AP liquor nexus: ACB nets nine Excise officials

                                                                
Hyderabad: Andhra Pradesh Anti-Corruption Bureau (ACB) has arrested nine more excise officials in Khammam district on charges of "subverting" the tender process for allotment of liquor shops for pecuniary benefits, ACB officials said on Friday.

After "exposing" the liquor syndicate-political-officials nexus, ACB has intensified its searches on offices of liquor syndicate and Excise department across the state and seized documents, besides pertaining to irregularities, registering 26 cases since December last year.
The agency arrested nine Excise officials in connection with the case including Kothagudem excise superintendent Y B Bhaskar Rao, assistant excise superintendent Harikrishna Swamy and seven others, they said.

According to ACB, the arrested officials "fraudulently and dishonestly manipulated the auction records and documents and added names of other persons" and thus subverted the auction process with respect to 64 shops in order to obtain pecuniary advantage to themselves and to the persons whom they favoured.

The ACB in March first week had arrested four officials of Excise department on charges of processing files and playing an active role in handing over the control of business of 16 liquor shops to the liquor syndicate led by Nunna Venkata Ramana, who is presently under judicial custody.


Based on leads gathered from investigation during the crackdown on traders and officials, ACB found yet another instance of "subversion" of auction process of liquor shops during 2010 in Kothagudem Excise Division of Khammam district and registered one more case yesterday, ACB officials said.

The agency on March 11 also arrested seven police officials on charges of receiving illegal gratification in lieu of official favour to liquor mafia.

Andhra Pradesh CM, ministers to get salary hike

                                                                             
HYDERABAD: Salaries and allowances of the Andhra Pradesh Chief Minister and his colleagues will see a quantum jump soon. A bill seeking to amend the 'Andhra Pradesh Payment of Salaries and Pension and Removal of Disqualification Act, 1953' was tabled in the state Assembly today.



In addition, it has been proposed that 'a constituency allowance' of Rs 83,000 be given to the Chief Minister, ministers and others (including Government Chief Whips, Whips), said Agriculture Minister Kanna Lakshminarayana. Consequently, the state will have to spend a sum of Rs 25 crore per annum from the 2012-13 on the enhanced salary bill of CM and Ministers. The hike will also benefit Chairman and Deputy Chairman of the Legislative Council, Speaker and Deputy Speaker of the Legislative Assembly. Lakshminarayana moved the amendment bill in the house on behalf of the chief minister today.

The bill hikes the basic pay of chief minister from Rs 5,250 at present to Rs 16,000 per month, and that of the ministers (including deputy chief minister) from Rs 5,000 to Rs 14,000 per month. Special allowance is proposed to be increased to Rs 8,000, sumptuary allowance to Rs 7,000, Camp Office allowance to Rs 10,000, security car allowance to Rs 25,000, own car allowance to Rs 30,000 and house rent allowance to Rs 50,000.

"Salaries and allowances of these dignitaries were last enhanced in the year 2000. Subsequently there has been a substantial increase in the cost of living. Based on information furnished by certain state governments like Tamil Nadu, Karnataka, Kerala and Maharashtra on the pay structures there, it has been decided to enhance the salary and allowances of the chief minister and others here," the minister said in the statement of objects and reasons of the bill.

Sachin Tendulkar gets his 100th ton against Bangladesh

Mirpur: India's Sachin Tendulkar finally completed his milestone of 100 international centuries as he hit a ton against Bangladesh in their Asia Cup clash at Shere Bangla National Stadium in Mirpur on Friday.

Tendulkar reached his half century off 63 balls and then went on to complete his century in 138 balls.

The Indian batsman hit 10 fours and one six on his way to his landmark score.

Tendulkar has been stuck on 99 hundreds since March 12 last year when he scored 111 in the ODI with South Africa.

From the moment he completed his half-century, the confidence was for all to see as Sachin raced towards the historic mark. He was supported well by Virat Kohli as India made full use of singles and boundaries to accelerate the scoring.

Sachin was in a mode unique to him as the Bangladesh bowlers tried all but failed to out-fox the legendary batsmen. Mahmudullah and Shahadat Hossain found out what bowling short to a man near a milestone can cause. Sachin's back-foot was a lesson in cricket as he slapped boundaries on the leg-side.

Kohli managed to complete his half-century but fell soon after. His partner though was not letting the opportunity to score his first 100 against Bangladesh. It was off the bowling of Shakib-al-Hasan that the world witnessed a first- 100 international centuries by one man, one legend - a man who was named Sachin Tendulkar but who fans regard as the god of cricket!

Highlights: 2012/13 Budget presented to parliament

                                                                                
Finance Minister Pranab Mukherjee presented the union budget to parliament on Friday for the coming financial year beginning in April.
FINANCE MINISTER ON GOVERNANCE
"We have to accelerate the pace of reforms and improve supply side management of the economy."
FISCAL DEFICIT
* Fiscal deficit seen at 5.9 percent of GDP in 2011-12
* Fiscal deficit seen at 5.1 percent of GDP in 2012-13
BORROWING
* Net market borrowing seen at 4.8 trillion rupees in 2012-13
SPENDING

* Total expenditure in 2012-13 seen at 14.9 trillion rupees, up 29 percent
* Plan expenditure budgeted at 521.25 billion rupees in 2012/13, up 18 percent

POLICY REFORMS
* Hope to achieve "broad-based consensus" to open multi-brand retail sector to foreign investors
* Allow external commercial borrowing of up to $1 bln to raise working capital for airlines industry for 1 year
* To allow qualified foreign investors in Indian corporate debt markets
* To allow external commercial borrowing to part finance rupee debt in power projects
* Proposes to remove sector-specific restriction on venture capital fund investments
SECTOR SPENDING
* Allocates 1.94 trillion rupees for defence in 2012/13, up from 1.64 trillion rupees in previous year
INFRASTRUCTURE DEVELOPMENT
* To award contracts to build 8,800 km of roads in 2012/13
* Govt doubles allocation for tax-free bonds to 600 billion rupees for financing infrastructure projects in 2012/13


REVENUE
* Proposes to raise service tax rate to 12 percent from 10 percent
* Gross tax receipts seen at 10.8 trillion rupees in 2012-13
* Non-tax revenue seen at 1.64 trillion rupees in 2012-13
* Proposes to levy tax on all services except 17 items in the negative list from 2012/13
* No change in corporate tax rates
* To enhance tax exemption limit to 200,000 rupees for individuals income in 2012/13
GROWTH AND INFLATION EXPECTATIONS
* Expect headline inflation to moderate in next few months and remain stable thereafter
* Economy expected to grow at 7.6 percent in 2012/13, plus or minus 0.25 percent
* Economy expected to grow at 6.9 percent in 2011/12
* Signs of economy turning around in March quarter
DISINVESTMENT
* Disinvestment target in 2012-13 of 300 billion rupees
* Expects country to become self-sufficient in urea production in five years
* Proposes to raise agricultural credit target in 2012/13 to 5.75 trillion rupees
SUBSIDIES
* To keep 2012/13 subsidies under 2 percent of GDP
* To inject 159 billion rupees to capitalize state-run banks in 2012/13
CURRENT ACCOUNT
* Current account deficit seen at 3.6 percent of GDP in 2011/12
* Expect smaller current account deficit in 2012/13

Income tax exemption limit raised to Rs 2 lakh

                                                             
The Finance minister has raised the income-tax exemption limit to Rs 2 lakh from Rs 1,80,000. No tax will be charged for income upto Rs 2 lakh. A tax of 10% will be charged for income between Rs 2-5 lakh, while 20% will be charged for income between 5-10 lakh and 30% will be charged above 10 lakh. Th e finance minister has however left the corporate tax unchanged.
Tax slab
Up to 2 lakh rupees - NIL
2 lakh - 5 lakh rupees - 10%
5 lakh - 10 lakh rupees - 20%
Above 10 lakh rupees - 30%
Presenting Budget 2012-13, Finance minister Pranab Mukherjee has said that it is time to take hard decisions and reforms. Mukherjee said that he expects inflation to moderate in the next three months. He also said that India's manufacturing sector is on the path of revival. Mukherjee expects India to grow at 7.6% in 2012-13.

Finance minister Pranab Mukherjee said the growth of the Indian economy estimated at 6.9 percent during this fiscal year was "disappointing". "The global crisis has affected us. India's gross domestic product (GDP) is expected to grow at 6.9% in 2011-12, after having grown at 8.4% in each of the two preceding years," the finance minister said. "Though we have been able to limit the adverse impact of the slowdown in our economy, this year's performance has been disappointing. But it is also a fact that in any cross-country comparison, India still remains among the front-runners in economic growth."
Mukherjee further said the Indian economy was on the threshold of revival, as agriculture and services have continued to grow at a decent pace. He was however unhappy with the performance of the industrial sector.
"While we do not have the aggregate figures for the last quarter of 2011-12, numerous indicators pertaining to this period suggest that the economy is now turning around. There are signs of recovery in coal, fertiliser, cement and electricity sectors."
Among the proposals, the finance minister assured that he would cut subsidies to no more that 2 percent of GDP, and that the policy now would be to directly transfer such doles to farmers, based on the recommendations of the Nandan Nilekani report.
He also assured that a network necessary for a uniform pan-India goods and services tax (GST), covering federal and state levies, would be ready by August this year and that the process will be expedited to introduce it as soon as possible.
He said the government was also examining the recommendations of a parliament panel on the Direct Tax Code and that this regime will be introduced soon.
The finance minister said it was  the government's objective to reform and simplify norms governing capital markets, in a bid to enthuse and improve the investment  climate in the country.