DOCSLIB.ORG

ADB News from Pakistan, August 2012

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
ADB News from Pakistan, August 2012 NEWS FROM www.adb.org/prm [email protected] PAKISTAN A Newsletter of the Pakistan Resident Mission August 2012 of the Asian Development Bank DG Klaus Gerhaeusser visits Pakistan laus Gerhaeusser, ADB's Director General of Kthe Central West Asia Department (CWRD) visited Pakistan on 27-28 June. The DG met with Finance Minister Dr. Abdul Hafeez Shaikh to review ADB's ongoing portfolio and investments in Pakistan. He also met with Chaudhry Ahmed Mukhtar, Minister for Water and Power, and Shakil Durrani, Photo by ADB/PRM Chairman of Water and Power Development Authority (WAPDA) to discuss energy sector issues, Building Back Better & Safer including ways to help the country overcome Dr. Werner E. Liepach, ADB s Country Director inaugurated a primary school crippling power shortage. The DG reaffirmed ADB's for girls reconstructed under ADB s Pakistan Earthquake Fund commitment to work with the government and private sector to improve Pakistan's infrastructure, energy security, and basic public services. ADB s Pakistan Earthquake IN THIS ISSUE Fund Rebuilds 124 Schools Balochistan Upgrades Highways 3 Improved Energy Supply and Investment Flow Key to Growth in Pakistan 3 in Khyber Pakhunkhwa Pakistan's Energy Security: Way Forward 4 Lighting Up Pakistan's Remote Fishing Villages 6 CAREC Officials Meet to Map Implementation of 2020 Plan 8 DB's Country Director for Pakistan Dr. Werner E. Liepach, ADB to Expand and Speed-up Access to Information 8 during a project review mission on 16 July 2012, inaugurated a ADB Institute Opens Developing Asia Journalism Awards Competition 9 A primary school for girls and a high school for boys in Nilishung Country Portfolio Review 10 in Battagram district of Pakistan s Khyber Pakhtunkhwa province. The two schools were financed through grant funds contributed by Belgium and Norway with debt-for-development swaps to ADB's Earthquake What's Inside Emergency Assistance Project (EEAP). ADB responded to the 2005 devastating earthquake by committing Lighting Up Pakistan's about $ 1 billion in loans and grants to reconstruct power grids, roads, schools, rural houses, and health facilities. The commitment included Remote Fishing Villages reconstruction of 124 schools in the remote earthquake ravaged districts of Shangla and Battagram. ADB rebuilt 105 schools to multi- The fisherfolk of the hazards standard while the government is completing the construction Indus Delta in Sindh of the remaining 19 schools using its own funds. Under the project, Province finally have ADB also provided teacher trainings and capacity development electricity to light up programs for school management committees. The new schools offer their homes, and essential facilities including sound and weather proof building, their lives. electricity, clean drinking water, washrooms, lightening arresters and modern school furniture, and access suited to physically handicapped children. News Historic Agreements Bring Long-Awaited TAPI Pipeline closer to reality fter more than 20 years of delicate which has acted as the TAPI Secretariat Turkmenistan is expected to be finalized negotiations, a 1,800-kilometer since 2002. shortly. The next step is for the four Anatural gas pipeline that connects ADB has played a leading role in TAPI nations to attract commercial one of Central Asia's largest energy coordinating and facilitating the TAPI partners to build, finance, and operate suppliers with South Asia's critically negotiation process over the past 10 the pipeline, estimated in 2008 to cost at underserved market has come one step years. least $7.6 billion. n closer to reality, marking an The pipeline represents a win-win unprecedented new chapter in regional scenario for each TAPI country, as it will relations. give Turkmenistan with the world's GAIL (India) Ltd. and Pakistan's fourth largest reserves more diverse Inter State Gas System (Private) Ltd., markets and helps fuel the energy- on 23 May 2012 signed Gas Sales and hungry economies to the South, Mr. Purchase Agreements with Gerhaeusser said. Each country stands Turkmenistan that will lead to the supply to gain, making this not only the 'Peace of up to 90 million cubic meters of Pipeline,' but a pipeline to prosperity as natural gas a day via the TAPI well. (Turkmenistan-Afghanistan-Pakistan- With the TAPI pipeline in place, India) natural gas pipeline. Afghanistan Turkmenistan's gas will reach a greater also signed a Memorandum of range of overland markets, diversifying Understanding on long-term gas from its existing markets in Russia, Iran, cooperation with Turkmenistan at and the People's Republic of China. Turkmenbashi. The bulk of exported gas A Gas Sales and Purchase will help meet surging energy demand in Agreement between Afghanistan and India and Pakistan where energy needs are set to double by 2030 while the remainder will alleviate chronic power shortages in Afghanistan. This is a truly historic moment of unparalleled regional cooperation, said Klaus Gerhaeusser, Director General of the Central and West Asia Department at the Asian Development Bank (ADB), Construction Cost Data Training & Project Implementation Seminar day-long training held at in the training aimed to promote the use Islamabad on 25 April 2012. More than Pakistan Engineering Council of market based construction costs, and 40 participants from executing and A(PEC) on 10 April for ADB fast track preparation of Bills of implementing agencies attended the executing agencies on the application of Quantities (BOQs), Engineer's Estimate seminar and procurement clinic meant a Construction Cost Database. The and Price Adjustment Formulae. ADB's to refresh participants' understanding of database has been developed by Pakistan Terry Woods facilitated the workshop. ADB's consulting and procurement Institute of Costs and Contracts A 3-day project implementation and guidelines and procedures. n (PICC), Islamabad under an ADB procurement training was also held in Technical Assistance for Asia Pacific Procurement Partnership Initiative (PPI). Technical staffs from key executing agencies including water, energy, irrigation, transport, and social sectors, from the federal and provincial government attended the training. Representatives from private sector and contractor's association also participated 2 News Balochistan Upgrades Highways ADB s Balochistan Road Development Sector Project has helped boost interprovincial connectivity and trade through construction of 120 km of national highways and 189 km of provincial highways. The upgraded road network is stimulating income opportunities and reducing poverty in the country s largest and least developed province, according to the project completion report. The province s economic development potential is constrained by its inadequate infrastructure, lack of connectivity between the poor rural population and market and district Photo by ADB/PRM centers, poor access to education and health facilities, and limited job opportunities. Building Highways ADB provided a project loan of Despite challenging circumstances relating to security, floods, and earthquake, the project achieved major targets. $185.7 million from its ordinary capital resources and a technical assistance in Despite highly challenging Travel time and the vehicle various currencies equivalent to $1.0 circumstances relating to security, operating costs on the completed roads million from its special funds resources unprecedented floods, and earthquake, were reduced by 59% and 20 40%, in 2003 for the Balochistan Road the majority of the project outcomes respectively, which are much higher Development Sector Project meant to have been achieved. About 120 km of than those anticipated at appraisal (each improve connectivity and allow better national highways (out of the total 230 by at least 25%). The project is likely to access in Balochistan through km) and 189 km of provincial highways benefit a total of about 761,000 people sustainable road sector development and (out of the total 426 km) were built; while along the national highways and about maintenance, including enhancing the government on course to complete 238,700 people along the provincial efficiency of the national highway. the remaining road sections. highways and rural roads. n Improved Energy Supply and Investment Flow Key to Growth in Pakistan, says ADO akistan's economic outlook is present a mixed picture. Federal Board economy, in particular manufacturing expected to stay modest in the of Revenue collections are much and infrastructure development, to Pabsence of a predictable energy improved, running a full 33% ahead of sustain growth and generate jobs. supply and improved investments. last year's performance for the first 6 The external account, according to Growth in FY2012 is likely to hover months. This reflects improved the report, returns to a deficit in FY2012, around 3.6%, the Asian Development economic activity in the first half of the with scant cushion from the financial Bank (ADB) says in its annual flagship year, as well as extension of the flood- and capital accounts. Lower prices for publication, the Asian Development related tax surcharges and key export commodities, particularly Outlook (ADO) 2012 released on 11 improvements to tax administration. Yet cotton, combined with higher import April 2012. meeting the overall revenue target for prices, pushed the current account from Power is the main constraint for FY2012 in part depends on the sale of near balance for the first 7 months of economic growth, as load-shedding third-generation
Load more

Recommended publications
  • An Open Letter to the New Zealand Prime Minister, Deputy Prime
    An open letter to the New Zealand Prime Minister, Deputy Prime Minister and Minister of Foreign Affairs, and Minister of Finance, from fourteen leading New Zealand international aid agencies No-one is safe until we are all safe 28 April 2020 Dear Prime Minister Ardern, Deputy Prime Minister and Foreign Affairs Minister Peters, and Finance Minister Robertson, We thank you for the unprecedented steps your government has taken to protect people in New Zealand from the coronavirus and its impacts. Today, we ask that you extend assistance to people in places far less able to withstand this pandemic. With your inspiring leadership and guidance, here in New Zealand we have accepted the need for radical action to stop the coronavirus and are coping as best we can. Yet, as you know, even with all your government has done to support people through these hard times, people remain worried about their health and their jobs. Like here, family life has been turned upside down across the world. It’s hard to imagine families crammed into refugee camps in Iraq and Syria, or in the squatter settlements on the outskirts of Port Moresby, living in close quarters, with no clean water close by, no soap, and the knowledge that there will be little help from struggling public health systems. We’ve all become experts at hand washing and staying at home as we try to stop coronavirus and save lives. It is not easy, but we know how crucial it is to stop the virus. What would it be like trying to do this at a single tap in your part of the refugee camp, that 250 other people also rely on? This is the reality for more than 900,000 people in Cox’s Bazaar refugee camp in Bangladesh.
    [Show full text]
  • The Perfect Finance Minister Whom to Appoint As Finance Minister to Balance the Budget?
    1188 Discussion Papers Deutsches Institut für Wirtschaftsforschung 2012 The Perfect Finance Minister Whom to Appoint as Finance Minister to Balance the Budget? Beate Jochimsen and Sebastian Thomasius Opinions expressed in this paper are those of the author(s) and do not necessarily reflect views of the institute. IMPRESSUM © DIW Berlin, 2012 DIW Berlin German Institute for Economic Research Mohrenstr. 58 10117 Berlin Tel. +49 (30) 897 89-0 Fax +49 (30) 897 89-200 http://www.diw.de ISSN print edition 1433-0210 ISSN electronic edition 1619-4535 Papers can be downloaded free of charge from the DIW Berlin website: http://www.diw.de/discussionpapers Discussion Papers of DIW Berlin are indexed in RePEc and SSRN: http://ideas.repec.org/s/diw/diwwpp.html http://www.ssrn.com/link/DIW-Berlin-German-Inst-Econ-Res.html The perfect finance minister: Whom to appoint as finance minister to balance the budget? Beate Jochimsen Berlin School of Economics and Law German Institute for Economic Research (DIW Berlin) Sebastian Thomasius∗ Free University of Berlin Berlin School of Economics and Law German Institute for Economic Research (DIW Berlin) February 2012 Abstract The role and influence of the finance minister within the cabinet are discussed with increasing prominence in the recent theoretical literature on the political economy of budget deficits. It is generally assumed that the spending ministers can raise their reputation purely with new or more extensive expenditure programs, whereas solely the finance minister is interested to balance the budget. Using a dynamic panel model to study the development of public deficits in the German states between 1960 and 2009, we identify several personal characteristics of the finance ministers that significantly influence budgetary performance.
    [Show full text]
  • Download Chapter (PDF)
    xxxui CHRONOLOGY í-i: Sudan. Elections to a Constituent Assembly (voting postponed for 37 southern seats). 4 Zambia. Basil Kabwe became Finance Minister and Luke Mwan- anshiku, Foreign Minister. 5-1: Liberia. Robert Tubman became Finance Minister, replacing G. Irving Jones. 7 Lebanon. Israeli planes bombed refugee camps near Sidon, said to contain PLO factions. 13 Israel. Moshe Nissim became Finance Minister, replacing Itzhak Moda'i. 14 European Communities. Limited diplomatic sanctions were imposed on Libya, in retaliation for terrorist attacks. Sanctions were intensified on 22nd. 15 Libya. US aircraft bombed Tripoli from UK and aircraft carrier bases; the raids were said to be directed against terrorist head- quarters in the city. 17 United Kingdom. Explosives were found planted in the luggage of a passenger on an Israeli aircraft; a Jordanian was arrested on 18 th. 23 South Africa. New regulations in force: no further arrests under the pass laws, release for those now in prison for violating the laws, proposed common identity document for all groups of the population. 25 Swaziland. Prince Makhosetive Dlamini was inaugurated as King Mswati III. 26 USSR. No 4 reactor, Chernobyl nuclear power station, exploded and caught fire. Serious levels of radio-activity spread through neighbouring states; the casualty figure was not known. 4 Afghánistán. Mohammad Najibollah, head of security services, replaced Babrak Karmal as General Secretary, People's Demo- cratic Party. 7 Bangladesh. General election; the Jatiya party won 153 out of 300 elected seats. 8 Costa Rica. Oscar Arias Sánchez was sworn in as President. Norway. A minority Labour government took office, under Gro 9 Harlem Brundtland.
    [Show full text]
  • GOVERNMENT of MEGHALAYA, OFFICE of the CHIEF MINSITER Media & Communications Cell Shillong ***
    GOVERNMENT OF MEGHALAYA, OFFICE OF THE CHIEF MINSITER Media & Communications Cell Shillong *** New Delhi | Sept 9, 2020 | Press Release Meghalaya Chief Minister Conrad K. Sangma and Deputy Chief Minister Prestone Tynsong today met Union Finance Minister Nirmala Sitharaman in New Delhi and submitted memorandum requesting the Ministry of Finance to incentivise national banks and prioritize the setting up of new bank branches in rural areas to increase the reach of banking system in the State. Chief Minister also submitted a memorandum requesting the Government of India to increase Meghalaya’s share of central taxes. The Union Minister was also apprised on the overall financial position of Meghalaya. After meeting Union Finance Minister, Chief Minister and Dy Chief Minister also met Minister of State for Finance Anurag Thakur and discussed on way forward for initiating externally funded World Bank & New Development Bank projects in the state. He was also apprised of the 3 externally aided projects that focus on Health, Tourism & Road Infrastructure development in the State. Chief Minister and Dy CM also met Union Minister for Animal Husbandry, Fisheries and Dairying Giriraj Singh and discussed prospects and interventions to be taken up in the State to promote cattle breeding, piggery and fisheries for economic growth and sustainable development. The duo also called on Minister of State Heavy Industries and Public Enterprises, Arjun M Meghwal and discussed various issues related to the introduction of electric vehicles, particularly for short distance public transport. Later in the day, Chief Minister met Union Minister for Minority Affairs, Mukhtar Abbas Naqvi as part of his visit to the capital today.
    [Show full text]
  • GCF Global Programming Conference
    #GCFconnections Songdo, Republic of Korea Preliminary List of Participants 19 – 23 August 2019 COUNTRY/ORGANIZATION MINISTRY/AGENCY LAST NAME FIRST NAME TITLE MINISTERS / GCF NATIONAL DESIGNATED AUTHORITY (NDA/FP) / COUNTRY REPRESENTATIVES Islamic Republic of Afghanistan National Environmental Protection Agency Maiwandi Schah Zaman Director General Hoshmand Ahmad Samim Climate Change Director Khan Hamid Advisor - International Relations Bakhshi M.Solaiman Climate Finance Mechanisms Expert Ministry of Finance Salemi Wazhma Health Sector Manager Minitry of Foreign Affairs Atarud Abdul Hakim Ambassador Republic of Albania Ministry of Tourism and Environment Klosi Blendi Minister Çuçi Ornela Deputy Minister Budget Programming Specialist In The General Budget Ministry of Finance and Economy Muka Brunilda Department Demko Majlinda Adviser of The Minister of Finance and Economy Ministry of Environment and Renewable People's Democratic Republic of Algeria Boukadoum Abderrahmane General Director Energies Nouar Laib General Director Republic of Angola Ministry of Environment Coelho Paula Cristina Francisco Minister Massala Arlette GCF Focal Point Congo Mariano José GCF Consultant of The Minister office Lumueno Witold Selfroneo Da Gloria Consultant Minister of Health, Wellness and the Antigua and Barbuda Joseph Molwyn Minister Environment Black-Layne Diann Director Robertson Michai Policy Officer Republic of Armenia Ministry of Nature Protection Grigoryan Erik Minister Hakobyan Hayrapet Assistant to Minister Water Resources Management Agency Pirumyan
    [Show full text]
  • Financial Statement
    GOVERNMENT OF BARBADOS FINANCIAL STATEMENT AND BUDGETARY PROPOSALS 2011 PRESENTED BY HON. CHRISTOPHER P. SINCKLER MINISTER OF FINANCE AND ECONOMIC AFFAIRS Tuesday 16th August, 2011 1 Mr. Speaker Sir, it is with a chastened outlook yet calmed assurance that I rise to deliver to this Honourable House the Financial Statement and Budgetary Proposal for 2011. I am chastened Sir, not only by the enormity of the task that confronts me as Minister of Finance and Economic Affairs, as it does indeed the entire Government and people of Barbados, but equally as well by the massive responsibility which has been imposed on us to safely navigate our country through this most challenging period of the country’s history. Lesser men and women would have shirked from this responsibility in favour of more certain waters and a less contentious atmosphere. Surely at times Mr. Speaker, my own human frailty has led me, as I am sure it has led many others across this country, in moments of weakness to ask: why me? But for those of us on whom God Almighty has vested the burden of leadership in trying times, it is expected that we do as the Apostle Paul instructed the early Christians in his letter to the Corinthians and I quote: “Keep alert, stand Firm in your faith, be courageous, be strong” That is why for my own part, as I walk this treacherous path of uncertain economic times, I do so with a resilience to do what is mine to do. For I know that my strength also comes from the certainty that I am not walking this path alone.
    [Show full text]
  • Participant List
    Participant List 10/20/2019 8:45:44 AM Category First Name Last Name Position Organization Nationality CSO Jillian Abballe UN Advocacy Officer and Anglican Communion United States Head of Office Ramil Abbasov Chariman of the Managing Spektr Socio-Economic Azerbaijan Board Researches and Development Public Union Babak Abbaszadeh President and Chief Toronto Centre for Global Canada Executive Officer Leadership in Financial Supervision Amr Abdallah Director, Gulf Programs Educaiton for Employment - United States EFE HAGAR ABDELRAHM African affairs & SDGs Unit Maat for Peace, Development Egypt AN Manager and Human Rights Abukar Abdi CEO Juba Foundation Kenya Nabil Abdo MENA Senior Policy Oxfam International Lebanon Advisor Mala Abdulaziz Executive director Swift Relief Foundation Nigeria Maryati Abdullah Director/National Publish What You Pay Indonesia Coordinator Indonesia Yussuf Abdullahi Regional Team Lead Pact Kenya Abdulahi Abdulraheem Executive Director Initiative for Sound Education Nigeria Relationship & Health Muttaqa Abdulra'uf Research Fellow International Trade Union Nigeria Confederation (ITUC) Kehinde Abdulsalam Interfaith Minister Strength in Diversity Nigeria Development Centre, Nigeria Kassim Abdulsalam Zonal Coordinator/Field Strength in Diversity Nigeria Executive Development Centre, Nigeria and Farmers Advocacy and Support Initiative in Nig Shahlo Abdunabizoda Director Jahon Tajikistan Shontaye Abegaz Executive Director International Insitute for Human United States Security Subhashini Abeysinghe Research Director Verite
    [Show full text]
  • Regulation of the Finance Minister Number 80/Pmk.03
    FINANCE MINISTER OF THE REPUBLIC OF INDONESIA COPY REGULATION OF THE FINANCE MINISTER NUMBER 80/PMK.03/2009 ON THE SURPLUS RECEIVED OR GAINED BY A NON PROFIT AGENCY OR INSTITUTION IN EDUCATION AND/OR RESEARCH AND DEVELOPMENT THAT ARE EXEMPTED FROM INCOME TAX THE FINANCE MINISTER, Having : That in implementing the provision of Article 4 paragraph (3) letter m considered of Law Number 7 of 1983 on Income Tax as amended several times and last by Law Number 36 of 2008, it is necessary to enact a Regulation of the Finance Minister on the Surplus Received or Gained by a Non-profit Agency or Institution in Education and/or Research and Development that are Exempted from Income Tax; Having : 1. Law Number 6 of 1983 on General Provisions and Procedures for observed Taxation (State Gazette of the Republic of Indonesia of 1983 Number 49, Supplement to the State Gazette of the Republic Indonesia Number 3262) as amended several times and last by Law Number 28 of 2007 (State Gazette of the Republic of Indonesia of 2007 Number 85, Supplement to the State Gazette of the Republic Indonesia Number 4740); 2. Law Number 7 of 1983 on Income Tax (State Gazette of the Republic of Indonesia of 1983 Number 50, Supplement to the State Gazette of the Republic Indonesia number 3263) as amended several times and last by Law Number 36 of 2008 (State Gazette of the Republic of Indonesia of 2008 Number 133, Supplement to the State Gazette of the Republic Indonesia Number 4893); 3. Presidential Decree Number 20/P of 2005; HAS DECIDED: To enact : THE SURPLUS RECEIVED OR GAINED BY NON- PROFIT AGENCIES OR INSTITUTIONS IN EDUCATION AND/OR RESEARCH AND DEVELOPMENT THAT ARE EXEMPTED FROM INCOME TAX.
    [Show full text]
  • Cabinet Structure and Fiscal Policy Outcomesejpr 1914 631..653
    European Journal of Political Research 49: 631–653, 2010 631 doi: 10.1111/j.1475-6765.2009.01914.x Cabinet structure and fiscal policy outcomesejpr_1914 631..653 JOACHIM WEHNER Department of Government, London School of Economics and Political Science, UK Abstract. A central explanation of fiscal performance focuses on the structure of the cabinet. However, the partisan context of cabinet decisions remains under-explored, the findings are based on small samples and the variables of interest are often poorly opera- tionalised. Using a new dataset of spending ministers and partisan fragmentation in the cabinets of 58 countries between 1975 and 1998, this study finds a strong positive association between the number of spending ministers and budget deficits and expenditures, as well as weaker evidence that these effects increase with partisan fragmentation. The outcome of the annual budget process is crucial in the competition among cabinet ministers for political standing. As one minister sums up the effect of budgetary decisions on his career prospects1: ‘If that bugger in transport gets more money than me, I look like a loser.’ Such individual-level incentives to boost spending can have profound aggregate consequences (Niskanen 1971; Von Hagen & Harden 1995). Cross-national studies find that cabinet size or the number of spending ministers affects fiscal performance (Volkerink & De Haan 2001; Perotti & Kontopoulos 2002; Woo 2003; Ricciuti 2004). However, this literature suffers from several shortcomings. First, it gives insufficient consideration to the possible interaction between the number of spending ministers and the partisan context of bargaining over the budget. Second, sample size is limited and the extent to which the findings can be generalised beyond a few industrialised democracies remains unclear.
    [Show full text]
  • Copy Regulation of the Finance Minister Number 113/ Pmk.02/ 2009 on Oil and Gas Account by the Grace of the One Almighty God the Finance Minister
    FINANCE MINISTER THE REPUBLIC OF INDONESIA COPY REGULATION OF THE FINANCE MINISTER NUMBER 113/ PMK.02/ 2009 ON OIL AND GAS ACCOUNT BY THE GRACE OF THE ONE ALMIGHTY GOD THE FINANCE MINISTER, Having considered : a. that for the purpose of collecting the Government’s share from oil and gas upstream business activities, the Finance Minister as the State General Treasury has opened the Ministry of Finance Account for Proceeds from Oil Production Sharing Work Agreement Numbered 600.000411 at Bank Indonesia; b. that to provide the legal certainty over the settlement of Government’s obligation concerning the oil and gas upstream business activities through the Ministry of Finance Account for Proceeds from Oil Production Sharing Work Agreement Numbered 600.000411 at Bank Indonesia, it is necessary to stipulate the provisions on the disbursement of funds from the Ministry of Finance Account for Proceeds from Oil Production Sharing Work Agreement Numbered 600.000411 at Bank Indonesia ; c. that based upon the consideration as referred to in letter a and letter b, it is necessary to enact the Regulation of the Finance Minister on Oil and Gas Account. Having observed : 1. Law Number 8 of 1983 on Value Added Tax on Goods and Services and Tax on the Sales of Luxury Items (State Gazette of the Republic of Indonesia Number 51 of 1983, Supplement to the State Gazette of the Republic of Indonesia Number 3246) as amended several times, and last by Law Number 18 of 2000 (State Gazette of the Republic of Indonesia Number 128 of 2000, Supplement to the State Gazette of the Republic of Indonesia Number 3986); 2.
    [Show full text]
  • Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes
    Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 22nd June, 2021 PRESS RELEASE Finance Ministry interaction with tax professionals, other stakeholders and Infosys on issues in the new Income Tax Portal A meeting was held between senior officials of the Finance Ministry and Infosys on 22.06.2021 on issues in the new Income Tax Portal. The meeting was presided over by Hon’ble FM, Smt. N. Sitharaman. MoS(Finance), Shri Anurag Singh Thakur also participated in the meeting. The interaction was attended by Shri Tarun Bajaj, Secretary Revenue, Shri J. B. Mohapatra, Chairman, CBDT, Smt. Anu J. Singh, Member(L & Systems), CBDT and other senior officers of CBDT. Infosys was represented by its MD & CEO, Shri Salil Parekh and COO, Shri Praveen Rao and other members of their team. The meeting was also attended by 10 tax professionals from across the country, including representatives of ICAI and All India Federation of Tax Practitioners (AIFTP). The new efiling portal 2.0 of Income Tax Department (incometax.gov.in) went live on 07.06.2021. Since its launch, there were numerous glitches in the functioning of the new portal. Taking note of the grievances voiced on social media by taxpayers, tax professionals and other stakeholders, the Hon’ble Finance Minister had also flagged the issues to the vendor M/s Infosys, calling upon them to address these concerns. However, since the portal continued to be plagued by technical glitches causing inconvenience to taxpayers, it was decided to hold a meeting between Finance Ministry and Infosys as also other stakeholders on 22.06.2021.
    [Show full text]
  • Sovereign Wealth Funds Ending United States Protectionism?
    Sovereign Wealth Funds ending United States protectionism? Explaining the US acceptance of foreign governments’ investments in US financial institutions at the onset of the subprime mortgage crisis Author: Joop Overkamp Student number: S4483774 Degree: Thesis Submitted in Partial Fulfillment of the Requirements for the Degree of Master in political science (MSc) Specialization: International Political Economy Supervisor: Dr. T.R. Eimer Faculty: Nijmegen School of Management University: Radboud University, Nijmegen, The Netherlands Date of submission: June 24, 2020 Word count: 21.760 1 Abstract For a long time, the United States of America (US) tried to prevent acquisitions of foreign governments into vital economic sectors. This long-held policy seemed to change during the onset of the subprime mortgage crisis When Sovereign Wealth Funds (SWFs) acted as White knight’s and provided much-needed liquidity for failing US financial institutions. The US government did not intervene in these investments, Which caused politicians to publicly voice their concerns and lengthy congressional hearings. The final governmental response Was to accept investments and enact ‘best practices’ for SWFs and ‘guidelines’ for SWF investment recipient countries at the IMF and OECD level. Which respectively ensured that SWFs do not invest politically, and SWF investment recipient countries do not discriminate betWeen state oWned enterprises or private companies. This research tried to understand this policy decision through the detailed analysis of three policy phases. It finds that neither the Neoclassical Mercantilist nor the Critical Political Economy (CPE) approach can fully explain this decision. Interestingly, a combination betWeen both approaches seems to explain Why the US chooses to proliferate neoliberal policies that do not regulate SWFs directly.
    [Show full text]