-PTI Amid growing political opposition in India for easing of foreign investment norms in retail and other sectors, US-based companies like Wal-Mart and Prudential Financial are lobbying hard with their own lawmakers here to garner support for their Indian business expansion plans. As per their latest lobbying disclosure reports filed with the House of Representatives and the Senate, the US-based companies and industry groups spent millions of dollars since the beginning of...
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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...
More »World's super-rich hold $32 trillion in offshore tax havens
-Reuters Rich individuals and their families have as much as $32 trillion of hidden financial assets in offshore tax havens, representing up to $280 billion in lost income tax revenues, according to research published on Sunday. The study estimating the extent of global private financial wealth held in offshore accounts - excluding non-financial assets such as real estate, gold, yachts and racehorses - puts the sum at between $21 and $32 trillion. The...
More »SC winds up green bench-Samanwaya Rautray
-The Telegraph The Supreme Court has disbanded its 17-year-old green sentinel. The court has wound up its green bench that sat every Friday since 1995 to deal with matters of forests and wildlife and had recently banned iron ore mining in Bellary, Karnataka, one among a host of far-reaching orders related to the environment. No reasons were given for disbanding the bench, a move legal experts said was inexplicable. The bench has, however, not...
More »Tax payers ignorance costs Rs 660 crore to government every year: TaxSpanner Report-Vidyalaxmi
-The Economic Times More than 94% of employees in India do not report income from other sources. This causes a loss of approximately Rs 660 crore to exchequer annually, says a report by TaxSpanner.com, a tax filing online portal. "More than 94 per cent of employees - liable to pay more than 10 per cent of their taxable income as tax - do not report income under the head, "Other Sources"," the...
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