-The Economic Times The Supreme Court has declined to reconsider its ruling that the tax authorities had no jurisdiction to tax Vodafone's offshore acquisition of its Indian mobile unit, handing what could be a pyrrhic victory to the telecom major. The tax demand, government officials familiar with the case said, could be revived once the provisions in the Union Budget seeking to tax overseas deals are approved by Parliament later this...
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96% of the arrested criminals are not in jail
-The Hindu Liberal bail system adopted by courts Only 3.2 per cent of the people arrested for various crimes are in prison given the “liberal bail system” adopted by courts, according to the Bureau of Police Research and Development (BPR&D), New Delhi. Making a presentation on ‘Problems of overcrowding in prisons in India' at an all-India conference of DG/IG of Prisons here on Saturday, B.V. Trivedi, Deputy Director, BPR&D, said: “As much as...
More »Change in scavenging Act soon, court told by J Venkatesan
The Centre on Friday informed the Supreme Court that appropriate steps would soon be taken to amend the Employment of Manual Scavengers and Construction of Dry Latrines (Prohibition) Act, 1993 to eliminate manual scavenging. Additional Solicitor General Harin Raval told a Bench of Justices H.L. Dattu and C.K. Prasad that necessary amendments would be introduced in the monsoon session of Parliament. The ASG also assured the court that the government would...
More »Vodafone-Hutch deal: Retrospective change to I-T Act-Nikhi Kanekal and Kian Ganz
The government introduced a retrospective clarification to the Income-Tax (I-T) Act, 1961, virtually amending the law to ensure that cross-border transactions such as the $11.08 billion (around Rs55,735 crore today) Vodafone-Hutchison deal are taxable. The Supreme Court had ruled this deal as not being taxable in India. The amendment becomes crucial because a review petition by the government on this case is pending before the Supreme Court, which might now have...
More »Need regulation to make sure that financial inclusion becomes cost-effective by Ashok Khemka
One of the key factors to inclusive growth is financial inclusion for all. Financial inclusion refers to universal access to a wide range of banking solutions and financial services in a fair, predictable and transparent manner at affordable costs. The poor tend to be ignored because the transaction costs in serving them are high. Initiatives that reduce these costs will allow service providers to begin thinking of financial services for...
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