August 29, 2013 by apicomely
India finance minister asks banks to ensure credit flow to industry
29 Aug 2013, 01:56 PM Representative pic The letters are being issued by two lead intelligence agencies under the Finance Ministry–Directorate General of Central Excise Intelligence (DGCEI) and Directorate General of Revenue Intelligence (DGRI)– and Commissionerate of Service Tax and Central Excise, spread across the country, officials said. The DGCEI is sending the letters to service tax and excise duty defaulters and the DGRI is issuing these correspondences to suspected customs duty evaders, they said. The letters are being sent to an entity or an individual to seek clarification on a financial transaction, red flagged by economic intelligence agencies as black money or seen as an attempt to dodge authorities from paying taxes, carried out by them, they said. The numbers of letters issued to the entities were not immediately known. It is for the first time that such letters have been issued to indirect tax defaulters, a senior Finance Ministry official said, adding that the Income Tax Department has been issuing such letters to direct tax dodgers.
Compton’s first Latino lawmaker finally submits finance forms
<img src='http://www.trbimg.com/img-521e7774/turbine/la-me-ln-document-isaac-galvan-campaign-filings-sl/187/187×105' width='220px' alt='Document: Isaac Galvan campaign filings’ style=’float:left;padding:5px’ />
In 2002, Gonzalez was convicted of a felony conspiracy charge reduced to a misdemeanor at his sentencing for sending out attack mailers with copies of fake official documents. In a separate case, he was convicted on two misdemeanor counts of sending out misleading campaign fliers. Compton’s Latino residents have been trying for decades to get a Latino candidate elected to city office. So it was a joyous moment for some when Galvan won a seat on Compton’s City Council in June. But a few weeks into his term, some are having misgivings about the councilman.
Credit: Reuters/Adnan Abidi NEW DELHI | Thu Aug 29, 2013 8:46am EDT NEW DELHI (Reuters) – Indian Finance Minister P. Chidambaram on Thursday asked state-run banks to ensure flow of credit to every sector of industry, indicating the need for funding projects amid an economic slowdown. The banks have been asked to assist industrial borrowers who were facing difficulties and be sympathetic towards genuine defaulters, Chidambaram told a parliamentary panel attached to the finance ministry. Economic growth virtually halved in two years to 5 percent in the fiscal year that ended in March — the lowest level in a decade — and most economists surveyed by Reuters in the past week expect 2013/14 to be worse. (Reporting by Manoj Kumar; Editing by Sunil Nair) Tweet this