The Income Tax Department has, in the second
phase of Operation Clean Money, identified 5.56 lakh people, whose deposits
during the demonetisation window do not match their income profile.
Another 1.04 lakh persons, who did not disclose all
bank accounts during e-verification in the first phase, have been identified. In
the first phase, 17.92 lakh persons had been identified.
The statement added that all taxpayers so
identified would be informed via email or SMS and that they can view the
relevant information on the e-filing portal
“The taxpayer will be able to submit online
explanation without any need to visit Income Tax office. All identified persons
are being informed through Email and SMS for submitting response online,” the
“These are persons whose tax profiles were found to
be inconsistent with the cash deposits made by them during the demonetisation
period,” the official statement said.
The trilateral Naval exercise, Malabar 2017,
involving India, the U.S. and Japan, is strategically very important and
meant to maintain the rule of law and maritime security in the region,
Japanese Ambassador to India, Kenji Hiramatsu said.
Mr Hiramatsu said, “This is very significant
politically and [of] very symbolic value that the three countries are working
together to safeguard the rule of law and maritime security in this region.”
The Ambassador said his country’s relations with
India had a solid base, “for safeguarding peace and stability in the
Indo-Pacific region” adding that there could be more exchanges involving ground
and air forces and an exchange of personnel in various areas.
On whether India and Japan would take up specific
pilot projects in Africa, the Ambassador said there was a “good win-win
On the next steps in the on the civil nuclear
agreement, signed between the two countries last year, given the Diet’s approval
of the pact recently, the Ambassador expressed the hope that there would be
discussion “in due course of time.”
Mr. Hiramatsu said the political situation was
stable in India and this was one of the attractions for Japanese investors. The
Ambassador added that Japanese investors in India were “very happy” with roll
out of the GST.
The Supreme Court asked the Centre to decide
within a week whether it would amend the electoral law or rules for allowing
Non-Resident Indians (NRIs) to vote through postal or e-ballots in elections
A bench comprising Chief Justice J.S. Khehar and
Justice D.Y. Chandrachud took note of the fact that the Centre and ECI were
agreeable to allowing NRIs to vote as suggested in the report of a panel headed
by Deputy Election Commissioner Vinod Zutshi.
The poll panel had said the move to allow NRIs to
use proxy voting on the lines of defence personnel and e-ballot facility would
require changes either in the
Representation of the People Act or in the rules
made under the Act.
Senior advocate Mukul Rohatgi, appearing for one of
the petitioners, said NRIs could be given the right to vote by making changes in
the rules and there was no need to amend the provisions of the RP Act.
The bench posted a batch of petitions filed by
Nagender Chindam, chairman of London-based Pravasi Bharat organisation and other
NRIs, for further hearing on July 21.
The Cook Islands has created one of the world’s
largest marine sanctuaries, protecting a vast swathe of the Pacific Ocean
more than three times the size of France.
Legislation setting up the 1.9 million square km
reserve passed through the tiny nation’s Parliament.
Environmentalist Kevin Iro, who first proposed the
idea more than five years ago, said it was a landmark achievement that would
help preserve the ocean for future generations.
The Cook Islands has a population of just 10,000
and its 15 islands have a combined landmass of 236 sq km., barely the size of
But its isolated position in the Pacific, about
halfway between New Zealand and Hawaii with no near neighbours, means it has a
huge maritime territory.
Cook Islanders had an affinity with the ocean and
viewed it as sacred but overfishing and pollution had damaged the marine
environment, including the coral reefs that once ringed all the islands.
Marine reserve, known as Marae Moana, would give
the environment a chance to heal, allowing the islanders to protect their
With goods imports outpacing exports in June,
trade deficit for the month widened to $12.95 billion, according to data
released by the commerce ministry. In June 2016, the goods trade deficit was
only $8.1 billion.
Continuing with growth indicated since September
2016, goods exports in June 2017 rose 4.39% year-on-year to $23.56 billion.
However, imports in June jumped 19% to $36.5 billion.
Major commodity group of imports showing high
growth in June were petroleum, crude & products (12.04%), electronic goods
(24.22%), pearls, precious & semi-precious stones (86.31%), machinery,
electrical & non-electrical (7.02%) and gold(102.99%).
The currency impact in terms of stronger rupee
hurting the exports is clearly visible in the form of shipments showing a
negative growth, measured in Indian rupees, he said.
Unabated global liquidity flows into Indian
financial markets are casting a shadow on the competitiveness of Indian exports,
he added. Oil imports in June rose 12.04% to $8.12 billion.
The European Union (EU) and India announced the
establishment of an Investment Facilitation Mechanism (IFM) for EU
investments in India.
The mechanism will allow for a close coordination
between the European Union and the Government of India with an aim to promote
and facilitate EU investment in India.
The IFM has been established with the key
objectives of paving the way for identifying and solving problems faced by EU
companies and investors with regard to their operations in India. IFM will cover
new investors as well as those already established in India.
Ease of doing business is a fundamental priority of
the Indian Government’s Make in India Campaign and the establishment of IFM for
facilitating EU investments in India is another step to achieve this goal.
As part of the IFM, the EU Delegation to India and
the DIPP will hold regular high level meetings to assess and facilitate “ease of
doing business” for EU investors in India.
This will include identifying and putting in place
solutions to procedural impediments faced by EU firms and investors in
establishing or running their operations in India.
Invest India, the Indian government's official
Investment Promotion and Facilitation Agency, will also be part of the IFM.
Wholesale price inflation slowed to a 11-month
low of 0.9% in June due to subdued food inflation and weak manufacturing
prices, according to data released by the Ministry of Commerce.
This comes at a time when retail inflation for June
slowed to 1.54%, below the lower tolerance level set by the Reserve Bank of
India. Growth in the Wholesale
Price Index slowed for the fourth consecutive month
in June from the 5.51% registered in February.
While growth in the primary articles category in
the WPI shrunk 3.86% in June, the food articles segment within this contracted
3.47%. The corresponding numbers for the previous month showed a contraction of
1.79% and 2.27% for the two segments.
The composite food index within the WPI, combining
the values of food items in the primary articles category and manufactured food
items, contracted 1.25% in June compared with a growth of 0.15% in the previous
Inflation in the manufactured products category
came in at 2.27% in June, the slowest it has been since November 2016. The fuel
and power saw a drastic easing of inflation to 5.28% in June from 11.7% in the