GAAR CBDT Says Taxma Has No Unbridled Powers

CBDT has said the taxman has not been given any “unfettered“ power and adequate safeguards have been deployed for regulating the provisions aimed to check tax evasion from overseas locations. The Central Board of Direct Taxes (CBDT) expressed hope that the General Anti Avoidance Rules (GAAR) will be implemented from next fiscal. “There is no reason why it shouldn't come (from April 1next year).GAAR provisions are there in several countries.It's not that unfettered powers have been given to our Assessing Officers (of the IT department),“ CBDT chairman Atulesh Jindal said.

The Economic Times, New Delhi, 3rd March 2016

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RBI deputy governor cautions fintech platform lenders on privacy concerns during loan recovery

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India can't rely on wealthy to drive growth: Ex-RBI Dy Guv Viral Acharya

India can’t rely on wealthy individuals to drive growth and expect the overall economy to improve, Viral Acharya, former deputy governor of the Reserve Bank of India (RBI) said on Monday.Acharya, who is the C V Starr Professor of Economics in the Department of Finance at New York University’s Stern School of Business (NYU-Stern), said after the Covid-19 pandemic, rural consumption and investments have weakened.We can’t be pumping our growth through the rich and expect that the economy as a whole will do better,” he said while speaking at an event organised by Elara Capital here.f there has to be a trickle-down, it should have actually happened by now,” Acharya said, adding that when the rich keep getting wealthier and wealthier, they have a savings problem. “The bank account keeps getting bigger, hence they look for financial assets to invest in. India is closed, so our money can't go outside India that easily. So, it has to chase the limited financial assets in the country and

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