclaimed absconder under Section 82 of the Criminal Procedure Code, which could make it difficult for him to secure an anticipatory bail. In Surat, Chief Judicial Magistrate BH Kapadia accepted a plea made by the Customs Department on August 8 and asked Nirav Modi, who is the prime accused in several other cases, including the Rs 13,500 crore Punjab National Bank fraud case, to appear before the court next Thursday. The case in the Surat Court was filed by Deputy Customs Commissioner RK Tiwary against Nirav Modi and three of his firms—Firestar Diamond International Pvt Ltd, Firestar International Pvt Ltd, and Radashir Jewellery Co Pvt Ltd. After Lion crash, Boeing issues safety bulletin Mumbai: Preliminary investigations into the Indonesia Lion Air flight 610 Boeing 737 MAX crash have indicated a problem with a sensor that alerts pilots about the possibility of aircraft stalling, especially when the nose is up after take-off. Lion Air flight JT610 crashed into the sea off Indonesia’s island of Java on October 29, minutes after taking off from Jakarta, killing all 189 on board. Indian pilot Bhavye Suneja was one of the two in the cockpit. On Tuesday, Boeing issued an operational manual bulletin to all airlines and pilots who operate the 737 MAX. Based on the bulletin, it appears that the nose of the Lion Air aircraft might have pitched down during the climb-out phase in response to an erroneous input from the sensor. With its nose pitched down, the aircraft probably dived into the sea at high speed. For a safe climb-out, the aircraft’s nose is pitched up at a small angle. This puts both its wings at an acute angle with respect to the oncoming airflow. This angle between the wing and the oncoming airflow is called the ‘Angle of Attack’ (AOA). Setting the aircraft at an optimum AOA is crucial during the climb-out phase. If the AOA is too low, the aircraft won’t climb out fast enough. If the angle is too high, its speed decreases and the aircraft could enter an aerodynamic stall. AOA sensor inputs are then crucial because it forewarns a pilot about a possible stall due to a high AOA.
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