A Taxpayers’ Lounge has been set up by the Income Tax Department in India International Trade Fair, 2021 at Pragati Maidan, New Delhi from 14th – 27th November 2021, for fostering awareness about various services provided by the Income Tax Department to taxpayers and to facilitate compliance with the various Income-tax rules and procedures.
Shri J. B. Mohapatra, Chairman, Central Board of Direct Taxes, New Delhi inaugurated the Taxpayers’ Lounge today i.e 14.11.2021 at Hall No. 12 in the presence of Members of the Central Board of Direct Taxes, the Principal Director General of Income Tax (Administration and Tax Payer Services), the Principal Chief Commissioner of Income Tax (CCA), New Delhi and other senior officers of the Income Tax Department.
The Taxpayers’ Lounge seeks to promote an environment of trust between the Department and the taxpayers as also to educate them about the initiatives taken by the Department in recent times. Keeping this objective in mind, various activities have been organised in the Taxpayers’ Lounge such as:
Assistance in application for PAN/e-PAN, Aadhaar-PAN linking and PAN related queries.
Assistance in e-Filing and Form 26AS (tax-credit) related queries.
Providing Taxpayer Information Series brochures on various topics, available both in e-format and paper format.
Virtual Reality Game and Video Car Game conveying the importance of paying Income Tax, to younger age-group visitors, in an engaging manner.
NukkadNatak, Quiz shows, Magic shows, live caricature drawing and drawing/painting competitions for children etc. on the themes of taxation and nation-building for the present and future taxpayers visiting the Trade Fair.
The lounge will also be utilized for obtaining feedback about the problems being faced by the taxpayers. The lounge is, therefore, not only a focused outreach program, but also a platform for exhibiting the service-oriented approach of the Department.
All COVID protocols will be followed during interactions at the Taxpayers’ Lounge.
Based upon specific intelligence, the officers of the Anti Evasion branch of Central Goods and Service Tax (CGST) Commissionerate, Delhi (East) have unearthed a case of availment/utilization and passing on of inadmissible input tax credit (ITC) through bogus GST invoices without actual movement of goods of Rs 34 crore (approx).
The 7 firms were created in order to generate bogus GST invoices with an intent to pass on fraudulent ITC without actual movement of goods and without paying actual GST to the Government. These entities have generated goods less GST invoices of value Rs. 220 crore (approx.) and passed inadmissible ITC amounting to Rs. 34 crore (approx.). Sh. Rishabh Jain was the mastermind behind running this racket of creating bogus firms and generating/selling bogus GST invoices.
The modus operandi involved creating multiple firms with the intent to avail/utilize & passing on of inadmissible credit. The firms involved in this network are M/s Blue Ocean, M/s Highjack Marketing, M/s Kannha Enterprises, M/s S S Traders, M/s Evernest Enterprises, M/s Gyan Overseas & M/s Viharsh Exporters Pvt. Ltd.
Sh. Rishabh Jain tendered his voluntary statement admitting his guilt. He admitted that due to non payment against Overdraft account of Central Bank of India, the business premises were sealed by bankers. Thereafter, he indulged into issuance of bogus GST invoices without actual movement of goods.
Sh. Rishabh Jain has knowingly committed offences under Section 132(1)(b) of the CGST Act, 2017 which is cognizable and non-bailable offences as per the provisions of Section 132(5) and are punishable under clause (i) of the sub section (1) of Section 132 of the Act ibid. Accordingly, Sh. Rishabh Jain has been arrested under Section 132 of the CGST Act on 13.11.2021 and remanded to judicial custody by the duty Metropolitan Magistrate till 26.11.2021.
Liability of ensuring that keyword is not an infringement of trademark lies on Google
DRS Logistics (P) Ltd. Vs Google India Pvt Ltd & Ors. (Delhi High Court) dated 30/10/2021
Criminal liability on officers arises only when offence is committed by company
Dayle De’souza Vs Government of India (Supreme Court of India) dated 29/10/2021
Forwarding of documents immediately by ED to AA after order of freezing passed under PML Rules
Since none of the other relevant material, which was the basis of the seizure under Section 17(1A) and the complaint under Section 17(4) of the PMLA were supplied to assessee, as the same were not even supplied by the ED to the AA. Thus, ED should forward a copy of the documents to the Adjudicating Authority immediately after a freezing order under PML Rule.
J K Tyre And Industries Ltd Vs Directorate of Enforcement (Delhi High Court) dated 27/10/2021
Bombay HC grants injunction in favor of Zee Entertainment in dispute with Invesco
Zee Entertainment Enterprises Ltd. Vs Invesco Developing Markets Fund (Bombay High Court) dated 26/10/2021
Rental income from sub-lease shall be considered as Business Income since same was business of assessee
Shanthilal Movji Bhai Thakker Vs ITO (ITAT Chennai) dated 03/11/2021
Change in service conditions vis-à-vis non-issuance of notice of change under section 9A makes transfer order illegal
Caparo Engineering India Ltd. Vs Ummed Singh Lodhi And Anr (Supreme Court of India) dated 26/10/2021
Amount lying in stale draft account cannot be treated as income
DCIT Vs The Karur Vysya Bank Ltd. (ITAT Chennai) dated 03/11/2021
Scaling up its fight against the drug smugglers and syndicates, Customs officers at IGI Airport, New Delhi in yet another successful operation seized a cumulative quantity of 12.9 Kg of Heroin from two Ugandan Nationals who had arrived from Nairobi (Kenya) via Abu Dhabi during the intervening night of 12th and 13th November 2021. The value of the seized Narcotic is approximately pegged at Rs 90 Crore as per the prevailing International prices.
The narcotic and the smugglers had passed through several jurisdictions including Uganda, Kenya and India, before being intercepted. The said heroin was concealed in the false bottom of their check-in luggage.
A total of 12.900 Kg of crystalline heroine was recovered from two lady Ugandan Passengers, from their three suitcases.
The baggage of the passengers was also sniffed by the canines of the Dog Squad of the Indian Customs stationed at the Delhi Airport and the canine indicated the presence of some narcotic substance in the baggage. On detailed personal and baggage search and questioning, the lady passengers admitted to having brought the heroine in their checked in baggage by ingeniously concealing the Heroin in the specially made cavities beneath the fake layer of fibre-plastic base on both the sides of the suitcases. It was vacuum packed in plastic and paper bags containing crystalline form of off-white-coloured powder/granules of Heroin.
During the questioning, one of the lady passengers revealed that she was introduced to a Kenyan national, who had promised her money in exchange of delivery of certain goods in Delhi. Thus, on this invite, the lady passenger travelled to Nairobi from Kampala by road where the Kenyan handed over a bag to be delivered in Delhi while also providing tickets and certain documents to cover her visit as a Medical tourist. She was supposed to deliver the goods to a person who would contact her on exit. When she was intercepted by Customs officials, she was found to be in possession of a bag with a false bottom/cavity where 5.4 kg of Heroin was concealed.
The other female passenger was also intercepted in the same flight in almost similar manner wherein she was found to be in possession of two bags with false bottom/cavity containing cumulative of 7.5 kg of concealed heroin. During her preliminary questioning, the lady passenger revealed that she was sent by her sister from Kampala to Nairobi by road and from there to Delhi via Abu Dhabi by the aforementioned flight. This passenger was also possessing certain documents to fake the profile of a medical tourist.
The success against the drug smuggling menace comes in the wake of earlier seizure of approx. 3 kg of heroin recovered from a Kenyan National who had arrived in the intervening night of 28th and 29th October 2021 from Nairobi via Sharjah. Before also, on 23.04.2021, two Indian nationals who were coming from Uganda were intercepted with 2 kg of heroin wherein investigation resulted into identification of 3 more accused persons who are based out of Uganda.
In this calendar year, the Delhi Customs have seized more than 100 kg of heroin. More than 26 persons have been arrested. Given the spurt in the attempts to smuggle in narcotics through the passenger route, Indian Customs have heightened the scrutiny and checking of suspects through robust intelligence gathering mechanism and pin pointed profiling at all the international airports. Customs department is at the forefront of crusade against the drugs smuggling and syndicates. In September this year, a huge consignment of 3000 kg of heroin were seized at Mundra port.
खनिज संरक्षण और विकास (संशोधन) नियम, 2021 अधिसूचित
खनन क्षेत्र की डिजिटल फोटो को जमा करने को लेकर पट्टेदार और आशयपत्र धारकों के लिए नियम बनाए गए
गलत सूचना दिए जाने के खिलाफ कार्रवाई करने का अधिकार भारतीय खान ब्यूरो (आईबीएम) को दिया गया
खान मंत्रालय ने 3 नवंबर, 2021 को खनिज संरक्षण और विकास (संशोधन) नियम- 2021 को खनिज संरक्षण और विकास नियम, 2017 [एमसीडीआर] में संशोधन करने के लिए अधिसूचित किया है।
खनिजों के संरक्षण, व्यवस्थित व वैज्ञानिक खनन, देश में खनिज के विकास और पर्यावरण की सुरक्षा के संबंध में नियम उपलब्ध कराने के लिए एमसीडीआर को खान और खनिज (विकास और विनियमन) अधिनियम, 1957 [एमएमडीआर अधिनियम] की धारा 18 के तहत बनाया गया है।
राज्य सरकारों, उद्योग संघों, खनिकों, अन्य हितधारकों और आम जनता के साथ व्यापक परामर्श के बाद संशोधित नियम बनाए गए हैं। इन नियमों में संशोधन के प्रमुख बिंदु निम्नलिखित हैं:
(i) ये नियम निर्धारित करते हैं कि भारतीय खान ब्यूरो (आईबीएम) के विशिष्ट निर्देश के अनुरूप खान से संबंधित सभी योजना और खंडों को डिजिटल वैश्विक स्थिति निर्धारण प्रणाली (डीजीपीएस) या कुल स्टेशन या ड्रोन सर्वेक्षण के संयोजन का उपयोग कर कुछ या सभी पट्टों के संबंध में तैयार किए जाएंगे।
(ii) पट्टेदार और आशयपत्र धारकों के खनन क्षेत्र की डिजिटल फोटो जमा करने का प्रावधान करने के लिए नए नियम को जोड़ा गया है। 1 मिलियन टन या उससे अधिक की वार्षिक खनन योजना वाले पट्टेदारों या 50 हेक्टेयर या उससे अधिक के पट्टे वाले क्षेत्र केपट्टेदारों को हर साल पट्टा क्षेत्र और पट्टे की सीमा से 100 मीटर बाहर तक की ड्रोन सर्वेक्षण फोटो जमा करने की जरूरत है। अन्य पट्टेदारों को हाई रेजोल्यूनश सैटेलाइट फोटो जमा करने होंगे। इस कदम से न केवल खान नियोजन अभ्यासों, खानों की सुरक्षा में सुधार होगा, बल्कि खनन कार्यों का बेहतर पर्यवेक्षण भी सुनिश्चित होगा।
(iii) नियम 34ए के अनुसार हाई रिजोल्यूशन जियोरिफ्रेन्सड अर्थो-रेक्टिफाइड मल्टीस्पेक्ट्रल सैटेलाइट फोटो जमा करने और ड्रोन सर्वेक्षण के उपयोग के लिए कार्टोसैट-2 उपग्रह लाआईएसएस-IV सेंसर से प्राप्त सैटेलाइट फोटो को भू-संपत्ति मानचित्र के पैमाने पर जमा करने की जरूरत को प्रावधान की प्रविष्टि के मद्देनजर हटा दिया गया है।
(iv) अनुपालन के बोझ को कम करने के लिए दैनिक रिटर्न के प्रावधान को हटा दिया गया है। वहीं, मासिक या वार्षिक रिटर्न में अधूरी या गलत या फर्जी जानकारी के खिलाफ कार्रवाई करने की शक्ति राज्य सरकार के अतिरिक्त आईबीएम को भी दी गई है।
(v) 25 हेक्टेयर से कम के पट्टे वाले क्षेत्र ‘ए’ श्रेणी की खदानों के लिए एक अंशकालिक (पार्ट टाइम) खनन इंजीनियर या एक अंशकालिक भू-वैज्ञानिक की नियुक्ति की अनुमति दी गई है। इससे छोटे खनिकों पर अनुपालन बोझ कम होगा।
(vi) रोजगार के अवसर बढ़ाने के लिए, खान सुरक्षा महानिदेशक द्वारा जारी पात्रता के एक द्वितीय श्रेणी प्रमाण पत्र के साथ विधिवत मान्यता प्राप्त संस्थान की ओर से दिया गया खनन और खान सर्वेक्षण में डिप्लोमा को पूर्णकालिक खनन इंजीनियर के लिए तय पात्रता में जोड़ा गया है। इसके अलावा अंशकालिक खनन इंजीनियर के लिए भी पात्रता जोड़ी गई है।
(vii) नियमों में दंड संबंधी प्रावधानों को युक्तिसंगत बनाया गया है। पहले नियम उल्लंघन की गंभीरता के बावजूद हर नियम के उल्लंघन के लिए 2 साल तक के कारावास या 5 लाख रुपये तक के जुर्माने या दोनों, के प्रावधान थे। नियमों में संशोधन निम्नलिखित प्रमुख शीर्षकों के तहत नियमों के उल्लंघन को वर्गीकृत करता है:
क. बड़े उल्लंघन: कारावास की सजा, जुर्माना या दोनों।
ख. मामूली उल्लंघन: जुर्माने को कम किया गया, ऐसे उल्लंघनों के लिए केवल जुर्माने का दंड निर्धारित किया गया है।
ग. अन्य नियमों के उल्लंघन को अपराध की श्रेणी से हटा दिया गया है। इन नियमों मेंरियायत पाने वाले या किसी अन्य व्यक्ति पर कोई विशिष्ट बाध्यता को आरोपित नहीं किया। इस तरह, 24 नियमों के उल्लंघन को अपराध मुक्त कर दिया गया है।
(viii) निर्धारित अवधि के भीतर अंतिम खदान बंद करने की योजना प्रस्तुत न करने की स्थिति में पट्टाधारक के वित्तीय बीमा या परफॉरमेंस सिक्योरिटी को जब्त करने के प्रावधान को जोड़ा गया है।
(ix) श्रेणी ‘ए’ और श्रेणी ‘बी’ की खदानों के लिए वित्तीय बीमा की राशि को मौजूदा तीन और दो लाख रुपये से बढ़ाकर क्रमशः पांच लाख रुपये और तीन लाख रुपये कर दिया गया है।
संशोधन नियम की अधिसूचना खान मंत्रालय की वेबसाइट (www.mines.gov.in) पर उपलब्ध है।
Ministry of Commerce & Industry, Press Release dated 12 Nov 2021
Shri Piyush Goyal says FDI in India growing rapidly over last few years
Commerce Minister invites South Korea to invest in Defence and Retail
“Plan to manufacture 5 billion vaccines next year”: Shri Piyush Goyal
India will witness one of the fastest growth rates across the world – Shri Goyal
The Minister for Commerce & Industry, Textiles, Consumer Affairs and Food & Public Distribution, Shri Piyush Goyal today said FDI in India has been growing rapidly over the last few years.
“We have today become an attractive and preferred destination for investments,” said Shri Piyush Goyal, while addressing the 4th edition of the India-Korea Business Partnership Forum organised by CII-KITA.
Shri Goyal invited South Korean entrepreneurs to invest in new sectors like Defence and Retail. “We need to complement our complementary strengths in Automobiles, Textiles, Food processing, Leather Products, Metals, Mining, Chemicals and also through some of our traditional sectors like Steel and look at new emerging opportunities in Defence, e-Commerce and Retail.”
Shri Goyal said the Prime Minister Shri Narendra Modi’s ‘Make in India’ initiative is complemented by Her Excellency President Moon’s ‘New Southern Policy’. “Many Korean companies have leveraged the opportunities that India has to offer to ‘Make in India’ for the world using the competitive and comparative advantages of skilled manpower, low cost manufacturing and the Government support that is provided for businesses in India.”
Shri Goyal said during the Covid19 pandemic India has demonstrated our resilience, our capacity to serve the world, our capabilities in terms of being a trusted partner for businesses around the world. “We are widely recognised today as the pharmacy of the world providing medicines and vaccines across continents,” Shri Goyal said. “We plan to manufacture 5 billion vaccines next year and ensure the safety and security of people across the world post-vaccination,” he added.
Shri Goyal said our economy is bouncing back and will possibly see one of the fastest growth rates across the world. “Our Exports are at an all-time high,… Both on the Manufacturing side and on Services our PMI is at all-time highs. We are leveraging our strengths to realise the goal of AatmaNirbhar Bharat, a self-confident and self-reliant India…”
Shri Goyal said the Government has taken several policy measures to support Industry and Services. “We have a very vibrant Production Linked Incentive programme in which many Korean companies have also participated. We have a National Single Window launched recently, a National Infrastructure Pipeline with projects worth over a trillion dollars providing opportunities for Infrastructure companies. We have reduced Corporation taxes to amongst the lowest in the world giving additional incentives to new investments, liberalized our Foreign Investment regime and many other measures to support the growth of the Indian economy,” he said, adding, “In the last four or five years India is home to about 70 Unicorns, nearly half of them only in the last year of the Covid pandemic.”
Ministry of Commerce & Industry, Press Release dated 12 Nov 2021
Global Supply chains should not only be based only on cost but also on trust – Shri Piyush Goyal
Trade must grow in a mutually beneficial and collaborative way- Shri Goyal
Ensuring transparent, trustworthy and resilient supply chains is at the core of trade revival- Shri Goyal
India has proved its capability and emerged as a resilient and trusted partner to world nations during the pandemic
Shri Goyal delivers the “Keynote Address at Bank of America’s flagship Virtual Conference on the topic “Shifting supply chains globally: Could Make in India see success?”
The Minister for Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Shri Piyush Goyal today said that COVID-19 highlighted that supply chains should not only be based on cost but also on trust. He opined that ensuring transparent, trustworthy and resilient supply chains is at the core of trade revival and added that India emerged as a source of resilience and a trusted partner during COVID-19.
He was delivering the “Keynote Address at Bank of America’s flagship Virtual Conference on the topic “Shifting supply chains globally: Could Make in India see success?”, from New Delhi today.
The Minister said that supply and demand disruption brought on by the COVID-19 pandemic have forced manufacturers everywhere to reassess their supply chains. He added that India demonstrated its capacity and capability to the entire world by not only meeting all our international service commitments but also by becoming self-sufficient in production of critical medical supplies (PPEs, testing, masks).
Referring to India’s Pharmaceutical industry, Shri Piyush Goyal said that we are widely recognised as the “Pharmacy of the world” for providing medicines and vaccines to most countries in the world. Speaking of India’s success in implementing the largest vaccination drive in the world, the Minister said that with a plan to manufacture 5 billion doses of vaccine next year, India was aspiring to serve and secure all of the humanity.
Pointing towards the rising economic indicators, Shri Goyal said that India is back in action and the decade is shaping up to be a growth decade, with our exports surging and FDI in-flows and investments following a high growth trajectory. He said that trade must grow in a mutually beneficial and collaborative way.
It may be noted that our Merchandise exports in Apr-Oct 2021 was $ 232 bn (+54% over Apr-Oct 20 & +25% over Apr-Oct 19) and total FDI during the first 4 months of FY 21-22 is 62% more than that of the same period in FY 20-21. India now has 71 unicorns of which 67 were added since 2015.
Shri Goyal said that the Naukri Jobspeak Index for Oct’ 2021 reports a 43%
growth in employment over the same month last year and manufacturing PMI rose to 55.9 in October and service PMI reached a decade high of 58.4 in October. He opined that India has gained trust of global investors, with its investor friendly policies, removal of redundant laws and approvals through single window.
Underscoring India’s strengths as a supply chain alternative, the Minister said that India has a diverse business landscape, skilled workforce and relatively low labour cost. He spoke of India’s ambitious National Infrastructure Pipeline project and said that the new PM GatiShakti Master Plan would lend new life to India’s infrastructure planning and eventually help in reducing logistics cost to 5%.
He stressed that global sentiments are changing from ‘Why India’ to ‘Why not India’ to now “Make in India for the world’ and serving the world from India. “India’s time has come”, he added. He invited the world to ‘Come to India, Invest in India and Make in India, for the world’, and be a part of a large ecosystem of resilient supply chains.
25 States/UTs have so far undertaken commensurate reduction of VAT on Petrol and diesel to give relief to the consumers. This follows the decision of the Government of India on 3rd November, 2021 to significantly reduce Central Excise Duty on Petrol and Diesel by Rs. 5 & Rs. 10 respectively. While doing so, the States were also urged to commensurately reduce VAT on Petrol and diesel to give relief to consumers.
The States/UTs which have not undertaken any reduction in VAT in Petrol and Diesel are: Maharashtra, NCT of Delhi, West Bengal, Tamil Nadu, Telangana, Andhra Pradesh, Kerala, Jharkhand, Chattisgarhand Rajasthan.In Lakshdweep, UT Government procures Kerala paid VAT Petrol and Diesel. Currently, there is Nil tax on Petrol and Diesel in the UT.
Following the cut in VAT, the price of Petrol has come down most in Punjab by Rs 16.02 per litre, followed by Rs 13.43 in UT of Ladakh and Rs 13.35 in Karnataka. Petrol is cheapest in Andaman & Nicobar at Rs 82.96 per litre, while it is Rs 92.02 per litre in Itanagar, Arunachal Pradesh. Petrol is priced at Rs 117.45 per litre in Jaipur, Rajasthan, while it is Rs 115.85 in Mumbai, Maharashtra.
In case of Diesel, the price has come down most in UT of Ladakh by Rs 19.61 per litre, followed by Rs 19.49 in Karnataka and Rs 19.08 in Puducherry. Diesel is cheapest in Andaman & Nicobar at Rs 77.13 per litre, while it is Rs 79.55 per litre in Aizwal, Mizoram. Diesel is priced at Rs 108.39 per litre in Jaipur, Rajasthan, while it is Rs 107.48 in Vizag, Andhra Pradesh.
PM launches two innovative customer centric initiatives of RBI
“One of the biggest touchstones of a democracy is the strength of its grievance redressal system. The Integrated Ombudsman Scheme will go a long way in that direction”
“Retail Direct Scheme will give strength to the inclusion of everyone in the economy as it will bring in the middle class, employees, small businessmen and senior citizens with their small savings directly and securely in government securities”
“Due to government’s measures, the governance of banks is improving and the trust in this system is getting stronger among the depositors”
“The decisions of the RBI also helped in enhancing the impact of the big decisions that the government has taken in recent times”
“Till 6-7 years ago, banking, pension and insurance, used to be like an exclusive club in India”
“In just 7 years, India has jumped 19 times in terms of digital transactions. Today our banking system is operational 24 hours, 7 days and 12 months anytime, anywhere in the country”
“We have to keep the needs of the citizens of the country at the center and keep on strengthening the trust of the investors”
“I am confident that RBI will continue to strengthen India’s new identity as a sensitive and investor-friendly destination”
Prime Minister Shri Narendra Modi launched two innovative customer centric initiatives of RBI viz. Retail Direct Scheme and the Reserve Bank – Integrated Ombudsman Scheme, here today via video conference. The Union Minister of Finance and Corporate Affairs Smt. Nirmala Sitharaman and the Governor of the Reserve Bank of India Shri Shaktikanta Das were also present at the event.
Addressing the event, the Prime Minister praised the Finance Ministry and institutions like RBI for their efforts during the pandemic. “This period of Amrit Mahotsav, this decade of the 21st century is very important for the development of the country. In such a situation, the role of RBI is also very big. I am confident that Team RBI will live up to the expectations of the country”, the Prime Minister said.
Referring to the two schemes that have been launched today, the Prime Minister said that these schemes will expand the scope of investment in the country and make access to capital markets easier, more secure for investors. Retail direct scheme has given small investors in the country a simple and safe medium of investment in government securities. Similarly, One Nation, One Ombudsman System has taken shape in the banking sector with the Integrated Ombudsman Scheme today, he said.
The Prime Minister emphasized the citizen centric nature of these schemes. He said that one of the biggest touchstones of any democracy is the strength of its grievance redressal system. The Integrated Ombudsman Scheme will go a long way in that direction. Similarly, the Retail Direct Scheme will give strength to the inclusion of everyone in the economy as it will bring in the middle class, employees, small businessmen and senior citizens with their small savings directly and securely in government securities. As Government securities have the provision of guaranteed settlement, this gives assurance of safety to the small investor, he said.
The Prime Minister said that in the last 7 years, NPAs were identified with transparency, the focus was on resolution and recovery, Public Sector Banks were recapitalized, one after the other reforms were carried out in the financial system and public sector banks. He added, to further strengthen the banking sector, cooperative banks were also brought under the purview of RBI. Due to this the governance of these banks is also improving and the trust in this system is getting stronger among the depositors, he added.
The Prime Minister said in the past few years, in the country’s banking sector reforms ranging from inclusion in the financial sector to technological integration have been carried out. “We have seen their strength in this difficult time of Covid. The decisions of the RBI also helped in increasing the impact of the big decisions that the government has taken in recent times”, he said.
The Prime Minister said till 6-7 years ago, banking, pension and insurance, used to be like an exclusive club in India. All these facilities were not accessible to the common citizens in the country, poor families, farmers, small traders-businessmen, women, dalits-deprived-backward, etc. Criticizing the earlier system, the Prime Minister said those who had the responsibility of taking these facilities to the poor never paid any attention to it. Rather, various excuses were made for not changing. It was said that there is no bank branch, no staff, no internet, no awareness, no idea what the arguments were, he lamented.
The Prime Minister said UPI has made India the world’s leading country in terms of digital transactions in a very short span of time. In just 7 years, India has jumped 19 times in terms of digital transactions. Today our banking system is operational 24 hours, 7 days and 12 months anytime, anywhere in the country, Shri Modi stressed.
The Prime Minister said we have to keep the needs of the citizens of the country at the center and keep on strengthening the trust of the investors. “I am confident that RBI will continue to strengthen India’s new identity as a sensitive and investor-friendly destination”. The Prime Minister concluded.
अमृत महोत्सव का ये कालखंड, 21वीं सदी का ये दशक देश के विकास के लिए बहुत अहम है।
ऐसे में RBI की भी भूमिका बहुत बड़ी है।
मुझे पूरा विश्वास है कि टीम RBI, देश की अपेक्षाओं पर खरा उतरेगी: PM @narendramodi— PMO India (@PMOIndia) November 12, 2021
आज जिन दो योजनाओं को लॉन्च किया गया है, उससे देश में निवेश के दायरे का विस्तार होगा और कैपिटल मार्केट्स को Access करना, निवेशकों के लिए अधिक आसान, अधिक सुरक्षित बनेगा: PM @narendramodi— PMO India (@PMOIndia) November 12, 2021
Retail direct scheme से देश में छोटे निवेशकों को गवर्नमेंट सिक्योरिटीज़ में इंवेस्टमेंट का सरल और सुरक्षित माध्यम मिल गया है।
इसी प्रकार, Integrated ombudsman scheme से बैंकिंग सेक्टर में One Nation, One Ombudsmen System ने आज साकार रूप लिया है: PM @narendramodi— PMO India (@PMOIndia) November 12, 2021
बीते 7 सालों में, NPAs को पारदर्शिता के साथ Recognize किया गया,
Resolution और recovery पर ध्यान दिया गया,
पब्लिक सेक्टर बैंकों को Recapitalize किया गया,
फाइनेंशियल सिस्टम और पब्लिक सेक्टर बैंकों में एक के बाद एक रिफॉर्म्स किए गए: PM @narendramodi— PMO India (@PMOIndia) November 12, 2021
बैंकिंग सेक्टर को और मज़बूत करने के लिए Co-operative बैंकों को भी RBI के दायरे में लाया गया।
इससे इन बैंकों की गवर्नेंस में भी सुधार आ रहा है और जो लाखों depositors हैं, उनके भीतर भी इस सिस्टम के प्रति विश्वास मजबूत हो रहा है: PM @narendramodi— PMO India (@PMOIndia) November 12, 2021
बीते सालों में देश के banking सेक्टर में, financial sector में Inclusion से लेकर technological integration और दूसरे reforms किए हैं, उनकी ताकत हमने कोविड के इस मुश्किल समय में भी देखी है।
सरकार जो बड़े-बड़े फैसले ले रही थी, उसका प्रभाव बढ़ाने में RBI के फैसलों ने भी मदद की: PM— PMO India (@PMOIndia) November 12, 2021
6-7 साल पहले तक भारत में बैंकिंग, पेंशन, इंश्योरेंस, ये सबकुछ एक exclusive club जैसा हुआ करता था।
देश का सामान्य नागरिक, गरीब परिवार, किसान, छोटे व्यापारी-कारोबारी, महिलाएं, दलित-वंचित-पिछड़े, इन सबके लिए ये सब सुविधाएं बहुत दूर थीं: PM @narendramodi— PMO India (@PMOIndia) November 12, 2021
जिन लोगों पर इन सुविधाओं को गरीब तक पहुंचाने की जिम्मेदारी थी उन्होंने भी इस पर कभी ध्यान नहीं दिया।
बल्कि बदलाव ना हो इसके लिए भांति-भांति के बहाने बनाए जाते थे।
कहा जाता था-बैंक ब्रांच नहीं है, स्टाफ नहीं है,इंटरनेट नहीं है, जागरूकता नहीं है,ना जाने क्या-क्या तर्क होते थे: PM— PMO India (@PMOIndia) November 12, 2021
UPI ने तो बहुत ही कम समय में डिजिटल ट्रांजेक्शंस के मामले में दुनिया का अग्रणी देश बना दिया है।
सिर्फ 7 सालों में भारत ने डिजिटल ट्रांजेक्शंस के मामले में 19 गुणा की छलांग लगाई है।
आज 24 घंटे, सातों दिन और 12 महीने देश में कभी भी, कहीं भी हमारा बैंकिंग सिस्टम चालू रहता है: PM— PMO India (@PMOIndia) November 12, 2021
हमें देश की, देश के नागरिकों की आवश्यकताओं को केंद्र में रखना ही होगा, निवेशकों के भरोसे को निरंतर मजबूत करते रहना होगा।
मुझे पूरा विश्वास है कि एक संवेदनशील और इन्वेस्टर फ्रेंडली डेस्टीनेशन के रूप में भारत की नई पहचान को RBI निरंतर सशक्त करता रहेगा: PM @narendramodi— PMO India (@PMOIndia) November 12, 2021
In a major step towards the mission and vision of Government of India of Ease of Living and Ease of Doing Business, Ministry of Corporate Affairs (MCA) has further simplified claim settlement process through rationalization of various requirements under Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016.
For claimants, requirement of Advance Receipt has been waived off, requirement of Succession Certificate/ Probate of Will/ Will has been relaxed up to Rs 5,00,000 (five lakh) both for Physical & DEMAT shares, notarization of documents has been replaced with self-attestation and requirements of Affidavits and Surety relatively have been eased.
For companies, requirement of attaching documents related to Unclaimed Suspense Account has been eased and companies have been given flexibility to accept transmission document viz. Succession Certificate, Will etc. as per their internal approved procedures and Newspaper Advertisement requirement for loss of physical Share Certificate has been waived off up to an amount of Rs.5,00,000.
The focus of the change has been to make the process simpler and quicker for the claimants. The new regime envisages a trust-based model for faster citizen centric services and turnaround time. It is expected that with these changes many more claimants shall come forward to claim their shares and amounts from Investor Education and Protection Fund Authority (IEPFA). Till date IEPFA has approved more than 20,000 claims refunding more than 1.29 crore shares. Shares of market value of more than Rs 1,011 crore and dividends and other amounts exceeding Rs 20 crore have been refunded.
ABOUT IEPFA
Investor Education and Protection Fund Authority (IEPFA) has been established under Section 125 of the Companies Act 2013 for administration of the IEPF fund as per section 125 (3) of Companies Act 2013. The main objective of the authority includes to promote Investor Education, Awareness & Protection, refund unclaimed shares, dividends and other amounts transferred to it under sections 124 and 125 of the Companies Act 2013 to the rightful claimants. IEPFA works under the administrative control of MCA.
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