Mincing no words on the black money issue, finance minister Arun Jaitley articulated the non-compromising position being held by Prime Minister Narendra Modi’s government.The following measures were tabled on the floor of the Parliament:Discussions with the Swiss authorities continue and the Narendra Modi government is committed to go after concealment of income and foreign asset ownership in violation of stated principles.A new comprehensive law is to be tabled with proposals that extend to rigorous imprisonment of various durations for income concealment and holding of funds in offshore accounts illegally.The law will also introduce non-compoundable imprisonment and non-settlement clauses, in its bid to persuade people to pay the rightful amount of tax.Even in the case of non-filling of returns over foreign ownership of property and funds, a rigorous imprisonment of 7 years would become the punishment mechanism.The Foreign Exchange Management Act (FEMA) will be amended.Benami ownership risks confistication, especially in real estate.The Finance Bill will also be amended to cover land ownership transactions.
Employees walk in a lobby at the Bombay Stock Exchange (BSE) during the announcement of the annual budget in Mumbai February 28, 2013 (representational image).Reuters fileMRF hit Rs 57,958.65 but ended at Rs 57,040, still 7.66 percent higher from its previous close. Tyre stocks are poised for a bull run after it was reported that imports of tyres from China may pause as the country eyes America that is reportedly planning to lift anti-dumping duty on Chinese tyre imports.”China has raised their TBR (truck, bus and radial) tyre prices for Indian market by 10-15%, rendering them unattractive. Our checks indicate that Chinese factories have nearly stopped catering to tyre demand from India as US markets were more lucrative,” Nitesh Sharma and Dhawal Doshi of Philip Capital said in their note, reported the Economic Times.Ceat ended 2.85 percent higher at Rs 1,258 after hitting an intraday high of Rs 1,270, Apollo Tyres gained 4.58 percent to close at Rs 194 and JK Tyre & Industries was up 3.51 percent higher at Rs 128.New 52-week-highs of other stocks include Titan (Rs 467), ICICI Prudential Life Insurance (Rs 378.95), Bombay Dyeing (Rs 70.15), L&T Financial Holdings (Rs 122.80), Adani Enterprises (Rs 122.85) and Can Fin Homes (Rs 2,122.40).The Sensex closed 45 points lower at 29,398 while the Nifty ended almost flat at 9,091.The rupee is on a gaining spree. After hitting a 16-month high of 65.82 to the US dollar on Tuesday, it gained further and was trading at 65.44 on Wednesday. The appreciation in the domestic currency affected share prices of Indian IT companies, since they derive a large part of their revenues in dollars.The proposed sale of tower business by Idea Cellular is seen as a positive sign for the Aditya Birla Group company.”The sale of the towers business to ATC will help Idea monetize some of its assets ahead of the proposed merger with Vodafone. It is expected that the Vodafone merger may be announced soon. In fact, Idea has already surged by over 50% in the last couple of months since the proposed merger with Vodafone was announced. Its recently launched Idea Select plan also aided sentiments,” brokerage Angel Broking said in a note on Wednesday.Gold ended Rs 250 lower to close at Rs 28,650 per 10 gm while silver closed at Rs 40,300 per kg, down Rs 500.
Mirza Fakhrul Islam Alamgir. File PhotoBNP secretary general Mirza Fakhrul Islam Alamgir on Tuesday said the next general election is a challenge for the Awami League, not for the principal opposition party.“This is because the people will not vote for the Awami League. And that’s why, the (AL) government is up to all sorts of mischief,” he told a press briefing at the BNP‘s Naya Paltan central office.The BNP leader pointed out that, angered by the misrule of the Awami League, the people of Bangladesh will take to the streets.“Then the house of cards will collapse. The people will bounce back (to restore their democratic rights) and this government will fall,” Mirza Fakhrul said after a meeting of the party to chalk out programmes on its founding day on 1 September.The BNP leader told a questioner that it is important that the media and the civil society play a key role in restoring fundamental rights of the people as well as to ensure free and fair elections in the country.He expressed his frustration at the censorship the media is dealt with nowadays. “The people will remember this,” he added.Mirza Fakhrul regretted that a section of critics said the BNP is in crisis. “The BNP cannot be ruined. This party has come here overcoming many odds… The next general elections, if held without participation of the BNP, will not be credible.”He also rejected out criticism that the opposition party does not announce programmes demanding the release of party chairperson Khaleda Zia.“Programmes are being announced and observed regularly. You will see at an opportune moment what kind of (other) programmes are announced.”The BNP’s senior joint secretary general Ruhul Kabir Rizvi announced the party’s programmes to mark the BNP’s founding anniversary on 1 September. The party held a joint meeting to finalise the programmes.According to UNB, the programmes include a public rally, discussions, hoisting party flags, and placing wreaths at the grave of party founder Ziaur Rahman.As per the founding anniversary programmes, the party flag will be hoisted atop its Nayapaltan central office and all other offices of BNP across the country at 6am on 1 September.Besides, the party leaders and activists will place wreaths and offer fateha at the grave of its founder ex-President Ziaur Rahman at 11.00am on the day.The BNP is scheduled to hold a rally at 3pm the same day either at Suhrawardy Udyan or in front of BNP office subject to permission by the authorities concerned.The party will also arrange a discussion at the Institution of Engineers, Bangladesh the following day.The party’s associate bodies and all of its units across the country will also mark the day with various programmes, including discussions.On 1 September 1978, late president Ziaur Rahman formed BNP with a 19-point programme to build a self-reliant Bangladesh. BNP ruled the country for several terms.
Sorrento at Shangri La’s – Eros Hotel, presets an exclusive tribute to parmigiano reggiano till September 26. Parmesan cheese is a hard, granular cheese and Parmigiano is the Italian adjective for Parma and Reggiano is for Reggio Emilia province. It has also been called the ‘King of Cheeses’.The festival is a tribute to the legendary cheese that originates from the Parma region of Italy featuring 12, 24 and 36 months aged Parmesan showcased in a menu specially crafted by Italian maestro Chef Luigi Ferraro and Executive Chef Neeraj Tyagi. ‘Parmigiano Reggiano’ offers an exclusive a la carte menu of Italian specialties during lunch and dinner with special emphasis on Parmesan as the core ingredient paired with a selection of Italian wines. Also Read – Add new books to your shelfGuests will be able to savour various Italian flavors such as Culatello from Zibello with aged parmesan cheese served with chili jam and mustard from Cremona city, Risotto from Sibari with stewed duck leg, breast confit, alba truffle pate and gelato of Parmesan stravecchio- 36 months to a homemade fettuccine with forest wild mushrooms and 12 months aged Parmesan cheese sauce. The menu also offers Sous vide and wood fired oven cooked free range chicken, spinach, 24 month aged Parmesan with sauce Saracena Moscato and Sfoglia of vegetables with 12 months aged Parmesan, toy box tomatoes and basil pesto.One may choose to end one’s meal on a sweet note at Sorrento, with a Parmesan cheese cake and Parmesan gelato and spicy chocolate sauce or a Pizzo calabro tartufo.