Oversight panal for bad loans to beefed up,

Staying​ on course to resolve the
bad loan problem plaguing the banking sector, the Reserve Bank of India (SBI) out lined the further steps it plans to take, such as expanding the oversight committee (OC) and its mandate, it modifying existing debt recast rules, and engaging rating agencies for time by action.

The central bank will
reconstitute the OC,  and expand the panel to include more members. The existing OC which has two members was 
constituted  by the Indian Banks' Associated. The RBI now
reconstitute the OC under its agencies and the two current members will continue in the revamped panel. The larger OC
could then set up branches to deal with the volume of cases
referred.

Housing for poor finally takinga off,

Though the central government's Housing for all or Pradhan Mantri Awas Yojna
(PMAY) slow starter, the scheme seems to have gain momentum in the past six months.

The government launched the scheme urban poor in June 2015 and extended  it to ruralint areas in November 2016 promising a firm (pucca) housing unit for every household covered by 2022.
Initially, it intended to cover only
the economically weaker sections or EWS (those earning up to ₹3 lakh a year) and low income group or LIG (earning upto ₹ 6 lakh) The coverage  was later increased to include the middle income group.

Property developers and the consultants say the scheme will be successful in the next two years, given the government recent initiatives to buyers low cost homes and to the builders. An interest subsidy of 3-6.5% was announced for loans of ₹6-12 lakh for those in the EWS and LIG category who wish to take a lone up to ₹6 lakhs, there an interest subsidy of 6.5 % for a tenure of 15 years. Around 20,000 people have availed of the money under this scheme as of January this year.

In December the government had increased the lone amount to ₹12 lakh, targeting the mid -
income category. The interest subsidy on loan up to ₹12 lakh is 3 % for rural areas,an interest subvention of 3% ₹12 lakh for constructing new homes or extension of old ones.

1% tax at source​ under GST likely for on line sellers,

The centre and states are likely to each impose a 0.5% tax collected  at source on sellers of products on e - commerce
website such as flipcart  and Amazon under the goods and services tax (GST) regime.

This proposal would be taken up at the two- meeting of the
GST Counsel starting Thursday
in Srinagar. The tax will be  collecting by the e-mail commerce marketplacing. They will deduct 1% while paying the sellers.

E-commerce players had either  opposed in the GST law to impose a 2% tax - 1% by the Centre and states each deducted it source. The new indirect tax regime is expected to be rolled out on July 1.

To be continued....

....

ED, I-T dept set to get more power.

After providing more powers to the Reserve Bank of India (RBI)
to tackle the bad loan problem
in the banking industry, the Centre is likely to empower the
Enforcement Directorate (ED)
and the income -Tax ( I-T)
Department  to auction assets
defaulters or those e money laundering.

Such a move could help in expediting the recovery process
in cases where investors have lost thousands of crores rupees.

The centre might introduce Provisions of money laundering
act (PMLA) to enable the ED or the I-T department to auction
attached assets soon after filling the chargesheet or before the case trials begin​. The ED now has the powers to professionally attach the property of a person believed​ to
be in possession of  'proceed in a crime. Such proceeds are likely to be concealed or transferred and may result in frustrating proceeding relating to confiscation. After the provisional attachment of the property, the officer has to forward the complaint to the adjudicating authority.