Page 15 - Banking Finance MAY 2017

ROUNDUP

Govt allows duty-free sugar import Ration shop owners

The government has allowed the duty-free import of raw sugar up to 500,000 pushing cash withdrawal,
tonnes to boost supplies and check prices amid
a fall in local production. The duty-free import not digital payments
will be allowed until June 12 under the tariff India's banks are being forced to of-
rate quota (TRQ), according to a notification fer moral lec-
in Parliament. At present, the government tures as well in
imposes a 40 per cent import duty on sugar. their digital
push, having
According to official estimate, the country's sugar production is projected to drop
run into a pecu-
to 22.5 million tonnes in the ongoing 2016-17 marketing year from 25.1 million
liar problem with over six lakh fair
tonnes last year because of drought. Officials said the southern ports will be al- price shop owners who increasingly
lowed to import 3 lakh tonnes of raw sugar, western ports 1.5 lakh tonnes and double up as banking correspon-
eastern ones 50,000 tonnes. dents. Instead of encouraging digital
Production in India, the world's second largest producer and biggest consumer, payments, many fair price shop own-
is estimated to be much lower than the requirement of 25 million tonnes. The ers who are also as banking corre-
imports will harden global prices as the country was an exporter of sugar until spondents encourage buyers to with-
draw money from them and pay for
last year, analysts said.
their purchases.
Direct tax collection stands at Rs 8.47 crore in FY 16-17 NITI Aayog ranks hospi-
Direct tax collections in fiscal 2016-17 stood at Rs 8.47 lakh crore, 14.2 per cent tals on health indicators
more than the net collections last year. Indirect tax To foster competition among govern-
collections (Central Excise, service tax and Customs) ment hospitals,
in FY17 came in at Rs 8.63 lakh crore, 22 per cent NITI Aayog has
more than the actual revenue receipts in 2015-16. decided to rank
The total tax revenue target in the revised esti- district hospi-
mates for 2016-17, for both direct and indirect tals on the basis
taxes, was Rs. 16.97 lakh crore, a Finance Ministry statement said, adding that of their performance on health indi-
this was higher than the government's budgeted estimate of Rs. 16.25 lakh crore cators. The index, Health of our Hos-
pitals, was launched by NITI vice-
for the fiscal. The tax income to the government stood at Rs. 17.10 lakh crore,
chairman Arvind panagariya.
beating the revised target of last year by 18 per cent.
Whistle-blowers to be
Aadhaar mandatory for DL, vehicle registration
encouraged for informing
The Union cabinet has decided to link issue of driving licences and vehicle regis-
tration to Aadhaar, as part of a host of changes about fraud
it plans to effect to the Motor Vehicles Act. Adoption of an early warning system

The amendments will form part of the Motor to detect frauds makes eminent
sense. Whistle-blowers must also be
Vehicles (Amendment) Bill, 2016, Nitin Gadkari,
minister for road transport and highways, said encouraged and every company
should guarantee protection to them.
after the cabinet meeting.
Swift action should be taken against
"The government is proposing an all-India regis- an errant company. Corporate gover-
ter for vehicles and driving licences to ensure no duplication is done. Besides, nance also calls for competent statu-
measures like making vehicle registration and driving licences Aadhaar-based will tory auditors, rigorous internal audit,
help to check registration of stolen vehicles. The move will also help in portabil- disclosures, strong independent direc-
ity-i.e. transfer of vehicle registration from one state to another," he said. tors and active shareholders.

BANKING FINANCE | MAY | 2017 | 15

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