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Faulty GST destroyed informal economy, says Rahul Gandhi

Keeping up his attack on Centre, Rahul Gandhi slammed Modi govt on GST, alleging that it was second big blow to unorganised sector of economy and that its faulty implementation destroyed economy

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Rahul Gandhi

Keeping up his attack on the government, former Congress President Rahul Gandhi has slammed the Modi government on the GST, alleging that it was the second big blow to the unorganised sector of the economy and that its faulty implementation had destroyed the economy.

In his third video of a series, Rahul Gandhi said that the GST was the UPA’s idea of easy taxation but the NDA has made it “complex and complicated”.

“The GST implemented by NDA government is different as four slabs of taxes are there to the tune of 28 per cent, it’s very complicated and very difficult to understand,” said Rahul.

The small and medium businesses can’t comply with this tax procedure but the big companies can hire as many accountants as possible, he said.

Rahul Gandhi asked why there are four slabs of taxation rates in the country and those who have resources can comply but small and marginal businesses are left to suffer. “Who has the means? India’s biggest 15 to 20 industrialists. So whatever tax law they want to change can easily be done in this GST regime.”

He said that “this GST is an absolute failure. Not only is it unsuccessful, it is an attack on the poor and on the small and medium businesses. GST is not a tax system, it is an attack on India’s poor. It is an attack on small shopkeepers, small and medium businesses, farmers and labourers.”

“We have to recognise this attack and stand against it together,” Rahul said.

“The result of NDA’s GST? Today, the government of India is unable to provide the GST compensation money to the states. The states are unable to give money to state employees.”

Rahul had on Wednesday released his second video and alleged that demonetisation was an attack on India’s poor, its farmers, labourers and small shopkeepers and termed it as an attack on India’s unorganised economy.

Rahul Gandhi said that “demonetisation did not erase black money as was claimed by the Prime Minister and it did not benefit the poor and the advantage was given to India’s biggest billionaires.”

“The money that you had in your pockets, that you had in your homes was taken and used by the government to waive off the debts of these rich people,” said Rahul

He said demonetisation wiped out cash from the system and due to this the informal sector has suffered because the unorganised economy runs on cash whether it is a small shopkeeper, farmer or labourer.

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Airtel narrowing gap with Jio on 4G in India: Report

While Jio won in 48 cities outright it drew for the first place with Airtel in Coimbatore.

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airtel

New Delhi: Airtel has come closer to challenging Reliance Jio which continues to reign supreme on 4G availability and 4G coverage experience in India, says a new report by mobile analytics company Opensignal.

While the average proportion of time that Jio users spent connected to 4G has increased by 0.5 of a percentage point since the last report to reach an impressive 98.7 per cent, Airtel saw its score increase by 1.1 percentage points.

“As a consequence, Jio’s lead has dropped from 3.7 percentage points to 3.1,” said the report.

In regional analysis of 49 cities, Airtel came close to challenging Jio’s dominance on 4G availability in a majority of the cities although Jio continued to win almost all awards, said the report.

While Jio won in 48 cities outright it drew for the first place with Airtel in Coimbatore.

However, for the second report in a row, Airtel has won four of the awards outright — video experience, games experience, voice app experience and download Speed experience, while ownership of the upload speed experience award smoothly passed from Vodafone to Vi.

This is the first report in which Opensignal treated Vodafone and Idea as a single operator — Vi — in line with the combined operator’s new branding that was announced on September 7.

For the report, Opensignal examined the mobile network experience of the four main mobile network operators in India: Airtel, BSNL, Jio and Vi, over a period of 90 days beginning May 1 to see how they fared, and further delved deeper into 49 of India’s largest cities, comparing the experience users received on these four operators.

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Govt-owned NABARD gives clean chit to Reliance Commercial Finance

Action of Indian Bank and Federal Bank is despite the Delhi High Court staying such action by the lead bank Bank of Baroda on 14th August, 2020.

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Anil Ambani

New Delhi: Government owned National Bank for Agriculture and Rural Development (NABARD), the second largest lender to Reliance Commercial Finance Limited (RCF) with over Rs 1,100 crore of secured loan exposure has given clean chit to RCF and has removed its red flag.

NABARD is a part of the consortium of lenders and is signatory to an Inter Creditor Agreement (ICA) executed between the lenders of RCF under June 7, 2019 circular of RBI on resolution of stressed assets.

NABARD had classified the account of RCF as Red Flag on February 25, 2020. Thereafter lenders conducted a detailed forensic audit by Grant Thornton (GT).

At a meeting of the Consortium of Lenders led by Bank of Baroda, held on Friday September 25, 2020, NABARD informed the consortium of lenders that having examined the GT forensic report, it found no element of fraud and has therefore removed the red flag.

Earlier, Delhi High Court on August 14 had stayed a move by Bank of Baroda, the leader of Consortium of Bank, to classify the accounts as fraud, restraining banks from taking any other coercive action till the next hearing. Similar action of Punjab National Bank was also stayed by Delhi High Court on 11th August, 2020.

As per information reported on Central Repository of Information on Large Credits (CRILC), Indian Bank and Federal Bank have classified their exposure to Reliance Home Finance Ltd (RHFL) as a fraud account.

Indian Bank having an exposure of only Rs. 120 crore, made such classification on 29th August, 2020. The exposure of Federal Bank to RHFL is 100 crore — out of the total RHFL debt of over Rs 10,000 crore.

Action of Indian Bank and Federal Bank is despite the Delhi High Court staying such action by the lead bank Bank of Baroda on 14th August, 2020.

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Paytm Dares Google, Brings Back Cricket League With UPI Cashback

Paytm said that the cashback was being given following all rules and regulations set by the government.

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Paytm APP

New Delhi: Home-grown financial services platform Paytm, which was briefly removed from Google Play Store for alleged policy violations earlier this month, said on Monday that it has brought back the Paytm Cricket League with UPI cashback and scratch cards.

Now, users can collect stickers of their favourite cricket stars as they pay digitally for their mobile bills, recharges, buying groceries or money transfers, Paytm said.

Once they complete a set, they can redeem it for cashback up to Rs 1,000, it added.

Every sticker collected by the user is automatically added to the cricket album. There are three different milestones to be achieved for getting cashback — 11 unique cricket players, 11 unique bowlers or 11 unique batsmen.

Whenever a milestone is achieved, the users get a scratch card with an assured cashback.

“We are excited to bring Paytm Cricket League back on our app to reward users with UPI cashback on reaching various milestones, accomplished by collecting player stickers,” a Paytm spokesperson said in a statement.

Earlier, Paytm in a blog post stated that Google mandated it to remove the UPI cashback and scratch cards campaign to get re-listed on the Android Play Store even though offering both is legal in India.

Paytm said that the cashback was being given following all rules and regulations set by the government.

The company alleged that it was “arm-twisted” by the search engine major to comply with what it called “biased Play Store policies that are meant to artificially create Google’s market dominance.”

Later, the Paytm app was restored on the Play Store after a gap of a few hours.

“We maintain that our promotional campaign was within guidelines and there was no violation. We believe that such arbitrary actions and accusatory labelling go against the laws of our country and acceptable norms of fair competition by arbitrarily depriving our users of innovative services,” the Paytm spokesperson said.

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