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Shri Justice Sharad Arvind Bobde to be the next Chief Justice of India

 

Ministry Of Law & Justice

Shri Justice Sharad Arvind Bobde to be the next Chief Justice of India

Dated: 29 OCT 2019

The President has appointed Shri Justice Sharad Arvind Bobde, Judge of the Supreme Court as the next Chief Justice of India with effect from November 18, 2019.

Shri Justice Sharad Arvind Bobde has been a Judge of the Supreme Court since April 12, 2013. Earlier he served as the Chief Justice of the Madhya Pradesh High Court for about six months since October 16, 2012. He has also been an Additional Judge of the Bombay High Court from March 29, 2000 and a Permanent Judge from March 28, 2002.

Shri Justice Bobde, born on April 24, 1956, was enrolled as an Advocate on September 13, 1978. He started his practice at the High Court Bench at Nagpur and the District Court at Nagpur and occasionally at the High Court at Bombay and the Supreme Court of India in civil, constitutional, labour, company, election and taxation matters. He specialized in constitutional, administrative, company, environmental and election laws.

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KSD/PK

(Release ID: 1589432)

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IT Dept. conducts search on a prominent business group in Delhi, unearth several incriminating evidence establishing large scale tax evasion, hawala transaction and money laundering
 
Ministry of Finance

Income Tax Department conducts search on a prominent business group in Delhi

Dated: 23 OCT 2019

Income Tax Department conducted search operation on a group based in Delhi in connection with tax evasion and money laundering. The group is engaged in various e-governance projects and financial services. It has presence across several cities in India and also in Dubai.

The search and seizure action have led to unearthing of several incriminating evidence establishing large scale tax evasion, hawala transaction and money laundering by the said taxpayer group. The group has taken recourse to use of shell companies based in Delhi / Kolkata to route unaccounted money.

Earlier, the Department had conducted search action on entities related to Fertilizer procurement. Investigations had revealed that huge amount of commission was being collected in Dubai through shell companies of a Dubai based operator who is also an accused in a VVIP Chopper scam. A part of such commission was laundered back to India through the aforesaid Delhi based group.

Preliminary enquiries reveal the quantum of accommodation entries and hawala transactions to be more than Rs. 1000 crore.

RM
(Release ID: 1588949)

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FM : Highlights the promising nature of a unified approach to the nexus and profit allocation challenges in developing a consensus solution to the tax challenges arising from digitalization
 
Ministry of Finance
Finance Minister Smt. Nirmala Sitharaman at the IMF - World Bank Annual Meetings 2019

Gives a clarion call for ‘concerted action’ to mitigate the disruption on account of synchronous slowdown and to invoke the spirit of multilateralism for global growth

Highlights the promising nature of a unified approach to the nexus and profit allocation challenges in developing a consensus solution to the tax challenges arising from digitalization

Dated: 19 OCT 2019

Union Finance Minister Smt. Nirmala Sitharaman led the Indian delegation to the Annual Meetings Plenary session of the International Monetary Fund (IMF) and the World Bank Group held in Washington DC yesterday . She also attended the Working Lunch Session of the Development Committee (DC), the ministerial-level committee of the IMF and the World Bank. In the DC Lunch, the members discussed about the global economic outlook. In her intervention, the Finance Minister mentioned that trade wars and protectionism have generated uncertainties that will ultimately impact flow of capital, goods and services. She called for ‘concerted action’ to mitigate the disruption on account of synchronous slowdown and to invoke the spirit of multilateralism for global growth. She further said that the increased trade integration, geopolitical uncertainties, and high accumulated debt levels necessitate strong global coordination and that we need not wait for the slowdown to become a crisis.

The 40th meetings of the International Monetary and Financial Committee (IMFC) of the IMF are being held at this year’s Annual Meetings. During the day, three sessions of the IMFC took place. The IMFC Introductory Session was focused on Global Developments and Prospects and the discussions centred on the World Economic Outlook released on October 15, 2019. The Early Warning Exercise discussed upcoming risks to global economy and stability. A special session on IMF resources and governance was also held early in the day, in the context of the 15th Round of the quota discussions concluding this year. Secretary, Department of Economic Affairs, Shri Atanu Chakraborty, led the Indian delegation at this session.

Earlier in the day , Finance Minister Smt. Nirmala Sitharaman also led the Indian delegation to the G20 Finance Ministers and Central Bank Governors meeting in which the deliberations centred on international taxation and Stablecoins. The Ministers and Governors also took updates from the G20 Deputies on Quality Infrastructure Investment, Debt Sustainability, Financing for Universal Health Care and Building Effective Country Platforms, and from the Africa Advisory Group on the Compact with Africa (CwA) initiative. On the discussions at the session regarding the work underway on developing a consensus solution on tax challenges arising from digitalization, the Finance Minister stated that a unified approach to the nexus and profit allocation challenges is a promising one that merits serious attention. A solution that is simple to implement, simple to administer and simple to comply with is needed.

On the side-line of the above meetings, the Finance Minister held several bilateral meetings, including with the First Deputy Prime Minister and Finance Minister of Russia, Mr. Anton Siluanov; Finance Minister of the Kyrgyz Republic, Ms. Baktygul Jeenbaeva; Finance Minister of Switzerland, Mr. Ulei Maurer; the Australian Treasurer, Mr. Josh Frydenberg; and the Finance Minister of Maldives, Mr. Ibrahim Ameer. In these meetings, the two sides discussed issues of common interest.

Secretary , Economic Affairs , Shri. Atanu Chakraborty also held a few one-on-one meetings on the side-lines. He met the Director General of the French Treasury, Ms. Renaud Basso; and the Chief Financial Officer of the World Bank, Ms. Anshula Kant. He also addressed investors in a session organized by JP Morgan.

The Finance Minister is currently on an official tour to Washington DC to attend the Annual Meetings of the IMF and the World Bank and other associated meetings. She is accompanied by Secretary, Department of Economic Affairs, and other officials from the Department.

 

 

Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman attends the Annual Meetings Plenary session during the ongoing International Monetary Fund-World Bank's Annual Meetings 2019 in Washington DC on 18th October 2019.

RM/KMN
(Release ID: 1588504)

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FM re-emphasized the need for G20 to ensure collective action so as to enable global growth to regain pace

 

Ministry of Finance

Finance Minister led the Indian delegation at G20 Finance Ministers and Central Bank Governors as well as the BRICS Finance Ministers and Central Bank Governors meetings on the side-lines of the IMF/World Bank Annual Meetings


FM re-emphasized the need for G20 to ensure collective action so as to enable global growth to regain pace


Finance Minister leading Indian delegation to the IMF/WB Annual Meetings being held in Washington D.C this week

Dated: 18 OCT 2019

Union Minister for Finance & Corporate Affairs , Smt. Nirmala Sitharaman, led the Indian delegation at G20 Finance Ministers and Central Bank Governors as well as the BRICS Finance Ministers and Central Bank Governors meetings held in Washington D.C yesterday. Finance Minister is leading the Indian delegation to the IMF/WB Annual Meetings being held in Washington D.C this week.

The focus of discussions in the G20 Finance Ministers and Central Bank Governors Meeting was on the current challenges to the global economy and possible responses to mitigate them. Smt Sitharaman emphasized that the G20 has the responsibility to navigate the global policy co-ordination in effective fashion by identifying and taking strong measures for building buffers and catalysing a second wave of reforms. She gave a clarion call for concerted action in the face of global slowdown. She also highlighted that the emerging market economies, in particular, face the challenge of achieving economic growth and inclusive development while pursuing sustainable financing. In this context, Finance Minister emphasized on the  importance of countries pursuing structural reform measures to counter the growth slowdown.  The structural reform measures undertaken by India was highlighted by the Finance Minister particularly, the recent measures such as reduction of Corporate tax. Smt. Sitharaman indicated that India has reduced the Corporate tax from 30% to 22% thereby making India one of the lowest corporate tax imposing countries in the world today. This will spur investment. Alongside the Corporate tax reform, Government of India’s measures pertaining to Aaadhar based Direct Benefit Transfer as well as Universal Health Care policy received special mention from the Finance Minister. In conclusion, FM re-emphasized the need for G20 to ensure collective action so as to enable global growth to regain pace.

The main issues discussed during the BRICS FMCBG meeting included those pertaining to New Development Bank (such as membership expansion and enhancing the effectiveness of the utilization of the NDB’s Project Preparation Facility); developing the way forward on IMF resources as well as formulating a consensus co-operation on Authorized Economic Operators Programme.

On NDB issues, the Finance Minister in her interventions, emphasized India’s strong support for NDB’s membership expansion and encouraged NDB Management to continue the good progress achieved on this issue till date. As far as improving the effectiveness of the Project Preparation Facility is concerned, the Finance Minister indicated that sustainable recovery mechanisms need to be inbuilt into the PPF guidelines so that the assistance extended is recovered once the project loan is sanctioned. Regarding the IMF resources issue, Smt. Sitharaman indicated India’s deep regret on the lack of progress of the 15th General Review of Quotas (15th GRQ). With reference to the alternative proposal emerging at the current juncture with reference to strengthening borrowed resources of IMF, Finance Minister expressed a word of caution and indicated that borrowed resources cannot provide full confidence in extreme crisis situations as creditor nations themselves may be in stress.

Prior to the G20 FMCBG, the G20 Finance and Central Bank Deputies also met to discuss the way forward on priority G20 agenda items such as Quality Infrastructure Investment, building effective country platforms, attaining debt sustainability as well as strengthening universal health care financing.  Secretary, Economic Affairs Shri Atanu Chakraborty as India’s G20 Finance Deputy led the Ministry of Finance delegation for this meeting.

On Quality Infrastructure Investment, Shri Chakraborty urged the G20 to explore innovative sources of financing for boosting infrastructure development ensuring that quality considerations are in-built into these financing sources. As far as debt sustainability is concerned, Secretary , Economic Affairs while agreeing the importance of the agenda, struck a word of caution that the agenda of debt sustainability and transparency in LICs should not undermine the internationally agreed commitment on official development assistance. He also expressed India’s keen interest in the work IMF is pursuing on collateralized debt and looked forward to the research from IMF on the area. On strengthening UHC financing, he emphasised that the discussions on UHC financing must adopt a holistic approach encompassing preventive, curative and palliative care as well as plurality of pathways for achieving UHC including through traditional and complementary systems of medicine. On building effective country platforms, Shri Chakraborty emphasized that the G20 should reflect further about who will build the platform, how the private sector will be engaged in the process and the contours and scope of the platform as to whether it will involve project preparation, knowledge sharing, technical assistance etc.

In other engagements, Union Finance Minister attended an Industry Roundtable organized by USIBC and CII as well as an Economist Roundtable organized by CII. She also held bilateral meetings with Chancellor of Exchequer United Kingdom, Mr. Sajid Javed; Secretary of State for Development of the United Kingdom, Rt. Hon. Alok Sharma; Finance Minister and Deputy Prime Minister of South Korea, Mr. Hong Nam Ki; President of the World Bank, Mr. David Malpass; Special Advisor to Japanese Finance Minister and Candidate for ADB, Mr. Masatsugu Asakawa; Governor of JBIC, Mr. Tadashi Maeda; and Global CEO of Standard Chartered, Mr. Bill Winters.

RM/KMN
(Release ID: 1588430)

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FM: Global economic risks and imbalances reinforce the need to strengthen global co-operation at the multilateral level, besides governmental initiatives
 
Ministry of Finance

Global economic risks and imbalances reinforce the need to strengthen global co-operation at the multilateral level, besides governmental initiatives : Finance Minister

Dated: 20 OCT 2019

Union Finance Minister, Smt Nirmala Sitharaman, has said that the global economic risks and imbalances reinforce the need to strengthen global co-operation at the multilateral level, besides governmental initiatives. She stated this in her intervention during International Monetary and Financial Committee (IMFC) Plenary Session yesterday in the ongoing Annual Meetings 2019 of the IMF and World Bank being held in Washington DC, USA. At the National level, a calibrated and balanced approach to deploying a mix of fiscal, monetary and structural measures by countries can help achieve their growth potential, the Finance Minister added.

Smt. Sitharaman further stated that International Monetary Fund (IMF) should provide solutions that are specific to important growth geographies to help alleviate the current conundrum. The Finance Minister also stated that the IMF should evolve a policy framework that would assess the vulnerability of economies to capital flows and that developing stronger surveillance mechanism with sharper diagnostic tools can mitigate or even prevent the adverse effects on fragile economies. On the 15th Round of the IMF’s General Review of the Quotas (15th GRQ) likely to conclude without a quota increase, the Finance Minister stated that work on the 16th Round should begin in right earnest and should have a tight timeframe.

The Finance Minister also attended International Monetary and Financial Committee (IMFC) Restricted Breakfast .

Smt. Sitharaman later participated in the 100th Meeting of the Development Committee Plenary. The items on the agenda included the World Development Report 2020: Trading for Development in Age of Global value Chains; Jobs and Economic Transformation (JET): Drivers, Policy Implications and WBG Support theme for IDA; Human Capital Project: An update; and IDA Voting Rights Review: Report to Governors. In her intervention at this session, the Finance Minister mentioned that as we draw closer to SDG 2030, India is pursuing both scale and speed of development, through large National missions in a fiscally responsible, sustainable and inclusive manner. These programs range widely from solar energy to direct benefit transfer, from skilling to sanitation. But there is a common approach: to improve incomes, reduce deprivation and enhance living standards. Smt. Sitharaman also stated that in pursuing investment led growth, we should not neglect sustainability, efficiency and transparency in debt and tax policies. Moreover, investments must generate domestic revenues that can be channelized into effective public spending in health, education and skilling so that youth can benefit from the economic growth. The Finance Minister encouraged IMF to guide concerted international action to combat illegal financial flows and welcomed collaboration to push investment to augment MDB financing into developing countries.

She concluded her engagements with a press conference where she talked about the highlights of this visit. 

The Finance Minister is currently on an official tour to Washington DC to attend the Annual Meetings of the International Monetary Fund and the World Bank and other associated meetings. She is accompanied by Mr. Shaktikanta Das, Governor, RBI; Secretary Economic Affairs, Shri Atanu Chakraborty; and other officials.

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RM/KMN
(Release ID: 1588535)

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