The government plans an umbrella law to tighten financial scrutiny and regulation of religious trusts and non-profit organisations as it looks to allay global concerns about money laundering and terrorist financing activities by such entities. It is also likely to make public names of organisations that claim tax exemption to ensure greater transparency. Some of India's religious trusts are among the richest in the world. Last year, Tirumala temple, managed...

The Union budget writes off Rs.240 crore in corporate income tax every single day on average — the same amount leaves India each day in illicit fund flows to foreign banks. In six years from 2005-06, the Government of India wrote off corporate income tax worth Rs.3,74,937 crore — more than twice the 2G fraud — in successive Union budgets. The figure has grown every single year for which data are...

The Centre today promised a “comprehensive study” to gauge black money but told the Supreme Court it couldn’t reveal information on such cash stashed abroad because of “confidentiality” clauses in overseas pacts. The government explained its stand in an affidavit in the Supreme Court, which had earlier rapped it for not doing enough to deal with the menace. The National Institute of Public Finance and Policy, the National Institute of Financial Management...

It is tragic that the same government that gives huge corporate concessions and loses money in corruption is fighting over minimum wages. As India's — and by some reckoning the world's — largest rights-based rural safety net programme completes five years, here is a reality check. The National Rural Employment Guarantee Scheme (NREGS) has become the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS). But in a monumental affront to the...

The NAC proposals for the food security bill are narrow and lack in vision. What is needed is a comprehensive bill with universalisation of PDS and a focus on child malnutrition.   There was much excitement when food security became one of the issues in the manifestos of most major political parties in the run up to the 2009 General Elections. With burgeoning food stocks, double-digit food inflation, stagnant malnutrition rates, declining...