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<ul><li>The government will provide 5kg of food grains per person every month, under the programme.</li><li>The extension could impact the government's fiscal deficit target for FY24 say economists.</li><li>Free schemes can lead to competitive populism and pose risks to the economy, they claim. </li></ul>The government has decided to extend its free foodgrains programme for another five-years. Under the programme, the government will provide 5kg of food grains per person every month. This move, which was expected to be discontinued by the end of 2023, reflects the challenges of withdrawing populist policies, especially ahead of elections, claim economists. While the near-term macro implications are expected to be muted, there are concerns about the medium-term risks associated with the extension. According to <keyword id="6354527" type="General" weightage="80" keywordseo="nomura" source="Orion">Nomura</keyword>, food procurement cost of the government is expected to increase and so will the food subsidy bill, which has been coming down over the years. The extension of the free foodgrains programme is not expected to have a significant near-term impact. The scheme, which costs ₹2 trillion or 0.7% of GDP annually, is already part of the government's existing subsidised foodgrains programme. However, the extension could impact the government's fiscal deficit target for FY24, as higher revenue expenditure, including on rural employment guarantees, may strain the budget. Over the medium term, the extension of the free foodgrains programme raises concerns about the government's revenue and food subsidy bill. As the government forgoes revenues from its subsidised food sales, estimated to be around 0.05% of GDP annually, the procurement costs and food subsidy bill are likely to increase, says Nomura. While the need for subsidised grains for lower-income households is undeniable, the announcement of free schemes can lead to competitive populism and pose risks to the economy. The announcement by Prime Minister Modi extends the free foodgrains programme for the next five years, until December 2028. This programme allows eligible citizens to purchase 5kg of food grains per person per month at highly subsidised prices. During the pandemic, an additional 5kg of food grains were provided free of cost under the <keyword id="4015637" type="General" weightage="20" keywordseo="pradhan-mantri-garib" source="Orion">Pradhan Mantri Garib</keyword> Kalyan <keyword id="196713" type="General" weightage="80" keywordseo="anna-yojana" source="Orion">Anna Yojana</keyword> (PMGKAY). The recent announcement effectively cements this policy for the medium term. The extension of the free foodgrains programme can be attributed to political compulsions, particularly with upcoming elections. Populism has become a dominant theme, with promises of "freebies" from various political parties. The ruling <keyword id="58687" type="General" weightage="80" keywordseo="bharatiya-janata-party" source="Orion">Bharatiya Janata Party</keyword> (<keyword id="14666" type="General" weightage="80" keywordseo="bjp" source="Orion">BJP</keyword>) is also attempting to sound populist to counter its rivals. However, the unsustainability of the previous system, which led to high fiscal costs and complicated procurement, necessitated a change in approach. While the fiscal impact for the current year is manageable, the government will forgo revenues from subsidised food sales, and the food subsidy bill is likely to increase over time. However, the extension is not expected to have a significant inflationary impact, as the programme is unlikely to lead to enhanced stress on cereal stocks.

Government extends free food-grains programme for 5 years, raises medium-term risks

Taxmen conducted searches on bureaucrats in <keyword id="6357713" type="COMPANY" weightage="20" keywordseo="Uttar-Pradesh">Uttar Pradesh</keyword> and Uttarakhand and found undisclosed income worth over Rs 20 crore. Raids were conducted during the last two days against four government functionaries in these states including against a general manager of the <keyword id="490422" type="COMPANY" weightage="20" keywordseo="Uttar-Pradesh-Rajkiya-Nirman-Nigam-Ltd">Uttar Pradesh Rajkiya Nirman Nigam Ltd</keyword> (UPRNN) in Dehradun for alleged "misuse of official position" and subsequent charges of tax evasion. "Documents showing undisclosed investments in farm houses spread over hundreds of bighas and immovable properties in other cities have been seized," a senior official told PTI. Apart from income, tax officials also detected costly assets and luxury vehicles such as Range Rover, an Audi and a BMW car from the premises of the official and his family. They said the I-T teams were surprised to find 15 large LED television sets fitted in the farm house which was constructed on a land earmarked to setup a factory. A well- equipped gym, a guest house and an under-construction swimming pool were also found there. "The department is probing tax evasion to the tune of a few crores against the official and his associates based in <keyword id="47181" type="ORGANIZATION" weightage="20" keywordseo="Rishikesh">Rishikesh</keyword>," they claimed, without elaborating further. In an another search operation against a local body chairman in UP's Siddharthnagar district, the department detected tax evasion to the "tune of Rs 10 crore as per preliminary estimates." "The Chairman owns two petrol pumps and a gas agency and has been found to be allegedly diverting development grants for personal benefits," the official said. The department also raided the premises of a senior official in Noida and that of a UP road transport department officer based in Kanpur. "The Noida officer was found to have made unaccounted cash payments for purchase of immovable properties worth more than Rs 2 crore in the name of his spouse," the official said, adding he will soon be issued summons to join investigation. Investigation against the Kanpur-based officer is ongoing, the official added. The department, the official said, will undertake similar action against few more bureaucrats who are on its radar for quite sometime now. Over Rs 540 crore <keyword id="6356023" type="UNKNOWN" weightage="20" keywordseo="Black-Money">black money</keyword> has been detected by the department in the last 15 days as part of its nation-wide operations to check tax evasion. These actions come after the closure of the <keyword id="3990808" type="UNKNOWN" weightage="20" keywordseo="pradhan-mantri-garib-kalyan-yojna">Pradhan Mantri Garib Kalyan Yojna</keyword> (PMGKY) black money window on March 31. In the first fortnight of the new financial year that began on April 1, the taxman has conducted multiple search and survey operations on entry operators (agents using banking channels to launder funds), shell firms, government officials, real estate players and other sectors. As per an official data compiled till April 15, the department has carried out "over 250 searches and survey operations where the taxman raided at least 300 shell firms and detected more than Rs 540 crore of black money."

Tax officials conduct searches against bureaucrats; detect Rs 20 crore black money, luxury cars

Ever since demonetization was announced, more than 200 people and companies have deposited unaccounted money amounting to Rs 600 crore in <keyword id="20154" type="ORGANIZATION" weightage="100" keywordseo="tamil-nadu">Tamil Nadu</keyword> and Puducherry. While most deposits have been made in rural areas of the state, some of the deposits were made at the banks in the suburbs of Chennai. 
 According to a TOI report, a person at <keyword id="1264335" type="CITY" weightage="20" keywordseo="Tiruchengode">Tiruchengode</keyword> in <keyword id="6358688" type="CITY" weightage="20" keywordseo="Namakkal">Namakkal</keyword> district deposited Rs 246 crore in a branch of the <keyword id="107781" type="CITY" weightage="20" keywordseo="Indian-Overseas-Bank">Indian Overseas Bank</keyword>."We were following him for more than 15 days after finding that he had deposited cash in a rural branch of the IOB. First, he tried to hide, but after a few days he agreed to join the <keyword id="3895682" type="UNKNOWN" weightage="20" keywordseo="pradhan-mantri-garib-kalyan-yojana">Pradhan Mantri Garib Kalyan Yojana</keyword> (PMGKY) and pay 45% of the total money as tax. As per PMGKY, 25% of the money will be retained with the government without any interest," a senior I-T investigation wing official told TOI. 
 "In TN and <keyword id="6469289" type="ORGANIZATION" weightage="20" keywordseo="Pondy">Pondy</keyword>, we found 28,000 accounts to be suspicious and some of the accounts had deposits in cash to the tune of Rs 85 lakh or move. In the first instance, we send a mail to the account holder asking for details. Most of them have replied and some of the cases have been closed or they have joined the PMGKY scheme accepting that the cash was black money," he said. 
 
The officials have decided to wait till end of March. If the suspicious accounts don’t come forward on their own, the bank would ask them to pay 83.5% fine.

This Tamil Nadu man just
deposited Rs 246 crore of unaccounted money in Indian Overseas Bank

Warning black money holders that their undisclosed assets are "not hidden" from its gaze, the <keyword id="6354751" type="COMPANY" weightage="20" keywordseo="Income-Tax">Income Tax</keyword> department today advised them to avail the ongoing one-time disclosure window--PMGKY-- to come clean on their stashed funds, according to an agency report. 
 In advertisements released in leading national dailies, the department also published the salient features of the Pradhan Mantri <keyword id="4093662" type="UNKNOWN" weightage="20" keywordseo="garib-kalyan-yojna">Garib Kalyan Yojna</keyword> (PMGKY), 2016 which was announced by the government post demonetisation in November last year. 
 
"Your undisclosed accounts or cash deposits are not hidden from us. 
 "Helping the less fortunate can help you. <keyword id="47916" type="UNKNOWN" weightage="20" keywordseo="invest">Invest</keyword> your undisclosed income in the PMGKY and accelerate the socio- economic growth of the deprived," the department said in the advertisement which displayed pictures of banned Rs 500/1000 notes. 
 
It cautioned that "non declaration of such undisclosed income will be liable to tax, surcharge and cess at the rate of 77.25 per cent along with penalty and prosecution." 
 
The department added that "total confidentiality is ensured" under the scheme that is open till March 31. 
 The I-T department, official sources had told <keyword id="6367495" type="COMPANY" weightage="20" keywordseo="PTI">PTI</keyword>, has received confirmations for over Rs 300 crore declarations from across the country till now as part of this ongoing black money window. 
 
Under the PMGKY, undisclosed income deposited in any bank or post office account can be declared by paying 50 per cent of it in taxes and surcharges. 
 
Also, a quarter of the total sum is to be parked in a non-interest bearing deposit for four years. 
 
Offering tax dodgers confidentially and immunity from prosecution, PMGKY commenced on December 17, 2016 and will remain open up to March 31.

People with unaccounted cash:
Here’s how the I-T department is watching you

State wise data released by the Indian Medical Association (<keyword id="8507" type="ORGANIZATION" weightage="20" keywordseo="IMA">IMA</keyword>) show that a total of 594 doctors have lost their lives during the second wave of COVID-19. Majority of these doctors belonged to the states of Delhi, Bihar and Uttar Pradesh. More than 1,300 doctors have died since the pandemic began last year, of which 747 were during the first wave of the pandemic. Delhi reported that 107 doctors died on duty, according to the IMA data, which was released on June 2. Meanwhile, Bihar lost 96 doctors, and 67 succumbed to the Coronavirus infection in Uttar Pradesh. Rajasthan recorded the death of 43 doctors and the data shows that Jharkhand lost 39 doctors. So far, India has reported 2.82 crore cases of COVID-19 and 3.32 lakh deaths since the pandemic began, out of which Delhi has reported 14.3 lakh cases and a total of 24,237 deaths and Bihar reported 7.07 lakh cases and 5,163 deaths. India has the second highest number of COVID-19 cases in the world. For the frontline health care workers, India’s central government has announced a new system of processing the insurance under the ‘Pradhan Mantri Garib Kalyan Package (PMGKP) — Insurance Scheme for Health Workers Fighting COVID-19’. The country’s health ministry stated that claims would be certified by the district collectors and will be settled in 48 hours after the approval. “This order is aimed at cutting down delays and to further streamline and simplify the processing of the insurance claims,” said the ministry. The following table shows the complete state wise data of doctors who lost their lives during the second wave: <div type="image" title="image (7)" msid="83170609" hostid="261"></div>

COVID-19: Delhi and Bihar reported the highest deaths among doctors, 594 doctors in India lost their lives during the second wave

New Delhi, May 5 () The government on Tuesday said that the Food Corporation of India, the nodal agency for procurement and distribution of foodgrains, has sufficient stocks in its godowns, even after meeting the requirement of additional wheat and rice provided free of cost during the lockdown period. Food Minister Ram Vilas Paswan has given detailed information about the various steps taken by the government and the total stocks of food grains and pulses available with the government and sent to the states till now, an official statement said. "FCI currently has 276.61 lakh tonnes rice and 353.49 lakh tonnes wheat. Hence a total of 630.10 lakh tonnes food grain stock is available," it said. As against this, about 60 lakh tonnes of food grains is required for a month under the NFSA (National Food Security Act) and other welfare schemes. Paswan said FCI stocks are comfortable even after fulfilling extra commitments during the lockdown. Under the 'Pradhan Mantri Garib Kalyan Ann Yojana', the Centre is providing 5 kg of free food grains per month to 80 crore ration card holders. This free of cost wheat and rice will be provided for three months. Besides, 1 kg of pulses will also be supplied per family. This is over and above the normal quota of 5 kg of food grains provided per month per person to about 80 crore people under the food law. The minister informed that since the lockdown, about 69.52 lakh tonnes of food grains have been transported through 2,483 rail rakes. Apart from rail route, transportation was also done through roads and waterways. A total of 137.62 lakh tonnes has been transported. During the lockdown, NGOs and social institutions running relief camps can purchase wheat and rice directly from FCI Depots at Open Market Sales Scheme (OMSS) rate. The state governments can also purchase food grains directly from FCI. Under the OMSS, the rate of rice is fixed at Rs 22 per kg and wheat at Rs 21 per kg. Under the 'Pradhan Mantri Garib Kalyan Ann Yojana', for the next 3 months a total of 104.4 lakh tonnes rice and 15.6 lakh tonnes of wheat is required of which 59.50 lakh tonnes rice and 8.14 lakh tonnes wheat have been lifted by various states and UTs. The Government of India is bearing 100 per cent financial burden of approximately Rs 46,000 crore under the scheme, the statement said. For pulses, the total requirement for the next three months is 5.82 lakh tonnes. So far, 2,20,727 tonnes of pulses have been dispatched, while 1,47,165 tonnes of pulses have reached the states/UTs and 47,490 tonnes have been delivered, it said. MJH RVK

Govt says FCI has sufficient stocks in godowns even after fulfilling extra commitments during lockdown

New Delhi, Mar 30 () State-owned New India Assurance has agreed to provide insurance cover of Rs 50 lakh to about 22 lakh health care providers, who are on the frontline of battle against coronavirus."As announced by Finance Minister Smt @nsitharaman on March 26, @NewIndAssurance has issued detailed guidelines for providing insurance cover of Rs 50 lakh per person for 22.12 lakh health care providers across the country," a tweet by the Finance Ministry said on Monday.This was part of the Rs 1.70 lakh Pradhan Mantri Garib Kalyan package announced by the Finance Minister last Thursday.Doctors, nurses, paramedics, sanitation workers and a few others will be covered under the insurance.Sitharaman had said the insurance cover will be there for three months. DP BAL

New India Assurance to provide Rs 50 lakh coverage to 22 lakh healthcare providers

New Delhi, Apr 13 () The government has disbursed Rs 16,621 crore to about 8.31 crore beneficiary farmers under the PM-KISAN scheme since March 24, the day lockdown was announced to curb COVID-19.The total amount released during the lockdown period also includes last year's due payment of Rs 1,674.43 crore which has been disbursed to 83.77 lakh beneficiary farmers, an official statement said.The rest Rs 14,945 crore has been released to 7.47 crore farmers as the first installment under the PM-KISAN for the 2020-21 fiscal which started from April 1.Under the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) scheme, the Centre transfers an amount of Rs 6,000 per year, in three equal instalments, directly into the bank accounts of farmers, subject to certain exclusion criteria relating to higher income status.To give immediate relief to farmers affected by the nationwide lockdown, the government had on March 27 promised to transfer the first installment of Rs 2,000 to each of 8.69 crore beneficiaries under the scheme, in the first week of April.Besides, the Centre said it has dispatched 3,985 tonnes of pulses for free delivery to PDS beneficiaries under the Pradhan Mantri Garib Kalyan Yojana (PM-GKY).The Union Agriculture Ministry has also decided to allow 'Truthful Label seeds' for subsidy components for the North East, Hilly regions and the UTs of Jammu &amp; Kashmir only, for all crops under National Food Security Mission.The ministry further said organic products are being delivered in Punjab at doorstep in the specially designed electric van under Paramparagat Krishi Vikas Yojana (PKVY).In Maharashtra, 21,11,171 quintals of fruits and vegetables have been sold by 27,797 Farmer Producers Organisations (FPOs) in 34 districts by online/direct sale method, it added. LUX MR

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Government extends free food-grains programme for 5 years, raises medium-term risks

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Tax officials conduct searches against bureaucrats; detect Rs 20 crore black money, luxury cars

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This Tamil Nadu man just deposited Rs 246 crore of unaccounted money in Indian Overseas Bank

BI India Bureau

People with unaccounted cash: Here’s how the I-T department is watching you

BI India Bureau

COVID-19: Delhi and Bihar reported the highest deaths among doctors, 594 doctors in India lost their lives during the second wave

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Govt says FCI has sufficient stocks in godowns even after fulfilling extra commitments during lockdown

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New India Assurance to provide Rs 50 lakh coverage to 22 lakh healthcare providers

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Govt disburses Rs 16,621cr under PM-KISAN since lockdown

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