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LOK SABHA ___ SYNOPSIS of DEBATES (Proceedings Other Than Questions & Answers) ___Thursday, May 05, 2016/ Vaisakha

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LOK SABHA ___ SYNOPSIS of DEBATES (Proceedings Other Than Questions & Answers) ___Thursday, May 05, 2016/ Vaisakha LOK SABHA ___ SYNOPSIS OF DEBATES (Proceedings other than Questions & Answers) ______ Thursday, May 05, 2016/ Vaisakha 15, 1938 (Saka) ______ OBITUARY REFERENCES HON'BLE SPEAKER: Hon'ble Members, I have to inform the House about the sad demise of three former Members, Shri Rana Bahadur Singh, Dr. Amrit Lal Bharti and Smt. Chandra Prabha Urs. Shri Rana Bahadur Singh was a Member of the 5th Lok Sabha representing the Sidhi Parliamentary Constituency of Madhya Pradesh. He was a Member of the Committee on Petitions during the 5th Lok Sabha. Shri Rana Bahadur Singh worked for the welfare of the farming community. Shri Rana Bahadur Singh passed away on 4th April, 2016 in Rewa, Madhya Pradesh at the age of 87. Dr. Amrit Lal Bharti was a Member of the 11th Lok Sabha representing the Chail Parliamentary Constituency of Uttar Pradesh. He was a Member of the Committee on Food, Civil Supply and Public Distribution. Dr. Bharti worked for the upliftment of the poor and marginalized sections of the society. Dr. Amrit Lal Bharti passed away on 15th April, 2016 in Allahabad, Uttar Pradesh at the age of 73. Smt. Chandra Prabha Urs was a Member of the 10th Lok Sabha representing the Mysore Parliamentary Constituency of Karnataka. She was Chairperson of the Committee on Labour and Welfare and a Member of the General Purposes Committee. Earlier, Smt. Chandra Prabha was a Member of the Karnataka Legislative Assembly for two terms from 1983 to 1985 and 1989 to 1991. She was also Cabinet Minister for Social Welfare, Sericulture and Excise in the Government of Karnataka from 1983 to 1985. Smt. Chandra Prabha Urs passed away on 3rd May, 2016 in Mysore, Karnataka at the age of 69. We deeply mourn the loss of our former colleagues and I am sure the House would join me in conveying our condolences to the bereaved families. The Members then stood in silence for a short while. *MATTERS UNDER RULE 377 (i) DR. SWAMI SAKSHIJI MAHARAJ laid a statement regarding need to renovate Pandit Deendayal Upadhyaya Sports Stadium in Unnao parliamentary constituency, Uttar Pradesh. (ii) SHRI RICHARD HAY laid a statement regarding need to increase green cover in the country particularly in Kerala. (iii) YOGI ADITYANATH laid a statement regarding need to make river Aami in Eastern Uttar Pradesh pollution-free. (iv) SHRI RAMEN DEKA laid a statement regarding updating the National Register of Citizenship in Assam. (v) SHRI SUSHIL KUMAR SINGH laid a statement regarding need to provide water to Sone canal in Bihar from Rihand dam as per the norms fixed by Joint Operation Committee set up for the purpose. (vi) SHRI DUSHYANT SINGH laid a statement regarding need to construct a new bridge on river Parvan in Jhalawar-Baran Parliamentary Constituency of Rajasthan. (vii) SHRI SUKHBIR SINGH JAUNAPURIA laid a statement regarding need to construct an over bridge or underpass at level crossing no. 298 * Laid on the Table as directed by the Speaker. between Amali and Rawanjna Dungar railway stations in Tonk-Sawai Madhopur parliamentary constituency, Rajasthan. (viii) SHRI THUPSTAN CHHEWANG laid a statement regarding need to relax the population norm fixed under Pradhan Mantri Gram Sadak Yojana for Ladakh region of Jammu & Kashmir. (ix) DR. SATYA PAL SINGH laid a statement regarding need to ensure payment of arrears of sugarcane to farmers by mills in Baghpat parliamentary constituency, Uttar Pradesh. (x) DR. KIRIT P. SOLANKI laid a statement regarding need to set up a Centre for Excellence of Cotton in Gujarat. (xi) SHRI DADDAN MISHRA laid a statement regarding need to provide clean drinking water in all the villages in the country. (xii) SHRI RAMESH BIDHURI laid a statement regarding need to ensure construction of earthquake-resistant building structures in Delhi. (xiii) SHRI SUBHASH CHANDRA BAHERIA laid a statement regarding need to address the problem of acute shortage of drinking water in Bhilwara parliamentary constituency, Rajasthan. (xiv) SHRI NISHIKANT DUBEY laid a statement regarding need to set up three Kendriya Vidyalayas in Santhal Pargana region of Jharkhand. (xv) SHRI CHHEDI PASWAN laid a statement regarding need to start work on Belwai Reservoir Project in Sasaram parliamentary constituency, Bihar. (xvi) SHRI R. DHRUVANARAYANA laid a statement regarding need to extend the benefits of Dairy Entrepreneurship Development Scheme (DEDS) to all the farmers of Chamarajnagar district of Karnataka. (xvii) SHRI NAGENDRA KUMAR PRADHAN laid a statement regarding problems faced by students of Kendriya Vidyalaya at Debgarh in Odisha. (xviii) SHRI DHANANJAY MAHADIK laid a statement regarding need to take measures for the welfare of pensioners under EPS-95. FINANCE BILL, 2016 - Contd. THE MINISTER OF FINANCE, MINISTER OF CORPORATE AFFAIRS AND MINISTER OF INFORMATION AND BROADCASTING (SHRI ARUN JAITLEY) replying said: The global economy continued to be a cause of concern. The earlier global growth rate was predicted to be 3.4 per cent but now it has been lowered to 3.1 per cent. It may even be lower than that. Asian economy is slightly better compared to the global economy because of the contribution of India and China which raises the average slightly. India is the fastest growing economy among the major countries. The assessment at present is that rains this year would be better compared to the previous year's and perhaps agricultural growth would improve leading to more rural income. The NPA situation in the banks is certainly a cause of concern and the Government is committed to overcome this and would completely support the banks in this regard. This year also capital would be provided to the banks. Management of banks should be professionalized. Some loans in this regard might have been given on wrong basis which would be investigated. The largest contribution in NPA is due to the steel sector. To solve this custom duties have been increased, certain other steps have been taken and minimum import price has been fixed. Similarly, projects related to highway sector had come to a complete standstill. The Government infused a lot of funds in the National Highway Authority and in the last two years highway sector is revived in a big way. The price of sugar has gone up slightly. The NPA regarding the sugar sector would improve gradually. Similarly, regarding the power distribution companies in states 'UDAY' scheme has been introduced. With these measures NPA situation is being addressed. Lot of questions were raised yesterday regarding direct-indirect taxation. Our total revenue for 2014-15 increased by 9.4 per cent. In the previous year this was about 17 per cent. For the first time in this year the actual expenditure exceeded the Budget estimates instead of being curtailed. The natural aim of the Government taxation policy is to take forward the Prime Minister's Make-in-India resolve. Hence, we make changes now and then to support domestic industry. Another aim is to increase employment in the country. To increase employment we have given lots of rebates this time in the housing sector. Tax on royalty has been reduced to 10 per cent from 25 per cent. Relief has been given for 'Start Ups.' We are gradually moving towards rationalization of corporate tax to align it with globally competitive economies. The Government's effort is that there should be minimum interaction between the Tax Department and the tax payers. Last year Rs.2.10 crore refunds were effected electronically to gradually to do away with interactions. The appeals filed by the department lead to increase in litigation so our target is to bring it down by fifty percent. In all the three budgets of this Government so far, we have tried to put more and more money in the hands of the small taxpayers. For the first time the exemption limit U/s 80C regarding investment has been enhanced from Rs.1 lakh to Rs.1.5 lakh so that the more the people save less would be tax and the savings would contribute in the development of the country. The aim of the Government is to create gradually a pensioned society- not only for the Government servants but for others too. Hence, one would get additional exemption of Rs.50,000 for investment made in the National Pension Scheme. The Government has increased the exemption regarding house property from Rs.1 lakh to Rs.1.5 lakh. If the person is buying first house then additional exemption of Rs.50,000 can be availed by him. Additionally, a taxpayers with income upto Rs.5 lakhs the deduction which was Rs.2,000 has been increased to Rs.5,000. For those living on rented properties the yearly exemption on rent is now Rs.60,000. The most important aspect I believe in this budget is that of presumptive income, done for the first time. There are a large number of professionals, architects, directors and self-employed persons in the country. They need not maintain any accounts. Simply a single page return needs to be filed while declaring their income. Similar facility has been extended to businessmen, traders and those running small workshops with yearly turnover upto Rs.2 crore. For the first time the Government has brought a law regarding declaration of foreign assets which need to be declared. Rs.6,500 crores were assessed in HSBC and Liechtenstein accounts. Large number of people came out with declaration under the black money law. Taxes were paid. Declaration was to the tune of Rs.4- 4.25 thousand crores. Apart from last year, we unearthed black money in the normal procedure through assessment and indirect taxation measures led to Rs.71,000 crore of black money.
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