Regulations
Government to focus on simplification of official procedures: President Mukherjee

President Mukherjee said the government will focus on simplification of official procedures and reduce the decision-making levels by leveraging technology 

 

President Pranab Mukherjee on Monday said India has emerged as the fastest growing large economy with an estimated growth rate of 7.4% in 2014-15 and the government is taking "decisive measures" to ensure a better future for the people. 
 
"A promising future awaits us," the President said while listing out the initiatives taken by the government in his address to the joint sitting of Parliament. 
 
The government, Mukherjee said, has taken several measures to improve ease of doing business, ending financial untouchability and containing inflation with a view to stimulate the economy. 
 
The President also said the government is determined to take all possible measures to stop generation of black money, both domestically and internationally. These will include putting in place robust legislative and administrative frameworks. 
 
Mukherjee said, "As a result of Government's sustained efforts and series of policy initiatives, our economy is again on the high growth trajectory... Our GDP is growing at 7.45, which makes India the fastest growing large economy in the world." 
 
Referring to the principle of 'Maximum Governance, Minimum Government', the 
President said the government will focus on simplification of official procedures and reduce the decision-making levels by leveraging technology. 
 
"The system of Group of Ministers has been dispensed with and emphasis is on swift decision-making," Mukherjee said. 
 
In order to promote 'Make In India' programme, he said the government has relaxed FDI regulations and would continue to deal with the problem of inverted duty structure to make Indian industries competitive. 
 
He said the decisive measures taken by the government have helped lower the inflation to "record low" and also boosted capital markets. 
 

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Swissleaks: HSBC chief Stuart Gulliver kept millions in Swiss account

According to a report from The Guardian, the HSBC chief executive was a client of the Swiss private banking arm accused of helping wealthy clients evade tax

 

HSBC chief executive Stuart Gulliver, who vowed to reform the scandal-hit bank, himself had kept millions of dollars in a Swiss account, says a report.
 
According to the Guardian, Gulliver, the chief executive of HSBC, was a client of the Swiss private banking arm that is accused of helping wealthy clients evade tax.
 
Gulliver held about $7.6 million in 2007 in a Swiss account in the name of Worcester Equities Inc, a Panama-registered company, according to the newspaper report.
 
Gulliver, who is based in Britain but is domiciled in Hong Kong for legal and tax purposes, was listed as the beneficial owner of the account, the report said.
 
It was published on the evening before Gulliver is due to present HSBC's annual report, expected to be overshadowed by a scandal that has prompted investigations of the bank by Britain's financial watchdog and Swiss authorities.
 
However, a representative for Gulliver told the Guardian that the chief executive had used a Swiss account to hold his bonus payments prior to 2003, when he moved from Hong Kong to London.
 
Gulliver's lawyers said that Hong Kong tax had been paid on this income and that his Swiss accounts had been declared to British tax authorities.
 
British newspapers published a letter from Gulliver apologising for the Swiss division's behaviour in full-page advertisements last week.
 
Gulliver insisted the Swiss arm had been 'completely overhauled' since 2007, when former employee Herve Falciani stole a huge cache of data and passed it to French authorities.
 
It is the latest in a stream of so-called 'Swissleaks' allegations that have hit the reputation of the British banking giant and caused a political storm ahead of a general election in May.
 
British tax authority HM Revenue and Customs (HMRC) officials, accused of failing to act adequately on evidence of tax evasion in the files, are to be grilled by members of parliament on Wednesday.
 

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Anil Ambani’s Reliance group says no search at its offices

The R-ADA Group said work station of only one specific employee from Reliance Power was searched and no incriminating material was found

 

The Reliance Anil Dhirubhai Ambani (R-ADA) group on Monday denied any search or raid at any of its offices.
 
In separate regulatory filings, all listed companies of the Anil Ambani-led Group said 'no search or raid has been conducted by police authorities at any office of the Reliance Group anywhere in India'.
 
The filings made by Reliance Capital, Reliance Infrastructure, Reliance Communications and Reliance Power stated that the Group clarifies its position in the interest of millions of its investors, following misleading reports in a section of the media.
 
The RADA Group added that work station of only one specific Reliance Power employee was searched and no incriminating material was found.
 
"We are not aware of the circumstances leading to the arrest of that employee and Reliance Power is fully cooperating with the authorities. We are committed to propriety in all our business dealings and do not support unlawful activities of any nature," the company said.
 

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