Government to Soon Make PAN Must for Cash Spending Beyond Limit

New Delhi: To check generation of domestic black money, the government will soon make it mandatory to furnish PAN (permanent account number) card details for cash transactions beyond a certain threshold, Finance Minister Arun Jaitley said on Sunday.

“The government is at an advanced stage in considering the requirement of furnishing PAN card details if cash transactions beyond a certain limit are undertaken,” Mr Jaitley said in a Facebook post.

He said the monitoring regime of the Income Tax Department has been strengthened and its capacity to access information and apply technology driven analytical tools to expose evasion has been enhanced. (Also read: Non-Declarants of foreign assets to face consequences: Jaitley)

“Its ability to detect large cash withdrawals, or large cash transactions which enter the system, is being strengthened. GST (Goods and Services Tax) regime once introduced will also be a landmark step in this direction.”

“Thus for commodities like gold where the initial purchase by the exporter is after the payment of custom duty, the subsequent transactions which are mostly in cash, can easily be found out,” Mr Jaitley said.

In Budget for 2015-16, the Finance Minister had proposed making quoting of permanent account number (PAN) mandatory for all sale and purchase of over Rs 1 lakh.

“Quoting of PAN is being made mandatory for any purchase or sale exceeding the value of Rs 1 lakh. The third party reporting entities would be required to furnish information about foreign currency sales and cross border transactions,” Mr Jaitley had said.

Thereafter, the government had received representations from various persons, including MPs, MLAs, trade and industry associations, among others, against the proposed mandatory quoting of PAN for sale or purchase in excess of Rs 1 lakh.

Stressing that bulk of black money is still within India, Mr Jaitley said there was a need to change the national attitude so that plastic currency becomes the norm and cash an exception and the government is working with various authorities to incentivize this change.

“Being seized of this problem, the government has been working with various authorities in order to incentivize this change. The opening of a large number of payment gateways, internet banking, payment banks and the emerging reality of e-commerce will prompt the use of banking transactions and plastic money rise significantly,” Mr Jaitley said.

The JAM (Jan Dhan, Aadhaar, Mobile) Trinity and the Direct Benefit Transfer of subsidies to the accounts of beneficiaries of various government schemes will also be a step ahead in this direction, Mr Jaitley added.

Each of the 18 crore beneficiaries of Jan Dhan accounts has been provided with RuPay cards, which will encourage them to use plastic currency and get familiarised with it, he said.

The MUDRA scheme, over the next few years, has a target of 6 crore families out of 25 crore families in India to become entrepreneurs.

Loans being made available to them by the banks can only be withdrawn from the ATMs by use of MUDRA credit cards which are being provided to them. More and more of their transactions will be through plastic currency or through the banking channel, Mr Jaitley added.

State Election Commission Postpones Counting of Votes in Municipal Polls

The West Bengal State Election Commission have postponed counting of votes in the election.

Kolkata:  The West Bengal State Election Commission today postponed counting of votes in the election to Bidhannagar and Asansol municipal corporation following allegations of large-scale violence.

“We have decided to postpone counting of votes,” State Election Commissioner Susanta Upadhyay told newspersons at SEC office in Kolkata.

The counting was scheduled to be held on October 7.

He said the SEC would go through reports and video footages of violence from its own sources and also news channels before taking any further decision.

Opposition parties in the state have demanded that the elections be countermanded and fresh elections held, alleging large-scale violence by the ruling Trinamool Congress.

To a question on repoll, Upadhyay said, “There is no question of ordering repolls at this juncture. We will take a decision after going through reports and video footages.”

 

Unable to Bear Losses, 2 More Farmers Commit Suicide in Madhya Pradesh

Dewas:  Three-year-old Kashish and her younger brother will never get to see their father again, a farmer in Dewas district of Madhya Pradesh. Anil Kumavat committed suicide after his crops were damaged due to erratic rain.

In Sagar district, about 350 km from Dewas, another family is in mourning. 35-year-old Bhaiya Raju Adivasi drank pesticide after rain deficit destroyed his soyabean crop on his two and a half acres.

In the last fortnight, two farmers have committed suicide in Dewas and Sagar district, unable to cope with their losses.

The rainfall pattern in the state has been quite erratic this monsoon season, which has either destroyed soyabean crop or has led to a very low yield.

In Barkhedi Maan village,  Anil Kumavat had sown tomato and soyabean crop this year but because of initial dry spell followed by a heavy rain during the flowering period of crop the yield came down to 10 per cent. As losses mounted, the loan of six lakh seemed impossible to repay.

Badrilal Kumavat, father of Anil said: “Last year we sold four bighas of land to repay our debts and this year soyabean and tomato crop failed. So my son took this extreme step.”

At least 22 farmer suicides have been reported this year in Madhya Pradesh but the government says it’s not due to crop failure.

State Agriculture Minister Gauri Shankar Bisen said, “70 per cent of people live in villages in Madhya Pradesh and are farmers. There are other reasons for suicide, but we are with farmers. In 2013 we gave Rs 2,200 crore as compensation to the farmers, which is the highest in the country.”

But farmers say the government’s claims are not true.

“I have suffered a loss of Rs 20,000 this year. Government help does not reach us, even if compensation is allocated to the district only a few farmers, who have an understanding with the administration, receive it,” said farmer Darbar Singh.

Less Bliing For Akshay and More for Talvar on Day Two

Akshay Kumar’s Singh Is Bliing witnessed a sharp dip in collections on Saturday with Rs 14.50 crores, following a ‘phenomenal’ score of Rs 20.67 crores on its opening day, October 2. Trade analyst Taran Adarsh tweeted the figures on Saturday.


 

#SinghIsBliing Fri 20.67 cr, Sat 14.50 cr. Total: Rs 35.17 cr. India biz… Biz should escalate on Sunday.

? taran adarsh (@taran_adarsh) October 4, 2015

However, his prediction says that the romantic-comedy should fare better on Sunday. Singh Is Bliing features Akshay as Raftaar Singh and also stars Amy Jackson as his love interest.

The opening day collections of the movie, surpassed the Bollywood Khiladi‘s other 2015 releases like Gabbar Is Back (Rs 13.05 crores), Baby (Rs 9.3 crores) and Brothers ( Rs 15.20 crores ). And it did so by a fair margin, to become his “biggest opener.” (Also Read: Akshay’s ‘Spectacular’ Box Office Bliing, Rs 20 Cr on Opening Day)

On the other hand, Meghna Gulzar’s Talvar performed slightly better than Friday, minting Rs 2.75 crores on Saturday. Mr Adarsh shared the collections, which read a total of Rs 5.75 crores.



 

#Talvar witnessed an upward trend on Sat, after national holiday on Fri. Thu previews 50 lacs, Fri 2.50 cr, Sat 2.75 cr. Total: Rs 5.75 cr.

? taran adarsh (@taran_adarsh) October 4, 2015

Irrfan Khan and Konkona Sen Sharma’s Talvar is a crime-thriller and is based on the Aarushi Talwar murder case. Both Singh Is Bliing and Talvar hit screens on October 2.



 

Manage Traffic Properly Near Rao Tula Ram Flyover: High Court

The court was hearing a plea by the resident’s welfare associations of Vasant Vihar challenging the Public Works Department (PWD)’s decision to build a three-lane flyover parallel to the single-lane flyover on RTR marg.

New Delhi:  Delhi High Court has asked the city government and traffic police to ensure that “traffic management is done properly” near the Rao Tula Ram (RTR) Marg flyover on the Outer Ring Road.

“Has traffic management (been) done properly,” a bench of justices Badar Durrez Ahmed and Sanjeev Sachdeva asked Delhi government and the traffic police after the court was informed that the area was witnessing serious traffic snarls due to gaps in the barriers placed to prevent traffic coming in from adjoining colonies.

The court was told that due to gaps in the barriers kept on the road to regulate vehicular movement, cars were entering Outer Ring Road through the adjoining Vasant Vihar colony at various places near the RTR flyover, causing major jams.

It was also submitted before court that the road connecting RTR marg to Mahipalpur was not navigable, and this was further leading to the traffic chaos in the area.

The court was hearing a plea by the resident’s welfare associations of Vasant Vihar challenging the Public Works Department (PWD)’s decision to build a three-lane flyover parallel to the single-lane flyover on RTR marg.

The court will now hear the matter on November 18.

On October 28 last year, the court had said that “the alternative measures discussed for de-congesting the traffic to and from the airport, particularly, at the T-junction joining Nelson Mandela Marg and the Outer Ring Road as also the entry point after Ryan International School from Mehrauli- Mahipalpur Road to the DDA road shall be made operational within two weeks.”

It had said the authorities shall endeavour to make operational every route they intend to use during diversion of traffic while building the flyover.

Vasant Vihar residents associations have sought that a six-lane flyover be built in the same location by demolishing the existing one while PWD plans to build a three-lane elevated road from Munirka to Signals Enclave, which will also run parallel to the RTR Marg flyover.

Birth, Death Certificates to Be Linked With Aadhaar Card: Anil Vij

Chandigarh:  To ensuring prompt availability of birth and death certificates in the state, Aadhaar card is being linked to them, said Haryana Health Minister Anil Vij today.

This would ensure that people do not have to face any problem while getting birth and death certificates, he said in a release in Chandigarh.

Speaking on female foeticide, Mr Vij said that the Pre-Conception and Pre-Natal Diagnostic Techniques (PCPNDT) Act, 1994 was being implemented in a strict manner.

Under this, investigation and raids have been conducted in about 2,400 cases, and registration of 53 private centres has been canceled or suspended. In this duration, 41 ultrasound machines have been sealed and 28 cases have been registered in lower courts, he informed.

Mr Vij said for the strict implementation of this Act, District Advisory Committee organised 93 meetings in various districts of the state, in which it was asked to make people aware and motivate doctors to avoid such acts.

Apart from this, the Health Department is making efforts to spread awareness among the people to stop female foeticide.

This is giving a fillip to the Prime Minister Narendra Modi’s ‘Beti Bachao, Beti Padhao’ programme, he added.

For SBI Home Loan Customers, Not Much to Cheer. Here's Why

Mumbai: State Bank of India (SBI) may have cut its base lending rate by 40 basis points to 9.3 per cent following the Reserve Bank’s latest policy rate cut, but home loan customers of the country’s largest lender will have to pay up to 0.7 per cent above the base rate, and interest of as much as 10 per cent for their loans.

Accordingly, the actual reduction in home loan rate will be a maximum of only 20 basis points, while a higher margin above the base rate will mean customers will have to pay the same rate of interest for home loans above Rs 1 crore.

The rate for ‘Maxgain’ home loans above Rs 1 crore – at 9.75 per cent for women – would come down only 20 basis points, while for other customers it would actually remain unchanged at 10 per cent with effect from Monday despite a reduction of 40 basis points in base rate.

For CRE (commercial real estate) Maxgain loans, SBI would charge as much as 65 basis points above base rate or 9.95 per cent for women customers and 70 basis points above the base rate or 10 per cent for other customers.

The bank’s spokesperson was not immediately available for comments. However, bank officials tried to justify the increase in the markup over base rate, saying the decline in actual home loan rates has been 75 basis points since December 2013, as against a reduction in base rate by 70 basis points.

They also said that the base rate for other lenders continues to be higher at 9.55 per cent, while in December 2013 also it was higher at 10.3 per cent as against SBI’s 10 per cent.

Interestingly, state-owned SBI was among the first lenders to announce a reduction in its rates after the RBI surprised with a 50 basis points cut in its policy rate on September 29 as it lowered its minimum lending rate, or base rate, by 40 basis points – the highest for any lender so far – from 9.7 per cent to 9.3 per cent with effect from October 5. (Read: SBI cuts lending rate)

“RBI has cut interest rate by 0.50 per cent, we have reduced it by 0.40 per cent,” SBI chairperson Arundhati Bhattacharya had said on Tuesday about the cut in SBI’s base rate, soon after RBI Governor Raghuram Rajan announced a 50 basis point cut in the central bank’s policy rate to 6.75 per cent – the lowest level in his tenure.

However, in its latest circular dated October 3 to all local head offices, SBI has explained the actual home loan interest rates that would be applicable across various categories following the latest reduction in the base rate coming into effect from Monday, October 5.

According to the circular, women customers, who typically get a subsidised rate, would be charged 20 basis points above the base rate, resulting in an actual interest rate of 9.5 per cent Monday onwards – down only 20 basis points from the existing rate of 9.7 per cent.

Till now, women home loan customers were being given housing loans at the base rate of 9.7 per cent without any markup, but Monday onwards, they will be charged 20 basis points above the base rate of 9.3 per cent or an interest rate of 9.5 per cent.

Other customers, who were being charged 5 basis points above the base rate or 9.75 per cent, would have to pay 25 basis points above base rate, or 9.55 per cent, for home loans – resulting again in an actual reduction of 20 basis.

For Maxgain home loans for amount more than Rs 1 crore, SBI was till Sunday charging 25 basis points above the base rate or an actual rate of 9.95 per cent to women customers and 30 basis points over and above the base rate or a final rate of 10 per cent for others. This rate would come down to only 9.75 per cent for women customers, as the markup has been increased to 45 basis points over the base rate, while the rate for other customers in this category would come down to only 9.8 per cent as the margin has gone up to 50 basis points.

From Monday, the rate for women customers in the CRE Maxgain category would be 65 basis points above base rate or an actual rate off 9.95 per cent, while the same for other customers would be 10 per cent or 70 basis points over the base rate.

Explaining the revised rates, SBI said these would be applicable to all home loans including takeover proposals from other lenders and those sanctioned by various branches with effect from October 5.

The revised rates would also be applicable to those existing home loan borrowers who are paying higher interest rate than the current rate and want to switch over to the current rates on upfront payment of one-time switchover fee.

“No further interest concession would be available under any arrangement and in any case, the effective interest rate should not be allowed to go below (these) rates,” SBI said.

Rash Driving: 37-Year-Old Woman Gets Rs 5 Lakh Compensation

The tribunal directed the National Insurance Company Ltd, insurer of the offending motorcycle, to pay Rs 5,36,127 to Laxmi Nagar resident Sabita Haldar.

New Delhi:  A 37-year-old woman, who suffered grievous injuries after being hit by a rashly and negligently driven motorcycle, has been awarded compensation of over Rs 5 lakh by a Motor Accident Claims Tribunal (MACT) in New Delhi.

The tribunal directed the National Insurance Company Ltd, insurer of the offending motorcycle, to pay Rs 5,36,127 to Laxmi Nagar resident Sabita Haldar, who suffered injuries in the mishap in September 2013.

“The insurance company is hereby directed to pay the compensation of Rs 5,36,127 within one month to the claimant (woman),” said MACT presiding officer, Ravinder Bedi.

In its order, the tribunal also said that “a victim of an accident has to be compensated in terms of money even if gratuitous services are rendered by a family member”.

According to the petition filed by Ms Haldar, she was hit by a motorcycle driven at high speed and in a negligent manner at 9.30 PM on September 26, 2013, while she was crossing the road.

She suffered grievous injuries in the accident and was taken to a hospital, it said.

Ms Haldar, who was working as a maid, had claimed that she had suffered multiple fracture of bones of her right limbs and sought compensation.

The motorcycle driver did not file his written statement before the tribunal and the proceedings were conducted ex-parte.

Assam Legislator Arrested for Allegedly Raping Minor Maid

Rangia, Assam:  Assam legislator Gopi Nath Das, who was absconding since last month, was arrested today for allegedly raping his minor domestic help.Mr Das, who was on the way to surrender at the CJM Court in Kamrup district, was arrested at Amingaon,” Kamrup Superintendent of Police Indrani Barua said.

Mr Das, who represented Boko constituency on All India United Democratic Front (AIUDF) ticket, was taken to Palashbari police station, she said.

Mr Das was absconding for more than a month to evade arrest in the alleged rape case filed by his minor domestic help.

On August 29, a case under section 343 IPC for wrongful confinement, read with Section 4/8 of the Protection of Children from Sexual Offences Act 2012, was registered following a complaint by the 14-year-old girl at Mandira outpost under Boko police station that she was allegedly raped by the MLA inside his car in Guwahati.

The case was later transferred to Boko police station.

The girl, hailing from Heckra Jogipara under Nagarbera police station in Kamrup district and staying in Mr Das’s house as a domestic help, had alleged before media that the MLA had raped her inside his car in Guwahati.

Mr Das had rejected the girl’s charges as “conspiracy”.

 

3D Printed Ice Shelter for Mars Wins $25,000 NASA Award

New York:  A 3D printed ice shelter designed for Mars, which aims to rely on the red planet’s predicted liquid water and low temperatures, has won the first-place award of $25,000 in NASA’s Mars habitat design competition.

NASA has awarded a total of $40,000 in the first stage of the 3-D Printed Habitat Challenge Design Competition.

The design competition challenged participants to develop architectural concepts that take advantage of the unique capabilities 3-D printing offers to imagine what habitats on  Mars might look like using this technology and in-situ resources.

More than 165 submissions were received and 30 highest-scoring entries were judged. The first-place award of $25,000 went to Team Space Exploration Architecture and Clouds Architecture Office for their design, Mars Ice House.

“Given the predicted abundance of water in certain areas on Mars, our approach takes full advantage of its properties as an indigenous material that acts both as a life-force to sustain a human and plant ecosystem, and, when 3D printed, as our primary fabrication material,” the team said.

As water is a means of sustaining life and ice a potential building material, the team opted to locate at Alba Mons in Mars’ northern hemisphere, where it is believed sub-surface water ice is plentiful.

The proposal uses a lander as the basis of the shelter, containing both private and communal interior spaces. Once in situ, it would deploy an inflatable membrane to create an interstitial environment between the outside of the capsule and the Mars atmosphere.

Rovers would then extract water from the ice below the surface at Alba Mons and apply it to form a protective skin on the inside of the inflatable environment.

The layer of ice would provide protection from radiation in the outside atmosphere, and it would also be translucent and allow light into the habitat, ‘Gizmag’ reported.

By conditioning the environment within the inflatable section, it is proposed that the ice be kept frozen indefinitely and vegetation could be grown, which would help to convert carbon dioxide into oxygen.

The second place award of $15,000 went to Team Gamma, from architecture firm Foster + Partners. Its concept proposes using semi-autonomous robots to build a shelter using regolith (the loose soil and rocks found on the surface of Mars).

Delhi Police Denies Permission to Observe 'Car-Free Day' on October 22

New Delhi:  Delhi Police has denied permission to AAP dispensation’s ambitious ‘Car-Free Day’ event planned to be held later this month, saying the government did not hold “prior consultation” with the force before taking any decision in this regard.

In his letter to Chief Secretary KK Sharma, Police Commissioner BS Bassi said that the choice of the event date — October 22 — when people will celebrate Dusshera – for such an event (‘Car-Free Day’) seems to be “hasty and quite impractical”.

Having been at loggerheads in the past over several issues, the move may trigger a fresh round of confrontation between the Kejriwal-led government and the city police.

‘Car-Free Day’ has been planned by the city government to be held on the stretch falling between the Red Fort and the India Gate.

Transport Minister Gopal Rai said that “ego of politics” should not come in the way of ‘Car-Free Day’ as it aims to encourage people to use public transport and reduce pollution level to make Delhi’s air clean.

Sources said that Rai may soon meet Lt Governor Najeeb Jung and take up the “unjustified” move by the police.

“Surprisingly, there was no prior consultation with Delhi Police before taking the decision for holding such an event or regarding the suitability of the date proposed.

“The choice of date i.e 22.10.2015 for such an event seems to be hasty and quite impractical. It is the day of Dussehra festival which people celebrate by going out in large numbers with their families. The proposed Car-Free sretch from Lal Qila to India Gate is home to some of Delhi’s most popular and traditional Ram Lilas,” Mr Bassi said in his letter.

He also said that there will also be Durga idol immersion at Yamuna ghats in good numbers on October 22.

These occasions demand massive police arrangements including police patrolling all over the city for safety and security of citizens and maintaining law and order. Besides, there will also be VVIP movements on that day which require special requirements, the police commissioner said.

Mr Bassi also said that Delhi Police being the primary agency responsible for regulation of traffic in the city is the first stakeholder in any such event which has a direct impact on the smooth flow of traffic and needs to be consulted before organising such event.

Government has said that it is not the only stakeholder to hold ‘Car-Free Day’, but MCD, DDA, city police are also part of it.

“There are several agencies like DDA, MCD and police which have the similar responsibility to make government’s ‘Car-Free Day’ a success. Government will hold consultations with concerned agencies to observe it. Additional Commissioner (Traffic) was also present in the meeting wherein the decision to hold this event was taken,” Mr Rai said.

Nitin Gadkari to Chair Sagarmala Committee Meet Tomorrow

File photo of Union Minister Nitin Gadkari.

New Delhi:  The maiden meeting tomorrow of the apex body of Sagarmala, an ambitious port-led development project along India’s 7,500 km coastline, will be chaired by Union Minister Nitin Gadkari.

     



“The first meeting of the National Sagarmala Apex Committee (NSAC) will be held on October 5, 2015 in New Delhi. The meeting will be chaired by Union Minister of Shipping and Road Transport & Highways Nitin Gadkari,” an official statement said in Delhi.

     

Sagarmala is an initiative that aims at promoting “port- led development” along India’s 7,500-km long coastline, with the Shipping Ministry as the nodal ministry.

     

“The members of the NSAC include Vice Chairman NITI Aayog and Chief Ministers of Andhra Pradesh, Goa, Gujarat, Karnataka, Kerala, Maharashtra, Odisha, Puducherry, Tamil Nadu and West Bengal,” the statement said.

     
The members also include Union Cabinet Ministers of Finance; Water Resources, River Development and Ganga Rejuvenation; Urban Development; Railways; Agriculture; Rural Development; Civil Aviation; Skill Development & Entrepreneurship; Environment, Forests & Climate Change; Commerce and Industry; Tourism while Secretary, Shipping is Member Convener.

     

The broad agenda of meeting includes discussions on constitution and scope of NSAC, Concept of Sagarmala and government decisions on it, action taken on setting up of Sagarmala Institutional Mechanism and role of the Centre as well as states in project identification and implementation.

     

“The prime objective of the Sagarmala project is to promote port-led direct and indirect development and to provide infrastructure to transport goods to and from ports quickly, efficiently and cost-effectively,” the statement said.

     

The project aims at providing for an institutional framework for ensuring integrated development, including modernisation and setting up of new ports, and efficient evacuation to and from hinterland.

     

The government recently discussed potential for developing a world-class transshipment port in India and promoting the usage of coastal shipping and inland waterways for transporting key commodities like coal, iron ore, foodgrains and petroleum products recently.

     

Cabinet in March had given ‘in-principle’ nod to the project, aimed at port-led development in coastal states.

     

Funds required in 2015-16 for implementation of projects in the initial phase of Sagarmala is pegged at Rs 692 crore.