Team Anna hits back at govt on Kejriwal issue

Emphasising that he has not violated any rules, Arvind Kejriwal said government has powers to waive 'violations' if it is in public interest. He claimed that the then CBDT chairman had written in the report that his works were in public interest and his case should be waived

New Delhi: With the Income Tax (I-T) office slapping a notice on activist Arvind Kejriwal to pay dues, Team Anna Hazare today alleged that the government was back to its 'dirty tricks department' and that the officials were pressurised by 'political bosses' to act against them, reports PTI.

Other than the I-T office's notice to Mr Kejriwal to pay dues of Rs9.27 lakh, Team Anna also referred to a Delhi Police report which said a CD purported to contain conversation between lawyer Shanti Bhushan and political leaders was genuine. Notices for breach of privilege have also been moved in Parliament against Kiran Bedi.

The office of the chief commissioner of Income Tax had on 5th August had issued a notice to Mr Kejriwal, an Indian Revenue Service (IRS) officer, asking him to pay up, 11 days ahead of Mr Hazare's fast demanding a strong Lokpal.

"This shows that the government has not learnt any lessons. The smear campaign is still on... There is a notice against Arvind. Delhi Police has closed the investigations in the CD case saying the disc was genuine. There is also a privilege notice against Ms Bedi.

"They are back to dirty tricks. They are back to the dirty tricks department," lawyer and Team Anna member Prashant Bhushan told a press conference along with Mr Kejriwal and Ms Bedi here.

Chief commissioner of Income Tax issued notice to Mr Kejriwal to clear the dues alleging that he violated the bond clauses under which he went for a study leave for two years.

Mr Kejriwal claimed he 'did not violate' any bond provision and he resigned from the job after the stipulated three years of rejoining duty after study leave.

On the privilege notice, Ms Bedi said she will not apologise and would say, "I am sorry I will not say sorry to you. I will show a bigger mirror to them on what is happening in our Parliament and assemblies."

"It is not the I-T Department's decision. They are doing what the government is saying. The IT officials have no role in this notice. They are doing because of the pressure from the political bosses," Mr Kejriwal said.

Mr Kejriwal said he had taken a study leave on full pay for two years from 1 November 2000 and he rejoined office on 1 November 2002 after signing a bond that he would refund the salary if he resigns or retires or fail to resume duty within three years of his study leave.

"I have not violated any provisions. What government is saying is wrong. After over one year of rejoining, I took leave without pay which was sanctioned by my superiors. I worked for RTI. I was not into any wrongdoings. I have not signed any bond that I will not take leave after rejoining.

"The government it seems is trying to interpret that the leave which I took after rejoining violates bond provisions.

Taking leave is a right and the government has sanctioned it," he said.

Emphasising that he has not violated any rules, he also said government has powers to waive 'violations' if it is in public interest. He claimed that the then CBDT chairman had written in the report that his works were in public interest and his case should be waived.

However, other senior officials were not in favour of such waiver.

He also questioned the timing of the issuance of notice to him, just 11 days ahead of Mr Hazare's agitation for which he played a prominent role.



Rambabu Shastri

6 years ago

Finally, the powerful, arrogant politicians of the Congress party have started persecution of the forces that are honest. It is the dishonest persecuting the honest for being honest. However, as always, the Congress Govt. is madly suffering from 'foot in the mouth' disease.

RBI panel proposals for NBFCs will structurally strengthen the sector, says Crisil

The ratings agency has welcomed the new recommendations as they better guard firms against potential risks, though additional provisioning could have a short-term impact on profitability 

Ratings agency Crisil has said that the recommendations of the RBI-appointed Working Group on non-banking finance companies (NBFCs), if accepted and implemented, will structurally strengthen the sector in the long term.
The higher risk weights placed on sensitive sectors, the increase in minimum Tier-1 capital, and stipulated liquidity requirements will better cushion NBFCs against potential asset-side and liquidity risks, Crisil says in an appreciation of the Working Group's proposals. They also provide greater clarity on the regulatory framework for these companies which should help enhance stakeholders' confidence.

However, the increased provisioning would have a short-term impact on profitability which, Crisil estimates, could result in a decline in the average return on assets by 25-30 basis points.

"The change in asset classification norms for NBFCs will result in significant increase in the reported gross non-performing asset (NPA) ratios," says Pawan Agrawal, director, Crisil Ratings. "The gross NPA ratio for the sector which was around 2.8% as of March 2011, would become 4.8% as per the revised classification norms. While it does not reflect any change in the inherent asset quality of NBFCs, they will focus increasingly on containing delinquencies in the up-to-90-days bucket."

The introduction of minimum liquidity requirement will enable the NBFC sector to match the standards stipulated for banks and protect NBFCs against any liquidity crisis. But Crisil does not foresee any major impact of this recommendation, as NBFCs have largely been maintaining positive mismatches in the short-term buckets of up to 30 days.

Suman Chowdhury, head of Crisil Ratings, "Capital market and commercial real estate financing entities will be more affected by the recommendations. Crisil estimates that the requirement for higher risk weights will reduce capital adequacy ratios by 2.5% to 3%. However, capitalisation will not be a challenge, as most of these NBFCs have healthy ratios."

The margin finance business, with an estimated portfolio of Rs35 billion as on 31 March 2011 may become less attractive to customers, given that NBFCs will now need to nearly double the margin they collect from customers. Capital market NBFCs have been diversifying into non-capital market businesses and the new recommendations could see a further acceleration of such efforts.


Toyota Kirloskar Motor registers 84% growth in sales

The Innova recorded sales of 4,305 units. The Corolla Altis and Fortuner recorded sales of 913 units and 897 units respectively

Toyota Kirloskar Motor (TKM) registered sales of 11,693 units in August 2011 as compared to 6,361 units in August 2010. The company's sales grew by 84 % when compared to the corresponding period last year.

Sandeep Singh, deputy managing director, marketing, TKM said, "We have registered a growth of 84% in August sales. The growth is primarily led by our flagship model  Innova and our latest offering Etios and Etios Liva. Last month we sold 2,710 and 2,824 units of the Etios and Etios Liva respectively. We thank our customers for their encouraging response to the Etios and Etios Liva. We are now looking forward to the festival season. Toyota wishes all its customers a happy festive season."  

The Innova recorded sales of 4305 units. The Corolla Altis and Fortuner recorded sales of 913 units and 897 units respectively.


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