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Vol 45 | Issue 31
TATA SELLS TO GUPTA
P18
TM
3rd December to 9th December 2016
Female high flyers grab headlines
Let noble thoughts come to us from every side
CENTRE POUNDS
CORRUPTION
In yet another strike at curbing corruption in India, the government launched fresh plans to confiscate a massive chunk of black money deposited in the bank accounts after the demonetisation move. The Narendra Modi government plans to allow black money holders in possession of now-banned Rs 500 and Rs 1000 notes to retain up to 50 per cent of the money, if, they voluntarily confess they hid the cash from tax officials. The plan was revealed in the Parliament on Monday in tabled amendments to the Income Tax Act, amid tensions faced by the Centre with the consequences of the note ban. The Bill was passed on Tuesday. Those who fail to make the disclosure, will face the risk of losing over 85 per cent of their newly deposited funds. Narendra
Modi, in an announcement that took the nation by surprise, put a prohibition on using Rs 500 and 1000 notes which make up for at least 86 per cent of the cash in circulation. In the initial 10 days after the ban, the Reserve Bank of India said over 10 billion-worth of banned notes, out of $220 billion of high value notes in circulation, were returned. "Instead of allowing people to find illegal ways of converting their black money... the government should give them an opportunity to pay heavy taxes with penalty and allow them to come clean," the finance ministry announced. Under the new tax amendments, Indians who admit that their postcash ban deposits were of previously unaccounted cash can pay half of their total in income tax, penalty
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and surcharge, and keep the rest. However, the depositor will only be able to use 25 per cent of the amount with the remaining sum locked in an interestfree deposit scheme for four years before it is returned. Those who fail to admit to their unaccounted cash before the end of the current year, will be made to pay up to 85 per cent of their hidden wealth if the tax inspectors catch them. Saurabh Mukherjea, chief executive of institutional equities at investment bank Ambit Capital, said, "It's a voluntary income disclosure scheme with 'voluntary' in inverted commas. If you went to put money in the bank last week and stood in line for six hours, now you have to decide which bucket do you fall into." He said the scheme would sharply reduce the flow of banned
notes being deposited in banks, as Indians would be loath to invite the scrutiny of IT officials. The latest plan follows an income disclosure scheme in which India declared $9.8 billion of hidden wealth. Meanwhile, the RBI indulged itself in a bondbuying spree, bringing down interest rates and prompting fears of inflation and shortage of bonds. Over the weekend, the central bank said it was bringing in the temporary bondbuying restrictions to tackle "large excess liquidity in the system." With people gushing in to deposit the old notes, around Rs 6 billion were put into the Indian banks. They in turn, brought Rs 4.3 billion worth of government bonds with the extra money, causing prices to Continued on page 26
Indian-origin female high flyers are grabbing the headlines with their spectacular body of work. Asian Voice features three outstanding women for their remarkable achievements in their respective fields. This week’s centre spread highlights the rise and rise of South Carolina Governor Nikki Haley; the fearless and inspiring Gina Nikki Haley Miller who took on the mighty British establishment on Brexit; and the bold and the beautiful Serena Rees who unabashedly lays bare the naked truth. See Page 16-17
Hameed is the hero
Ace cricketer Haseeb Hameed's tour of India has come to an end as he has gone back home for a much needed surgery on his injured hand. The 19 year old Hameed provided brave resistance on the fourth day in Mohali, with an unbeaten 59 off 156 balls. However, captain Alastair Cook said he needed a plate fitted to Continued on page 26
Backlash grows over immigration rule changes PM Theresa May's flagship immigration reforms have triggered fresh anger from Indians and also Eastern Europeans- where the latter could force Britons to get work permits for continental jobs. The hope of a better relationship with the Indian immigrants after Brexit, is slowly evaporating into the thin air, as the immigration rules are becoming stricter in an effort by the government to reduce numbers by hundreds and thousands.
Full story on page 2