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The Supreme Court on Monday reserved its judgment on the issue of recovery of adjusted gross revenue (AGR) dues from insolvent telecom companies. A bench headed by Justice Arun Mishra is likely to pronounce the judgment on three counts: Staggered payment schedule, where the Centre said it is fine with 20-year arrangement to recover AGR dues; Can spectrum be transferred or sold by companies under IBC; and, additional liabilities, if any, on Jio, Airtel for the past dues of RCom, Videocon, and Aircel. Airtel had spectrum sharing and trading pacts with Videocon and Aircel, whereas Jio had it with RCom. The court had asked the Department of Telecommunications (DoT) to share the details of 'demand under process' for raising the liabilities against Airtel and Jio in the backdrop of spectrum-sharing. The bench also comprising Justices S Abdul Nazeer and MR Shah observed that if DoT does not provide the correct position on the AGR demands, then the due figures quoted in the ruling could go wrong. "It has been nearly 10 months to the AGR ruling -- why has the DoT not yet raised the demand?" The DoT informed the bench that no demand has been raised against Jio and Airtel for part dues of RCom and Videocon, and that the assessment of Jio and Airtel liability for the past dues is "under process". Senior Advocate Harish Salve, appearing for Committee of Creditors for RCom, contended before the bench that the right to use spectrum is an "asset which can be sold", if the company wants to. Salve added that the resolution plan proposes the sale of the right to use spectrum is in line with the licence trading guidelines. Senior Advocate Kapil Sibal, appearing for Airtel, contended that if the liability of the past dues of Videocon were to be imposed on Airtel, why wait for so long. Instead, the DoT should have clarified it long back, he argued. The court observed that according to trading guidelines, the seller of the spectrum shall satisfy all pending dues, before the sale. The bench said that it understood that upon the non-payment of dues by the seller, the trading guidelines would transfer the burden on the buyer. The DoT counsel contended that under trading guidelines, the past dues have to be cleared prior to the spectrum-trading, and under these guidelines, the DoT could recover the dues from seller and buyers. The bench questioned why no demand was raised against Airtel for the past dues of the Videocon spectrum. Sibal said Airtel had been paying all pending dues since the acquisition of the Videocon spectrum in May 2016. The apex court remarked that what is being proposed seems like renting out a house to a tenant and the latter selling the house under Insolvency and Bankruptcy Code.

Supreme Court reserves order on recovery of AGR dues from insolvent telecom companies

<div class="KonaFilter image-container display-table"><div><div class="image on-image">US Air Force/Staff Sgt. Tabatha McCarthyThe newly painted F-16 Fighting Falcon takes off for its first flight as the "Ghost" at Nellis AFB, Nevada, May 23, 2019.</div></div></div><ul class="summary-list"><li>Air Force Brig. Gen. Robert Novotny went to social media to find a new look for the 64th Aggressor Squadron.</li><li>An F-16 bearing the winner of his poll, the "Ghost" paint scheme like that of the Russian Su-57 stealth fighter, took off from Nellis Air Force Base in late May.</li><li><a href="https://www.thisisinsider.com/?hprecirc-bullet" target="_blank" rel="noopener">Visit INSIDER's homepage for more stories</a>.</li></ul>NELLIS AIR FORCE BASE, Nev. - An F-16 Fighting Falcon fighter jet made its initial flight after receiving the first US Air Force "Ghost" paint scheme, May 23.The design was <a href="https://www.businessinsider.com/air-force-f-16-aggressor-jet-gets-russian-su-57-stealth-jet-paint-2019-1" target="_blank" rel="noopener">chosen by a poll</a> held by Brig. Gen. Robert Novotny, 57th Wing commander, on his social media account to add a new look to the 64th Aggressor Squadron (AGRS)."I love this job, and I love what we do at Nellis Air Force Base, so I want to take any opportunity to boast about our fine men and women who do great work for their nation," said Novotny. "Social Media gives me a chance to connect directly with the folks who have a similar passion for military aviation."<a href="https://www.businessinsider.com/intelligence/stories-slide-deck?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=socialmedia&amp;itm_campaign=stories-slide-deck"></a>

The US Air Force painted an F-16 fighter to look like Russia's shadowy 'Ghost' stealth jet and just sent it on its first flight

New Delhi, Feb 27 () Following are the top business stories at 1850 hours: DCM47 BIZ-VODA IDEA-MINIMUM-PACKAGR-hit Voda Idea wants govt to put in place floor data, call tariffsNew Delhi: Vodafone Idea has demanded fixing minimum tariffs for mobile data at Rs 35 per GB, around 7-8 times of current prices, and for calls at 6 paise per minute along with monthly charges from April 1 to enable it pay statutory dues and make its business sustainable. DCM25 BIZ-RBI-CRR-CREDIT-EXEMONCRR-exempted loans: RBI says deduction only on incremental lendingMumbai: Following some banks seeking clarity on the computation of CRR to be exempted for incremental lending to three specified retail loans, the Reserve Bank has said that the deduction is available only on the equivalent incremental credit to these segments. DEL85 BIZ-LD STOCKSMarkets slump for fifth day on coronavirus woes, F&amp;O expiryMumbai: Equity indices reeled for the fifth straight session on Thursday, pressured by a sell-off in bank, IT and energy counters, as the global markets grappled with fears of the coronavirus outbreak turning into a pandemic. DCM46 BIZ-SEBI-GITANJALISebi imposes Rs 5 cr fine on Mehul Choksi, Gitanjali Gems, another individualNew Delhi: Regulator Sebi on Thursday slapped a total fine of Rs 5 crore on fugitive businessman Mehul Choksi, Gitanjali Gems and another individual for violating various regulations, including listing norms.DCM17 BIZ-VODAIDEA-GOVTNot in sound financial state; can meet liabilities only with govt support: Voda Idea New Delhi: Troubled Vodafone Idea has written to the telecom department expressing its inability to pay full AGR dues unless the government takes urgent measures, including allowing staggered payment, reduction in levies and implementation of floor prices in the crisis-ridden sector. DCM28 BIZ-CORONAVIRUS-CHICKENSALES'Chicken sales down 50%, prices by 70% in India on coronavirus rumour'New Delhi: Chicken sales in India have come down over 50 per cent and prices by 70 per cent in the last one month as speculation swirled on social media that chicken causes coronavirus disease, denting both demand and prices, a top Godrej Agrovet official said on Thursday. DEL90 BIZ-RUPEE-CLOSERupee settles 6 paise higher at 71.59 against US dollarMumbai: The Indian rupee finished 6 paise higher at 71.59 (provisional) against the US dollar on Thursday amid easing crude oil prices and weakening of the greenback overseas. DCM18 BIZ-ECONOMY-ANIL AGARWALLight at end of tunnel, Indian economy will bounce back, says Anil AgarwalNew Delhi: Indian economy will soon bounce back from its worst showing in 11 years as a steep cut in taxes will help attract investments and the massive infrastructure spending revives economic activity, mining baron Anil Agarwal said.DCM5 BIZ-NCLAT-FLIPKARTNCLAT sets asides insolvency proceedings against FlipkartNew Delhi: The National Company Law Appellate Tribunal (NCLAT) has set aside the order of the NCLT to initiate insolvency proceedings against e-commerce major Flipkart. DCM16 BIZ-NEW ZEALAND-INDIANew Zealand for bilateral trade pact with India if New Delhi does not join RCEPNew Delhi: New Zealand on Thursday said it will look forward to a bilateral trade agreement with India in case New Delhi does not join the China-backed mega trade deal RCEP. DCM48 BIZ-LD HPCL-ONGC-ACQUISITIONONGC, HPCL buy out bankers in Petronet MHB for Rs 371 crNew Delhi: State-owned Oil and Natural Gas Corp (ONGC) and its subsidiary Hindustan Petroleum Corp Ltd (HPCL) have bought out lenders in Petronet MHB Ltd, the firm that owns a petroleum product pipeline in Mangalore, for about Rs 371 crore. SHWSHW

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Mumbai, Feb 2 () The revised 3.8 per cent fiscal deficit for FY20 looks ambitious as it is based on projected 18 per cent rise in tax collections against a paltry 5.1 per cent higher realisaition so far, and around Rs 65,000 crore mop-up through disinvestment in the last two months of the current fiscal, SBI Research said in a report on Sunday.
The revised deficit target is propped on the belief that the divestment will fetch Rs 65,000 crore through the next two months. As against the Rs 1.05 lakh crore budgeted target, the divestment proceeds has been one of the lowest in recent years at a paltry Rs 17,800 crore.
The Union Budget for 2020-21 used the permissible 50 bps deviation under Section 4(3) of the FRBM Act to widen the fiscal deficit at 3.8 per cent of the GDP, revealing a revenue shortfall of around Rs 2.60 lakh crore, of which states are losing Rs 1.09 lakh crore.
"After adjusting for the expenditure rationalisation of around Rs 88,000 crore, the revised fiscal deficit for FY20 comes to around Rs 63,086 crore over the budgeted numbers. The saving grace is the jump in non-tax revenue of around Rs 32,335 crore or 20 bps of fiscal deficit, possibly reflecting the AGR payments/interim dividend from RBI in lieu of telecom.
"Clearly, the Supreme Court judgement has helped the government contain fiscal deficit at 3.8 per cent instead of 4 per cent. If this amount goes up (potentially up to Rs 90,000 crore) the fiscal deficit number can even be lower than 3.8 per cent or alternatively it can be possible that any slippage in disinvestment receipts/tax receipts could be taken care of," SBI Research said in the report.
However, the problem is that the "revised estimates pegs income tax collections growing at 18 per cent as against 20 per cent budgeted earlier, which in our opinion, is a tad optimistic as the year-to-date FY20 collections as on December is only 5.1 per cent higher year-on-year," the report said.
The only saving grace has been for the second time in the fiscal after the April collections GST mop-up crossed Rs 1 lakh crore-mark at over Rs 1.2 crore.
FY21 nominal GDP growth is projected at a reasonable 10 per cent, says the report and pegs real GDP numbers for FY21 to be 5.5-6 per cent and fiscal deficit at Rs 29,491 crore, more than the FY20 revised number of 3.5 per cent of GDP.
On the new income tax regime leading to a consumption boost, the report said that the new tax regime will most likely makes no sense as given the optionality clause wherein income tax rates will be significantly reduced for the individual taxpayers who forgo certain deductions and exemptions. The new personal income tax rates will entail estimated revenue forgone of Rs 40,000 crore per year.
"Assuming a marginal propensity to consume of 0.70, the proposed revenue foregone of Rs 40,000 crore will translate into a consumption boost of Rs 1.33 lakh crore, but only if people migrate to the new tax regime.
"Our estimates suggest that given the increased tax liability under the alternative dispensation, such a possibility of migration looks remote. We are thus sceptical of a consumption boost," the report said.
Many analysts and tax experts have already flayed the move on income tax front, saying this will badly hit savings by way of investing in select assets classes likes mutual funds, housing and even stock markets as dividend distribution will also be taxed at the hands of the investor.
The budget has set an all-time high target of Rs 2.1 lakh crore of disinvestment for FY21 on back of the planned stake sale in LIC and the pending/remaining disinvestments of FY20. The disinvestment target of FY20 is now revised downwards from Rs 1.05 lakh crore to Rs 65,000 crore.
"We believe 10 per cent nominal GDP growth for FY21 can surprise on the upside, thanks to a lower base in FY20. Because, with FY19 growth now at 6.1 per cent, FY20 growth on an unchanged base can potentially be at 5.7 per cent, against 5 per cent earlier. This implies there could downside bias to 5 per cent GDP estimate in forthcoming CSO releases that can push up nominal GDP growth in FY21," it noted.
Gross tax revenue is expected to grow by 12 per cent in FY21 to Rs 24.2 lakh crore. This revenue target from taxation is supported by 10.4 per cent growth in custom duty, 14 per cent in income tax and 11.5 per cent rise in corporation tax.
Tax buoyancy for FY21 is estimated at 1.2 times. GST collection target is budgeted to increase at 12.8 per cent to Rs 6.9 lakh crore over FY20 revised estimates.
Major subsidies will remain flat at Rs 2.28 lakh crore.
For FY21, the government borrowing is budgeted at Rs 7.8 lakh crore and net borrowing requirement is pegged at Rs 5.40 lakh crore, considering repayments of Rs 2.39 lakh crore.
Total dividend from the Reserve Bank of India, banks and financial institutions is estimated at Rs 89,648 crore for FY21, almost 41 per cent lower than revised estimated of FY20 (Rs 1,51,636 crore), on the basis of a lower dividend transfer from the apex bank.
Considering declining tax revenue, non-tax revenue for meeting fiscal deficit is the key. 
"Using the data from FY1972 to FY2017, our econometric estimates show that neither non-tax revenue growth causes GDP growth, nor GDP growth causes non-tax revenue growth.
"While the government taking recourse to non-tax revenue is fine this depends on growth picking up. In fact, higher non-tax revenues can cause sectoral imbalances. A case in point is the telecom sector which witnessed a rise in leverage in 2010 after the major spectrum auctions," the report said. BEN BAL
BAL

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Supreme Court reserves order on recovery of AGR dues from insolvent telecom companies

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The US Air Force painted an F-16 fighter to look like Russia's shadowy 'Ghost' stealth jet and just sent it on its first flight

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3.8 pc fiscal deficit target looks ambitious: SBI Research

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