-PTI The government may grant the Income Tax department powers to re-open tax returns of beyond six years in specific cases of black money where "foreign assets" are involved. The I-T department needs these powers to pursue the ongoing cases where funds were found to be stashed abroad and these came to light after India received a classified list of bank account holders which include those in HSBC bank Geneva and LGT...

-The Times of India   The finance ministry has replaced S S Rana with Madhavan Nair as member investigation in the Central Board of Direct Taxes (CBDT) in a change that is seen to be linked to the income tax department's embarrassment over the failed "search-and-survey" operation against Gurdeep 'Ponty' Chadha, a politically-connected businessman. Apart from Rana, who was instrumental in the raids against Chadha a day before the Uttar Pradesh polls got...

The huge expenditure on the food bill, with the attendant leakages, could well make fiscal recovery impossible In the first part of this article, we have estimated the actual cost of implementing the food security bill in its current form. In this part, we now examine the fiscal sustainability of the same. The current state of the revenue and expenditure trends of the Central government (refer table) show that while revenue...

Discovery of a deadly form of TB in a Mumbai hospital  underscores mismanagement In December last, when doctors at Hinduja Hospital in Mumbai raised the alarm over a deadly form of tuberculosis, the Union health ministry was quick to refute the claim. In its press release on January 17, the ministry said the term “totally drug resistant TB” is “misleading”; it is neither recognised by the national programme for TB control...

The irrationality and waste in energy subsidies in India has been a perennial theme in analysis of the Indian economy and in reform prescriptions. Progress has, however, turned out to be elusive in the face of ground realities and feasible politics.  The power ministry, after struggling for over a decade through repeated exhortations, had the satisfaction of getting a resolution in a Chief Ministers Conference in 2001 that free supply of...