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<keyword id="19896018" type="General" weightage="20" keywordseo="kerala" source="keywords">Kerala</keyword> Chief Minister <keyword id="19901169" type="General" weightage="20" keywordseo="pinarayi-vijayan" source="keywords">Pinarayi Vijayan</keyword> on Thursday said that the cess and surcharge levied by the Centre was showing a "rising trend" and resulting in "shrinkage" of states' share in the divisive pool of taxes. Vijayan said the rise in surcharges and cesses, which are not included in the divisive pool, was happening at a time when the <keyword id="20015455" type="General" weightage="100" keywordseo="finance-commission" source="keywords">Finance Commission</keyword> has been recommending a higher share for the states from the net proceeds of the taxes collected by the Centre. Vijayan was speaking at a conclave of five non-BJP-ruled states organised by Kerala to discuss the key issues related to the 16th <keyword id="25455" type="General" weightage="20" keywordseo="finance" source="Orion">Finance</keyword> Commission. He said that the 16th Finance Commission needs to factor in this rising trend in surcharges and cesses, when it recommends the prescribed share of the states from the net proceeds of taxes collected by the union government. The CM further said that the share of the states in the divisive pool needs to be increased further from the 41 per cent recommended by the <keyword id="23137017" type="General" weightage="20" keywordseo="last-finance-commission" source="keywords">last Finance Commission</keyword>. He said that Kerala and many other states have made this demand in the past with the southern state suggesting that it be increased to 50 per cent. "The demand for a higher share for the states in the taxes collected by the Union is having continued relevance and it is my request to the eminent scholars and colleagues who are here to formulate this in a concrete manner," Vijayan said. "This will help the states to make an effective case before the 16th Finance Commission for raising the share of taxes which are distributed to the states, in view of the widening vertical fiscal Imbalances."

Rise in cess, surcharge shrinking states' share in divisive pool of taxes: Kerala CM

The <keyword id="19897865" type="General" weightage="20" keywordseo="telangana-government" source="keywords">Telangana Government</keyword> on Tuesday requested the 16th <keyword id="20015455" type="General" weightage="20" keywordseo="finance-commission" source="keywords">Finance Commission</keyword> to increase the share of states in <keyword id="386992" type="General" weightage="100" keywordseo="central-taxes" source="Orion">Central taxes</keyword> from the existing 41 per cent to 50 per cent as over the years cesses and surcharges that are not shared with states have increased. Deputy Chief Minister in-charge of Finance <keyword id="21396591" type="General" weightage="20" keywordseo="bhatti" source="keywords">Bhatti</keyword> Vikramarka in his speech at the meeting with Finance <keyword id="19933395" type="General" weightage="20" keywordseo="commission" source="keywords">Commission</keyword> Chairman <keyword id="20016026" type="General" weightage="20" keywordseo="arvind-panagariya" source="keywords">Arvind Panagariya</keyword> and members also urged the finance panel to ensure that states are given the necessary autonomy to tailor <keyword id="20109166" type="General" weightage="20" keywordseo="css" source="keywords">CSS</keyword> (centrally-sponsored scheme) programmes to their specific development needs. "In addition, we propose increasing the share of states in Central taxes from 41 per cent to 50 per cent. Over the years, cesses and surcharges that are not shared with states have increased, leaving states with a smaller share of total gross tax revenue," he said. Increasing the vertical devolution will give states the fiscal space they need to strengthen welfare programmes, address infrastructure gaps and prioritise local development, he further said. He, however, said it is not just a demand for <keyword id="19909031" type="General" weightage="20" keywordseo="telangana" source="keywords">Telangana</keyword> but for all states, ensuring a more cooperative federal structure that will benefit the nation as a whole. Bhatti further said the state government urges the Finance Commission to reconsider the use of per capita income distance as the primary indicator in determining horizontal devolution as measuring prosperity and well-being solely by per capita income would deny Telangana the resources needed to address the inequities that exist within the state. The state government is suggesting that the formula for horizontal devolution be modified to add at least a 50 per cent weightage to <keyword id="20149362" type="General" weightage="20" keywordseo="gsdp" source="keywords">GSDP</keyword> (gross state domestic production) contribution. "A greater weight on GSDP would incentivise states to adopt reforms that improve productivity, attract investment and create jobs, ultimately contributing to the national economy. This approach would not only make states more competitive but also help reduce regional disparities, encouraging more balanced growth across the country," he opined. Pointing out that certain expenditures for schemes such as Rythu Bharosa, farm loan waivers and food subsidies are often mislabelled as "freebies," he urged the Commission to recognise these programmes as necessary investments in the welfare of our people. He mentioned that a large part of the state's resources is now being diverted toward debt servicing and hence requested the Finance Commission's support in either restructuring this debt or providing additional assistance to help free up resources for further development. The 16th Finance Commission, led by its chairman Arvind Panagariya, held meetings with several political parties, representatives of local bodies and industry chambers here on Monday as part of its visit to Telangana.

Telangana urges 16th Finance Commission to increase states' share in Central taxes to 50%

In anticipation of the upcoming <keyword id="19894908" type="General" weightage="20" keywordseo="festive-season" source="keywords">festive season</keyword>, the central government has released over Rs 1.78 lakh crore to various states as part of its <keyword id="23500643" type="General" weightage="100" keywordseo="tax-revenue-devolution" source="keywords">tax revenue devolution</keyword>. This substantial disbursement, announced by the <keyword id="19900485" type="General" weightage="20" keywordseo="Finance-Ministry" source="keywords" meta.keywordsubtype="org" meta.entityname="Finance Ministry" meta.hostid="261" meta.entityid="Finance Ministry">Finance Ministry</keyword> on Thursday, includes an advance instalment in addition to the standard monthly release, effectively doubling the usual allocation of Rs 89,086.50 crore for October 2024. The largest share of the funds went to Uttar Pradesh, which received Rs 31,962 crore. Bihar followed with Rs 17,921 crore, while Madhya Pradesh and West Bengal received Rs 13,987 crore and Rs 13,404 crore, respectively. This allocation underscores the central government's commitment to ensuring that states have the financial resources needed to stimulate development, especially during a period of increased economic activity ahead of the festive season. Among the other states, Andhra Pradesh received Rs 7,211 crore, Tamil Nadu received Rs 7,268 crore, and Gujarat received Rs 6,197 crore. In the Northeast, Meghalaya was allocated Rs 1,367 crore, Tripura Rs 1,261 crore, and Manipur Rs 1,276 crore. The Finance Ministry noted that the decision to release these funds was aimed at empowering states to ramp up <keyword id="20148453" type="General" weightage="20" keywordseo="capital-spending" source="keywords">capital spending</keyword> and support essential welfare and developmental projects. This accelerated funding is intended to boost critical <keyword id="19936648" type="General" weightage="20" keywordseo="infrastructure-projects" source="keywords">infrastructure projects</keyword> such as road construction, public facilities, and other state-led development initiatives. This announcement follows a high-level meeting involving the Finance Secretary and the Secretary of the Department of Economic Affairs, emphasising the government’s commitment to sustaining <keyword id="19900794" type="General" weightage="20" keywordseo="economic-growth" source="keywords">economic growth</keyword> through state-level investments. By providing the funds ahead of schedule, the Centre aims to ensure that states are equipped to meet the demands of the festive season, while also fostering sustained growth and long-term development. The Ministry emphasised that this tax devolution aligns with the recommendations of the Finance Commission, which plays a crucial role in determining the distribution of tax revenue between the Union and states. This year’s devolution reflects the central government’s ongoing focus on supporting states as they undertake vital infrastructure projects and social welfare initiatives. (With inputs from ANI)

Centre releases Rs 1.78 lakh crore to states for festive season, with largest shares to Uttar Pradesh, Bihar, and Madhya Pradesh

It takes an Oscar-worthy director to come up with the juicy drama that somehow seems to pervade India’s pre-general election seasons. Amid all the chaos, a political hot topic has just witnessed a major development: the electoral bonds row. <cmsannotation type="cmsannotation" annotationid="What are electoral bonds?" comment="subhead" text="What are electoral bonds?">What are electoral bonds?</cmsannotation> For those unversed in the whole episode, the government introduced the <keyword id="4697813" type="General" weightage="100" keywordseo="electoral-bond" source="Orion">Electoral Bond</keyword> Scheme via the Finance Act of 2016-2017, allowing anyone to anonymously make an indefinite number of non-capped donations to their preferred political parties. Before this scheme, all donations above Rs 20,000 had to be explicitly made public, and donations of more than a certain percentage of the company’s revenue were disallowed. Such restrictions were meant to ensure that no political party had an unfair monetary advantage over the others and that the policies would not be influenced by the rich. Therefore, many experts were concerned that this new lack of transparency in the donation process opened up a gaping avenue for big corporations to donate for favourable outcomes from the ruling regime in terms of acquiring licences, government contracts, leases, and even accelerating favourable policy changes. The government insists that the measure ensures transparency as the purchaser would be allowed to buy bonds only on due fulfilment of all the extant KYC norms and by making payment from a bank account. However, the opposition parties kept raising objections, with the <keyword id="19895371" type="General" weightage="20" keywordseo="congress" source="keywords">Congress</keyword> leader Rahul Gandhi terming the electoral bond scheme as a legalisation of the process of accepting bribes and commissions. <cmsannotation type="cmsannotation" annotationid="How did the Supreme Court step in?" comment="subhead" text="How did the Supreme Court step in?">How did the <keyword id="19895345" type="General" weightage="20" keywordseo="supreme-court" source="keywords">Supreme Court</keyword> step in?</cmsannotation> Recently, in a move that many celebrated as a major win for transparent and fair electoral practices, a Constitution Bench panel of five Supreme Court judges scrapped the Centre’s electoral bonds scheme on February 15, deeming that the whole ordeal was “unconstitutional” to begin with. Subsequently, the <keyword id="19934368" type="General" weightage="20" keywordseo="state-bank-of-india" source="keywords">State Bank of India</keyword> (<keyword id="19898108" type="General" weightage="20" keywordseo="sbi" source="keywords">SBI</keyword>) was ordered to disclose all details of the donors that had purchased electoral bonds, the amount purchased, and the recipients of these “support” donations. Nearly a month after the directive, SBI finally submitted the electoral data to the <keyword id="19895782" type="General" weightage="20" keywordseo="election-commission" source="keywords">Election Commission</keyword> on March 13, after the apex court denied its application for more time. The bank attributed the delay in compiling the information to the non-digital nature of the way electoral data was collected and stored, making it harder to collate and produce. <cmsannotation type="cmsannotation" annotationid="What does the data reveal?" comment="subhead" text="What does the data reveal?">What does the data reveal?</cmsannotation> The data published by the Election Commission based on SBI’s affidavit revealed information on over 22,217 electoral bonds purchased between April 1, 2019 and February 1, 2024. This also means there exists a year’s worth of data missing from the first year of the electoral bonds scheme, amounting to hundreds of crores of Rupees. Further, the very content of the data remains lacklustre, many experts maintain. The problem is that individual electoral bonds do not have their serial numbers attached. This makes it impossible to accurately ascertain who these bonds were directed to, meaning we still do not know which corporations donated how much to which parties. Condemning the SBI for not divulging the unique serial numbers as per its previous full-disclosure directive, the Supreme Court has now issued a notice for a prompt response by March 18. <cmsannotation type="cmsannotation" annotationid="Which political party benefited the most?" comment="subhead" text="Which political party benefited the most?">Which political party benefited the most?</cmsannotation> While many political parties benefited from this scheme, the Bharatiya Janata Party (<keyword id="19894848" type="General" weightage="20" keywordseo="bjp" source="keywords">BJP</keyword>) encashed about 1,300 crores worth of electoral bonds during the 2023 financial year, according to media reports. This amounted to about half of the total electoral bond donations, and more than seven times the amount Congress received during the same period. Out of a total of 12,155 crores worth of electoral bonds purchased between 2019 and 2024, BJP redeemed Rs 6061 crores, followed by Mamata Banerjee’s Trinamool Congress at Rs 1610 crores. A total of 213 donors purchased bonds worth over Rs 10 crores, with the top 20 donors accounting for nearly half of the total electoral bonds. <cmsannotation type="cmsannotation" annotationid="Are scams hiding behind the electoral bonds?" comment="subhead" text="Are scams hiding behind the electoral bonds?">Are scams hiding behind the electoral bonds?</cmsannotation> The ruling party receiving such a disproportionate share of the electoral bonds has raised many eyebrows. Rajya Sabha Minister Kapil Sibal expressed discontent with the SBI report, calling it a “scam” and explaining that it needs thorough investigation by the Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI). Jharkhand Congress President Rajesh Thakur emphasised that a comprehensive study is essential to ascertain the true extent to which companies might have their money to get favour from the central government. Many Congress leaders, such as Manickam Tagore and Jairam Ramesh, also held that it was suspicious that only companies that donated funds to the BJP were given projects and contracts. The other problem is the fact that several of the big purchasers have been consistently under the radar of central agencies, facing frequent raids. This includes the top donor, Lottery company Future Gaming and Hotel Services, led by “Lottery King” Santago Martin, who donated a whopping Rs 1,368 crores. Many others also concern that large corporations may have donated money through shell corporations, in order to hide their involvement in any political favouritism. Congress MP Manish Tewari asked for a Supreme Court order to “lift” this corporate veil of shell companies to reveal the true purchasers of the bonds. Further, as per a Mint analysis, several donor companies who contributed massive amounts were found to be ‘inactive’, and thus the true details of the donors were not transparent at all. According to their report, this included entities such as Rungta Sons, SN Mohanty, Sasmal Infrastructure Private Limited, Avees Trading Finance, and others, whose collective contributions amount to hundreds of crores of Rupees. The official electoral bond data can be accessed via the <a href="https://www.eci.gov.in/candidate-politicalparty" data-type="tilCustomLink">Election Commission of India website</a>.

Electoral bonds: What are they? What does the newly-released data reveal? Would it make an impact?

<keyword id="19951168" type="General" weightage="100" keywordseo="RBI-governor-Shaktikanta-Das" source="keywords">RBI governor Shaktikanta Das</keyword> was awarded an A+ grade, the highest of the lot, for the second time in a row by the <keyword id="22855254" type="General" weightage="20" keywordseo="Global-Finance-Magazine" source="keywords" meta.keywordsubtype="org" meta.entityname="Global Finance Magazine" meta.hostid="261" meta.entityid="Global Finance Magazine">Global Finance Magazine</keyword>'s <keyword id="22862849" type="General" weightage="20" keywordseo="Central-Banker-Report-Card-2024" source="keywords">Central Banker Report Card 2024</keyword>. While the full list will be available in October, Das was ranked the highest, along with Denmark's Christian Kettel Thomsen and Switzerland's Thomas Jordan. Fed chairman Jerome Powell scored an A- on the list. Before Das, former RBI governor Raghuram Rajan had also made to this list in 2015, securing A grade. Taking to X, PM <keyword id="19895781" type="General" weightage="20" keywordseo="Narendra-Modi" source="keywords">Narendra Modi</keyword> and <keyword id="19982618" type="General" weightage="20" keywordseo="Anand-Mahindra" source="keywords">Anand Mahindra</keyword>, who heads Mahindra and Mahindra, congratulated Das, with the billionaire calling him "a <keyword id="21663281" type="General" weightage="20" keywordseo="gold-medalist" source="keywords">gold medalist</keyword> in central bank Olympics". <div type="twitter" handle="narendramodi" handlename="narendramodi" favoritecount="0" retweetcount="0" id="1826100085672857771"></div> <div type="twitter" handle="anandmahindra" handlename="anandmahindra" favoritecount="0" retweetcount="0" id="1825919281957159052"></div> Brazil's Roberto Campos Neto, Chile's Rosanna Costa, Sri Lanka's Nandalal Weerasinghe and Vietnam's Nguyen Thi Hong received a A grade, while EU's Christine Lagarde, Cambodia's Chea Serey and Sweden's Erik Thedéen were amongst those receiving the A-grade. Since 1994, Global Finance has been grading the central bank governors of nearly 100 countries. They are rated at a scale of A+ (excellent) to F (failure) depending on their success across specific parameters such as inflation control, economic growth goals, currency stability and interest rate management. <h2>Who is Shaktikanta Das? </h2>With a seasoned bureaucratic legacy of 35 years, Das is an IAS officer from the 1980 Tamil Nadu cadre. He graduated from St. Stephens College, Delhi with a degree in history, and was appointed as the 25th governor of the apex bank five years ago, on December 12th, 2018. Prior to assuming this position, Das had also served as secretary in the Department of Revenue and also, Economic Affairs under the <keyword id="19908390" type="General" weightage="20" keywordseo="Ministry-of-Finance" source="keywords" meta.keywordsubtype="org" meta.entityname="Ministry of Finance" meta.hostid="261" meta.entityid="Ministry of Finance">Ministry of Finance</keyword>. He also served as the DM (district magistrate) for Dindigul and Kanchipuram. Having worked with 4 different finance ministers (Pranab Mukherjee, Arun Jaitley, P Chidambaram and Nirmala Sitharaman), Das had previously also been a member, 15th Finance Commission, along with being a G20 Sherpa in 2017. Das had been instrumental in preparation of India's last 8 union budgets, along with serving as India's alternate governor at various fora, like World Bank, Asian Development Bank, New Development Bank, Asian Infrastructure Investment Bank and more. Das has several economic laurels to his name. From drafting the Insolvency and Bankruptcy Code to executing tax devolution under GST for states and demonetisation, , Shaktikanta Das has played a crucial role in shaping India's overall economic health

Gold medalist in central bank Olympics-All you need to know about RBI governor Shaktikanta Das

The <keyword id="20449324" type="General" weightage="20" keywordseo="Finance-Bill" source="keywords">Finance Bill</keyword> 2024 was passed by <keyword id="19895394" type="General" weightage="20" keywordseo="Lok-Sabha" source="keywords" meta.keywordsubtype="org" meta.entityname="Lok Sabha" meta.hostid="261" meta.entityid="Lok Sabha">Lok Sabha</keyword> on Wednesday evening, with a few amendments moved by the government. Replying to the debate, Finance Minister Nirmala Sitharman said the approach of the government has been to bring greater simplification of <keyword id="19987671" type="General" weightage="20" keywordseo="tax" source="keywords">tax</keyword> laws and procedures and enable growth and employment in the country. She responded to points made by members. The Finance Minister clarified that in real estate, the roll over provisions have not been withdrawn and are applicable. She said if the capital gain in a property transaction is invested in buying another one or two properties up to a maximum value of Rs 10 crore, no capital gain tax is required to be paid on such profits. <keyword id="20619608" type="General" weightage="20" keywordseo="capital-gains" source="keywords">Capital gains</keyword> can also still be invested in bonds which are notified under Section 54 of the Income Tax Act up to a maximum of Rs 50 lakh annually and save on taxes. To give relief on budget proposals, Sitharaman also moved an amendment in the Finance Bill on the changes in the capital gains tax on <keyword id="20412285" type="General" weightage="20" keywordseo="property-transactions" source="keywords">property transactions</keyword>. The amendment implies that taxpayers can avail either a lower tax of 12.5% without indexation or a rate of 20% with indexation, if the property is acquired prior to July 23, 2024, the day union budget was presented in the Lok Sabha. Sitharaman clarified that taxpayers can compute taxes under both provisions and choose to pay tax under the scheme where lower tax is applied. Effectively, July 23, 2024, is now set as the cut-off date for the calculation of the capital gains versus the earlier cut-off of 2001. Sitharaman said she has proposed these amendments as some members have raised hypothetical calculation to prove that under new provisions taxpayers will have to pay higher taxes. The new tax proposals on capital gains tax was brought in to bring in parity among different asset classes like equities, mutual funds and real estate. In the Finance Bill introduced on July 23, the Finance Minister had proposed a flat long term capital gains tax of 12.5% with no <keyword id="943856" type="General" weightage="100" keywordseo="indexation-benefit" source="Orion">indexation benefit</keyword>s, prior to it property transactions used to be taxed at 20% with indexation benefit. The minister also clarified that the grandfathering proposal will be allowed only for individual and Hindu Undivided Family (HUF) taxpayers and not for companies and Non Resident Individuals. They have to pay flat 12.5% LTCG tax without indexation. The proposed amendment will apply not only on real estate transactions, but also on unlisted equity transactions, which are done before July 23, 2024. All such transactions will be taxed at 10% long term capital gains instead of FY24-25 budget provision of 12.5% tax. With the opposition members demanding removal of <keyword id="19951327" type="General" weightage="20" keywordseo="GST" source="keywords">GST</keyword> on health insurance, Sitharaman said tax was there on medical insurance even before GST was introduced. "There was already a Service Tax on medical insurance, before the GST was introduced. This is not a new tax, it was already there in all the states. Those protesting here, did they discuss regarding the removal of this tax in their states? Did they write to the Finance Ministers of their respective states about it and asked them to raise it in the GST Council where states have 2/3rd part? No, but they are protesting here. This is their double standards, this is their drama," she said. "Wrongful protests have happened recently, and comments have been passed on the basis of a news report which suggested that the 'Centre has pocketed Rs. 24,529 crores of health insurance premiums alone'. This is incorrect and highly misleading. The GST rate of 18% on health insurance comprises of 9% CGST and 9% SGST. Thus, of the total collections of Rs 24,529 crores from health insurance in the last 3 years, Half of it, Rs. 12,264 crores, went straight to the states as SGST. It doesn't even come to the Centre," she added. The minister said that apart from this, roughly 41%of the Centre's share of GST collection on health insurance is devolved back to the states again, as part of Tax Devolution as per the Finance Commission's formula. Sitharaman said the new income tax regime is simpler and offers lower income tax rates for individuals. "It gives flexibility to the taxpayer to see where he wants to put his money in the absence of exemptions which is available in the old income tax regime. The old regime has not been dissolved and is still an alternative to the new tax regime. It still offers benefits of various deductions such as interest on home loan, etc. Individuals without business income can choose between regimes once and can revert back too. Hence, a choice has been provided to assesse," she said. For the previous Assessment Year 2023-24 till December 31, 2023, about 3.8% of taxpayers opted for the new tax regime, which equates to 30.93 lakh individuals, from a total of 7.98 crore ITRs filed in the categories of ITR-1 to ITR-4, she said. "However, for the Assessment Year 2024-25 until July 31, 2024, there was a dramatic increase in adoption of the new regime, with approximately 72.8% of taxpayers choosing the new tax regime. This represents about 5.25 crore individuals, out of a total of 7.22 crore ITRs filed in the same category." Sitharaman said this shows a substantial shift in taxpayer preference towards the new tax regime, over the span of just one year. "Taxpayers opting for the new regime does not mean savings and investments are not happening in the economy by the middle-class. Due to growth in fintech, better awareness, and ease of investment due to UPI, e-KYC, progressive regulations, investments in mutual funds have increased tremendously. On an average, 17.88 lakh new folios have been added every month in the last 5 years since June 2019. The number of unique mutual fund investors has grown from under 1 crore in 2014 to about 4 crore today," she added. The Finance (No.2) Bill, 2024 was passed after amendments moved by opposition were negatived. Sitharaman said the vision of Prime Minister Narendra Modi has been to establish a simple, efficient and fair technology-driven taxation regime in the country. "So, simplification and ease of compliance for the taxpayer has been the primary objective. In the last 10 years, and this year, in the third term of PM Modi, the approach to taxation has been to simplify it, reduce the burden on taxpayer and make sure it is transparent and equitable," she said. "This year also, our approach has been that we bring in greater simplification of tax laws and procedures, and that we enable growth and employment in this country," she added. Sitharaman presented the Union Budget in Parliament on July 23. This is the first full budget of the NDA government led by PM Modi. The BJP-led alliance won a third successive term earlier this year. The Lok Sabha took up discussion on the Finance Bill after the Appropriation Bill for the central government's expenditure for 2024-25 was passed by the House on Monday. The Finance Bill will now be discussed by Rajya Sabha. The passage of bill will complete the budget process.

Lok Sabha passes Finance Bill, provision on LTCG tax on property transactions amended

<keyword id="19955404" type="General" weightage="20" keywordseo="finance" source="keywords">Finance</keyword> Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> presented the Union <keyword id="19936553" type="General" weightage="100" keywordseo="budget" source="keywords">Budget</keyword> 2024-25 on Tuesday, outlining a detailed financial roadmap aimed at driving economic growth and ensuring fiscal stability. The budget reveals a comprehensive picture of government revenues and expenditures, highlighting major <keyword id="20439675" type="General" weightage="20" keywordseo="allocations" source="keywords">allocations</keyword> to key <keyword id="20353247" type="General" weightage="20" keywordseo="sectors" source="keywords">sectors</keyword> and <keyword id="19915334" type="General" weightage="20" keywordseo="schemes" source="keywords">schemes</keyword>. The <keyword id="19945274" type="General" weightage="20" keywordseo="revenue" source="keywords">revenue</keyword> to the government is generated from multiple sectors. Income tax contributes 19 per cent, borrowings and liabilities stand as the largest source at 27 per cent, and <keyword id="19951327" type="General" weightage="20" keywordseo="gst" source="keywords">GST</keyword> along with other taxes accounts for 18 per cent. Corporation taxes contribute 17 per cent, followed by non-tax receipts at 9 per cent, customs at 4 per cent, excise duty at 5 per cent, and non-debt capital receipts at 1 per cent. On the <keyword id="19936655" type="General" weightage="20" keywordseo="expenditure" source="keywords">expenditure</keyword> side, the budget outlines significant allocations to various public sectors. Interest payments consume 19 per cent of the total expenditure, central sector schemes account for 16 per cent, and states' tax devolution takes up 21 per cent. Subsidies represent 6 per cent of the spending, while defence expenditures stand at 8 per cent. The Finance Commission and other transfers take up 9 per cent, centrally sponsored schemes another 8 per cent, pensions 4 per cent, and other expenses 9 per cent. In terms of sector-specific allocations, defence receives the highest allocation at Rs 4,54,773 crore. Rural development is allocated Rs 2,65,808 crore, reflecting the government's focus on boosting rural economies. Agriculture is set to receive Rs 1,51,851 crore, while home affairs are allocated Rs 1,50,983 crore, underscoring the importance of internal security. Education, a critical sector for future growth, is allocated Rs 1,25,638 crore. The IT and Telecom sector, pivotal for digital transformation, receives Rs 1,16,342 crore. Health is allocated Rs 89,287 crore, emphasising the ongoing commitment to improving healthcare infrastructure. The energy sector is earmarked Rs 68,769 crore, social welfare Rs 56,501 crore, and commerce and industry Rs 47,559 crore. The budget also highlights significant increases in allocations to major schemes. The Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) sees an increase from Rs 60,000 crore in FY23-24 to Rs 86,000 crore in FY24-25, aimed at enhancing rural employment. Nuclear power projects receive a boost from Rs 442 crore to Rs 2,228 crore, while the development of semiconductors sees a substantial increase from Rs 3,000 crore to Rs 6,900 crore, underscoring the push towards technological advancement. Direct Benefit Transfer for LPG is allocated Rs 1,500 crore, up from Rs 180 crore, to support energy access. Solar power allocation doubles from Rs 4,970 crore to Rs 10,000 crore, reflecting the government's commitment to renewable energy. This budget, with its detailed allocations and revenue plans, underscores the government's strategy to foster economic resilience, technological advancement, and sustainable growth.

Fund allocations to key sectors and schemes hiked in budget

Lok Sabha Election Results 2024 LIVE: BJP-led NDA crosses halfway mark in terms of leads; INDIA bloc still putting up a fight

<ul class="summary-list"><li>SCOTUS limited federal agencies' regulatory powers with recent rulings. </li><li>One legal expert said the high court is clearly "hellbent" on dismantling the administrative state.</li></ul>In two separate rulings over 48 hours last week, the conservative majority of the <a target="_blank" href="https://www.businessinsider.com/supreme-court-homeless-camp-removal-without-adequate-shelter-beds-2024-6">United States Supreme Court</a> overturned a 40-year-old precedent that has been long attacked by the right — and has stripped out some of the <a target="_blank" href="https://www.businessinsider.com/supreme-court-strips-sec-enforcement-power-financial-fraud-jarkesy-2024-6">Securities and Exchange Commission's</a> financial-fraud enforcement capabilities.The conservative majority, in another 6-3 ruling on Monday, made it easier for government regulations to be contested."At the end of a momentous Term, this much is clear: The tsunami of lawsuits against agencies that the Court's holdings in this case and Loper Bright have authorized has the potential to devastate the functioning of the Federal Government," Justice Ketanji Brown Jackson wrote in her dissent of the court's Monday ruling in the case of Corner Post v. Board of Governors of the Federal Reserve System.Justice <a target="_blank" href="https://www.businessinsider.com/justice-elena-kagan-supreme-court-ethics-samuel-alito-2023-8">Elena Kagan</a>, in her dissent to the Friday decision to strike down the legal precedent known as the "<a target="_blank" href="https://www.businessinsider.com/fishermen-lawsuit-will-give-supreme-court-chance-overturn-chevron-decision-2023-5">Chevron deference</a>" in the case of Loper Bright Enterprises v. Raimondo, called the Friday ruling "yet another example of the Court's resolve to roll back agency authority, despite congressional direction to the contrary."Legal experts and regulation advocates told Business Insider they largely agreed, with one law professor saying that the nation's highest court is clearly "hellbent on dismantling the entire regulatory apparatus put in place over the course of the 20th century.""These rulings make it impossible for the agencies that Congress itself created to respond quickly and efficiently to newly emerging problems," said Robert Hockett, a Cornell University professor of law and finance.Thanks to the recent SCOTUS rulings, the regulation of essentially all major industries, ranging from environmental protection to finance and public health, will be much tougher and could result in a more overburdened court system.Before Friday's ruling, if the Environmental Protection Agency, for example, identified an oil company practice that unduly risked an oil spill, it would first issue a cease-and-desist letter. The oil company might then claim that the EPA has the facts wrong or lacks the regulatory authority to address the practice, Hockett said.Then, according to Hockett, the case would be heard by an administrative court. If the oil company disagreed with that administrative judge's ruling, it could appeal and ultimately land in a court — but wouldn't do so if it couldn't point to an obvious error by the administrative law judge, Hockett said.Now, under the ruling, the case would go right to a federal court."No ALJ [Administrative Law Judge]. Straight to federal court. Court with overloaded docket scheduled hearing to the year 2035. Oil spills everywhere and renders North America uninhabitable in the meantime while we wait," Hockett said, offering an extreme example."The upshot of this is that all of the country's largest business firms in all of its major industries will go effectively unregulated or de-facto unregulated because Congress and the courts will not be able to keep up with the pace of change in our economy," said Hockett.The legal expert likened the matter to a "robber baron's dream.""These two rulings largely amputate the two most important arms that our regulatory agencies use every day in overseeing our industrial economy," Hockett said, referring to the the Chevron and SEC rulings.In <a target="_blank" href="https://www.businessinsider.com/scotus-chevron-doctrine-bidens-climate-policies-at-risk-2024-6">overturning the Chevron doctrine</a> in a 6-3 decision, the high court has hamstrung federal agencies' regulatory powers.The doctrine, established in the 1984 Supreme Court case Chevron USA v. Natural Resources Defense Council, called for courts to defer to federal agencies' interpretations of ambiguous federal laws and statutes. It has been repeatedly used by the federal government in a wide range of cases.Chief Justice John Roberts, in his opinion, wrote that the Chevron doctrine "proved to be fundamentally misguided.""Perhaps most fundamentally, Chevron's presumption is misguided because agencies have no special competence in resolving statutory ambiguities. Courts do," Roberts wrote.The chief justice continued, "Courts must exercise their independent judgment in deciding whether an agency has acted within its statutory authority."The overturning of the Chevron precedent and Thursday's <a target="_blank" href="https://www.businessinsider.com/supreme-court-strips-sec-enforcement-power-financial-fraud-jarkesy-2024-6">SEC v. Jarkesy decision</a> both involve cuts in the regulatory powers of federal agencies, "which means reductions in the power of the executive branch of government and an increase in the power of the judicial branch," said Jonathan Siegel, a professor of law at George Washington University.As a result, over the long term, Siegel said, "It will be more difficult for the government to enforce many statutes, and therefore, there will be more violations.""Particularly in terms of businesses, they decide what to do based not only on what's legal and what's illegal, but what is the likelihood that they will actually suffer a penalty if they do something illegal," he said.Siegel explained that the decision in SEC v. Jarkesy has the "potential to affect innumerable agency proceedings."Up until Thursday, the SEC had two ways of pursuing fraud cases. It could sue in federal court, or it could bring an "administrative proceeding" in its own in-house court, where it appoints its own judges and the cases have no juries.Roberts wrote in the decision that the latter method violated the Seventh Amendment of the US Constitution, which protects the right to a jury trial."It's certainly the case that the court and some individual justices even more strongly have expressed distaste for the amount of power administrative agencies have, and several decisions that the court has come down within the last few years have the effect of reducing that power and increasing the power of courts," Siegel said.Rachel Weintraub, the executive director of the regulation advocacy group Coalition for Sensible Safeguards, said that the common thread between the decisions "is that it is the manifestation of a conservative quest to minimize the role of the federal government.""The public expects government to do certain things. It expects the government to ensure that roads are safe and toasters don't explode, and that the water coming from our faucet doesn't cause our families harm, and that there are protections in workplaces, and that our marketplaces are fair, and that there will be consequences if entities scam us," Weintraub said.These factors, said Weintraub, "could be at stake if judges replace agency expertise with their own positions."In the case of Corner Post v. Board of Governors of the Federal Reserve System, the Supreme Court ruled that a six-year statue of limitations in challenging federal agencies under the Administrative Procedure Act begins "when the plaintiff is injured by final agency action.""The Supreme Court last week made it all but impossible for federal agencies to accept future Congressional assignments of rule-making authority by overturning its own 40-year-old Chevron decision," said Hockett."Today it effectively makes that retroactive, by permitting any newly formed corporation to challenge rules that have been on the books for decades," Hockett said, explaining that before Monday's decision a statute of limitations legislated by Congress "ensured that a rule that had gone unchallenged for six years was settled law."Now, Hockett said, "every rule, no matter how long it has been in place and no matter how long corporations have been operating with a settled understanding of it, will be up for grabs."Jesse Panuccio, who served as US acting associate attorney general in the Trump administration, was less alarmed by the recent SCOTUS decisions, saying "agencies still have vast delegations of power."Panuccio told Business Insider he represents private parties who are in lawsuits against the government, and he believes it's important that there are three branches of government "with interdependent functions."Panuccio said that he supported the Supreme Court decisions in Loper Bright and Jarkesy and called them "important checks on administrative power."There is never an "even playing field" between the government and a private party — and having a ruling like this in place is the way to ensure parties are in front of a neutral judge, he said."And I think we have gone too far, no matter who the president is, the executive branch wields more power than I think the Constitution really envisions," he said. "And these opinions are important."

'A robber baron's dream': SCOTUS seems determined to dismantle an administrative state 

<a href="https://www.businessinsider.com/top-wall-street-executives-and-rising-stars-investing-trading-dealmaking-2023"></a><ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Halfway there! After spending three days in an upturned boat at the bottom of the ocean, you'd think Harrison Okene would steer clear of the water. Instead, <a href="https://www.insider.com/man-who-capsized-boat-spent-3-days-air-bubble-diver-2023-9" target="_blank" rel="noopener">he became a diver making underwater repairs</a> on oil and gas facilities.In today's big story, we're unveiling our annual list of the <a href="https://www.businessinsider.com/top-wall-street-executives-and-rising-stars-investing-trading-dealmaking-2023" target="_blank" rel="noopener">rising stars of Wall Street</a>.What's on deck: <ul><li>Markets: These stocks are <a href="https://markets.businessinsider.com/news/stocks/investing-stocks-to-buy-interest-rates-bond-yields-goldman-sachs-2023-9" target="_blank" rel="noopener">positioned to perform</a> even as rates stay high.</li><li>Tech: An Amazon exec told employees the <a href="https://www.businessinsider.com/amazon-svp-full-return-to-office-could-take-3-years-2023-9" target="_blank" rel="noopener">tech giant's RTO plans</a> could take up to three years.</li><li>Business: Trump's "<a href="https://www.businessinsider.com/trump-fraud-ruling-corporate-death-penalty-for-his-empire-experts-2023-9" target="_blank" rel="noopener">corporate death penalty</a>" explained.</li></ul>But first, keep an eye on these folks.If this was forwarded to you, <a href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h2>The big story</h2><h3>New kids on the block</h3><a href="https://www.businessinsider.com/top-wall-street-executives-and-rising-stars-investing-trading-dealmaking-2023"></a><div type="image" title="portraits of Insider's 2023 rising stars of Wall Street" height="600" width="1200" msid="103996567" hostid="261" sizebytes="76232"></div>Get to know these names.Insider is again highlighting some of the brightest young minds in finance with our <a href="https://www.businessinsider.com/top-wall-street-executives-and-rising-stars-investing-trading-dealmaking-2023">annual list of Wall Street's rising stars</a>.Since 2017, Insider has identified top investors, dealmakers, and traders who are 35 and under. Recommendations come from across the industry, with editors making the final call on who makes the cut. Our list of rising stars is a helpful exercise for identifying the industry's top young talent and getting a sense of the biggest trends.We've even kept tabs on where some of our stars ended up. Last year, we caught up with <a href="https://www.businessinsider.com/wall-street-rising-stars-2017-where-are-they-now-2022" target="_blank" rel="noopener">13 members of the inaugural class</a>. (Here's a rundown of all our previous classes: <a href="https://www.businessinsider.com/business-insider-rising-stars-under-35-asset-management-2017-10">2017</a>, <a href="https://www.businessinsider.com/wall-street-rising-stars-investing-trading-dealmaking-2018-10">2018</a>, <a href="https://www.businessinsider.com/wall-street-rising-stars-investing-trading-dealmaking-2019-10">2019</a>, <a href="https://www.businessinsider.com/rising-stars-wall-street-investing-trading-dealmaking-2020-9">2020</a>, <a href="https://www.businessinsider.com/wall-street-rising-stars-investing-trading-dealmaking-2021">2021</a>, and <a href="https://www.businessinsider.com/rising-stars-wall-street-investing-trading-dealmaking-2022">2022</a>.)I spoke to senior finance editor Michelle Abrego, who oversees the list, about what stood out in this year's class. The strong representation of debt-focused roles was high on her list. That speaks to the rise of <a href="https://www.businessinsider.com/private-debt-credit-market-risks-outlook-2023-2022-11">private credit</a>, which is now considered one of the <a href="https://www.businessinsider.com/wall-street-private-credit-careers-asset-management-2023-9">hottest career moves</a> on the Street. Take Luna McKeon, 35, who leads Blue Owl Capital's healthcare underwriting team, which has deployed $10 billion in capital over the past four years. Some of the achievements of this year's class are downright eye-popping. Apollo's Michael Dunn Goekjian, who is only 28, has already worked on transactions totaling more than $50 billion in deal value since joining the firm in 2018. Meanwhile, Anne-Victoire Auriault was one of the youngest women to make partner at Goldman Sachs at just 32 years old in 2020.Others stand out for their unique career paths. When Jack Dillon didn't nab his dream investment-banking internship, he found a cool backup plan: Working with fashion designer Thom Browne. Dillon, now 35, leveraged that experience into a successful career at Vista Equity Partners. And sometimes it's just a willingness to raise your hand, which Patrick McGoldrick did when the New England Patriots needed a substitute for their Pat Patriot mascot. McGoldrick, 32, is now a managing partner at J.P. Morgan Asset Management.<h2>3 things in markets</h2>Before the opening bell: US stock futures <a href="https://markets.businessinsider.com/premarket">traded higher Wednesday</a> after <a href="https://markets.businessinsider.com/news/stocks/stock-market-news-today-dow-worst-loss-march-economic-data-2023-9" target="_blank" rel="noopener">stocks suffered</a> their worst loss since March.<a href="https://www.businessinsider.com/government-shutdown-limits-economic-data-release-federal-reserve-interest-rates-2023-9"></a><div type="image" title="US Federal Reserve Chair Jerome Powell attends a press conference in Washington, DC, on March 22, 2023." height="960" width="1280" msid="103996568" hostid="261" sizebytes="85162"></div><ol><li>A government shutdown means the Fed's job will be a lot harder. If the government shuts down, new economic data like the jobs report and consumer price index won't be released until it reopens. That'll leave the Fed to <a href="https://www.businessinsider.com/government-shutdown-limits-economic-data-release-federal-reserve-interest-rates-2023-9" target="_blank" rel="noopener">rely on private sector data</a>.</li><li>If rates stay up, these stocks are a good bet. With the Fed indicating it's likely to keep interest rates high, plenty of hedge funds are <a href="https://markets.businessinsider.com/news/stocks/hedge-funds-us-stocks-bearish-short-bets-leverage-2020-crash-2023-9" target="_blank" rel="noopener">increasingly betting against stocks</a>. But a recent note from Goldman Sachs <a href="https://markets.businessinsider.com/news/stocks/investing-stocks-to-buy-interest-rates-bond-yields-goldman-sachs-2023-9">highlighted 22 stocks</a>, including Delta and Verizon, that would benefit from a high-rate environment. </li><li>JPMorgan settles lawsuit from the US Virgin Islands over links with Jeffrey Epstein. The bank agreed to <a href="https://www.businessinsider.com/jp-morgan-settles-virgin-islands-jeffrey-epstein-sex-trafficking-suit-2023-9">pay $75 million to settle the civil lawsuit</a>, which claimed JPMorgan facilitated Epstein's sex trafficking operation. It also settled litigation with former executive Jes Staley, who kept close ties with Epstein.</li></ol><h2>3 things in tech</h2><a href="https://www.businessinsider.com/amazon-svp-full-return-to-office-could-take-3-years-2023-9"></a><div type="image" title="Peter DeSantis on stage at Amazon's AWS re:Invent conference" height="396" width="528" msid="103996569" hostid="261" sizebytes="18410"></div><ol><li>Leaked meeting recording: Amazon SVP says a full return to office could take three years. He <a href="https://www.businessinsider.com/amazon-svp-full-return-to-office-could-take-3-years-2023-9" target="_blank" rel="noopener">also told employees</a> to share anecdotes of being pressured to immediately relocate with his HR team so that he could "dig into" those situations.</li><li>Microsoft plans to use nuclear energy to power its AI data centers. The tech giant shared a job opening for a "principal program manager for nuclear technology." This person would assess how nuclear energy could be used to <a href="https://www.businessinsider.com/microsoft-plan-to-use-nuclear-energy-power-ai-data-centers-2023-9" target="_blank" rel="noopener">power the data centers</a> hosting AI models.</li><li>FTC says Amazon punished sellers for offering their items at a lower price elsewhere. The Federal Trade Commission and 17 state attorneys general are banding together to <a href="https://www.businessinsider.com/how-amazon-forces-customers-to-pay-more-ftc-lawsuit-2023-9">sue the e-commerce giant</a>. They accused it of monopolistic practices and causing higher prices for customers.</li></ol><h2>3 things in business</h2><a href="https://www.businessinsider.com/trump-fraud-ruling-corporate-death-penalty-for-his-empire-experts-2023-9"></a><div type="image" title="Trump Org" height="1440" width="1920" msid="103996570" hostid="261" sizebytes="79116"></div><ol><li>A Manhattan judge found Donald Trump and his real-estate company liable for fraud, and ordered what experts are calling a "corporate death penalty." A receiver will be appointed to <a href="https://www.businessinsider.com/trump-fraud-ruling-corporate-death-penalty-for-his-empire-experts-2023-9" target="_blank" rel="noopener">"dissolve" the company</a> – but years of appeals may play out first.</li><li>The job Americans would likely want replaced by robots: umpires. Automating the strike zone seems like a no-brainer. But in practice, <a href="https://www.businessinsider.com/rise-of-robot-umpires-mlb-postseason-hawk-eye-2023-9">it's been more challenging</a> — what does the perfect strike zone even look like anyway?</li><li>Silicon Valley investors secretly bought up $800 million of property in Northern California. The 52,000 acres outside San Francisco will become a "<a href="https://www.businessinsider.com/solano-county-flannery-associates-city-of-yesterday-silicon-valley-billionaires-2023-9">city of yesterday</a>." It'll be built in a way that "someone who was born 100 years ago will recognize."</li></ol><h2>In other news</h2><a href="https://www.businessinsider.com/hollywood-studios-and-writers-reached-agreement-to-end-strike-2023-9"></a><div type="image" title="WGA protesters with a sign that reads &quot;You're gonna need a bigger offer.&quot;" height="3612" width="4817" msid="103996571" hostid="261" sizebytes="600830"></div><ul><li>Hollywood writers are set to go back to work today as <a href="https://www.businessinsider.com/hollywood-studios-and-writers-reached-agreement-to-end-strike-2023-9" target="_blank" rel="noopener">historic strike ends</a>.</li><li>A 26-year-old tech CEO was found dead with <a href="https://www.insider.com/pava-lapere-tech-ceo-dead-signs-blunt-force-trauma-police-2023-9" target="_blank" rel="noopener">signs of blunt force trauma</a>, police say.</li><li>Friendship breakups via text are painful, but therapy-speak is <a href="https://www.insider.com/text-bombing-phenomena-destroying-friendships-relationships-2023-9" target="_blank" rel="noopener">making them worse</a>.</li><li>A longevity expert shares three tips for a <a href="https://www.insider.com/antiaging-victor-longo-breakfast-diet-live-longer-2023-9" target="_blank" rel="noopener">nutritious, anti-aging breakfast</a>.</li><li>Verizon's CEO has been tracking his mood (out of 10) <a href="https://www.businessinsider.com/verizon-ceo-good-leader-tracked-mood-spreadsheet-since-2009-2023-9">in a spreadsheet</a> every day since 2009.</li><li>A <a href="https://www.businessinsider.com/former-white-house-intern-day-in-the-life-2023-9">day in the life</a> of an unpaid White House intern.</li><li>A roughly 10% stake in the Golden State Warriors could go for <a href="https://markets.businessinsider.com/news/stocks/golden-state-warriors-stake-up-for-sale-700-million-valuation-2023-9" target="_blank" rel="noopener">$700 million</a>.</li><li>The favorite sports betting apps among <a href="https://www.businessinsider.com/sports-betting-apps-young-nfl-fans-gambling-football-2023-9">NFL fans in their 20s</a>.</li></ul><h2>What's happening today</h2><ul><li>The second Republican presidential debate is happening today. The debate, hosted by Fox Business, will feature Florida Gov. Ron DeSantis, former Vice President Mike Pence, <a href="https://www.businessinsider.com/vivek-ramaswamy-republican-presidential-candidate-strive-roivant-demanding-manager-2023-9" target="_blank" rel="noopener">biotech executive-turned-presidential candidate Vivek Ramaswamy</a>, and other presidential hopefuls.</li><li>Developer conference Meta Connect kicks off. Meta CEO Mark Zuckerberg will be the keynote speaker.</li><li>Happy birthday, Lil Wayne! Avril Lavigne, Jenna Ortega, and Gwyneth Paltrow were also born on this day.</li></ul><h2>For your bookmarks</h2><h3>Which iPhone is worth it?</h3><a href="https://www.businessinsider.com/what-to-consider-upgrade-to-iphone-15-2023-9"></a><div type="image" title="iPhones on display" height="1261" width="1681" msid="103996572" hostid="261" sizebytes="54374"></div>If you're upgrading phones, consider the iPhone 14 instead of the 15. Unless you have a model from before 2020, the iPhone 14 might <a href="https://www.businessinsider.com/what-to-consider-upgrade-to-iphone-15-2023-9">make more sense</a>.The Insider Today team: <a href="https://www.businessinsider.com/author/dan-defrancesco">Dan DeFrancesco</a>, senior editor and anchor, in New York City. <a href="https://www.businessinsider.com/author/diamond-naga-siu">Diamond Naga Siu</a>, senior reporter, in San Diego. <a href="https://www.businessinsider.com/author/hallam-bullock">Hallam Bullock</a>, editor, in London. <a href="https://www.businessinsider.com/author/lisa-ryan">Lisa Ryan</a>, executive editor, in New York.

Insider Today: Finance's next generation

<ul class="summary-list"><li>Russian assets should be used to buy military supplies for Ukraine, Ursula von der Leyen said. </li><li>The proposal is part of the rising debate over how to use Moscow's frozen funds.</li></ul>Russia's frozen assets should be used to purchase badly needed military equipment for Ukraine, European Commission Ursula von der Leyen proposed on Thursday."There could be no stronger symbol and no greater use for that money than to make Ukraine and all of Europe a safer place to live," she said in a <a href="https://neighbourhood-enlargement.ec.europa.eu/news/speech-president-von-der-leyen-european-parliament-plenary-strengthening-european-defence-volatile-2024-02-28_en" target="_blank" rel="noopener">speech</a> to the European Parliament.The comment raises yet another recommendation for how to use over $300 billion in Russian reserves frozen by Western states in retaliation for Moscow's invasion of Ukraine two years ago.Recent weeks have amplified calls to funnel the assets to Kyiv, as Western financial support for the country has slid. Although the European Union approved $54 billion for Ukraine's budget last month, the deal <a href="https://www.npr.org/2024/02/01/1228462696/hungary-ends-opposition-to-giving-ukraine-aid-freeing-up-54-billion-from-the-eu#:~:text=Transcript-,Hungary%20was%20the%20single%20country%20blocking%20Ukraine%20aid%20in%20the,term%20aid%20to%20Ukraine%20today." target="_blank" rel="noopener">didn't come without opposition</a>. Meanwhile, partisan bickering in the US has delayed further aid. At the same time, Ukraine has cautioned that its ammunition stockpile is quickly<a href="https://www.businessinsider.com/ukraine-losing-ammunition-battle-forces-being-outshot-by-russia-2024-1"> draining</a>, whereas Russia's offensive is turning <a href="https://www.businessinsider.com/russia-air-superiority-avdiivka-could-be-devastating-for-ukraine-2024-2">increasingly forceful</a>.While the assets could provide breathing room, their use has drawn disagreement among Group of Seven leaders. Ideas, such as a proposal to seize the frozen reserves as a whole, have especially spurred worries about legal and financial repercussions. On Tuesday, Treasury Secretary Janet Yellen argued the use of the assets has a "strong international law, economic and moral case," comments that garnered criticism from French Finance Minister Bruno Le Mair."This legal basis must be accepted not only by the European countries, not only by the G7 countries, but by all the member states of the world community, and I mean by all the member states of the G20. We should not add any kind of division among the G20 countries," he said on Wednesday, quoted by <a href="https://www.reuters.com/world/g7-finance-meeting-marred-by-divisions-over-seizing-russian-assets-2024-02-28/#:~:text=G7%20officials%20have%20been%20struggling,for%20possible%20solutions%20by%20June." target="_blank" rel="noopener">Reuters</a>.So far, the EU members have agreed to set aside profits raised by the assets. As to von der Leyen's suggestion, a formal proposal is set to appear in two weeks, a source told the <a href="https://www.ft.com/content/d6059942-eaf2-4e57-be03-7e589fe86a79" target="_blank" rel="noopener">Financial Times</a>.Moscow has also promised retaliation for any actions targeting the funds. That includes threats of <a href="https://africa.businessinsider.com/markets/global-powers-have-a-plan-to-use-dollar250-billion-in-frozen-russian-funds-to-help/7b0rshm?utm_medium=ingest&amp;utm_source=markets" target="_blank" rel="noopener">legal challenges</a>, as well as the symmetric use of Western <a href="https://markets.businessinsider.com/news/currencies/russia-frozen-assets-dedollarization-greenback-euro-ukraine-war-funding-sanctions-2024-2">funds frozen in Russia</a>.

Profits from frozen Russian assets should be used to help buy weapons for Ukraine, European Commission head says

Chennai, Tamil Nadu's ruling <keyword id="19897149" type="General" weightage="20" keywordseo="dmk" source="keywords">DMK</keyword>, a key constituent of the INDIA bloc, in its manifesto released on Wednesday promised to repeal the Citizenship Amendment Act, 2019 if the opposition alliance wins the <keyword id="19895394" type="General" weightage="20" keywordseo="lok-sabha" source="keywords">Lok Sabha</keyword> polls. Restoration of statehood to Jammu and Kashmir and holding polls there, scrapping the New Education Policy 2020, slashing fuel prices, annulling Article 361 of the Constitution that provides protection to governors from legal action and appointment of Governors following consultation with Chief Ministers, were among the key promises made by the DMK. The recommendations of the M S Swaminathan committee will be adopted to ensure that MSP for agricultural products "is set at total production cost plus 50 per cent," the DMK said. Also, it announced that if voted to power, the INDIA bloc will withdraw the Agnipath scheme and reintroduce "permanent recruitment service" in the Indian Armed forces. "From now on, population census, including caste-wise census and census concerning people below the poverty line, will be conducted by the Union government once every five years simultaneously." The DMK will firmly insist on the removal of Article 356, which allows the dismissal of duly elected state governments and imposition of President's rule. The Congress party's ally in Tamil Nadu said that "new constraints" on States' borrowing capacity, imposed by the union government beyond the limits in each state's FRBM-equivalent Act will be eliminated. "A recommendation to share cess revenues with states will be made. It will be proposed that the Finance Commission increase the horizontal devolution of tax revenue (to all States together) from 42 per cent to 50 per cent." The Union government's financial contributions to states will be based on the income tax and GST collected in those states. Thus, financial contributions will be assured based on the taxes collected within each state. The finance provided to states will be permanently determined based on the 1971 population. A 33 per cent reservation for women in Parliament and legislative assemblies will be implemented immediately. "DMK will insist that the Union government enact a law providing menstrual leave to women, emphasizing the journey towards gender equality." Petrol and diesel prices "will be set at Rs 75, Rs 65 (per litre)" and cooking gas cylinders shall be made available at Rs 500 (per cylinder). "The introduction of the Uniform Civil Code will be strictly prevented" to preserve India's secular nature as stated in the Constitution's preamble. "The 2019 CAA law will be repealed, and all minorities will be treated equally without any discrimination. The recommendations of the Sachar Committee for the improvement of the lives of Muslims and other minority communities will be implemented." Facilitation will be provided for <keyword id="21027983" type="General" weightage="20" keywordseo="sri-lankan-tamil" source="keywords">Sri Lankan Tamil</keyword> refugees to get Indian citizenship. Assistance will be provided to those who wish to return to Sri Lanka. Also, the manifesto said efforts will be made to implement reservation for minorities at the all-India level, similar to Tamil Nadu. "The financial assistance previously provided to minority educational institutions has now been stopped. Action will be taken to resume this assistance." For "political" reasons, funding from foreign countries to non-governmental organisations (NGOs) has currently been stopped. "The Foreign Exchange Regulation Act will be properly amended, and measures will be taken to ensure these financial aids continue to reach NGOs without any problems." The proposal of 'One Nation, One Election' will be abandoned, and for the allocation of Lok Sabha seats to states, the current practice, based on the 1971 census will continue. All "people-unfriendly" laws introduced by the BJP government over the last 10 years will be reviewed immediately by the INDIA alliance government. The "labour-hostile laws" introduced by the BJP government will be "reformed." Through the Employees' Provident Fund (EPF), the Union government will ensure a minimum pension of Rs 5,000 per month. The number of working days under the Mahatma Gandhi National Rural Employment Guarantee Act will be increased from 100 to 150 days. "A wage of Rs 400 will be provided across states/ union territories nationwide." Disbanding the current NITI Aayog, set up by the BJP regime and establishing again the Planning Commission to draft plans based on the requests of state governments is another assurance the DMK has made. "Measures will be taken to reclaim Kachchatheevu to ensure India's security and to protect the welfare of the fishermen." A mandatory "cooling-off period" of 2 years will be introduced for retired judges and secretaries before they could join private companies or political parties, the manifesto said. Waiving loans and interests for farmers in nationalised and scheduled banks, waiver of educational loans for students, monthly entitlement of Rs 1,000 for all women in every state and formation of <keyword id="21027984" type="General" weightage="20" keywordseo="state-development-council" source="keywords">State Development Council</keyword> by including Chief Ministers were among the promises made by the DMK. Exemption for Tamil Nadu from the NEET exam and complete removal of toll booths on national highways, forms part of poll promises of the Dravidian party. Further, the DMK said amendments will be made to relevant laws to ensure that state governments, elected by the people, appoint Vice-Chancellors to state-run universities, rather than Governors. Stopping government's divestment from public sector enterprises, implementing the Sethusamudram project, law to ban online gambling, setting up a <keyword id="19895345" type="General" weightage="20" keywordseo="supreme-court" source="keywords">Supreme Court</keyword> branch in Chennai, providing statehood for <keyword id="19901639" type="General" weightage="20" keywordseo="puducherry" source="keywords">Puducherry</keyword>, equal funding for all state languages including Tamil, were among the host of other promises made by the DMK. Establishment of Tamil departments in varsities and stopping construction of <keyword id="19950851" type="General" weightage="20" keywordseo="mekedatu" source="keywords">Mekedatu</keyword> dam were also promised by the DMK. "The <keyword id="19996334" type="General" weightage="20" keywordseo="vishwakarma-scheme" source="keywords">Vishwakarma Scheme</keyword>, introduced by the BJP government to encourage caste-based occupations, will be restructured on the basis of social justice."

DMK vows to repeal CAA if INDIA bloc is voted to power

New Delhi, A petition has been filed in the <keyword id="19895345" type="General" weightage="20" keywordseo="supreme-court" source="keywords">Supreme Court</keyword> seeking contempt action against the <keyword id="19934368" type="General" weightage="20" keywordseo="state-bank-of-india" source="keywords">State Bank of India</keyword> (SBI) alleging it "wilfully and deliberately" disobeyed the apex court's direction to submit details of contributions made to political parties through electoral bonds to the Election Commission by March 6. The plea, filed by two NGOs, claimed SBI's application seeking extension of time till June 30 to disclose the details of electoral bonds encashed by political parties has been deliberately filed at the last moment to ensure that details of donor and the amount of donations are not disclosed to the public before the upcoming <keyword id="19895394" type="General" weightage="20" keywordseo="lok-sabha" source="keywords">Lok Sabha</keyword> elections. A bench headed by Chief Justice <keyword id="19936357" type="General" weightage="20" keywordseo="d-y-chandrachud" source="keywords">D Y Chandrachud</keyword> on Thursday took note of the submissions by advocate <keyword id="20027334" type="General" weightage="20" keywordseo="prashant-bhushan" source="keywords">Prashant Bhushan</keyword>, who appeared on behalf of NGOs Association for Democratic Reforms and Common Cause, that he wanted initiation of contempt proceedings against the SBI. Bhushan said the SBI's application is likely to be listed on March 11 and the contempt application should also be heard together with it. "Please send an e-mail. I will pass the order," the CJI said. The SBI moved the top court on March 4 seeking extension of time till June 30 to disclose the details of the electoral bonds that were encashed. In a landmark verdict on February 15, a five-judge constitution bench of the apex court had scrapped the Centre's electoral bonds scheme of anonymous political funding, calling it "unconstitutional" and ordering disclosure by the Election Commission of the donors, the amount donated by them and the recipients by March 13. Ordering closure of the scheme forthwith, the top court had directed the SBI, the authorised financial institution under the scheme, to submit by March 6 the details of the electoral bonds purchased since April 12, 2019 till date to Election Commission (EC), which will publish the information on its official website by March 13. In the contempt plea, the NGOs have said that two days before the expiry of the stated deadline, the SBI has filed an application seeking time till June 30 to comply with the directions. "It is submitted that the said application is mala fide and demonstrates a wilful and deliberate disobedience &amp; defiance of the judgement passed by the constitution bench of this court. It is further a clear attempt to undermine the authority of this court," it said. "The petitioner herein is filing the instant petition seeking initiation of contempt proceedings against State Bank of India for wilfully and deliberately disobeying the order dated February 15 passed by this court... wherein this court directed SBI to submit details of contribution made to the political parties through electoral bonds to the Election Commission of India by March 6," it said. It said the affidavit supporting the SBI's application has neither been sworn by the chairman or the managing director of the bank. It said SBI has the record of the unique number allotted to each electoral bond and the know your customer (KYC) details of its purchaser. "The requirement of the KYC is mentioned in section 4 of the EB scheme itself, therefore, the SBI is well aware of the identity of purchasers of each electoral bond," the plea said. It said as per clause 7 of the electoral bond scheme, information furnished by the buyer can be disclosed when demanded by a competent court. "As per clause 12 (4) of the scheme, electoral bonds have to be encashed within fifteen days failing which the amount of bonds not encashed are to be deposited by the bank to the PM relief Fund. Thus, it is inconceivable that SBI does not have the recorded information readily available within its data base," it said. The plea said electoral bonds are "completely traceable" which is evident from the fact that SBI maintains a secret number-based record of donors who buy bonds, and the political parties they donate to. It said as per information received through RTI, in 30 phases of electoral bonds sale, only 19 out of 29 SBI authorised branches sold electoral bonds and 14 SBI branches encashed them. "The data available as on January 2024 further shows that only 25 political parties had opened their account and are eligible for encashing electoral bonds. Therefore, compiling of this information should not be difficult as the system is already in place," it said. "It is mandatory that SBI furnishes all information relating to electoral bonds within stipulated time frame given by this court as voters will not be able to exercise their informed opinion properly during Lok Sabha 2024 if complete information about EBs is not shared with them," it said. The plea said any form of anonymity in the finances of political parties goes against the essence of participatory democracy and people's right to know enshrined under Article 19(1)(a) of the Constitution. It said availability of information about electoral bonds will give voters a chance to truly inspect, express and decide their choices. "This defiant approach of the SBI towards citizen's 'right to know' about huge sums of money received by parties through electoral bonds and corporates in a non-transparent and unaccountable manner is reprehensible and betrays its clear motive to stifle citizen's voice and right to audit actions of the political class, and therefore it should be held as serious breach of contempt by this court," it alleged.

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