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Airline passengers should brace themselves for a fare increase, as the government is likely to raise the passenger services fee (PSF) by at least 38% to meet the cost of security at Indian <keyword id="43661" type="ORGANIZATION" weightage="20" keywordseo="airports">airports</keyword>. The government, which earlier had plans to not raise PSF and transfer the cost to consolidated fund of India (<keyword id="257398" type="ORGANIZATION" weightage="20" keywordseo="CFI">CFI</keyword>), will now have to raise it, after the <keyword id="47209" type="ORGANIZATION" weightage="20" keywordseo="Finance-Ministry">finance ministry</keyword> declined to fund the deficit. According to reports, the finance ministry has agreed to transfer the cost to CFI but only if it is revenue-neutral for them, which would mean we will have to raise PSF. We estimate that the raise could be in the range of Rs 50 per ticket, which would not just help bridge the annual fund gap but also the deficit accumulated over the years. A PSF of Rs 130 is charged on every ticket booked and the fund accumulated from the levy is used to fund security cost at airports, primarily to pay salaries of the <keyword id="6370623" type="ORGANIZATION" weightage="20" keywordseo="CISF">CISF</keyword> personnel manning the airports, primarily to pay salaries of the CISF personnel manning the airports. The aviation ministry was of the view that any increase in rates would burden passengers and wanted the finance ministry to shift the cost of security at airports to the consolidated fund of India. Once the cost head is moved to the consolidated fund, the government would finance the deficit directly. However, the finance ministry has refused to fund any deficit.

Airfares likely to go up as the Indian government plans to raise passenger services fee

<keyword id="6355261" type="POSITION" weightage="20" keywordseo="Finance-minister">Finance Minister</keyword> <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword>’s strict black money rule is yielding better results. In the biggest ever blackmoney disclosure, at least Rs 65,250 crore of undisclosed assets were declared in the one-time compliance window, yielding Rs 29,362 crore in taxes to the government, according to a news report by agency. 
 
While the blackmoney declarations will go up once all the online and manual filings of undisclosed assets filed at the end of the four-month window on September 30 are compiled, the government will get nearly Rs 14,700 crore or half of the due taxes, this fiscal. 
 Announcing the declarations made under the Income Declaration Scheme (IDS), <keyword id="25455" type="ORGANIZATION" weightage="20" keywordseo="finance">Finance</keyword> Minister Arun <keyword id="6390789" type="COMPANY" weightage="20" keywordseo="Jaitley">Jaitley</keyword> said 64,275 declarants disclosed an amount of Rs 65,250 crore. 
 
"Some disclosures have not been tabulated... This figure could be revised upward once the final tabulation is done," he told a news conference here. 
 
Government had offered a one-time chance to holders of income and assets that had illegally escaped taxes, to come clean by paying a tax and penalty of 45 per cent. 
 
On the declarations compiled so far, the government will get Rs 29,362.5 crore in tax and penalty. The declarants can pay this amount in two instalments up to September 30, 2017. Half or Rs 14,681.25 crore will accrue this fiscal. 
 
Last year, under a similar scheme for foreign black money holders, 644 declarations of undisclosed foreign income and assets were received, and just Rs 2,428 crore was collected in taxes. 
 "We will maintain secrecy of these declarations," Jaitley told the news agency, adding the tax would accrue to the <keyword id="392060" type="ORGANIZATION" weightage="20" keywordseo="Consolidated-Fund-of-India">Consolidated Fund of India</keyword> and would be used for welfare of public. 
 
The average declaration per declarant comes to Rs 1 crore. 
 A total tax of Rs 9,760 crore was collected under the Voluntary Income Disclosure Scheme (VIDS) amnesty scheme brought by the then Finance Minister <keyword id="43940" type="PERSON" weightage="20" keywordseo="P-Chidambaram">P Chidambaram</keyword> in 1997. 
 "In 1997, the tax collected was Rs 9,760 crore," Jaitley said, adding that <keyword id="975777" type="ORGANIZATION" weightage="20" keywordseo="VDIS">VDIS</keyword> and IDS cannot be compared as the two schemes are different. 
 While IDS is not an amnesty scheme, VDIS provided blanket amnesty, he said. <keyword id="6383566" type="PERSON" weightage="20" keywordseo="Taxation">Taxation</keyword> under IDS is charged at the rate of 45 per cent while the effective rate of tax in the 1997 scheme was in single digit. 
 
Jaitley also listed out the steps taken by the government to unearth unaccounted money in over two years, including Rs 56,378 crore during search operation and Rs 16,000 crore from non-filers of tax returns.

​ Government just earned Rs 29,362 crore worth tax from black money disclosure

<ul><li>The <keyword id="54875" type="ORGANIZATION" weightage="20" keywordseo="Airports-Authority-of-India">Airports Authority of India</keyword> (AAI) has submitted a request to increase passenger service charges, specifically the security fees.</li><li>This will, in turn, lead to an increase in the prices of flight tickets. </li><li>The demand had been put in to recover the <keyword id="6420764" type="UNKNOWN" weightage="20" keywordseo="deficit">deficit</keyword> of around ₹8 billion owed to the <keyword id="100364" type="ORGANIZATION" weightage="20" keywordseo="Central-Industrial-Security-Force">Central Industrial Security Force</keyword> (CISF) by airport operators. </li></ul> When the <keyword id="6366656" type="UNKNOWN" weightage="20" keywordseo="udan">UDAN</keyword> scheme came into existence, airfares took a dive and the demand for air travel exploded. And, why wouldn’t it? Plane tickets were essentially cheaper than train tickets. But, all good times must come to an end. The Airports Authority of <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword> (AAI) has put in a demand for a <a href="https://www.business-standard.com/article/economy-policy/be-ready-to-shell-out-more-for-airfares-as-govt-mulls-security-fee-hike-118071900049_1.html">hike in passenger service fees</a> after the Central Industrial Security Force (CISF) complained over unpaid dues from airport operators. How are the prices going to increase? As per the civil aviation ministry, they’re considering a marginal increase in the security charge. Their justification is that since there’s been an exponential growth in passengers, the current fees don’t fully cover the cost of security management. Currently, the charge is of ₹130 and hasn’t undergone any change in 10 years. The <a href="https://www.livemint.com/Companies/uOFJTD5lH2xxjlQYgAMsyM/Flight-tickets-may-get-costlier-as-govt-plans-hike-in-passen.html">proposal</a> will hike it to ₹225. It was argued that since security is a sovereign issue, ideally the government should provide the amount from its <keyword id="150481" type="ORGANIZATION" weightage="20" keywordseo="Consolidated-Fund">consolidated fund</keyword>. But, at the finance ministry’s suggestion, that burden will now be shifted onto the passengers against the home ministry’s prerogative that such a move would increase prices. What’s the link between airport operators and the CISF? The security charges that are collected from the passengers are dropped into an escrow account, which then sends the money to the CISF. While they claim that there’s been a delay in payments, the airport operators state that the money just isn’t there to make the payments. The deficit amount currently is almost ₹8 billion. There’s a need for more security All over India, there are 98 airports of which only 59 fall under the CISF. The point of contention lies in the fact that 26 of those come under the ‘<a href="https://timesofindia.indiatimes.com/india/20-hypersensitive-airports-lack-counterterror-plans-covering-their-approach-roads-Parliamentary-panel/articleshow/50410301.cms">hyper-sensitive</a>’ category. The increase in the flow of passengers, thus, leads to an increase for security at these airports, especially in places like <keyword id="66" type="LOCATION" weightage="20" keywordseo="Delhi">Delhi</keyword> and Mumbai. Delhi has been pressed for payments by the CISF since, and just for that one airport, the deficit is of around ₹600 crores. Considering that the whole point of the UDAN scheme was to increase regional connectivity by allowing the 'aam aadmi' to fly at reasonable prices, an increase in price doesn't align with that objective.

As demand for air travel in India increases, so may the prices

New Delhi, Jan 15 () The government is likely to take more measures to deal with the problem of financial sector, NITI Aayog vice chairman Rajiv Kumar said on Wednesday.
Speaking at the book release of former Sebi chairman U K Sinha, Kumar said this is a very different type of situation that the country facing.
"Credit markets are jammed. It continues despite government's best efforts in the sense of assuring people...I believe some other steps are now in pipeline for further such adverse impact not to take place.
"This is something that all of us in the government and outside who are interested in India's economic development need to go very deep into it. I don't think there are no easy answers here. I dont think there are short-cut solutions here because what's happening to credit growth, what's happening to bond markets, what's happening to NBFCs...," Kumar said.
The government since August has taken several steps, including liquidity support to housing finance companies, one-time partial credit guarantee to public sector banks for purchase of high-rated pooled assets of non-banking finance companies (NBFCs) and mega merger of public sector banks.
Pointing out that there are 92,000 urban and rural credit cooperative in the country, Kumar said it is fragmented and only top 500 are functional.
"I think this requires very deep study. I suppose the research department of (the) RBI would be very well placed to do so. This is time to study this issue much more carefully than what we have done in the past," he said.
Referring to the changes made in the Finance Act, Kumar said, "I am amazed to find Sebi's financial autonomy is now being challenged and threatened...all the funds and fee it collects has to be put to Consolidated Fund of India. Imagine what it will do the Sebi's autonomy when it will have to ask for the fund from the government".
As per the Finance Act 2019, Securities and Exchange Board of India will have to transfer 75 per cent of its surplus from the general fund every year to the Consolidated Fund of India.
An announcement to this effect was made in the Budget via a proposed amendment to SEBI Act 1992.
Kumar pitched for convergence of regulators in the financial sector for effective and efficient regulation.
He said there are 20 regulators are in financial sector space alone. DP CS BAL

Govt likely to take more steps to deal with fin sector problem: NITI Aayog VC

New Delhi, Mar 16 () The Lok Sabha on Monday passed the Appropriation Bill 2020-21, authorising the government to draw funds from the Consolidated Fund of India for its working as well as implementation of its programmes and schemes. The house passed the bill after the Speaker applied 'guillotine' on demands of grants for various ministries. With parliament having very limited time for scrutinising the expenditure demands of all the ministries, after a pre-decided period of discussions over spending envisaged in the budget for some ministries is over, a guillotine is applied. Once the speaker applies the guillotine, all the outstanding demands for grants, whether discussed or not, are put to vote at once. After this, appropriation bill is taken into consideration. The Lok Sabha will now discuss the Finance Bill, which essentially contains the government's tax proposals. KR ANZ ABMABM

Lok Sabha passes Appropriation Bill

New Delhi, Jan 7 () Regulators in the country must have their own sources of income so that they do not have to depend on grants provided by the government, capital markets watchdog Sebi's former Chairman U K Sinha has said.
 In his new book 'Going Public: My Time at Sebi', Sinha has said that financial independence is the basic requirement for the functioning of an independent regulator.
 A regulator should have its own source of income and flexibility to utilise it without looking up to the government for funds, he has written.
 "There have been some recent developments to take away this freedom and ask Sebi to park its income in the Consolidated Fund of India or in the Public Account, and to seek prior approval of government before incurring any capital expenditure. Such efforts are not conducive in creating a strong and independent regulatory environment," he said.
 The Sebi Act provides for the regulator to levy fees and charges and create its own fund. The board of Sebi prepares its annual budget, where it can revise the rates of fees upwards and downwards based on its estimate of money required for its activities during the year. The Sebi board also has representation from the government.
 The former IAS officer said all other regulators also must have their own sources of income and not survive on the receipt of grants from the government.
 There have been reports that the government was pushing Sebi to transfer 75 per cent of its surplus to the Consolidated Fund of India, but Sebi is believed to have opposed the proposal on concerns about loss of autonomy.
 There have also been concerns in the recent past about autonomy of another major financial sector regulator, the Reserve Bank of India.
In the book published by Penguin India, Sinha said independence of a regulator should not be defined only with regard to independence from the government and its officials.
It should also be seen in the context of independence from any outside influences, including those from market participants and business corporations, he said.
 Sinha said there have been concerns about market capture of regulators in other parts of the world and the senior leadership and the boards of the regulators have to remain extra cautious on this account.
 "Another dimension of independence is internal independence. Although the law permits this, the quasi-judicial function of Sebi needs to be separated from executive supervision," he said.
 With regard to accountability, Sinha said independence and accountability go hand in hand.
 "Today, there is no satisfactory arrangement for a performance appraisal of a regulator like Sebi. The media does it. The government does it through the presence of their representatives in the Sebi board or while answering questions in Parliament," he said.
 According to Sinha, Parliamentary supervision over the regulators is a superior option to ensure accountability. The standing committee of Parliament for different ministries may have to take up this responsibility in a regular and structured way.
 Regulations formulated by Sebi are required to be placed before Parliament at the earliest. The Parliament has the right to reject or modify, but the same never happens. Hardly any subordinate legislation gets modified or rejected, Sinha has mentioned in his book.
 The Parliamentary committee on subordinate legislation has a huge task of reviewing not only the regulation framed by the multiple regulators but also the rules framed by various ministries under different laws.
 "In order to help them perform this task on structured and continuous basis, substantial capacity has to be created in this committee and in other committees of Parliament, " he noted. SP BJ ANU

Regulators should not depend on Govt grant, must have own income source: Ex-Sebi chief

NEW DELHI: <keyword id="1575" type="ORGANIZATION" weightage="80" keywordseo="Congress">Congress</keyword> and <keyword id="14666" type="ORGANIZATION" weightage="80" keywordseo="BJP">BJP</keyword> are engaged in intense negotiations to hammer out an understanding over the creation of <keyword id="68884" type="ORGANIZATION" weightage="80" keywordseo="Telangana">Telangana</keyword>. 
 BJP has assured the government that it would not waver from its commitment to the creation of Telangana but is insisting on a specific pledge of financial support for Seemandhra region as the condition for supporting the <keyword id="37102" type="COMPANY" weightage="40" keywordseo="Andhra-Pradesh">Andhra Pradesh</keyword> Reorganization Bill, expected to be introduced in Parliament on Wednesday. The Union home ministry on Sunday sent a recommendation to President Pranab Mukherjee for introduction of the Telangana bill in Parliament. 
 
Sources said BJP is demanding a commitment for extending financial assistance worth Rs 17,000 odd crore to Seemandhra region through the Consolidated Fund of India to meet the revenue gap it will be saddled with, based on projections for the previous and current fiscal years, because of the transfer of resource-rich Hyderabad to Telangana as the capital of the proposed state. 
 
The party also wants the government to ask the Finance Commission to find ways of helping Seemandhra region with adequate funds on a long-term basis as a compensation for Hyderabad which generated Rs 24,000 crore in revenue. 
 
It also wants specific commitments in the coming fiscal year for projects that the two sides feel should be created in Seemandhra region for its development. 
 Congress sources confirmed that there have been several rounds of talks between party representatives including Union ministers from Andhra Pradesh and BJP <keyword id="19496" type="POSITION" weightage="60" keywordseo="leader">leader</keyword> and former party president M Venkaiah Naidu. 
 
When contacted, Naidu confirmed that he had been talking to Congress representatives and that he had made it plain that BJP will support the AP Reorganization Bill if the government commits itself to take measures for the development of Seemandhra region. 
 
"BJP in principle favours the creation of Telangana. That has been our consistent stand. But at the same time, we want to ensure that the interests of Seemandhra region are also safeguarded. There is no conflict of interest between the people of the two regions. They are all Indians and they are all Telugus,” Naidu said. 
 
He claimed that while the Centre and the Congress agreed about the need to take special steps in Seemandhra region, they were reluctant to back up their statements of intent with commitments of financial support. "They are not ready to make a commitment for the provision of assistance to Seemandhra through the Consolidated Fund of India to help it bridge the revenue gap. They want to leave the matter to the Finance Commission which is not acceptable to us,” Naidu said. 
 
Naidu also demanded commitment of support for projects the two sides have agreed on like upgrade of existing airports at Vizag, Vijaywada and Tirupati to international standards, creation of an industrial corridor between Vizag and Chennai along the lines of the Delhi Mumbai Industrial Corridor and setting up of branches of central institutions located in Hyderabad such as DRDO, IIM and others. 
 
"I told them empty gestures of hand will not do. Put money on the table,” the BJP leader said. 
 Both sides said that while sticking points remained, they were in agreement on provisions of <keyword id="250148" type="ENTERTAINMENT" weightage="40" keywordseo="The-Bill">the bill</keyword> such as declaring Rayalaseema region as backward and providing special incentives including tax holidays and exemption from central exercise for industry, creation of reservoirs in Seemandhra as part of the Polavaram project on Godavari, swift completion of six irrigation projects -- four in Rayalaseema and two in Telangana -- linked to Krishna river and a provision in the bill that education and employment opportunities in Hyderabad will remain open to people from both regions until Seemandhra gets its own capital. 
 
Naidu has also demanded creation of power plants of 4,000 mega watts capacity in the Telangana region. 
 
On the inclusion of Anantapur and Kurnool districts from Rayalaseema in Telangana, BJP is learnt to have said that it can be considered if the two regions agree.

BJP Seeks Financial Package For Seemandhra In Return For Telangana Support

New Delhi, Jan 16 () A liquidator will have to deposit unclaimed dividends and undistributed proceeds in a separate account before seeking dissolution of a corporate debtor under the voluntary liquidation process, according to the IBBI.
The Insolvency and Bankruptcy Board of India (IBBI) has notified changes to the voluntary liquidation process regulations.
With the amendments, a liquidator has to deposit unclaimed dividends and undistributed proceeds in a liquidation process along with any income earned thereon into the Corporate Voluntary Liquidation Account before submission of an application for dissolution of the corporate person, a release said on Thursday.
The amendments also provide a process for a stakeholder to seek withdrawal from the Corporate Voluntary Liquidation Account.
The IBBI would operate and maintain the account in the Public Accounts of India.
"A liquidator, who fails to deposit any amount into the Corporate Voluntary Liquidation Account under this regulation, shall deposit the same along with interest thereon at the rate of twelve per cent per annum from the due date of deposit till the date of deposit," as per the regulations.
Amount deposited with the account that remains unclaimed or undistributed for 15 years from the date of dissolution of the corporate person would be transferred to the Consolidated Fund of India. RAM BAL

IBBI amends voluntary liquidation process regulations

Made in India mobiles have doubled from.4 crore in 2014-15 to 11 crore units in 2015-16, <a href="http://www.businessinsider.in/searchresult.cms?query=telecom+and+IT">telecom and IT</a> minister <a href="http://www.businessinsider.in/searchresult.cms?query=Ravi+Shankar+Prasad">Ravi Shankar Prasad</a> said on Monday. 
 
The incentives offered in the last budget has encouraged local manufacturing, with 16 new plants set up for making mobile phones locally during the financial year. 
 
"Due to the initiatives taken up in the last budget, especially duty rationalisation, we have notice a remarkable acceleration in field of <a href="http://www.businessinsider.in/searchresult.cms?query=electronics+manufacturing">electronics manufacturing</a>," Prasad said 
 
The minister added that <a href="http://www.businessinsider.in/searchresult.cms?query=electronics+manufacturing">electronics manufacturing</a> proposals worth Rs 1,290,294 Crores were received till date, up from Rs 11,800 crore in June 2014, when the government came to power. "Proposals worth Rs 18,000 crore have been approved," the minister said. 
 
Welcoming the new proposal of duty advantage of 8.5% to routers, broadband modems and set top boxes, digital video recorder and CCTV cameras among other products in the <a href="http://www.businessinsider.in/searchresult.cms?query=Union+Budget">Union Budget</a>, the minister said the move will give a boost to the <a href="http://www.businessinsider.in/searchresult.cms?query=telecom+sector">telecom sector</a>, which uses many of these products. 
 
Domestic value addition in mobile phones, battery, wired headsets, speakers would enjoy a duty advantage of 10.5% compared to imported goods, the minister added. 
 
"We're happy to note that FM has announced moving a legislation to give statuary backing to <a href="http://www.businessinsider.in/searchresult.cms?query=Aadhar">Aadhar</a>, for delivery of services, subsidies, benefits coming out of Consolidated Fund of India," he said. 
 
The minister also said that India's share in the global <a href="http://www.businessinsider.in/searchresult.cms?query=IT+outsourcing">IT outsourcing</a> has increased to 56%, while the services export has crossed $100 billion in the last 20 months. 
 
Image credit: Indiatimes

11 crore mobiles made in India:
Govt

<keyword id="81864" type="General" weightage="20" keywordseo="ongc-videsh" source="Orion">ONGC Videsh</keyword> Ltd, the overseas investment arm of state-owned <keyword id="6359072" type="General" weightage="20" keywordseo="oil" source="Orion">Oil</keyword> and Natural Gas Corporation, has incorporated a wholly-owned subsidiary OVL Overseas IFSC Ltd in <keyword id="6424024" type="General" weightage="20" keywordseo="gift-city" source="Orion">GIFT City</keyword>, Gujarat. "This GIFT city entity will function as the <keyword id="23764" type="General" weightage="20" keywordseo="global" source="Orion">global</keyword> treasury centre to cater to the treasury activities of OVL and its 25 subsidiaries (including step-down subsidiaries) spread across 15 countries. "Given the business-friendly regulatory environment in GIFT City, OOIL (OVL Overseas IFSC Ltd) expects to efficiently consolidate funds available with the group in various countries and raise additional funds needed to achieve the ambitious target of producing 40 million tonnes of oil and oil equivalent (MMToe) by 2040 from overseas assets," the company said in a statement. India's first <keyword id="6367752" type="General" weightage="20" keywordseo="international-financial-services-centre" source="Orion">International Financial Services Centre</keyword> at GIFT City gives options to Indian and overseas multinationals to shift their overseas investments onshore. "OOIL will, thus, act as ONGC Group's gateway to the world for its overseas ventures and investments," it added. OVL owns interests in 32 <keyword id="43177" type="General" weightage="20" keywordseo="oil-and-gas" source="Orion">oil and gas</keyword> assets in 15 countries. In terms of reserves and production, it is the second largest petroleum company of India, next only to its parent Oil and Natural Gas Corporation (ONGC). Gujarat International Finance Tec-City or GIFT City is India's newest financial hub and a flagship project of Prime Minister Narendra Modi. The smart city and special economic zone has been developed in the Ahmedabad metropolitan region. Dozens of companies, including India International Exchange, National Stock Exchange, State Bank of India, HDFC Bank, GIC Re and other well recognised institutions are operating in the GIFT City.

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Government just earned Rs 29,362 crore worth tax from black money disclosure

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You Searched For "Consolidated Fund" and got 10 results

Airfares likely to go up as the Indian government plans to raise passenger services fee

BI India Bureau

​ Government just earned Rs 29,362 crore worth tax from black money disclosure

BI India Bureau

As demand for air travel in India increases, so may the prices

Prabhjote Gill

Govt likely to take more steps to deal with fin sector problem: NITI Aayog VC

PTI

Lok Sabha passes Appropriation Bill

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Government just earned Rs 29,362 crore worth tax from black money disclosure