National Accreditation Board for Testing and Calibration Laboratories Launches India’s First Accreditation Scheme for Mobile Food Testing Laboratori...
Land acquisition funding and regulatory approvals advance satellite-city development, tax relief, identity enrolment, employment verification, and jail reform. Assam Cabinet approvals include first-phase funding for land acquisition and development of the Aerotropolis Satellite City Project and a lease deed for a hotel supporting the Jagiroad semiconductor ecosystem. Measures also provide Aadhaar enrolment relaxation for Moran and Matak communities, zero agricultural tax up to the prescribed net-income threshold, OBC Non-Creamy Layer certificates, and trainee and graduate-assistance funding. Government jobs will be provisionally held pending police verification, with automatic confirmation where no report is submitted within six months. Jail rules will be amended to promote non-discrimination, sanitation, security and fair work allocation.
Money-laundering investigation into alleged liquor-sale proceeds led to arrest and custodial questioning amid contested political allegations. Money-laundering investigation concerning an alleged liquor scam led to the Enforcement Directorate's arrest of Ramgopal Agrawal and seven days' custodial remand under the Prevention of Money Laundering Act. The agency alleged his connection with proceeds of crime, non-attendance despite multiple summonses, and evasiveness during questioning. Allegations concern purported control of the state excise department, illegal liquor sales, and sharing of commissions. The Congress has denied the allegations and described the investigation as politically motivated.
GST inquiry closure bribery allegations prompted anti-corruption proceedings against a Sales Tax officer under corruption law. Alleged bribery in GST inquiry closure led to the arrest of a Sales Tax Assistant Commissioner after a scrap trader complained of a demand for illegal gratification to close an inquiry initiated through a GST show-cause notice. Anti-corruption officials reportedly verified the allegation through intermediaries, during which the officer allegedly agreed to accept payment for closing the matter. A criminal case was registered under the Prevention of Corruption Act, with further investigation ongoing.
Direct tax collection growth reflected stronger non-corporate taxes and securities transaction tax receipts alongside slower refund issuances. Net direct tax collections increased by 23 per cent to over Rs 8.11 lakh crore through August 10, driven by higher non-corporate tax collections and slower refund growth. Gross direct tax collections grew by 19.75 per cent to about Rs 9.55 lakh crore. Net corporate tax collections rose about 20 per cent, net non-corporate tax collections rose 23 per cent, and Securities Transaction Tax collections increased 51 per cent. Refund issuances grew by 3.8 per cent year-on-year.
Vicarious liability in cheque dishonour cases cannot attach to trust associates without statutory status or transaction-specific involvement. Vicarious criminal liability for cheque dishonour under section 141 of the Negotiable Instruments Act does not extend to a trust, because a trust is not a juristic person. A person cannot be summoned merely for alleged active involvement in a trust where the person was neither drawer nor signatory of the cheques, trustee, office-bearer, authorised account operator, guarantor, or executor of transaction documents.
Cross-border payment integration through CBDCs and fast payment systems remains under BRICS discussion to reduce transfer costs. Cross-border payment integration is under discussion through potential linkages between central bank digital currencies and fast payment systems, including UPI-type platforms. These approaches seek faster and less costly trade and remittance transfers, particularly retail payments, but remain at a discussion stage. Rupee internationalisation is also being pursued through central-bank memorandums of understanding for bilateral trade settlement in local currencies, with existing arrangements covering Indonesia, Maldives, Mauritius and the UAE.
Integrated infrastructure planning under PM GatiShakti coordinates project evaluation, multimodal connectivity, geospatial data use, and decentralized implementation. PM GatiShakti National Master Plan provides an integrated, data-driven infrastructure planning framework using geospatial data, satellite imagery and API integration. Project approval, implementation and funding remain with the respective Central Ministries, Departments and States or Union Territories under their own plans and budgetary provisions; the framework sets no separate budgetary allocation or quantified targets. The Network Planning Group evaluates critical Central Government projects at the planning stage for multimodality, synchronisation, last-mile connectivity, comprehensive local development and coordinated decision-making.
MSME procurement through GeM has expanded alongside analytics-driven controls against suspicious bidding, collusion, and vendor misconduct. GeM uses AI/ML analytics to detect order splitting, suspicious bidding, abnormal pricing, repeated participation and potential buyer-seller collusion. Flagged cases are placed before buyer organisations for review and action, while suspected cartels are assessed through digital-footprint, pricing and bid-timing indicators. Its Incident Management framework addresses false documents, fraud, collusive behaviour and other misconduct through administrative measures, including suspension. Anti-competitive conduct and cartel formation are Severe/Grave deviations, with proven cases attracting suspension for up to 365 days.
Direct tax collections show stronger corporate, non-corporate and securities transaction tax receipts, alongside increased refunds during the fiscal period. Net direct tax collections grew by 23.09 per cent to over Rs 8.11 lakh crore up to August 10 of the current fiscal year, while gross direct tax collections increased by 19.75 per cent to about Rs 9.55 lakh crore. Corporate tax, non-corporate tax including personal income tax, and Securities Transaction Tax receipts recorded growth. Refunds issued between April 1 and August 10 also rose over the corresponding earlier period. Direct tax collections are budgeted at Rs 26.97 lakh crore for the fiscal year.
Mobile food testing laboratory accreditation expands quality-assured testing access and supports coordinated food-safety surveillance and regulatory efficiency. NABL has launched an Accreditation Scheme for Mobile Food Testing Laboratories under the Integrated Assessment Programme. The framework enables mobile laboratories to provide reliable, quality-assured and internationally benchmarked food-testing services closer to communities, extending accredited testing beyond conventional laboratory settings. It is intended to strengthen food-safety surveillance, improve access to quality testing, support faster regulatory intervention and enhance consumer confidence. Coordinated assessments, regulatory harmonisation and mutual recognition are also intended to reduce duplication and improve regulatory efficiency while maintaining quality and compliance standards.
Digital public procurement will expand AI-led price intelligence, marketplace integrity, inclusive access, credit linkages and sustainable purchasing. Government e-Marketplace is advancing an AI-enabled public procurement ecosystem focused on efficiency, transparency, competition, price intelligence and marketplace integrity. Priorities include last-mile access through Suvidha Kendras, integration of public entities, credit linkages, sustainable procurement and university outreach. A nationwide five-digit Helpdesk short code, 14550, mapped to existing infrastructure, is intended to maintain service continuity and improve access to support and official communications. The platform seeks to provide enterprises with a more accessible and predictable procurement market and buyers with a data-driven procurement experience.
Expedited flood insurance claims require insurers and partners to simplify documentation and provide immediate service to affected policyholders. Expedited insurance-claim handling for flood-affected policyholders in Assam is being pursued through simplified documentation, prompt settlement and immediate service response. PolicyBazaar is coordinating with insurer partners to reduce processing delays. The Insurance Regulatory and Development Authority of India has directed insurers, including life insurers and standalone health insurers, to mobilise resources for immediate assistance, alongside governmental efforts for expeditious and hassle-free claim disposal.
Money laundering investigation in alleged liquor scam leads to arrest and proposed custodial-remand proceedings under anti-money-laundering law. Money laundering investigation concerning an alleged liquor scam in Chhattisgarh led to the arrest of Congress leader Ramgopal Agrawal under the Prevention of Money Laundering Act. Custodial remand is to be sought for interrogation. The allegations concern an alleged syndicate that purportedly controlled the state excise department, enabled illegal liquor sales and distributed resulting commissions. Chargesheets name political figures, excise officials and officials associated with the Chief Minister's Office.
Money-laundering investigation into an alleged liquor scam leads to arrest and proposed custodial interrogation under the prevention law. Money-laundering investigation under the Prevention of Money Laundering Act concerns an alleged liquor scam in Chhattisgarh. A former state political party treasurer has been arrested for alleged involvement and is to be produced before a local court for a request for custodial interrogation. The alleged scheme is stated to have involved control of the state excise department by a criminal syndicate, with multiple accused named in six chargesheets.
Immediate FIR registration for every missing person is mandatory, with missing children treated as suspected kidnapping or abduction cases. Immediate FIR registration is required whenever information is received that any person is missing, irrespective of age or gender, without preliminary inquiry. Missing-person FIRs must include relevant provisions concerning kidnapping and trafficking. A missing child must be treated from the outset as a suspected case of kidnapping or abduction. States and Union Territories may face contempt action for non-compliance. Traced children should ordinarily be restored to their families within 24 hours unless trafficking or exploitation by the family is suspected.
Money-laundering investigation targets alleged chit-fund collections, investor-fund diversion, concealed deposits, and irregular land transactions. Money-laundering investigation into an alleged multi-state chit-fund scheme involved searches at premises linked to Wellfare Buildings and Estates Pvt Ltd and its directors, seizure of cash, vehicles, property-related records and digital devices, and freezing of bank accounts. The alleged scheme concerns unauthorised public-fund collection through land-allotment schemes, followed by closure of operations. Allegations include diversion of investor funds, manipulation of financial statements to conceal deposits, and irregular land transactions intended to suppress actual consideration and evade statutory obligations.
Rupee exchange-rate pressure intensified as crude oil, regional uncertainty and weaker equities constrained the local currency in early trade. Foreign-exchange market conditions placed the rupee under pressure against the US dollar amid West Asia uncertainty, higher crude oil prices, and weaker domestic equity markets. Foreign institutional investor inflows and Reserve Bank of India intervention supported the rupee and limited further depreciation. Reported dollar sales through state-run banks helped contain downside pressure despite rising Brent crude prices and uncertainty concerning the Strait of Hormuz.
GST refund facilitation expands provisional input tax credit refunds and removes the minimum threshold for export-related IGST refunds. Punjab's GST amendments facilitate voluntary compliance and reduce procedural burdens by allowing a 90 per cent provisional input tax credit refund in inverted duty structure cases and removing the minimum threshold for IGST refunds on exported goods. Additional measures cap annual fee increases by private unaided educational institutions, establish digital open universities for technology-enabled higher education, protect trees and green cover, and address common infrastructure, panchayati raj, and contractual engagement of outsourced State personnel.
Video-conference statements for an approver application were declined, requiring the accused's statement to be recorded before consideration. Special CBI Court rejected an accused's request to record her statement through video conferencing in a bank-fraud prosecution. The accused had sought to become an approver, and her statement was required to be recorded before consideration of that application. She and her husband had previously become approvers in a related money-laundering matter involving alleged fraudulent Letters of Undertaking.
Fuel price transparency highlights allegations over excise duty, consumer retail costs, and profit disclosures by state-run oil marketing companies. Fuel pricing, central excise duty and profits of state-run oil marketing companies are examined through allegations that retail fuel prices and tax policy imposed excessive costs on consumers while generating substantial company profits. The criticism contrasts high crude-price periods with lower retail prices and lower excise duty against a later period in which reduced crude prices were allegedly not passed through to consumers. Profit-margin disclosure is also raised as a transparency issue, with parliamentary information described as covering oil prices, global crude prices and company profits.
Government Aiming at Double Digit GDP Growth in Medium Term - One Trillion US Dollar Required for Infrastructure Sector - Financial Sector Legislative Reforms Commission to be Set up to Clean up Financial Sector Laws: FM
November 19, 2010
Contents
Summary
Note
Bookmark
Share
✓ Copied successfully !
Print
Print Options
For full text, please login
Login to TaxTMI
Verification Pending
The Email Id has not been verified. Click on the link we have sent on
Union Finance Minister Shri Pranab Mukherjee said that the Government is aiming at a double digit GDP growth in the medium term. He said that there is already an upturn in investment and private consumption demand, revival of merchandise exports and buoyancy in capital flows which can support this growth.
Shri Mukherjee was addressing the dignitaries, senior officials, staff and customers of Canara Bank on Founders' Day Celebration of Canara Bank here today. Shri Mukherjee said that the Government has set the target for private and public sector investment in infrastructure to the tune of US1 trillion dollars for the next Five Year Plan. Mr. Mukherjee said that Banks as financial intermediaries have an important role to play in India's growth story. He said that as requirements for infrastructure investment picks up, banks will have to prudentially manage asset liability mismatches. He said that banks also need to make use of innovative credit enhancement mechanism and take out financing for bridging gap between demand and supply of long-term funds.
Finance Minister Shri Mukherjee said that financial inclusion, which is core to the Government's policy agenda, is carried forward in a cost effective manner. He said that the Government is in favour of cost effective technology solutions, implicit and explicit incentives and commitment to increase financial penetration of affordable banking services particularly in the rural and unorganized sectors. He expressed his happiness about the progress made by public sector banks in terms of increasing their penetration and outreach in underbanked and unbanked areas. He said that banks have formulated their Financial Inclusion Plans for 73,000 habitations in the country with population of more than 2000 and these are being monitored at the Central and the State level.
The Finance Minister Shri Mukherjee said with a view to strengthen and institutionalize the mechanism for maintaining financial stability and to address certain regulatory concerns in the Financial sector, the Government of India has decided to set up an apex-level Financial Stability and Development Council (FSDC). He said that the Government has also decided to set-up a financial Sector Legislative Reforms Commission (FSLRC) to rewrite and clean up the financial sector laws and bring them in the line with the requirements of the sector.
Shri Mukherjee said though on-going reforms should help further strengthen and stabilise the financial sector, the emerging challenges before banks cannot be overlooked. He said that care should be taken to ensure that there is no further deterioration of the asset quality as reflected by the increase in the proportion of doubtful and loss assets in the NPA portfolio of banks in 2009-10. He said that the banks at the same time should meet the additional provisioning norms to provide a cushion against asset slippages while maintaining profitability.
The text of the speech made by the Union Finance Minister Shri Pranab Mukherjee on the occasion of Founder's Day celebration of Canara Bank here today is as follows :
I am happy to be here today on the occasion of the Founder's Day of Canara Bank. It is indeed a befitting tribute to Shri Ammembal Subba Rao Pai, the founding father of this bank, that five important initiatives are being launched today in his memory. The bank will be opening 100 additional branches, including 10 Micro Finance Branches; installing 105 ATMs; launching 50,000 smart cards through business correspondents; issuing general credit cards to 100,000 beneficiaries and opening financial literacy and credit counseling centres (FLCC) in 10 districts. I congratulate the bank for these initiatives for financial inclusion.
It is important that financial inclusion, which is core to the Government's policy agenda, is carried forward in a cost effective manner. The Government is in favour of cost effective technology solutions, implicit and explicit incentives and commitment to increase financial penetration of affordable banking services particularly in the rural and unorganized sectors. I am happy to note the progress made by public sector banks in terms of increasing their penetration and outreach in underbanked and unbanked areas. Banks have formulated their Financial Inclusion Plans for 73,000 habitations in the country with population of more than 2000 and these are being monitored at the Central and the State level.
We are aiming at a double digit GDP growth in the medium term. Banks as financial intermediaries have an important role to play in India's growth story. There is already an upturn in investment and private consumption demand, revival of merchandise exports and buoyancy in capital flows which can support this growth. Government has set a target for private and public sector investment in infrastructure of US$ 1 trillion for the next Five Year Plan which should create jobs, improve connectivity, promote greater economic activity and productivity. As requirements for infrastructure investment picks up, banks will have to prudentially manage asset liability mismatches. Banks also need to make use of innovative credit enhancement mechanism and take out financing for bridging gap between demand and supply of long-term funds.
The global banking and financial system is currently undergoing structural transformation with standard setting institutions and national authorities framing new regulatory paradigms to address the weaknesses that emerged during the recent financial crisis. Banks will have to continue to augment their capital base to support higher credit growth and to build capital buffers for cyclical downturns.
With a view to strengthen and institutionalize the mechanism for maintaining financial stability and to address certain regulatory concerns in the financial sector, the government of India has decided to set up an apex-level financial stability and development council (FSDC). The Government has also decided to set-up a financial sector legislative reforms commission (FSLRC) to rewrite and clean up the financial sector laws and bring them in the line with the requirements of the sector.
Though the on-going reforms should help further strengthen and stabilise the financial sector, the emerging challenges before banks cannot be overlooked. One of these challenges concerns management of NPAs and maintaining profitability. Care should be taken to ensure that there is no further deterioration of the asset quality as reflected by the increase in the proportion of doubtful and loss assets in the NPA portfolio of banks in 2009-10. At the same time banks should meet the additional provisioning norms to provide a cushion against asset slippages while maintaining profitability.
In line with the vision of its founder Shri Ammembal Subba Rao Pai and the founding principles formulated over a century ago, the bank has successfully managed to blend commercial and social objectives. I am happy to note that Canara Bank is rapidly progressing in terms of business growth and profits while maintaining a commendable record in promoting financial inclusion, supporting micro, medium and small enterprises (MSMEs), providing finance to farmers and training to the unskilled workers in the rural areas. They need to improve their overseas presence consistent with their peers of comparable size.
I would like to take this occasion to compliment the entire Canara Bank team for their steadfast commitment to the development of the country. I am sure this mega branch opening exercise would spur Canara Bank to even greater heights. I wish the bank and all its employees every success in this venture.
Financial Sector Reform: establishment of apex council and law reform commission to strengthen financial stability and prudential duties.
The government will establish an apex-level Financial Stability and Development Council to institutionalize mechanisms for financial stability and a Financial Sector Legislative Reforms Commission to rewrite and clean up financial sector laws. Banks are directed to manage asset-liability mismatches prudently, employ credit enhancement and take out financing for long term funds, augment capital, and meet additional provisioning norms to guard against deterioration in asset quality. The policy also prioritises cost effective financial inclusion measures and expanded banking outreach.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 3381 
