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Sunday, 30 April 2017

English rendering of Mann Ki Baat address by PM on All India Radio, 30 April 2017

My dearest countrymen namaskar. Before each episode of ‘Mann Ki Baat, ’suggestions pour in Aakashvani, on NarendraModiApp, come through on MyGov, by the phone and come by the means of recorded messages from every corner of the country and people of every age group, And sometimes when I take the time to view them, for me it becomes an extremely pleasant experience. 

One comes across such a wide spectrum of information, one finds that every corner of the country is filled with talented people. Like a selfless seeker, these countless people are consumed by desire to contribute something to the society, on the other hand there are mounds of problems that perhaps even the government does not notice! Maybe the system has also become accustomed in dealing with these problems, and so do have the people become accustomed to them. I have come across the inquisitiveness of children, the ambitions of the youth, and the gist of the experience of elders! Myriad kind of facts emerges. Every time the inputs that come in response to every episode of ‘Mann Ki Baat’, are analyzed in detail by the government. 

What are the kinds of suggestions, what are the kinds of complaints and what are the experiences of the people? It is an inherent human nature to advise others. While travelling in the train or the bus if someone coughs, the next person immediately advises a cure. To offer advice or suggest a solution, are part of our nature. In the beginning, when suggestions came in response to a certain episode of ‘Mann Ki Baat’ , one could discern words of advice, and you could read them too, so our team always felt that many people might have had this particular habit of proffering advice. But when we analyzed the suggestions minutely, I really became quite emotional. 

Most of those who give suggestions or try to reach to me are those who are really doing something in their lives. They are making efforts and are engrossed as per their intellect, capacity, ability and circumstances so that something good must happen. And when these things came to my notice I felt that these suggestions are extraordinary. These are suggestions that have emerged out of a certain squeeze of life’s experiences. Some people also give suggestions thinking that if an idea has the potential to work then more people would listen to it if it is heard on a wider platform and hence many people can benefit. And therefore it is their natural desire that it gets a mention in ‘Mann Ki Baat’ 

According to me all of these things are extremely positive steps. First of all, I express my gratitude to the Karma yogis and those people who have offered some or the other service to the society and recommend maximum suggestions. And not only this, when I mention something positive, such memories come to recall, it is very much a pleasant experience. In the previous ‘Mann Ki Baat’, some people had suggested to me that food was being wasted; not only had I expressed my concern but mentioned it too. And upon my mention, there were mentions of many innovative ideas to save food from being wasted that are being put into practice employed in many corners of the country on NarendraModiApp and also on MyGov. 

I had never even imagined that in our country especially the young generation has been doing this kind of work from a long time. Some social institutions have been involved in this activity for many years was common knowledge, but the youth of my country are engaged in this task, I only came to know later. Many have sent me the videos of their work in this field. There are many places where ‘Roti Banks’ are operating. In the Roti Banks, the leftover rotis are deposited by people, they also deposit the leftover vegetables and the needy can obtain food from these banks. The person who donates rotis feels a sense of satisfaction also, the recipient also does not feel humiliated. These are examples of how work can be achieved with the help of society. 

Today is the last day of month of April. 1st May is the foundation day of the states of Gujarat and Maharashtra. On this occasion, many felicitations to the citizens of these two states on my behalf. Both states have made constant strides to scale newer heights of development and have contributed toward the advancement of the country. And both the states had a steady stream of great men whose lives and sterling contributions in every sphere of society is a source of inspiration for us.. In remembrance of these great men, on the foundation day of these two states, we should take the pledge of taking our state, our country, our society, our city, and our family to glorious heights in 2022, when we celebrate 75 years of independence. 

Plans should be drawn to achieve that pledge and taken forward with the cooperation of all citizens. I wish the very best to these two states. 

There used to be a time when climate change was a subject confined to the domain of the academic world, it used to be the topic for seminars, but today, we experience it in our everyday life and it also astounds us. Nature has also changed the rules of the game. The heat that we used to experience in months of May-June in our country is being felt in March-April this year. So, when I was taking suggestions for ‘Mann Ki Baat’, most of the suggestions offered related to what should be done to beat the heat during summer time. Most of the suggestions or practices to beat summer are not new but are prevalent for a long time, however it is very useful to remember them from time to time. 

Shri Prashant Kumar Mishra, Shri T. S. Kartik and many such friends have expressed their concern about birds during the summer. They’ve mentioned that water should be kept in trays and utensils on the balcony and on the terrace. I have seen that small children of the family do this very enthusiastically. Once they understand why they should fill the pots with water they would go and inspect 10 times in a day to ensure there is water in the tray. And also watch if the birds came or not. We think as if it is a game going on , but in actuality, this is a novel way of instilling empathy in the child's mind. You can also experience for yourself that a little attachment to an animal or a bird makes you feel very happy. 

Some time back, Shri Mr. Jagat Bhai from Gujarat, had sent his book, 'Save the Sparrows' in which he not only expressed concern about the continuously declining number of sparrows, but also what steps he has taken in a mission mode for the conservation of the sparrow which is very nicely described in that book. In our country, we are traditionally imbued with a sense of symbiotic co-existence with animals, birds and nature yet it is necessary that collective efforts in this regard should be emphasized. 

When I was Chief Minister of Gujarat, Syedna Sahib the religious leader of Dawoodi Bohra Community had completed his hundred years. He lived till 103 years. As part of the celebration of his 100th year the Bohra community society had launched a huge campaign to save the sparrow under the aegis of Burhani Foundation. I had the opportunity to inaugurate it. Nearly 52 thousand bird feeders were distributed in every nook and corner of the world. This effort also found a mention in the Guinness book of World Records. 

Sometimes we are so busy, that we even forget to offer water to the newspaper boy, the milkman, the vegetable seller, the postman or anybody else who come to our house in peak summer days. 

Young friends, I want to have a chat with you too. I am sometimes worried that much of our younger generation prefer leading life in their comfort zones. Parents also raise their children in a very protective manner. True there are other extremes also but most are brought up in this comfort zone syndrome . Now the examinations have ended and you must be done with your plans to enjoy the vacation. 

Summer vacations feel good inspite of scorching heat. But as a friend, I want to suggest you certain tips about of how to utilize your vacation. I believe some people will put them to use and they will tell me about that too. Would you like to use this time of vacation gainfully, I offer three suggestions, it will be good if you follow all of the three but then try to do atleast one of the three. See that you gain a new experience. Try to take the opportunity of acquiring a new skill. Try to experience something that you have neither heard before , nor seen, nor thought of and yet there is a curiosity in your mind. You must try new places, new experiences and new skills. 

There is huge difference between to sometime to see something on television or reading about it in the book or listening about it from acquaintances and to experiencing the same thing yourself. I will urge you to try to experience and satiate your curiosity on any subject during this vacation. Try a new experiment. The experiment must be positive and a little out of your comfort zone. We all belong to the middle class and happy comfortable families. Friends have you ever thought of travelling in a Second Class railway Compartment without a reservation, and going for atleast a 24 hours ride? 

What great experience it will be? How are the lives of your co- passengers, what do they do at the station when they alight from the train? What you cannot learn in a year, you will learn in that crowded train travelling without any reservation for 24 hours! You might not get to sleep and have to travel standing. Try it, just experience it once, I am not asking you to try it again and again, do it once. In the evening, take your football or your volleyball or any other sports item and go to a colony of poor and lesser privileged people. Play with those poor kids, you will experience a new kind of joy, the kind you would have never experienced in your life before-that’s the kind of joy you’ll experience! 

Have you ever thought what changes would come in the lives of those kids who live in abject poverty when get the opportunity to play with you. And I believe that if you go there once, your heart will tell you to go back again and again. This experience will teach you a lot. Many volunteer organizations are engaged in this kind of work. You are connected to Google Guru, try searching on it and get associated with any such organization for 15 days or 20 days. Go, explore, go to the jungles. Sometimes there are summer camps, for development of different facets of your personality. You can participate in these camps. 

But at the same time, don’t you feel that after you’ve attended such summer camps, you have participated in the courses for development of personality and you reach out to those people who have no such opportunity and teach them what you have learned without taking any money. It is possible that you can teach them. I am also worried that technology evolved to reduce the distance, technology came in to being to end the boundaries. But the end result of this is that six people in the same house are sitting in the same room but they are separated by unimaginable distances! Why? Everyone has become so busy with technology in his or her own way. Collectivity is also a way of life, collectivity is power in itself. Secondly I had mentioned about skill acquisition, don’t you feel that you should learn something new! 

Today is the era of competition. You get so submerged in the preparation for the examinations, get so consumed to obtain the best grades, there are coaching classes going on even in vacations and you’re worrying about the next exam! Sometimes you feel scared that our youth have become robot like, living life like a machine. 

Friends, dreams of making it big in life is a good thing, it is good to have some purpose in life, and you must achieve your goals. But also self-evaluate whether the human element within yourself is getting frustrated, are we not moving away from our human qualities. 

Can’t a little emphasis be given on this aspect in Skill development? Get away from technology, and try to spend some time with yourself. Learn a musical instrument or learn a few sentences of a new language, Tamil, Telugu, Assamese, Bengali, Malayalam, Gujarati, Marathi or Punjabi. This is a country full of diversity and if you look, then there can be someone who can teach us something new is just around the corner. If you don’t know how to swim, then learn swimming, try doing some drawing, even if you do not end up making the best drawing, try to practice putting hand to the paper! 

The empathy within you will begin to appear. Sometimes if our heart desires to learn the trade of so called ‘small people’ then let us learn it, why not? You want to learn to drive a car but then do you ever want to learn how to drive an auto-rickshaw? You’re able to ride a bicycle but have you ever tried to operate the three-wheeler cycle or rickshaw which transports people? You see, all these new experiments, these skills are such that they will bring you joy and will remove you from the limitations of life to which you’re tied down! 

Do something out of the box, my Friends. This is the only time to make something of your life. And if you think that after appearing in all exams, at a new threshold of your career you will learn some new skill, then you won’t get a chance. At that time you will be tangled into other things and therefore I tell you if you have a passion to learn magic then learn the card tricks! Keep showing the tricks to your friends. Try to know about things about which you have no prior knowledge, it will definitely benefit you. Your inner human potential will awaken and this will provide a great opportunity for development. I can tell you from my experience of going around the world, that the amount we can learn by seeing the world is something we cannot even imagine. New places, new cities, new towns, new villages, new areas. But before leaving for a particular place, preparing for the journey and upon reaching your destination gathering information about it like a seeker of knowledge, understanding about the place and having discussions with the local people, if you make an effort in this manner then the pleasure of visiting the particular place would be something else! 

Do try to do it; of course do not travel too much in one go. Go to a destination and spend three to four days there. Then go to the next and spend a like duration there. You will get to learn a lot that way. I wish you share your travel photographs with me, it will be nice. What new did you see ! Where did you travel to ! Make good use of the hash tag Incredible India and share your experiences. 

Friends, this time around, the government of India has provided you with a great opportunity. The new generation is more or less freeing itself from the shackles of cash. It does not need cash. It has begun adopting digital currency. I know you do it, but have you ever wondered that you can earn using this very scheme? It is a scheme of the Government of India. You must be downloading the BHIM App and using it. But do refer it to others; make others join you in that. 

If the new member does three transactions, performs financial business thrice, you stand to earn ten rupees for that. Ten rupees will be credited to your account from the government. If you involve twenty persons in a day, by evening, you would’ve earned two hundred rupees. The traders can earn, so can students. And this scheme is valid till the 14th of October. It will be your contribution towards making of a digital India. You’ll become a sentinel of New India. The joy of a vacation coupled with income ! Refer and earn. 

Generally speaking, in our country there exists an atmosphere of disdain towards the VIP culture. But that it runs so very deep, I just experienced, when the government recently decided that no person in India, whatsoever his status might be, will not move with a red beacon atop his vehicle. In a way it had become a symbol of the VIP culture. Experience tells us that whereas the red beacon used to be fixed atop the vehicle, atop the car, slowly & steadily it permeated into the psyche and got firmly entrenched in the mindset. The red beacon now has gone for good but nobody can say with certainty that the same in the mindset has also disappeared. I have received a very interesting phone call. Though the caller has expressed the same apprehension. One can discern from this phone call that common men detest these tendencies. They feel distanced. 

“Namaskar Pradhan Mantri ji, I am Shivaa Choubey calling from Jabalpur, Madhya Pradesh. I wish to say something on the government’s ban on red beacons. I read a line in a newspaper, ‘Every Indian is a VIP on the road’. It made me feel very proud. I am glad that today, even my time is equally important. I don’t have to be caught in a traffic jam and I don’t have to stop for anyone as well. I want to thank you from the core of my heart for this decision. And the Swachch Bharat Campaign that you have launched will not only clean our country, it will get rid of the VIP hegemony from our roads. Many thanks for that.” 

The exit of the red beacon through a government decision is part of a system. But we have to make efforts to cleanse it out of our minds. If we collectively strive to do it with eternal vigilance , it surely can be flushed out. Our concept of New India precisely is that in place of VIP, more priority should be accorded to EPI. And when I’m saying EPI in place of VIP, the essence of my sentiment is clear – every person is important. Every person has his or her own importance, every person possesses a sagacious aura, Mahaatmya, in a unique manner. Let us warmly accept the importance of a hundred & twenty five crore countrymen, let us respectfully embrace the Mahaatmya, the divine greatness of a hundred & twenty five crore Indians and we’ll garner strength of immense magnitude. We have to do this together. 

My dear countrymen, I maintain time & again that we should keep re - visiting the annals of our history, traditions and culture. That lends us energy and inspiration. This year, we the hundred & twenty five crore countrymen are celebrating the thousandth birth anniversary of Saint Ramanujacharya. For one reason or the other, we confine ourselves to celebrating and observing centenaries of events mostly. For other countries of the world, a century may be of immense significance. But India is such an ancient Nation that we are the proud inheritors of thousands and thousands of years of heritage, knowledge and civilized existence and have an opportunity to observe and celebrate a memorial heritage of over thousand years. Just try and imagine it. Even today breaking the shackles Social orthodoxy is so difficult. How would society be a thousand years ago? What kind of a mindset would be prevalent then? Not many would know that Ramanujacharya relentlessly struggled against rampant social evils such as the class divide, the chasm between touchable and untouchables and the caste system. Through his own conduct, he embraced those who were ostracized by society. A thousand years ago, he launched an agitation allowing their entry into temples and succeeded in facilitating the same. We are indeed fortunate that in every era, for eradicating social evils, noble souls, great men were born in this society itself. Now that we are celebrating the 1000th birth anniversary of Ramanujacharya, we should gain inspiration from him in our endeavour to foster social unity, to bolster the adage ‘unity is strength’. 

In memory of Saint Ramanujacharya, the government of India is releasing a stamp tomorrow, the 1st of May. I respectfully salute Saint Ramanujacharya and pay tributes to him. 

My dear countrymen, tomorrow, that is the 1st of May, carries one more significance. In many parts of the world, it is observed as ‘Labour Day’. And when ‘Labour Day’ is referred to, labour is discussed, labourers are discussed, it is but natural for me to remember Babasaheb Ambedkar. You would be aware that for the facilities and respect that workers have earned, we are grateful to Babasaheb. One can never forget the contribution of Babasaheb towards the welfare of the working class. Today when I refer to Babasaheb, when I talk about Ramanujacharya, I’m also reminded of the great 12th century saint & social reformer from Karnataka Jagat Guru Basaveshwar. Yesterday I got the opportunity to be part of a function. It was the occasion of dedication to the nation of his collection of Vachana Amrit, the elixir of his spoken words. In the 12th century, he had laid down his profound thoughts on labour & workers. He had mentioned in Kannada “Kaay Kave Kailas”… it means, it is just through your perseverance that you can obtain Kailash, the abode of Shiva. This means, it is only endeavour or Karma that leads you to attain Swarga, or heaven. In other words, labour, hard work is Shiva. I repeatedly mention ‘Shrameva Jayate’, and Dignity of Labour. I distinctly remember the words of Shriman Dattopant Thengdi, the founder of Bharatiya Mazdoor Sangh, the thinker, who deliberated a lot on the working class. He used to remark, on the one hand, inspired by Maoism, ‘Workers of the world unite’, on the other he would say, workers, come, unite the world. Today when I refer to workers, it is but natural to remember Dattopant Thengdi. 

My dear countrymen, a few days from now, we shall celebrate Budha Purnima. Followers of Lord Budha across the world celebrate the festival. The world today is undergoing a plethora of problems such as violence, war, annihilation, the arms race et al. Amidst this atmosphere, the philosophy of Buddha comes across as extremely relevant. And in India, Ashok’s life perfectly epitomizes the transformation from war to enlightenment. I feel fortunate that the occasion of the great festival of Budha Purnima is celebrated as Vesak day by the United Nations. This year it will take place in Sri Lanka. On this holy event I shall get an opportunity to pay tributes to Lord Budha in Sri Lanka. It will be an opportune moment to re-visit his ideals. 

My dear countrymen, India has always advanced on the path of progress in the spirit of Sabka Saath, Sabka Vikas… inclusive development for all. And when we say Sabka Saath, Sabka Vikas, it is not limited to the confines of India. It applies to the global context too. And very specially to our neighbouring countries. May our neighbouring countries be with us in our journey, may they develop equally. There are many projects under way. On the 5th of May, India will launch the South Asia Satellite. The capacities of this satellite and the facilities it provides will go a long way in addressing South Asia’s economic and developmental priorities. Natural resources mapping, tele medicine, the field of education, deeper IT connectivity or fostering people to people contact - this satellite will prove to be a boon in the progress of the entire region. It is an important step by India to enhance co-operation with the entire South Asia… it is an invaluable gift. This is an appropriate example of our commitment towards South Asia. I welcome all the South Asian countries who have joined us on the South Asia Satellite in this momentous endeavour…. My best wishes to them. 

My dear countrymen, the weather is too hot and inhospitable , take care of your loved ones and take care of yourselves. 

Wish you all the best. 

Thank you 

Saturday, 29 April 2017

Need to strengthen global counter-terrorism mechanism: Prez



New Delhi, Apr 29 (PTI) President Pranab Mukherjee has said there is an urgent need to strengthen the global counter-terrorism mechanism so that the menace can be fought jointly by the international community.

At a banquet hosted in honour of visiting President of Cyprus Nicos Anastasiades, Mukherjee said both India and Cyprus suffer from the scourge of terrorism.

"This global menace needs to be fought by all civilised societies and countries not just individually, but at a bilateral, regional and global level," he said welcoming the Cypriot president on his first-ever state visit to India.

Mukherjee stressed there is an urgent need to strengthen the global counter-terrorism legal framework to combat the scourge of international terrorism.

"India seeks to build a broad consensus at the United Nations for finalisation of the draft Comprehensive Convention on International Terrorism and early adoption of the CCIT in the United Nations," he said.

Mukherjee said almost all Presidents of Cyprus before Anastasiades have paid a visit to India and therefore, India feels honoured that he has maintained that tradition.

He said India values its longstanding and close friendship with Cyprus.

"India-Cyprus relationship is pinned on the foundation of ideological commonalities of our founding fathers Mahatma Gandhi and Archbishop Makarios," he said.

Mukherjee said India lauds the economic recovery of Cyprus under the leadership of Anastasiades, particularly its return to a positive rate of growth among the fastest in the European Union.

In recent years, he said, India has seen rapid economic progress - despite the global slowdown - and achieved a steady growth rate of about 7 per cent.

"We welcome Cyprus to take advantage of our flagship programmes like 'Make in India' and 'Skill India' - and join India's growth story," he said.

Mukherjee said India's information technology sector as also the renewable energy, natural gas and hydrocarbons, sustainable tourism, infrastructure and health and wellness sectors are open for partnerships and foreign investment.

He said the recent signing of the revised Double Taxation Avoidance Agreement is a good step in this direction.

He expressed confidence that this state visit will result in new initiatives in all these areas of immense potential.

Friday, 28 April 2017

4th National Standards Conclave


Department of Commerce, Government of India in collaboration with Confederation of Indian Industry (CII), Bureau of Indian Standards (BIS) and the National Accreditation Board for Certification Bodies (NABCB) and other knowledge partners is organizing the 4th National Standards Conclave on 1-2 May 2017 at New Delhi. 

            The objective of the two day Conclave is to bring awareness and prepare Industries, Central Government Ministries, State Governments, regulatory/standards setting and conformity assessment bodies on the growing importance of “Standards” in the changing scenario of global trade.

            The Standards Conclave is being held in the backdrop of diminishing importance of tariffs and rising influence of standards and regulation both in goods and services trade.

            It must be recognized that the days of differential standards – low for domestic market and high for exports - are over and if the Indian industry has to survive and thrive, it has to adopt global standards. The Ministries/regulators/state governments have to also realize that their initiatives and schemes have to be built around global standards if they have to succeed in their objectives.

            A good standards regime shall fulfill the vision of Hon’ble Prime Minister for “Make in India” campaign. It would also help in preventing flooding of domestic market with unsafe/sub-standard imports at the expense of our domestic industry as well as consumers.

            Our collective endeavor has to be in creating an ecosystem where adoption of appropriate standards leads to a sense of pride and has in-built incentive for the Industry. The Conclave would also aim at preparing an Indian National Strategy for Standardization (INSS) document to  enable the development of  a harmonized, dynamic, and  mature standards ecosystem in India 

The conclave will have 9 sessions spread over 2 days:

                                i.            Inaugural session
                              ii.            Session 1: Theme paper on National Strategy on Standards
                            iii.            Session 2: Standards as drivers/disruptors of international trade
                            iv.            Session 3: MSME’s and Standards – gap analysis for an Indian National Standards Strategy
                              v.            Session 4: Standards in goods: Addressing issues in a policy framework
                            vi.            Session 5: Risk assessment in agri-food trade and policy options
                          vii.            Session 6: Services Sector: A robust standards ecosystem and conformity assessment within a policy framework: (Tourism, Medical Value Travel, and Education)
                        viii.            Session 7: Digital and IT standards: Meeting Future Challenges
                            ix.            Session 8: Standards for Skills and skills based services
                              x.            Session 9: Way Forward

Independent directors not independent, says Sebi chief

                                                                                       

New Delhi, Apr 28 (PTI) Sharply critical of the existing corporate governance practices, Sebi chief Ajay Tyagi today said "independent directors are not independent" and audit committees are not working but admitted he does not have a solution to fix the lacunae.

Pitching for a "common stewardship code" for institutional investors, he said the worrying part is that there is no such code for these entities once they become significant shareholders in companies.

Tyagi, who took over the reins as markets regulator last month, said there are too many lacunae with respect to the concept of independent directors with many having "no commitment to any cause".

"I must admit I have no solutions on what should be done but it will be anyone's case that existing system has lot of lacunae," he said here.

Mincing no words, Tyagi said, some independent directors are appointed at the mercy of promoters "(with) no prescribed qualifications or procedures, favouritism, (many are from) closed clubs (such as) only those people being in all boards, no commitment to any cause".

There are people appointing friends just to "fulfil the requirement of Companies Act (and) Sebi's listing regulations is not at all working... One needs to really think through these", he noted.

Taking a strong note of independent directors resigning from boards of companies without giving proper reasons, the Sebi chief said some of the reasons given are actually fake.

"Many times they conveniently resign, independent directors just resign and I mean that is very odd... You should give reason as to why you are resigning and people say health reasons. Some of the reasons are fake reasons actually," he said at an event organised by industry body CII.

Touching upon the area of auditors, Sebi chairman said the SRO (Self Regulatory Organisation) structure is not working for them.

"With due respect, I know that auditors have SRO structure but the same is not working. I will say that...

Auditors committee is not working, independent directors are not independent and there is no stewardship code, then definitely there are serious issues," he said.

Emphasising that corporate governance is a serious issue that is engaging the attention of Sebi, Tyagi said the regulator would come out with more discussions on it soon.

His candid remarks also come against the backdrop of rising concerns over corporate governance practices, especially in the wake of recent boardroom battle at Tata group and the controversy surrounding the reported differences between some promoters and the top management at Infosys.

According to Tyagi, the worrying part is that there is no code of conduct for the institutional investors which are regulated by Sebi, IRDA and PFRDA as to what are their responsibilities once they are significant shareholders in a company.

"Our experience is that in many companies promoters prefer having such institutions which have passive interest and have no active interest on how the board is working or how the company is working. That is actually a sad part," he said.

Emphasising the need for having a common stewardship code, Tyagi said just by increasing the institutional investment share in the companies with no code of conduct does not really serve any purpose.

In India, ownership pattern of equities is still about 50 per cent by the promoters but encouragingly, institutional investments have been increasing, he added.

There are lot of "prescriptions" provided in the Companies Act rules and Sebi regulations for corporate governance, Tyagi said even as he admitted that majority of people might not satisfied with the way things are working.

"If you ask rationally and think yourself is the system working really satisfactorily, I think majority of people say no. That is what is the answer," Tyagi said.

Under the existing norms for companies, there are various requirements that need to be fulfilled with respect to board composition, independent directors and audit committee, among others.

Tyagi said the topic of corporate governance is very interesting, intriguing and also an area where "much needs to be done".

Stating that corporate governance is a topic that never goes out of fashion, he observed that there is always a debate on whether it should be based on principles or rules.

"It (corporate governance) is a global issue. It is a issue not only in India although in India there are specific reasons," he added.

Thursday, 27 April 2017

Kupwara attack: Jawan defies death to kill two terrorists



Srinagar, Apr 27 (PTI) Escaping death twice, he displayed exemplary bravery as he prevented three terrorists from causing greater damage after they stormed an army camp in Kupwara today.

Gunner Rishi Kumar stopped the advancing terrorists, who had already killed a Captain and two other soldiers, from penetrating deeper into the camp which is located about 100 kms from here.

Kumar, who was on sentry duty, was hit by a bullet in the head but escaped death because of his protective gear.

Undeterred, the gunner of the Field Artillery Regiment, engaged the terrorists, killing two of them before he was injured by the third one who fled afterwards.

"Gunner Rishi Kumar was on sentry duty when the fire fight (with militants) started. He observed the terrorists approach and waited for them to come within close range," the spokesman said while giving details of the 35-minute encounter this morning.

"He then engaged them and was hit on his head but was saved by bullet proof patka," the spokesman said here.

However, the whiplash of the impact caused the soldier to fall down, he said.

"He immediately recovered and fired back to kill the two terrorists. Running out of ammunition, he moved out of his bunker and tried to pick the weapon of the slain terrorists to engage the third, who fired and injured him, thus managing to escape," the spokesman said.

"During the incident, Rishi Kumar has shown the indomitable spirit of Indian soldier," he added.

Interacting with media persons from his hospital bed here, Kumar said, "When I saw the terrorists approaching me while firing, I took position, fired at them and killed two terrorists." 

Kumar, who hails from Ara in Bihar, has eight years of service in the army.

In the attack, Captain Ayush Yadav and two soldiers were killed while five other soldiers were injured.

Wednesday, 26 April 2017

Arun Jaitley says India-Russia Defence engagement will continue to Grow


The Minister of Defence, Finance and Corporate Affairs, Shri Arun Jaitley attended the 6th Moscow Conference on International Security on 25 and 26 April 2017 and spoke at the plenary session. 

The Defence Minister had a warm and productive meeting with his Russian counterpart Mr. Sergei Shoigu. 

In his remarks to the media after his meeting with the Russian Defence Minister, Shri Jaitley said, “India has traditionally been participating in the Moscow Conference on International Security. This year it was decided that Indian Defence Minister will participate in the Conference. Both in the Conference and also bilaterally with the Defence Minister of Russia, I had very fruitful discussions”. 

“Diplomatic relations between India – Russia are in the 70th year. This is a relationship which goes far beyond just the relations between the Governments. Russia has been a true and trusted friend of India, which is regarded so by the people of India, and there has been a much greater cooperation at the level of Defence. It is a cooperation which extends to Joint Military exercises, training cooperation and also with regard to supply of equipment which India purchases from Russia. We have future plans to set up manufacturing units in India and these are subjects of discussion which came up in my bilateral meeting with the Defence Minister and I am sure with the level of engagement we have, this relationship will continue to grow”, Shri Jaitley stated. 

Terrorism will recoil on those who nurture it: India



Moscow, Apr 26 (PTI) India today called for united global action in strongly resisting "opportunistic" efforts of some states to support terrorist groups by facilitating training, funding and providing safe havens to them.

Addressing an international security conference here, Defence Minister Arun Jaitley said terrorism is being "reinvented" in newer and even more dangerous manifestations and that the challenge must be dealt with effectively.

Without naming any country, he said terrorism will recoil on those who nurture it, adding distinctions are still sought to be made between good and bad terrorists, despite all the evidence and experience to the contrary.

The sixth Moscow conference on international security is attended by defence ministers of a large number of countries.

"We should also resolutely resist opportunistic efforts by some states to support terrorist proxies by training, funding or providing safe havens to such groups for their limited objectives," he said.

On the positive side, he said, the territory acquired by ISIS in the Middle East has begun to be effectively challenged by several countries.

"It is reassuring and should be taken to its logical conclusion. Cooperation between major powers in this effort can become a template for similar steps elsewhere," he said.

At the same time, he said even work is on to eliminate the breeding grounds of terrorism in the Middle East, the dangers of such elements returning to their home countries has become a major challenge.

"We need to encourage closer information exchanges and intelligence cooperation to address this threat," he said.

The defence minister said the scourge of terrorism remains the primary security challenge for all peaceful countries, asserting India will steadfastly partner all friendly countries confronted with the challenge of terrorism.

"We have successfully addressed this threat for over three decades. We will continue to strengthen ongoing cooperation in counter-terrorism with our partners," he said.

Tuesday, 25 April 2017

An overview of GST

GOODS AND SERVICES TAX – AN OVERVIEW


CENTRAL BOARD OF EXCISE & CUSTOMS
    
 




GOODS AND SERVICES TAX (GST)

1.             Benefits:

  1. GST is a win-win situation for the entire country. It brings benefits to all the stakeholders of industry, government and the consumer.  It will lower the cost of goods and services, give a boost to the economy and make the products and services globally competitive. GST aims to make India a common market with common tax rates and procedures and remove the economic barriers thus paving the way for an integrated economy at the national level. By subsuming most of the Central and State taxes into a single tax and by allowing a set-off of prior-stage taxes for the transactions across the entire value chain, it would mitigate the ill effects of cascading, improve competitiveness and improve liquidity of the businesses. GST is a destination based tax. It follows a multi-stage collection mechanism. In this, tax is collected at every stage and the credit of tax paid at the previous stage is available as a set off at the next stage of transaction. This shifts the tax incidence near to the consumer and benefits the industry through better cash flows and better working capital management.
  2. GST is largely technology driven. It will reduce the human interface to a great extent and this would lead to speedy decisions.
  3. GST will give a major boost to the ‘Make in India’ initiative of the Government of India by making goods and services produced in India competitive in the National as well as International market. Also all imported goods will be charged integrated tax (IGST) which is equivalent to Central GST + State GST. This will bring equality with taxation on local products.
  4. Under the GST regime, exports will be zero-rated in entirety unlike the present system where refund of some taxes may not take place due to fragmented nature of indirect taxes between the Centre and the States.  This will boost Indian exports in the international market thus improving the balance of payments position. Exporters with clean track record will be rewarded by getting immediate refund of 90% of their claims arising on account of exports, within seven days.
  5. GST is expected to bring buoyancy to the Government Revenue by widening the tax base and improving the taxpayer compliance. GST is likely improve India’s ranking in the Ease of Doing Business Index and is estimated to increase the GDP growth by 1.5 to 2%.

  1. GST will bring more transparency to indirect tax laws.  Since the whole supply chain will be taxed at every stage with credit of taxes paid at the previous stage being available for set off at the next stage of supply, the economics and tax value of supplies will be easily distinguishable. This will help the industry to take credit and the government to verify the correctness of taxes paid and the consumer to know the exact amount of taxes paid.

  1. The taxpayers would not be required to maintain records and show compliance with a myriad of indirect tax laws of the Central Government and the State Governments like Central Excise, Service Tax, VAT, Central Sales Tax, Octroi, Entry Tax, Luxury Tax, Entertainment Tax, etc. They would only need to maintain records and show compliance in respect of Central Goods and Services Tax Act and State (or Union Territory) Goods and Services Tax Act for all intra-State supplies (which are almost identical laws) and with Integrated Goods and Services Tax for all inter-State supplies (which also has most of its basic features derived from the CGST and the SGST Act). 

2.             Salient Features of GST

The salient features of GST are as under:      
(i)                 The GST would be applicable on the supply of goods or services as against the present concept of tax on the manufacture or sale of goods or provision of services. It would be a destination based consumption tax. This means that tax would accrue to the State or the Union Territory where the consumption takes place. It would be a dual GST with the Centre and States simultaneously levying tax on a common tax base. The GST to be levied by the Centre on intra-State supply of goods or services would be called the Central tax (CGST) and that to be levied by the States including Union territories with legislature/Union Territories without legislature would be called the State tax (SGST)/ Union territory tax (UTGST) respectively.
(ii)               The GST would apply to all goods other than alcoholic liquor for human consumption and five petroleum products, viz. petroleum crude, motor spirit (petrol), high speed diesel, natural gas and aviation turbine fuel. It would apply to all services barring a few to be specified. The GST would replace the following taxes currently levied  and collected by the Centre:
a.                   Central Excise Duty
b.                  Duties of Excise (Medicinal and Toilet Preparations)
c.                   Additional Duties of Excise (Goods of Special Importance)
d.                  Additional Duties of Excise (Textiles and Textile Products)
e.                   Additional Duties of Customs (commonly known as CVD)
f.                   Special Additional Duty of Customs (SAD)
g.                  Service Tax
h.                  Central Surcharges and Cesses so far as they relate to supply of goods and services
(iii)             State taxes that would be subsumed under the GST are:
a.                   State VAT
b.                  Central Sales Tax
c.                   Luxury Tax
d.                  Entry Tax (all forms)
e.                   Entertainment  and Amusement Tax (except when levied by the local bodies)
f.                   Taxes on advertisements
g.                  Purchase Tax
h.                  Taxes on lotteries, betting and gambling
i.                    State Surcharges and Cesses so far as they relate to supply of goods and services
(iv)             The list of exempted goods and services would be common for the Centre and the States.
(v)               Threshold Exemption: Taxpayers with an aggregate turnover in a financial year up to Rs.20 lakhs would be exempt from tax. Aggregate turnover shall be computed on all India basis. For eleven Special Category States, like those in the North-East and the hilly States, the exemption threshold shall be Rest. 10 lakhs. All taxpayers eligible for threshold exemption will have the option of paying tax with input tax credit (ITC) benefits. Taxpayers making inter-State supplies or paying tax on reverse charge basis shall not be eligible for threshold exemption.
(vi)             Composition levySmall taxpayers with an aggregate turnover in a financial year up to Rest. 50 lakhs shall be eligible for composition levy. Under the scheme, a taxpayer shall pay tax as a percentage of his turnover during the year without the benefit of ITC. The rate of tax for CGST and SGST/UTGST each shall not exceed -
·         2.5% in case of restaurants etc
·         1% of the turnover in a state/ UT in case of a manufacturer
·         0.5% of the turnover in state/UT in case of other suppliers.
A taxpayer opting for composition levy shall not collect any tax from his customers nor shall he be entitled to claim any input tax credit.  The composition scheme is optional. Taxpayers making inter-State supplies shall not be eligible for composition scheme. The government, may, on the recommendation of GST Council, increase the threshold for the scheme to up to rupees one crore.
(vii)           An Integrated tax (IGST) would be levied and collected by the Centre on inter-State supply of goods and services. Accounts would be settled periodically between the Centre and the States to ensure that the SGST/UTGST portion of IGST is transferred to the destination State where the goods or services are eventually consumed.
(viii)         Use of Input Tax Credit: Taxpayers shall be allowed to take credit of taxes paid on inputs (input tax credit) and utilize the same for payment of output tax. However, no input tax credit on account of CGST shall be utilized towards payment of SGST/UTGST and vice versa. The credit of IGST would be permitted to be utilized for payment of IGST, CGST and SGST/UTGST in that order.
(ix)             HSN (Harmonised System of Nomenclature) code shall be used for classifying the goods under the GST regime. Taxpayers whose turnover is above Rs. 1.5 crore but below Rs. 5 crore shall use 2-digit code and the taxpayers whose turnover is Rs. 5 crore and above shall use 4-digit code. Taxpayers whose turnover is below Rs. 1.5 crore are not required to mention HSN Code in their invoices.
(x)               Exports and supplies to SEZ shall be treated as zero-rated supplies. The exporter shall have an option to either pay output tax and claim its refund or export under bond without tax and claim refund of Input Tax Credit.
(xi)             Import of goods and services would be treated as inter-State supplies and would be subject to IGST in addition to the applicable customs duties. The IGST paid shall be available as ITC for further transactions.

3.             GST Council

The mechanism of GST Council would ensure harmonization on different aspects of GST between the Centre and the States as well as among States. It has been specifically provided that the GST Council, in its discharge of various functions, shall be guided by the need for a harmonized structure of GST and for the development of a harmonized national market for goods and services. The GST Council shall establish a mechanism to adjudicate disputes arising out of its recommendation or implementation thereof.

4.             Minimal Interface

The physical interface between the taxpayer and the tax authorities would be minimal under GST. Certain important provisions in this regard are illustrated as under:
a)      There will be cross-empowerment of officers belonging to Central and State Governments.  Officer of CGST will be empowered to act as proper officer of SGST and vice versa.
b)      Registration will be granted on line and shall be deemed to have been granted if no deficiency is communicated to the applicant within 3 common working days by the tax administration which has been allotted the examination of the application. Such allotment is to be done one each alternately between the Central and the State Tax administration.
c)      Taxable person shall himself assess the taxes payable (self-assessment) and credit it to the account of the Government. The return filed by the tax payer would be treated as self-assessed.
d)     Payment of tax shall be made electronically through internet banking, or also through credit card and through the modes of Real Time Gross Settlement (RTGS) or National Electronic Funds Transfer (NEFT). Smaller taxpayers shall be allowed to pay tax over the bank counter. All challans for payment of tax shall be generated online on the Goods and Services Tax Network (GSTN).
e)      The taxpayer shall furnish the details of outward supplies electronically without any physical interface with the tax authorities. Inward supply details would be auto-drafted from the supply details filed by the corresponding suppliers.
f)       Taxpayers shall file, electronically, monthly returns of outward and inward supplies, ITC availed, tax payable, tax paid and other prescribed particulars. Composition taxpayers shall file, electronically, quarterly returns. Omission/incorrect particulars can be self-rectified before the last date of filing of return for the month of September of the following year or the actual date of filing of annual return, whichever is earlier.
g)      For mismatched invoices, reversal and reclaim of input tax credit shall be done electronically on the GSTN portal without any tax payer contact. This electronic system would also prevent, inter alia, input tax credit being taken on the basis of fake invoices or twice on the same invoice.
h)      Taxpayers shall be allowed to keep and maintain accounts and other records in electronic form.

5.             Input tax credit

Taxpayer is allowed to take credit of taxes paid on inputs (input tax credit), as self-assessed, in his return.  Taxpayer can take credit of taxes paid on all goods and services, other than a few items in the negative list, and utilize the same for payment of output tax. Credit of taxes paid on inputs can be taken where the inputs are used for business purposes or for making taxable supplies.  Full input tax credit shall be allowed on capital goods on its receipt as against the current Central Government and many State Government practice of staggering the credit in more than one installment. Unutilized input tax credit can be carried forward. The facility of distribution of input tax credit for services amongst group companies has been provided for through the mechanism of Input Service Distributor (ISD).

6.        Refund

Time limit for claiming online refund has been increased from one year to two years. Refund shall be granted within 60 days from the date of receipt of complete application. Interest is payable if refund is not sanctioned within the stipulated period of 60 days. If the refund claim is less than Rs. 2 lakhs, there is no need for the claimant to furnish any documentary evidence to prove that he has not passed on the incidence of tax to any other person. Only a self-certification to this effect would suffice. Refund of input tax credit shall be allowed in case of exports or where the credit accumulation is on account of inverted duty structure (i.e. where the tax rate on output is higher than that on inputs).

7.        Demands

A new concept of sunset clause for tax disputes has been introduced. It provides that Adjudication Order shall be issued within 3 years of filing of annual return in normal cases and the time limit is 5 years (from the date of filing of annual return) in fraud/suppression cases. SCN will have to be issued at least 3 months prior to the time limit prescribed for issue of adjudication order in normal cases and at least 6 months prior to the time limit prescribed for issue of adjudication order in cases involving fraud/suppression etc. Penalty is Nil or minimal if the tax short paid / non-paid is deposited along with interest at the stage of audit/investigation.

8.    Alternate Dispute Resolution mechanism - Advance Rulings

Advance ruling mechanism has been continued under the GST law. The salient features are as under:
a)      Advance ruling can be sought in respect of more subjects than allowed at present. The subjects are: classification of goods/or services, time and value of supply, rate of tax, admissibility of input tax credit, liability to pay tax, liability to take registration and whether a particular transaction amounts to a supply under GST law.
b)      Advance ruling can be sought not only for new activities but also for existing activitiesThe facility of appeal, which is not there under the Central law, has been provided in the GST Law.
c)      The applicants or the Department, if aggrieved by the advance ruling, would henceforth get the opportunity to file an appeal before the Appellate Authority for revision of the ruling. Advance Ruling can be obtained more easily as there will be one Advance Ruling Authority (as also the Appellate Authority) in every State.

9.             Other provisions of GST

The provisions worth mentioning here are:
(i)                  Valuation of goods shall be done on the basis of transaction value i.e. the invoice price, which is the current practice under the Central Excise and Customs Laws. Taxpayers are allowed to issue supplementary or revised invoice in respect of a supply made earlier.
(ii)               New modes of payment of tax are being introduced, viz. through credit and debit cards, National Electronic Fund Transfer (NEFT) and Real Time Gross Settlement (RTGS).
(iii)             E-Commerce companies are required to collect tax at source in relation to any supplies made through their online platforms, under fulfilment model, at the rate notified by the Government.
(iv)             An anti-profiteering measure has been incorporated in the GST law to ensure that any benefits on account of reduction in tax rates results in commensurate reduction in prices of such goods/services. 

10.         IT preparedness

Putting in place a robust IT network is an absolute must for implementation of GST. A Special Purpose Vehicle called the GSTN has been set up to cater to the needs of GST. The GSTN shall provide a shared IT infrastructure and services to Central and State Governments, taxpayers and other stakeholders for implementation of GST. The functions of the GSTN would, inter alia, include: (i) facilitating registration; (ii) forwarding the returns to Central and State authorities; (iii) computation and settlement of IGST; (iv) matching of tax payment details with banking network; (v) providing various MIS reports to the Central and the State Governments based on the taxpayer return information; (vi) providing analysis of taxpayers’ profile; and (vii) running the matching engine for matching, reversal and reclaim of input tax credit. The target date for introduction of GST is 1st July, 2017.
The GSTN will also make available standard software for small traders to keep their accounts in that, so that straight away it can be uploaded as their monthly returns on GSTN website. This will make compliance easier for small traders.