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The <keyword id="6354572" type="General" weightage="100" keywordseo="cbi" source="Orion">CBI</keyword> has asked the Commission for Control of <keyword id="6355520" type="General" weightage="80" keywordseo="interpol" source="Orion">Interpol</keyword>'s Files (<keyword id="73399" type="General" weightage="80" keywordseo="ccf" source="Orion">CCF</keyword>) for the restoration of a <keyword id="313664" type="General" weightage="80" keywordseo="red-notice" source="Orion">Red Notice</keyword> against fugitive diamantaire Mehul <keyword id="31842" type="General" weightage="80" keywordseo="choksi" source="Orion">Choksi</keyword> who is wanted in Rs 13,000 crore bank fraud in Punjab National Bank, the agency said in a statement. Interpol opened a Red Notice against Choksi in 2018 on a request from the CBI and the Enforcement Directorate. His appeals against the decision were rejected in 2020. In 2022, nearly a year after his alleged abduction attempt, he approached the CCF, a separate body within Interpol that is not under the control of the Interpol Secretariat and is mainly staffed by elected lawyers from different countries "to revise its earlier decision of 2020", the agency said. "...based on mere imaginary conjunctures and unproven surmises, a five-member CCF chamber, has taken a decision on the deletion of Red Notice, communicated in November 2022," the agency said. It said the CCF has subsequently clarified to the CBI that its decision in no manner has any determination on any guilt or innocence of Mehul Chinubhai Choksi for crimes he remains charged with within India. "CCF has reiterated that it has not established factual certainties and there is no factual finding in their decision that Mehul Chinubhai Choksi will not have a fair trial. Based on new information and serious errors in the decision, CBI is taking steps for the decision of CCF to be revised," it said. The agency said the CBI has taken up with CCF the "serious shortcomings, procedural violations, overreach of mandate and mistakes committed by CCF" in the manner of reaching this unfounded and perfunctory decision. "CBI continues to exercise available remedial and appellate options within Interpol for rectification of this faulty decision and for restoration of Red Notice," it said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/bank-of-baroda-backed-indiafirst-life-insurance-gets-sebi-nod-to-launch-ipo/articleshow/98859682.cms">Bank of Baroda-backed IndiaFirst Life Insurance gets SEBI nod to launch IPO</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/news/two-of-uranus-moons-may-have-active-oceans-nasa-study/articleshow/98860915.cms">Two of Uranus' Moons may have active oceans: NASA study</a>

CBI seeks restoration of Red Notice against fugitive diamantaire Mehul Choksi

The deaths of two African cheetahs at Madhya Pradesh's Kuno National Park (KNP) within one month has generated questions in government quarters and among wildlife enthusiasts on whether there were lapses in handling them at their new habitat where a total of 22 felines including four newly borne cubs are living. Amid the questions, a team from the National Tiger Conservation Authority (NTCA) -- the nodal agency for the "reintroduction of cheetahs" on Indian soil -- will be visiting KNP soon to review the implementation of the project with the officials of the Madhya Pradesh forest department and the scientists of the Wild Life Institute of India, the NTCA officials told IANS. In the meantime, the MP forest department pushed the recommendation for shifting some of the <keyword id="54781" type="General" weightage="20" keywordseo="cheetah" source="Orion">cheetah</keyword>s to a new habitat, which is also part of the 'Cheetah Action Plan', as the officials claimed. Giving details of the 'Cheetah Reintroduction Action Plan', principal Chief Conservator of Forests (CCF) Wildlife of Madhya Pradesh J. S. Chouhan wrote to the NTCA in the first week of April (soon after female Namibian cheetah Sasha died) to find an alternative enclosure to shift some cheetahs from KNP. "Keeping all the cheetahs at one site will be a risk for reintroduction of the cheetahs. Also, KNP can accommodate a maximum of 21 cheetahs at one time and at present it has 22 and therefore, I have requested the NTCA to find an alternative place to shift some of them," J. S. Chouhan had told IANS a couple of days ago, adding that shifting of some cheetahs is also part of the "cheetah reintroduction action plan'. There has been considerable debate among conservationists on whether the cheetah, which needs vast tracts of land to run and hunt, can thrive in India where suitable land is limited unlike in the African reserves. Even before 20 cheetahs were imported from Namibia and South Africa, some experts had raised questions over how the space shortage is likely to affect the cheetah reintroduction project at Madhya Pradesh's KNP, which has a core area of 748 sq km and a buffer zone of 487 sq km. In such a situation, there are worries about the 11 South African cheetahs (one of the 12 South African cheetahs 'Uday' died a few days back) when they will be released into a larger area at KNP. As of now, the African cheetahs are in the acclimatisation enclosure. The Cheetah Task Force Committee also pointed out this issue during it's last meeting. "African cheetahs are in the acclimatisation enclosure and they will be ready for release in 15-20 days. Releasing all of them at KNP will not be practical, therefore an alternative site is highly desirable," a member of the Cheetah Task Force Committee told IANS on condition of anonymity. At the same time, sources aware of the developments claimed that shifting some of the cheetahs has raised a political controversy as there is a possibility that the alternative site will be the Mukundra Tiger Reserve located near Kota in Rajasthan. Amid all this buzz, IANS sent some written queries to the NTCA. Responding on the shifting of the cheetahs, S. P. Yadav, a senior member of the NTCA said, "A cheetah action plan has been prepared in consultation with all experts in cheetah conservation. It is a long term project and should not be judged after a few months. Based on our experience at Kuno, further decisions on these issues will be taken." He added that "It's sad that two cheetahs have died. However, in such transcontinental efforts the mortality of animals cannot be ruled out. Some of them may die due to several causative factors and it has already been factored into the Project Cheetah Action Plan available in the public domain. In compliance with the Hon'ble Supreme Court's order cheetah translocation has been taken up on an "experimental basis". Replying to a further query if the NTCA has issued some directives to Kuno following the death of two cheetahs, the NTCA member said, "All the protocols of monitoring cheetahs are strictly being followed in the field. We are going to review the implementation of the project soon with MP government officials and scientists of the WII." Owing to rampant hunting, cheetahs were officially declared extinct in India in 1952. Seven decades later, on September 17, 2022, eight cheetahs were flown in from Namibia and released by Prime Minister Narendra Modi on his 72nd birthday at the KNP, marking the reintroduction of cheetahs into the Indian wilds. Five months later, 12 South African cheetahs joined the eight Namibians at the KNP on February 18, taking the total number to 20. However, the project suffered the first blow with the death of one of the Namibian females, Sasha on March 27 due to severe renal infection. Just two days later, another Namibian female gave birth to four cubs, the first cheetah births on Indian soil in seven decades. However, just 27 days later, one of the 12 South African cheetahs, an adult male Uday, died suddenly due to cardiopulmonary failure at KNP. The detailed report on what caused the cardiopulmonary failure is still awaited. SEE ALSO: <a href="https://www.businessinsider.in/tech/gadgets/news/oneplus-pad-review-feature-packed-tablet-with-a-sleek-design/articleshow/99848436.cms">OnePlus Pad review: feature-packed tablet with a sleek design</a> <a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-shipments-decline-by-19-in-q1-2023-5g-smartphones-share-increases/articleshow/99815120.cms">Three out of five smartphones sold above ₹45,000 in India were iPhones between Jan-March: Counterpoint</a> <a href="https://www.businessinsider.in/business/news/jiocinema-may-soon-launch-premium-subscription-plans-offering-4k-content-starting-at-2-per-day/articleshow/99736111.cms">JioCinema may soon launch premium subscription plans starting at ₹2 per day</a>

Cheetah deaths at Kuno spur authorities to initiate a project review

Courtesy of Impossible FoodsIn a video posted by Impossible Foods to YouTube on Sunday, Brown plays a spelling bee moderator who describes the word "poop" to a confused and disgusted contestant.<ul class="summary-list"><li>A video posted by Impossible Foods on Sunday features CEO Pat Brown as a spelling bee moderator asking a contestant to spell "poop."</li><li>The video is a parody of a Super Bowl ad targeting plant-based "meat" by the Center for Consumer Freedom, in which contestants are unable to spell "methylcellulose," an ingredient in many plant-based "meat" products.</li><li>Methylcellulose, a common dietary fiber and thickening agent derived from plants, is considered by the World Health Organization to be harmless to health.</li><li>Impossible Foods' chief communications officer, Rachel Konrad, spoke with Business Insider about the two ads and why the company felt compelled to respond with its first-ever parody video.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>"Poop," Impossible Foods CEO Pat Brown repeats. "The stinky brown stuff that comes out of your butt." In a video posted by Impossible Foods to YouTube on Sunday, Brown plays a spelling bee moderator who describes the word "poop" to a confused and disgusted adolescent contestant."There's lots of poop in the places where pigs and chickens are chopped to pieces to make meat," Brown continues. "And there's poop in the ground beef we make from cows."The surreal, snarky video seems to be taking a bite out of beef, but it's actually a shot-for-shot parody of an attack ad targeting plant-based "meat" that ran during Sunday's Super Bowl."The ad was so preposterous and asinine that we felt we had no choice but to have fun with it," Impossible Foods' chief communications officer, Rachel Konrad, told Business Insider.The Super Bowl commercial, which was funded by the Center for Consumer Freedom, or CCF, features a spelling bee in which a young contestant struggles to spell "methylcellulose.""It's a chemical laxative that's also used in synthetic meat," the moderator says in the ad. A woman in the audience raises both eyebrows in disgust. The girl on stage furrows hers. "M .... y?" she attempts. A buzzer sounds, and the moderator says, "Sorry, incorrect." The girl mopes off stage, and the screen is flooded with ingredient names."If you can't spell it or pronounce it, then maybe you shouldn't be eating it," the video concludes.<h2>'An ongoing attack campaign'</h2>This isn't the first time that CCF has released an advertisement critical of plant-based "meat.""They have had an ongoing attack campaign on plant-based 'meat' for at least a year and a half," Konrad said.CCF is a nonprofit <a href="https://www.nytimes.com/2010/06/18/us/politics/18berman.html">founded by Richard Berman</a>, who also owns and runs Berman &amp; Co, a public relations group representing food, alcohol, tobacco, and other corporate interests. In the last two years, Berman and his associates have published ads and op-eds against plant-based "meat" in major newspapers like the <a href="https://wellness.consumerfreedom.com/ny-times-dog-food-or-fake-meat/">New York Times</a>, the <a href="https://www.wsj.com/articles/plant-based-meat-is-all-hat-and-no-cattle-11572997943">Wall Street Journal</a>, and <a href="https://www.usatoday.com/story/opinion/2019/11/02/red-meat-flawed-health-climate-claims-new-research-column/4112887002/">USA Today</a>.Other targets of Berman and CCF <a href="https://www.consumerfreedom.com/advocacy/">attack ad campaigns</a> have included the Humane Society, PETA, environmental groups, MADD, and labor unions. The ties between Berman, CCF, and the corporate entities they represent are not always openly disclosed in these ads and op-eds.CCF managing director Will Coggin told Business Insider in an email: "Despite the perceived health halo, synthetic meats are the opposite of 'clean' eating. Our ad highlights a few of the many industrial ingredients found in synthetic meat products."Methylcellulose, the subject of CCF's commercial, is used as a thickening agent in many consumer products, baked goods, and processed foods. It is derived from cellulose, a naturally occurring fiber in most plants, and the World Health Organization considers its addition in food <a href="https://www.sciencedirect.com/topics/agricultural-and-biological-sciences/methyl-cellulose">harmless to health</a>.<h2>Having a little fun with it</h2>Usually, Impossible Foods responds to attack ads with blog posts that contain information to counter the content of the ads. But after seeing CCF's Super Bowl ad last week, the company felt it warranted a different kind of response.On Saturday morning, Konrad and a creative team wrote, shot, and edited the poop spelling bee video in Impossible Foods' headquarters. Konrad did the voiceover while employees and family members acted in the video."It was super DIY," Konrad said. "But we really just wanted to have a little fun with it because that original ad by big beef was just so lame and so easy to make fun of that we could not resist."Business Insider asked CCF for comment on Impossible Foods' parody version of its Super Bowl ad."Imitation is the highest form of flattery. We must be doing something right if our ad prompted Impossible Foods to desperately rush to make a video response. It seems as though they are just flinging poop at the wall to see what distracts consumers from the ultra-processed nature of their products," Coggin said.Despite Impossible Foods' scathing response to CCF's ad, Konrad says that the company isn't worried by efforts to discredit its product."The incumbent industry is very scared," Konrad said. "And historically when there's an incumbent industry on the wrong side of history, whether that's tobacco or coal or whatever, you go to a group like the Center for Consumer Freedom and you ask them to spread fear and doubt about your existential threat." <h3>NOW WATCH: <a href="https://www.businessinsider.com/how-lava-lamps-are-made-2020-1">How lava lamps are made at the 55-year-old factory where they were invented</a></h3>

Impossible Foods made a parody video about poop in beef in response to a Super Bowl ad attacking plant-based 'meat'

Courtesy of Beyond MeatBusiness Insider spoke with Beyond Meat CEO Ethan Brown about the beef lobby's escalating campaign against plant-based "meat" products.<ul class="summary-list"><li>As plant-based "meat" products from companies like Beyond Meat and Impossible Foods grow more popular, the beef industry is fighting back with critical ad campaigns.</li><li><a href="https://www.businessinsider.com/impossible-foods-made-parody-video-ccf-super-bowl-ad-2020-2">A Super Bowl ad excoriating "fake meat"</a> was the latest in a series of attack ads on plant-based "meat" companies funded by the Center for Consumer Freedom, a nonprofit group with ties to food and agriculture corporations.</li><li>Business Insider spoke to Beyond Meat CEO Ethan Brown about the latest attacks on plant-based meat, and Brown remains unbothered.</li><li>"I think the facts are on our side," Beyond Meat CEO Ethan Brown said when asked by Business Insider about his response to the ads.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>As plant-based "meat" producers like Beyond Meat and Impossible Foods explode in popularity, they face increasing backlash from the beef industry.But Beyond Meat CEO Ethan Brown is unfazed."It's between us and the consumer," Brown said in a recent interview with Business Insider. In November and December 2019, meatless burger producers recorded major victories in <a href="https://www.forbes.com/sites/nicksibilla/2019/11/07/mississippi-ends-ridiculous-ban-on-labeling-veggie-burgers-veggie-burgers/#55f4da724087">Arkansas, Missouri, and Mississippi</a>, after winning back the right to call their products "burgers." Earlier that year, several states <a href="https://www.vox.com/future-perfect/2019/7/3/20680731/mississippi-veggie-burgers-illegal-meatless-meat">passed laws</a> prohibiting companies from calling veggie burgers "burgers" and plant-based milks "milks," largely thanks to the efforts of agricultural lobbyists.Around that time, op-eds lambasting plant-based "meat" were published in the <a href="https://www.wsj.com/articles/plant-based-meat-is-all-hat-and-no-cattle-11572997943">Wall Street Journal</a> and <a href="https://www.usatoday.com/story/opinion/2019/11/02/red-meat-flawed-health-climate-claims-new-research-column/4112887002/">USA Today</a>, written by lobbyists with ties to the beef industry, Richard Berman and Will Coggin, respectively. The Center for Consumer Freedom, of which Berman is executive director and Coggin is managing director, primarily <a href="https://www.nytimes.com/2010/06/18/us/politics/18berman.html">conducts attack ad campaigns</a> against rivals of their corporate clients.The most recent attack ad released by CCF <a href="https://www.businessinsider.com/impossible-foods-made-parody-video-ccf-super-bowl-ad-2020-2">aired during the Super Bowl</a> and featured a spelling bee contestant trying and failing to spell "methylcellulose," an ingredient in many plant-based burgers as well as in many processed foods. The ad concludes: "If you can't spell it or pronounce it, then maybe you shouldn't be eating it."Brown, however, remains unconcerned."The lobbyists can do their thing. Let us do our thing, let us serve the consumer and I think great things can happen. I pay almost no attention to that," he said.CCF says that it is trying to raise awareness about the ingredients in so-called "fake meat.""Despite the perceived health halo, synthetic meats are the opposite of 'clean' eating. Our ad highlights a few of the many industrial ingredients found in synthetic meat products," Coggin told Business Insider in an email earlier this week. However, Brown says that his company's products stand on their own. He also refuses to call them "fake meat, "saying that what Beyond does is use plants to recreate the experience of eating meat. He refuted CCF's insistence that plant-based "meat" products are overprocessed and artificial, emphasizing the nutritional advantages of Beyond products versus meat products."I think the facts are on our side," Brown said. "If you look at our sausage, for example, it's 50% less fat, 44% less saturated fat, 37% less sodium, more protein, and more iron. So let people say what they want." <h3>NOW WATCH: <a href="https://www.businessinsider.com/how-lava-lamps-are-made-2020-1">How lava lamps are made at the 55-year-old factory where they were invented</a></h3>

Beef lobbyists are ramping up their attacks on plant-based 'meat,' but Beyond Meat's CEO says 'the facts are on our side'

(Eds: updating toll) Srinagar, Jun 19 () A 15-day-old baby was among three COVID-19 patients who died at a hospital here, taking the number of fatalities due to the novel coronavirus in the Union Territory to 75, officials said on Friday. The baby is the youngest COVID-19 victim in the union territory, the officials said, adding all the deaths took place at SKIMS hospital in Soura area of the city here. The baby from Bemina area had tested positive for the virus and was admitted to the hospital on Wednesday as a case of aortic stenosis with Congestive Cardiac Failure (CCF). The newborn died this morning. They said a 79-year-old man from Nowshera area of Srinagar, who had tested positive for COVID-19, died at 11:15 pm on Thursday night. The patient was admitted to the hospital on June 8 and was suffering from hypertension, hypothyroidism, with bilateral chest infiltrate.He had contact history with a positive patient, they said. In another death at the hospital, an 80-year-old man from Sopore area of north Kashmir's Baramulla district passed away at 9 am on Friday, the officials said. They said the patient was admitted at the hospital on June 17 with hypertension and cardiac failure. His sampling was done that day only and the report returned as positive the next day, they added. SSB DV DV

COVID-19:Newborn among three dead in J-K

The year 2015 is a landmark in our pursuit of sustainability! The <keyword id="6355833" type="General" weightage="50" keywordseo="united-nations" source="Orion">United Nations</keyword> adopted Agenda 2030 for Sustainable Development in 2015, including 17 Sustainable Development Goals (SDGs) to end poverty, protect the environment, and ensure prosperity for all, laying a roadmap to ensure sustainable social, environmental, and economic progress worldwide. In the same year, <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword> and 195 other member nations adopted the Paris Agreement—the most ambitious effort so far to strengthen the global response to the threat of climate change. The Agreement aims to limit the rise in the 21st century’s mean global temperature to within 1.5°C of pre-industrial levels and saw a slight shift from the Kyoto Protocol Principles of Common but Differentiated Responsibilities. <keyword id="3087299" type="General" weightage="50" keywordseo="paris-agreement" source="Orion">Paris Agreement</keyword> called for all countries to submit a plan, known as a Nationally Determined Contribution (<keyword id="66873" type="General" weightage="50" keywordseo="ndc" source="Orion">NDC</keyword>), that detailed their contributions to achieving the agreement’s objectives. All parties must revise NDCs every five years to aim for even faster progress towards net-zero emissions and should regularly report on their emissions and their implementation efforts. <cmsannotation type="cmsannotation" annotationid="India’s commitment to climate action" comment="subhead" text="India’s commitment to climate action">India’s commitment to climate action</cmsannotation> Recognising that technology and finance will be key enablers, India’s NDC detailed its two-pronged approach, comprising the promotion of clean <keyword id="6357014" type="General" weightage="80" keywordseo="energy" source="Orion">energy</keyword> technology and enhancing energy efficiency. In addition, our country identified other mitigation strategies like developing climate-resilient urban centres and setting up a green transportation network for safe, smart, and sustainable emissions reduction. In line with the spirit of the Agreement, Prime Minister Narendra Modi announced India’s upgraded Panchamrit strategy at the 26th Conference of Parties (COP-26) last year, comprising five immediate goals to achieve net-zero emissions by 2070. Chief amongst them is reaching a non-fossil fuel energy capacity of 500 GW by 2030, with at least 50% of all energy requirements being met by renewable energy sources. Furthermore, outlining the country’s strong climate ambition for the current decade, India has called upon the investor community to invest in research and development, manufacturing, and deployment of green technologies, also known as <keyword id="736063" type="General" weightage="50" keywordseo="green-infrastructure" source="Orion">green infrastructure</keyword> finance. On its part, the <keyword id="26362" type="General" weightage="50" keywordseo="government" source="Orion">Government</keyword> of India (GoI) has already launched a Climate Finance Leadership Initiative (CFLI) in partnership with the UK government to mobilise private capital in support of green energy projects in India. <cmsannotation type="cmsannotation" annotationid="Towards clean energy" comment="subhead" text="Towards clean energy">Towards clean energy</cmsannotation> Even before the formation of CFLI India, the country had already more than doubled the share of renewable energy in the total energy mix from 11.8% in March 2015 to 25.2% in July 2021. Additionally, about 63 GW of renewable energy capacity is under various construction phases and will add to the current non-fossil fuel-based installed capacity of 157.32GW. With India’s power requirements estimated to reach 817 GW by 2030 as per the Central Electricity Authority, the country will need to tackle cost headwinds for solar power projects caused by a nearly 35% increase in the average price of imported solar PV modules over the past year. The Indian chapter of the CFLI will thus aim to accelerate financing for renewable energy infrastructure, with a particular focus on solar and wind power-based projects. This initiative will go a long way in supporting the achievement of India’s target of 450 GW of renewable energy by 2030 and can potentially take installed power capacity from non-fossil fuels to 66% of the total energy capacity in the country. According to climate and energy research firm CEEW Centre for Energy Finance (CEEW-CEF), India will need close to US$10 trillion or roughly ₹750 lakh crore to meet its goals of net-zero carbon emissions by 2070. This will involve taking India’s total installed solar power capacity to over 5,600 GW by 2070, dropping the usage of coal for power generation by 99% before 2060 and developing <a href="https://www.ceew.in/publications/reducing-green-hydrogen-production-cost-in-india">Green hydrogen</a> infrastructure to contribute 19% of the total industrial sector’s energy needs by 2070. India has also signalled that the future of mobility is Electric! This is also evident from the continuous decline in Battery pack pricing, decreasing from around Rs 75,000/kWh in 2010 to Rs 11,000/kWh in 2021, bringing the EV sector to the forefront as the country’s next sunshine sector. Technology cost, customer preference, and infrastructure rollout remain the critical impediments to the faster adoption of Electric vehicles. India’s retail vehicle finance industry is estimated at Rs 4.50 lakh crore as per <keyword id="2644759" type="General" weightage="50" keywordseo="niti-ayog" source="Orion">Niti Ayog</keyword>, and only recently specialised EV loans have been taken up by the Banks/FIs. <cmsannotation type="cmsannotation" annotationid="Financing a sustainable future" comment="subhead" text="Financing a sustainable future">Financing a sustainable future</cmsannotation> A NITI Aayog report estimates that the energy sector would need US$4.5 trillion by 2030 to address the current infrastructure gaps and increase the renewable energy sector’s share to 50% of the total energy produced. With the country relying on domestic finance so far, the onus is now clearly on local and foreign entities to step-up green infrastructure financing initiatives. It will be a critical enabler for the world’s fastest-growing major economy to achieve its ambitious targets set for 2030. Foreign funds are now available to meet this demand, but they come with perils. The overall financing cost of such foreign funds can also be a non-starter for many domestic players as it would appear that this cheap financing is available at 2 to 4%, but hedge fund cost makes it too steep. The Government can step in by establishing a Hedge Fund, which can bring in the necessary respite. This Government hedge fund can be created to fund risks on account of currency fluctuation up to a certain range, thereby bringing down the overall cost for developers seeking the Foreign funds. Debt funds can also be tapped to offer cheaper financing when projects are implemented in India. In the past, the Government had also provided additional Income tax incentives under Section 80CCF under Infrastructure Bonds. Evidently, the growth of infrastructure projects, especially renewables, accelerated during that period. Currently, the Agriculture Infrastructure and Development Cess and the Road and Infrastructure Cess are levied on the sale of petrol and diesel. Similarly, a cess can be earmarked for financing Green Infrastructure projects. We have also witnessed a surge in the Energy exchange prices late, with the thermal merchant power plants being the biggest beneficiaries in the Day-Ahead Markets. Although the Central Regulator has stepped in and put a forbearance price for such sale of power, however, a mechanism should be in place to introduce sharing of such windfall gains by contributing a certain percentage of the profits towards Green Infrastructure development. Shri Sitesh Sinha is the Head, Credit, and Senior Vice President at PTC India Financial Services Limited. Disclaimer: The opinions expressed are of the author/interviewee and do not necessarily reflect the views of Business Insider India. The article has been partly edited for length and clarity. This column is part of June 2022’s month-long awareness campaign on the theme “Only One Earth: Sustaining People, Planet and Prosperity” by <a href="https://www.businessinsider.in/sustainability">Business Insider India’s Sustainability Insider</a>.

OPINION: India’s fight against climate change hangs in balance! Here’s how the country could finance a sustainable future

The country's first <keyword id="9479283" type="PERSON" weightage="20" keywordseo="lichen-garden">lichen garden</keyword> has been developed in Munsiyari, a <keyword id="9479284" type="LOCATION" weightage="20" keywordseo="picturesque-hill">picturesque hill</keyword> station in Uttarakhand's Kumaun region, by the research wing of the state's forest department. Surrounded by snowcapped peaks, Munsyari was chosen as the site for developing the garden as it is considered a hotspot for lichens also known locally as 'Jhula' or 'Patthar ke Phool', Chief Conservator of Forest (research wing) Sanjiv Chaturvedi under whose guidance the garden was developed told on Sunday. Spread over nearly two acres, the garden boasts of more than 80 species of lichen, used as a key ingredient in the famous Hyderabadi biryani to create its distinctive flavour and in indigenous perfumes for its aromatic properties, he said. The garden was inaugurated and thrown open to the public on Saturday. In view of the <keyword id="1754604" type="PERSON" weightage="20" keywordseo="coronavirus">coronavirus</keyword> pandemic the garden has been opened in a limited way for the public to avoid crowding but once the virus' upward surge stops, the facility will be opened in a full-fledged manner for people, Chaturvedi said. "Lichen is a key spice in Hyderabadi biryani without which the flavour is incomplete. It is also used in the preparation of an indigenous perfume in Kannauj. Apart from being used as an essential component in different non-vegetarian dishes especially biryani, it is also used in sunscreen creams, dyes and medicines," the official said. As lichen needs absolutely clean air to grow, it also serves as a significant bio indicator to determine the level of air pollution of a specific area. Lichen also has the ability to separate the minerals by eroding rocks, he said, adding that when lichens die and dissolve into the earth, they leave a mix of mineral and organic matter in the soil which help the growth of other plants. The garden was to be developed in five years but due to the dedication of my team it was completed in just a year, the CCF said. Lichens are a symbiotic organism, usually composed of a fungal partner (mycobiont) and one or more photosynthetic partner (photobiont) which is most often either a green algae or cyanobacterium, Chgaturvedi explained. They mainly grow on the barks of trees, walls, rocks, gravestones roofs and soil. More than 20,000 species of lichens are found around the world. India has around 2,714 species out of which Uttarakhand has 600 species found mainly in Munsiyari, Ashkot, Bageshwar, Pithoragarh, Ramnagar and Nainital, he said. SEE ALSO: <a href="https://www.businessinsider.in/thelife/personalities/news/elon-musk-birthday-age-net-worth-and-important-milestones-in-last-8-years/slidelist/76672866.cms" data-type="tilCustomLink">Birthday flashback: All the things that Elon Musk did after making his first billion just 8 years ago⁠</a> <a href="https://www.businessinsider.in/india/news/assam-flood-situation-worsens-4-63-lakh-people-affected-across-1289-villages/articleshow/76669400.cms" data-type="tilCustomLink">Assam flood situation worsens, 4.63 lakh people affected across 1,289 villages</a>

India's first lichen garden comes up in Uttarakhand's Munsiyari

<div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="http://www.apimages.com/metadata/Index/Health-Care-Overhaul/927af5e11ea44b208ea80f0d375243fe/8/0">Brennan Linsley/AP</a></div></div></div><ul><li>The Congressional Budget Office (CBO) estimates that an extension of the Children's Health Insurance Program (CHIP) would cost the government $800 million over 10 years.</li><li>An earlier projection put the cost at $7.4 billion, but the Republican tax law signed by President Donald Trump last month changed that. </li><li>Advocates hope this change will enable Congress to come to an agreement on a long-term solution.</li></ul> Time is running out yet again for Congress to agree on a long-term solution for the Children's Health Insurance Program (CHIP), a bipartisan measure that insures close to 9 million children and pregnant women across the US. CHIP expired September 30, threatening coverage for millions of recipients who would likely otherwise be uninsured. While the 20-year-old program enjoys wide support from Republicans and Democrats, they have been unable to compromise on an extension over a funding dispute. But last week, the Congressional Budget Office (CBO) granted lawmakers a lifeline. In a <a href="https://www.cbo.gov/system/files/115th-congress-2017-2018/costestimate/s1827_1.pdf" target="_blank" rel="noopener">letter</a> to Utah Sen. Orrin Hatch, who heads the Senate's Finance Committee, CBO Director Keith Hall said that a five-year extension of CHIP would cost the government $800 million over a 10-year period. That is $7.4 billion less than the CBO's <a href="https://www.cbo.gov/publication/53234" target="_blank" rel="noopener">earlier projection</a> announced in October."The new CBO score is great <keyword id="6355005" type="COMPANY" weightage="60" keywordseo="News">news</keyword> because a major sticking point has been how to pay for CHIP," Tricia Brooks, a healthcare policy expert and former CHIP director for New Hampshire, told Business Insider. Last month, when Congress <a href="https://www.medicaid.gov/chip/downloads/financing/preliminary-allotments.pdf" target="_blank" rel="noopener">allocated $2.85 billion</a> in additional funding to keep CHIP running a couple extra months in the most vulnerable states, some lawmakers complained that they <a href="https://www.theguardian.com/us-news/2017/dec/03/orrin-hatch-chip-healthcare-program-joe-scarborough" target="_blank" rel="noopener">didn't have enough money</a> to pay for the program. But now that the CBO has shaved billions off its projection, Brooks suggests that it may help Congress finally come to an agreement. <h2>Trump's tax bill might save CHIP</h2><div class="KonaFilter image-container display-table"><div><div class="image on-image">Reuters/Carlos BarriaPresident Donald Trump celebrates with Congressional Republicans after Congress passed tax reform in December 2017.</div></div></div>The drastic change in CHIP's estimated cost is a result of the <a href="http://www.businessinsider.com/trump-signs-republican-tax-reform-bill-2017-12" target="_blank" rel="noopener">Republican tax law</a> that President Donald Trump signed in December, according to the CBO. Thanks to the law's repeal of the individual mandate, which forced Americans to buy health insurance or pay a fine, the cost of healthcare in the marketplaces will likely increase.This will encourage parents to shift their children from the marketplace to CHIP, a cheaper alternative. The more people enrolled in CHIP, the less the government will have to subsidize individuals in marketplace exchanges. Today's delay in long-term funding has forced states around the country to rely on leftover money and emergency government grants to maintain coverage for millions of their residents. But these temporary funds are quickly disappearing. Georgetown University's Center for Children and Families (CCF) <a href="https://ccf.georgetown.edu/wp-content/uploads/2018/01/When-Will-States-Run-Out-of-Federal-CHIP-FundsFINAL.pdf?utm_source=newsletter&amp;utm_medium=email&amp;utm_campaign=&amp;stream=top-stories" target="_blank" rel="noopener">predicted in a report</a> this month that 11 states would run out of CHIP funding before the end of February if Congress doesn't approve a long-term solution. Another 13 states are expected to run out of funds the following month. By March 1, the CCF says that at least 1.7 million people could lose coverage. Since 1997, CHIP has provided healthcare to millions of Americans and helped to drastically reduce the uninsured rate of children. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/animated-map-of-200-years-us-border-territory-changes-2016-1">Here's how the map of the United States has changed in 200 years</a></h3> <div> </div> </div>

The Republican tax law will likely save the government billions on a crucial child healthcare program - but Congress still can't make a deal on it

<keyword id="6356076" type="UNKNOWN" weightage="20" keywordseo="indian-economy">Indian economy</keyword> is on the move and the growth rate is expected to touch more than 6.5% by Financial Year 2015-16. The government has already taken significant steps to improve foreign investments in India in various sectors like defence, insurance, <keyword id="17408" type="PERSON" weightage="20" keywordseo="infrastructure">infrastructure</keyword> etc. However, India still has a long way to go. 
 We are still ranked 86 amongst 139 countries with regards to quality of overall infrastructure, which is way below other emerging countries such as China (50) and Brazil (62) in the <keyword id="69007" type="ORGANIZATION" weightage="20" keywordseo="World-Economic-Forum">World Economic Forum</keyword>'s 2010-11 global competitiveness index. 
 Perhaps, this is why the new government has identified infrastructure development as one of its key focus areas. The NaMo Government has a comprehensive agenda intended at taming inflation and giving a boost to investments in manufacturing and infrastructure sectors. Several measures towards creation of a seamless logistics network were indicated in the last <keyword id="6360189" type="COMPANY" weightage="20" keywordseo="Union-Budget">Union Budget</keyword>. These included setting up of new airports, ports, industrial corridors and an institution to support mainstreaming of PPPs. Measures were also taken to provide long-term capital for financing such projects, by introducing <keyword id="6354553" type="COMPANY" weightage="20" keywordseo="real-estate">Real Estate</keyword> Investment Trust (‘REIT’) and Infrastructure investment trusts (‘InvITs’). 
 
The Government is also expected to introduce a slew of reforms to improve growth and announce a number of measures to encourage infrastructure financing as part of its plan to improve the infrastructure facilities of India. 
 
Infrastructure sector is short of funds 
It’s no secret that big economies that are poised for long-term rapid growth need improved infrastructure. There have been a number of stalled infrastructure projects for developments of roads, railways, ports, power etc. in India. The Indian economy requires more than USD$1 trillion in the next 3-5 years for building our infrastructure, but banks with their balance sheet constraints will not be able to meet this requirement. Banks do not have access to long-term deposits and, therefore, long-term loans are seen as a risky proposition that create asset-liability mismatch. NPAs of state-run banks rose to 4.5% of advances at the end of March from 2.3% in the previous year, largely due to delayed clearances or fuel supply in case of power projects. Also, there is also a restriction on how much banks can lend to an individual project. 
 
Infrastructure bonds offer the way out 
One method of raising funds for infrastructure companies is to issue long-term infrastructure bonds to various investors. In the Finance Act 2010, the Government had introduced Section 80CCF in the Income-Tax Act (‘Act’), whereby they allowed a deduction of Rs 20,000 in computing their total income for subscribing to such long-term infrastructure bonds issued by government notified infrastructure companies. 
 
The rationale of providing this deduction was to promote investment in the infrastructure sector. However, the benefit of Section 80CCF of the Act was available only for assessment years beginning April, 2011 and year April, 2012. The long-term infrastructure bonds had a maturity period ranging from 10-15 years and many companies provided a buy back option after 5 years without sacrificing any interest income. The bonds were listed on the stock exchanges and could be traded after the five year lock-in-period. The issuers of such bonds were not allowed to pay more than the yield on government securities of same maturity. This benefit under section 80CCF of the Act was provided to individuals and HUF over and above the deduction provided under section 80C of the Act which is presently at Rs 1.5 lakhs. 
 With large investments required in building infrastructure in India, the benefit of Section 80CCF should be reintroduced in <keyword id="2549811" type="UNKNOWN" weightage="20" keywordseo="Budget-2015">Budget 2015</keyword>. It is recommended that benefit of Section 80ccF of the Act be restored and the deduction of Rs 20,000 earlier provided be increased to Rs 50,000. An increase in such deduction would let one save tax up to Rs 16,995 for an assessee in highest tax bracket. Previously, such deduction was allowed on investment in long-term infrastructure bonds issued by government notified infrastructure companies only. It is recommended that such benefit of deduction be also allowed on long-term infrastructure bonds issued by private companies. Reintroduction of infrastructure bonds will serve the objectives of mobilising long-term savings into a financial instrument will also help fund country's growth. 
 
(About the author: This article has been contributed by Rakesh Nangia, Managing Partner, Nangia &amp; Co. He was assisted by Neha Malhotra from Nangia &amp; Co.)

Budget 2015: Infrastructure bonds to stage a comeback?

Chipotle is the target of a new attack ad.It accuses the burrito chain of deceptively marketing its food as free of added hormones.The ad claims that Chipotle's tofu - called Sofritas - and beans contain more hormones than meat from animals who have been given hormones. The ad features a shirtless obese man and this message: "Sofritas burrito: Estrogen in every bite!"<div class="KonaFilter image-container display-table"><div><div class="image on-image">Center for Consumer Freedom</div></div></div>The ad is the third in a series of Chipotle attack ads funded by the Center for Consumer Freedom, a nonprofit based in Washington, DC, that lobbies for food companies.In a press release, the CCF cites a study by the director of the Iowa Beef Center at the University of Iowa - which supports the beef industry - claiming that <a href="http://bac.pr-optout.com/Tracking.aspx?Data=HHL%3d%3d%2f%3c%2f.CP%3f%40283%3e%2b66.LP%3f%40083%3a&amp;RE=MC&amp;RI=4246370&amp;Preview=False&amp;DistributionActionID=829&amp;Action=Follow+Link" target="_blank">pinto beans contain 128,571 times more estrogen than beef</a> from cattle that have been given hormones and that tofu contains 16 million times more estrogen. Like the other ads, this one was printed as a full page in the New York Post and it directs people to the website <a href="http://www.chubbychipotle.com/">ChubbyChipotle.com</a>.The Chubby Chipotle site goes beyond the deceptive marketing claims and takes aim at Chipotle's commitment to antibiotic-free meat, saying it's unhealthy for animals because these medicines are used to treat sick animals.The website slams Chipotle for dropping genetically modified organisms, or GMOs, because they are widely recognized as safe."Whether it's added hormones, GMOs, or antibiotics, Chipotle makes all sorts of claims to make its food seem healthier or more ethical, but these all fall flat on their face when looked at objectively," Will Coggin, director of research at the Center for Consumer Freedom, said in a statement. "There's no problem with genetically modified foods or hormones present in foods (according to scientists), or giving antibiotics to animals to keep them healthy. But there is a problem with Chipotle pretending to be something it isn't and deceiving consumers in order to sell its high-calorie burritos."We reached out to Chipotle about the ad and will update when we hear back. In an interview last month, Chipotle spokesman Chris Arnold called CCF's first ad a smear campaign."This whole thing is a ridiculous smear campaign based on inaccurate representations of our positions and orchestrated by the Center for Consumer Freedom on behalf of its unknown supporters," Arnold said. "We have always been very transparent in the way we run our business and in the challenges we face."Chipotle's commitment to fresh ingredients and the ethical treatment of animals has helped it achieve massive success over the past two decades. But the chain has hit bumps along the way.Chipotle had to stop serving pork at hundreds of restaurants this year after discovering that one of its suppliers was violating its animal-treatment standards.The chain has had to serve "conventionally raised" steak (from cattle raised with antibiotics and hormones) in some markets to meet demand.Arnold says there's nothing deceiving about Chipotle's marketing "Chipotle has done more to influence positive change in the nation's food system than any other restaurant company, and the claims we make about our business are honest, transparent and entirely defensible," he said. "The desperate and misdirected attacks from the less-than-forthcoming Center for Consumer Freedom won't change that."<a href="http://www.washingtonpost.com/news/wonkblog/wp/2015/09/03/is-chipotle-evil-this-ad-campaign-says-absolutely/">The Washington Post</a> points out that the Center for Consumer Freedom was founded by Rick Berman, a lobbyist who was "famous for arguing on behalf of big food companies and against big health initiatives."When The Post asked Coggin about CCF's funding for the anti-Chipotle campaign, Coggin said no company or groups of companies are behind it."It's just a project of ours," he told The Post. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/8-fast-food-hacks-mcdonalds-starbucks-chipotle-order-menus-2015-6">8 fast food hacks that will change the way you order</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="dkajVndToH_eibkHev5eQalmsod4EOMi" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

Chipotle is the target of another brutal attack ad

Chipotle is the target of a brutal new attack ad.It accuses Chipotle of deceptively marketing high-calorie foods as healthy.The ad features an shirtless obese man and this message: "Eat two 'all natural' Chipotle burritos a week and you could gain 40 pounds in a year."<div class="KonaFilter image-container display-table"><div><div class="image on-image">Center for Consumer Freedom</div></div></div>Most Chipotle burritos with a protein, rice, beans, cheese, and guacamole are about 1,000 calories, based on information from the chain's website. That's about half of the recommended daily calorie intake for an adult.The ad, which directs people to the website <a href="http://www.chubbychipotle.com/">ChubbyChipotle.com</a>, was printed as a full page in the New York Post on Thursday.The Chubby Chipotle site goes beyond the deceptive marketing claims and takes aim at Chipotle's commitment to antibiotic-free meat, saying it's unhealthy for animals because these medicines are used to treat sick animals.The website slams Chipotle for dropping genetically modified organisms, or GMOs, because they are widely recognized as safe.The ad and website are part of a campaign funded by the Center for Consumer Freedom, a nonprofit based in Washington, DC, that lobbies for food companies."Chipotle claims to be ethical but its 'Food with Integrity' marketing doesn't have any filling. It's an empty ploy that is highly unscientific and harms animal welfare," Will Coggin, director of research at the Center for Consumer Freedom, said in a statement. "Considering how Chipotle ignores scientists and experts, 'Food with Hypocrisy' would be more honest slogan."Chipotle spokesman Chris Arnold called the ad a smear campaign."This whole thing is a ridiculous smear campaign based on inaccurate representations of our positions and orchestrated by the Center for Consumer Freedom on behalf of its unknown supporters," Arnold said. "We have always been very transparent in the way we run our business and in the challenges we face."Chipotle's commitment to fresh ingredients and the ethical treatment of animals has helped it achieve massive success over the past two decades. But the chain has hit bumps along the way.Chipotle had to stop serving pork at hundreds of restaurants this year after discovering that one of its suppliers was violating its animal-treatment standards.The chain has had to serve "conventionally raised" steak (from cattle raised with antibiotics and hormones) in some markets to meet demand.Arnold says there's nothing deceiving about Chipotle's marketing "Chipotle has done more to influence positive change in the nation's food system than any other restaurant company, and the claims we make about our business are honest, transparent and entirely defensible," he said. "The desperate and misdirected attacks from the less-than-forthcoming Center for Consumer Freedom won't change that."<a href="http://www.washingtonpost.com/news/wonkblog/wp/2015/09/03/is-chipotle-evil-this-ad-campaign-says-absolutely/">The Washington Post</a> points out that the Center for Consumer Freedom was founded by Rick Berman, a lobbyist who was "famous for arguing on behalf of big food companies and against big health initiatives."When The Post asked Coggins about CCF's funding for the anti-Chipotle campaign, Coggins said no company or groups of companies are behind it."It's just a project of ours," he told The Post. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/song-made-using-coins-drummer-music-video-2015-7">This drummer created a whole song using only the sound of coins</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="s1ZDM1djoe2BbhjqVRCIwkLubOlkcQgk" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

Chipotle is the target of a brutal new attack ad

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Flickr/ Collin Messer</div></div></div>Chipotle has long dominated the fast-casual restaurant industry.The burrito chain has enjoyed double-digit sales growth for many years, as well as high favorability among health-conscious diners looking for a quick, reasonably priced meal.But recently, Chipotle's same-store sales growth has been slowing, leaving some investors to wonder if the chain is beginning to lose its luster after 22 years in business.Chipotle also has more competitors than ever before, as the fast-casual industry gets increasingly crowded with new restaurant concepts trying desperately to replicate Chipotle's success.According to the <a href="http://www.wsj.com/articles/chipotle-reaches-awkward-age-1445291890">Wall Street Journal</a>, Chipotle is facing four major challenges right now: slowing sales growth, a tightening labor market, supply chain issues, and new attacks from critics.Here are the challenges Chipotle is facing as it reports earnings this afternoon.1. Slowing sales growth. Chipotle's same-store sales growth has been contracting for several quarters. That metric grew 4.3% in the second quarter ended June 30, following a 10.4% increase in the first quarter. Same-store sales grew 16.8% in 2014.Revenue is still increasing by double digits, however, as Chipotle spokesman Chris Arnold points out.Chipotle's sales overall grew 14.1% to $1.2 billion in the most recent quarter."Those are very healthy results and I imagine there aren't many restaurant companies that wouldn't want that kind of performance," Arnold told Business Insider.2. Challenges attracting and retaining employees.The restaurant industry is struggling with a tightening labor market due to the strengthening economy and growing demand for restaurant meals.Chipotle held a <a href="http://www.businessinsider.com/chipotle-planning-a-massive-hiring-spree-2015-8">one-day hiring binge</a> this fall to bring in new workers.<div class="KonaFilter image-container display-table"><div><div class="image on-image">Bloomberg/Inside Chipotle documentary </div></div></div>Arnold says the company's labor "pipeline remains strong.""We continue to hire the top performers that we need, and we are developing stronger leadership within our ranks all the time," he said.3. Supply chain problems.Chipotle stopped serving pork at hundreds of restaurants this year because of its strict standards for how animals should be raised and fed.The pork shortage began in January after the company cut ties <a href="http://www.businessinsider.com/why-chipotle-stopped-serving-pork-2015-1">with a supplier</a> that violated its standards, which ban the use of hormones or antibiotics and require that pigs have access to the outdoors and to deeply bedded barns.After dropping the supplier, Chipotle had trouble finding replacements that met its guidelines. Ten months after the shortage began, the company has finally restored pork to 90% of its restaurants with the help of a British supplier.As Chipotle expands, supply chain shortages could worsen and even extend to other menu ingredients. Arnold says Chipotle will always find a way to resolve supply chain issues, however. "We have faced challenges getting the premium quality ingredients we want going back many years, and we have always found ways to rise to meet those challenges," he said. 4. Attacks from critics. Chipotle has become the target of some new attack ads by the Center for Consumer Freedom, a nonprofit based in Washington, DC, that lobbies for food companies.The ads, which have been published in the New York Post, accuse Chipotle of deceptively marketing its food as healthy and free of added hormones.<div class="KonaFilter image-container display-table"><div><div class="image on-image">Center for Consumer Freedom</div></div></div>Arnold has called the ads a smear campaign and questioned where CCF gets its funding. The group does not disclose its donors. "The attack from the Center for Consumer Freedom is nothing more than a hatchet job orchestrated on behalf of anonymous big food interests," Arnold said. "This is a front group that exists for the sole purpose of protecting the anonymity of companies with interests that differ from ours." <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/mcdonalds-secret-menu-real-land-sea-air-burger-big-mac-2015-9">We tried all the burgers on the McDonald's 'secret menu' </a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="ozd3BocToG1In80punEt3-Xi9shExYMt" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

Chipotle has 4 problems that are threatening its growth

There are people who do not buy benami properties and diligently files their <a href="http://www.businessinsider.in/searchresult.cms?query=tax+return+">tax return</a> before the last date. Yet they could get a notice by the <a href="http://www.businessinsider.in/searchresult.cms?query=Income+Tax+Department+">Income Tax Department</a> as they did not declare the interest from <a href="http://www.businessinsider.in/searchresult.cms?query=fixed+deposits+">fixed deposits</a> and tax saving <keyword id="130529" type="UNKNOWN" weightage="80" keywordseo="Infrastructure-bonds">infrastructure bonds</keyword> in their returns. 
 
These are various common misconceptions related to filling tax returns. They could be rejected due to wrong information filled by candidates, reported the Economic Times. 
 
Further, an online survey conducted by economictimes.com last week indicates an abysmal level of tax literacy among people in India. 
 
According to the survey, the tax returns of 66% of the 2,158 respondents could get rejected due to faulty information. Almost 34% could even get a scrutiny notice because of grave errors in their forms. 
 
Almost 30% of the respondents believe that interest of up to Rs 10,000 from bank FDs is tax free in a year. These people should know that the exemption under Section 80TTA is only for the interest on their savings bank accounts. What they earn on fixed deposits and recurring deposits is fully taxable. 
 
Similarly, almost 30% believe that the interest earned on the <a href="http://www.businessinsider.in/searchresult.cms?query=tax-saving+infrastructure+">tax-saving infrastructure</a> bonds bought a few years ago under Section 80CCF is not taxable because they were tax saving instruments. You are again wrong! 
 
The bonds may have helped them save tax, but the interest is fully taxable and has to be reported. Nearly 45% of the 637 respondents who said so earn over Rs 12 lakh a year and should be paying 30% on the income they think is tax free. 
 “Our research shows that 9 out of 10 taxpayers go wrong in reporting their interest income," says Sudhir Kaushik, Co-founder and CFO of <keyword id="509093" type="COMPANY" weightage="80" keywordseo="TaxSpanner-com">Taxspanner.com</keyword>. 
 
There is also a misconception that you need not report the income if the bank has deducted <a href="http://www.businessinsider.in/searchresult.cms?query=tax-saving+infrastructure+">TDS</a>. But TDS is only 10%, and if your income puts you in the 20% or 30% tax bracket, you have to pay additional tax. Of course, if the income is below the basic exemption limit, the TDS will be refunded when the investor files his return. 
 
To be sure, not reporting a small amount of interest income or claiming a deduction incorrectly rank very low in the hierarchy of tax offences. At most you will get a notice with an additional tax demand. There may even be a penalty under Section 271 (c) for concealment, but it depends on how the assessing officer views the transgression. 
 
Fool's paradise 
On the other hand, if the intention is clearly to conceal the income, the taxpayer can be in hot water. From this year, the tax forms have a separate column for declaration of property. If you have more than one property, you have to mention it in the return. If it has been rented out, the rental income will have to be declared in the return and tax paid on it. Even if the property is lying vacant, the owner has to pay tax on the notional rent from the property. This notional rent is the prevailing market rate in that location. 
 
If you don't declare the second property, it amounts to concealment of income and could attract a severe penalty. Shockingly, nearly 20% of the survey respondents fall in this category. They believe that there is no tax implication of a house lying vacant. One out of three such taxpayers are in the highest 30% tax bracket. 
 
Declaration of foreign assets This is one area where taxpayers need to really be very careful this year. Uncovering black money is high on the government's agenda, and any slippage on reporting of foreign assets immediately puts you in the dock. "The logic used by the tax department is that anyone with foreign assets has high income and should not be spared if he has concealed income," says Komal Agarwal, Partner in <keyword id="3004662" type="COMPANY" weightage="80" keywordseo="Mahesh-K-Agarwal-Company">Mahesh K. Agarwal &amp; Company</keyword>. Thankfully, almost 89% of the respondents got this right. 
 
TDS gives you away 
For many taxpayers, TDS is a four-letter word. Over 15% respondents said they would spread their investments across bank branches to avoid TDS. This might help them avoid TDS, but it's a ticking time bomb. Till now, TDS kicked in only if the income from FDs made in a particular bank branch exceeded the threshold of Rs 10,000 in a financial year. 
But this year's budget has changed the rules and TDS will now apply if the combined income from FDs in all branches of a bank exceeds the threshold. Another significant change is that TDS will apply to recurring deposits if the interest during a financial year exceeds Rs 10,000. "The tax department is increasingly connecting the dots. An individual's financial life can no longer remain hidden," says Vikram Ramchand, Co-founder of makemyreturns.com. 
 
Clubbing of income 
Another way taxpayers are falling through the cracks is clubbing of income. Tax rules say that if you invest on behalf of your spouse or minor child, the income from the investment will be treated as yours. But more than 30% of the respondents believe that there is no tax implication if they invest in a recurring deposit in their wife's name or open a fixed deposit in the name of a minor child. This could prove to be a problem if the amount invested in the name of the spouse is significantly large and not commensurate with her known sources of income. Of the 668 respondents who believe this, more than 30% are in the highest tax bracket. Another 50% earn more than Rs 5 lakh a year, which puts them in the 20% tax bracket. 
 
Missing out on deductions 
 Not all of the mistakes that taxpayers make raise the hackles of the taxman. Some also cost the taxpayer. More than 40% of the respondents did not know that along with the interest on a home loan for a self-occupied house, even the processing fees for the loan is also eligible for deduction under Section 24. 
 
Another 15% was blissfully unaware that the fees paid for a preventive health checkup of the taxpayer and his family is eligible for deduction under Section 80D. A small but significant 7% were not aware that tuition fees of up to two children can be claimed as a deduction under Section 80C. 
 
(Image: Indiatimes)

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CBI seeks restoration of Red Notice against fugitive diamantaire Mehul Choksi

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Cheetah deaths at Kuno spur authorities to initiate a project review

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