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Former Union Finance Minister P. <keyword id="6362104" type="PERSON" weightage="20" keywordseo="Chidambaram">Chidambaram</keyword> on Saturday said the Goods and Services Tax (GST) would severely affect micro, small and medium traders and the law that has been implemented is not the way it was originally planned. Speaking to reporters at Karaikudi, Chidambaram said the <keyword id="1571" type="ORGANIZATION" weightage="20" keywordseo="Congress-party">Congress party</keyword> is not against the GST but it is opposed to the way it is being implemented. Chidambaram said micro, small and medium sized traders across the country would be impacted by the GST implementation. He said that traders wanted some more time for GST implementation but the government refused the give them the needed time. Chidambaram also said the GST will impact inflation. The <keyword id="1575" type="ORGANIZATION" weightage="20" keywordseo="Congress">Congress</keyword> party had kept away from the midnight Parliament function to roll-out the GST.

GST to impact micro, small and medium traders: P Chidambaram

New Delhi, Jan 20 () Karti Chidambaram, son of former Union minister P Chidambaram, appeared before the Enforcement Directorate on Monday for questioning in the INX Media money-laundering case, officials said.
The investigating officer of the case recorded the statement of Karti, a Congress MP from Tamil Nadu's Sivaganga, under the Prevention of Money Laundering Act (PMLA).
He was last questioned in this case in October last year. 
The MP has been questioned multiple times by the agency in the past in connection with this case, in which his father and Congress leader P Chidambaram has also been quizzed.
The senior Chidamabaram had been arrested in this case by the CBI and the Enforcement Directorate (ED) last year and had to spend over 100 days in custody before he was released in early December. 
 Karti too was arrested in this case by the CBI.
It is understood that Karti is being questioned on some fresh leads obtained by the agency, besides being confronted him with the statements of other witnesses and accused in the case.
In 2018, the ED had attached Karti's assets worth Rs 54 crore that were located in India, the UK and Spain in connection with the INX Media case.
Agency sources had earlier alleged that P Chidambaram and Karti were the "beneficial owners" of several shell firms that were incorporated in India and abroad in connection with a Foreign Investment Promotion Board (FIPB) approval given to the INX Media group during the former's tenure as the Union finance minister.
The central agency's probe found that the alleged kickbacks so received by the father-son duo were used to meet their "personal expenses". 
 They put the money in over two dozen foreign accounts and purchased multiple immovable assets in countries such as Malaysia, the United Kingdom and Spain among others, according to the ED. NES NES TIR
TIR

INX Media PMLA case: ED questions Karti Chidambaram again

New Delhi, Feb 14 () The Enforcement Directorate and the CBI filed a status report of their investigation into Aircel-Maxis cases before a Delhi court on Friday. The ED told District Judge Sujata Kohli that active investigation into the matter was going on, while the Central Bureau of Investigation informed her that letters rogatory had been sent to Malaysia and the status was awaited. Judicial requests, also known as letters rogatory, are issued by courts on the request of an investigation agency when it wants information from another country. The probe agencies are investigating how Karti Chidambaram, son of Congress leader P Chidambaram, received clearance from the Foreign Investment Promotion Board (FIPB) for the Aircel-Maxis deal in 2006 when his father was the Union finance minister. The CBI and the ED had alleged that P Chidambaram, as finance minister during the United Progressive Alliance regime, granted approval to the deal beyond his capacity benefitting certain persons, and received kickbacks. URD LLP PKSHMB

Aircel-Maxis cases: ED, CBI file status report of investigation

<keyword id="43940" type="PERSON" weightage="20" keywordseo="P-Chidambaram">P Chidambaram</keyword>, former Finance Minister in the UPA government was arrested by the CBI (Central Bureau of Investigation) in a money laundering case of 2007. Who was once the most influential ministers during the 10 year long rule of the UPA government is behind the bars now waiting to be probed in the INX Media case. Here are the details about the case against <keyword id="6362104" type="LOCATION" weightage="20" keywordseo="chidambaram">Chidambaram</keyword>. The grounds of Chidambaram’s recent arrest The case filed against Chidambaram that led to his arrest is related to the INX Media scam. This is a 2008 deal that threatens to put the ex-minister into a serious trouble along with his son Karti Chidambaram. Though Chidambaram has claimed that he has no connections with the companies that have received the alleged bribe money in return to issuing an undue foreign investment promotion clearance to INX Media, the High court has recently identified him as the kingpin of the said scam. The details of the case against Chidambaram The underline of the case against Chidambaram is the accusation that he has helped the founders of INX Media to prevaricate justice even after they had been found to violate the foreign investment laws of the country. In the year 2007, INX Media allegedly received foreign funding of Rs 305 crores whereas they had secured permission to raise only Rs 4.62 crores as shares. When the firm was questioned by the Financial Intelligence Unit in 2008, the founders of INX Media allegedly contracted the firm that Karti Chidambaram owned in order to sort out the issue. The CBI now claims that rather than ordering to investigate into the said case, Chidambaram misused his powers through the Foreign Investment Promotion Board that was under him to grant fresh approval for the foreign funds that were already received by INX Media. The probe agency alleges that in return to the favors that Chidambaram did to INX Media, the kickbacks were routed to him through the Shell Companies connected to Karti Chidambaram. In February 2018, Karti Chidambaram was arrested and kept in jail for 23 days for interrogation. In March 2018, <keyword id="1210108" type="PERSON" weightage="20" keywordseo="Indrani-Mukerjea">Indrani Mukerjea</keyword>, the promoter of INX Media confirmed the CBI that a deal worth $1 million took place between them and Karti Chidambaram for making the FIPB grant the approval favoring the INX Media. She also turned as an approver in the said case on July 11, 2019. What is Chidambaram’s response to the allegations? In defending his innocence, Chidambaram has claimed that neither he nor any one in his family was accused of any kind of offence and that both the ED and CBI did not file a charge sheet or FIR against anyone of them. The sources close to him also said the companies that are involved in the INX media scam are not connected to Chidambaram or his son. They also claim that there had been no money trail that is found routing the alleged kickbacks to Chidambaram. What the Delhi High Court says? When reading out the judgment, Justice Sunil Gaur said, "Facts of the case prima facie reveal that petitioner (Chidambaram) is the kingpin, that is, the key conspirator in this case,"

What is the case against Chidambaram

The crucial constitutional amendment bill preparing the ground for the Goods and Services Tax has been passed by the <keyword id="48510" type="ORGANIZATION" weightage="20" keywordseo="Rajya-Sabha">Rajya Sabha</keyword> today with 187 votes in favour of the amendment, paving the way for the most far-reaching tax reform in India to be brought into power. 
 
Rajya Sabha unanimously passed the 122nd constitutional amendment with a total of 187 votes in favour, with 9 votes against it. 
 
This will end a <a href="http://www.businessinsider.in/Indian-companies-unprepared-for-GST/articleshow/53519404.cms">cumbersome regime of multiple taxes on goods and services </a>and bring them under one rate. This one-stop tax move will cover 17 taxes like central excise duty, state-level taxes like, VAT or sales tax, entertainment tax, entry tax, purchase tax, luxury tax and octroi. The move will create uniformity in taxes across states, increasing efficiency &amp; compliance and also <a href="http://www.businessinsider.in/GST-will-bring-new-era-of-development-economic-reforms-Amit-Shah/articleshow/53527851.cms">boost Modi government's big push</a> towards ease of doing business. 
 Following the passage of the amendment today, the draft legislations for the Central GST and IGST will be tabled in the <keyword id="6354721" type="ORGANIZATION" weightage="20" keywordseo="parliament">Parliament</keyword> in November. The CGST and the IGST bills will have the details of the GST including key provisions like what the standard rate of tax will be, what the compensation mechanism will be as well as what the dispute redressal mechanism will be. 
 
<a href="http://www.businessinsider.in/GST-bill-amended/articleshow/53428298.cms">The Centre had earlier managed to iron out some differences </a>with the states over<a href="http://www.businessinsider.in/GST-decoded-Heres-how-common-man-corporate-are-going-to-benefit-from-GST/articleshow/53521455.cms"> GST's implementation</a>. It dropped 1% manufacturing tax to ensure GST does not lead to revenue loss for the states, decided to provide a guarantee to compensate states for any revenue loss in the first 5 years of GST rollout, promised to work on a GST rate that cushions blow to the common man and also protect the revenue generating capacity of the states, agreed on dual control which means Centre will not have control to tax businesses with a turnover below Rs 1.5 crore, and promised to create space for a dispute redressal system for the states. 
 However, there were three demands in particular being debated by the Opposition today. Focus was on the tax rates. While GST rate was not be capped in the Constitution Amendment Bill, the <keyword id="1575" type="ORGANIZATION" weightage="20" keywordseo="Congress">Congress</keyword> had sought “legal ring-fencing” of the rates to insulate common citizens and small businesses from possible adverse impact from the high indirect tax rates. States also wanted a provision to ensure that their revenue is not hurt. <keyword id="43940" type="PERSON" weightage="20" keywordseo="P-Chidambaram">P Chidambaram</keyword> asked Arun Jaitley to include 18 per cent GST rate in the amendments itself and the Opposition parties demanded the <keyword id="387846" type="UNKNOWN" weightage="20" keywordseo="GST-Bill">GST Bill</keyword> to be brought as a Money Bill that would give Rajya Sabha the power to debate it. 
 
Arun Jaitley assured the House that the rate would be fixed with consensus, but failed to assure that the GST Bill would be introduced as a Money Bill. Even as Opposition expressed displeasure arguing the Finance Minister was not under any obligation to introduce it as a Money Bill and could assure, however, despite no assurance it passed the 122nd constitutional amendment as agreed, thereby clearing the biggest hurdle for GST to come into force. 
 
(Image credit: Reuters)

Breaking News: Parliament clears India's biggest tax reform since Independence, GST finally a reality

<keyword id="64190" type="POSITION" weightage="100" keywordseo="RBI-Governor">RBI Governor</keyword> <keyword id="6358908" type="PERSON" weightage="100" keywordseo="Raghuram-Rajan">Raghuram Rajan</keyword>, in a letter to <keyword id="30067" type="ORGANIZATION" weightage="100" keywordseo="RBI">RBI</keyword> employees on Saturday, said that he would go back to Chicago to continue his academic career after completion of his three-year term as central bank chief on September 4. 
 
As the nation expressed sadness at Rajan's decision to not seek a second term, a few politicians also came out and commented on the same- 

	 
	<keyword id="6355261" type="POSITION" weightage="100" keywordseo="Finance-minister">Finance Minister</keyword> <keyword id="42575" type="PERSON" weightage="100" keywordseo="Arun-Jaitley">Arun Jaitley</keyword>

	Government appreciates good work done by RBI Governor Raghuram Rajan and respects his decision, said Finance Minister Arun Jaitley. 
	 
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		The Government appreciates the good work done by him and respects his decision. A decision on his successor would be announced shortly.(2/2)
	— Arun Jaitley (@arunjaitley) <a href="https://twitter.com/arunjaitley/status/744162831575162880">June 18, 2016</a> 
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Senior Congress leader <keyword id="43940" type="PERSON" weightage="100" keywordseo="P-Chidambaram">P Chidambaram</keyword>

	“I am disappointed and profoundly saddened by the decision of Dr Raghuram Rajan to leave the RBI on completion of his term on September 4, 2016, but I hasten to add that I am not surprised at all,” said Senior Congress leader P. Chidambaram.

	He further added, “As I had said sometime ago, this government did not deserve Dr Rajan. Nevertheless, India is the loser.”

	However there was one person who was happy with the announcement and it was none other than BJP Leader, <keyword id="6370187" type="PERSON" weightage="100" keywordseo="Subramanian-Swamy">Subramanian Swamy</keyword>.
 BJP MP Subramanian Swamy, who ran a tirade against RBI Governor Raghuram Rajan, on Saturday said the Reserve Bank head is a government employee and is not selected on the basis of popular vote. 

	“Raghuram Rajan is an employee of the Government of India. We don’t select employees on the basis of popular vote,” he said, reacting to Mr. Rajan’s decision not to take a second term.

	“Let him pretend that he is giving up and going. As long as he is going, it is good,” Swamy further added.

	In a series of letters to Prime Minister <keyword id="6354477" type="PERSON" weightage="100" keywordseo="Narendra-Modi">Narendra Modi</keyword>, Mr. Swamy had demanded dismissal of Mr. Rajan, arguing that he is not “fully mentally Indian” and had been sending confidential and sensitive financial information around the world.

	 
	 
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Here’s what Arun Jaitley and Subramanian Swamy had to say regarding RBI Governor Raghuram Rajan not seeking second term

NEW DELHI: ET’s March 1, 2013 Budget Edition carried a sharp commentary by a man who was then one of India’s many chief ministers. A little over a year later he became India’s <keyword id="71" type="POSITION" weightage="80" keywordseo="Prime-Minister">prime minister</keyword>. In about a week from now his government will present its first budget. 
	 <keyword id="6354477" type="PERSON" weightage="40" keywordseo="Narendra-Modi">Narendra Modi</keyword>’s 2013 budget commentary for ET, even granting it was written from the perspective of a CM from the then national opposition party, offers interesting insights into how India’s <keyword id="336585" type="POSITION" weightage="40" keywordseo="current-PM">current PM</keyword> thinks a good budget should look like. 
	 
	Here’s Modi 2013 analysed for clues to Modi 2014: 
	 
	Don’t Play Safe: “This budget is-…piecemeal…UPA…wants to play safe,” Modi had written in ET. His 2013 commentary had mocked UPA repeatedly for not thinking big. It’s safe to assume Modi in 2014 would want to avoid being tagged as “playing safe”. The ‘I will change things’ politics of his election victory doesn’t allow that option. 
	 
	Find Cash for Infra: “Against the much-needed Rs 55 lakh crore for infrastructure development, the budget attempts to mobilise a meagre Rs 50,000 crore”, Modi had observed in 2013, and built on this theme of neglect of big projects. Finding big money for big projects will define 2014 budget as a Modi budget like little else would. 
	 
	 
	Skill Them Young: “The <keyword id="26374" type="ORGANIZATION" weightage="40" keywordseo="UPA-government">UPA government</keyword> has allocated a mere Rs 1,000 crore for skill development. Contrast that with the Rs 800 crore for just one state, Gujarat, has allocated for skill development”. That 2013 observation by Modi in ET, who also said even rich countries like the US do more to tackle skill shortage, played out throughout his 2013-14 poll campaign and is again a signature Modi theme. Modi wants even plain vanilla welfare scheme NREGA to be retooled into a skills programme. Smart ideas and substantial fiscal backing for skills development can be another Modi imprimatur on Budget 2014. 
	 
	No Fiscal Fudge: Modi wrote in ET, while commenting on UPA’s fiscal deficit targeting, that “without any clear measure to mop up tax revenues and increase (tax) collection efficiency”, deficit targeting will lead to “cuts in development spending”. Many experts said this, too. And they will say it about Modi’s budget even more should it try a fiscal fudge. But Modi’s 2013 ET commentary shows he knows the severe reputational costs of a fudge. Cutting deficits sharply but honestly will make Modi’s 2014 budget stand out clearly from UPA’s last few budgets. 
	 
	Feel Federal: “States have been requesting the Centre to address the issue of deficit of trust…,” Modi had written in the context of critiquing the 2013 budget for what he saw as being insufficiently federal in terms of resource allocation. Many PMs and FMs don’t pay enough attention to federalism issues in Union budgets. But this PM, the first serving CM to get the country’s top job, may have a different approach. GST rollout is critically dependent on statesand Modi has courted some CMs already. His 2014 budget may try and address that ‘trust deficit’.
<div style="page-break-after: always;">
	&#xa0;</div>

	 
	Avoid Gimmicks: “The move to set up the world’s first public sector women’s bank is a mockery…”, Modi had written in ET, rubbishing a proposal <keyword id="43940" type="PERSON" weightage="40" keywordseo="P-Chidambaram">P Chidambaram</keyword> had claimed was radical. Experts had disagreed with Chidambaram. And that Modi had decided to attack a 2013 budget proposal that had seemed politically correct indicates he may not want his 2014 budget to be critiqued for gimmicky and superficial ideas.

Budget 2014: How PM Narendra Modi's First Budget May Look Like

Former RBI Governor <keyword id="105089" type="PERSON" weightage="60" keywordseo="Duvvuri-Subbarao">Duvvuri Subbarao</keyword>'s book has senior Congress leader <keyword id="42332" type="PERSON" weightage="100" keywordseo="Jairam-Ramesh">Jairam Ramesh</keyword> accusing him for stirring an unnecessary controversy, Ramesh says Subbarao has done "grave injustice to his political masters". 
 In his book 'Who Moved My <keyword id="6371181" type="UNKNOWN" weightage="20" keywordseo="interest-rates">Interest Rates</keyword>, Leading the Reserve Bank of India through Five Turbulent Years' Subbarao alleged that former <keyword id="6355261" type="POSITION" weightage="20" keywordseo="Finance-minister">Finance Minister</keyword>s <keyword id="43940" type="PERSON" weightage="20" keywordseo="P-Chidambaram">P Chidambaram</keyword> and Pranab Mukherjee interfered in the functioning of the Reserve Bank of India, especially on setting interest rates, and the differences even led to two of his deputies not getting extensions. Noting that the RBI has always been independent, Ramesh argued that the elected government of the day is answerable to the people of the country, while the central bank is not. "So, this controversy, which now Dr Subbarao has also entered, it is most unnecessary... because ultimately the Finance Minister has to weigh so many considerations, whereas the Governor of Reserve Bank of India can afford to be singleminded in his approach. Prime Ministers cannot, Finance Ministers certainly cannot (afford to be singleminded in their approach). So, I think Dr Subbarao has done grave injustice to his political masters," Ramesh told PTI. 
 
Ramesh also "completely opposed" the proposed merger of associates into the SBI, saying it is the "western mania" to have big banks and termed the move as "very ill-­advised". Citing an example, the Rajya Sabha member said the State Bank of Hyderabad played an important role, along with Andhra Bank, in propagating women self­help groups movement in undivided Andhra Pradesh as they were headquartered here and had the state's interests in mind. "And now they (SBH) will be part of this vast ocean called the State Bank of India, and it's not clear to me... except that the balance sheet of State Bank of India becomes larger, I don't think the service is going to improve," Ramesh said. 
 
Meanwhile, he also advocated that there is absolutely no reason to have a separate Railway Budget, adding that he had repeatedly in the past few years expressed this view. "There was a reason (to have rail budget) in 1920s when 60 or 70 per cent of the capital expenditure of government of India was that of the Railways. Over the years, that proportion has dwindled to not more than five per cent, or six per cent perhaps. "Also, the separate budget has put enormous political pressure on the Railways to follow policies that are economically not logical or rational," Ramesh added.

Tell-all book by former RBI Governor stirs senior congress politico, Jairam Ramesh

<ul><li>The non-executive chairman of <keyword id="45660" type="DOMAIN" weightage="20" keywordseo="Yes-Bank">Yes Bank</keyword>, <keyword id="46928" type="PERSON" weightage="20" keywordseo="Ashok-Chawla">Ashok Chawla</keyword>, submitted his resignation on 14 November. </li><li>The move is a significant blow for Yes Bank, which was counting on Chawla to steady the ship ahead of the departure of CEO <keyword id="128581" type="PERSON" weightage="20" keywordseo="Rana-Kapoor">Rana Kapoor</keyword>, whose tenure will not be extended past January 2019 following an order from the <keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword>. </li><li>In July 2018, Chawla, who is a former secretary of the finance ministry, was named in a chargesheet filed by the Central Bureau of Investigation in relation to the Aircel-Maxis case. </li></ul> Yes Bank, one of India’s largest private sector banks, hasn’t had an easy go as of late. Just a few months after the Reserve Bank of India (RBI) refused to extend the tenure of its CEO and founder Rana Kapoor, precipitating <a href="https://www.businessinsider.in/one-of-indias-largest-private-banks-has-lost-more-than-half-its-market-value-in-37-days/articleshow/65991141.cms">a crash in its market value</a>, its non-executive chairman, Ashok Chawla, has resigned. On Wednesday, the bank <a href="https://www.yesbank.in/media/press-releases/yes-bank-announces-resignation-of-chairman-shri-ashok-chawla-from-board-of-directors">confirmed </a>the news of Chawla’s resignation, explaining that it needed a chairman that could devote more attention to the bank as it navigated the management transition period. The move is a significant blow for Yes Bank, which was counting on Chawla to <a href="https://www.livemint.com/Industry/ibwVz9TXbViawOxiyv6nhJ/Yes-Bank-chairman-Ashok-Chawla-looks-to-restore-investor-con.html">steady the ship</a> ahead of Kapoor’s departure. In September, RBI had refused to extend Kapoor’s tenure owing to lapses in governance at Yes Bank which led to under-reporting of non-performing loans under the RBI’s regulatory requirements that mandate all banks recognise and make provisions for bad loans in their balance sheets. Separately, Chawla, who is also the chairman of the National Stock Exchange of India (NSE) and a former joint secretary in the Ministry of Finance, is currently a person of interest in a <keyword id="46183" type="PERSON" weightage="20" keywordseo="Corruption">corruption</keyword> investigation. In July 2018, he was <a href="https://www.livemint.com/Companies/ADf3iTFpj1u3EAKd1pKvFM/Aircel-Maxis-case-Yes-Bank-wants-RBI-to-decide-on-Ashok-Cha.html">named </a>in a chargesheet filed by the Central Bureau of Investigation in relation to the Aircel-Maxis case. That case is centred on the 2006 acquisition of a 74% stake in Indian mobile network operator Aircel, which was owned by C Sivasankaran, by Malaysian telecom firm Maxis, which is owned by T Ananda Krishnan. In 2011, Sivasankaran said he was forced into selling the stake in Aircel by India’s telecom minister, Dayanidhi Maran. It was subsequently found that a firm owned by Maran’s brother received a hefty payment from Maxis for facilitating the deal. Former Union Finance Minister P Chidambaram and his son Karti <a href="https://www.indiatoday.in/india/story/chidambaram-charged-in-aircel-maxis-case-is-accused-no-1-1375213-2018-10-25">have also been charged</a> with money laundering in the case. The RBI has sought to take a sterner approach towards corporate governance in recent times. In October, the CEO of ICICI Bank, Chanda Kochhar, was forced <a href="https://www.businessinsider.in/its-the-end-of-the-road-for-chanda-kochhar/articleshow/66082441.cms">to step down </a>amid a conflict-of-interest scandal. Yes Bank now has to scramble to find a new CEO and chairman. At the end of October, it had shortlisted <a href="https://www.livemint.com/Companies/oglYV7TdL2hm16ukNOsRlI/Yes-Bank-ready-with-first-list-of-names-in-Rana-successor-hu.html">more than 12 candidates</a> to succeed Kapoor, who term as CEO ends on 31 January next year. A final list is expected by the end of November. Meanwhile, owing to Chawla’s alleged involvement in the Aircel-Maxis case, the Securities and Exchange Board of India is reportedly in the process of deciding on whether or not he should continue as <a href="https://www.livemint.com/Companies/7BGhuMZHIvP8oyL4CZWjqI/Aircel-Maxis-case-NSEs-Ashok-Chawla-now-under-Sebi-probe.html">the chairman of the NSE</a>. SEE ALSO: <a href="https://www.businessinsider.in/one-of-indias-largest-private-banks-has-lost-more-than-half-its-market-value-in-37-days/articleshow/65991141.cms">One of India’s largest private banks has lost more than half its market value in 37 days</a> <a href="https://www.businessinsider.in/its-the-end-of-the-road-for-chanda-kochhar/articleshow/66082441.cms">It's the end of the road for Chanda Kochhar</a> <a href="https://www.businessinsider.in/here-are-the-main-findings-from-punjab-national-banks-internal-investigation-into-the-2-billion-nirav-modi-scam/articleshow/64681851.cms">Here are the main findings from Punjab National Bank’s internal investigation into the $2 billion Nirav Modi scam</a>

Yes Bank’s problems get further compounded as its chairman is forced to resign amid a corruption probe

NEW DELHI: Even before the new <keyword id="6355261" type="POSITION" weightage="40" keywordseo="Finance-minister">finance minister</keyword> gets down to preparing the next budget, he has to grapple with unpaid subsidies of at least Rs 1 lakh crore left behind by the <keyword id="26374" type="ORGANIZATION" weightage="40" keywordseo="UPA-government">UPA government</keyword>. 
 
While the food subsidy bill accounts for almost half the amount with unpaid subsidies adding up to over Rs 50,000 crore. Then, there are dues of Rs 38,000 crore to fertilizer companies and another Rs 24,000 crore to public sector oil marketing companies, which sold cooking gas and kerosene below the international price. 
 
There are also additional taxes that the government had mopped up from companies in its bid to meet its ambitious tax targets, and show healthier finances, which now need to be refunded, with interest. 
 
Tax department officials, however, said that companies were not coaxed into paying higher taxes and refunds were not stopped. 
 While economists and corporate chiefs have been critical of the UPA leaving behind a large liability for the new finance minister, <keyword id="43940" type="PERSON" weightage="40" keywordseo="P-Chidambaram">P Chidambaram</keyword> had said that these payments are for the fourth quarter of the 2013-14 financial year, which are to be paid this fiscal. 
 
Officials dealing with sectors that have been hit as government didn't clear dues are, however, complaining that the held back payments are resulting in the companies having to borrow from banks to meet their cash requirements. 
 In fact, they are severely critical of the Manmohan Singh government's subsidy policy, saying that the government burden was transferred to oil and fertilizer companies in addition to the <keyword id="107125" type="COMPANY" weightage="40" keywordseo="Food-Corporation">Food Corporation</keyword> of India, rendering many of them financially unviable. 
 In fact, during UPA 1, the <keyword id="47209" type="ORGANIZATION" weightage="40" keywordseo="Finance-Ministry">finance ministry</keyword> had resorted to issuing bonds to oil and fertilizer companies, which were not explicitly shown as subsidies and had faced stiff criticism as the system was not transparent. But thanks to the unexpected 3G bonanza in 2010, <keyword id="6359124" type="PERSON" weightage="40" keywordseo="Pranab-Mukherjee">Pranab Mukherjee</keyword> cleared the dues, although some of the companies had to take a hit. 
 Even during UPA-II, transparency was often missing. Under pressure from the rating agencies, the government sought to cut down on spending to show a healthier <keyword id="6365485" type="UNKNOWN" weightage="40" keywordseo="fiscal-deficit">fiscal deficit</keyword>. 
 
The government has budgeted for fiscal deficit of 4.1 per cent of GDP for 2014-15, compared to 4.6 per cent last year. But if the government had budgeted for the over Rs 1 lakh crore outgo last year, the number would have been vastly different. 
 
As reported by TOI on Friday, several ministries, including finance, fertilizer and petroleum are going to make a fresh pitch for a reduction in subsidies by focusing only on the poor.

New Finance Minister To Inherit Rs 1 Lakh Cr Of Unpaid Bills

2014 <div type="image" title="8e7f053ffac18dffc1a9d5b72515bed9" tempid="412823" msid="67667461" hostid="261"></div>
IANS P. <keyword id="6362104" type="LOCATION" weightage="20" keywordseo="chidambaram">Chidambaram</keyword>, the then finance minister stuck to the goal of budget deficit and did not yield to the urge to increase spending to boost up the economy before elections. There was a slash on the excise levied on capital goods and the automobile industry. Coming out of a rupee rout in 2013, the government had little room for fiscal excess. 2010 <div type="image" title="669d83a8d6661cb0538a923b518f539e" msid="67667423" hostid="261"></div>

IANS <keyword id="6359124" type="PERSON" weightage="20" keywordseo="pranab-mukherjee">Pranab Mukherjee</keyword>, the Finance Minister of the then Congress Government did not make any major announcements. However, there had been already an announcement about a countrywide farm <keyword id="56684" type="PERSON" weightage="20" keywordseo="loan-waiver">loan waiver</keyword> which was believed to give a second term for the Congress-led alliance. 2004 <div type="image" title="Jaswant Singh" msid="67667304" hostid="261"></div>
IANS <keyword id="6364931" type="PERSON" weightage="20" keywordseo="jaswant-singh">Jaswant Singh</keyword>, the Finance Minister of those times who championed the 2005 interim budget expanded the cover on some programs to stretch the benefits to more people. Here were no new tax concessions. However, some tax procedures were simplified and the scope of some existing ones were widened.

Here’s what election year interim budgets delivered in the recent past

Congress leader P. <keyword id="6362104" type="General" weightage="90" keywordseo="chidambaram" source="Orion">Chidambaram</keyword> on Wednesday took a swipe at the government citing a debate in UK <keyword id="6354721" type="General" weightage="40" keywordseo="parliament" source="Orion">Parliament</keyword> between Prime Minister <keyword id="221875" type="General" weightage="70" keywordseo="rishi-sunak" source="Orion">Rishi Sunak</keyword> and opposition members after his return from India following G20 Summit, and said he wished such a debate took place in India's Parliament. Chidambaram in his post on X said, "Please read the reports of the debate in the House of Commons when MPs questioned Prime Minister Rishi Sunak on his talks with Prime Minister (Narendra) Modi. Hard questions by the Opposition, prompt answers by the Prime Minister." "It is not important who prevailed in the debate. What is important is that a debate took place in Parliament within hours of the Prime Minister's return to Britain. How I wish such a debate took place in India's Parliament. Such questions and answers were normal in Parliament when Jawaharlal Nehru was prime minister," the former Union minister said. His remarks came after Sunak returned to the UK after attending the G20 Summit in India and answered the questions of opposition leaders. The Congress has been critical of the Modi government over not allowing debates in Parliament over important issues. The Congress has on previous occasions accused the government of not allowing the opposition members to speak in Parliament on several pressing issues.

Wish such debates took place in India: Chidambaram after Sunak answers in UK Parliament

When I entered the <keyword id="60501" type="COMPANY" weightage="20" keywordseo="IIM-Bangalore">IIM Bangalore</keyword> campus yesterday, right from the entry gates to the registration desk, at every point my mind asked a question where I was supposed to go, there was either a smiling IIM-B staff to escort or signboards to direct me. 
 I was aware that it is one of the biggest <keyword id="3549661" type="UNKNOWN" weightage="20" keywordseo="Startup-summit">startup summit</keyword> taking place in the country which is why my Editor flew me down to cover it, but having visited a few events in my journalistic career, I was still expecting arrangements here to be shoddy considering it was a student-led summit. Blame this cynicism for some of my past no-so-good experiences. Once down here, however, I was in for a pleasant surprise. 
 
Walking down the lush green lanes at IIM to the Main Building where <a href="http://www.businessinsider.in/IIM-Bangalore-unveils-Eximius-with-some-of-the-biggest-names-from-the-startup-industry/articleshow/53571472.cms">'Eximius'</a> was underway, I already knew I was going to not just just a big, but also a well-managed event. Often, when going for such summits, one sails through a comfortable experience but fails to acknowledge the efforts that go behind putting the event together. And so, I decided to uncover ‘Behind the Scenes’ to understand what must have gone behind putting together Eximius – an event that has 150 college partners, over 100 plus corporate partners, 6 stalwarts as keynote speakers (including former Finance Minister <keyword id="43940" type="PERSON" weightage="20" keywordseo="P-Chidambaram">P Chidambaram</keyword>, Rang De Basanti fame Kunal Kapoor, Actor-Singer-Theatre Director Mr <keyword id="127525" type="PERSON" weightage="20" keywordseo="Piyush-Mishra">Piyush Mishra</keyword> among others). 
 
It’s no child’s play really to host 37 events featuring 150 startups in a mix of sessions - mentorship, on-the-spot events like quiz and simulation games, workshops and <a href="http://www.businessinsider.in/Bzzwings-The-Biggest-B-Plan-Competition-this-year-is-underway-at-IIM-B-and-the-Top-2-Startups-will-get-Funding-upto-Rs-40-lakh/articleshow/53581937.cms">B-plan contests </a>where over a whopping Rs 1 crore is up for grabs! Moreover, some of these sessions have had several rounds before Eximius started, and will have several others after this summit ends. It means continued and doubled efforts for the Organizing Team comprising 33 members - all first and second year Post Graduate Program students. The show they put up is for everyone to see and relish, but the journey to this was a rather difficult one. 
 
During my interaction with the organizers, I learnt that full-fledged work on planning the event began earlier this year, around the same time when several PGP students were underdoing rigorous internships. Kushal Singhal, the Sponsorship Head for Eximius, said, “We were working for the event despite putting 16 hours each day into our internships. We would just go to our rooms to get some sleep.” 
 
Nishank Bidamia, another core team member, said, “Event planning starts 5-6 month in advance and the idea is to conceptualize the event well. We have to make sure the problems statements are conducive enough for participants, the kind of crowd that we get are good for sponsors and several other such things. At the same time, we didn’t want to lose the entrepreneurship focus because our main intention all along was to keep Eximius more entrepreneurship-friendly this year.” 
 
However, real introspection on how to conduct Eximius 2016 had begun last August itself, when the 8th edition took place. 
 
Nishank explained how - "Last year, the first thing we did after Eximius got over was to review the event. We started telling ourselves where we had gone wrong. On the basis of this, we decided to improve on our mistakes in the next edition. So, we first went about solving these problems before planning anything new.” 
 
Once done, the team came up with some new sessions on social entrepreneurship, focusing on technology and digital marketing. Nishank took pride in adding that their hard work helped triple the prize money in competitions this year. No wonder, this team estimated the footfalls to be close to over 5,000 for just a two-day event. 
 
The Organizing team roped in two big incubators– NSRCEL which has a long term association as it works as IIM-B’s incubation cell, and Villgro which came onboard this year and claimed it was ready to provide incubation up to Rs 65 lakh if pitches by social entrepreneurs would compel them to. 
 “There are opportunities of up to Rs 1 crore for people to grab in our event. Besides that we also have IBM and <keyword id="1397792" type="UNKNOWN" weightage="20" keywordseo="Kalaari-Capital">Kalaari Capital</keyword> who will also be viewing entries. There again is a chance of getting VC funding here if startups impress them. We also started a monthly initiative called B-starters last year to promote entrepreneurship within the college. IvyCamp, a part of IvyVentures, was brought on-board so that people who want to be entrepreneurs in college and who aspire to be one in and around the college could get an opportunity to get access to mentors. We are carrying this association with them in Eximius where startups would get a chance to be mentored by the Ivy mentors,” said Nishank. 
 
The most startling fact is that they went contacting companies using social media. Kushal said, “We contacted companies through Linkedin. The IIM tag and the success of the previous Eximius editions helped us a lot in getting companies to sponsor the event.” 
 
Eximius has been growing by 15-20 per cent every year, and there was no reason for the organizing team who started looking for sponsorships in February this year, to believe that they would fail in their endeavour. But again, the journey was not a cakewalk and their sportsmanship reflects as they shared details with Business Insider. 
 
Kaushal Kishore, the Secretary of ENI club at IIM Bangalore, said, “For each sponsor we contacted, we had a list of at least 15-20 companies who rejected our proposal. Almost 35 companies rejected out proposal. Sponsorships side, we got rejections from on the event side as well. So, we must have contacted at least 100 or more personalities for speaker sessions. Some rejected the offer, some agreed but the time of the event did not suit them and so they turned the offer down, till ultimately when we zeroed in on the 10 eminent speakers that we have now.” 
 
Even as it was a nerve-wracking moment for these students, the best part is they all laughed about it while narrating their experience. Just three days before the D-Day as I got chatting with them, they were excited and nervous both. 
 
Kushal said – “We attend classes till 6 pm, then assemble for the event work. We stay up till 6 am in the morning. Even if we there’s time to sleep, we can’t.” 
 
But almost all of them pitched in to tell me what fun time they had attending classes, carrying out internships and doing submissions while working crazily for Eximius by staying up late, chatting and having meetings in the dead of the night alongside some music. 
 
Kaushal said, “A team of 33 have been handling this event and after passing out from college, we don’t think we will ever get a chance in life when such a dedicated team would ever come together again to drive an event or a project.” 
 
For someone who came here to cover the event, I see a larger thing that goes their credit - As innovative business models are being unearthed at the IIM-B campus throughout the day today, the team has been able to connect the student community and early-stage startups to the industry (mentors, investors and full-grown startups) inside their campus which can help ideas get transformed into empowered ventures. When we say India needs a startup ecosystem, this is what it means, except that it has to be done on a much larger scale, but with the same passion, dedication, willingness, commitment and goal. 
 
…..At least we know, India is going into the right hands. Kudos, TEAM EXIMIUS!

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