Morning Brief: Tax Withdrawals Above Rs 50,000: Naidu Panel; Trump Invite For Modi; IIMs To Get Full Autonomy

An Indian man inserts his card to withdraw money from a mobile bank ATM machine in New Delhi. (CHANDAN KHANNA/AFP/Gettymages)

Good Morning, Swarajya Readers! Here's What You Need To Know Today.

Naidu Panel Recommends Tax On Withdrawals Above Rs 50,000: Just days ahead of the Union Budget, a high-powered panel headed by Andhra Pradesh Chief Minister N Chandrababu Naidu on Tuesday recommended imposing tax on cash transactions of at least Rs 50,000 through banks to discourage the excessive use of cash and promote digital payments. The committee also recommended abolition of the merchant discount rate charges to incentivise digital transactions.

Trump Invite For Modi: Donald Trump invited Prime Minister Narendra Modi to visit the United States later this year, during a phone call on Tuesday, four days after he took oath as the 45th President of the US. The leaders discussed economic and defence co-operations and regional security issues, the White House said in a statement.

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Think-Tank Says Parties Received Rs 7,833 Crore From Unknown Sources: A Delhi-based think-tank said in a report that political parties received Rs 7,833 crore funding from unknown sources between 2004-05 and 2014-15, which is 69 per cent of their total income. Association for Democratic Reforms said that Congress and the Bharatiya Janata Party recorded the highest of such funding among national parties.

Forgery Probe Against Kejriwal And His Brother-In-Law: The Delhi Police’s Economic Offences Wing has launched a preliminary enquiry against Delhi Chief Minister Arvind Kejriwal, his brother-in-law and a government official after allegations of forgery, cheating and fraud in grant of contracts for roads and sewer lines by the Public Works Department, surfaced.

Homes And Jobs For Returning Kashmiri Pandits: The Mehbooba Mufti government has identified more than 90 acres of land to build 6,000 transit homes for Kashmiri Pandits in the valley. Under a plan to resettle Pandits, the families are offered homes and jobs if they are willing to come and work there. The government said arrangements were being made to offer around 15,000 jobs to the Kashmiri Pandits.

Siddaramaiah Open To Kambala Ordinance: Karnataka Chief Minister Siddaramaiah today said an ordinance can be brought, if necessary, to allow the conduct of traditional buffalo race “kambala” in coastal areas after seeking legal opinion. In November last year, a division bench of the Karnataka High Court, had ordered a stay on holding Kambala on a PETA petition challenging it in view of orders passed by the Supreme Court on jallikattu.

IIMs To Get Full Autonomy: The Union cabinet on Tuesday cleared a bill to grant Indian Institutes of Management (IIMs) complete autonomy to run their affairs and award degrees to their graduates. Hailing the decision, Prime Minister Narendra Modi said the bill focuses on complete autonomy, effective administration and more alumni participation.

Pakistan Tests Nuclear Capable Missile: Pakistan successfully tested a new nuclear capable surface-to-surface missile on Tuesday that is able to deliver multiple warheads and evade radar detection. It was Pakistan's second missile test in a month. The Ababeel missile can reach targets at a range of 2,200 km, over three times the distance between Islamabad and New Delhi, and was heralded in an army statement as a way of "enforcing deterrence".

Top UK Court Says Parliament Vote Crucial For Brexit: The highest UK court ruled Prime Minister Theresa May must seek an act of Parliament to trigger the two-year countdown to Brexit. A "straightforward" bill will now be rushed to parliament within days, the government said after the country's highest judicial body decided May could not use executive powers to invoke Article 50 of the EU's Lisbon Treaty and begin the exit talks.

New Push To Salvage Trans-Pacific Partnership: After US President Donald Trump kept a campaign promise to abandon the Trans-Pacific Partnership (TPP), Australia and New Zealand on Tuesday said they hoped to salvage the accord by encouraging China and other Asian countries to join the trade pact. The TPP, which the US had signed but not ratified, was a pillar of former US President Barack Obama’s policy to pivot to Asia.

MUST READ OP-EDS

Lawless On The Shore: After believing that the government was ready to surrender on every demand, the jallikattu protesters have realised that they cannot have their way all the time. Once that realisation set it, there had to be a bad ending.

Loan For Tenants: Small Reform, Big Gain: While we wait for tenancy farming to regain legal status, this reform of enabling institutional credit flow to tenants should be enabled by the Central government and be adopted nationwide.

Budget And Moral Imperatives: The clamour for fiscal rectitude, especially the threat perception posed by credit rating agencies, might stay Arun Jaitley’s hand from overstretching.

Flash Crashes And Securities Taxes: In quiet times when markets are range-bound, algorithmic traders are contrarians. Algorithms generate fake liquidity that is there when you do not need it and disappears when you do.

A New Deal To Save Europe: In the wake of the euro crisis, Europeans shudder at the thought of giving the EU more power over their lives and communities. No European nation can prosper sustainably if other Europeans are in the grip of depression.

SWARAJYA SPECIAL

Jobs And Jallikattu: Why Youth Mutinies Are Careening Out Of Control: When unemployment and underemployment among youth is the norm, there are enough people with no jobs or hopes of jobs to make a fight of any issue.

We hope you enjoyed reading our morning brief. Have a great day ahead!

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