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22 Apr

FM Sitharaman Reaffirms India’s Commitment To Fight Money Laundering, Terrorist Financing

Union Minister for Finance Nirmala Sitharaman attended the FATF Ministerial Meeting in Washington D.C. on Thursday 21st April, conducted along-side the 2022 Spring Meetings of the World Bank Group and the International Monetary Fund (IMF).

A statement from the Ministry of Finance said, “This meeting focussed on Ministers’ providing strategic direction, by endorsing the FATF’s strategic priorities for the years 2022-24 and reinforcing Ministers’ commitment to ensure suitable funding for the delivery of the strategic priorities which are Strengthening the FATF Global Network, FATF systems of Mutual Evaluations, Enhancing International Beneficial Ownership Transparency, Increasing Capabilities to more effectively recover Criminal assets, Leveraging Digital Transformation, Ensuring Sustainable Funding for FATF Strategic priorities.”

During the Meeting, the Finance Minister reaffirmed India’s commitment to fighting Money Laundering, Terrorist Financing and Proliferation Financing and acknowledged and appreciated FATF on their work on Beneficial Ownership Transparency, Asset Recovery, and the role of FATF Global network in safeguarding the global financial system.

Sitharaman also extended support to the strategic priorities and said that India is committed to provide the necessary resources and support to FATF in its endeavour as a global alliance against money laundering, terrorist financing and financing of proliferation of weapons of mass destruction.

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21 Apr

UK PM Boris Johnson meets industrialist Gautam Adani in Ahmedabad

UK Prime Minister Boris Johnson who is on a two-day tour of India, arrived in Ahmedabad on Thursday morning.

“It’s fantastic to be in India, the world’s largest democracy. I see vast possibilities for what our great nations can achieve together. Our powerhouse partnership is delivering jobs, growth and opportunity. I look forward to strengthening this partnership in the coming days,” PM Johnson tweeted after arriving in Ahmedabad.

On the first day of his tour, Johnson met Adani Group Chairman, Gautam Adani at the Adani headquarters at Shantigram on the outskirts of Ahmedabad.

“Honoured to host @BorisJohnson, the first UK PM to visit Gujarat, at Adani HQ. Delighted to support climate & sustainability agenda with focus on renewables, green H2 & new energy. Will also work with UK companies to co-create defence & aerospace technologies,” Adani wrote in his Twitter.

After the meeting, Johnson visited the Sabarmati Ashram, the place from where Gandhi led India’s freedom struggle from the British colonial rule.

“I was honoured to follow in the footsteps of millions in visiting the Gandhi Ashram in Ahmedabad today. As the world faces renewed conflict, Mahatma Gandhi’s teachings remind us of the power of peace in changing the course of history,” tweeted PM Johnson.

 

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21 Apr

India’s Non-basmati rice exports grow by 109% since 2013-14 to USD 6115 million

India’s non-basmati rice exports witnessed an astounding growth of 109 % from USD 2925 million in FY 2013-14 to USD 6115 million in FY 2021-22.

India is the world’s second-largest rice producer after China. The record exports would enable the rice producers to reduce their stocks and would also benefit the farmers as the increased demand for Indian Rice is likely to improve their realizations.

As per DGCIS data, India exported rice to over 150 countries across the globe in 2021-22. India exported more than USD one million to 76 countries out of the 150 countries reported in 2021-22, It indicates the diversification of India’s rice export over the years.

Highlighting the historic achievement in a tweet, Union Minister for Commerce and Industry, Piyush Goyal tweeted, “India’s rice exports takes an astounding growth of 109%. Modi Govt. policies help farmers get access to the global market and also ensure food security.”

According to the DGCIS data, India had exported non-basmati rice worth USD 2015 million in 2019-20, which rose to USD 4799 million in 2020-21 and USD 6115 million in 2021-22.

Registering a growth of 27% in 2021-22, export of non-basmati rice was the top forex earner among all agri-commodities, at USD 6115 million.

West African country Benin is one of the major importers of non-basmati rice from India. Other destination countries are Nepal, Bangladesh, China, Cote D’ Ivoire, Togo, Senegal, Guinea, Vietnam, Djibouti, Madagascar, Cameroon Somalia,  Malaysia, Liberia U.A.E., etc.

In 2020-21, India shipped non-basmati rice to nine countries – Timor-Leste, Puerto Rico, Brazil, Papua New Guinea, Zimbabwe, Burundi, Eswatini, Myanmar and Nicaragua, where exports were carried out for the first time or earlier the shipment was smaller in volume.

The major rice producing states are West Bengal, Uttar Pradesh, Punjab, Tamil Nadu, Andhra Pradesh, Bihar, Chhattisgarh, Odisha, Assam, and Haryana.

As per Second Advance Estimates for 2021-22, the total production of Rice during 2021-22 is estimated at record 127.93 million tonnes, which is higher by 11.49 million tonnes than the last five years’ average production of 116.44 million tonnes.

However, as per second Advance Estimates for 2021-22, total food grains production in the country is estimated at record 316.06 million tonnes which is higher by 5.32 million tonnes than the production of food grain during 2020-21. Further, the production during 2021-22 is higher by 25.35 million tonnes than the previous five years’ (2016-17 to 2020-21) average production of food grains.

 

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21 Apr

BGBS 2022: War Of Words Continues Between Mamata Banerjee And Governor

On Wednesday West Bengal Governor Jagdeep Dhankhar and Chief Minister Mamata Banerjee once again exchanged veiled barbs. And this time in front of a global audience at the 6th Bengal Global Business Summit (BGBS).

While addressing the Summit, Chief Minister Mamata Banerjee urged the governor to ensure that industrialists are “not disturbed by some agencies”.

“Your excellency, I have a word for you on behalf of all the industry…. I want you to tell centre that we will seek all support from the central government. But please tell Delhi that industrialists should not be disturbed through agencies,” Mamata said.

While, the Governor in his half an hour speech made suggestions like catalyse “development bonhomie”.

“It will be appropriate for Chief Minister Mamata Banerjee to proactively catalyse and I say so with lot of hope and expectation, the Chief Minister Mamata Banerjee to catalyse development bonhomie with all concerned as it is imperative to distance development from a partisan stance. A greater reflection of political spectrum of the State in participation in such ventures would surely be motivationally wholesome,” said Governor.

Governor also highlighted the need for governance based on rule of law, he said, “I am sure the Government that elsewhere in the world is alive to the need of investment friendly wholesome eco system in governance, this days all over the world it has become necessity because investors invariably look for political stability, democratic governance, transparent, accountable mechanism and systemic working, coupled with peaceful environment and rule of law.”

 

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21 Apr

BGBS 2022: Adani Group Promises To Invest Rs. 10,000 Crore In Bengal Over Next Decade

The Adani Group on the first day of the Bengal Global Business Summit has committed to invest ₹10,000 crore in West Bengal over the next decade. Gautam Adani made the announcement on Wednesday at the inaugural session of Bengal Global Business Summit 2022 (BGBS).

While speaking at the Bengal Global Business Summit Gautam Adani said that he will invest Rs 10,000 crore over the next decade, creating 25,000 jobs in the state.

“All in all, over the next decade, we expect our total investment in Bengal to exceed 10 thousand crore rupees. We anticipate that this investment will create 25,000 or more direct and indirect jobs for the people of Bengal,” said Adani.

“What an honour to be at #BGBS2022 and hear Hon’ble CM Mamata Didi lay out her bold vision for Bengal. This is the land that gave India some of its greatest Freedom Fighters. The Adani Group is committed to invest and make a difference to this great land of Bengal,” tweeted Gautam Adani.

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19 Apr

Multi-Level Marketing Scam: ED Attaches Assets Worth Rs 757 Crore Of Amway India

Enforcement Directorate (ED) on Monday, said it has provisionally attached assets worth Rs.757.77Crore to Amway India Enterprises Private Limited, which is accused of running a multi-level marketing scam.

According to a statement by the ED, the attached properties include land and factory building of Amway at Dindigul District, Tamil Nadu, Plant & Machineries, vehicles, bank accounts and fixed deposits.

The ED had also provisionally attached immovable & movable properties worth Rs 411.83 Crore and bank balances of Rs 345.94 Crore from 36 different accounts belonging to Amway.

A money-laundering investigation by the ED revealed that Amway is running a pyramid fraud in the guise of direct selling multi-level marketing network.

Enforcement Directorate has observed that the prices of most of the products offered by the company are exorbitant as compared to the alternative popular products of reputed manufacturers available in the open market.

ED said that the common public without knowing the real facts is induced to join as members of the company and purchase products at exorbitant prices and are thus losing their hard-earned money. The new members are not buying the products to use them, but to become rich by becoming members as showcased by the upline members. Reality is that the commissions received by the upline members contribute enormously in hike of prices of the products.

“It is observed that the company has collected an amount of Rs. 27562 Crore from its business operations from 2002-03 to 2021-22 and out of above, the company has paid commission of Rs. 7588 Crore to its distributors & members in India and in USA during F.Y 2002-03 to 2020-21,” said ED.

The entire focus of the company is about propagating how members can become rich by becoming members. There is no focus on the products. Products are used to masquerade this MLM Pyramid fraud as a direct selling company.

Statement from the ED said, Amway has brought Rs. 21.39 Crores as share capital in India in 1996-97 and till F.Y 2020-21, the company has remitted huge amount of Rs. 2859.10 Crore in the name of dividend, royalty and other payments to their investors and parent entities.

“Britt Worldwide India Private Limited and Network Twenty One Private Limited also played a major role in promoting pyramid scheme of Amway by conducting seminars for joining members under the guise of sale of goods by enrollment of members in chain system. The promoters are conducting mega conventions and flaunted their lavish lifestyle and used social media to lure gullible investors,” ED further added.

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19 Apr

Nirmala Sithraman discusses impact of geopolitical situation on global growth with IMF chief

Union Minister for Finance Nirmala Sitharaman had a bilateral meeting with Kristalina Georgieva, Managing Director, International Monetary Fund (IMF), on the sidelines of the International Monetary Fund-World Bank (IMF-WB) Spring Meetings in Washington D.C. on Tuesday.

According to a statement by the Finance Ministry, during the meeting, they discussed issues of importance for India besides several issues currently being faced by the global and the regional economies.

Georgieva highlighted the resilience of India which remains the fastest-growing country across the globe despite challenges posed by the COVID-19 pandemic. She also referred to an effective policy mix followed by India that was well targeted. She lauded India for its contribution to the capacity development activities of the IMF.

Georgieva praised India’s vaccination programme and the help extended to its neighbour and other vulnerable economies.

Sitharaman indicated that IMF should support and urgently provide financial assistance to Sri Lanka. The Managing Director assured the Finance Minister that the IMF would continue to actively engage with Sri Lanka.

Discussing the recent geopolitical developments, Sitharaman and Georgieva raised concerns about its impact on global economy and the challenges linked to the rising energy prices due to it.

The Finance Minister further stated that India has been helped by good agricultural output, supported by a good monsoon during the COVID pandemic period.

Agricultural exports, along with other exports, have also sharply increased.  India is entering into new economic activities which will help resolve some of the global supply chain issues, she concluded.

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18 Apr

WPI Inflation Rises To 14.55% In March Amid Increasing Food, Fuel Prices

India’s wholesale price-based inflation for March is at 14.55 per cent from 13.11 per cent in February amid the rise in fuel and food prices. The annual rate of inflation for the month of March 2021 was at 7.89%.

The Office of the Economic Adviser, Department for Promotion of Industry and Internal Trade (DPIIT) released index numbers of wholesale price in India (Base Year: 2011-12) for the month of March, 2022 (Provisional) and for the month of January, 2022 (Final) on Monday.

The high rate of inflation in March, 2022 is primarily due to the rise in prices of crude petroleum and natural gas, mineral oils, basic metals, etc owing to disruption in the global supply chain caused by the Russia-Ukraine conflict.

The rate of inflation based on WPI Food Index increased from 8.47% in February, 2022 to 8.71% in March, 2022.

 

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28 Jul

West Bengal Takes the First Step Towards RERA Implementation

The public authority of West Bengal has informed the principles administering land administrative experts in the state under segment 84 of the Real Estate (Regulation and Development) Act, 2016 in the initial move towards execution of the RERA in the state. In May, the Supreme Court had decided that West Bengal’s different land guideline is hostile to the focal government’s Real Estate (Regulation and Development) Act, 2016, and is unlawful. The focal government had likewise contacted the state government for the execution of the focal Act in the state. Homebuyers’ body the Forum for People’s Collective Efforts (FPCE) has been pushing its interest to guarantee the execution of the Act in the state after the Supreme Court held the express own West Bengal Industry Regulation Act (WBHIRA), 2017 illegal. “Presently a start has been made towards the execution of RERA in the state. This will eliminate the last obstacle towards the critical goal of one law administering the land area the nation over. Homebuyers will have a murmur of help with trust that specialists will be comprised and a page will be made as conceived under the RERA very soon,” said Abhay Upadhyay, president, FPCE. Upadhyay is likewise an individual from the association government’s own focal warning chamber on RERA. The FPCE had before raised worries that permitting state-level enactment would make the focal demonstration RERA repetitive. The service, through its sworn statement in the Supreme Court, had additionally upheld FPCE’s supplication to cancel the WBHIRA. West Bengal’s different state lodging enactment had gotten the Governor’s consent in October 2017, however, the focal government’s RERA guideline had gotten the President’s assent in March 2016. The focal government’s RERA was completely informed and carried out the nation over – besides in Jammu and Kashmir – on May 1, 2017. The homebuyers’ body had before raised worries that permitting state-level enactment would prompt RERA to become excess. Presently, even Jammu and Kashmir is carrying out the RERA

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24 Jun

वित्त मंत्री ने जीएसटी परिषद की बैठक के अनुभव को कड़वा करार दिया

कोलकाता। जीएसटी परिषद की बैठक में कोविड के खिलाफ लड़ने वाली दवाओं व उपकरणों पर कम से कम जीएसटी लगाने की कोशिश की गयी। कुछ चीजों को जीएसटी के बोझ से बिल्कुल मुक्त रखा गया। लेकिन पश्चिम बंगाल सरकार की ओर से कोविड के खिलाफ लड़ने में उपयोग में आने वाली सभी चीजों पर किसी भी प्रकार का टैक्स नहीं लगाने की मांग की गयी थी। अब बंगाल के वित्त मंत्री अमित मित्रा ने कहा है कि केंद्र और राज्यों के बीच विश्वास की कमी के चलते जीएसटी परिषद की बैठकें कुछ विषाक्त माहौल वाली हो चलीं हैं। उन्होंने वित्त मंत्री निर्मता सीतारमण से इस विश्वास की बहाली के लिये ‘‘सुधारात्मक उपायों’’ पर विचार करने का आग्रह किया है। वित्त मंत्री को भेजे एक पत्र में अमित मित्रा ने यह भी दावा किया है कि केंद्र सरकार जीएसटी परिषद की बैठकों में ‘‘पहले से तय परिणाम’’ की सोच के साथ पहुंचती है।
मित्रा ने इससे पहले 13 जून को आरोप लगाया था कि जीएसटी परिषद की बैठक के दौरान उनकी आवाज को अनसुना कर दिया गया। वह कोविड के इलाज में काम आने वाली जरूरी सामग्री, दवाओं और टीके पर कर लगाने का विरोध किये थे। उन्होंने पत्र में कहा है, ‘‘जिस बात का मुझे सबसे ज्यादा दुख है वह यह कि जीएसटी परिषद की स्थापना के बाद से केंद्र और राज्यों के बीच आपसी विश्वास में आई कमी के कारण जीएसटी परिषद की बैठकें कटुतापूर्ण, अप्रिय और विषाक्त हो गई हैं। बड़ी बात यह है कि अगर इसी तरह से सबकुछ चलता रहा तो जीएसटी जैसे विषयों पर हमेशा आरोप – प्रत्यारोप ही चलते रहेंगे।

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