VILLUPURAM SATURDAY AUGUST 24, 2019 `4.00 PAGES 14 CITY EDITION SINDHU, PRANEETH CONFIRM MEDALS AT WORLD C’SHIPS World No 5 bests Tai Tzu-ying 12-21, 23-21, 21-19 in quarterfinals, while Indonesian Jonatan Christie goes down 24-22, 21-14 OF CONSISTENCY AND A LONG WAIT TIME TO GO FOR GOLD With her victory, Sindhu sealed her third Worlds medal on the trot. Praneeth, on the other hand, is now the first Indian male shuttler since Prakash Padukone in 1983 to ensure a podium finish in the tournament. This will also be the first time that India are medalling in both the men’s and the women’s categories at the Worlds ■ ■ ■ Sindhu is the only Indian to have won silver at the Worlds, having done so in the last two editions She will be up against World No 3 Chen Yu Fei in the semifinal Praneeth, on the other hand, will face a tough task, taking on World No 1 Kento Momota in his last-four clash 5 MEDALS WON BY SINDHU AT WORLD’S, JOINT BEST WITH ZHANG NING CHENNAI ■ MADURAI ■ VIJAYAWADA ■ BENGALURU ■ KOCHI ■ HYDERABAD ■ VISAKHAPATNAM ■ COIMBATORE ■ KOZHIKODE ■ THIRUVANANTHAPURAM ■ BELAGAVI ■ BHUBANESWAR ■ SHIVAMOGGA ■ MANGALURU ■ TIRUPATI ■ TIRUCHY ■ TIRUNELVELI ■ SAMBALPUR ■ HUBBALLI ■ DHARMAPURI ■ KOTTAYAM ■ KANNUR ■ VILLUPURAM ■ KOLLAM ■ WARANGAL ■ TADEPALLIGUDEM ■ NAGAPATTINAM ■ THRISSUR ■ KALABURAGI Strong stimulus to wake up elephant FM’s press meet appeared like a mini-Budget Major relief measures for MSMEs, banks Auto sector gets its due Additional surcharge on foreign investors removed Angel tax relief Budding firms can now raise big money without the fear as angel tax has been withdrawn for govt registered start-ups This was a major dampener in the Budget, which spooked foreign portfolio investors who deserted the Indian bourses for safer markets. The relaxation could see them coming back Measures to end tax terrorism All notices, summons and orders from income-tax authorities will be issued through a centralised computer system to avoid harassment and corruption by tax officers. Individual letters / notices issued by officers will be invalid `70,000 crore to be injected through PSU banks This additional credit infusion will enable banks to lend more to small traders, MSMEs and retail borrowers, which will in turn perk up consumption and revive market sentiments. Plus, PSU banks will pass on RBI rate cut benefits pronto. EMIs, too, will come down as interest rates on housing and auto loans will be directly linked with repo rate Empowering bank officials To support honest decision-making and to prevent harassment for genuine commercial decisions by bankers, CVC has issued directions that Internal Advisory Committee (IAC) in banks to classify cases as vigilance and nonvigilance. Decisions of the IAC and bank CVO/DA will be treated as final Fast cash for MSMEs All pending GST refunds will be cleared within 30 days; future refunds will be made within 60 days Govt turns buyer to boost auto sector Ban on purchasing new vehicles to replace on old ones in govt departments lifted. Plus, all vehicles bought between now and March 2020 will get 30% depreciation benefit (against 15% before). This will bring down your net income tax liability A N U R A D H A S H U K L A @ New Delhi CSR norms eased BIG Corporate Social Ressponsibility violations by corporates will not be treated as a criminal offence TAKEAWAYS These measures will provide the immediate relief that the industry was seeking Venu Srinivasan, Chairman, TVS Motor Company Instant removal of FPI tax is a very short-term measure with long-term impact The govt is taking a heads-on approach to addressing issues, supporting the key drivers of economy Ashishkumar Chauhan, managing director and CEO, BSE Anuj Puri, chairman, ANAROCK Property Consultants PC to stay in CBI custody for weekend, ED has to wait for SC’s call on Monday E X P R E S S N E W S S E R V I C E @ New Delhi THE Supreme Court on Friday granted former Union Minister P Chidambaram protection from arrest by the Enforcement Directorate (ED) in the INX Media scam till Monday, but refused to give him any relief in the CBI remand, which will end on the same day . However, bench of justices R Banumathi and A S Bopanna agreed to hear a fresh petition challenging the trial judge’s order granting four days of custody to the CBI. During the hearing, Solicitor General Tushar Mehta who appeared for the CBI and the ED said the plea for anticipatory bail on the CBI matter became infruc- tuous since Chidambaram had already been arrested. However, senior advocate Kapil Sibal, representing Chidambaram, said the matter for anticipatory bail was mentioned on Wednesday Just because it could . not be taken up, the CBI arrested Chidambaram later in the day, he said, arguing that he still has the right to be heard. On the plea against the ED, Sibal claimed that the Delhi High Court’s single judge had copy-pasted verbal notes of the investigating agency as observation in its order. This clearly showed bias, he argued. Mehta argued that custodial interrogation was necessary as Chidambaram was evasive. “At least 10 properties and 17 offshore bank accounts is what we have found so far, which have direct or indirect link to Chidambaram. We have electronic evidence, email exchanges to trace the route of the illicit, illegal transfer or money Shell com. panies were created by those having close connections with Chidambaram to launder money Mehta added. ,” Abhishek Singhvi, appearing for Chidambaram, said, “How can the HC judge refer to Aircel-Maxis case when he was hearing only the INX case?” Mehta tried giving a copy of the case diary in a sealed envelope but the bench refused to accept it. CPM U-TURN ON SABARIMALA LINE E X P R E S S N E W S S E R V I C E @ T’Puram TAKING a U-turn from its hard stance on the sensitive Sabarimala issue, the Kerala unit of the CPM on Thursday asked party cadre not to do anything that would anger devotees. Conceding that the CPM lost the support of the masses due to its overt support to young women’s entry into the hill shrine in violation of the temple’s traditions, the party’s state secretary Kodiyeri Balakrishnan asked party cadre to participate in re- ligious events and functions. Kodiyeri also called for an overhaul in the working of party units, right from the branch committee to the state level. Addressing the media after the party’s six-day leadership meet here on Friday, Kodiyeri claimed the party is not opposed to devotees. He said the lower units of the party can take appropriate decisions regarding the role to be played in local religious festivals. However, the CPM chief was quick to add that the code of conduct for party cardholders, regarding restrictions and regulations on religious matters, would continue. CPM’s rethink comes in the aftermath of the drubbing in the Lok Sabha polls and the feedback that party supporters were unhappy its stand on the Sabarimala issue. The party, which held marathon discussions on what went wrong, is now making a lastditch effort to bring back the scores of devotees who were originally part of the party’s core support base in the state. GIVING a mega booster shot to India’s depressed economy, Finance Minister Nirmala Sitharaman on Friday announced a plethora of measures ranging from tax relief to cash injection into public sector banks to improve liquidity . In what appeared to be a mini-budget, the FM’s announcements included rolling back of the vexatious surcharge on foreign portfolio investors, withdrawing angel tax on start-ups and a package of measures for the struggling auto sector firms, MSMEs and banks. “India will exempt foreign investors from the super-rich tax. An additional surcharge on domestic investors will also be withdrawn,” said Sitharaman at a press conference here on Friday. “The pre-Budget position is restored,” she added. The surcharge on foreign portfolio and domestic investors was removed by withdrawing it on long- and short-term capital gains. However, Sitharaman ruled out any immediate review of the super-rich surcharge, stating that would be looked into only in 2022. F P I s h av e p u l l e d o u t `12,105.30 crore from Indian capital markets so far this month. This was on top of the net `12,418.73 crore they withdrew last month. To mitigate genuine difficulties of start-ups and their investors, Sitharaman decided to withdraw the controversial angel tax, which was stifling startup funding. The tax imposed by Section 56(2)(viib) of the Income Tax Act imposed a 30% tax on money raised by a startup during a funding round, which was considered more than its fair market value. Officials said the tax roilbacks would cost the exchequer `1,400 crore. A dedicated cell under a member of CBDT, too, will also be set up for addressing the problems of start-ups. These measures were a part of her 32-point measures to boost the economy, which are showing signs of slowdown. India’s GDP growth in the January-March quarter slid to a near 5-year low of 5.8%, and most analysts expect data due later this month to show that growth in April-June would be in the 5.5-6 per cent range. The FM’s move comes in the backdrop of rising concerns about the economy Moody’s In. vestors Service on Friday cut India’s GDP growth forecast for 2019 calendar year to 6.2% from 6.8% forecast earlier. EXPRESS READ MKU dismisses professor for sexual harassment Madurai: Madurai Kamaraj University Syndicate has dismissed Professor K Karnamaharajan for allegedly sexually harassing a research scholar after its Internal Complaints Committee recommended the action, which was ratified by Governor Banwarilal Purohit | P4 Pak on FATF Asia Pacific group’s terror blacklist The Asia Pacific Group of the FATF, a global watchdog for terror financing and money laundering, has put Pakistan in a terror blacklist for its failure to curb funding of terror groups. It found Pakistan was noncompliant on 32 of 40 parameters related to terror financing | P9 Rahul may join Oppn team visiting Srinagar today An all-party delegation of Opposition leaders will visit Srinagar on Saturday to assess the ground situation. The Congress is likely to be represented by Rahul Gandhi. CPM’s Sitaram Yechury, CPI’s D Raja, DMK’s Tiruchi Siva, RJD’s Manoj Jha will be part of the delegation. WADA suspends national dope lab for six months New Delhi: The World Anti-Doping Agency (WADA) has suspended the accreditation of India’s National Dope Testing Laboratory (NDTL) for six months. The lab got WADA accreditation in 2008. The development is a huge setback for India with less than a year left for Olympics | P13 ASSOCIATION SAYS NO Does TNCA owe State `1,553 crore as 15 years’ rent? C S H I V A K U M A R @ Chennai HOW much rent should the Tamil Nadu Cricket Association (TNCA) and Madras Cricket Club (MCC) pay for 7.48 lakh square feet of land leased from 2000 to 2015? The State believes they owe `1,553 crore. TNCA and MCC disagreed and had contested the State’s claim in the Madras High Court. Now, a three-member commit- tee hopes to resolve the issue amicably The committee comprising . the revenue secretary finance , secretary and commissioner of land administration held its first meeting on Thursday. A 2017 Comptroller and Auditor General report had slammed TN for failing to determine, demand and collect rent from 2000 to 2016, even after the expiry of lease in April 2015. The land was first leased to the association in 1936 and the lease has been renewed regularly. The association constructed the MAC stadium in the 1970s. However, the State reserved its rights to enhance rent from 2000 to 2015. In 2004, the then tahsildar told TNCA rent had been fixed at market value from April 2000 and demanded `22.98 crore. TNCA contested this. In 2015 it sought renewal of lease for 30 years. On August 8, 2017, the tahsildar ordered payment of dues of `32 lakh, which were paid. TNCA received a communication a month later, demanding `1,553 crore as dues, which it contested in the HC. It is learnt the panel is looking at how other states have leased land for sporting venues. NOW IN COIMBATORE? TN on high alert as 6 LeT men ‘enter State from Sri Lanka’ E X P R E S S N E W S S E R V I C E @ Chennai/Coimbatore TAMIL Nadu has been put on high alert following intelligence reports that six terrorists have entered the State. According to sources from the office of the Director General of Police (DGP), “A group of six LeT (Lashkar-e-Toiba) terrorists have entered the State through Sri Lanka. The group consists of one Pakistani and five Sri Lankan Tamil Muslims, who are said to carry out Chennai alert Terrorist Initiated Incidents and one of them is identified as Ilayas Chennai police commissioner A K Anwar.” Sources said according to the Viswanathan on alert, the group was in Coimbatore. Friday said the It said the group was disguised as city was on high Hindus and was planning to do alert. “Security something during the Ganesh has beefed up and storming Chaturthi festival, sources said. The source at the DGP’s office operations are on. said the intended targets of the Patrolling has group would include places of reli- been increased,” gious importance, tourist spots he said | P2 popular among foreigners, important political or social leaders, foreign embassies, central and state establishments and Hindu leaders. Intelligence machinery and coastal areas were ordered to keep a close watch on movement of strangers. Security was tightened around vital installations and religious sites including at Velankanni Shrine where a week-long festival is set to begin. Movement of ferries and small boats is to be monitored and fishermen are to be sensitised. Police said photos claiming to be of the terrorists were fake and not released by them. DELTA BOOST Chief Minister Edappadi K Palaniswami on Friday announced a ploughing subsidy of `600 per acre at a cost of `30 crore to promote direct sowing of paddy in the delta CM Edappadi K Palaniswami and Transport minister M R Vijayabhaskar with Tiruchy district central cooperative bank chairman A R Kaliappan on Friday | EXPRESS | P3
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