Deutsche Bank investment banking chief Anshu Jain earned 12.00 million euros ($16.73 million) in 2010, eclipsing Chief Executive Josef Ackermann’s pay, the lender said on Tuesday. Jain’s total remuneration topped the 8.99 million euros awarded to his boss, reflecting a rebound in business at his division, and also surpasses the 2010 pay of heads of peer German blue chip companies disclosed so far.
Finance Minister Pranab Mukherjee today said the income tax department has recovered undisclosed income of Rs 25,000 crore in the last two years during its search and seizure operations. In Income Tax Act there is regular provision for search and seizure. And this year search and seizure when we intensified, we have got undisclosed income of Rs 25,000 crore in last 24 months and out of that Rs 7,000 crore additional taxes have been realised,” Mukherjee said while replying to the discussion on the General Budget 2011-12 in Lok Sabha.
There are 15 non-working PSUs in Karnataka, including seven under liquidation, says a CAG report tabled in the State Legislative Assembly as it recommended to the government to consider winding them up. The companies which have taken the route of winding up by Court order are under liquidation process for the last three to seven years.
The Union Health Ministry has urged Finance Minister Pranab Mukherjee to roll back five per cent service tax imposed on hospitals and diagnostic centres in this year’s budget, arguing that it would make health care more expensive for the poor.
The Delhi Petrol Dealers Association (DPDA) has requested the state government to reduce Value-Added Tax (VAT) on diesel to 9 per cent from 12.5 per cent at present, in line with the neighbouring state of Haryana. “400 petrol dealers of Delhi are seeking parity in VAT with Haryana in the coming Delhi Budget for the year 2011-12 so that smuggling of diesel can be checked,” DPDA Vice-President Nishit Goel said in a statement.
Financial sector players are likely to re-assess political risks in emerging markets, especially, against the backdrop of rising political turmoil in the Middle East and North Africa, says a report. “In the long term, banks, insurance companies and businesses are likely to re-assess and re-price political risk in emerging markets,” the Dun & Bradstreet report said.
More than 86,000 commercial banks and one lakh co-operative banks all over India would go on strike during the coming Parliament session in protest against some concessions to private sector in banking operations announced in the Budget. Announcing this here today ALL India Banking Employees Association General Secretary C H Venkatachalam said more than Rs 65,000 crore of loans lent by banks were outstanding. It would turn into bad debts and be written off, thus creating heavy losses to banks.
Finance Minister Pranab Mukherjee today said revenue authorities have detected tax evasion of about Rs 1 lakh crore during the past 18 months as a result of international cooperation as well as domestic surveillance. “Almost one lakh crore of rupees, may be a little less than that, we have been able to bring under the tax net in last 18 months,” Mukherjee said while replying to the general discussion on Budget in Rajya Sabha.
Taking strong note of pay disparity in different tribunals, Union Law minister Veerappa Moily said he has signed a cabinet note today to ensure uniform salary structure in such bodies. “We need to ensure that system works properly. In fact, we have been carrying out exercise…the salary matters have to be uniform in respect to all the tribunals at the national level. Only today I signed a Cabinet Note,” Moily said while delivering his keynote address at a consumer rights function.
Inflation rose marginally to 8.31 per cent for the month ended February, driven by high food and fuel prices, which may prompt the RBI to hike interest rates when it reviews the monetary policy later this week. However, Finance Minister Pranab Mukherjee expressed hope that inflation should come down to 7 per cent by next month-end.
