Tuesday July 17, 2018
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Assets worth Rs.4,147 crore disclosed under black money compliance window

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New Delhi: The Union government on Monday announced that the total worth of declaration of assets made under the black money compliance window is ₹4,417 crore by 638 declarants.

An official statement said that the assets worth ₹3,770 crore ($580 million) declared under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, were subject to a final reconciliation.

Revenue Secretary Hasmukh Adhia told reporters here that the final quantum of declarations showed some change, though the number of declarants remained the same.

“Some envelopes (declarations), that came from various places, reached us after the last date and the total amount shows some difference at ₹4,147 crore, although the number of declarants remains the same,” Adhia said at a press conference along with other secretaries of the finance ministry and chief economic advisor Arvind Subramanian.

The law provides for a compliance window for declaring and paying penalty. Failure to meet the compliance timeline will attract an additional penalty of 90 percent for a total tax liability of 120 percent on the quantum of black money stashed abroad.

September 30 was the last date under the amnesty scheme, that called for a tax of 30 percent and an equal amount in penalty, that is to be paid before December 31.

The black money act, for the first time, allows levy of tax in India on assets kept abroad.

The Income Tax department has filed 132 prosecutions against 42 cases whose names have appeared in the HSBC Geneva bank list, Adhia said.

This move followed the Supreme Court last year, giving a list of 628 entities in the HSBC Geneva branch, furnished to it in a sealed envelope by the government, to the Special Investigation Team (SIT) constituted in May last year.

The revenue secretary said the tax department is now more actively pursuing penalties and prosecutions with better access to information allowed by treaties like FATCA with the US and the taxation agreements India has with 96 countries.

“Our request for (tax) information from other countries has doubled over the last fiscal. 1,600 requests went out in 2014-15, as compared to 800 the year before,” Adhia said.

At the G20 nations Brisbane summit last November, the leaders endorsed a new global transparency standard by which more than 90 jurisdictions will begin automatic exchange of tax information, using a common reporting standard by 2017-18.

“A common reporting standard multilateral agreement is being discussed. Some countries, including India, have already agreed on its early adoption from 2017,” Adhia said.

India has no official estimate about the quantum of black money stashed away by Indians abroad, but unofficial estimate puts it somewhere between $466 billion and $1.4 trillion.

(IANS)

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Cepheid to Establish Manufacturing Unit for TB Diagnostics in India

Rifampicin is a drug commonly used in treating TB bacteria in first line of treatment

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The GeneXpert Edge is developed specifically for near-patient testing, to help support a one visit test-and-treat approach.
The GeneXpert Edge is developed specifically for near-patient testing, to help support a one visit test-and-treat approach. (IANS)

Expanding its footprint in India, US-based molecular diagnostics company Cepheid Inc on Thursday announced its plans to establish a manufacturing unit in the country to improve Tuberculosis (TB) diagnostics.

Cepheid’s GeneXpert MTB/RIF test is a closed-cartridge-based system that is easy to operate by minimally trained staff and gives results in approximately two hours, speeding the conventional backlog that used to exist in traditional diagnostic methods.

The new manufacturing unit would produce MTB/RIF test cartridges, contribute to the government’s “Make in India” initiative and thus bringing the company’s global expertise in TB diagnostics to India, the company said in a statement.

As part of the plan, Cepheid also unveiled its latest portable, easy-to-use TB-testing system — the GeneXpert Edge — which is expected to be available in India later this year, the company said.

The GeneXpert Edge is developed specifically for near-patient testing, to help support a one visit test-and-treat approach.

“Cepheid recognises the need for technological advancement and is committed to contributing significantly to India’s goal of TB eradication,” said Peter Farrell, Executive Vice President, Worldwide Commercial Operations, Cepheid.

Cepheid's Xpert MTB/RIF test has the potential to detect Mycobacterium tuberculosis(MTB)
Cepheid’s Xpert MTB/RIF test has the potential to detect Mycobacterium tuberculosis(MTB).

“We are hopeful that GeneXpert Edge will help eliminate delays in TB diagnostics by providing definitive results within hours and facilitating fast and easy last-mile delivery even in the remote villages of India,” he added.

India has nearly one-fourth of the global TB patients and an estimated 4.8 lakh lives are lost every year due to delayed diagnosis and inadequate treatment and there are above 2.5 million new cases of TB every year. The country aims to eradicate TB by 2025.

Approved by the World Health Organisation (WHO) in 2010, more than 1,200 Cepheid’s GeneXpert Systems have been installed in the last two years at various Revised National Tuberculosis Control Programme (RNTCP) sites in the country and more than 2.5 million cartridges were supplied last year at various centres of Central TB Division (CTD).

Also Read: Fruit Bats Identified As Source Of Nipah Virus Outbreak in Kerala

Cepheid’s Xpert MTB/RIF test has the potential to detect Mycobacterium tuberculosis(MTB) and rifampicin-resistance mutations, which are markers for MDR-TB strains in under two hours.

Rifampicin is a drug commonly used in treating TB bacteria in first line of treatment.

Xpert MTB/RIF tests also have excellent negative predictive value, which allows clinicians to manage TB-negative patients more effectively to prevent unnecessary and costly respiratory isolations. (IANS)