indianexpress.com 2018-12-10 02:25:00
NGT asks pollution control board chief to leave post As per the guidelines, the plastic bag must weigh over two grams and must enlist a buy-back price on the same. (Representational image) The ban on single-use plastic items, including polythene bags below 50 microns, imposed by the state government since June is losing steam as the products have begun to resurface in the city markets. Advertising While the Maharashtra Pollution Control Board (MPCB) and solid waste management departments of the two civic bodies in the city had initially conducted raids, penalising shopkeepers and vendors found stocking and supplying merchandise in banned polythene bags, their drive appears to have gone easy in the recent months. Vegetable vendors in Pimpri market, retail shop owners, shopping malls and even roadside vendors are now seen selling their merchandise to customers in polythene bags, which are below 50 microns. As per the guidelines, the plastic bag must weigh over two grams and must enlist a buy-back price on the same. "These banned items are back in circulation in the markets and the shopkeepers are openly using them," said Raghav Prabhakar, a customer who is a regular visitor to the Pimpri vegetable market. Advertising As per the ban, anybody found manufacturing, stocking or selling goods in these banned plastic materials could attract a fine of Rs 5,000 or more. For two months since the ban was imposed , the usage and circulation of banned polythene bags had nearly been wiped out. However, with the regulatory authorities, including the MPCB and officials at Pune Municipal Corporation and Pimpri Chinchwad Municipal Corporation (PCMC), no longer remaining as vigilant as they should be, plastics have returned into the chain of markets. Yet another problem, which the state government has failed to address during all these months, is establishment of plastic waste collection and recycling centres. You might like Campaign heat: The allegations, the promises and more. Who said what on the campaign trail There are not enough plastic waste collection centres anywhere in Maharashtra, including Pune,where a 100 per cent wet and dry waste segregation is yet to be achieved. The much-hyped plastic buy-back scheme is nothing but gathering dust,which has also derailed the initial efforts to implement a complete ban of single-use plastic items from the state. "There are no places where we can deposit the plastic items, which are already in use or those that needs to be sent for recycling," said Pallavi Shinde, a homemaker, who had switched to using paper and cloth-based bags. "We will carry out an intensive drive and spread awareness among people," said Shatrughna Kate, a PCMC corporator.
indianexpress.com 2018-12-08 19:41:00
Sabarimala protests HIGHLIGHTS: Amid Nilakkal stand off, BJP secretary K Surendran detained by police The last date for filing was set at December 31, 2018. In a relief measure for trade and industry, the Finance Ministry has extended the last date for filing annual Goods and Services Tax (GST) returns by three months to March 31, 2019. "The competent authority has decided to extend the due date for filing Form GSTR-9, Form GSTR-9A and Form GSTR-9C till March 31, 2019. The requisite forms shall be made available on the GST common portal shortly," the Central Board of Indirect Taxes and Customs (CBIC) said in a statement. Advertising The annual returns form in which businesses registered under the GST have to provide consolidated details of sales, purchases and input tax credit (ITC) benefits accrued to them during 2017-18 fiscal was notified in September. The last date for filing was set at December 31, 2018. GSTR-9 is the annual return form for normal taxpayers, GSTR-9A is composition taxpayers, while GSTR-9C is a reconciliation statement Trade and industry have been asking for an extension of deadline for filing the annual GST returns. The Confederation of All India Traders (CAIT) had earlier this week urged Finance Minister Arun Jaitley to extend the last date of filing annual GST return up to March 31, 2019. EY Tax Partner Abhishek Jain said, "This was quite a sought after extension by the industry, specially for those industry players who have been struggling to collate the information required to be disclosed in GSTR-9 and GSTR-9C." Explained Businesses struggling to meet deadline get relief The extension of the due date for filing of the annual GST returns by three months offers relief to businesses that were struggling to meet the compliance deadline. These GST return forms "” 9, 9A and 9C that relate to details of sales and purchases made "” consolidate the information already furnished by industry in the monthly or quarterly returns. Annual returns are to be filed by normal taxpayers as well those paying a lower flat rate under the composition scheme. Industry has been seeking additional time to file annual returns on the grounds that compiling itemised details of purchases and sales and collating the entire information was time consuming. PwC Partner and Leader (Indirect Tax) Pratik Jain said, "Industry, as well as consultants, were struggling with the December 31 deadline, given the volume of work involved including preparing a virtual P&L at a state level." Advertising Meanwhile, in a separate statement issued by the Finance Ministry, it reiterated the clarification on applicability of GST on real estate, saying there is no GST on sale of complex/building and ready to move-in flats where sale takes place after issuing of completion certificate by the competent authority, while GST is applicable on sale of under construction property or ready to move-in flats where completion certificate has not been issued at the time of sale. Affordable housing projects, including the Jawaharlal Nehru National Urban Renewal Mission, Rajiv Awas Yojana, Pradhan Mantri Awas Yojana or any other housing scheme of state governments attract 8 per cent GST, which can be adjusted by builders against its accumulated input tax credit (ITC), it said. "For such (affordable housing) projects, after offsetting ITC, the builder or developer in most cases will not be required to pay GST in cash as the builder would have enough ITC in his books of account to pay the output GST," the statement said. You might like Kannur International Airport Set to Take Flight In pre-GST era, on the output side, service tax of 4.5 per cent, VAT of 1 per cent to 5 per cent (composition scheme) was levied which has now changed to 8 per cent for affordable housing segment and 12 per cent after one-third abatement of value of land, which is outside the ambit of GST. Before GST, no ITC of VAT and central excise duty paid was available to the builder for payment of output tax, hence it got embedded in the value of properties. "Considering that goods constitute approximately 45 per cent of the value, embedded ITC was approximately 10- 12 per cent. The effective pre-GST tax incidence was 15- 18 per cent," it said. Popular Photos
newindianexpress.com 2018-12-07 00:00:00
Home Nation Race for CM posts: Rahul Gandhi asks Congress workers in three states to tell their choice Using an internal messaging platform for the party workers, Gandhi sent out to them a pre-recorded audio message seeking their feedback for selection of the chief minister in their respective states. Share Via Email Published: 12th December 2018 11:29 PM | Last Updated: 12th December 2018 11:29 PM | A+ A A- Congress President Rahul Gandhi (File | EPS) By PTI NEW DELHI: Amid hectic lobbying for the post of chief minister in Chhattisgarh, Rajasthan and Madhya Pradesh, Congress president Rahul Gandhi has asked the party workers to tell their top choice for the chief minister post in each of the three states, party sources said. Using an internal messaging platform for the party workers, Gandhi sent out to them a pre-recorded audio message seeking their feedback for selection of the chief minister in their respective states, the sources said. Despite repeated attempts, the party spokespersons did not comment on the message and its content. The exact time when the message was sent could not be ascertained. Sources, however, said the message has been sent to a large number of party workers in the states that went to polls. With more than one name doing the rounds for each of the three states where the Congress has secured numbers to form the government, Gandhi said in his message the party workers' choice would reach him directly and would not be known to anyone else. A senior MLA in one of the three states also confirmed having received the pre-recorded message through the ShaktiApp used by the Congress chief for communicating with the party workers. The MLA said he recorded his choice for the chief minister post in a direct message to the party chief through the application. Stay up to date on all the latest Nation news with The New Indian Express App. Download now (Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe' . Follow the instructions after that.) TAGS
newindianexpress.com 2018-12-05 00:00:00
Even animals do not eat such unhygienic food, says Hyderabad High Court After perusing the report, the bench pulled up the State government on implementation of midday meal scheme. Share Via Email Published: 12th December 2018 07:10 AM | Last Updated: 12th December 2018 07:10 AM | A+ A A- Hyderabad High Court. (File photo| EPS) By Express News Service HYDERABAD: Expressing displeasure with the authorities concerned of the State government for failing to provide nutritious, hygienic and quality food to children under the midday meal scheme, a division bench of the Hyderabad High Court on Tuesday directed the Prakasam district collector to submit a comprehensive report on the implementation of the scheme in the district. "Even animals do not eat such unhygienic food. Corruption is taking place in the implementation of midday meal scheme. The contractors are being benefited at the cost of children's health. Providing rotten and perished eggs to children will push the later into danger zone. Providing unhygienic food to children is nothing but violation of human and fundamental rights. Lack of monitoring is the main cause for improper implementation of the scheme," the bench remarked. The bench comprising Chief Justice TBN Radhakrishnan and Justice SV Bhatt was passing this order while hearing a PIL based on a letter addressed to the High Court by the parents of children of Ramaiahpatnam mandal parishad school in Prakasam district complaining that the food cooked at a far-off place is being carried in sub-standard vehicles to different centres located in remote areas of three different mandals in the district. K Nagavenu and 10 other parents, in their letter, stated that the food items are prepared mostly with the rotten vegetables purchased at a throw away price. Rotten and perished eggs are supplied at a cost of `6 per egg, whereas an egg in the open market is available between `2.5 and `2.8. The students are suffering from illness due to supply of unhealthy and unhygienic food which is prepared much early in the morning. They alleged that the public money is being misused by the corrupt and irresponsible officers, contractors and politicians under the midday meal scheme and urged the court to issue directions to the respondent authorities to take steps for providing fresh, nutritious, quality and hygienic food to the students as per the guidelines issued by the government under the midday meal programme. Pursuant to earlier direction by the court, the District Legal Services Committee secretary submitted a report on the implementation of the scheme in the district to the court on Tuesday. After perusing the report, the bench pulled up the State government on implementation of midday meal scheme. Stay up to date on all the latest Andhra Pradesh news with The New Indian Express App. Download now (Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe' . Follow the instructions after that.) TAGS
newindianexpress.com 2018-12-05 00:00:00
Home Elections Telangana Elections Telangana Elections: No trophies for guessing who'll win in Old City! However, Old City was not always an AIMIM bastion, recorded a study 'Political participation and communalisation of electoral politics in Hyderabad'. Share Via Email Published: 10th December 2018 05:45 AM | Last Updated: 10th December 2018 05:45 AM | A+ A A- Hyderabad High Court. (File photo| EPS) By Aihik Sur Express News Service HYDERABAD: Tomorrow when the counting starts and the results start surfacing, one can expect a few surprises. However, going by the various exit polls, the () is likely to retain its seven constituencies, if not add the eighth "” Rajendranagar "” to its kitty. If that happens, the party would be winning through its numerous public meetings where both chief Asaduddin Owaisi and his brother Chandrayangutta candidate Akbaruddin Owaisi roar about the injustices the minority community has faced since Independence. This rhetoric is not new but has been continuing for the last 60 years when the party was then headed by Asaduddin's grandfather Abdul Wahed Owaisi and then his father, Sultan Salahuddin Owaisi. However, Old City was not always an AIMIM bastion, recorded a study 'Political participation and communalisation of electoral politics in Hyderabad'. The findings, verified with the ECI data, says, during the 1950s, the Leftists dominated the political scenario not only in Old City but in entire Hyderabad. In fact, the Muslim-dominated constituencies were won by the Communist party called the People's Democratic Front (PDF). The other strong contender other than the Communists was Congress. Election Commission's 1952 General Election data is further proof to the fact that Muslim votes were pro-Left. However, that changed in the 1957 General Elections when the minority community switched their loyalties to Congress. In the same year, the MIM was revived by Syed Kasim Razvi, the chief of the militant unit called the Razakars. The party under Abdul Wahed Owaisi's leadership participated in the municipal council elections, and that was the first time that citizens of Old City shifted their disposition from the Left and the "secular" Congress to a party which predominantly talked about the upliftment of a minority community. That shift was reflected in the results as MIM nominated Independent candidates won 19 seats in the 33 seats they contested. They also defeated 17 Congress nominees and demonstrated their hold over the minority masses. Thus began MIM's electoral advancements by concentrating on minority-heavy constituencies. However, it was the 1967 General Elections that consolidated the Hindu and Muslim community votes in Old City. That election saw the entry of Jana Sangh, a party that existed between 1951-1957. They fielded a candidate in the Muslim-dominated Old City and campaigned for the Charminar seat where the Jana Sangh chief himself was the candidate. One of the reasons for choosing the Charminar seat, experts say, was because of the huge number of Hindu traders who reside there. Abdul Wahed's son Sultan Salahuddin Owaisi was fielded against the Jana Sangh and a factions-riddled Congress. Like the 2018 Assembly election campaigns, where Asaduddin Owaisi and Akbaruddin trained their guns on Congress, the discourse in 1967 was similar. Stay up to date on all the latest Telangana Elections news with The New Indian Express App. Download now (Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe' . Follow the instructions after that.) TAGS
newindianexpress.com 2018-12-05 00:00:00
Home Cities Chennai Chennai private sewage tankers end their 7-day strike Around 1,500 private sewage tankers stopped service since December 3after discharge fees for one load of sewage was hiked from Rs 100 to Rs 250 at Perungudi Sewage Treatment Plant. Share Via Email Published: 10th December 2018 03:39 PM | Last Updated: 10th December 2018 03:39 PM | A+ A A- Representational image for tankers (Photo | EPS) By Express News Service CHENNAI: The seven-day long strike by private sewage tankers opposing the hike in charges for discharging sewage at Perungudi treatment plant has come to an end. Tanker association members confirmed that they withdrew the strike on Sunday afternoon after Metro Water Board officials agreed to bring down the charges from Rs 250 to Rs 150. Around 1,500 private sewage tankers stopped service since December 3 after discharge fees for one load of sewage was hiked from Rs 100 to Rs 250 at Perungudi Sewage Treatment Plant (STP). For the past 10 years or more, one load of sewage was charged Rs 100 to be discharged into the STP. D Ravi, member of Private Sewage Tanker Lorry Association said that local politicians meet officials two days ago during which negotiation talks were held to bring down the charges."South Chennai MP JJayavardhan, former MLA KP Kannan and former MLA from Chitalapakkam, C Rajendran spoke to the officials about lowering the charges. Metro Water officials agreed to our demands and only increased it to Rs 150 instead of Rs 250," he said. Though it's only a slight increase in charges, association members said that there will be an increase by Rs 30 to Rs 50 in the cost of hiring sewage tankers by residents. "We will soon have a meeting to discuss exactly how much more we will be charging the residents. Nothing is decided as of now," added Ravi. Residents living along OMR, ECR and southern suburbs of Tambaram, Guduvancherry, Selaiyur have been heavily dependent on private tankers due to the lack of underground pipe connections. In 2014, Metro Water promised to lay underground water and sewerage connections for the stretch from Perungudi till Shollinganallur. Even after a delay of five years, this project has failed to materialise. Stay up to date on all the latest Chennai news with The New Indian Express App. Download now (Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe' . Follow the instructions after that.) TAGS
indianexpress.com 2018-12-04 21:54:00
Administrative jurisdiction no bar for launching GST enforcement action: CBIC In the absence of inward supply returns, the crucial anti-evasion requirement of invoices-matching is not being met. It is assumed this is one of the reasons for the continuing shortfall in GST collections. Even as the goods and services tax (GST) revenue is trailing, the long-delayed comprehensive returns-filing system won't come into effect even from January 1, the date announced for its launch after a high-level panel mooted a simplified format for such returns, but only from next fiscal. Advertising The triplicate return forms - that include the summary return and forms for inward and outward supplies - will be rolled out only from April 1 2019, new Revenue Secretary Ajay Bhushan Pandey said on Tuesday. Although the government is keen to implement a system that would be better at tracking evasion through matching of invoices, it is also wary of the repeat of earlier experience when the system would frequently break down due to glitches when it tried rolling out the triplicate-returns system. The GST Council had to suspend the original triplicate forms in November last year after assessees complained of its cumbersome nature and glitch-prone functioning. Since then GST returns filing has been confined to the summary returns GSTR 3B (with which taxes are paid) and outward supply (GSTR-1). In the absence of inward supply returns, the crucial anti-evasion requirement of invoices-matching is not being met. It is assumed this is one of the reasons for the continuing shortfall in GST collections. "” FE
indianexpress.com 2018-12-04 21:09:00
Advertising 'SBI to cease to be EPFO fund manager from March' The Board also extended the tenure of CRISIL Ltd as consultant up to March 31 2019 or till appointment of new portfolio managers, whichever is earlier. By ENS Economic Bureau | New Delhi | Published: December 5, 2018 2:39:23 am Related News RBI panel may resist pressure for CRR cut, repo rate may remain unchanged Currently, SBI, ICICI Securities Primary Dealership, Reliance Capital, HSBC AMC and UTI AMC are fund managers of the EPFO. After red flag from the Reserve Bank of India (RBI), State Bank of India (SBI) will cease to be a fund manager of retirement fund body EPFO by March-end, as a bank cannot function as an asset management company under the RBI norms. Advertising "We have been told that SBI cannot work (as fund manager of the EPFO). We have not engaged (its arm) SBI Mutual Fund (as fund manager) because it was not there (as an applicant at the time of bidding) earlier," Labour Minister Santosh Gangwar said. Addressing reporters after the 223rd meeting of the Employees' Provident Fund Organisation's (EPFO) Central Board of Trustees (CBT), Gangwar said, "We have given them (all five fund managers) time till March. We will discuss and take a call as to whom we can engage as a fund manager. We had engaged SBI. But its job is banking and not this job (fund managing). SBI Mutual (Fund) was not enrolled with us as a fund manager. After March, if they (SBI's fund managing arm) come for this then we can engage them." The Board also extended the tenure of CRISIL Ltd as consultant up to March 31 2019 or till appointment of new portfolio managers, whichever is earlier. Advertising Currently, SBI, ICICI Securities Primary Dealership, Reliance Capital, HSBC AMC and UTI AMC are fund managers of the EPFO. The EPFO has separately engaged SBI Capital and UTI Mutual Funds as exchange-traded fund (ETF) managers. The SBI Capital manages 75 per cent of ETF investment of the EPFO, while the UTI Mutual Funds takes care of the remaining 25 per cent.
indianexpress.com 2018-12-04 21:04:00
Advertising SEBI panel for direct listing of Indian firms on foreign bourses The prevailing legal framework doesn't allow a company incorporated in India to directly list on overseas bourses. By ENS Economic Bureau | New Delhi | Published: December 5, 2018 2:34:23 am Related News Quality of ratings Currently, Indian companies can list their shares through depository receipts abroad, while foreign companies need to go through the Indian Depository Receipt route for listing of equities. IN a significant proposal that could lead to a new fund mobilisation avenue for Indian companies, especially e-commerce and new age firms, a panel appointed by the Securities and Exchange Board of India (Sebi) on Tuesday proposed overseas listing of Indian companies without a local listing and vice versa. Advertising The prevailing legal framework doesn't allow a company incorporated in India to directly list on overseas bourses. Similarly, companies incorporated outside India cannot directly list their equity shares on Indian exchanges. Currently, Indian companies can list their shares through depository receipts abroad, while foreign companies need to go through the Indian Depository Receipt route for listing of equities. In its 26-page report, the Sebi panel suggested several changes in the prevailing regulatory framework, including those in the Sebi Act, 1992, The Companies Act, 2013, and Foreign Exchange Management Act, 1999 (Fema) and tax laws, to allow Indian companies to list overseas. The panel's proposals included having minimum capital threshold for listing overseas and recommended 10 overseas permissible jurisdictions based on strong Anti-Money laundering policies. Advertising A "permissible jurisdiction" would mean a jurisdiction which has treaty obligations to share information and cooperate with Indian authorities in the event of any investigation. The exchanges where Indian companies can list their shares as per the report include the NASDAQ, NYSE in the US, the Shanghai Stock Exchange and Shenzhen Stock Exchange in China, the London Stock Exchange and the Hong Kong Stock Exchange, among others. In order to facilitate direct listing, the committee has proposed several tax concessions. Among them is a provision that income earned from transfer of equity shares of an unlisted Indian company listed on a foreign stock exchange would be subject to capital gains tax in India, as these shares would be considered 'capital assets situated in India.' It has proposed relaxation of 'fair market value' norms to reduce the tax obligation on the share acquirer. You might like
newindianexpress.com 2018-12-03 00:00:00
Home Nation Pollution cutting short Indian lives The report, released on Thursday, says that reduction in life expectancy is highest in Rajasthan at 2.5 years. Share Via Email Published: 07th December 2018 03:29 AM | Last Updated: 07th December 2018 03:29 AM | A+ A A- Image used for representational purpose only. (File photo | EPS) By Express News Service NEW DELHI: Average life expectancy in India would have been 1.7 years higher if the air pollution level were less than the minimal level that causes severe damage to health, the first study to map the impact of air pollution in every state in the country has found. The study, based on analysis of data from 2017, was commissioned by the department of health research under the Union Ministry of Health and Family Welfare, and about 100 institutions came together for the project. The report, released on Thursday, says that reduction in life expectancy is highest in Rajasthan at 2.5 years. It has once again highlighted the extent of damage being done to public health due to alarmingly rising air pollution in the country, particularly in the northern states. It comes just a month after a University of Chicago report rated India as the second most polluted country in the world after Nepal. The report by the Energy Policy Institute at the university, however, had said that particulate pollution was so severe that it shortened the average Indian's life expectancy by more than four years relative to what it would be if World Health Organization (WHO) air quality guidelines were met. The latest report, however, pointed out that if the exposure to particulate matter pollution had been lower than the minimum levels associated with health loss, average life expectancy in India would have been higher by 0·9 years, with the highest increase in Delhi, followed by Haryana, Punjab, and UP. The report also said that if the exposure to household air pollution due to solid fuels had been lower than the minimum levels associated with health loss, the average life expectancy would have increased in India by 0·7 years, with the highest increase in Rajasthan, followed by Chhattisgarh and Madhya Pradesh. For non-communicable diseases, including chronic obstructive pulmonary disease, ischaemic heart disease, stroke, diabetes, lung cancer, and cataract, the death and disability adjusted life years rate attributable to air pollution was at least as high as the rate attributable to tobacco use, the report said. The consequences The health problems arising from high levels of pollution include lower respiratory infections, chronic obstructive pulmonary disease and ischaemic heart disease, followed by stroke, diabetes lung cancer and cataract Stay up to date on all the latest Nation news with The New Indian Express App. Download now (Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe' . Follow the instructions after that.) TAGS
indianexpress.com 2018-11-29 17:01:00
Advertising UGC tells colleges to hold exam on women's rights laws, toppers to get cash prize The top prize for the test has been decided to be Rs 2,000. The second runner-up will be Rs 1,500 and subsequently there will be five prizes of Rs 1,000 each, to be given to each college By IANS | New Delhi | Published: November 29, 2018 10:31:48 pm Related News UGC to review action-taken report submitted by 10 central universities All colleges will be free to prepare their own question paper carrying 75 questions and multiple choices for answers. (File Photo) Consequent to instructions issued by the National Commission for Women (NCW), the University Grants Commission (UGC) Thursday asked all universities and colleges to conduct a test based on legal rights of women to generate awareness among them and ensure that they are conversant with pertinent laws. Advertising The apex funding body for the universities took the decision to direct the institutions acting on NCW's letter, issued in August this year, asking colleges to hold an examination between September 1 and December 31 on laws related to women's rights. The top prize for the test has been decided to be Rs 2,000. The second runner-up will be Rs 1,500 and subsequently there will be five prizes of Rs 1,000 each, to be given to each college. Apart from the prize money, the NCW will bear additional expenses worth Rs 20,000 for each college likely to be incurred for paper setting, invigilation, refreshments, etc. All colleges will be free to prepare their own question paper carrying 75 questions and multiple choices for answers. The questions may be based on the Constitution of India, its Preamble, Fundamental Rights, NCW Act, 1990, Minimum Wages Act, 1948, Maternity Benefit Act, 1961, and several other acts related to harassment of women and minorities, the NCW said.
newindianexpress.com 2018-11-29 00:00:00
Home Business Central bank autonomy "sacred": Former chief economic advisor Arvind Subramanian Progress on the steps taken by Governor Shaktikanta Das' predecessor Urjit Patel to restore financial system integrity will be a key thing to assess any damage to the institution. Share Via Email Published: 12th December 2018 03:45 PM | Last Updated: 12th December 2018 03:45 PM | A+ A A- India's former chief economic advisor Arvind Subramanian | Reuters By PTI MUMBAI: With the reigns of RBI (Reserve Bank of India) governorship passing to an ex-bureaucrat, former chief economic advisor Arvind Subramanian Wednesday said central bank autonomy is "sacred", which should not be compromised. Progress on the steps taken by Governor Shaktikanta Das' predecessor Urjit Patel to restore financial system integrity will be a key thing to assess any damage to the institution. READ | Former Economic Affairs secretary Shaktikanta Das appointed as new RBI governor "What is going to be key is whether this (restoring financial system agenda) is maintained going forward. That is going to be the yardstick to measure what is happening on the bigger institutional front," he said, speaking at the Fifth India Economic Conclave here. "RBI has a very good reputation for very good reasons (and) maintaining the functional autonomy in decision-making and governance is absolutely sacred, we must not compromise on that," he added. He said under Patel, the RBI has done a "commendable" job on decisions like prompt corrective action (PCA), dealing with NBFCs and also with individual private banks. It can be noted that the weeks before Patel's resignation, differences between the RBI and government on at least two fronts, PCA and NBFCs, were widely reported. ALSO READ | Shaktikanta Das: After Raghuram Rajan, another RBI governor with a Tamil connection The government wants the RBI to liberalise the PCA framework so that more banks are able to lend liberally, while it had pitched for strong liquidity support to the NBFC sector, which was outrightly rejected by RBI. Subramanian hinted there was a bit of "oversight" by the RBI when it comes to NBFCs and the IL&FS crisis. Meanwhile, speaking at the same event, former RBI governor Raghuram Rajan also made a strong pitch for independence of financial regulators. "These (regulators) are structures which we must strengthen, they have to stand as independent bodies to ensure our growth is healthy and stable," he said. ALSO READ | Industry, government expect new RBI chief to be less hawkish Subramanian said the second agenda that was being pursued by Patel was improving on the strengths of RBI and added that this needs to continue. He reiterated that there is excess capital with the RBI, but underscored that it has to be used only for recapitalising dud-assets saddled state-run banks and that too only when they reform their functioning. The Harvard economist warned that using the excess capital for bridging the fiscal gap would be akin to "raiding the RBI" and hoped that the soon-to-be-appointed committee to look into excess capital will address these aspects. Patel resigned Monday citing personal reasons, while the government appointed Das as his successor, who took charge Wednesday. On the NBFC crisis, he said there is a need for an asset quality review (AQR) similar to the one done at banks in 2015 for understanding the exact strengths of the non-bank lenders. He said by definition, the risk-reward ratio at such bodies is very high and hence, there is a case for closer monitoring. ALSO READ | Sensex jumps over 300 points after appointment of new RBI Governor On the broader growth, he said global economic adversities are a challenge which can hit our growth because of a dip in exports. Much beyond trade wars, US and China are entering debt wars and geopolitical strategic re-allignment which will have consequences for the entire world. The only way to deal with it is through strong policy responses on the domestic front, he said, adding that financial sector and agriculture are the key areas of challenge within India. On the election results, where the Bharatiya Janata Party (BJP) got trounced in three important states, along with the events of the last two years suggest that every political manifesto in the next election will have a universal basic income-like scheme for the farmers, Subramanian said. He seemed to suggest that it will be better for the states to take the tab of such populist measures as finding resources will be difficult for the Centre. Stay up to date on all the latest Business news with The New Indian Express App. Download now (Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe' . Follow the instructions after that.) TAGS