Remembering Indira Gandhi, the 'Goddess Durga' of politics Her political personality compared to Goddess Durga, know more about India's only female PM till date

One of the strongest known women in history, Indira Gandhi has been the second longest serving PM after her own father. Coming from a family of political legacy, she will always be remembered as the central figure of the Indian National Congress party.

Let's have a look at the highlights in the life of the woman of steel:

• Born to the most powerful family on November 19, 1917 -- she was the only child of India's first Prime Minister, Jawaharlal Nehru.

• She was named Indira Priyadarshini Gandhi by Rabindranath Tagore
• As a child, she formed a group of kids called the 'monkey brigade' to spy on police and distributed Indian flags.
• Indira had studied at the Visva-Bharati University in Santiniketan, Bengal (now West Bengal) under the tutelage of Rabindranath Tagore
• She was further educated in Swiss schools and at Somerville College, Oxford
• She was elected as the president of the Indian National Congress in 1960, and this was her first official introduction to active politics.
• After the death of father Jawaharlal Nehru, Indira also became a member of the Rajya Sabha and the Minister of Information and Broadcasting
• After Lal Bahadur Shastri's abrupt death in 1966, she succeeded him as the Prime Minister
• During her first term as PM, she nationalised 14 banks, and also garnered much support from public for agricultural improvements that led to India's self-sufficiency in food grain production
• In 1975, after she was convicted of an election offence and barred from politics for six years, she imposed Emergency.
• In the year 1980, she was re-elected to a fourth term
• She went to war with Pakistan in support of the independence movement and war of independence in East Pakistan, which resulted in an Indian victory and the creation of Bangladesh
• She continued to serve the nation at this post for almost 14 years, and became the second longest serving PM of India, after her father.
• In 1984, her Sikh bodyguards assassinated her a few months after she ordered the storming of the Harmandir Sahib in Amritsar to counter the Punjab insurgency
• Her bodyguards had fired 31 bullets at her, of which 30 had hit; 23 had passed through her body while seven were trapped inside her.
• So overwhelming was her political personality that during the election of 1971, opposition leader Atal Bihari Vajpayee hailed her as Goddess Durga.

Kevadiya to witness history as Prime Minister Narendra Modi unveils world's tallest statue By Tushar Tere, TNN|Updated: Oct 31, 2018, 09.01 AM IST

VADODARA: Kevadiya Colony in Narmada district is all geared up to witness history being unfolded at Sadhu Bet island as Prime Minister Narendra Modi unveils the world's tallest statue - the Statue of Unity - dedicated to India's 'Iron Man,' Sardar Vallabhbhai Patel today. 

After arriving at the helipad at Kevadiya from Gandhinagar, where he will have a stay at Raj Bhavan on Tuesday night, Modi will first reach the 'Valley of Flowers' after which he will visit the special tent city that has been erected for scores of tourists excepted to throng Kevadiya to watch the statue inauguration. 

From the tent city, the PM will reach the venue of the programme to dedicate the Statue of Unity to the nation. Gujarat chief minister Vijay Rupani will read out 'Abhinandan Patra' which will be presented to the PM by him and deputy chief minister Nitin Patel. 

Along with selected dignitaries, Modi will pour soil and Narmada water in 'kalash' to mark the dedication of the of the statue to the nation. By pressing a lever, he will commence virtual 'abhishek' of the statue. This will be accompanied by screening of a film on sequence of construction and fly past by IAF Kiran aircraft. 

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NRI taxation: Income arising from use of asset inherited is taxable If you have received a sum of money under Will or inheritance, no tax is payable on such receipt Last Published: Tue, Oct 30 2018. 10 10 AM IST

I am an NRI living in California. Recently, I got my share of family property worth ₹60 lakh. As I don’t need this money, I have decided to give ₹30 lakh to my friend for him to invest in a business. I have given ₹20 lakh to my brother-in-law and deposited the remaining ₹10 lakh in my wife’s account who lives in India. What will be the tax implication, if any? What proof will I need for income tax purposes when making these transactions?

—Name withheld on request

Under the India income tax law, the value of any asset received under a Will or by way of inheritance is not taxable in India. However, the income arising from transfer or use of inherited property in India will be taxable in India. If you have received a sum of money under Will or inheritance, no tax is payable on such receipt.

If the family property has been sold in India, it will be taxable in India in the year of sale of property in the hands of the seller. Any immovable property held for a period of more than 24 months is classified as long-term capital asset. For inherited property, the holding period would be calculated from the date of acquisition by the original owner.

In case of a long-term capital asset, taxable capital gain will be net sale proceeds less indexed cost of acquisition (i.e. adjusted as per cost of inflation index or CII) less cost of improvement. Long-term capital gain is taxable at 20% (plus applicable surcharge and education cess). The long-term capital gain can be claimed as exempt from income tax to the extent it is re-invested in India in specified bonds or one residential house in India (to be either purchased within one year before or two years after or constructed within three years of transfer of the long-term capital asset). There are certain restrictions, however, on the sale of a new house bought or acquisition of another residential house and amount of investment made in bonds.

Tax on capital gain can be either paid by way of advance tax in four instalments (15% by 15 June, 45% by 15 September, 75% by 15 December and 100% by 15 March) or before filing of a tax return by way of self-assessment tax along with interest by 31 July.

Further, under the law, income tax is payable on any sum of money received by an individual without consideration exceeding ₹50,000 per financial year except if the same is received from a “relative” (as defined) or other specified circumstances (including under Will or inheritance as mentioned earlier).

Transfer of money to your friend for investment purpose will not be taxable if you have bought certain financial interest in the business (such as shares, debentures etc.) or provided as a loan. However, if the money has been transferred without any consideration, it will be taxable in the hands of the recipient (i.e. your friend) as the amount gifted is more than ₹50,000.

Transfer of money to your wife and brother-in- law will not be taxable in India in the hands of the recipient as they are covered under the definition of “relative”. You may prepare a gift deed to document the transaction and for your records. However, income arising to your wife from such gift will be clubbed in your hands.

To read more queries, go to livemint.com/askmintmoney

Sonu Iyer is tax partner and people advisory services leader, EY India.

Send in your queries and views at mintmoney@livemint.com

First Published: Tue, Oct 30 2018. 09 26 AM IST 

used here for Educational purposes only

70 percent of Venice covered in water due to floods

Updated: 30 Oct 2018, 04:41 PM IST

Worst floods hit Venice

Around three-quarters of the Italian lagoon city of Venice has been flooded after strong winds raised the water level by 156 centimeters (nearly 61-1/2 inches) before receding, officials said.

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AFP

Exceptional increase in water level

Venice frequently floods when high winds push in water from the lagoon, but Monday's levels were exceptional. The peak level was the highest reached since December 2008, according to Venice statistics. The last time levels topped 160 centimeters, which had been forecast, was in December 1979.

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Reuters

Preventive measures

The public transport company closed the water taxi service due to the emergency, with connections remaining active only to the outlying islands. The city, built on a series of islands, deals with the high water by erecting a series of risers that permit people to circulate by foot. Residents and businesses typically reinforce doors with metal or wooden panels to prevent water from entering bottom floors.

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AP

...

Italy under alert

Much of Italy is under alert for flooding from heavy rains, a problem exacerbated by a lack of maintenance of river beds.

Veneto regional governor Luca Zaia says flooding could reach the levels of the 1966 flood that struck both Venice and Florence. In a message on Instagram, he called off schools in the region for a second day on Tuesday.

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AFP

Floods could be prevented

Venice Mayor Luigi Brugnaro said a series of underwater barriers being erected in the lagoon, nicknamed Moses, would have prevented the inundation. The project is long overdue, beset by cost overruns and corruption scandals.

Brugnaro said he had requested to speak with the Premier Giuseppe Conte to underline the urgency of the project, which would raise barriers when the tide reaches 43 inches. That happens on average four times a year.

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AFP

Tourist attractions closed

Officials closed major tourist attractions in Rome, including the Colosseum and Roman Forum, early due to heavy rains.

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Reuters

India, Japan sign $75 billion currency swap agreement ET Bureau|Updated: Oct 30, 2018, 10.39 AM IST

NEW DELHI: Japan and India entered into a $75-billion currency swap arrangement that will bolster the country’s firepower as it battles a steep drop in the rupee’s value. An agreement to this effect was signed during Prime Minister Narendra Modi’s ongoing visit to Japan. 

“India and Japan agreed to enter into a bilateral swap arrangement of $75 billion. This swap arrangement would be 50% higher than our last swap agreement,” finance minister Arun Jaitley tweeted. 

Japan had offered a $50 billion currency swap in 2013 and, before that, one for $3 billion in 2008. “This facility will enable the agreed amount of foreign capital being available to India for use as and when the need arises,” a government official said. 

“This New Swap Agreement should aid in bringing greater stability to foreign exchange & capital markets in India,” the finance ministry said in a tweet. The facility will serve as a second line of defence for the rupee after the $393.5 billion of foreign exchange reserves that the Reserve Bank of India (RBI) has at its disposal. Under the arrangement, India can acquire dollars from Japan in exchange for rupees. 

Conversely, Japan can also seek dollars from India in exchange for yen. The arrangement will be used only when required, and will help meet short-term liquidity mismatches. India has taken several steps to contain its current account deficit, which could swell to an estimated 2.8% of GDP, and is seen as the root cause of rupee volatility. 

FOREX RESERVES HAVE SHRUNK 

It has relaxed the framework for external commercial borrowings and masala bonds (rupee-denominated paper sold overseas), reviewed certain restrictions on foreign portfolio investments in debt, raised customs duty to curtail imports of non-essential items and allowed oil marketing companies to fund standing working capital through long-term external borrowings. 

“Today’s decision of entering into currency swap agreement is another important measure towards improving confidence in the Indian market,” said the official cited above. 

“Bilateral swap arrangement with Japan for $75 billion is one of the largest swap arrangement in the world. Accepting Japanese request, India agreed to do away with requirement of mandatory hedging for infrastructure ECBs of 5 years or more minimum average maturity,” economic affairs secretary Subhash Chandra Garg tweeted. 

The rupee has depreciated the most among Asian currencies amid emerging market volatility triggered by rising US interest rates, pricier crude, geopolitical concerns and intensifying protectionism and trade wars. It has fallen over 13% since start of 2018, having recovered from 74.48 to the dollar earlier this month to close at 73.41on Monday. 

RBI’s foreign currency reserves have shrunk from over $426 billion in April as foreign portfolio investors (FPIs) have pulled out and the central bank has sold dollars to smoothen the often-volatile depreciation of the Indian currency. Principal economic advisor Sanjeev Sanyal told ET on Monday the rupee had become very competitive after depreciation. 

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SOME SOCIAL MEDIA VOICES RISING IN INDIA AGAINST OUR OWN SUPREME COURT WHICH IS CONTROLLED BY JUST 30 FAMILIES OF INDIA AND IS ONLY THERE TO PLEASE CONGRESS BOSSES.WILL SUPREME COURT BE RESPONSIBLE FOR THE NEXT BIG RIOTS IN INDIA AS MAJORITY HINDUS ARE BEING TARGETTED BY IT.

Indonesian Lion Air passenger plane missing: Official AFP|Updated: Oct 29, 2018, 09.06 AM IST

An Indonesian Lion Air passenger plane went missing Monday shortly after taking off from the capital Jakarta, an aviation authority official said, adding that a search and rescue operation is under way. 

"It's true that Lion Air JT 610 has lost contact. We have forwarded the information to search and rescue teams," AirNav Indonesia spokesman Yohanes Harry Douglas said in a statement. 

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Remittances by overseas Indians set to hit record high amid rupee slump Remittances from an estimated 20 million Indians working abroad will help cap the country’s current-account deficit Last Published: Thu, Oct 25 2018. 12 23 PM IST

By Rahul Satija Blomberg

India is expected to receive remittances of about $76 billion in 2018.

Mumbai: Lured by the sharp slump in rupee against the dollar, Indians living overseas may boost remittances to a record, helping bolster the nation’s efforts to support Asia’s worst-performing major currency. The country is expected to receive remittances of about $76 billion in 2018, 10% more than in the previous year, according to estimates by EbixCash, the financial exchange unit of US-based insurance software provider Ebix Inc. About three-fourth of the inflows come via Ebix’s outlets, the company said.

Flows from an estimated 20 million nationals working abroad will help bolster India’s efforts to cap the nation’s current-account deficit. Without remittances, the gap would have been about 5% of gross domestic product at mid-year, instead of 2%, according to Capital Economics.

“When rupee depreciates so sharply, inbound sources of money get active,” Hariprasad M. P., head of treasury at EbixCash, said in an interview on Wednesday. “These inflows are important for the economy at this juncture.”

A global emerging-market sell-off that’s triggered outflows from Indian bonds and stocks saw the rupee setting a string of fresh lows earlier this month. Likely intervention by the Reserve Bank of India in the forex market, a drop in prices of oil -- the nation’s top import - and easing of rules on overseas borrowings have helped steady the rupee off late.

The rupee fell 0.30% to 73.3725 per dollar as of 9:40 a.m. in Mumbai on Thursday. The currency has gained 1.5% since falling to a record 74.4825 on October 11.

“At the moment, we don’t see downside risk for the rupee at least till December,” said Hariprasad. “It is unlikely to run toward 75 in the near-to-medium term.”

First Published: Thu, Oct 25 2018. 12 14 PM IST

PICTURE SHOWS THE IMPORTANCE OF A SINGLE TREE:-PLEASE SAVE TREES

Twist in the tale! Essar Steel promoters offer to pay Rs 54,389 crore dues, seek withdrawal from IBC The plan includes upfront cash payment of Rs 47,507 crore to all creditors and Rs 45,559 crore to senior secured financial creditors.

Prince Mathews Thomas

The Essar Steel acquisition saga has taken a new turn with the promoters  submitting a proposal to the Committee of Creditors (CoC), eclipsing that of ArcelorMittal.The Ruias offer includes full settlement of the entire admitted claims of the financial creditors, operational creditors, and workmen and employees of Essar Steel India Ltd, aggregating Rs 54,389 crore, under Section 12A of the Code.

According to documents seen by Moneycontrol, Essar promoters new offer eclipses that of ArcelorMittal.ArcelorMittal's offer stood at Rs 42,218 crore, a difference of Rs 12,187 crore. The steel major had also offered equity infusion of Rs 8,000 crore.The Ruias offer  includes upfront cash payment of Rs 47,507 crore to all creditors, including Rs 45,559 crore to senior secured financial creditors.

"Upfront Rs 45,559 crore payment means 100% recovery for senior secured financial creditors," the company said.

New turn

The development came even as the CoC of Essar Steel was voting on ArcelorMittal's offer.

Sources said the bankers were set to announce the voting results by 6pm. But by then, the new offer from the Ruias had already reached the lenders.

The LN Mittal-company was earlier declared as the highest bidder in the auction for the steel company."The shareholders of ESIL are ready to pay up the entire dues that will lead to not only maximum recovery for the lenders, but also for all other classes of creditors, thus taking the Company out of the corporate insolvency resolution process under Section 12A of the IBC, which was introduced in June 2018 by way of an amendment," said the Essar Steel promoters.

Section 12A

The section says that a resolution application can be withdrawn as  with the approval of 90 percent of the lenders. But, it adds, the withdrawal can only happen before the bidding process starts.The Ruias contend that the new regulation only came in June, whereas the process of Essar Steel's auction had been set off in October last year.

ArcelorMittal seems to agree the section doesn't apply in Essar Steel's case.

"Our understanding is that the IBC’s section 12A does not apply to the resolution process of Essar Steel," it said in a statement.But it added: "ArcelorMittal has complied with the Supreme Court order, we have settled the overdues of Uttam Galva and KSS Petron and we have the bank guarantees in place for the payment for Essar Steel. We expect the process to continue as per the clear terms of the IBC."

Sources close to the company added that the Ruias should have paid before. "This desperate last attempt only serves to clearly demonstrate they are wilful defaulters as presumably if they can pay now they could have paid before but treated the company and its creditors with casual disregard and the belief they could get the company back at a significant haircut. If the law is followed, this offer should be given short shrift,” added the executive.

ArcelorMittal's case

At the same time, the new development puts a question mark over the Insolvency process that was underway.ArcelorMittal has paid Rs 7,649 crore to clear dues of Uttam Galva Steel and KSS Petron. If Essar Steel lenders do accept the offer of the Ruias, ArcelorMittal may eventually end up with just Uttam Galva Steel’s asset.

Essar Steel's spokespersons didn't comment on the financing of the offer. But sources said that VTB Bank may continue to play a role in the new offer too. The Russian bank was the lead shareholder of Numetal, which didn't meet the Supreme Court order to clear dues to be eligible to bid.

Sources told Moneycontrol that the Ruias may rope in the bank to raise funds."Essar Steel got into difficulty because of external factors," said  Prashant Ruia, Director, Essar.

"Regardless, the value and quality of the asset can be ascertained from the interest shown and value offered by all the global steel majors... In fact, even after the onset of the insolvency resolution process, the shareholders of Essar Steel had made offers to settle the debt of the company, but the lenders did not accept those offers," he added.

Adding that the new proposal meets the underlying principle of the insolvency process, which its maximising the value of the asset.

The final say though will be in the hands of Essar Steel lenders.

First Published on Oct 25, 2018 05:41 pm Livemint

Tokyo Bon 東京盆踊り2020 (Makudonarudo) Namewee 黃明志 ft.Cool Japan TV @亞洲通吃201...

How do bank frauds happen? Central Vigilance Commission has the answers Banks need to invest more in forensic due diligence infrastructure to monitor accounts where they have large exposures, and it needs to be proactive and not reactive Last Published: Tue, Oct 23 2018. 06 42 AM IST

According to RBI data, the number of bank frauds of ₹1 lakh and above reported by public sector banks stood at 2,833 in FY18, 2,709 in FY17 and 2,789 in FY16. Photo: Abhijit Bhatlekar/Mint

Mumbai: From creating fictional debtors and inflating invoices to hiring chartered accountants to access the core banking systems (CBS) during audits, delinquent borrowers have deployed a slew of tactics to commit bank frauds.

The Central Vigilance Commission (CVC) analysed top 100 bank frauds as on 31 March 2017. It focused on the modus operandi, the amount involved and type of lending such as consortium, multiple-banking and individual, and the loopholes that facilitated the frauds. Sectors involved in such bank frauds include gems and jewellery, manufacturing, agro, media, aviation and services.

Analysis of frauds by companies in the manufacturing of drugs, textile, ferrous metals, and steel products showed several inconsistencies in their books, the CVC said.

In one case, a company deposited invoices worth ₹6,740 crore, including ₹1,679.45 crore for the purchase of “fancy shirting”. The CVC report said that on review of the invoices and stock records, it could not confirm physical movement of the material. “Mismatches were found in products mentioned in letter of credit invoice documents and products mentioned as per books of the company.”

In another case, involving a logistics company, banks were tricked into disbursing loans for 2,804 vehicles on the basis of forged vehicle registration documents. CVC highlighted that these loans were wilfully diverted by the company’s directors and the trucks were never purchased. “In most instances, even the registration documents were not submitted to the bank whereas in several other instances old vehicles were passed off as new,” CVC said.

Experts believe that lenders, especially banks, need to invest more in forensic due diligence infrastructure to monitor accounts where they have large exposures, and it needs to be proactive and not reactive.

“In most cases, the initial due diligence is more like a tick-box exercise. The lenders need to rope in lawyers for due-diligence and then experts for forensic audits,” Priyanka Sinha, co-founder, A&P Partners, said. She added that in many cases, once money flows out of the Indian jurisdiction, it becomes very difficult to trace it or bring it back. “However, if banks implement a system that can check the money trail, as and when it happens, such as the case in several developed countries, the issue can be tackled.”

According to the Reserve Bank of India (RBI) data, the number of frauds of ₹1 lakh and above reported by public sector banks stood at 2,833 in FY18, 2,709 in FY17 and 2,789 in FY16. The data, however, is by the year of reporting and not the year of occurrence of fraud or sanction of loan.

“The report clearly indicates that several bank frauds happened because there was a concentration of power at a certain level, which was deciding on disbursements. If there were a committee rather than a person to decide on such loans then many frauds could have been avoided,” said Anupam Prasad, partner of law firm IndusLaw.

“Also, lenders should take periodic stock of the situation after disbursement to see whether the loan is used for the same purpose for which it was approved,” added Prasad.

The report also included a case by a chartered accountant (CA) who was a sleeping partner in the firm had gone through the nitty-gritty of the CBS system while conducting audit of a bank branch and then used it to his benefit. “The CA had created several fake and false documents for his own manufacturing factory at a location. He had forged signatures in various documents,” the report said.

First Published: Tue, Oct 23 2018. 04 35 AM IST livemint by Shayan Ghosh and Maulik Vyas

Indian Courts and Specially the Hon'ble Supreme Court of India is Anti Hindus only.

RBI cancels licences of 31 NBFCs NBFCs have been under pressure due to fears of a liquidity crisis, high valuations and asset liability mismatches. Moneycontrol News

The Reserve Bank of India (RBI) has cancelled the Certificate of Registration of 31 non-banking financial companies (NBFCs).

The move comes days after the central bank eased liquidity norms for banks in order to release additional funding for NBFCs.

NBFCs have been under pressure recently due to fears of a liquidity crisis, high valuations and asset liability mismatches.

Source: RBI

Saudi Arabia admits Khashoggi killed in Istanbul consulate: state media AFP|Oct 20, 2018, 06.11 AM IST

Saudi journalist Khashoggi, a critic of the kingdom's leadership and a Washington Post contributor, was last seen on October 2 entering his country's consulate in Istanbul. 

Saudi Arabia on Saturday admitted that dissident journalist Jamal Khashoggi was killed inside its consulate in Istanbul, state media said, two weeks after his disappearance sparked global furore. 

The kingdom also announced the sacking of a top intelligence official Ahmad al-Assiri and royal court media advisor Saud al-Qahtani, both top aides to Crown Prince Mohammed bin Salman who has faced mounting pressure over the Khashoggi affair. 

Saudi journalist Khashoggi, a critic of the kingdom's leadership and a Washington Post contributor, was last seen on October 2 entering his country's consulate in Istanbul. 

His disappearance had been shrouded in mystery and triggered an international crisis, with Turkish officials accusing Saudi Arabia of a state-sponsored killing. 

"The discussions between Jamal Khashoggi and those he met at the kingdom's consulate in Istanbul... devolved into a fistfight, leading to his death, the Saudi Press Agency said, citing the public prosecutor. 

The kingdom announced that 18 people had been arrested in the ongoing probe. 

The Saudi king also ordered the setting up of ministerial committee under the chairmanship of the crown prince to restructure the kingdom's intelligence agency and "define its powers accurately", state media said. 

Shortly before Riyadh confirmed that Khashoggi had been killed, Turkey's President Recep Tayyip Erdogan and Saudi King Salman agreed in telephone talks to continue cooperation in the investigation into the Khashoggi affair. 

Erdogan and Salman "emphasised the importance of continuing to work together with complete cooperation", said a Turkish presidential source, who asked not to be named. 

The United States warned Friday of a "wide range" of responses should it determine that Saudi Arabia is behind the death of journalist Jamal Khashoggi, as Turkey widened its investigation into the scandal. 

President Donald Trump said the United States, which is Saudi Arabia's biggest backer, could impose sanctions over the feared murder of Khashoggi. His top diplomat Mike Pompeo told Voice of America Radio: "We'll certainly consider a wide range of potential responses." The Trump administration has been notably slow to criticise Saudi Arabia, despite mounting evidence that Khashoggi, a critic of the Islamic petro-state's powerful crown prince, vanished after entering the Saudi consulate in Istanbul. 

The White House said Saturday it was "saddened" after confirmation that journalist Jamal Khashoggi was killed inside a Saudi consulate, but made no mention of US action against its major ally. 

In the first US response to Saudi Arabia's admission, White House spokeswoman Sarah Sanders said merely that Washington "acknowledges the announcement." 

"We will continue to closely follow the international investigations into this tragic incident and advocate for justice that is timely, transparent and in accordance with all due process," she  said. 

The Khashoggi case has presented Trump with one of the most acute foreign policy crises of his nearly two-year-old presidency. 

Pro-government Turkish media have repeatedly claimed that Khashoggi was tortured and decapitated by a Saudi hit squad inside the diplomatic mission, although Turkey has yet to divulge details about the investigation. 

The controversy has put the kingdom -- for decades a key Western ally and bulwark against Iran in the Middle East -- under unprecedented pressure to offer an explanation to take the heat off its rulers. 

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