Citizens' Issues
Jaitley wants US to alter 'unjust' totalisation regime
Finance Minister Arun Jaitley has pushed for the US administration to begin a process by which the contributions by Indians to the country's exchequer by way of social security is returned and not retained in an "unjust" manner.
 
"This is like an aid program that Indian workers run for the US government," Jaitley said during his speech at the Centre for Strategic and International Studies, entitled "India's demographic transition: opportunities for partnership".
 
"Indians contribute-according to research done by Jacob Kirkegaard at the Peterson Institute --about $3 billion annually to the US government by way of social security contributions which they will never receive back," the finance minister said.
 
He, accordingly, wanted the US to alter what is formally called the totalisation regime. "I am confident that the US will take up this matter soon," he said, calling the present arrangement a "very unjust situation".
 
Indian workers, who are posted to foreign countries by their employers in India over short periods of time, continue to make social security contribution in India as per Indian law. At the same time, some countries like the US make them pay contributions under their laws as well.
 
Such contributions do not accrue to the workers till they have been made for a certain period.
 
Successive Indian governments have raised the issue with the US including Prime Minister Narendra Modi, when he met US President Barack Obama in January this year.
 
"We will also start discussions on the social security agreement that's so important for the hundreds and thousands of Indians professionals working in the US," Modi had said during his remarks at the joint press interaction with Obama.

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COMMENTS

SuchindranathAiyerS

2 years ago

Post Independence, the British Government handed over enormous sums of money as compensation for Loss of Soldiers' Lives and Health during the Second World War. The Pakistan Army took the Pakistan sum and invested it, mainly in Britain and the US from which it derives an income of more than 1.5 Billion US Dollars independent of the Pakistan,Saudi Arabian and US Exchequers and revenues from its mercenary activities for various fellow Islamic and NATO governments. The Indian Republic established its tradition of "steal from the haves and have nots for the have lots" in keeping with Nehru-Gandhi-Ambedkarism and swallowed the money. In neither case were the bereaved families and those who suffered compensated. Part of the Indian Neta-Babu-Cop-Milard-Crony Kleptocracy paradigm. Starve and oppress the Indian serf to go abroad and work in hellish conditions while holding the slave's family hostage in India. Then mulct the slave's earnings to feed the greed and lust of the kleptocracy through corruption and profligacy. This sum will, if returned, go like all sums given to India. If the Kohinoor had been returned to India, it would be in small piece in a Bank vault in Italy or Switzerland as the Diamond Crown of melkote and the 12,000 Crores of Tirupathi Jewellery that were stolen during the last decade probably are.

RIIL's net profit declines by 8.56 percent
Reliance Group-owned Reliance Industrial Infrastructure Ltd (RIIL) on Thursday said its stand-alone net profit during 2014-15 declined by 8.56 percent at Rs.2,207.19 lakh against a net profit of Rs.2,413.98 lakh during the 2013-14 fiscal.
 
Total stand-alone revenue for the period under review rose by 8.69 percent at Rs.9,994.12 lakh against Rs.9,194.75 lakh during the previous year, the company said.
 
Stand-alone revenues from operations were higher by 6.2 percent during 2014-15 at Rs.9,009.33 lakh against Rs.8,483.2 lakh during 2013-14.
 
The company also reported a 7.41 percent rise in its stand-alone net profit at Rs.571.84 lakh during the fourth quarter of 2014-15 against net profit of Rs.532.37 lakh during the previous quarter.
 
In a filing with the Bombay Stock Exchange, the company said its board has recommended a dividend of Rs.3.50 per fully paid-up equity share of Rs.10 each, aggregating to Rs.639 lakh payout including the dividend distribution tax.
 

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SEBI passes Order providing exit to Pune Stock Exchange
Pune Stock Exchange is the thirteenth Stock Exchange to exit under this SEBI policy, says a release from SEBI
 
SEBI (Securities and Exchange Board of India) has passed an Order on 13 April 2015 providing the exit to Pune Stock Exchange Limited (PSE). PSE is the thirteenth Stock Exchange to exit under this SEBI policy, according to a release from SEBI. 
 
It may be recalled that SEBI vide Circular dated 30 May 2012 had issued the Guidelines for the exit of stock exchanges. This contained details of the conditions for exit of de-recognised/non-operational stock exchanges including treatment of assets of de-recognised/non-operational exchanges and a facility of Dissemination Board for companies listed exclusively on such exchanges, while taking care of the interest of Investors.
 
The recognition of PSE was last renewed by SEBI for a period of one year commencing on 2 September 2013 and ending on 1 September 2014.  The renewal was, however, subject to the condition  that the  Exchange  can  commence  trading  only  after  complying  with  all  the regulatory  requirements imposed by SEBI and shall comply with such other conditions prescribed by SEBI.
 
PSE  vide  its  letters  dated  21 January 2014  and  23 January 2014  submitted  that  the Governing Board in its meeting held on 13 December 2013 has endorsed the decision of the shareholders of PSE in their Annual General Meeting dated 28 September 2013 to make application for voluntary surrender of recognition and exit of PSE as a stock exchange as per SEBI circular dated 30 May 2012. 
 
SEBI in consultation with PSE on 13 March 2014 appointed M/s. D V Sathe & Co.as the Valuation Agency for verification and valuation of assets and liabilities of PSE.  The Valuation Agency submitted its final report to SEBI on 23 May 2014.
 
From the valuation  report  and  undertakings  of  PSE,  SEBI  observed  that  all  the  known liabilities have been brought out and that there is no other future liability that is known as on date.  SEBI  noted  that   PSE   has  substantially  complied  with  the  conditions  contained  in Exit Circular, 2012 subject to its undertakings. The SEBI Order hence stated, “I, therefore, am of the view that it is a fit case to allow exit to PSE in terms of clause 8 of the Exit Circular, 2012.”
 
SEBI  had  conducted  an investigation  into  the  allegations  levelled  by  Pune  Stock  Exchange Brokers  Forum  in  respect  of  matter  pertaining  to  certain  shareholders  of  PSE.  The documents pertaining to Expression of Interest (EOI) and supporting documents related to demutualisation of PSE were directed to be sealed and kept under custody of the exchange by the inspection authority during the inspection conducted in December 2011. Regulatory action  for
the  alleged  violations/ non-compliances  by  the  concerned  entities  has  been initiated.
 
However, the exit process of the stock exchange is delinked from such regulatory actions. In view of the same, PSE submitted an undertaking dated 16 March 2015, that "the exchange  shall  keep  these  documents  in  proper  form  in  all  conditions  except  condition  beyond  control  & condition arising due to natural calamities and the same shall be made available to SEBI for any future reference or regulatory proceedings, if any".
 
Hence, the SEBI Order stated, “…allow the exit of Pune Stock Exchange Limited as a stock exchange and direct it to:-
(a)  comply with its tax obligations under Income Tax Act, 1961; 
(b)  comply with the undertakings given by it to SEBI; 
(c)  comply with other consequential conditions of Exit Circular, 2012; and 
(d)  to change its name and not to use the expression “Stock Exchange” or any variant of  this expression in its name and to avoid any representation of present or past affiliation  with the stock exchange, in all media.
 
The SEBI The order shall come into force with immediate effect.
 
In conclusion,  the SEBI Order added, “A copy of this order shall also be forwarded to the Income Tax Authorities, the Ministry of Corporate Affairs and the State Government  of  Maharashtra intimating  the  exit of  Pune  Stock  Exchange  Limited  and for appropriate action at their end as per applicable laws.”
 

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