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<ul><li>Subhash Chandra announced the resignation from his position at a company board meeting organised on November 25. He will continue as non-executive director of the company. </li><li>ZEE was launched back in 1992 by Chandra and he has continued playing a key role in its journey. </li><li>The Board committee also appointed three new independent directors Sunil Sharma, Niharika Vora and Subodh Kumar.</li></ul>Subhash Chandra, the Founder and Chairman of Zee Entertainment Limited, has resigned from his position. The resignation was announced during a company board meeting organised on November 25. The board accepted his resignation but insisted him to continue being the company's non-executive director. Chandra founded the company back in 1992. Chandra’s resignation comes after a few major global investors bought 16.5% stake in Essel Group’s ZEEL. The discussion was taken in order to repay loan obligations to certain lenders of the Group. Earlier this year, Essel Group had also sold 11% in Zee Entertainment to Invesco Oppenheimer Developing Markets Fund for ₹4,224 crore. Subhash Chandra’s son, Punit Goenka, will continue being the CEO and MD of ZEEL.

Subhash Chandra quits as Chairman of ZEEL

<ul><li>Netaji <keyword id="100207" type="PERSON" weightage="20" keywordseo="Subhas-Chandra-Bose">Subhas Chandra Bose</keyword> was born 123 years before on this same day. </li><li>He is India’s most famous as well as controversial freedom fighter who founded Azad Hind Fauz. </li><li>He continues to intrigue curious minds after his mysterious disappearance on a cold winter morning. </li></ul>Netaji Subhas Chandra <keyword id="6371315" type="UNKNOWN" weightage="20" keywordseo="Bose">Bose</keyword> is the creator of the slogan, Jai Hind which has become a popular Indian chant today. And, he was born 123 years before on January 23. He is India’s most famous as well as controversial freedom fighter who founded Azad Hind Fauz. He continues to intrigue curious minds after his mysterious disappearance on a cold winter morning. Kabir Khan’s The Unforgettable Army Azaadi Ke Liye on Amazon Prime Video which will be released on January 24, will pay homage to his heroics. The story will revolve around the formation of Bose’s National Army after British failed to defeat Singapore in World War II. Here’s a look back at his life: Bose had always been a fighter — he quit a lucrative job to liberate India 
 
 
 
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 Bose was born in Cuttack, Odisha on January 23, 1897. He was a brilliant student who went to England to study — where he was also preparing for Indian Civil Services. He got selected in the ICS in 1920, but chose not to work for an alien government. He came back to India at the time when the country was fighting for freedom against the British government. He met Deshbandu Chitranjan Das, the editor of newspaper ‘Forward’, and Bose became the editor later. For Bose, the meaning and purpose of life was very simple: to seek freedom from bondage of every kind. From journalist to congress president 
	
 
 
 
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 Credits: IANS After becoming the editor of Forward, apart from writing against the Raj, he organised a boycott in Calcutta during Prince of Wales’ visit. This landed him in prison. A year later, he criticised Mahatma Gandhi for cancelling the non-co-operation movement after the Chauri Chaura incident. During the incident, Indians set fire to a police station killing many Indians and Britishers alike. Bose kept moving from jail to jail between 1924 and 1938. In 1930, Bose became the mayor of Calcutta even as he was jailed. He was released after he got sick and needed to travel abroad for treatment. That is when he took his call for freedom to other shores. The most controversial political leader of his time 
 
 
 
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 In January 1938, he became the president of the Indian National Congress. And at Tripuri session 1939, he defeated Gandhi’s candidate, Patabi Sitharam Iyer, to win a second term. However, he distanced himself from Congress after the party’s ideology didn’t match his own. He formed the Forward Bloc to carry on his struggle. He started looking for allies outside India — and for that he escaped his house arrest in Calcutta and fled to Europe again. He met a Nazi leader who is known to have promised him assistance to weaken the British in India. Bose believed India could attain freedom if they fought against Britain during World War II. Following his idea, he freed several Indian freedom fighters in Europe to form a Mukti Sena. The Azad Hind Fauj and Bose 
 
 
 
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 The Azad Hind Fauz was formed in 1941 in Berlin and comprised of Indian prisoners of war from Europe and North Africa. In December, Japan marked the beginning of World War II in Asia after it attacked Pearl Harbour. The fall of Singapore during that time shook the foundation of British Raj across the world. Meanwhile, the Indian freedom struggle was at its final round after Gandhi called for the Quit India Movement in 1942. In 1943, Bose became the commanding officer for Azad Hind Fauz — the army which attacked Britishers a year later. His army was able to free several Indian areas including Parel and Tihim from the British. In September 1944, his famous dialogue “Tum mujhe khoon do mein tumhe azadi dunga” (Give me your blood, I’ll give you your freedom) triggered a new wave of patriotism. He established a provisional government of Azad Hind in 1944 with a slogan ‘Chalo Delhi’. Mysterious death and controversy behind it 
 
 
 
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 Amidst all this melee, just a few years before India became independent, Bose vanished. Japanese Domei news agency said Netaji Subhas Chandra Bose died on August 18 in a plane crash at the Japanese-controlled Matsuyama military airport in Taihoku (now Taiwan). The incident left many Indians in a state of shock and disbelief. Even after 75 years, the controversy surrounding the death of Bose refuses to die down. A few believe that he did not die during the accident. Other theories say that he spent his last days in Uttar Pradesh while some say he lived abroad. See also: <a href="https://www.businessinsider.in/thelife/personalities/news/delhi-chief-minister-arvind-kejriwal-achievements-ahead-of-delhi-elections-2020/articleshow/73145839.cms">Delhi Chief Minister Arvind Kejriwal⁠— the man with a knack for Carpe Diem</a> <a href="https://www.businessinsider.in/india/news/savitribai-phule-19th-century-indian-feminist-didnt-just-educate-women-she-helped-rape-victims-and-pregnant-women/articleshow/73071238.cms">This 19th century Indian feminist didn't just educate women— she helped rape victims and pregnant women</a>

Netaji Subhash Chandra Bose and the mystery of his death lives even after 75 years

Months after he took voluntary retirement scheme (VRS) from the IAS, former Union Finance Secretary <keyword id="1984068" type="PERSON" weightage="20" keywordseo="Subhash-Chandra-Garg">Subhash Chandra Garg</keyword> who served under Modi government at the Centre has been appointed as advisor to Andhra Pradesh Chief Minister <keyword id="328022" type="PERSON" weightage="20" keywordseo="YS-Jagan-Mohan-Reddy">YS Jagan Mohan Reddy</keyword> for resource mobilisation. Garg has been assigned the rank of a Cabinet Minister, as per an order issued by Principal Secretary (Political) Praveen Prakash. He will hold the post for two years. Garg is an IAS officer of the 1983 batch of the Rajasthan cadre. Garg, who was Finance and Economic Affairs Secretary, opted for early retirement from the Indian Administrative Service (IAS) in July last year after the presentation of the Union Budget. Garg had been transferred as Power Secretary after which he demitted service. Garg maintained that the VRS application was sent before the transfer. Garg has been quite vocal in about the economic policies of the government in recent months. He had also presented a note on reforms that the government should undertake to the Centre. There were differences in the government as Garg is believed to be the architect of the budget proposal to raise $10 billion by selling sovereign bonds in external currencies, for the first time, a move that has faced severe criticism from several experts, including former Reserve Bank of India (RBI) governor Raghuram Rajan. Garg was also at loggerheads with other members of the Bimal Jalan panel, set up to decide RBI's economic capital framework, and had submitted a dissent note to the panel. "The VRS application was submitted late on Wednesday. The process requires a notice-serving time of three months. However, he (Garg) had requested to be relieved with immediate effect," a government official aware of the development said, requesting anonymity. The state government also appointed 2009-batch IAS officer <keyword id="3834955" type="PERSON" weightage="20" keywordseo="kartikeya-misra">Kartikeya Misra</keyword> as Special Secretary for resource mobilisation and institutional finance in the Finance Department. He will be in charge of new revenue-generating projects taken up by various departments, an order issued by Chief Secretary Nilam Sawhney said. Misra has also been given the full additional charge of MD, <keyword id="8853916" type="COMPANY" weightage="20" keywordseo="ap-state-financial-corporation">AP State Financial Corporation</keyword>.

A former IAS officer forced out by Modi administration joins Andhra Pradesh Chief Minister

New Delhi, Apr 16 () Former finance secretary Subhash Chandra Garg on Thursday said the government is likely to face a shortfall of around Rs 10 lakh crore in 2020-21 due to the Covid-19 pandemic. In a blog, Garg said the government's tax and non-tax revenues are likely to decline by around Rs 5 lakh crore, while on the expenditure side additional financing of about Rs 6 lakh crore would be required. "There is likely to be an additional shortfall of not less than Rs. 10 lakh crores in the financial year 2020-21. "...The only feasible and the least disruptive measure is to monetise this additional deficit and the RBI to meet this financing requirement," he said. Elaborating on the fiscal situation, the former finance secretary said that indirect taxes, GST, excise duty on petroleum products and customs will under-perform. "Disinvestment programme is likely to remain grounded for quite sometime resulting into substantial under performance," he said. Garg pointed out that there is a requirement of a survival package for sustaining the lives of over 10 crore workers who have been rendered jobless. Noting that the options of resorting to household savings or issuing special bonds like COVID bonds are unlikely to be of much help, he said, "Forcing this additional borrowing requirement on banks and other financial institutions is likely to be more counter-productive." BKS ABMABM

Govt to face Rs 10 lakh cr shortfall in FY21 due to Covid-19: Garg

New Delhi, Jan 19 () The government's tax collection is likely to fall short of its estimate by Rs 2.5 lakh crore or 1.2 per cent of GDP in 2019-20, former finance secretary Subhash Chandra Garg said on Sunday while calling for scrapping of dividend distribution tax.
Garg in a blog said that from the tax revenues perspective, 2019-20 is proving to be a dysfunctional year. 
"Tax revenues to see shortfall of Rs 2.5 trillion (1.2 per cent of GDP). Time to junk DDT and reform personal income tax," he said.
The government had budgeted gross tax revenues of Rs 24.59 lakh crore. 
"Setting aside Rs 8.09 lakh crore as the share of the states, the budgeted net tax revenues to the Centre was kept at Rs 16.50 lakh crore. This was Rs 3.13 lakh crore higher than the provisional/actual net tax revenues of Rs 13.37 lakh crore collected in 2018-19, an increase of 23.4%. 
"Indeed, it was quite a steep target," Garg noted. 
He said corporate tax, excise duties and customs are likely to see negative growth in collections in 2019-20- something of the order of 8 per cent in corporate taxes, about 5 per cent negative growth in excise duties (Rs 2.2 lakh crore against Rs 2.31 lakh crore) and about 10 per cent lower collection in customs duty (Rs 1.06 lakh crore against Rs 1.18 lakh crore). 
Garg pointed out that overall, there is likely to be shortfall of Rs. 3.5 - 3.75 lakh crore in gross tax collections of the Centre. 
Noting that this is quite a steep shortfall in collections, unlikely to be bridged by either higher accrual under the non-tax revenues or expenditure compression, he said, "Therefore, revision of fiscal deficit goal of 3.3 per cent by 0.5 per cent to 0.7 per cent appears quite inevitable."
The underlying tax revenue situation is grim, he said adding that it is the right time to initiate much needed reforms in the taxation structure. BKS PRS MR
MR

India may miss tax collection target for 2019-20 by nearly Rs 2.5 lakh cr: Garg

West Bengal Lok Sabha Election Result 2019: TMC leaves BJP behind in the state

<ul><li>The Bimal Jalan panel, set up to decide the appropriate capital reserves for the RBI, will hold its next meeting on June 13.</li><li>The six-member Jalan panel will recommend the appropriate capital reserves that the central bank should maintain.</li><li>Former RBI governor Urjit Patel reportedly quit after opposing the government's proposal to extract a big chunk of the reserves.</li></ul> The Narendra Modi government has had its eyes on the surplus reserves of the <keyword id="6354335" type="ORGANIZATION" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank Of India</keyword> (RBI) for some time now. But its attempts have been stalled, most famously by the central bank's former governor Urjit Patel, who ended up resigning from his position before his term ended. But Modi has come back stronger, and as Nirmala Sitharaman takes charge of the Finance Ministry, one of the first debates to spring up after she assumes may be a tough one-- should the government tap into RBI's surplus reserves? Waiting for Jalan The Bimal Jalan panel, set up to decide the appropriate level of capital reserves for the RBI, will hold its next meeting on June 13, according to Finance Secretary Subhash Chandra Garg who is one of the members of the six-member Jalan Committee. Earlier in the day, at another event, Garg had said the panel had sought three-months extension and was still working on the report. The head of the panel, Jalan, had said in April that the report may be finalised by May or June. The mandate of the panel is only for deciding the quantum and the formula of transfer not suggest where and how the surplus is to be used which is a government prerogative, according to an IANS report citing sources. Modi's rivals have been critical of the proposal and have called out the government for trying to use RBI's money for fiscal excesses. The <a href="https://www.businesstoday.in/current/economy-politics/here-is-what-economists-have-to-say-on-rbi-surplus-transfer-to-govt/story/292330.html" data-type="tilCustomLink" target="_blank">country's economists have been divided</a> over the issue. The central bank's core reserve -- contingency fund -- is only around 7% of its total assets and the rest of it is largely in revaluation reserves which fluctuate with corresponding changes in currency and gold valuations. In 2017-18, the central bank's contingency funds and revaluation reserves stood at ₹2.32 trillion and ₹6.92 trillion respectively. RBI data shows that the growth in revaluation reserves has far exceeded the growth in contingency fund. Though the Ministry has not stated, it is believed that the Finance Ministry was seeking to transfer a surplus of ₹3.6 lakh crore, more than a third of the total ₹9.59 lakh crore reserves of the central bank, to the government. While revaluation reserves have more than tripled from ₹ 1.99 trillion in 2008-09 to ₹6.92 trillion in 2017-18, the contingency fund has grown 50% in the same period from ₹1.53 trillion to ₹2.32 trillion. As per the 2016-17 Economic Survey, equity at about 27% of the RBI's balance sheet was the fourth highest among the global central banks. As of now, the RBI Act does not specify the amount to be transferred to the government and there is no consensus on the right level of capital for a central bank. "There is no particular reason why this extra capital should be kept with the RBI. Even at current levels, the RBI is already exceptionally highly capitalised. In fact, it is one of the most highly capitalized central banks in the world," said the Survey. With inputs from IANS SEE ALSO: <a href="https://www.businessinsider.in/rbi-pays-interim-dividend-central-government/articleshow/68057230.cms" data-type="tilCustomLink" target="_blank">The Modi administration’s overspending gets rewarded with an interim dividend from the central bank</a>

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Subhash Chandra quits as Chairman of ZEEL

BI India Partner

Netaji Subhash Chandra Bose and the mystery of his death lives even after 75 years

Preeti Soni

A former IAS officer forced out by Modi administration joins Andhra Pradesh Chief Minister

IANS

Govt to face Rs 10 lakh cr shortfall in FY21 due to Covid-19: Garg

PTI

India may miss tax collection target for 2019-20 by nearly Rs 2.5 lakh cr: Garg

PTI

West Bengal Lok Sabha Election Result 2019: TMC leaves BJP behind in the state

BI India Bureau

A bitter debate may hound Finance Minister Nirmala Sitharaman in the first fortnight-- what to do with RBI's surplus reserves

Sriram Iyer

India's largest opposition party blames national media for its lack of influence — but its new YouTube channel may only be targeting the Hindi belt

Prabhjote

Sriram

Full text of President Ram Nath Kovind's first address to the Parliament as the 17th Lok Sabha gets underway

BI India Bureau

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