Nine organic and exotic agricultural products from Northeast India were accorded geographical indication (GI)

Nine organic and exotic agricultural products from Northeast India were accorded geographical indication (GI) registration tag. GI tag will help to protect these exclusive special local crops and pave way for better branding and marketing of these products both in domestic and international Market. 

Geographical Indication (GI) accorded products are 
Assam Karbi Anglong Ginger. Assam Tezpur Litchi. Meghalaya Khasi Mandarin. Sikkim Large Cardamom. Mizoram Bird Eye Chilly. Manipur Kachai Lemon. Tripura Queen Pineapple. Arunachal Orange. Nagaland Tree Tomato. 

Union Government owned North Eastern Regional Agricultural Marketing Corporation Limited (NERAMAC) had played important role in getting GI registry. North Eastern Council (NEC) provided the financial support to this initiative.    About Geographical Indication (GI) Geographical Indication is an insignia on products having a unique geographical origin and evolution over centuries. It is a mark of authenticity and ensures that registered authorised users (or at least those residing inside the geographic territory) are allowed to use the popular product name. In India GI registration is governed by the Geographical Indications of goods (Registration and Protection) Act, 1999. Darjeeling tea was the first product in India accorded with GI tag.

Decoding the #National #Pension System

Budget 2015 brought the National Pension System (NPS) back into the limelight by announcing an additional deduction of Rs. 50,000 for the same. But before going into those details, let us first understand what NPS is all about.

For starters, the NPS is a defined contribution pension scheme. Originally, only Central Government Employees joining service on or after 1.1.04 were eligible to avail of this scheme. Later, it was extended to employees of any other employer and also to any citizen of India (including an NRI but not a PIO having bank account in India) between the age of 18 and 55. They have to contribute annually 10% of their salary to NPS. A matching contribution would be made by the employer.

In order to give a fillip to this scheme, the FM has proposed a separate deduction of Rs. 50,000 over and above the current deduction of Rs. 1,50,000 available u/s 80CCE for contributions to NPS. Consequently, now it is possible for a taxpayer in the 30% tax bracket to save up to Rs. 15,450 in tax every year over and above what he could do so far.

Salient Features
There are two types of accounts –– Tier-I and Tier-II. Tier-I is geared towards retirement and has restricted liquidity. Withdrawal is possible only between the age of 60 and 70 years except for critical illnesses and for buying or constructing a house. On attaining 60 years of age and up to 70 years, the investor has an option of withdrawing a minimum of 40% of the pension wealth in order to purchase a life annuity. If withdrawal is sought earlier than age 60, say, when the person opts for early VRS or retires at the designated age, 80% of the accumulated capital is to be used to buy a life annuity. At the age of 70, the entire amount may be withdrawn.
Tier-II accounts are add-ons having all the parameters identical with the Tier-I, but there is no restriction on any amount of withdrawals any number of times, provided a minimum balance of Rs. 2,000 is maintained at the end of the FY.

Any individual can opt for such add-on only after he has contributed at least the minimum contribution to Tier-I. This Tier-II is comparable with say a tax saving mutual fund or even a savings bank account.

Low Cost — The investment management fee is as low as 0.0009% p.a., irrespective of the type of portfolio the account holder desires. Yes, there are some small fees charged for various purposes, but it is claimed that all these put together makes NPS having a very low cost for its management.
The corpus will be invested in three asset classes –– Equity (E), Government Securities (G) and Corporate Bonds and Fixed Deposits (C).
The account holder can opt for an active choice (change any time) of the asset mix he desires to have or a default option called Life Stage Fund where the asset mix gets changed automatically depending upon the age of the subscriber. At the age of 18 years, the asset allocation would be 50% in E, 30% in C and 20% in G till the investor turns 35 when the ratio of investment in E and C will then decrease annually, while the proportion of G will rise. At 55 years, G will account for 80% while the share of E and C will fall to 10% each.

Because of the link of NPS with equities, you may stagger your investments in some installments like the SIP of a mutual fund. However, take account of the fact that there is a transaction charge of 0.25% or Rs. 20 (whichever is higher) on every contribution.

Minimum annual contribution is Rs. 6,000 per FY payable in one or more installments of minimum Rs. 500 to Tier-I. For Tier-II the minimum amount is Rs. 250 per contribution and also per FY.
Transparency could be improved. Whereas Mutual Funds have to announce their NAVs on a daily basis NPS would announce NAV on yearly basis.
Tax Treatment
The Finance Act 2011 has clarified that the contribution of the employer to the extent it does not exceed 10% of the employee’s salary is not a part of the limit on contribution of Rs. 1,50,000.

Contributions made by an individual to his NPS account are deductible u/s 80CCD. The ceiling on contribution in the case of an employee is 10% of his salary and in any other case, 10% of his gross total income. Salary includes dearness allowance if the terms of employment so provide, but excludes all other allowances and perquisites.

Unfortunately, NPS withdrawals (including employer’s contributions) are governed by Sec. 80CCD (3) which taxes any amount received by the assessee, including the annuity. It is also taxable in the hands of the nominee who has the option to own the scheme and continue the contributions, if he is eligible to do so.

Consequently, the entire income stream from NPS (the lump sum and the pension) is fully taxable. This essentially makes NPS the first among the EET (Exempt-Exempt-Taxed) kind of instruments. This is the greatest drawback. The other drawback is the compulsion of buying an annuity with 40% of the corpus if withdrawals are effected when the assessee’s age is between 60 and 70 years.

On the plus side, NPS is slated to provide higher returns because a part of its corpus can be parked in equities and moreover, the cost of managing the NPS is very low.

For clarity, assume that you have invested Rs. 50,000 in NPS for 20 years and the returns are 12% p.a., resulting in the corpus rising to Rs. 36.03 lakh. If it is taxed @30.9%, the value will be fall to Rs. 24.89 lakh. The same amount invested in EPF @8.5% will grow to Rs. 25.58 lakh and it is tax-free. Realise that NPS invests maximum 50% of your contributions in equities and that too in Nifty Index whereas the MFs have no such restrictions.

Fortunately, this extra contribution up to Rs. 50,000 under Tier-II is not taxable at its withdrawal. But you need to possess a Tier-I account and contribute minimum of Rs. 6,000 before you go for Tier-II.

To Sum
At the end of the day, NPS has both positives as well as some negatives. On the one hand is the taxability factor at withdrawals (even in the hands of a nominee) and also of annuity receipts but on the other hand is the extremely low cost as compared to any other saving product. Only time will tell which factor would prove to be more decisive.

#EarthHour 2015 observed across the World

Ninth edition of Earth Hour was observed on 28 March 2015 across the World. Earth Hour 2015 encouraged people to explore and adopt a cleaner and more sustainable lifestyle by embracing renewable energy solutions. In this edition of Earth Hour, millions of people around the world took part in the event for the global climate change awareness campaign. Over 170 countries participated in the event and more than 1,200 landmarks along with 40 UNESCO world heritage sites observed the Earth Hour. Paris’s iconic Eiffel Tower, Berlin’s Brandenburg Gate and Hong Kong’s famed skyline also participated in the Earth Hour by switching off their lights. The Eiffel Tower turned off lights for only five minutes due to security reasons. About Earth Hour It is an annual global event organized by the World Wide Fund for Nature (WWF). The initiative began in 2007 in Sydney, Australia and later became global event. Earth Hour’s goal is to raise awareness for sustainable energy use and create a more environmentally sustainable lifestyle. This day encourages citizens, communities, businesses and organisations to switch the lights off from 8:30 pm local time for an hour to highlight the plight of the planet.

#Coal Auction Proceeds Cross Rs 193 Lakh Crore; Shining Example of Policy Driven Governance for Developing Graft Free & Transparent System

 India has hit a gold mine with the recently concluded auction of 29 coal mines in two phases. The public exchequer continues to swell on revenue from coal block auctions. The total proceeds from the coal mines auctions have crossed Rs 1.93 lakh crore; surpassing CAG’s estimate of Rs.1.86 lakh crore losses on account of allocation of 206 captive coal blocks without auction since 1993. It is estimated that an additional tariff benefit of around Rs 69,300 crore will accrue to the power consumers through the reverse auction of coal blocks. Moreover greater revenue flows to states from the auctions dovetails with the government’s plans to develop the coal-rich eastern region. It is estimated that Rs 3.35 lakh crore of likely revenue to States through coal mines e-auctions & allotments. Jharkhand and Chhattisgarh are likely to receive a total of nearly Rs 1.10 lakh crore each, including royalty over 30 years from just the second phase of auction.

           The sale of mines belonging to two categories, those already producing (19) and those ready-to-produce (14), which started on February 14 ended on 9^th March.  The transparency in the auctions has paid rich dividends. Producing blocks saw higher bids than the ready to produce assets. The two rounds of auction would see power rates coming down by Rs 69,300 crore. These rate cuts will be offered by companies bagging coal blocks reserved for the power sector. The lower cost of power would benefit coal bearing states such as Odisha, West Bengal, Jharkhand, Chhattisgarh, Madhya Pradesh and Maharashtra.

              Prime Minister Shri Narendra Modi had said earlier this month that CAG’s Rs.1.86 lakh crore loss figure in coal block allocation has raised some doubts initially. But the auction of less than ten per cent of those mines, that is, 19 mines in the first tranche alone garnered around Rs 1.10 lakh crore.

Earlier allocation process, based on discretion & arbitrariness:   

            In the UPA government, the allocations were made by a screening committee set up by the government. Arbitrary and discretionary allocations based on the political connections and financial clout of aspiring companies and individuals were the norm, rather than a rational and economic logic and genuine needs of companies. In other words, there was no well laid down procedure which is objective & transparent system for allocation of coal mines allotment.

            Amendments in the Coal Mines Act though initiated in 2005 were not pursued to its logical end. As a result of this, no fresh coal block allocation could be made during last 4/5 years (2008 onwards). Though milestones were set up for the operation of allocated coal blocks but because of liberal monitoring and repeated extensions given, a very few blocks came in the production.

     CAG findings:

            In a severe indictment of earlier UPA government, the CAG had in 2012 argued that due to the allocation of coal blocks to private firms , the exchequer had lost Rs 1.86 lakh crore on account of improper allocation of coal mines over the years, triggering a nation-wide uproar.

Cancellation of coal mines by Hon’ble Supreme Court

            The matter went to the Supreme Court and in its order dated 24.9.2014 cancelled the allotment of 204 coal mines and held allocation of coal blocks made through the Screening Committee rout and Government dispensation route as arbitrary and illegal.

        New well laid down, clean & Transparent System of auction :

            In order to laid down robust & transparent system after Hon’ble Supreme Court order, an Ordinance was promulgated to legally enable the Government to re-allocate 204 coal mines cancelled the court  and ensure smooth transfer of right, title and interests in the mine along with its land and other associated mining infrastructure to the new allocatee to be selected through an auction or allotment to Government companies, as the case may be.

   The Parliament has passed the Coal Mines (Special Provisions) Bill 2015 on 20^th March,2015 . The Bill will replace Ordinance issued by the Government, the first as on 21^st October, 2014 and then repromulgated on 26th December, 2014, after the apex court cancelled the allocation of 204 blocks.

   

           The objectives and salient features of the Coal Mines (Special Provisions) Bill,2015 are as follows :

Objectives of the Bill:

•         To provide for allocation of coal mines and vesting of the right, title and interest in and over the land and mine infrastructure to successful bidders and allottees with a view to ensure continuity in coal mining operations and production of coal.

•         To take immediate action to auction or allot coal mines to minimise impact on core sectors such as steel, cement and power, which are vital for the development of the nation.

•         To amend the Coal Mines (Nationalization) Act, 1973 and the Mines and Minerals (Development and Regulation) Act, 1957 thereby removing the restriction of end use from the eligibility to undertake coal mining except in the case of certain specified coal blocks.

Salient features of the Bill:

•         204 cancelled blocks have been defined as ‘Schedule-I coal mines’.

•         42 producing and ready to produce coal mine out of Schedule-I coal mines are defined as ‘Schedule-II coal mines’.

•         Other 32 substantially developed coal blocks out of Schedule-I coal mines are defined as ‘Schedule-III coal mines’ meant for specified end-use(more mines can be added to Schedule-III).

•         The Central Government has the power to classify mines identified from Schedule I coal mines as earmarked for a class of specified end-uses.

•         Allocation shall be made through auction to a company or their JV.

•         In case of Government Company or their JV, allotment may be made without auction.

•         There shall be no end use restrictions on the eligibility to participate in the auction, other than for Schedule II & III coal mines. 

•         ‘Nominated Authority’ shall be appointed for conduct of auction/ allotment and vesting and transfer of all interests, rights and titles of these coal mines in the successful bidder or allottee. Nominated Authority to be assisted by experts and other officers.

•         The proceeds of auction shall be received by the Nominated Authority and disbursed to respective States.

•         Compensation only for land and immovable mining infrastructure shall be paid to the prior allottee after paying secured creditors.

•         The quantum of compensation for the mine infrastructure in relation to Schedule I coal mines is determined as per the written down value reflected in the statutorily audited balance sheet of the previous financial year.

•              The quantum of compensation for the land in relation to Schedule I coal mines shall be as per the registered sale deeds together with twelve per cent. simple interest from the date of such purchase or acquisition, till the date of the execution of the vesting order or the allotment order, as the case may be.

•         ‘Commissioner of Payments’ shall be appointed for disbursal of compensation.

•         The Central Government may appoint Custodian(s) for operation and management of the coal mines till they are allocated through auction or allotment.

•         Tribunal constituted under the Coal Bearing Areas (Acquisition and Development), Act, 1957 will adjudicate any dispute arising out of any action of the Central Government/ nominated authority or any dispute between the successful bidder or allottee and prior allottee arising out of any issue connected with the Act.

           As per provisions of the Ordinance and Rules framed , the auction of coal blocks was decided to be carried out in e-auction mode in order to keep the process transparent.  110 coal blocks were earmarked with specific end-use for auction and allotment. The process of e- auction commenced with the publication of Notice Inviting Tenders (NIT) on 25-12-2014 for 23 running coal mines appearing in Schedule II. Out of these 23 coal mine/blocks, e-auction of 19 coal mines has been successfully completed in the first tranche. In the second tranche, e- auction of another 23 coal blocks from Schedule III have been put for auction with the publication of Notice Inviting Tenders (NIT) on 07-01-2015. Out of these, e-auction of 14 coal blocks in 13 packages has been completed as on 8-03-2015. The total estimated amount of revenue likely to be raised in respect of 29 coal mines already auctioned is Rs.1.93 lakh crore. The auction proceeds shall be transferred to the respective state governments.  Eastern states would be the biggest beneficiary and would financially empower them.

           The Government on scrutiny of auction observed that fair value had not be obtained in respect of 4 coal mines namely Gare Palma IV/1, Gare Palma IV/2&3 and Tara in comparison of other mines put on auction. The government therefore decided to allot Gare Palma IV/1, Gare Palma IV/2&3 to Coal India Limited.

            There were apprehensions about the likely response of the bidders to the new system but it is now clear that they are enthusiastic about it. For companies that need an important resource like coal , the best option is securing it through a clean & legal procedure. The auction saw very competitive and robust bidding by companies which were ready to pay high prices to ensure fuel security.

 Allotment of 38 coal mines to Central & State PSUs :

            The government also allotted 38 mines to central and state public sector units including NTPC, DVC and SAIL. Among these are power generating companies of West Bengal, Chattisgarh, Jharkhand, Maharastra , Odisha, Uttar Pradesh, Rajasthan, Bihar, Punjab, Gujarat and Telangana. All the mines allotted are for the power sector except Sitanala mine given to SAIL. It is estimated that Rs1.41 lakh crore of likely revenue to States from royalty over 30 years from these 38 coal mines allotments.

            As Prime Minister Shri. Narendra Modi aptly pointed out, “fetching of over Rs 2 lakh crore from auction of just 33 coal blocks has shown that policy-driven governance can rid the system of corruption. If we run the country based on policies, if we run it efficiently, the system can be rid of corruption. We can develop graft-free system. We have taken this burden and are going ahead in that direction.”

India’s secularism under siege

The Constitution of India guarantees the fundamental right to freedom of religion. The Article 25(1) affirms that “…all persons are equally entitled to freedom of conscience and the right freely to profess, practice and propagate religion.” For India, secularism is an article of faith. The bitter experience of Partition made our founding fathers want India to be a secular state, where religion is separate from politics and the state does not patronise any particular religion.

Having said which, we are a predominantly religious people. India is the birthplace of four leading religions – Hinduism, Jainism, Buddhism and Sikhism. Freedom of religion and religious tolerance is central to the Indian ethos and civilisation from times immemorial.  As Nehru said in his autobiography, “Religion has been the inner development of the individual, the evolution of his consciousness in a certain direction which is considered good…”

For Gandhiji, “Hinduism is the religion of truth.”  That Hinduism has pantheons of gods, is a demonstration of the fact that it believes in diversity and tolerance. And unlike Christianity and Islam, it is not an organized, monolithic religion. A Hindu is free to choose his own God and may or may not practise any religious tenets. Nothing is binding on the follower.  And therein lays the beauty of Hinduism.

Indian thought had universal appeal. French philosopher Romain Rolland said: “If there is one place on the face of earth where all the dreams of living men have found a home from the very earliest days when man began the dream of existence, it is India.” Renowned British historian Arnold Toynbee said, “The spirit of mutual goodwill, esteem and veritable love…is the traditional spirit in the religions of the Indian family. This is one of India’s gifts to the world.” The advent of the right-wing government after the general election in 2014 has witnessed the polarisation of the people along communal lines. Religion has taken centre stage in Indian politics. The RSS and its affiliates, particularly the VHP and the Bajrang Dal, appear to think the vote for the BJP is the endorsement of Hindutva agenda. The RSS ideologue Ram Madhav and Subramanian Swamy have openly admitted this on television debates. They see no contradiction between development and the Hindutva agenda. Their reasoning is that after all, the people who voted the BJP to power knew its ideological leanings. The hawks in the BJP and the fringe elements in the Sangh Parivar feel emboldened to carry out the Hindutva agenda.

Hinduism, as practised, discriminates between people on the basis of birth. As the eminent sociologist M N Srinivas rightly observed, Hinduism without caste system cannot survive. It is heartening to hear RSS Awadh Prant Sanghchaalak Prabhu Narayan Srivastava admit that “untouchability and discrimination on caste lines promoted by the Hindu religion and society…pushed the deprived sections to convert to other religions and Christians and Muslims are not to be blamed for the conversion of Hindus.”  And 82 per cent of Indians believe this to be true. It is therefore important that the Sangh Parivar work towards establishing an egalitarian society and a just social order. It must address squarely the issues like gender inequality, dowry system, child marriage, female infanticide, honour killings and other evils that plague the Hindu community. The caste system and discrimination should be abolished, if religious conversions have to be stopped.

Pakistan, created on the basis of the two-nation theory, was divided into East and West Pakistan, with East Pakistan breaking away in 1971 to become an independent Bangladesh. Pakistan today has become a hotbed of Islamic religious fanatics and today faces an existential crisis. It is falling apart.  Does the Sangh Parivar want India to go the Pakistan way? And if we are able to showcase our achievements, it is because India has been a successful, secular and liberal democracy.

It is important to recognise that India is a multi-religious country with a composite culture. Any attempt to impose a monolithic religious culture will have devastating effects. Vice President Hamid Ansari, while inaugurating the 75th session of the Indian History Congress on December 28, 2014, had cautioned against pitching for a homogenous national cultural identity. According to the Anthropological Survey of India, we have 4,635 communities.  How can we talk of homogeneity in so massively a diverse country like ours? The pluralistic structure of Indian society has stood the test of time.  It is indeed strange that in the era of internet and the social media networking, when the world is getting closer, the religious fundamentalists speak of exclusiveness.
The rise of majoritarianism is dangerous. As the US president, Barack Obama, said in his address at the Siri Fort Auditorium, New Delhi, on January 27, “India will succeed so long as it is not splintered along lines of religious faith; so long as it is not splintered along any lines and is unified as one nation.” India is an example for other countries, including Communist China, of holding together as a free and democratic society, despite so many differences. It is what makes us world leaders, not the size of our economy or the number of weapons we have. Secular India is under siege. It is the duty of the state to protect religious minorities so that they feel safe and secure and live as free citizens with dignity.  The repeated attacks on churches are doing irreparable damage to the secular image of India.

‪#‎Rajasthan‬ government on 27 March 2015 passed Rajasthan‪#‎Panchayati‬ Raj (Amendment) Bill, 2015 in state assembly.

‪#‎Rajasthan‬ government on 27 March 2015 passed Rajasthan‪#‎Panchayati‬ Raj (Amendment) Bill, 2015 in state assembly.

With this Rajasthan has become ‪#‎first‬ Indian state to fix a minimum educational qualification for contesting elections to the Panchayati Raj Institutions. The Bill amends the Rajasthan Panchayat Raj Act, 1994 to add provisions related minimum educational qualification for Panchayati elections. Key provisions of the bill Contestant for Zila Parishad or Panchayat Samiti elections should have the minimum qualification of secondary education i.e. Class 10 from the state board or any approved institution or board. Contestant for the Sarpanch elections must have passed Class VIII from any school in case of general category. In case of the scheduled area of Panchayat, the contestant should have passed Class 5 from a school to become a Sarpanch. The provision of mandatory functional toilet in the house of a contestant also added in the parent act by amending section 19

#‎CWC15Final‬ :ऑस्ट्रेलिया ने न्यूजीलैंड को 7 विकेट से हराकर पांचवीं बार वर्ल्ड कप जीता।

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Australia defeat New Zealand by 7 wickets at the MCG to win their 5th World Cup crown.

Australia fast bowler Mitchell Starc was named the player of the tournament after his team beat New Zealand by seven wickets to win the World Cup at the Melbourne Cricket Ground on Sunday.

The 25-year-old left-arm quick finished with 22 wickets in the tournament, tied with New Zealand left-arm seamer Trent Boult though having played a match lesser than his Tasmanian rival.

Starc bowled fast and swung the ball both ways during the tournament and his wickets came at an average of just over 10.

His best bowling display came in Australia's pool stage loss against New Zealand in Auckland when he almost won his team the match with figures of 6/28.

Fast-bowling all-rounder James Faulkner was named man-of-the-match for his devastating spell which helped set up a seven-wicket victory for Australia on Sunday.

The 24-year-old struck on the first ball of the second powerplay in the 36th over to end a 111-run fourth-wicket partnership between Ross Taylor and Grant Elliott by dismissing the former with a slower delivery.

Faulkner then removed the dangerous Corey Anderson in the same over for a second-ball duck with a fast full-length delivery.

He capped his game-changing spell by removing Elliott for 83 and finished with figures of three for 36 from nine overs.