1. CMs’ Panel For Tax on Cash Deals Above Rs 50k
Days before the Budget, a panel of chief ministers has recommended a ban on cash transactions beyond a threshold and a tax on payments beyond Rs 50,000 as it sought to discourage the use of physical currency while suggesting a host of incentives for payments by card and other digital means.
In its interim report submitted to PM Narendra Modi on Tuesday , the committee led by Andhra CM N Chandrababu Naidu suggested a host of tools, including a subsidy of up to Rs 1,000 for smart phones purchased by those who do not pay income tax as well as small merchants in addition to lowering or doing away with the merchant discount rate or the fee paid on card and online transactions.
Source: The Times of India
2. Would Have Won 250 Seats on Our Own: Akhilesh Yadav
In his first campaign speech after announcing an alliance with the Congress, Uttar Pradesh Chief Minister Akhilesh Yadav Tuesday claimed that the SP would have won more than 250 seats on its own to form a majority government again but now that the alliance had been formed, the SP-Congress combine would win more than 300 of 403 seats in the House.
Source: The Indian Express
3. Bulk of Political Donations in Past Decade Came From Unknown Sources: ADR Report
Political parties received bulk of their donations, a whopping Rs 7,833 crore, from unknown sources between 2004-05 and 2014-15, says an election watchdog.
Association for Democratic Reforms (ADR) in its report on funding patterns of national and regional parties found that sources of only 16% of the donations were revealed while 69% came from donors whose identities were not disclosed.
Source: Hindustan Times
4. No Fiscal Resources For Universal Basic Income: Niti Aayog Chief
NITI Aayog Vice Chairman Arvind Panagariya is of the firm view that the country simply does not have the necessary fiscal resources for a Universal Basic Income scheme, a proposal being advocated by Chief Economic Advisor Arvind Subramanian. Subramanian will delve upon the possibilities of such a scheme in the Economic Survey which, if accepted by the government, could be an unprecedented decision anywhere in the world.
Source: The Indian Express
5. Cabinet Clears IIM bill
The Union cabinet on Tuesday cleared a bill to grant statutory powers and autonomy to 20 Indian Institutes of Management.
If the bill is passed, the IIMs will be the first set of institutions under the administrative coordination of the human resource development ministry in which the President will have no direct role. In other institutions like the IITs and central universities, the President is the Visitor who appoints directors, vice-chancellors and chairpersons on the recommendation of the ministry.
Source: The Telegraph
6. Will Congress Get What it Wants in Amethi, Bareli?
Congress and Samajwadi Party are still deadlocked over sharing of seats in the Gandhi family borough, with the former pushing for a lion's share as well as the freedom to pick the constituencies of its choice.
Two days after the pact was sealed, sources said SP has not yet withdrawn the five candidates it announced in Rae Bareli and Amethi. Congress wants to contest 7-8 seats out of the 10 on the parliamentary turf of Sonia and Rahul Gandhi. While Congress is confident that SP will withdraw some of its candidates, what is rankling the party is the fact that Akhilesh Yadav presented it with a fait accompli on the choice of seats. If SP retains any of its five candidates, Congress would have to take whatever seat it vacates.
Source: The Times of India
7. Centre Seeks to Withdraw January 2016 Notification on Jallikatu
Days before the Supreme Court was set to deliver its judgment on the Centre’s January 2016 notification on Jallikattu, the Centre on Tuesday informed the apex court that it now seeks to withdraw it in view of the Tamil Nadu Assembly passing a law, allowing the smooth conduct of the bull-taming sport.
Earlier, the Centre requested the SC to postpone its judgment as it would vitiate an already emotionally-charged atmosphere in Tamil Nadu. The O Panneerselvam-led government swiftly moved to promulgate an ordinance allowing Jallikattu in the state. Within two days of Tamil Nadu Governor Vidyasagar Rao signing the ordinance, a special assembly session was convened and the ordinance became a law within minutes of it being tabled by Chief Minister Panneerselvam.
Source: The Indian Express
8. Donald Trump Calls PM Modi as the US President Struggles to Get Footing
US President Donald Trump phoned Prime Minister Narendra Modi on Tuesday night (India time) in what is the first contact at the highest level after the former assumed office, the call ostensibly aimed at ensuring continuity, and possibly enhancement, of close ties between the two countries.
The Trump White House chose to call India – Trump's fifth to world leaders – after the new President had conversations with leaders of Washington's two immediate neighbours, Canada and Mexico, on Saturday, and with leaders of Israel and Egypt on Sunday.
Source: The Times of India
9. RBI May Not Relax Cash Withdrawal Limit For Three Weeks to a Month
Your weekly cash withdrawal limit of Rs 24,000 is likely to continue for another three weeks to a month before the Reserve Bank of India (RBI) finally decides to relax the cap.
The central bank, however, could double the daily withdrawal limit at the ATMs after a detailed analysis of transaction patterns and payment modes, sources said.
Source: Hindustan Times
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