News in Numbers: Tax arrears less than Rs5,000 may be waived off
In other news, the share of diesel variants in new cars in India as of May 2016 fell to 26% from 52% four years ago
26%
What is it? The share of diesel variants in new cars in India as of May 2016.
Why is it important? This is down from 52% four years ago. The decline is due to rise in diesel prices on the back of government cutting fuel subsidies. In June 2012, diesel price in Delhi was 41.28 per litre or ₹ 26.50 lower than the petrol price. Now it’s Rs54.3 per litre, just ₹ 6.84 lower than the petrol price.
Tell me more: In Delhi, diesel car sales dropped significantly after National Green Tribunal said cars that are over 10 years old will be deregistered.
4 million
What is it? The number of tax arrears cases where the due amount is less than ₹ 5,000—likely to be waived off.
Why is it important? This is after the application of the Pareto Principle, which says large effects come from a few causes. Writing these amounts off would help the income-tax department focus on large defaulters where the amount that can be recovered would be larger, and the probability of recovery would be higher.
Tell me more: Of the 4 million cases, 1.8 million cases have arrears of less than ₹ 100, and the rest between ₹ 101 and ₹ 5,000.
Rs22,137 crore
What is it? Foreign contribution received by 3,068 non-governmental organisations (NGOs) in 2014-15.
Why is it important? This represents 83% increase in foreign funding for NGOs which received ₹ 1 crore or more. In 2013-14, the increase was a modest 17%. As part of the plan to monitor foreign funding of NGOs more closely, the government cancelled registrations of more than 10,000 NGOs that did not file annual returns.
Tell me more: Six states—Delhi, Andhra Pradesh, Kerala, Maharashtra, Tamil Nadu and Karnataka—received 75% of the total amount in 2014-15.
8.5%
What is it? The drop in the share price of Bharat Financial, formerly known as SKS Microfinance, after the company’s president S. Dilli Raj was arrested.
Why is it important? The company is among the biggest in the microfinance industry with claimed membership of 7 million, and Dilli Raj was the second-in-command. Bharat Financial claims the arrest was not related to the present company. It was based on a case filed by IDBI Bank against First Leasing Company of India, where Dilli Raj worked till January 2008. First Leasing’s former managing director Farouk M. Irani was arrested in June this year under the same case.
Tell me more: Bharat Financial survived turbulent times when the Andhra Pradesh government enacted a tough law to regulate micro lending in 2010. This law effectively meant most lending by microfinance firms couldn’t be collected from borrowers.
6
What is it? The number of hours for which West Bengal chief minister Mamata Banerjee had to wait before her turn came to speak at an inter-state council meeting in Delhi on 16 July.
Why is it important? West Bengal comes right at the end, if the state names are arranged alphabetically. Banerjee was reportedly prompted by this to rename the state ‘Bengal’ in English and ‘Bangla or Banga’ in Bengali. The change would help it move to the fourth position. The state cabinet cleared a proposal to this effect on Tuesday. However, it needs to be cleared by both houses of Parliament in Delhi.
Tell me more: This is the not the first time that West Bengal has proposed a name change. Earlier, it wanted to be called Paschim Banga, but the Central government didn’t approve the name.
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First Published:3 Aug 2016, 02:06 PM IST
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