-Live Mint Research shows the wealth of the super-affluent-hidden by tax shelters and non-response to questionnaires-is undercounted Washington: The 1% is literally rich beyond measure, depriving nations of billions in tax revenue and obscuring shifts in global inequality. Research conducted separately by European Central Bank (ECB) economist Philip Vermeulen and the London School of Economics' Gabriel Zucman shows the wealth of the super-affluent-hidden by tax shelters and non-response to questionnaires-is under-counted. Correcting...

-The Hindu In 2009-10, 33% of PDS off-take of kerosene diverted for non-household use: report The findings of a confidential report, commissioned by the government and accessed exclusively by The Hindu, have revealed that allocated expenditures of social spending programmes are not reaching intended users and confirm leakages due to corruption. The capitation fees collected by private colleges, on management quota seats in professional courses, last year was around Rs 5,953 crore, the...

-The Times of India MUMBAI: The ration card - the government issued booklet for availing of subsidized food under the public distribution service - is set to lose its privileged status as a valid document for opening bank accounts. Aadhaar is now set to become the single universal document for opening a bank account in India. In a circular dated July 17 addressed to banks, the RBI said that it has revised...

-Outlook India To the social subsidy whiners, please check corporate write-offs column The TV anchor asked eagerly of Arun Jaitley whether he would take hard decisions or, in the case of a bad drought, revert to loan waivers and (obviously wasteful) subsidies. The finance minister replied that it depended on the situation as it unfolded but he hoped he wouldn't have to return to such steps. "We hope so too," said...

-The Hindu   The national discourse is so superficial that it only talks of foreign direct investment, investment allowance, tax sops and the like which are just about a twentieth to a sixth of the national economy. It did not even notice paragraph 102 in the Union budget speech which is about half of India's economy. Commentators see facts hidden in budgets as the "devil's in the detail." This presumes that only...