by Elton Gomes
Trouble has been mounting for fugitive financial offender Vijay Mallya. A special PMLA court has summoned him to appear before it on August 27. Meanwhile, India joins Norway as a third party member against the US’ decision to impose steel and aluminium duties. To add to the list of important business stories is the GST collection in June.
Vijay Mallya summoned by PMLA court on August 27
Under the recently promulgated Economic Offenders Ordinance 2018, a special PMLA (Prevention of Money Laundering Act) court has summoned fugitive offender Vijay Mallya on August 27. The move comes after Mallya expressed his desire to pay the pending bank loans. The fugitive debt offender said that he takes offence upon being called a “fugitive,” stating that he is willing to repay the money by selling his assets. Previously, the Enforcement Directorate moved court against Mallya in an attempt to declare him a fugitive offender and to confiscate his assets worth Rs 12,500 crore.
India joins Norway in steel, aluminium duties case against the US
Consenting to a request from the Norwegian government, India has expressed willingness to join the WTO dispute consultation. India will be joining as a third party against the US’ decision to impose high custom duties on some steel and aluminium products. India said that it has considerable trade interest in the sector. The WTO said, “India hereby notifies its desire to join the consultations requested by the Government of Norway… with respect to certain measures imposed by the US to adjust imports of steel and aluminium into the US…and exempting certain selected WTO members from the measures.” An official said that India was joining the case as a third party member in order to understand the developments on the issue. Additionally, India said that it is a significant exporter of steel and aluminium products to the US.
US claims that North Korea has increased nuclear fuel production
Despite Donald Trump’s claims “there is no longer a nuclear threat” from North Korea, US intelligence agencies allege that the country may actually have increased production of fuel for nuclear weapons in recent months. Although North Korea claims to have halted its missile and nuclear tests, “there’s no evidence that they are decreasing stockpiles, or that they have stopped their production,” a U.S. official told NBC News. “There is absolutely unequivocal evidence that they are trying to deceive the U.S.” As per the NBC News report, four other officials knowledgeable of the intelligence assessment claimed that North Korea intends to deceive the US. In terms of the credibility of the intelligence report, the CIA declined to comment, while the White House did not respond to a request for a comment. The US State Department said that it was unable to confirm the credibility of the report.
GST collections rise in June 2018
Finance Secretary Hasmukh Adhia said that revenue from the GST has increased to Rs 95,610 for the month of June. In May, the total revenue amounted to Rs 94,016. “It’s (Rs 1 lakh crore) not the norm still. We hope to bring it (GST revenue) to the level of Rs 1 lakh crore (every month),” Adhia told PTI. He added that the average monthly collection in the previous fiscal amounted to Rs 89,885 crore. Adhia further said that revenues could increase in the coming months if bogus bills are not issued.
Elton Gomes is a staff writer at Qrius.
Stay updated with all the insights.
Navigate news, 1 email day.
Subscribe to Qrius