Nation
Arunachal Pradesh ex-CM Kalikho Pul commits suicide
Former Chief Minister of Arunachal Pradesh Kalikho Pul has committed suicide at the chief minister's residence in capital city Itanagar, the state police said on Tuesday.
 
Arunachal Pradesh Deputy Chief Minister Chowna Mein confirmed the news to IANS.
 
The police said that Pul, 47, hanged himself from a ceiling fan at his residence. 
 
Although Pema Khandu became the Chief Minister of the state on July 16, Pul was yet to vacate the official residence.
 
"We have also recovered a suicide note from the room where the former Chief Minister committed suicide. However, I am not in a position to divulge much at this moment," said a senior police official.
 
Pul assumed office on February 19 unseating the then Chief Minister Nabam Tuki and continued till July 13 when the Arunachal Pradesh Congress Legislature Party (CLP) elected Pema Khandu.
 
After becoming the Chief Minister, Pul and his supporters joined the Peoples Party of Arunachal (PPA), a regional political outfit. However, after the Supreme Court judgment reinstated the Nabam Tuki government, Pul and his supporters returned to the Congress fold and supported Pema Khandu as the Chief Minister.
 
Pul, who represents Hyuliang constituency in eastern Arunachal Pradesh, had been winning from the constituency for last five terms. He had served in various capacities in the Arunachal Pradesh cabinet including as the finance minister, power minister and tribal affairs minister.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Ponzi schemes not under our regulatory control: SEBI to SC
Market regulator Securities and Exchange Board of India (SEBI) has told the Supreme Court that ponzi schemes do not fall under its regulatory regime and it was for the state governments to act against them.
 
The SEBI told a bench of Chief Justice T.S. Thakur, Justice A.M. Khanwilkar and Justice D.Y. Chandrachud that the ponzi schemes were banned under the Prize Chit and Money Circulation (Banning) Act, 1978 and it was for the state governments to enforce the law.
 
The SEBI was responding to a petition by an NGO, Humanity Salt Lake, seeking the court's intervention to check and control the menace of the illegal collection of money in the garb of collective investment schemes.
 
SEBI said by examining the complaints on unauthorised money mobilisation it appeared that the overwhelming majority of complaints fall under Prize Chit and Money Circulation (Banning) Act, 1978 and Protection of Interest of Depositors Act that fall under the domain of state governments.
 
SEBI also informed the bench that Uttar Pradesh, Rajasthan and Arunachal Pradesh are the only states which don't have law to protect the interest of the depositors from fly-by-wire companies collecting money from the public.
 
Five Union Territories -- Chandigarh, Andaman and Nicobar, Dadar and Nagar Haveli, Daman and Diu and Lakshadweep -- too have not enacted laws to protect the gullible investors. 
 
Pointing out that the banned activities could not be controlled by any regulator, the SEBI told the court that between April 2013 and March 2016, it received 1,956 complaints, out of which it issued interim order in respect of 76 involving Collective Investment Scheme (CIS) and 223 involving Deemed Public Issue (DPI) rest 1657 were referred to other agencies.
 
The market regulator said that Collective Investment Scheme within the domain of SEBI was not a banned activity but was authorised only upon registration/permission by it.
 
"In the absence of such registration/permission, such schemes are not allowed to operate and have to be stopped," said SEBI, adding that it had often acted after being informed or by taking suo motu cognisance of the schemes operating in the market to defraud the people.
 
The CIS is the money being collected by way of unauthorised multi-level marketing, pyramid marketing schemes and ponzi schemes without permission of competent authorities. 
 
On the action initiated by it against the unauthorised mopping of the money by the companies, SEBI told the court that till June 30, 2016 it had initiate action against 60 cases involving CIS and DPI, with total amount standing at Rs54,802 crores.
 
It said that it had attached 199 properties and recovered Rs215.50 crores. 
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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COMMENTS

Ramesh Poapt

4 months ago

OMG! Many many MLF required, if it is
nobody's duty!

Parliament clears GST, PM says will empower states, end corruption
Marking a major leap towards enforcing a unified tax regime in the country, Parliament on Monday gave its nod to the constitutional amendment bill on a Goods and Services Tax (GST) in what is seen as the most radical indirect tax reform since Independence.
 
The Lok Sabha voted for the second time on the measure in little over an year it had first cleared the enabling legislation in 2015.
 
The lower house of parliament had to take up the bill yet again after the Rajya Sabha, where the bill had been languishing since then as the government did not have a majority in the house, gave its nod with few vital amendments on August 3.
 
Prime Minister Narendra Modi was present in the Lok Sabha when the bill was passed as were Finance Minister Arun Jaitley and other senior ministers Rajnath Singh, Nitin Gadkari, Sushma Swaraj and BJP patriarchs L.K. Advani and M.M. Joshi.
 
Making a departure, a jovial mood prevailed in the house even while the amendments and the bill was taken up for voting.
 
As it was a Constitutional amendment bill, division of votes was also mandatory.
 
"The motion is adopted by the majority of the house and not less than by the two-third of the majority of the house as required by the Constitution," Speaker Sumitra Mahajan announced every time at the end of division voting.
 
After its passage and the chair announced adjournment of the house, treasury bench members and Union ministers were seen greeting each other.
 
Intervening during the nearly six-hour debate on the bill, Modi said the GST bill will go a long way in helping states, support small entrepreneurs and also curb the menace of corruption.
 
Expanding GST as "Great Step by Team India, Great Step towards Transformation and Great Steps towards Transparency", he said that it will be an important step towards getting the country rid of "tax terrorism" and also make "consumers the king".
 
He asked Jaitley to ensure that 16 states ratify the bill at the earliest and also that adequate steps are taken to ensure early passage of the draft legislation on integrated GST, the central GST and the state GST.
 
The government will be targeting April 1, 2017 (the next financial year) for the roll out.
 
Replying to the debate, Jaitley said that the uniform tax law will India make an "integrated market and once it is enforced, "doing business in this country will become easier".
 
He also said demand for reducing indirect taxes and hiking direct taxes is not practical.
 
Jaitley hit out at the Congress, saying the 18 per cent cap on GST rate was suggested by the party only after the bill was passed in the Lok Sabha.
 
Leader of the Congress in the Lok Sabha Mallikarjun Kharge took a dig at Modi, saying he had opposed the bill as Gujarat Chief Minister.
 
"We were the creators of the GST. We were the first to bring the GST. We support it. Those who are passing the GST now, why were they opposing it when they were in the opposition?
 
"Had they agreed to our conditions on the GST earlier, the delay wouldn't have happened," he said.
 
The Constitution (One Hundred and Twenty-Second Amendment) Bill, 2014 and amendments (carried out by Rajya Sabha) were declared approved by a two-thirds majority with 443 members voting in its favour and none against.
 
Tamil Nadu's ruling AIADMK, which had staged a walk out in the Rajya Sabha, did so in the Lok Sabha also.
 
The amendments to the government bill, as passed by the Rajya Sabha, moved by Revolutionary Socialist Party's N.K Premchandran were also negated by voice vote, while six amendments including one on scrapping of additional tax moved by the government as amended by the Rajya Sabha were passed.
 
The government had moved amendments in the Rajya Sabha to the bill to accommodate concerns of opposition, notably the Congress, scrapping the proposed levy of 1 per cent additional duty to compensate states for at least two years and make the dispute resolution mechanism stronger, but the third demand - of specifying the GST rate in the bill itself - was not acceded to.
 
The new tax regime -- the idea for which was mooted in 2003 -- seeks to subsume all central indirect levies like excise duty, countervailing duty and service tax, as also state taxes such as value added tax, entry tax and luxury tax, to create a single, pan-India market.
 
It was however seven years later that a formal bill was first introduced, but this lapsed when the United Progressive Alliance (UPA) was voted out.
 
In 2014, a recast bill was introduced in the Lok Sabha on December 19, and was passed by it five months later on May 6, 2015. The bill was then referred to a Select Committee of the Rajya Sabha for examination which submitted its Report on July 22, 2015.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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