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  • Editorial: Nuclear still unclear | The Financial Express
    the CLND Act are broadly in conformity with the CSC The MEA sought to downplay the concerns of investors like Immelt on Clauses 17 and 46 and to a lesser extent even clause 6 of the CLND While clause 6 talks of the central government from time to time reviewing the operator s liability clauses 17 and 46 deal with supplier liability and possible suits based on this the initial no faults liability under the law is that of the operator of the plant not the supplier but the operator can file a damages claim against suppliers later As the MEA points out clauses 17 a and c are similar to those in the CSC Clause 17 b which deals with supplier liability the MEA says is part of a standard contract between the buyer in this case the government owned Nuclear Power Corporation of India Limited NPCIL and the supplier in other words the difficulty posed by the CLND law can be fixed through the contracting with NPCIL As the MEA puts it it is not a mandatory but an enabling provision In the case of clause 46 which allows a suit for damages to be filed the MEA says the CLND Act channels all legal liability exclusively to the operator in this case NPCIL and not the supplier indeed the MEA says there were two amendments to this clause that specifically tried to include suppliers in the provision but these were not adopted by Parliament And apart from the funds that will be available from the CSC each nuclear supplier contributes to this fund which is to be used in case of an accident the government also talks of the R1 500 crore Indian nuclear insurance pool set up which potential suppliers can use to insure themselves The question the lawyers of nuclear suppliers are asking is in case of an accident will courts go by the written law or by the MEA s FAQs and the government s intent in creating the insurance pool Immelt made his answer quite clear that of the other suppliers is not clear as yet First Published on February 6 2016 12 23 am Please Wait while comments are loading Calculators Tax Calculator House Loan Calculator Financial Planner Inflation Planner Pension Calculator Employee PF Calculator Equity Screener Auto Loan Retirement Plan Savings Investment Guidance Videos BMW 7 series Merc S600 showcased at Auto Expo 2016 Auto Expo 2016 Maruti Suzuki Ignis Baleno RS unveiled Auto Expo 2016 Toyota Innova Crysta MPV makes its India debut Auto Expo 2016 New Hyundai Tucson SUV revealed Galleries IPL 9 auction Market Capitalisation Employment index Vegetable oil import BSE Sensex more PM Narendra Modi inaugurates Paradeep oil refinery Top 10 takeaways Sunny Deol starrer Ghayal Once Again box office collections soar to Rs 14 85 cr by day 2 New Mahindra cars at the Delhi Auto Expo 2016 In the news PM Narendra Modi inaugurates Paradeep oil refinery Top 10 takeaways Sunny Deol starrer Ghayal Once

    Original URL path: http://www.financialexpress.com/article/fe-columnist/editorial-nuclear-still-unclear/208034/ (2016-02-07)
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  • No Proof Required: NREGA does not help the poor | The Financial Express
    52 the magnitude claimed by the RD ministry Two points to note about NREGA performance in FY10 First 48 of workdays are ghost days i e unaccounted for by households themselves In other words while the government has no doubt paperwork to support their claims of NREGA work done and monies paid the population middle class poor or poorest has no recollection of receiving these payments In economic parlance the ghost jobs are called leakage The political scientists call this cost of doing business The sociologists call it good intentions But wait of the 52 of workdays that both NSS and MRD agree on actually happened what percentage of these payments were made to poor households and poor defined according to the Tendulkar poverty line Only 42 In other words 58 percent of NREGA payments went to the not poor For FY12 we have the results from the University of Maryland NCAER household survey IHDS India Human Development Survey The results of this survey indicate that of every 100 NREGA jobs provided an overwhelming proportion 75 went to the not poor Note that NREGA income to the poor may not be sufficient for them to escape poverty In NSS FY10 NREGA was able to reduce poverty by 2 2 percentage points in FY12 despite reaching a much lower fraction of the poor 25 versus 42 the Maryland NCAER study claims that NREGA was able to reduce poverty by 6 7 percentage points Or more than three times the achievement level reached just two years earlier We obtain using the same Maryland NCAER data that NREGA was able to reduce poverty by only 1 1 percentage points in FY12 One explanation for the large difference in the two estimates of poverty reduction for the same data and the same year is as follows The poverty reduction effect can be estimated in one of two ways Either the overall impact of the programme is estimated i e how much did expenditures reduce overall poverty this is our method or estimate the poverty reduction of the programme only among those who participate in the programme as apparently done by the Maryland NCAER study The 6 7 percentage point reduction is for those households that had some positive NREGA payment and were poor to begin with Such households comprised only 17 of rural households and for these households poverty was reduced by 6 7 percentage points Hence for all rural households poverty would have been reduced by 067 17 or 1 1 percentage point exactly what we have stated above Summarising the efficacy or poverty reduction capabilities of NREGA across two different surveys and two different years is very poor and hence very corrupt NREGA payments to the deserving poor allowed 16 3 million individuals to become non poor in FY10 The cost of this policy R24 000 to make one individual not poor for one year The FY12 estimate is almost double that of FY10 approximately R40 500 Indeed this level is the

    Original URL path: http://www.financialexpress.com/article/fe-columnist/no-proof-required-nrega-does-not-help-the-poor/208032/ (2016-02-07)
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  • Surjit S Bhalla | The Financial Express
    bad The SECC data proves the old adage garbage in garbage out Column Conflict of interest anyone High time the PM asked all BJP politicians to give their LPG cylinder sorry BCCI job back Column It s the BCCI stupid If I were in Ms Swaraj s position I would have acted the same as her What would you have done Column Prime time fugitive Modi Lalit Modi is not a fugitive Therefore what Swaraj or Raje did for him was not wrong Column Time for neta cricket divorce Narendra Modi should make all BJP politicians resign from the BCCI and its affiliated bodies Column No Proof Required This time it is different Let us not claim that the more things change the more they remain the same India is structurally better today Narendra Modi s first year Bad karma One year of Narendra Modi govt The more things change the more they remain the same is the repetitive mantra you hear from all the ConBhakts Column No Proof Required Time to bash the media Given its comments on farmer suicides Congress would have proposed a Right to Happiness Bill had it won last year 1 2 Editor s Pick How Zika virus infection can spread From mosquito bites to urine transmission top 5 points to note From Real Madrid to Chelsea Know the top 10 richest clubs New Mahindra cars at the Delhi Auto Expo 2016 Videos BMW 7 series Merc S600 showcased at Auto Expo 2016 Auto Expo 2016 Maruti Suzuki Ignis Baleno RS unveiled Auto Expo 2016 Toyota Innova Crysta MPV makes its India debut Auto Expo 2016 New Hyundai Tucson SUV revealed In the news PM Narendra Modi inaugurates Paradeep oil refinery Top 10 takeaways Sunny Deol starrer Ghayal Once Again box office collections soar to Rs 14 85 cr by day 2 India s biotech moment A made in India Zika virus vaccine Sanam Teri Kasam collections at Rs 1 25 cr Valentine s Day booster shot missing New Mahindra cars at the Delhi Auto Expo 2016 From Real Madrid to Chelsea Know the top 10 richest clubs Earthquake in Taiwan Magnitude 6 4 quake kills 14 over 100 missing scores injured in Tainan Real Madrid s Cristiano Ronaldo 31 soccer star and entrepreneur All you need to know in 8 slides How Zika virus infection can spread From mosquito bites to urine transmission top 5 points to note International Fleet Review 2016 President Pranab Mukherjee reviews naval fleet Asteroid TX68 to pass by Earth on March 5 at 9 000 17 000 km distance NASA Earthquake in Nepal 5 5 magnitude quake injures 15 tremors rock Bihar too Horoscope By Peter Vidal Today 08 Feb This Week 07 Feb 13 Feb SAGITTARIUS Your choices are perfectly clear Loved ones or close companions may be unreasonable but there is probably no escape from emotional tension What you can do however is make a conscious decision to treat all differences of read more Home Markets 2016

    Original URL path: http://www.financialexpress.com/author/surjit-s-bhalla/ (2016-02-07)
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  • Column: Facilitating corporate restructuring | The Financial Express
    losses for avoiding tax liability Over the years Indian Revenue found it extremely difficult to discharge this onus of proof This safeguard in the provisions of Section 79 was dropped by the legislature in 1989 Therefore as soon as the objective test of substantial shareholding is violated a company is not allowed to carry forward its losses irrespective of the purpose of the transaction Some minor exceptions like change in shareholding owing to death or gift of shares to relatives are allowed A major change in outlook came in the NDA government s 1999 budget which took a number of proactive measures to facilitate corporate restructuring mergers and acquisitions Policy makers recognised that in a globalised business environment reorganisations of companies in foreign multinational groups were common and could trigger corresponding changes in the shareholding of the Indian subsidiary of the group leaving the ultimate control still in the hands of the foreign parent A carve out in the provisions of Section 79 was therefore introduced to safe guard the carry forward of losses of the Indian company as long as the majority shareholding of the company remained with the ultimate foreign parent company of the multinational group It is logical that a similar carve out should also be provided for reorganisations by Indian multi national groups but none exists even 15 years after the facility was extended to foreign multi nationals The saga of tax litigation on this issue therefore continues with contradictory rulings from the high courts The Karnataka High Court in the case of Amco Power Systems Ltd has recently allowed the carry forward of losses in an Indian company despite a substantial change in the shareholding on the ground that the intention of the legislation is not violated since it was an internal restructuring within the Indian group s subsidiary companies with the ultimate majority shareholding being retained by the parent company The Delhi High Court in the case of Yum Restaurants Pvt Ltd has held otherwise Facilitating internal restructurings within Indian corporate groups is just as important as it is for foreign ones This should not be left to long drawn litigation regarding the scope interpretation and intention behind the provisions The carve out from the rigours of Section 79 needs to be quickly provided for internal restructurings among subsidiary companies of Indian corporate groups as has already been done for Indian subsidiaries of multi nationals a decade and a half ago The author is of counsel BMR Associates LLP and formerly joint secretary ministry of finance Government of India First Published on February 6 2016 12 19 am Please Wait while comments are loading Calculators Tax Calculator House Loan Calculator Financial Planner Inflation Planner Pension Calculator Employee PF Calculator Equity Screener Auto Loan Retirement Plan Savings Investment Guidance Videos BMW 7 series Merc S600 showcased at Auto Expo 2016 Auto Expo 2016 Maruti Suzuki Ignis Baleno RS unveiled Auto Expo 2016 Toyota Innova Crysta MPV makes its India debut Auto Expo 2016 New Hyundai

    Original URL path: http://www.financialexpress.com/article/fe-columnist/column-facilitating-corporate-restructuring/208031/ (2016-02-07)
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  • Ashutosh Dikshit | The Financial Express
    shot missing New Mahindra cars at the Delhi Auto Expo 2016 From Real Madrid to Chelsea Know the top 10 richest clubs Earthquake in Taiwan Magnitude 6 4 quake kills 14 over 100 missing scores injured in Tainan Real Madrid s Cristiano Ronaldo 31 soccer star and entrepreneur All you need to know in 8 slides How Zika virus infection can spread From mosquito bites to urine transmission top 5 points to note International Fleet Review 2016 President Pranab Mukherjee reviews naval fleet Asteroid TX68 to pass by Earth on March 5 at 9 000 17 000 km distance NASA Earthquake in Nepal 5 5 magnitude quake injures 15 tremors rock Bihar too Horoscope By Peter Vidal Today 08 Feb This Week 07 Feb 13 Feb SAGITTARIUS Your choices are perfectly clear Loved ones or close companions may be unreasonable but there is probably no escape from emotional tension What you can do however is make a conscious decision to treat all differences of read more Home Markets 2016 02 07 10 49 39 Outlook GDP data Q3 earnings to set market tone GDP IIP and consumer inflation will dictate market movement this week say experts while blue chips SBI and ONGC are also lined up to release their third quarter earnings numbers Sensex end 278 points up on value buying Lupin Vedanta shares surge Top 10 stocks that trended in today s trade Jindal Steel Lupin and more RBI to buy back inflation indexed bonds maturing in 2023 Mutual Fund AUM falls for third straight month in January Companies 2016 02 07 11 47 07 India Post to invest Rs 322 crore to augment parcel capacity In a bid to strengthen its position in the e commerce market India Post has proposed to invest Rs 322 crore till 2019 20 to augment parcel handling capacity through which it projects to earn a revenue of Rs 1 608 crore Facebook bans pages selling medical marijuana in US Aamir Khan loses Snapdeal contract Lupin Q3 net profit dips 12 per cent to Rs 530 crore BSE Institute announces launch of new zone for startups Economy 2016 02 06 19 54 52 Arun Jaitley asks states to step up infra social sector spending Finance Minister Arun Jaitley today said he expects states to increase spending on infrastructure and poverty alleviation schemes as the 14th Finance Commission has devolved higher funds to them Govt approves Rs 17 000 cr highway projects for 9 states Open to idea of separate mechanism for broadcasting cases Arun Jaitley Fattening MGNREGA is a national shame not pride Doubting India s fastest growing GDP stats economists devise their own Tech 2016 02 06 13 34 09 Google engineer builds smart Android powered bathroom mirror A Google engineer has developed a smart Android powered bathroom mirror which automatically displays the latest updates Twitter to launch new Facebook style timeline in 23 countries Mozilla to kill Firefox smartphone operating system InFocus launches BINGO 1 priced at Rs 5 499 in

    Original URL path: http://www.financialexpress.com/author/ashutosh-dikshit/ (2016-02-07)
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  • Letters to the Editor | The Financial Express
    to size must also be fresh in everybody s mind The present RBI Governor too had opposed the government s move and the finance ministry had to back track later Many a readers like me had always relished his well articulated and highly thought provoking write ups concerning our economy Those who personally knew him had always admired him as he was an honest and outspoken person His passing has caused an irreparable loss to the entire nation May his soul rest in peace S Gupta Delhi First Published on February 6 2016 12 18 am Please Wait while comments are loading Calculators Tax Calculator House Loan Calculator Financial Planner Inflation Planner Pension Calculator Employee PF Calculator Equity Screener Auto Loan Retirement Plan Savings Investment Guidance Videos BMW 7 series Merc S600 showcased at Auto Expo 2016 Auto Expo 2016 Maruti Suzuki Ignis Baleno RS unveiled Auto Expo 2016 Toyota Innova Crysta MPV makes its India debut Auto Expo 2016 New Hyundai Tucson SUV revealed Galleries IPL 9 auction Market Capitalisation Employment index Vegetable oil import BSE Sensex more PM Narendra Modi inaugurates Paradeep oil refinery Top 10 takeaways Sunny Deol starrer Ghayal Once Again box office collections soar to Rs 14 85 cr by day 2 New Mahindra cars at the Delhi Auto Expo 2016 In the news PM Narendra Modi inaugurates Paradeep oil refinery Top 10 takeaways Sunny Deol starrer Ghayal Once Again box office collections soar to Rs 14 85 cr by day 2 India s biotech moment A made in India Zika virus vaccine Sanam Teri Kasam collections at Rs 1 25 cr Valentine s Day booster shot missing New Mahindra cars at the Delhi Auto Expo 2016 From Real Madrid to Chelsea Know the top 10 richest clubs Earthquake in Taiwan Magnitude 6 4 quake

    Original URL path: http://www.financialexpress.com/article/fe-columnist/letters-to-the-editor-360/208030/ (2016-02-07)
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  • Data Drive: Private investment hits a cliff | The Financial Express
    However public sector investment is relatively smaller source of capital formation and reviving private investment growth will be a critical challenge for the government First Published on February 6 2016 12 17 am Please Wait while comments are loading Calculators Tax Calculator House Loan Calculator Financial Planner Inflation Planner Pension Calculator Employee PF Calculator Equity Screener Auto Loan Retirement Plan Savings Investment Guidance Videos BMW 7 series Merc S600 showcased at Auto Expo 2016 Auto Expo 2016 Maruti Suzuki Ignis Baleno RS unveiled Auto Expo 2016 Toyota Innova Crysta MPV makes its India debut Auto Expo 2016 New Hyundai Tucson SUV revealed Galleries IPL 9 auction Market Capitalisation Employment index Vegetable oil import BSE Sensex more PM Narendra Modi inaugurates Paradeep oil refinery Top 10 takeaways Sunny Deol starrer Ghayal Once Again box office collections soar to Rs 14 85 cr by day 2 New Mahindra cars at the Delhi Auto Expo 2016 In the news PM Narendra Modi inaugurates Paradeep oil refinery Top 10 takeaways Sunny Deol starrer Ghayal Once Again box office collections soar to Rs 14 85 cr by day 2 India s biotech moment A made in India Zika virus vaccine Sanam Teri Kasam collections at Rs 1 25 cr Valentine s Day booster shot missing New Mahindra cars at the Delhi Auto Expo 2016 From Real Madrid to Chelsea Know the top 10 richest clubs Earthquake in Taiwan Magnitude 6 4 quake kills 14 over 100 missing scores injured in Tainan Real Madrid s Cristiano Ronaldo 31 soccer star and entrepreneur All you need to know in 8 slides How Zika virus infection can spread From mosquito bites to urine transmission top 5 points to note International Fleet Review 2016 President Pranab Mukherjee reviews naval fleet Asteroid TX68 to pass by Earth on March 5

    Original URL path: http://www.financialexpress.com/article/fe-columnist/data-drive-private-investment-hits-a-cliff/208029/ (2016-02-07)
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  • JAM for the Indian | The Financial Express
    for unconditional cash transfers in such cases is fraught with its own dangers like the apprehension in Puducherry that the male household head would spend the cash on liquor thus denying his vulnerable family members access to sorely needed nutrition health or education benefits It is here that the government needs to use its imagination in devising a workable effective solution covering schemes in different sectors Unconditional and conditional cash transfers should be linked to a mobile wallet created for each beneficiary consumer This mobile wallet will be linked to the bank account and Aadhaar number of the individual consumer Cash transfers whether unconditional or conditional under different heads health food education will flow into the individual s mobile wallet Choice should be given to the consumer to access the service from a public or private provider to reduce inefficiencies of state private monopolies oligopolies Goods service providers will be paid through the mobile wallet for goods services delivered using point of sale machines that identify the customer through Aadhaar identification procedures There is also the important issue of identifying the eligibility of the beneficiary for specific types of assistance The government has scrapped below poverty line BPL lists These suffered from two infirmities one the lists often left out the poorest and most marginalised sections of society two they were not dynamic in that there was no provision for updation as families exit or new ones enter the ranks of the poor The 2011 Socio Economic and Caste Census SECC has attempted to use household data based on an intensive nationwide survey conducted in rural and urban areas to identify households which could be defined as suffering from deprivations of different degrees using income and assets as criteria While this is better than the old BPL classification the SECC also has some grey areas which could affect the identification of those households genuinely in need of various social protection programmes The authenticity of the data gathered during the survey can be open to question There is also the issue of over time including households which because of various factors move afresh into the deprived category More importantly there is no basis to ascertain income earnings especially in case of households that are not covered by the Income tax Department records and which as in the case of agricultural households are not liable to pay income tax The possibility of families subdividing themselves to avail of benefits cannot be ruled out one is reminded of the efforts made by sections of the agricultural elite in the two decades after land reforms were introduced in the 1950s to show land ownership in the name of servants and even animals to avoid parting with agricultural land One possible method of checking misuse of benefits would be to insist on bank accounts being linked to the Permanent Account Number PAN cards issued by the I T Department and to the Aadhaar identity Over time as this writer has often advocated this should be

    Original URL path: http://www.financialexpress.com/article/fe-columnist/jam-for-the-indian/208028/ (2016-02-07)
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