The Ministry of Finance excludes the exemption of agricultural loans


The Ministry of Finance has ruled out any waiver of the agricultural loan. In a response to a question on the matter to Lok Sabha, Minister of State for Finance Bhagwat Karad said: “There is no proposal under consideration by the Union government to forgo agricultural loans. .

Using data from NABARD, he said as of March 31, 2021, more than 16.80 crore lakh was outstanding in more than 13.85 crore accounts.

No official estimate of black money

On a question about black money during the House question-and-answer session, Pankaj Chaudhary, Minister of State for Finance, said in a written response that there was no official estimate of the black money hidden in the Swiss Bank for the past 10 years. He informed the House that as of May 31, 2021, assessment orders under the Black Money Act, 2015 had been passed in 166 cases, in which a claim of 8,216 crore was raised.

He further stated that undisclosed income of 8,465 crore (approximately) had been imposed and that a fine of 1,294 crore had been imposed in the HSBC cases. Undisclosed income of 11,010 crore (approximately) was detected in cases of the ICIJ (International Consortium of Investigative Journalists). In the Panama Papers Leaks cases, undisclosed credits of 20,078 crore (approximately) were detected. And in the Paradise Papers Leaks cases, undisclosed credits of 246 crore (approximately) were detected, he said.

Also read: Alcohol-based hand sanitizers do not contain medicinal properties: AAAR

When asked about cyber risks, Karad said that according to information reported and tracked by the Indian Computer Emergency Response Team (CERT-In), a total of 454, 472, 280 and 138 incidents phishing attacks were observed during the years 2018, 2019, 2020 and 2021 (until June) respectively. In addition, the number of financial fraud incidents affecting automated teller machines (ABMs), cards, point of sale systems (PoS) and unified payment interface (UPI) were reported as six, four, four and four in the years 2018, 2019, 2020 and 2021 (through June) respectively, he said.

In a written response to a starred question, Finance Minister Nirmala Sitharaman informed Lok Sabha that in accordance with the HSN (Harmonized Nomenclature System) classification reference, for Covid-19 medical supplies, jointly prepared by the World Organization Customs and the World Health Organization, hand sanitizers have been classified under HS subheading “3808 94”, describing it as – a liquid or gel generally used to reduce infectious agents on the hands. . Therefore, hand sanitizers are broadly classified in this subsection as “sanitizers”. HSN, as used around the world, is the basis for the classification of goods in GST and Customs (for international trade).

It took note of the representations received from industry organizations to consider hand sanitizer as a “drug” as well as to consider a reduction in the GST rate of 18%. “The GST Council has not recommended any changes to the current classification which is based on the HSN system followed globally,” she said. However, for a brief period (June 14 to September 30), the GST rate on hand sanitizers was reduced to 5 percent from 18 percent.

Leave A Reply

Your email address will not be published.