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New Delhi: The <keyword id="19903456" type="General" weightage="20" keywordseo="income-tax-department" source="keywords">income tax department</keyword> has notified the <keyword id="21803475" type="General" weightage="100" keywordseo="Cost-Inflation-Index" source="keywords">Cost Inflation Index</keyword> for the current fiscal beginning April 2024, for calculating <keyword id="20584761" type="General" weightage="20" keywordseo="long-term-capital-gains" source="keywords">long-term capital gains</keyword> arising from sale of immovable property, securities and jewellery. The Cost <keyword id="19895000" type="General" weightage="20" keywordseo="inflation" source="keywords">Inflation</keyword> Index (CII) is used by <keyword id="20081991" type="General" weightage="20" keywordseo="taxpayers" source="keywords">taxpayers</keyword> to compute gains arising out of sale of capital <keyword id="19975917" type="General" weightage="20" keywordseo="assets" source="keywords">assets</keyword> after adjusting inflation. The CII for <keyword id="19910979" type="General" weightage="20" keywordseo="financial-year" source="keywords">financial year</keyword> 2024-25, relevant to assessment year 2025-26, stood at 363, as per a notification of the Central Board of Direct Taxes (<keyword id="19980145" type="General" weightage="20" keywordseo="CBDT" source="keywords">CBDT</keyword>). The CII number for last fiscal was 348 and for 2022-23 financial year it was 331. Moore Singhi Executive Director Rajat Mohan said the CII reflects the inflation in the economy, which causes the prices of goods and services to increase over time. The index for the following financial year, 2024-25, has been updated to 363, marking an increase of 15 points, which corresponds to an annual inflation rate of approximately 4.3 per cent. "This is consistent with the retail inflation rate of 4.83 per cent recorded in April 2024. Taxpayers usually prefer a higher CII as it allows them to claim larger tax rebates," Mohan said. AKM Global Partner-Tax Sandeep Sehgal said the index is useful to adjust the capital gains for inflation, so that the taxpayers are taxed on real appreciation of the assets and not the gains due to inflation. "Taxpayers can use this to calculate gains for long-term capital assets sold during FY 24-25 and reduce the tax liability accordingly," Sehgal said. CII is notified under the Income-tax Act, 1961 every year. It is popularly used to calculate "indexed cost of acquisition", while calculating capital gains at the time of sale of any capital asset. Normally, an asset is required to be retained for more than 36 months (24 months for immovable property and unlisted shares, 12 months for listed securities) to qualify as 'long-term capital gains'. Since prices of goods increase over time resulting in a fall in the purchasing power, the CII is used to arrive at the inflation adjusted purchasing price of assets so as to compute taxable long-term capital gains (LTCG).

IT department declares 363 as cost inflation index for current fiscal

At a campaign rally for former President Donald Trump in New York on Sunday, <a href="https://www.businessinsider.com/elon-musk" target="_blank">Elon Musk</a> said he'd save the United States $2 trillion through a <keyword id="23593857" type="General" weightage="20" keywordseo="Department-of-Government-Efficiency" source="keywords">department of government efficiency</keyword>. Howard Lutnick, the CEO of the financial-services company <keyword id="20371653" type="General" weightage="20" keywordseo="Cantor-Fitzgerald" source="keywords" meta.keywordsubtype="org" meta.entityname="Cantor Fitzgerald" meta.hostid="261" meta.entityid="Cantor Fitzgerald">Cantor Fitzgerald</keyword>, introduced Musk at the event. As he took the stage, Lutnick asked the Tesla and SpaceX CEO, "How much do you think we can rip out of this wasted $6.5 trillion <keyword id="23762349" type="General" weightage="20" keywordseo="Harris-Biden-budget" source="keywords">Harris-Biden budget</keyword>?" "I think we can do at least $2 trillion," Musk replied. "I mean, at the end of the day, you're being taxed. You're being taxed. All government spending is taxation. So whether it's direct taxation or all government spending, it either becomes inflation or it's direct taxation." Musk added: "Your money is being wasted, and the <a href="https://www.businessinsider.com/trump-adopts-elon-musk-plan-cut-government-spending-efficiency-reform-2024-9" target="_blank">Department of Government Efficiency</a> is going to fix that. We're going to get the government off your back and out of your pocketbook." Trump has previously said he'd put Musk in charge of a department of government efficiency — or "DOGE," after the cryptocurrency — if he wins the election. Musk did not elaborate on policy changes or spending cuts he would implement if he were to join a second Trump administration. Musk and representatives for the Trump campaign did not immediately respond to a request for comment. The federal government's spending in the 2024 fiscal year was $6.75 trillion. Musk's suggested cuts would represent nearly a third of that sum. It's unclear where Musk's suggested cuts would come from. Both Trump and Vice President Kamala Harris have proposed various tax changes as part of their campaigns. Those proposed by Trump include ending taxes on tips and overtime, reducing the corporate tax rate, hiking tariffs on imports, and ending taxes on Social Security benefits. Harris has proposed tax credits for new parents and homeowners as well as an expansion to the Small Business Tax Deduction. When it comes to Social Security, the Committee for a Responsible Federal Budget has said that neither Trump nor Harris has proposed a plan that would fix Social Security's finances but that Trump's proposals would "dramatically worsen Social Security's finances." Trump's campaign <a href="https://www.businessinsider.com/trump-presidency-would-make-things-worse-for-social-security-nonprofit-2024-10" target="_blank">has disputed</a> the findings of the CRFB's report. The Wall Street Journal organized a <a href="https://www.wsj.com/politics/elections/economists-say-inflation-deficits-will-be-higher-under-trump-than-harris-0365588e" target="_blank">survey</a> of 50 economists from October 4 to October 8 and found that 65% said the deficit would get worse with the policies Trump has proposed. <h2 style="color: rgb(34, 34, 34); font-family: Arial, Helvetica, sans-serif; background-color: rgb(255, 255, 255);">Musk's growing support for Trump</h2>Musk, the world's richest person, has become one of Trump's staunchest and most vocal backers in this election cycle. Musk <a href="https://www.businessinsider.com/elon-musk-donald-trump-feud-relationship-timeline-2022-7" target="_blank">endorsed Trump in July</a> after the former president survived an assassination attempt during a rally in Pennsylvania. The two have discussed Musk holding a seat in Trump's Cabinet if the former president were to be reelected. During a livestream on X in August, Musk said he would be "happy to help out" with a government-efficiency commission. In a September speech, Trump again mentioned the commission, saying he'd want Musk to oversee the project. Musk's financial power is translating into real moves on the campaign trail. As of Friday, Musk has spent just under $119 million on his pro-Trump political action committee, America PAC. He has been hitting the road in the key swing state of Pennsylvania and holding his own rallies in support of Trump. Musk has also said he's launching a daily $1 million giveaway to a swing-state voter who signs his petition affirming support for free speech and the right to bear arms. Some election-law experts previously told BI the giveaway plan might be illegal. With the election just over a week away, the race between Harris and Trump remains on a razor's edge. A national poll by <a href="https://www.nytimes.com/2024/10/25/us/politics/poll-harris-trump-times-siena.html" target="_blank">The New York Times and Siena College</a> released Friday found Trump and Harris to be neck and neck at 48% for the popular vote. October 28, 2024, 3:08 a.m. ET: This story has been updated with context on Musk's comments about the prospect of taking on a government role, details about Musk's political spending in the 2024 election cycle, and details on Trump's and Harris' respective economic proposals.

Elon Musk took the stage at a Trump rally to talk about taxes and the 'Department of Government Efficiency'

<ul class="summary-list"><li>The US Department of Justice filed a lawsuit accusing Visa of engaging in <a target="_blank" class="" href="https://www.businessinsider.com/visa-investigation-justice-department-possible-anticompetitive-practices-wsj-2021-3">anticompetitive behavior</a>.</li><li>Prosecutors say the financial giant's monopolistic actions affect "the price of nearly everything."</li></ul>Visa is in the antitrust crosshairs.The US Department of Justice filed a lawsuit on Tuesday arguing that the payment processing giant illegally maintained a monopoly with anti-competitive behavior and imposed unfair costs on customers and merchants."We allege that Visa has unlawfully amassed the power to extract fees that far exceed what it could charge in a competitive market," Attorney General Merrick Garland said in a statement. "Merchants and banks pass along those costs to consumers, either by raising prices or reducing quality or service. As a result, Visa's unlawful conduct affects not just the price of one thing — but the price of nearly everything."Visa did not immediately respond to Business Insider's request for comment on the lawsuit.In the complaint, filed in the Southern District of New York, prosecutors said Visa handles more than 60% of US debit transactions, earning the company more than $7 billion in fees a year.Visa's use of "generous monetary incentives and threatening punitive additional fees" enable the company to maintain an illegal monopoly in the debit card processing market, prosecutors said.The suit follows a yearslong investigation that followed <a target="_blank" class="" href="https://www.businessinsider.com/plaids-blocked-acquisition-was-a-shocking-shift-vcs-say-2021-1">Visa's attempted $5.3 billion acquisition of fintech company Plaid</a>, which the Department of Justice sued to block in 2020. The two companies abandoned the deal the following year.Visa acknowledged that the Department of Justice was planning to investigate its US debit card business in a 2021 <a target="_blank" class="" href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1403161/000140316121000020/v-20210319.htm">filing</a> with the SEC.A key issue under scrutiny is the use of security tokens, which can be used to block the routing of payments to other networks. Rival MasterCard settled a similar matter with the Federal Trade Commission in 2022.While the scrutiny of Visa pre-dates the Biden Administration, this latest action is one of <a target="_blank" class="" href="https://www.businessinsider.com/biden-coporate-monopolies-antitrust-lawsuits-live-nation-amazon-google-meta-2024-5">several crackdowns on middlemen companies</a> that the White House argues are raising costs for American consumers."Anticompetitive conduct by corporations like Visa leaves the American people and our entire economy worse off," Principal Deputy Associate Attorney General Benjamin Mizer said in a statement. "Today's action against Visa reminds those who would stifle competition rather than competing on price or investing in innovation that the Justice Department will never hesitate to enforce the law on behalf of the American people."

US Justice Department hits Visa with antitrust lawsuit over its debit card business

<keyword id="19896016" type="General" weightage="20" keywordseo="new-delhi" source="keywords">New Delhi</keyword> [India], January 29 (<keyword id="19904948" type="General" weightage="20" keywordseo="ani" source="keywords">ANI</keyword>): The Indian economy is projected to grow close to 7 per cent in the financial year 2024-25 that starts this April, said the <keyword id="19908390" type="General" weightage="20" keywordseo="ministry-of-finance" source="keywords">Ministry of Finance</keyword> in its monthly review report. The strength of domestic demand has driven the economy to a 7 per cent plus growth rate in the last three years. <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>'s economy grew 7.2 per cent in 2022-23 and 8.7 per cent in 2021-22. The Indian economy is expected to grow 7.3 per cent in the current financial year 2023-24, remaining the fastest-growing major economy. The robustness seen in domestic demand -- private consumption and investment -- traces its origin to the reforms and measures implemented by the government over the last 10 years, said the report issued by <keyword id="19912839" type="General" weightage="20" keywordseo="department-of-economic-affairs" source="keywords">Department of Economic Affairs</keyword>. "The supply side has also been strengthened with investment in infrastructure - physical and digital - and measures that aim to boost manufacturing. These have combined to provide an impetus to economic activity in the country," the review report noted. "Accordingly, in FY25, real GDP growth will likely be closer to 7 per cent." There is, however, considerable scope for the growth rate to rise well above 7 per cent by 2030, the report added. "The rapidly expanding digital infrastructure is continuously improving institutional efficiency. Technological progress is picking up pace with rising collaboration with foreign partners in the production of goods and services. Decisive steps have been taken to speed up human capital formation. Finally, the overall investment climate is increasingly becoming more favourable with sustained enhancement in the ease of doing business." In the next three years, India is expected to become the third-largest economy in the world, with a GDP of USD 5 trillion, it asserted. India can aspire to become a USD 7 trillion economy in the next six to seven years (by 2030), it said. "This will be a significant milestone in the journey to delivering a quality of life and standard of living that match and exceed the aspirations of the Indian people." Firm GDP growth forecasts, inflation at manageable levels, political stability at the central government level and signs that the central bank is done tightening its monetary policy have all contributed to painting a bright picture for the Indian economy. (ANI)

Indian economy likely to grow 7% next financial year: Ministry of Finance

Shares of fintech firm <keyword id="181441" type="General" weightage="20" keywordseo="One97-Communications" source="Orion">One97 Communications</keyword> -- the owner of <keyword id="19898109" type="General" weightage="100" keywordseo="Paytm" source="keywords">Paytm</keyword> brand -- jumped 5 per cent on Thursday morning after the company received the government's approval for downstream investment in wholly-owned subsidiary <keyword id="22960487" type="General" weightage="20" keywordseo="Paytm-Payments-Services-Ltd-" source="keywords" meta.keywordsubtype="org" meta.entityname="Paytm Payments Services Ltd." meta.hostid="261" meta.entityid="Paytm Payments Services Ltd.">Paytm Payments Services Ltd.</keyword> The stock climbed 5 per cent to Rs 565 on the BSE. At the NSE, it surged 4.98 per cent to Rs 564.80. The company will reapply for a <keyword id="6640986" type="General" weightage="20" keywordseo="payment-aggregator" source="Orion">payment aggregator</keyword> (PA) licence, a regulatory filing said on Wednesday. "We would like to inform you that <keyword id="20410230" type="General" weightage="20" keywordseo="PPSL" source="keywords">PPSL</keyword> has received approval from the government of India, <keyword id="156153" type="General" weightage="20" keywordseo="Ministry-of-Finance" source="Orion">Ministry of Finance</keyword>, Department of Financial Services, vide its letter dated August 27, 2024, for downstream investment from the company into PPSL. "With this approval in place, PPSL will proceed to resubmit its PA application. In the meantime, PPSL will continue to provide online payment aggregation services to existing partners," Paytm filing said. The Reserve Bank of India (RBI) had rejected Paytm's PA licence permit application in November 2022 and instructed the company to reapply with Press Note 3 compliance under the foreign direct investment norms. As per Press Note 3, the government had made its prior approval mandatory for investments from nations that share land borders with India.

Paytm shares jump 5% on receiving government's nod for investment in Paytm Payments Services

The <keyword id="20417468" type="General" weightage="20" keywordseo="department-of-drinking-water-and-sanitation" source="keywords">Department of Drinking Water and Sanitation</keyword> has received a budgetary allocation of Rs 77,390.68 crores for the fiscal year 2024-2025. This figure reflects a minimal increase of only 0.5 per cent from the revised estimate of Rs 77,032.65 crore announced in budget 2023-2024. A substantial portion of this financial year's allotment for the <keyword id="22519676" type="General" weightage="20" keywordseo="drinking-water-and-sanitation" source="keywords">Drinking Water and Sanitation</keyword> department is directed towards the <keyword id="19971121" type="General" weightage="20" keywordseo="jal-jeevan-mission" source="keywords">Jal Jeevan Mission</keyword> (JJM), which received Rs 69,926.65 crore, a marginal rise from the revised estimate of Rs 69,846.31 crore in 2023-2024. This flagship programme aims to provide functional household tap connections to every rural household by 2024, focusing on ensuring regular and adequate <keyword id="19939560" type="General" weightage="20" keywordseo="water-supply" source="keywords">water supply</keyword>. Additionally, the Dr Syama Prasad Mookerjee National Institute of Water and Sanitation (SPM-NIWAS) has been allocated Rs 95 crore, a huge rise from the Rs 3 crore it got in the last revised estimate. The <keyword id="20200832" type="General" weightage="20" keywordseo="swachh-bharat-mission" source="keywords">Swachh Bharat Mission</keyword> (Gramin), which focuses on maintaining Open Defecation Free (ODF) status and enhancing waste management in rural areas, has been allocated Rs 7,192 crore. This allocation remains consistent with the budget for the previous fiscal year and continues to support <keyword id="22519675" type="General" weightage="20" keywordseo="sanitation-efforts" source="keywords">sanitation efforts</keyword> nationwide. The budget also includes significant funding for water supply and sanitation at Rs 64,302.85 crore, an increase from the previous year's Rs 64,138.41 crore. For economic services, the budget includes Rs 35.78 crore for the Secretariat and capital outlay on general economic services. This is an increase from Rs 32.65 crore in the revised budget, indicating a focus on enhancing administrative and infrastructural capacities. Additional allocations include Rs 7,632.19 crore for Northeast India, aimed at improving water and sanitation facilities in these regions. Grants-in-aid to state governments have been set at Rs 5,169.86 crore, while grants to Union Territories are allocated at Rs 250 crore.

Budget 2024-25: Drinking water and sanitation dept gets a mere 0.5% boost

<ul class="summary-list"><li>The on-ramp period for student-loan borrowers ended October 1.</li><li>It means that servicers will start reporting missed payments to credit agencies.</li></ul>A program that <a target="_blank" class="" href="https://www.businessinsider.com/student-loan-borrowers-losing-safeguard-on-ramp-credit-scores-relief-2024-9">protected student-loan borrowers</a> from the consequences of missed payments has come to an end.The <a target="_blank" class="" href="https://www.businessinsider.com/student-loan-borrowers-losing-debt-relief-program-on-ramp-biden-2024-9">on-ramp period </a>was implemented last October to give borrowers some leeway after the <a target="_blank" class="" href="https://www.businessinsider.com/student-loan-repayment-issues-debt-relief-broken-industry-2023-9">over three-year pause on federal student-loan payments</a> ended. It ensured any missed payments were not reported to credit agencies, protecting borrowers from the consequences of delinquency and default.With the on-ramp period now over, those consequences are back. Borrowers who miss payments could suffer hits to their credit scores, and defaulted payments could prompt wage garnishment and the seizure of federal benefits like <a target="_blank" class="" href="https://www.businessinsider.com/when-will-social-security-benefits-run-out-retirement-crisis-boomers-2024-5">Social Security</a>.Some advocates have called on President Joe Biden to extend the on-ramp period given other financial challenges facing millions of borrowers, like <a target="_blank" class="" href="https://www.businessinsider.com/save-plan-blocked-student-loan-borrowers-cheaper-payments-debt-cancellation-2024-7">legal challenges</a> preventing many of them from getting lower monthly payments through the SAVE income-driven repayment plan.For example, the Center for American Progress — a left-leaning think tank — wrote a <a target="_blank" class="" href="https://www.americanprogress.org/wp-content/uploads/sites/2/2024/09/Letter-to-ED_Extending-On-Ramp-for-Repayment36.pdf">letter</a> to Education Secretary Miguel Cardona on September 18 urging him to extend the on-ramp period, saying that "while the fate of the student loan system is hashed out in court, borrowers need continued support in the form of an extended on-ramp.""Between ongoing servicer issues, the legal injunction preventing the Department from implementing portions of the SAVE plan and other income-driven repayment plans, and the associated confusion around administrative forbearance, borrowers need more time to successfully navigate their student loans," the letter said.The Education Department previously said that it did not have any plans to extend the on-ramp period, and it's unclear whether the department will implement any additional forms of relief.Pew Research Center recently conducted a <a target="_blank" class="" href="https://www.pewtrusts.org/en/research-and-analysis/articles/2024/09/17/new-survey-finds-financial-constraints-are-driving-missed-student-loan-payments">survey</a> of 1,533 borrowers that highlighted the impact the on-ramp period had on those who could not afford their monthly payments. According to Pew, 13% of borrowers did not make payments during the on-ramp, and 76% of those borrowers cited financial concerns as the key reason for falling behind. Another 12% of surveyed borrowers reported inconsistent payments, making them particularly vulnerable to delinquency once the on-ramp period ends.Along with the on-ramp, a separate program known as <a target="_blank" class="" href="https://www.businessinsider.com/do-i-qualify-for-fresh-start-student-loan-debt-forgiveness-2022-8">Fresh Start</a> is coming to an end. Fresh Start began in 2022 to return borrowers in delinquency or default into good standing before entering repayment, and the Education Department planned to end that program on October 1. However, BI first reported on Monday that technical difficulties accessing the Fresh Start website led the department to extend the deadline to October 2 at 3 a.m. ET.Meanwhile, other forms of relief remain blocked in court. Along with the SAVE plan, Biden's broader student-loan forgiveness plan under the Higher Education Act is <a target="_blank" class="" href="https://www.businessinsider.com/student-loan-forgiveness-blocked-federal-court-debt-cancellation-biden-borrowers-2024-9">facing a temporary restraining order</a>, meaning the administration cannot move forward with implementing the relief pending a final legal decision.

Millions of student-loan borrowers just lost access to a key debt relief program — and it could have big financial consequences

<ul class="summary-list"><li>Navient announced plans to outsource servicing of its private and FFEL student loans to MOHELA.</li><li>Navient will still hold ownership over the loans, and the change affects 2.7 million borrowers.</li></ul>A major servicer of private student loans announced plans to leave the servicing industry — and outsource the job to a controversial company that works with the government.On Tuesday, Navient <a target="_blank" href="https://images.navient.com/Investors/webcasts/NAVI-Strategic-News-Release_final_1.30.24.pdf">said</a> it would outsource servicing of its private-student-loan portfolio and commercially held loans in the Federal Family Education Loan program to MOHELA, one of the largest servicers of federal student loans.According to the press release, the outsourcing process will begin this year and take 18 to 24 months. Navient is set to retain ownership over the loans."After a thorough review, we are announcing targeted actions intended to simplify our business, reduce our expense base, and increase our financial and operating flexibility," David Yowan, the president and CEO of Navient, said in a statement. "Over the longer-term, we believe these actions will increase the value shareholders derive from our loan portfolios and the returns we can achieve on business-building investments."A Navient spokesperson told Business Insider this change would affect 2.7 million student-loan borrowers with loans owned and serviced by Navient. The company added in its announcement that the two companies would "work toward ensuring a seamless transition in the coming months and providing customers with uninterrupted servicing of their loans."Outsourcing servicing responsibility to MOHELA could spark concern for some borrowers, given how the company has fared since federal student-loan payments resumed in the fall. While borrowers encountered <a target="_blank" href="https://www.businessinsider.com/student-loan-bills-are-wrong-borrowers-servicers-fixing-errors-education-2023-11">challenges across all federal servicers</a> when it came to long hold times with customer service and confusing billing statements, MOHELA in October was the first company to be punished by the Education Department for falling short of its contractual obligations.Specifically, the department found that MOHELA <a target="_blank" href="https://www.businessinsider.com/student-loan-company-mohela-late-statements-borrowers-biden-withholding-pay-2023-10">failed to send on-time billing statements to 2.5 million borrowers</a>. As a result, it withheld over $7 million in October pay from the company. In January, the department <a target="_blank" href="https://www.businessinsider.com/student-loan-borrowers-missing-billing-statements-servicers-punishment-nelnet-mohela-2024-1">withheld varying amounts of pay from the remaining federal servicers</a> for the same reason.Navient hasn't escaped scrutiny in the past years. Before it <a target="_blank" href="https://www.businessinsider.com/student-loan-company-navient-asked-permission-to-shut-down-2021-9">ended its contract to service federal student loans in 2021</a>, Democratic lawmakers, particularly Sen. Elizabeth Warren, accused the company of predatory behavior with its borrowers, including improper marketing of the loans that steered borrowers toward unaffordable products."These allegations are not true," then-Navient CEO John Remondi <a target="_blank" href="https://www.businessinsider.com/elizabeth-warren-calls-for-navient-ceo-to-be-fired-2021-4">told Warren during a 2021 hearing</a>. "They're accusations and not necessarily based on facts." It's unclear how soon Navient borrowers will begin communications with MOHELA. In the meantime, though, the Education Department has vowed to bolster oversight of federal servicers <a target="_blank" href="https://www.businessinsider.com/student-loan-borrowers-bad-customer-service-education-department-oversight-repayment-2023-11">through an accountability framework</a> that includes withholding pay from servicers, transferring borrowers to higher-performing servicers, and requiring servicers to fix any errors they make if they don't meet their obligations.

2.7 million student-loan borrowers' accounts will be switched to a company that the Education Department previously punished for poor customer service

The Department of Social Justice and Empowerment has been allocated Rs 13,539 crore in the 2024-2025 budget, an increase of 37 per cent from the 2023-2024 revised estimates of Rs 9,853.32 crore. This increase is primarily focused on enhancing <keyword id="20312810" type="General" weightage="20" keywordseo="welfare-programmes" source="keywords">welfare programmes</keyword> for <keyword id="21384605" type="General" weightage="20" keywordseo="marginalised-communities" source="keywords">marginalised communities</keyword> and improving infrastructure for social services. The key areas of funding include Rs 9,549.98 crore for the 'Umbrella Scheme for Development of Scheduled Castes', a significant increase from the Rs 6,780 crore in the previous financial year. For achieving social justice comprehensively, the saturation approach of covering all eligible people through various programmes, including those for education and health, will be adopted, Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> said on Tuesday while presenting the 2024-25 Union Budget in Parliament. She said to ensure <keyword id="22517725" type="General" weightage="20" keywordseo="inclusive-human-resource-development" source="keywords">inclusive human resource development</keyword>, a social justice saturation approach will be adopted. Social justice through the saturation approach refers to a strategy where the government aims to ensure that all eligible individuals are covered by various programmes and initiatives. The department has been allocated Rs 2,150 crore for the 'Umbrella Programme for Development of Other Vulnerable Groups' and Rs 314 crore for the National Action Plan for Drug Demand Reduction. The establishment expenditure of Rs 145.80 crore for the central administration includes allocations for the secretariat and national commissions. The amount is a slight decrease from the previous year's Rs 152.60 crore. The National Commission for Scheduled Castes has been allocated Rs 38 crore and the National Commission for Backward Classes Rs 21 crore. The budget of the Development and Welfare Board for Denotified, Nomadic and Semi-Nomadic Communities remains at Rs 5 crore. Central sector schemes and projects are among the focus areas of this budget, with the <keyword id="22517726" type="General" weightage="20" keywordseo="scholarships-for-higher-education" source="keywords">Scholarships for Higher Education</keyword> for Young Achievers Scheme for Scheduled Castes being allocated Rs 428 crore. This scheme encompasses various sub-schemes, including the National Fellowship for SCs, Free Coaching for SCs and OBCs, Top Class Education for SCs and the National Overseas Scholarship for SCs. The Scheme of Residential Education for Students in High School in Targeted Areas for SCs has been allocated Rs 133.07 crore. The department also prioritises <keyword id="22024434" type="General" weightage="20" keywordseo="economic-assistance" source="keywords">economic assistance</keyword> and <keyword id="20068989" type="General" weightage="20" keywordseo="skill-development" source="keywords">skill development</keyword> through initiatives like the Pradhan Mantri Dakshta Aur Kushalta Sampann Hitgrahi Yojana -- that has been allocated Rs 130 crore -- and the <keyword id="20245482" type="General" weightage="20" keywordseo="venture-capital-fund" source="keywords">Venture Capital Fund</keyword> for SCs and OBCs -- that has bee allocated Rs 50 crore. Additionally, the Self Employment Scheme for Rehabilitation of Manual Scavengers, which previously had allocations, does not feature in the current budget, indicating a possible reallocation of funds or a change in strategy. Support for marginalised individuals, particularly through the Support for Marginalized Individuals for Livelihood and Enterprise programme, which includes comprehensive rehabilitation for persons engaged in begging and welfare of transgender persons, has been allocated Rs 98.46 crore. This marks a substantial increase from the previous year's Rs 32.82 crore, highlighting a growing commitment to addressing these vulnerable groups' needs. Transfers to states and Union Territories under centrally sponsored schemes form a major part of the budget.

Budget: Rs 13,539 cr allocated to social justice department, 37% higher than last year

<ul class="summary-list"><li>The Justice Department's US Trustee Program has called for dismissal of Corizon Health's bankruptcy.</li><li>Sen. Elizabeth Warren applauded the move, saying, "Corizon does not belong in a bankruptcy court."</li></ul>In the latest blowback to the correctional healthcare company formerly known as Corizon Health, the Department of Justice's US Trustee Program — the watchdog of the federal bankruptcy system — <a target="_blank" href="https://www.kccllc.net/tehum/document/2390086240223000000000007">called for the dismissal</a> of its contentious bankruptcy.After a year of spending "considerable resources" on the case, the Trustee's filing says, there was still no approvable plan between the company and its creditors. In a mid-January motion, a committee representing prisoners who filed suit against Corizon alleging medical neglect requested that Judge Christopher Lopez dismiss the bankruptcy outright."The U.S. Trustee supports dismissal of the case," attorneys Ha Ngyuen and Andrew Jiménez wrote in the Friday filing. A Department of Justice spokesperson declined to comment further.The filing is the latest government action to come after a <a target="_blank" href="https://www.businessinsider.com/corizon-health-bankruptcy-yescare-texas-two-step-law-2023-8">Business</a> <a target="_blank" href="https://www.businessinsider.com/corizon-health-bankruptcy-deal-settlement-threatened-issues-objections-2023-10">Insider</a> <a target="_blank" href="https://www.businessinsider.com/warren-letter-us-trustee-probe-corizon-bankruptcy-2024-1">series</a> last year exposed how Corizon had engaged in a controversial legal maneuver called the Texas Two-Step in an attempt to dislodge hundreds of lawsuits from prisoners and their families that alleged serious medical neglect, claims the Trustee says amount to $775 million.Corizon split into two companies — YesCare, which got all of Corizon's active corrections contracts, and Tehum Care Services, which was saddled with the company's liabilities and then filed into bankruptcy last February.Following BI's reporting, US senators and the Trustee intervened in the bankruptcy. In mid-October, the Trustee <a target="_blank" href="https://www.businessinsider.com/corizon-tehum-yescare-bankruptcy-deal-on-hold-2023-10">filed an objection</a> to a proposed settlement deal. Later that month, a group of nine senators including Elizabeth Warren, Dick Durbin, and Bernie Sanders <a target="_blank" href="https://www.businessinsider.com/senator-warren-oversight-letter-on-corizon-tehum-yescare-bankruptcy-deal-2023-10">sent a letter</a> to Corizon's successor companies claiming Corizon had attempted "to manipulate bankruptcy law with the aim of skirting accountability for the harms that incarcerated people have endured" under its care.Last month, Warren followed up with <a target="_blank" href="https://www.businessinsider.com/warren-letter-us-trustee-probe-corizon-bankruptcy-2024-1">a letter</a> to the US Trustee calling on the watchdog to oppose the bankruptcy plan and join the motion to dismiss the case filed by the committee representing the prisoner plaintiffs. In that letter, Warren lauded the Trustee for filing its October objection to Corizon's bankruptcy plan."Corizon does not belong in a bankruptcy court and its owners must stop hiding from victims and face the consequences of their actions," Warren said in a statement to BI in response to Friday's filing.On Friday, the Trustee also filed <a target="_blank" href="https://www.kccllc.net/tehum/document/2390086240223000000000006">a scathing objection</a> to Corizon's latest proposed settlement. That filing objects in strong terms to the "broad, sweeping releases" of liability to people and entities "who are contributing little or nothing to the Settlement Agreement, including Isaac Lefkowitz, who testified at a deposition that his contributions to the plan in exchange for his release is $10."As <a target="_blank" href="https://www.businessinsider.com/corizon-health-bankruptcy-yescare-texas-two-step-law-2023-8">BI previously reported</a>, Lefkowitz has straddled both sides of Corizon's Two-Step — he's the sole director for Tehum and has been a director of Tehum's parent company, Perigrove 1018, and director of YesCare. He did not immediately respond to a request for comment.The Trustee also pointed to several "potential fraudulent transfers" to companies linked to insiders, including M2LoanCo and Geneva Consulting, which manages and financially supports YesCare. BI <a target="_blank" href="https://www.businessinsider.com/corizon-health-bankruptcy-deal-settlement-threatened-issues-objections-2023-10">previously reported</a> that those transfers added up to at least $30 million.While Corizon recently offered a larger, $54 million settlement proposal, the committee representing the current and former prisoners opposed it."The court is required to consider the best interests of the creditors," write Nguyen and Jiménez. "Where such a large constituency of unsecured creditors oppose the settlement, the Court should not impose the settlement on them."Jason Brookner, an attorney representing Tehum, declined to comment. On Friday, the company filed a <a target="_blank" href="https://www.kccllc.net/tehum/document/2390086240223000000000011">60-page objection</a> to the motion to dismiss, arguing that the "personal injury claims filed in this case may be vastly overstated" and that the court needs to give "equal (or greater weight)" to the non-tort claimant members' views on a settlement."The Motion to Dismiss is merely a public relations piece, which contains little more than self-serving invective, rhetoric, and hyperbole," the company's attorneys wrote in the motion. "It is unsupported by any facts or information."But Warren backed the Trustee's decision to support dismissal. "The federal government's bankruptcy watchdog has taken a strong stand to protect against big corporations' abuse of our bankruptcy system," she said in her statement. "The judge must now follow bankruptcy law to prevent further abuse."

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