William-Kate wedding hit British economy

IIPM Mumbai Campus

The royal wedding of Prince William and Kate in April was supposed to have catalysed Britain's ailing economy, but official figures released today show that it was one of several events that affected GDP figures adversely. The Office for National Statistic (ONS) said that growth in the UK economy slowed in the three months to 30 June. GDP grew by only 0.2 per cent in the second quarter, which is down from the 0.5 per cent growth in the previous quarter. The ONS highlighted a number of special events in the second quarter that may have affected the GDP figures, such as the additional bank holiday for the royal wedding, the wedding itself, the after-effects of the Japanese earthquake and tsunami, the first phase of Olympic ticket sales and the record warm weather in April. During the build-up to the royal wedding, experts claimed that the enthusiasm for the event would have a positive impact on Britain's economy, including from larger than usual entry of tourists.

The ONS estimated that without these events, GDP would have been 0.5 percentage points higher. While chancellor Goerge Osborne said the 0.2 per cent growth was good news, shadow chancellor Ed Balls accused him of choking the recovery.

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FBI arrests US-based lobbyist and brings to light ISI subversion of Kashmir issue

IIPM Mumbai Campus

Federal authorities on Monday arrested a prominent US-based pro-Pakistan activist associated with the Kashmiri separatist movement accusing him of funneling money from the Pakistani spy agency ISI to lobby US decision-makers.

In the process, the Obama administration's law enforcement brigade also blew open the Pakistan and its spy agency's two-decade long subversion of the so-called Kashmir cause.

The FBI swooped down on the Virginia residence of Dr Ghulam Nabi Fai, a well-known representative of Kashmiri separatists in the US and detained him on charges of ''participating in a long-term conspiracy to act as agents of the Pakistani government in the United States without disclosing their affiliation with the Pakistani government as required by law.''

Another individual, Zaheer Ahmed, like Fai a US citizen, was also similarly charged, but he is at large and believed to be in Pakistan, according to US authorities.

Fai has been a familiar and prominent figure in Washington DC for nearly two decades, lobbying Kashmiri separatist cause as executive director of the Kashmiri-American Council (KAC) and dallying with senators and congressmen. US authorities now say the KAC was just an ISI front, funded by Pakistan's spy agency.

The FBI affidavit alleges that, although the KAC held itself out to be a Kashmiri organization run by Kashmiris and financed by Americans, ''it is one of three 'Kashmir Centers' that are actually run by elements of the Pakistani government, including ISI.'' The two other Kashmir Centers are in London, England, and Brussels and Belgium.

According to the affidavit, a confidential witness told investigators that he participated in a scheme to obscure the origin of money transferred by Pakistan's ISI to Fai to use as a lobbyist for the KAC in furtherance of Pakistani government interests. The witness explained that the money was transferred to Fai through Ahmad, an American living in Pakistan.

A second confidential witness told investigators that the ''ISI created the KAC to propagandize on behalf of the government of Pakistan with the goal of uniting Kashmir.'' This witness said ''ISI's sponsorship and control of KAC were secret and that ISI had been directing Fai's activities for the past 25 years.''

The FBI affidavit alleges that Fai has "acted at the direction of and with the financial support of the Pakistani government for more than 20 years." Four Pakistani government handlers have directed Fai's US. activities and Fai has been in touch with his handlers more than 4,000 times since June 2008, according to the FBI.

The affidavit also alleges that Fai repeatedly submitted annual KAC strategy reports and budgetary requirements to his Pakistani government handlers for approval. One document entitled "Plan of Action of KAC / Kashmir Center for Fiscal Year 2009" laid out Fai's intended strategy to secure US. Congressional support in order to encourage the Executive Branch to support self-determination in Kashmir; his strategy to build new alliances in the State Department, the National Security Council, the Congress and the Pentagon, and to expand KAC's media efforts.

According to the affidavit, Fai also set forth KAC's projected budgetary requirements from the Pakistani government for 2009, including $100,000 for contributions to members of Congress.

Fai and the KAC have received at least $4 million from the Pakistani government since the mid-1990s through Ahmad and his funding network, the FBI said. The money is allegedly routed to Fai through Ahmad and a network of other individuals connected to Ahmad. Ahmad allegedly arranges for his contacts in the United States to provide money to Fai in return for repayment of those amounts in Pakistan.

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LPG Refills To Cost More Very Soon

If the oil ministry has its way, cooking gas consumers would soon get only four refills in a year at subsidized rate. Every subsequent cylinder would cost Rs 800 or so at today's market price.

The ministry proposes to limit the number of subsidized cylinders for even BPL (below poverty line) at four cylinders a year. But the government would give them a one-time assistance of Rs 1,400 for getting a connection. A formal proposal, being drawn up by the ministry for the ministerial panel on fuels, explains that the plan would ensure that government subsidy reaches only those who deserve it and stop the huge black market in subsidized kerosene supplied for the poor.

The proposal outlines the criteria to identify those who have to pay market price for refills. These include anyone who owns a car, two-wheeler, house or figures in the income-tax list. The subsidy to BPL cardholders would be delivered through the unique identification number, Aadhar, as it is commonly known, regime that is in the works. The proposal rationalizes the move on the ground the present system does not differentiate between the needy and those who can afford to pay market price. It says even billionaires get their fuel at subsidized rate in the present system.

The ministry reckons four cylinders would be enough to take care of the cooking needs of a BPL family. The ministry's view is based on studies that indicate that most of the kerosene consumed by BPL families is used for lighting purpose and wood or cow dung cakes remain the choice of fuels for cooking.

The Centre at present supplies 9-10 million tonnes of subsidized kerosene a year for selling to poor through ration shops controlled by state governments. Several government and independent studies have said nearly 40% of the fuel is diverted for adulteration of motor fuels, giving rise to a black market worth over Rs 16,000 crore at today's market price. Consumers now pay an average of Rs 400 for a cylinder because of a subsidy of Rs 395. The government had last month raised cooking gas price by Rs 50 a cylinder, kerosene by Rs 2 per litre and reduced oil taxes. Still, together with diesel, it expects a subsidy bill of Rs 120,000 crore in 2011-12.

The proposal says the new plan would reduce the government's subsidy burden on cooking gas, estimated at Rs 12,000 crore as per the price prevailing in 2009-10. This would be much higher according to 2010-11 price line.


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Get E-Ticket On Your Cellphone

Rail travellers can now get e-tickets on their cellphones, and won't have to carry print out of tickets.

Called m-ticket, it can be booked by passengers having internet facility by downloading the mobile ticketing application on their cellphones from the railways' new web portal. A passenger can book train tickets through a mobile phone and carry the display ticket sent to her\his cellphone through an SMS.

The facility is part of comprehensive Indian Railways Portal, www.indianrailways.gov.in, which was launched by West Bengal chief minister Mamata Bannerji in Kolkata on Thursday.

The new portal aims at consolidating all the services and information into a single window web-interface for the public.

On completion of booking and payment formalities, an SMS containing the ticket details will be sent to the user, which is referred to as Mobile Reservation Message (MRM). The cost of MRM from IR web portal will be borne by the Indian Railways. The facility of booking e-tickets through railways' web portal will be available from 12.30 am to 11.30 pm daily.

In addition to facility of e-ticketing provided by the new portal, no travel agents have been allowed so that passengers can have ease of booking during peak hours.


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No consensus on Lokpal, Anna may rethink fast

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There is no consensus yet again on the Lokpal bill. Anna Hazare may rethink his August 16 fast as political parties push back civil society saying Parliament will decide shape of the Lokpal bill. There is no clarity on who will eventually create the final draft of the Lokpal bill. A crucial all-party meeting called by the Prime Minister to end the deadlock proved inconclusive. Parties now say it's not civil society but Parliament that would determine the shape of the Anti-corruption law.

There was no consensus at the end of a three-hour long all-party meeting on Sunday. It simply became a platform for the Opposition parties to attack the government for not taking them on board the Lokpal deliberations earlier and for the government to delay a final decision. A one line resolution calling for a strong Lokpal is all that was achieved, almost as if it was a perfect script.

The stage was set by the Prime Minister himself who said at the beginning,"it is important that such an institutional arrangement enjoys the support of as large a section of people as possible and that there is the widest possible consensus regarding the bill." It's the BJP though which remains non-committal on the entire issue. While the party was bitterly divided even on the question of attending this all party meeting, it asked the government to ensure bringing of a Lokpal bill in monsoon session of Parliament.

"We've asked the government to bring the bill in the monsoon session of the Parliament and present it before the standing committee so that the political parties can express their views," said Sushma Swaraj. Parties like the CPI, RJD and SP questioned the government's strategy in dealing with team Anna Hazare. Most parties while criticising the government also wondered why should civil society dictate the terms of the Lokpal bill. RJD's Lalu Yadav criticised the civil society groups saying 120 crore people elect us, who elected them.

AIADMK cautioned frivolous complaints against the Prime Minister will derail the process. BSP wanted the government to bring the bill in Parliament first before seeking its views. The outcome of the meeting obviously didnt go down well with the activists. "It's sad to see that an institution that could have been set up 44 years ago has been delayed further. If the Prime Minister wants to be included in the ambit of the Lokpal then he should present the mandate to his ministers," said Santosh Hegde.

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Vodafone To Pay Huge Tax

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Vodafone may have to shell out withholding tax of up to Rs 3,700 crore during the current financial year on its $3.8 billion deal involving the purchase of shares from Mauritius-based Essar Com Ltd and Essar Communication Ltd. Central Board of Direct Taxes (CBDT) chairman Prakash Chandra said on Friday that Euro Pacific Security Ltd, a wholly owned subsidiary of Vodafone, has withdrawn its application from Authority of Advance Ruling where it had disputed the withholding tax demand invoking immunity under the Double Taxation Avoidance Agreement with Mauritius. Vodafone's subsidiary had purchased 22% stake held by Essar's Mauritius arm in the Vodafone Essar. According to CBDT, it should have deducted 20% withholding tax in addition to surcharge before making any payment. "Tax liability will be around Rs 3,500 to Rs 3,700 crore, including surcharge," Chandra said, hoping that Vodafone will pay the withholding tax now. He said the development will have tax implications on similar cross border M&As.

Already, the Income Tax department is working on some cases and demands would be raised soon.

"Whatever payments Euro Pacific makes to Essar, it should first deduct the tax," Chandra said. He hoped that the company will clear all tax liability by the end of this fiscal which means the Vodafone will have to pay entire dues before March 31, 2012.

Essar's 22% stake held by its Mauritius subsidiaries is valued at $3.8 billion, on which the Income Tax department has raised withholding tax demand. Essar's remaining 11% stake is held by its Indian subsidiary and valued at $1.2 billion, resulting in a total deal size at $5 billion. Vodafone had already paid $1.9 billion to Essar for the first tranche of shares equivalent to an 11% stake. The remaining payment was to be made in the second week of July.

Earlier, Vodafone had said that there was no tax payable on its purchase of majority interest in Hutchison-Essar for over $11 billion in 2007. It had disputed the $2.6 billion tax liability on the company and a case is currently pending in the Supreme Court.

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