Max 'crorepati' agriculturists in Bengaluru, Delhi and Mumbai

March 15, 2016

New Delhi, Mar 15: Metro cities like Delhi, Mumbai, Kolkata and Bengaluru have the maximum 'crorepati' entities who have declared agricultural income of over Rs 1 crore in the last nine assessment years with the Income Tax department.farmer

The department is conducting a tax evasion probe in a select number of such cases after the taxman was directed in this regard recently.

As per official data in this regard, accessed by PTI, between Assessment Years (AYs) 2008-09 to 2015-16, a total of 321 assesses declared agricultural wealth over Rs one crore in Bengaluru region followed by Delhi (275), Kolkata (239), Mumbai (212), Pune (192), Chennai (181), Hyderabad (162), Thiruvananthapuram (157)and Kochi (109).

Finance Minister Arun Jaitley today said in Parliament that many prominent people are being probed for allegedly concealing taxable income as agricultural earnings as he told the Opposition not to term it as political victimisation if their names come out.

"Many prominent people" are said to be involved and are being probed, he said. "Please don't say it is political victimisation if names come out after that (probe)."

IT department Assessing Officers across the country, as part of a recent directive, have been asked to "verify" a select number of cases in this category under assessment years 2011-12 to 2013-14.

The move came in view of a PIL filed in the Patna High Court where concerns have been raised that some of these declarants could be engaged in routing their un-accounted or illegal funds in the "garb" of farm income thereby leading to instances of money laundering.

Agricultural income is exempt from Income Tax in the country.
The official data in this regard said a total of 2,746 entities have declared agricultural income of above Rs 1 crore in the last nine AYs, between 2007-08 to 2015-16 and a probe has to be conducted for a block period of three AYs (2011-12 to 2013-14).

The department suspects that in many cases where declarants have claimed tax exemption under this category could either be because of a data entry error on their part or a genuine case of tax evasion.

"The taxman has been directed to only probe those cases between AY 2011-12 to 2013-14 which have been selected for scrutiny, based on red flag indicators.

"A report has to be sent to the CBDT by March 20 and it will be subsequently presented to the Patna High Court for further action," a senior official said.

The entire exercise is being undertaken to verify the "genuineness" of the agricultural income claim made by these individuals and entities, he said.

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Agencies
May 21,2020

More than 50 million people in India do not have access to effective handwashing, putting them at a greater risk of acquiring and transmitting the novel coronavirus, according to a study.

Researchers from the Institute for Health Metrics and Evaluation (IHME) at the University of Washington in the US found that without access to soap and clean water, over 2 billion people in low- and middle-income nations -- a quarter of the world's population -- have a greater likelihood of transmitting the coronavirus than those in wealthy countries.

According to the study, published in the journal Environmental Health Perspectives, more than 50 per cent of the people in sub-Saharan Africa and Oceania lacked access to effective handwashing.

"Handwashing is one of the key measures to prevent COVID transmission, yet it is distressing that access is unavailable in many countries that also have limited health care capacity," said Michael Brauer, a professor at IHME.

The study found that in 46 countries, more than half of people lacked access to soap and clean water.

In India, Pakistan, China, Bangladesh, Nigeria, Ethiopia, Democratic Republic of the Congo, and Indonesia, more than 50 million persons in each country were estimated to be without handwashing access, according to the study.

"Temporary fixes, such as hand sanitizer or water trucks, are just that -- temporary fixes," Brauer said.

"But implementing long-term solutions is needed to protect against COVID and the more than 700,000 deaths each year due to poor handwashing access," Brauer said.

He noted that even with 25 per cent of the world's population lacking access to effective handwashing facilities, there have been "substantial improvements in many countries" between 1990 and 2019.

Those countries include Saudi Arabia, Morocco, Nepal, and Tanzania, which have improved their nations' sanitation, the researchers said.

The study does not estimate access to handwashing facilities in non-household settings such as schools, workplaces, health care facilities, and other public locations such as markets.

Earlier this month, the World Health Organization predicted 190,000 people in Africa could die of COVID-19 in the first year of the pandemic, and that upward of 44 million of the continent's 1.3 billion people could be infected with the coronavirus, the researchers said. 

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News Network
May 10,2020

Thiruvananthapuram , May 10: Issuing latest order in view of coronavirus outbreak, the Kerala government has ordered complete shut down on all Sundays.

"With a view to prevent the spread of COVID-19, improve the quality of life, reduce the carbon emissions, protect the environment and greenery of the State, the following protocol would be observed on Sundays across the State. Sundays will be observed as total shut down days until further orders," the order read.

Following activities will be permissible on Sundays:

A) Shops selling essential items

B) Collection and distribution of milk

C) Supply of Newspaper, media, hospitals, medical stores, medical labs and related institutions

D) No social gathering is permitted except for marriages and funerals

E) Departments, agencies and activities connected with the containment of COVID-19

F) Movement of goods vehicles

G) Agencies in the field of waste disposal

H) All manufacturing and processing activities of continuous nature and ongoing construction activities will be permitted

I) Take away counters of the hotel from 8 a.m to 9 p.m, online delivery up to 10 pm

J) Walking and cycling will be permitted.

K) In addition, the following roads mentioned in Annexure will be closed for motorised traffic except for movement of essential goods and emergency vehicles from 5 am to 10 am. During this time, non-motorised traffic such as walking and cycling will be permitted.

L) Movement of persons on Sundays are allowed only for health emergencies, Government servants on emergency duties and persons engaged in activities connected with Covid-19 containment, persons involved in the activities from (a) to (k) above, priests and other religious persons responsible for conducting rituals in worship places.

M) Any other movement of persons, if any in exigencies, shall only be with the travel passes obtained from District Collector or Police authorities concerned.

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Agencies
January 15,2020

Mumbai, Jan 15: Michael Debabrata Patra took over as Deputy Governor of the Reserve Bank of India (RBI) on Wednesday.

He was an Executive Director of India's central bank before being elevated to the post of Deputy Governor.

An RBI release said that as Deputy Governor, Patra will look after Monetary Policy Department including Forecasting and Modelling Unit (MPD/MU), Financial Markets Operations Department (FMOD), Financial Markets Regulation Department.

He will also look after Market Intelligence (FMRD/MI), International Department (Intl. D), Department of Economic and Policy Research (DEPR), Department of Statistics and Information Management (including Data and Information Management Unit) (DSIM/DIMU), Corporate Strategy and Budget Department (CSBD) and Financial Stability Unit.

Patra, a career central banker since 1985, has worked in various positions in the Reserve Bank of India.

As Executive Director, he was a member of the Monetary Policy Committee (MPC) of RBI, which is invested with the responsibility of monetary policy decision making in India. He will continue to be an ex-officio member of the MPC as Deputy Governor.

Prior to this, he was Principal Adviser of the Monetary Policy Department, Reserve Bank of India between July 2012 and October 2014.

He has worked in the International Monetary Fund (IMF) as Senior Adviser to Executive Director (India) during December 2008 to June 2012, when he actively engaged in the work of the IMF's Executive Board through the period of the global financial crisis and the ongoing Euro area sovereign debt crisis.

The release said that his book "The Global Economic Crisis through an Indian Looking Glass" vividly captures this experience.

He has also published papers in the areas of inflation, monetary policy, international trade and finance, including exchange rates and the balance of payments.

A fellow of the Harvard University where he undertook post-doctoral research in the area of financial stability, he has a PhD in Economics from the Indian Institute of Technology, Mumbai.

He will hold the post for three years or until further orders. The post fell vacant after Viral Acharya resigned on July 23 last year.

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