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Business News/ Politics / Policy/  News in numbers | Govt is planning to cap cash transactions at Rs3 lakh
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News in numbers | Govt is planning to cap cash transactions at Rs3 lakh

If the government accepts the recommendations by a team to curb black money, it will make cash transactions above Rs3 lakh illegal and punishable

India has a tax to GDP ratio of 17.7%, lower than its peers China (22%), Brazil (34.4%) and Russia (19.5%). Photo: MintPremium
India has a tax to GDP ratio of 17.7%, lower than its peers China (22%), Brazil (34.4%) and Russia (19.5%). Photo: Mint

Rs54,000 crore

What is it? The value of mobile handsets manufactured in India during 2015-16, as compared to 19,000 crore in the previous year.

Why is it important? Spurt in local manufacturing is a boost to India’s ‘Make in India’ initiative to attract multinational companies to set up units in India. This could create additional jobs. At present, 25 units spread across 10 states employ 37,000 people.

Tell me more: The value addition is still low in the range of 3-8%, with local units assembling parts that are imported. Nokia’s manufacturing plant near Chennai produced nearly €3 billion (or around 17,000 crore in today’s exchange rate) worth of products in 2010. The unit, which was predominately making low-cost mobiles, was shut down later due to fall in demand and tax litigation with Indian authorities.

68,300

What is it? The number of hotel rooms that Oyo Rooms, a budget hotel room aggregator, said it had in its network at the last count.

Why is it important? Cyrus Mistry, chairman, Indian Hotels Company, said Oyo was a threat to its business, an acknowledgement of its growth from a competitor even as several observers look at the start-up with scepticism. “Clearly, this is a threat, but it is a different model. I hope it will expand the hospitality market. We have to keep an eye on it," Mistry told IHCL shareholders.

Tell me more: Oyo has tied up with 5,855 hotels in 170 cities to offer co-branded rooms to customers promising predictability and standardized quality across. It has raised $187.65 million in five rounds from six investors, with the latest round led by Softbank Group.

Rs3 lakh

What is it? The recommended upper limit on cash transactions under consideration by the government

Why is it important? The recommendation is by a special investigative team headed by retired judge M.B. Shah that looked into the ways to curb black money. If accepted, it will make cash transactions above 3 lakh illegal and punishable.

Tell me more: This is the fifth report submitted by the SIT. In one of its earlier reports, it suggested Serious Fraud Investigation Office to regularly mine data from the ministry of corporate affairs database, flag indicators and share information with other agencies.

74 million

What is it? The number of taxpayers in India, according to Central Board of Direct Taxes chairperson Rani Singh Nair.

Why is it important? It’s about 37% more than the widely cited figure of 54 million. Earlier this year, Prime Minister Narendra Modi called for widening the base to 100 million taxpayers. Finance minister Arun Jaitley recently said that India will have to widen its tax base, before tax rates can be brought down.

Tell me more: India has a tax to GDP ratio of 17.7%, lower than its peers China (22%), Brazil (34.4%) and Russia (19.5%).

6 million

What is it? The number of people affected by floods in five states—Bihar, Madhya Pradesh, Uttar Pradesh, Rajasthan and Uttarakhand.

Why is it important? The overflowing rivers due to monsoon have destroyed crops that could affect the livelihoods of the rural population. Over 300 people have lost their lives in eastern and central India.

Tell me more: India receives 70% of the annual rainfall during the four-month window between June and September. Monsoon is the primary source of irrigation for half of the country’s cropland and refills over 80 nationally-monitored water reservoirs, vital to meet irrigation and drinking water supply.

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Published: 24 Aug 2016, 03:28 PM IST
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