Thursday, May 31, 2018
CBI files case against three for exploiting NSE systems The CBI today registered a case against OPG Securities owner Sanjay Gupta and 2 others for allegedly manipulating the NSE server architecture to glean out trading data before other brokers Last Published: Wed, May 30 2018. 10 44 PM IST Shaswati Das
A case was also registered against OPG Securities, OPG House and unknown officials of the Sebi and NSE. Photo: Mint
New Delhi: The Central Bureau of Investigation (CBI) on Wednesday registered a case against three persons for allegedly manipulating the server architecture of the National Stock Exchange (NSE), Mumbai, to glean out data before other brokers.
The CBI registered a case against OPG Securities Pvt Ltd owner and promoter Sanjay Gupta, as well as his brother in-law Aman Kakrady, and Ajay Narottam Shah, who facilitated Gupta’s operations by developing and providing a software called Chanakya. A case was also registered against OPG Securities, OPG House and unknown officials of the Securities and Exchange Board of India (Sebi) and NSE.
“The CBI registered a case under the Indian Penal Code (IPC), the Prevention of Corruption Act, and under section 66 of the Income Tax (IT) Act against the accused,” a senior CBI official said, on condition of anonymity.
“It was alleged that Sanjay Gupta of OPG used the server architecture of NSE in collusion with unknown officials of NSE, Mumbai. These officials had provided unfair access to OPG by using co-location facility during 2010-12 that enabled it to login first to the server of the stock exchange that helped it (OPG) to get the data before any other broker in the market,” the official added.
It was alleged that after “introduction of load balancer in October 2012, Sanjay Gupta once again managed staff at the data center at NSE and was provided fast access to the market feed to OPG securities. This favour was shown by unknown officials of NSE to Sanjay Gupta.”
Calls to Sanjay Gupta and Ajay Shah were not answered, while neither Sebi nor NSE immediately responded to Mint’s messages seeking a response.
CBI also added that in order to ensure a favourable report from Sebi in the inquiry carried out by it against the role of OPG in the misuse of TBT (tick by tick) architecture of NSE, Sanjay Gupta “influenced unknown officials of Sebi for which bribe money was given to the unknown officials of Sebi.”
Gupta also allegedly directed his employees to delete some important emails and texts related to the co-location controversy with the intention of destroying electronic evidence against his company.
“It was also alleged that Ajay Shah had been instrumental in exploitation of NSE’s TBT architecture and collected NSE trade data in 2005-06, in the name of carrying out research. With the help of this data he developed Chanakya, which was also sold to selected brokers, including OPG. It is also alleged that Sanjay Gupta with the help of Kokrady was illegally trading in Dubai, Ghana, Singapore, Hong Kong and China through OPG Securities Ltd,” the senior CBI official quoted above said.
Searches were conducted by the CBI in seven places in Delhi, Mumbai, and Bangalore.
Jayshree P. Upadhyay in Mumbai contributed to this story.
Intra -state E-way Bill: 7 things to keep in mind from June 3 ET CONTRIBUTORS|May 30, 2018, 10.34 AM IST
By Tejas Goenka
On April 1, 2018, the e-way bill system for the inter-state movement of goods was rolled-out across the nation. In parallel, it was decided that intra-state e-way bill too shall be rolled out in a phased manner from April 15th once the system had sufficiently stabilised, with roughly four to five states coming on board every week.
Karnataka was the first to join the bandwagon, as it adopted the intra-state e-way bill system from April 1 itself.A total of 22 states have now gone live as well - Andhra Pradesh, Arunachal Pradesh, Bihar, Gujarat, Haryana, Himachal Pradesh, Jharkhand, Karnataka, Kerala, Madhya Pradesh, Meghalaya, Nagaland, Sikkim, Telengana, Tripura, Uttarakhand, Uttar Pradesh, Puducherry, Assam and Rajasthan - with Lakshwadeep and Chandigarh being the latest entrants on May 25, and Maharashtra following closely on May 31, and Punjab and Goa from June 1.
If official records are to be considered, the entire implementation of the system and the generation of e-way bills nationwide has been successful. Till the May 13, which is a period of almost 45 days, more than 4.15 crore e-way bills were successfully generated, which included more than 1 crore e-way bills for intra-state movement of goods. Both inter as well as intra-state movement of goods will become mandatory from June 3, 2018 - which implies that businesses across the country will need to factor in the same, while planning for their respective consignments.
Here are 7 quick things you can keep in mind as a business, to prepare yourself for the time ahead:
i. You can generate the e-way bill using GSTIN from http://ewaybillgst.gov.in
ii. E-way bill will be required when the value of taxable consignment, along with the tax value, is more than Rs 50,000
iii. If you have sent material for Job Work then either you or the Job Worker can generate the e-way bill
iv. As a supplier, you can authorize the transporter, e-commerce operator or the courier agency to fill Part A of the e-way bill
v. If the distance between your primary place of business and that of the transporter is less than 50 KMs, only Part A of the e-way bill is required to be filled, and Part B is not required to be filled
vi. Once the e-way bill is generated, the recipient of goods can confirm or deny the receipt of goods before the actual delivery or 72 hours, whichever is earlier
vii. In cases where the goods are being transported by railways, aeroplane or ship, the e-way bill can only be generated by the supplier or a recipient, and not by the transporter. However, in such cases, an e-way bill can be generated even after the goods shipment has started
As of today, it can be safely said that with businesses adhering to these e-way bill guidelines, and with the tax authorities working in tandem to ensure the right compliances, the nation-wide single e-way bill will soon be a successful reality. Coupled with the obvious advantages of robust technology that businesses will look to use, this will surely ensure seamless commerce across state borders, something which is bound to give both businesses as well as the government authorities a lot of relief in the time to come.
The writer is Executive Director, Tally Solutions Pvt Ltd.
Wednesday, May 30, 2018
ICICI Bank orders probe into allegations against Chanda Kochhar:
The board of India's largest private sector lender ICICI Bank has ordered an independent probe into allegations of 'conflict of interest' and 'quid pro quo' in bank's MD and CEO Chanda Kochhar's dealing with certain borrowers.
There are allegations of involvement of Kochhar and her family members in a loan provided to Videocon group on a quid pro quo basis.
It was alleged that Videocon Group pumped money into NuPower Renewables, a firm owned by Deepak Kochhar, husband of Chanda Kochhar.
Last week, market regulator Securities and Exchange Board of India had served a notice on Kochhar on dealings of the bank with Videocon Group and Nupower.
The enquiry was ordered by the board, at its meeting yesterday, on a complaint by an anonymous whistle-blower against Kochhar, the bank said in a regulatory filing today.
'...the enquiry to be headed by an independent and credible person (will) examine and enquire into an additional anonymous whistle-blower complaint...,' it said.
The scope of enquiry would be comprehensive and include all relevant matters arising out of and in course of examination of the facts and wherever warranted, use of forensics/email reviews and recordal of statements of relevant personal, it said.
The enquiry, the bank said, will be conducted by an 'independent and credible' person.
The whistle-blower had alleged that the bank's MD and CEO had not adhered to provisions relating to code of conduct of the bank and legal and regulatory provisions relating to conflict of interest over a period of time and also alleged quid pro quo in the course of Kochhar's work in dealing with certain customers/borrowers of the bank.
Interestingly in April, the board had expressed full confidence in Kochhar and ruled out any quid pro quo as alleged with regard to certain loan given to Videocon group.
The regulator filing, which came today after close of stock market, further said the enquiry will cover all 'connected matters' in the course of investigations to bring the matter to a final close.
In keeping with the whistle-blower policy of the bank, its board mandated the audit committee to appoint an independent and credible person to head the enquiry and also define the terms of reference, including timeline.
There are also allegations that NuPower got investments of Rs 325 crore from Mauritius-based Firstland Holdings, a company owned by Nishant Kanodia, son-in-law of Essar Group co-founder Ravi Ruia.
The investments from Ruia's son-in-law's firm into NuPower started in December 2010. Incidentally, the same month ICICI Bank was lead banker in a consortium of Indian banks that extended a $530 million loan to Essar Steel Minnesota LLC on December 29, 2010.
This loan was later classified as a Non-Performing Asset.
The Reserve Bank in its 2016 investigation in the matter had raised questions over the ownership of the Mauritius-based entity, First Land Holding, which had invested Rs 325 crore in NuPower.
Also, there was no clarity over the alleged Rs 64-crore loan (unsecured fully convertible debentures) given to NuPower by Supreme Energy, which was 99.99 per cent owned by Videocon chief Venugopal Dhoot at that time.
While Chanda Kochhar sat on the credit committee that approved the loan to Videocon, there are allegations of conflict of interest in her husband's brother, Singapore-based Rajiv Kochhar, performing debt-restructuring work on errant corporate borrowers from ICICI, including Videocon.
The restructuring wasn't commissioned by the bank but by the borrowers. Interestingly, the board of ICICI Bank expressed full faith in Chanda Kochhar, whose current tenure as CEO is set to end on March 31, 2019.
It had reviewed credit approval processes and found them to be robust, according to a March 28 filing by the bank. -- PTI
BIGGEST SURPRISE OF THE DAY AS Anti-Kremlin scribe reported killed turns up alive at presser
Russian anti-Kremlin journalist Arkady Babchenko, who was reported killed in Kiev, appeared alive and well at a news conference in Ukraine in a stunning development today.
The head of Ukraine's security service Vasyl Grytsak told reporters that the faked death yesterday was part of a 'special operation' to pre-empt a real plot to kill him. -- Agencies
IMAGE: Russian journalist Arkady Babchenko, who was reported murdered in the Ukrainian capital on May 29, attends a news briefing by the Ukrainian state security service in Kiev, on Wednesday. Photograph: Valentyn Ogirenko/Reuters
Russian journalist Babchenko, critic of Kremlin, shot dead in Ukraine By Mary Ilyushina and Denis Lapin, CNN Updated 1226 GMT (2026 HKT) May 30, 2018
Arkady Babchenko covering unrest in Kiev, Ukraine, on January 22, 2014.
Journalist, a Putin critic, killed in Ukraine 01:53(CNN)Prominent Russian journalist Arkady Babchenko, a critic of Russian actions in Ukraine and Syria, has been shot and killed in Kiev, Ukraine officials said late Tuesday.
Police in Kiev, Ukraine's capital, said Babchenko's wife found him outside their apartment.
The Russian Foreign Ministry blamed Ukraine for what it called an "armed assault."
In a statement, the Russian ministry said: "The level of physical violence and murders of the media workers in this country (Ukraine) has been growing consistently and the investigations do not result in the punishment of the criminals."
It said independent groups should lead an investigation.
However, Muzhdabaev said that Babchenko did not report on Ukrainian affairs and that his journalism was exclusively "about the Russian government, about their actions, about their criminal activities, that's all."
Ukrainian state news agency Ukrinform said Babchenko, 41, was shot in the back, at his home, and died in an ambulance. It cited his friend and supervisor, Ayder Muzhdabaev, deputy general manager of Ukrainian TV channel ATR.
Babchenko left Russia in 2017, saying he no longer felt safe there after he criticized the Kremlin in a Facebook post.
He faced backlash after commenting on the crash of a Russian plane transporting the world-famous military choir Alexandrov Ensemble en route to Syria. They were traveling to perform for pilots involved in Russia's air campaign on Aleppo.
Babchenko said in his post that Russia was bombing Aleppo and children were dying. He called Russia an aggressor.
He described the ensuing "political harassment" in an essay in 2017. It included being singled out by senior politicians calling for his deportation and having his home address published online with an invitation to "visit."
Babchenko, who wrote for the Guardian and BBC as a war correspondent, was a former Russian soldier who fought in Chechnya. He described his Chechen experiences in a book, "One Soldier's War in Chechnya."
He fought as an 18-year-old conscript in the first Chechen War in 1996-98 and then volunteered to return for six months in 2000 during the second Chechen War, according to his publisher.
Trai to tap blockchain to curb spam calls, SMSes Trai said that it will work together with telecom operators and other stakeholders to firm up a regulatory framework to address unsolicited commercial communication Last Published: Tue, May 29 2018. 11 57 PM IST
Navadha Pandey
The new technology based norms will record all communication between subscribers and entities, capturing customer consent for information and authorised telemarketing agencies. Photo: Mint
New Delhi: In a first of its kind initiative, the Telecom Regulatory Authority of India (Trai) on Tuesday issued draft guidelines to curb pesky calls and SMSes by using blockchain technology.
The regulator said that it will work together with telecom operators and other stakeholders to firm up a regulatory framework to address unsolicited commercial communication.
The draft Telecom Commercial Communication Customer Preference Regulation, 2018, will be open for comment till 11 June.
“The problem is widespread globally. All efforts to check this via regulation or technology have not succeeded as much as we would have liked it to. Regulatory systems have fallen short as people have found new ways to evade them. Now we plan to use a mix of regulation and latest technology tools to tackle this problem,” Trai chairman R.S. Sharma said.
Sharma said that blockchain will ensure securing of information cryptographically and will be available only to registered telemarketers for discharging certain functions.
“This architecture leverages blockchain, which is a non-repudiable way of keeping records, and then creates a framework which protects privacy of information...and the digital trail of transactions will be available at a place which is non-repudiable and at the same time confidential.”
Last September, Trai had issued a consultation paper, asking stakeholders for comments on how to create systems for registering telemarketers and making the complaint redressal system better, among others.
The draft rules require subscribers to give consent before receiving any communication, and also provides them with the option to review or revoke his or her consent at any point in time. “Currently when you record your choice, it takes a week to get activated. Now, this will be activated instantaneously,” Sharma said.
Firms will also have to assert their identity through a header directly registered in their name, before they can communicate with interested users.
The regulator has also decided to deploy the proposed framework in a regulatory sandbox, which is a safe environment wherein some rules can be relaxed and solutions can be demonstrated. For example, the user could voluntarily agree to receiving spam just to test the efficiency of the proposed solution.
Five income tax notices you can get and what they mean Most of the income tax notices that you may get are routine and there’s no need to worry if you have not hidden your income and filed your returns Last Published: Wed, May 30 2018. 12 52 PM IST
Ashwini Kumar Sharma
Some common sections of the Income Tax Act on tax notices and why you may receive them. Graphic: Mint
It is that time of the year when you may have received a notice from the income tax department. However, unless you have hidden some income from the department or not filed your taxes, you need not worry. Most of these notices are routine and are regarding mistakes you may have made while filing income tax returns (ITRs), especially for assessment years (AY) 2016-17 and 2017-18, or clarifications related to your ITR.
The last date for filing returns for AY17 and AY18 was 31 March 2018. According to the income tax department, there is substantial increase in the numbers of registered users on its e-filing portal, which has translated into more returns filed. As on 30 April 2018, there were about 73.9 million registered users on the e-filing portal and about 67.5 million people e-filed their returns during financial year (FY) 2017-18, compared to about 52.9 million returns e-filed during FY17, an increase of about 27%.
Given the increase in return filers, some of them new, the possibility of mistakes are higher, and these can lead to notices. Here are five common tax notices that an income tax payee can receive, whether she filed her returns or not.
Income tax notices
Routine notices: Typically, when you file your return, a notice-cum-intimation is sent under Section 143(1) of the Income Tax Act, 1961. It is not always necessary to respond against this notice, as in most cases it’s just an intimation stating that the return has been successfully processed.
However, sometimes the department can send, “routine notices in the nature of providing information on arithmetical errors, mismatch of income declared in return and as appearing in Form 26AS”, said Poorva Prakash, senior director, Deloitte India. For instance, you may need to respond, if after processing your return, the department finds a mismatch in the tax paid or refund claimed by you vis-a-vis the tax deducted at source (TDS). Or even if you mentioned your permanent account number (PAN) or other details incorrectly.
Scrutiny notices: You may get notices for verification, regular assessment or reassessment or for limited scrutiny. “In case the department needs any information or clarification in relation to making assessment of income tax return filed by the assessee, notices under Sections 142(1) and 143(2) can be issued asking for information or details in relation to tax return,” said Shailesh Kumar, director, direct taxation, Nangia & Co. LLP, a chartered accountancy firm.
However, if the notice is about assessment or reassessment, you may have to undergo detailed scrutiny. Such notices come along with a questionnaire seeking information of a particular transaction, asset or income. If the notice is related to limited scrutiny, you have to provide details of particular assets mentioned in the notice such as when it was purchased, its cost, source of fund and so on.
Show cause notices: “In cases the tax department is of a view that there is concealment of income leading to shortfall in tax deposit, show cause notice for penalty may also be received,” said Prakash.
Prosecution notices: The department can also send a notice under Section 143(2) if you fail to file your returns even after receiving a notice under Section 142(1), and for other offences. “Recently the department also issued prosecution notices to tax payers where returns were not filed within the prescribed timeline or there was a shortfall of tax,” said Prakash.
Notices on details of income/assets outside India: IT department is taking various steps to curb the use of black money and benami property. For this, the department may send a notice asking details of foreign assets. “Notice can also be issued by Intelligence & Criminal Investigation Division of Income Tax Department (reference: under Section 133(6) of Income tax Act, 1961) seeking clarification or documentary evidence on various sources of income or assets located outside India,” said Prakash.
How to reply
If you have filed your returns online, you will receive the notice on your email. Go through the email carefully, and do what it asks for as early as possible because most notices require time-bound response.
For each tax notice, a particular response procedure has to be followed. Once you receive such an email, access your income tax account under the head “My Account”, click on “My Pending Actions” tab or on “Worklist” and then go to “For your action” to see if any demands or arrears are pending in your name. You can reply to almost all tax notices online through the account.
Some notices are also issued by the Central Processing Centre (CPC). You can respond to most of these online through your income tax account; unless personal appearance is specifically asked for.
Personal appearance is typically required when the assessing officer wants to further discuss the case or verify documents in original which is not possible online. “In case of personal hearing, the individual should meet the officer to explain the case,” said Prakash.
Things to remember
Replying to income tax notices within the stipulated time is a must. “There is a general penalty of Rs10,000 for each default or failure, in case any assessee, who is legally bound to furnish information or to comply to a notice issued by the Income tax department, but fails to or defaults in making such compliance,” said Kumar. Additionally, there may be specific and more severe penalties, if the assessee fails to furnish certain specific documentation or information required, added Kumar.
Things can get escalated to prosecution, depending on the case. Also, the penalty can be as high as 300% of tax dues and jail term can be up to seven years.
In case you need additional time to respond or to provide documents asked by the department, you should request for an extension of time to reply either by approaching the respective assessing officer or through the online portal.
Take the notices seriously and if you think you will be unable to reply appropriately, take the help of a chartered accountant or other experts.
Air Asia CEO Tony Fernandes, others booked by CBI PTI|Updated: May 29, 2018, 08.35 PM IST
NEW DELHI: The CBI has booked Group CEO of AirAsia Tony Fernandes for allegedly trying to manipulate government policies through corrupt means to get international licence for its Indian venture AirAsia India Limited, officials said today.
Along with Fernandes, Tharumalingam Kanagalingam also known as Bo Lingam, former Deputy Group CEO of Malaysia-based AirAsia Berhad, and R Venkataramanan, Director AirAsia India Ltd, Bengaluru besides companies AirAsia India Pvt Ltd and AirAsia Berhad have also been named as accused in the case.
"The case has been registered under 120-B (criminal conspiracy) under the IPC and sections 13(2) read with 13 (1) (d) of the Prevention of Corruption Act. The searches took place at five locations in Delhi NCR, Mumbai and Bengaluru," CBI spokesperson R K Gaur said here today.
The agency has alleged that Venkataramanan was lobbying in the government to secure mandatory approvals, some of them through "non-transparent means", including the then Foreign Investment Promotion Board (FIPB) clearance, No Objection Certificate and the attempt for removal or modification of 5/20 rule.
It is alleged that to be eligible for international operations, the company was required to have five years of experience and fleet of 20 aircraft as per 5/20 rule.
The company is yet to get international flying permit as it currently has only 18 aircraft, they said.
Fernandes wanted it to fly internationally from the day of getting flying permit granted in May, 2014, it alleged.
He and his local Indian partner Tata Sons through their nominee Venkatramanan would lobby in government to get all approvals including FIPB clearance and amend or removal of existing 5/20 rule for international operations, the FIR has alleged.
The agency has also named Rajender Dubey, Director of Singapore-based HNR Trading pte Ltd, Sunil Kapur, Chairman Total Food Services, Mumbai and Deepak Talwar, Principal and Founder DTA consulting, New Delhi and the company HNR Trading as alleged lobbyists who used their influence to get 5/20 rule relaxed "before General Elections of 2014".
It is alleged that Dubey was instrumental in seeking appointments and facilitating meetings for officials of AAIL with officials in the ministry for getting clearances.
The agency has alleged that Kapur in the month of December, 2014 at the coffee shop in the Four Season, Mumbai Hotel along with Bo Lingam handed over a closed packet containing cash of Rs 50 lakhs to one Sriram, which was given by Bo Lingam to facilitate the removal of the 5/20 rule.
In return the catering contract for the airlines was given to Kapur as a "quid pro quo", it has alleged.
The FIR has alleged that a secret note was sent on February 27, 2014 to Cabinet to amend rule followed by a supplementary note on March 05, 2014 which was not approved since Election Commission had announced Lok Sabha general elections on March 5, 2014.
It is alleged that next year AirAsia (lndia) Limited remitted about Rs 12.28 crore to HNR Trading Pte. Ltd. of Dubey for a "sham contract" on the basis of a bogus agreement on plain papers.
This money was allegedly utilised for paying bribe to unknown public servants of and others for securing permit for international operations through Talwar and Kapur who acted lobbying agents, the FIR said.
"AirAsia India Limited refutes any wrong doing and is co-operating with all regulators and agencies to present the correct facts. In November, 2016 AAIL had initiated criminal charges against its ex-CEO and had also commenced civil proceedings for such irregularities. We hope to bring early resolution to all such issues," Shuva Mandal, Director, AirAsia India Limited said in a statement.
According to the foreign direct investment policy between 2013-14, foreign airlines were allowed to own only 49 per cent shares in domestic airlines but effective management control must remain with the Indian partner, the agency said.
It is alleged that AirAsia India Ltd--a joint venture between Tata sons and Malaysian company AirAsia Berhad--was indirectly controlled and operated by the Malaysia group and particularly AirAsia, Berhad violating existing various norms of erstwhile Foreign Investment Promotion Board, now defunct.
Fernandes and Bo Lingam had "indirectly formalised" the structure through a "Brand License Agreement" between AirAsia (lndia) Ltd. (represented by Fernandes) and AirAsia, Berhad (represented by BO Lingam) on April 17, 2013 which indirectly made AirAsia (lndia) Ltd. a de-facto subsidiary rather than a joint venture.
"lt is further revealed that the shareholders and Indian partners in the joint venture, including the board members, were not only aware of these intentions, but also consciously ensured violation of existing FIPB norms, hence violation of FDI norms were prima-facie found by giving effective management control to a foreign entity," the agency FIR said.
Italy political crisis leads to market sell-off: Here’s what is happening Recent developments in Italy have led to nervousness in European and global markets. President Mattarella has appointed a stop-gap Prime Minister before re-election in July.
Moneycontrol News @moneycontrolcom
The possibility of fresh general election and Eurosceptic political parties strengthening their vote share has raised concerns about stability in the Eurozone.The Dow Jones index shed 1.6 percent Tuesday while the S&P 500 lost 1.2 percent. Earlier in the day, Italy's FTSE MIB index closed down 2.7 percent while other major exchanges in Europe shed more than one percent.Italy is Eurozone’s third-largest economy and has been weak for several years. The country’s debt currently stands at 130 percent of its economic output. The recent developments have led to nervousness in the European and global markets.
Why did this happen?
The markets reacted to the ongoing political instability in the world’s eighth largest economy by nominal Gross Domestic Product (GDP).On March 4, Italians voted in the general election. Voters elected 630 members of the Chamber of Deputies and 315 elective members of the Senate of the Republic.The centre-right alliance emerged as the largest political force with a large number of seats in both houses of the parliament.
The anti-establishment Five Star Movement finished with the second largest number of seats and higher vote share while the incumbent centre-left coalition, led by former Prime Minister Matteo Renzi, finished third.No political party or alliance was able to win a simple majority which resulted in a hung assembly. The political parties have failed to come together since the result was declared leading to a standoff.Such political uncertainty is not new for Italy. The country has seen 64 governments since World War II (WW2). What is new, however, is the scale of the standoff.It is also because populists have won an unprecedented percentage of votes for the first time since WW2.
Recent developments
The Five Star Movement (M5S) and the centre-right party League then came together and tried to form the government. The coalition forwarded Paolo Savona for the position of the finance minister.However, President Mattarella rejected the nomination of Savona to become the finance minister as he was a Eurosceptic.
Mattarella said appointing Savona, who had called Italy’s entry into the euro a “historic mistake”, would have risked confidence of foreign investors and would have de-stabilised the country. Savona had advocated a "Plan B" for Italy to exit the Eurozone.According to the Italian constitution, the President has the power to nominate the head of government and ministers.M5S leader Luigi Di Maio has called for President Mattarella to be impeached suggesting that Germany was behind the Mattarella's veto and that Italy was not a "colony", reports suggest.
Stop-gap government
President Sergio Mattarella on Monday installed Carlo Cottarelli as the interim Prime Minister to lead a new government until fresh elections are held. Cottarelli is a former International Monetary Fund (IMF) official.Cottarelli’s term is likely to end early as he is unlikely to prove majority in a parliamentary vote of confidence. The stop-gap government however has failed to secure support from major political parties. The country may now hold a re-election as early as July, according to reports.
First Published on May 30, 2018 10:07 am
TRUTH IS THAT TINA FACTOR WILL PLAY MAJOR ROLE FOR RE-ELECTION OF MR.MODI IN 2019
T: There
I: is
N: No
A: Alternative
N: No
A: Alternative
Modi is very lucky that there is actually no
opposition .
Unbelievable
! An American accounts professor describes Modi as
*MODI*
is Not Only a Surname
is Not Only a Surname
It's Qualification:
*Master Of Developing India*
* M O D I *
* M O D I *
Two-day bank strike from today, salary withdrawal, ATM transactions may take a hit ET Online|Updated: May 30, 2018, 08.20 AM IST
Just before the pay day, banking transactions may take a hit today as nearly 1 million bank employees of public sector banks across the country plan to go on a two-day nationwide strike starting Wednesday.
Most of the banks, including SBI, PNBN and BoB, have already informed their customers that functioning of branches and offices will be impacted if the strike takes off.
However, the functioning of private banks like ICICI, HDFC, Axis and Kotak Mahindra is expected to be normal except for delays in cheque clearance.
The bank unions have been pressing for various demands, including wage revision in the wake of the proposal for a 2 per cent hike in salary.
The United Forum of Banking Unions (UFBU), an umbrella body of nine bank unions has called for a nationwide bank strike against wage hike proposed by the Indian Banks' Association (IBA).
Tuesday, May 29, 2018
Exporters GST refund: Second phase of fast track clearance drive from Thursday PTI|May 29, 2018, 09.14 PM IST
NEW DELHI: With an estimated Rs 20,000 crore exporters' refund still stuck, the government will launch the second phase of refund fortnight beginning May 31 to fast-track clearances.
"Special Refund Fortnight" to be organised from May 31 to June 14 in which Center and state GST officers will strive to clear all GST refund applications received on or before April 30, 2018," GST@GoI, which is the official twitter handle for GST related matters, tweeted.
Federation of Indian Export Organisations (FIEO) President Ganesh Gupta earlier in the day said refund of over Rs 20,000 crore is pending on account of IGST (integrated GST) and ITC (input tax credit).
"Many exporters have not been able to file the refund of ITC due to technical glitches as input tax credit and exports happened in different months," Gupta said.
In the first phase of refund fortnight observed between March 15 to March 30, the Central Board of Indirect Taxes and Customs (CBIC) had cleared refunds totalling Rs 17,616 crore.
This comprised Rs 9,604 crore of Integrated GST refunds, Rs 5,510 crore ITC refund by the Centre and Rs 2,502 crore ITC refund by states.
GST@GoI in another tweet said that the "Special Refund Fortnight" is for all GST refunds, including refund of IGST paid on export of goods and all refund claims submitted in FORM GST RFD-01A on or before April 30, 2018.
"All exporters are encouraged to approach their jurisdictional tax offices during the "Special Refund Fortnight" to clear any pending GST refund claims which were submitted on or before April 30, 2018," it said.
It further asked exporters that refund application in Form GST RFD-01A will not be processed only after a copy of the application is submitted to the jurisdictional tax office along with supporting documents. "Mere online submission is not enough," it added.
The FIEO president also said that since the GST refund process had considerably "slowed down", the federation has urged the Finance Ministry to look into the refund problem and organise a clearance drive to liquidate the pendency and bring the refund process on track.
A majority of the problems, Gupta said, relate to ITC refund which have to be done by the states as well.
Man seizes police weapons, kills 3 in Belgium AP | UPDATED: MAY 29, 2018, 07.22 PM IST
gunman killed three people, including two police officers, in the Belgian city of Liege on Tuesday, a city official said. Police later killed the attacker, and other officers were wounded in the shooting.
Stanford grad. YouTube sensation. And she's just 19
May 29, 2018 08:07 IST
Mumbai-born Shyamoli Sanghi is India's newest teen popstar.
Shyamoli Sanghi, 19 has a million hits on her music.
Photograph: Kind courtesy Shyamoli Sanghi/Facebook
Photograph: Kind courtesy Shyamoli Sanghi/Facebook
To call her the Indian Hannah Montana may do some justice to her burgeoning celebritydom. But it does not even begin to illustrate her academic prowess.
At 19, Shyamoli Sanghi, India's newest teenage popstar brings a lot more to the table than your average overnight viral sensation.
The Hindustani classical singer from Mumbai is an Ivy League double major, studying math and philosophy at Stanford University.
She also moonlights as one half of the duo of high school sweethearts that netizens have come to ship in Tu Na Aaya or the kindred spirit who seemingly loses her path but instead, finds herself in Dorr, her second single.
While her singing and swaggering debut has amassed over 13 million views on YouTube in a month, her second attempt has clocked over five million in its first week.
The latter, in fact, alludes to the eternal conflict she experienced and continues to grapple with, between her love for music and passion for academics.
But the connection she felt to both Tu Naa Aaya and Dorr -- be it with the free-flowing lyrics or the contemporary and captivating melody -- already indicated that she was meant to be in that place, at that point in her life, doing just that.
For Shyamoli, the feeling of success and fulfilment predates the blitz of views and adulation.
"I knew that this was the kind of song I would listen to and that I had put my best foot forward," she narrates.
"I had a natural inclination towards music from a young age," she tells us.
Her musical training started with Hindustani classical music at the age of six under Shampa Pakrashi.
Apart from completing a Visharadh Dwitiya examination in Hindustani classical vocal from Gandharva Mahavidyalaya, she has finished Grade 5 in piano from the prestigious Royal College of Music, UK.
In fact, Shyamoli can also play the tabla and harmonium.
After her first semester at Stanford, she took a six-month break to explore the music industry in India. However, as she belonged to a family that took academics very seriously, her degree never slid to the backburner, Shyamoli made sure of it.
"My family has always been supportive of my decisions. They understood my passion for music and singing and encouraged me to follow my dreams," she says.
Shyamoli's debut Tu Na Aaya was an instant hit on YouTube. Photograph: Kind courtesy Zee Music
When she met Ravi Singhal, the music composer of the song, she says she "instantly clicked" with him. "Our ideas about music are the same and so is our thought process about composing original scores. After working together and deliberating for some time and deciding on a song that was appropriate for my age, we came up with the first single Tu Na Aaya," she recounts.
Zee Music gave this song a listen, took to it immediately, and the rest, as they say, is history. They decided to release it on their platform, which was a tremendous breakthrough – which, obviously, came with its own pressures.
"The process of recording a single and that too, with a famed music director like Ravi Singhal was unnerving and overwhelming at the same time.
"I needed some training with facing the camera and my acting skills. However, the entire crew made me feel extremely comfortable. I think what helped me the most was the fact that I have been singing from a young age and that this was my original composition.
"I am also trying to come out of my shell, be expressive, emote more, and feel all the songs more. I am quite young to be able to experience the depth of emotions and while recording, this was a big struggle," she recounts.
Her inherent talent, perseverance coupled with their reach helped the song garner over 11 million views in the first month of its release. After the success of Tu Na Aaya, she was ready to team up with Ravi Singhal do it all over again, for another solo number called Dorr.
This song happened to surpass the records set by the first, and amassed five million odd views in the first week of its release.
"I connected with Dorr a little more because it was a song about the journey to self-discovery," she says, adding, "I hope that the song’s simple, yet catchy tune will resonate with everyone."
She says that this virality was absolutely unorchestrated.
"We did not really have an explicit marketing strategy. These days, a good song needs to be backed by a good video to reach the maximum number of people. So, our main strategy was to treat it like a film song so that it could garner more reach," she says.
Even as she has chosen to debut in stealth mode and release singles to sense the pulse of the industry, Shyamoli’s end game is to be a playback singer.
"The first step I took was to gain exposure to recording and learn my lessons for future playback singing opportunities. Thus, I don’t feel that it is a risk, but actually a stepping stone to becoming a playback singer," she reveals.
She has now lent her voice to three TV serials, two of Balaji Telefilms productions -- Kalash and Ajeeb Dastan Hai.
"For Ajeeb Dastan Hai, I sang the sad version, and for the remaining two I sang the title tracks," she says.
Apart from this, she has a few more singles lined up with Zee Music.
"I have been a big admirer of Sufi music so the next one is going to be in this genre. It will be very different from the first two, with a storyline, and will be directed by the same team that did Dorr," she reveals.
Shyamoli is currently pursuing an undergraduate course in mathematics and philosophy at Stanford University.
"Considering that they are both vast subjects, I am left with no free time between studies and music. I am extremely passionate about music and enjoy being intellectually stimulated as well. The greatest struggle for me, at first, was to decide what I wanted to do, and then, to find a balance. Right since the time I was in school, I have been dividing my time between my studies and music. However, I try to prioritise which makes things manageable," she says.
"For anyone who wishes to make a career in this field or any other, I would only say that it is important to prioritise and manage time efficiently. Take your family and near ones into confidence and work hard."
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