-The Times of India The income tax department's '360 degree profiling' had resulted in former corporate lobbyist Niira Radia's contacts with several bigwigs coming to light. She may have fallen off the radar but the government plans to strengthen the mechanism with finance minister P Chidambaram initiating a pilot project with the FIU (Financial Intelligence Unit) to integrate data on all suspicious transactions with the '360 degree' database. Financial transactions of hundreds...
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Oil PSUs: Decoding the math of loss or under-recovery and what it means-Avinash Celestine
-The Economic Times How right was the government when it stated that the under-recoveries posed a threat to 'our national economy'? Or when the government says that it gave more to the sector in the form of subsidies than it earned as fuel taxes? The government would also like you to believe that the under-recoveries, dependent as they are on the price of crude in the international market, and the exchange...
More »Companies donate big to Congress, BJP-Anuja and Liz Mathew
-Live Mint/ The Wall Street Journal Contributions more than doubled between 2004 and 2009 polls; experts say published figures just tip of the iceberg Contributions, including money from top companies, to the country’s two largest political parties, the Congress and the Bharatiya Janata Party (BJP), more than doubled between the 2004 and 2009 general elections. This revelation affirms a trend of companies, most of which are listed, opting for a transparent route to...
More »'Demonetisation of Notes Won't Help Curb Black Money'
-PTI Demonetisation of high denomination currency notes like Rs 1,000 and Rs 500 may not help curb black money which is largely held in the form of benami properties, bullion and jewellery, a Finance Ministry report says. "One common demand from the public is that high denomination currency notes, particularly Rs 1,000 and Rs 500, should be demonetised", says a committee headed by the CBDT chairman in its report to the Finance...
More »Extending RTI Act to public sector banks involves systemic risk-MR Umarji
-The Economic Times The main objective of the Right to Information Act, 2005, is to provide access to information in order to promote transparency and accountability in the working of every public authority. The RTI Act defines 'public authority' as anybody or authority constituted by law made by competent legislature and includes anybody owned, controlled or substantially financed directly or indirectly by funds provided by the government. While deciding the status of any...
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