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2013 Budget, India Budget 2013, India 2013 Budget

India Inc demands long winded but nothing new:
India Inc seems to have nothing new or interesting to say with regard to the upcoming Union Budget. On Wednesday, presidents of the country’s two prominent industry chambers, CII and Ficci, met Finance Minister P Chidambaram for a customary pre-Budget consultation along with other industry representative.

But apart from a handful of new mentions, their talking points were similar to issues raised in most preceding years. Not only has the Government stolen much of the thunder of the Budget exercise by announcing rail fare hikes (which should have come in the Railway Budget) and postponing GAAR (General Anti Avoidance Rules) till 2016 outside the actual Budget announcement, repetitive industry demands year after year make the entire Budget a big yawn.

So like before, the chambers cautioned against lowering import duties so that domestic industry remains safeguarded, sought early implementation of the GST regime, spoke against any levy on transactions on the commodity exchanges and pleaded for no hike in corporate tax. Nothing new here.

They went a step ahead and responded to rumours of imposition of some kind of inheritance tax this year and, predictably, opposed it in strong terms. Naina Lal Kidwai of Ficci said such a tax should not be imposed “in a hurry and without extensive debate which must necessarily encompass the societal ramifications as these are likely to be significant.” Godrej also opposed it but justified this opposition by merely saying that such a tax would not bring any significant wealth to exchequer while dampening investor sentiment.

Inheritance tax is a levy paid by a person who inherits money or property, or a tax on the estate (total value of the money and property) of a person who has died. When one dies, the government assesses the worth of the estate of the deceased, which may include cash in the bank, investments and any other property or business owned by the deceased.

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Teachers job scam, Om Prakash Chautala job scam, Chautala job scam

Chautalas sent to Tihar over job scam:

A Delhi court on Wednesday convicted former Haryana chief minister and Indian National Lok Dal chief Om Prakash Chautala, his MLA son Ajay Chautala, and 53 others for illegally recruiting more than 3,000 junior teachers in 2000.

Immediately after pronouncing the verdict, special CBI judge Vinod Kumar sent 78-year-old Chautala and others to Tihar jail.

The charges of cheating, forgery and criminal conspiracy against them can attract a maximum seven-year jail term.

Given the large number of convicts, the court will hear the arguments on the quantum of sentence on January 17, 19 and 21 before pronouncing the punishment on January 22.

A jail term of two years or more will make the father-son duo ineligible for elections under the Representation of People Act that disqualifies a convicted person from the date of conviction till six years after the sentence ends.

But the Chautalas can continue as MLAs till the disposal of their appeal, if they challenge the trial court's verdict in three months as stipulated by the Act.

Declared "the main culprit" in the recruitment scam, Chautala senior now joins the league of former BJP president Bangaru Laxman and former Himachal Pradesh CM Sukhram, who were earlier convicted of corruption.

The others convicted with the Chautalas include director of primary education Sanjiv Kumar, Chautala's former officer on special duty Vidya Dhar and political adviser to then Haryana CM Sher Singh Badshami.

While 16 of the 55 convicts are women, six of the 62 accused died during the trial.

One was discharged by the court at the time of framing charges.

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