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No more retrospective taxes in India: Narendra Modi

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London: Prime Minister Narendra Modi has said that India will no longer resort to retrospective taxation, while acknowledging that such steps were adversely affecting the mood of existing and potential investors.

“There were a number of regulatory and taxation issues which were adversely impacting on the sentiments of foreign investors. We have taken very decisive steps to remove a number of long-pending concerns,” the prime minister told the Indo-UK Business Meeting late on Thursday.

“We have clearly articulated that we will not resort to retrospective taxation and demonstrated this position in a number of ways. This includes not going for the imposition of minimum alternate tax on foreign portfolio investors,” he said.

“We want to make sure our tax regime is transparent and predictable. We are also keen to see that genuine investors and honest tax payers get quick and fair decisions on tax matters,” he said at the at historic Guildhall, the city’s ceremonial administrative centre for several centuries.

The prime minister said as the result these steps, not only have the sentiments for the inflow of foreign investment turned positive, but inward equity has also actually gone up by 40 percent in the year thus far, compared with the corresponding period of last year.

This apart, he said, Ernst and Young has ranked India the most attractive investment destinations for greenfield projects and so have USA’s Foreign Policy magazine and Frost and Sullivan.

“India has also jumped 16 places on the World Economic Forum’s global competitive index,” he continued.

“In just 18 months, we have successfully restored the credibility of India in the eyes of global players.”

(IANS)

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Waves of black as Modi visits Chennai

Tamil Nadu has been in turmoil since the six-week period for setting up the Board expired, with opposition parties and a host of fringe Tamil groups attacking the Centre

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Narendra Modi App
Prime Minister Narendra Modi (FILE PHOTO)

Black flags and balloons and activists in black shirts and trousers greeted Prime Minister Narendra Modi as he paid a whirlwind visit to Chennai with helicopter as the chosen mode of transport in the wake of statewide agitation demanding constitution of the Cauvery Management Board (CMB).

Protests were also held with black flags and placards throughout Tamil Nadu in cities like Tiruchi, Thanjavur, Coimbatore and Tuticorin against the Prime Minister’s brief visit to the state and the Centre’s failure to constitute the CMB despite a Supreme Court order. Black flags were hoisted on homes and business establishments across the state.

Prime Minister, Narendra Modi stressed on the importance of service to others in his last Mann Ki Baat edition for 2017.
Narendra Modi welcomed with black flags in chennai.

In a bid to avoid protesters, Modi, who arrived here by a special aircraft in the morning, chose a helicopter to reach Tiruvidanthai, in neighbouring Kanchipuram district where he opened the 10th DefExpo organised by the Defence Ministry. From there he took another chopper to come to IIT Madras, in the heart of the city. From there, he took a one-kilometre ride by car to the neighbouring Adyar Cancer Institute for an event.

The Prime Minister walked a few steps from the helicopter to the car that ferried him to the Cancer Institute. As he did so, he encountered some 30 students from IIT Madras who stood silently but held posters demanding a Cauvery Management Board as ordered by the Supreme Court — an issue which has whipped up emotions in Tamil Nadu. Modi then left by helicopter to the airport before returning to Delhi.

Also Read: Modi is anti-Dalit, will defeat BJP in 2019: Rahul Gandhi

#Go back Modi trended on top as netizens took to the cyberspace to register their protest against the Central government’s failure to set up the CMB as directed by the Supreme Court to ensure proper sharing of Cauvery waters between Tamil Nadu and Karnataka and other states.

DMK leader M.K. Stalin, who was on a padayatra of the Cauvery delta areas, wore black shirt and trousers as he protested along with state Congress President Thirunavukkarasar and CPI-M state unit chief Mutharasan. “The Prime Minister may be flying in the air today but he has to come down when the elections come,” he said taking a dig at Modi.

A black flag was hoisted at DMK chief M. Karunanidhi’s residence. The ailing leader wore a black shirt. DMK MP Tiruchi Siva and leaders of DMK allies wore black dress and marched on the road near the Chennai airport.

In the morning outside the Chennai airport, activists of the Federation for protection of Tamil Art and Culture, led by noted film director Bharatiraja and other film personalities like Amir, Gautaman and Vetrimaran protested against Modi’s visit. They were arrested.

will also hold a meeting there with the Indian community. Wikimedia Commons
Cauvery River Dispute is going on for a while now. Wikimedia Commons

While MDMK chief Vaiko held a black flag protest in Velachery, Naam Thamizhar Katch convenor Seeman, a film director, was arrested elsewhere. Vaiko called Modi a “coward” for choosing to fly. Political leaders Velmurugan and P. Nedumaran were arrested from Alandur metro station in Chennai for holding black flag protests.

Tamil Nadu has been in turmoil since the six-week period for setting up the Board expired, with opposition parties and a host of fringe Tamil groups attacking the Centre, saying the BJP was interested only in winning the Assembly elections in Karnataka. Even the hugely-popular IPL cricket matches have been shifted out of Chennai to Pune in view of the disturbances on Tuesday. IANS

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