GOVT BURIES RETRO TAXES; BRINGS BILL IN LOK SABHA TO WITHDRAW TAX DEMANDS

In a bid to bury the ghost of retrospective taxation, the government on Thursday brought a bill in the Lok Sabha to withdraw all back tax demands on companies such as Cairn Energy and Vodafone and said it will refund the money collected to enforce such levies.

Finance Minister Nirmala Sitharaman introduced ‘The Taxation Laws (Amendment) Bill, 2021’ in the Lok Sabha that seeks to withdraw tax demands made using a 2012 retrospective legislation to tax the indirect transfer of Indian assets. The bill provides for the withdrawal of tax demand made on “indirect transfer of Indian assets if the transaction was undertaken before May 28, 2012 (i.e. the day the retrospective tax legislation came into being)”. “It is also proposed to refund the amount paid in these cases without any interest thereon,” it said.

The bill has a direct bearing on long-running tax disputes with British firms Cairn Energy Plc and Vodafone Group.

While the government has virtually no liability in the Vodafone case, it has to refund USD 1.2 billion to Cairn Energy for the shares of the company it had sold, tax refund withheld and dividends confiscated.

It took over seven years, and the possibility of an adverse verdict in international arbitration rulings, for the BJP-led government to withdraw the retrospective taxation amendment in I-T Act introduced in March 2012, by Pranab Mukherjee, the then Finance Minister in the UPA government.

Though delayed, the decision sends out a loud and clear message to global investors that India will course-correct, and bite the bullet even if circumstances around it aren’t exactly propitious.

PEGASUS SNOOPING CHARGES SERIOUS, BUT WHY NO FIR UNTIL NOW

The Supreme Court on Thursday agreed to hear a batch of petitions seeking a court-monitored SIT probe into Pegasus snooping controversy on August 10 as it asked the petitioners to serve copies of their respective petition on the Centre.

During the hearing, the CJI said it was surprising that the Pegasus issue came to light in 2019 and no one made any serious attempt to collect verifiable material about snooping.

The bench repeatedly asked the petitioners why no FIR or criminal complaint was filed under the relevant provisions of law if they believed the allegations were true.

The top court is seized of nine petitions, including those filed by the Editors Guild of India and senior journalists N Ram and others, seeking an independent probe into the alleged snooping on eminent citizens, politicians and scribes by using Israeli firm NSO's spyware Pegasus. Other petitioners are ML Sharma, Rajya Sabha MP John Brittas, Jagdeep Chokkar, Narendra Mishra, journalist Rupesh Kumar Singh Singh, journalist Paranjoy Guha Thakurta and others.

3 BILLS CLEARED IN RS, OPP ASKS GOVT WHY RUSH THROUGH

Three bills were passed in Rajya Sabha on Thursday amid protests by Opposition members over Pegasus spyware, the farm laws and alleged rape and murder of a minor Dalit girl.

The Essential Defence Services Bill sparked heated debate, with Opposition members questioning why it had been tabled in such a rushed manner. The Bill is aimed at preventing staff of government-owned ordnance factories from going on strike. The government has said that the Bill will ensure uninterrupted supply of ordnance items to armed forces for defence preparedness and national security.

Leader of Opposition Mallikarjun Kharge said the government has been breaking “many precedents” and the Bill had been rushed in Parliament, whereas it should have been referred to a standing committee because it involved de-nationalisation of ordnance factories.

Responding to the MPs, Defence Minister Rajnath Singh said, “Corporatising of army ordnance factories was thought of to improve autonomy as well as services. I want to assure the members that the Bill will in no way affect the service conditions of the ordnance employees… We have spoken to employees’ unions before bringing the Bill and it will only be applicable when it is invoked.”

WILL SHARE OUR PERSPECTIVES ON AFGHANISTAN AT UNSC MEET: INDIA

India will share its vision and perspectives on Afghanistan at a meeting of the United Nations Security Council (UNSC) on August 6, the Ministry of External Affairs said on Thursday.

This came on a day External Affairs Minister S Jaishankar attended the swearing-in ceremony of newly elected Iranian President Ebrahim Raisi in Tehran. During his stay, Jaishankar will meet Raisi and also hold talks with other leaders.

Both New Delhi and Tehran have similar concerns on Taliban violence in Afghanistan and the deteriorating security situation there. Afghanistan President Ashraf Ghani was also in Tehran to attend Raisi’s swearing-in ceremony.

In its capacity as UNSC President for August, India decided on Thursday to hold a session on the situation in Afghanistan, two days after Afghanistan Foreign Minister Mohammad Haneef Atmar called Jaishankar to “discuss convening an emergency session of the UNSC”.

Earlier this week, Atmar had said that United Nations and the international community must play a greater role to stop the unfolding tragedy in Afghanistan due to Taliban violence and atrocities.

KEY COVID NUMBERS

Current Active Cases Countrywide: 4,08,513

New Cases in last 24 hours: 44,988

Recovered in last 24 hours: 40,659

Change in no. of Active cases in last 24 hours: +3,865

No. of deaths in last 24 hours (Total Covid Deaths so far): 464 (4,26,785)

Daily Tests (Wednesday): 17,51,056

Daily Positivity Rate (Proportion of Positives among total Tested): 2.4%

Percentage of Population Vaccinated (At Least One Dose / Two Doses): 28.6% / 8.1%

INTERNATIONAL AFFAIRS

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IRAN SWEARS IN PREZ AMID REGIONAL TENSION

Ebrahim Raisi, a protege of Iran’s supreme leader, was sworn in as the country’s new president during a ceremony in parliament on Thursday, an inauguration that completes hard-liners’ dominance of all branches of government in the Islamic Republic. The former judiciary chief known for his distrust of the West takes the reins at a tense time. Iran’s indirect talks with the US to salvage Tehran’s 2015 nuclear deal have stalled, as Washington maintains crippling sanctions on the country and regional hostilities simmer. “The sanctions must be lifted,” Raisi said during his inauguration speech. “We will support any diplomatic plan that supports this goal.”

In his address, Raisi stressed his embrace of diplomacy to lift US sanctions and mend rifts with neighbours, a subtle reference to Sunni rival Saudi Arabia. But he also signaled that Iran seeks to expand its power as a counterbalance to foes across the region.

Meanwhile, Israel’s defence minister Benny Gantz warned on Thursday that his country is prepared to strike Iran, issuing the threat against the Islamic Republic after a fatal drone strike on oil tanker Mercer Street that his nation blamed on Tehran.

IGNORING WHO CALL, GERMANY, FRANCE, ISRAEL TO OFFER BOOSTER JABS

Germany, France and Israel will go ahead with plans to administer Covid-19 vaccine boosters, disregarding an appeal by the WHO to hold off until more people are vaccinated around the world. The decision to press ahead with booster shots despite the WHO’s strongest statement yet highlights the huge inequities in responses to the pandemic as richer nations ramp up programmes to protect citizens from the more infectious Delta variant.

French President Macron said France was working on rolling out third doses to the elderly and vulnerable from September. Germany intends to give boosters to immunocompromised patients and the very elderly from September, the health ministry said. Israeli PM Naftali Bennett in a statement urged older citizens to get a third shot after the government last month kicked off a campaign to give booster doses.

WHO chief Tedros Adhanom Ghebreyesus called on Wednesday for a halt to boosters until at least the end of September, saying it was unacceptable for rich countries to use more of the global vaccine supply. Germany rejected the accusation, saying it would also donate at least 30 million doses to poorer countries. “We want to provide the vulnerable groups in Germany with a precautionary third vaccination and at the same time support the vaccination of as many people in the world as possible,” the health ministry said. Macron is trying to step up France’s vaccination as the country faces a fourth virus wave.

The US too has rebuffed the WHO call. “We feel that it’s a false choice, and we can do both. We will have enough supply to ensure, if the FDA decides that boosters are recommended for a portion of the population, to provide those as well,” White House press secretary Jen Psaki said.

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PM MODI DRAWS AUGUST 5 LINK: ARTICLE 370, RAM TEMPLE, HOCKEY MEDAL

Hours after the Indian men’s hockey team won their first Olympic medal in 41 years, Prime Minister Narendra Modi referred to the victory to target opposition parties, saying while the country’s youths were scoring goals on field, some with selfish political interests were scoring “self-goals” and disrespecting Parliament.

Modi also termed August 5 as a date of achievements – abrogation of Article 370 in 2019, laying of foundation stone for Ram Temple in Ayodhya in 2020 and Thursday’s Olympic medal in hockey.

“It was August 5 when two years ago the country strengthened the feeling of One India-Better India by removing Article 370 from Jammu and Kashmir. It was the same August 5 when last year we took our first step towards a grand Ram Temple. The work of Ram Temple is going on at great speed in Ayodhya. Also today, in the Olympic field, the youths of India took a big leap… in hockey. This golden moment came back after four decades,” he said.

He said the country is progressing rapidly on every front, as he listed India’s performance at the Olympics, the recently achieved 50-crore Covid vaccination mark, GST collection figures, agricultural exports, the e-RUPI initiative and the launch of trials of indigenously built aircraft carrier Vikrant.

MIZORAM, ASSAM INK BORDER HANDS-OFF PACT

Assam and Mizoram inked an agreement on Thursday to keep their police and forest guards away from the troubled inter-state border as the first tangible step towards easing tension in the area and maintaining continuity of talks to end their decades-old territory dispute.

As decided by the Union home ministry, neutral forces will remain in charge of the disputed zone straddling the three Barak Valley districts of Cachar, Karimganj and Hailakandi, and Mamit and Kolasib in Mizoram.

The ice-breaker in Aizawl, involving two cabinet ministers from either state, also saw Mizoram officially condoling the death of six Assam cops in the July 26 firing at Cachar district’s Lailapur. In a reciprocal gesture, Assam revoked its July 29 advisory asking people from the state not to travel to Mizoram and telling those already there for work to “exercise utmost caution”.

Hundreds of trucks carrying essentials and medical supplies have been stranded along the NH 306 in the Barak Valley since the border flareup, triggering allegations by Mizoram of an unofficial economic blockade.

Soon after the meet, the Mizoram CM’s office tweeted, “Govt of Assam & Govt of Mizoram successfully signed a joint statement today after deliberations at Aizawl. Both the governments have agreed to take forward the home ministry’s initiatives to remove the prevailing tensions and find lasting solutions through discussions.”

OLYMPICS: HOW INDIA'S ATHLETES FARED ON THURSDAY, AUGUST 5

India's men's team brought back memories of the country's golden era in hockey when it won eight Olympic gold medals by defeating Germany in a thriller 5-4 to win bronze at the Tokyo Games on Thursday. The medal, which came after 41 years, erased four decades of disappointment in the sport at the quadrennial jamboree.

Wrestling star Ravi Dahiya also added to the celebrations after winning silver on his Olympics debut. He lost to Russian Olympic Committee’s Zavur Uguev in men's Freestyle 57kg final. (mor eon it below).

It swelled India's haul at the ongoing Games to five medals – 2 silver and 3 bronze so far.

ATHLETICS

Sandeep Kumar, Rahul Rohilla and K T Irfan finished 23rd, 47th and 51st respectively in men's 20km Walk.

GOLF

Aditi Ashok and Diksha Dagar at tied second and tied 53rd respectively at the end of women's Individual stroke play Round 2.

WRESTLING

Anshu Malik lost to Russian Olympic Committee’s Valeria Koblova in repechage round of women's Freestyle 57kg.

Vinesh Phogat beat Sweden’s Sofia Magdalena Mattsson, lost to Vanesa Kaladzinskaya in quarter-finals of women's Freestyle 53kg.

Deepak Punia lost to San Marino’s Myles Nazem Amine in men's Freestyle 86kg bronze medal match.

RAVI DAHIYA GAVE HIS ALL BUT ZARUR UGUEV WAS THE BETTER WRESTLER

Ravi Kumar Dahiya became only the second Indian wrestler to win a silver medal at the Olympics after losing in the men's Freestyle 57kg title round 4-7 to reigning World champion Zavur Uguev, in Chiba, Japan, on Thursday.

There were expectations that the 23-year Dahiya would become India's youngest Olympic champion, but the Russian defended well to win comfortably.

Dahiya had lost to Uguev at the 2019 World Championships also. The two-time World champion was too good for the Indian, scoring the first point by pushing Dahiya out of the circle early and repeating the tactic to go ahead 2-0.

Dahiya came back strongly with a superb takedown to level things at 2-2, only for Uguev to regain the lead with another takedown.

Down 2-4 after the first period of three minutes, Dahiya went on the attack at the start of the second period but again the Russian scored, pushing Dahiya out to pick another point and take a 5-2 lead, with two minutes left. The referee cautioned Dahiya before the Russian scored another takedown to stretch his lead to 7-2.

With just 90 seconds left for the Indian to stage a comeback, Dahiya earned two points with a takedown to reduce the margin to 4-7 with 60 seconds left. But that was all he could do as he went down 4-7.

Gracious in defeat, Dahiya said he perhaps deserved only a silver medal at the Olympics and will strive to improve and complete the unfinished task of winning gold at the 2024 Paris Games. Speaking after final bout, the 23-year-old Dahiya said a silver medal will never give him satisfaction even though his performance would mean a lot for Indian wrestling. "I could not achieve what I wanted to," he added, the disappointment palpable in his voice.

His village Nahri had been waiting for an Olympic medal, hoping that it will change the destiny of its habitants.

"Yes, my village has given three Olympians to India, so it deserves basic facilities. I can't priortise what it needs first. It needs everything. Everything is important; good schools as well as sports facilities," he said.

Nahri, about 65km from New Delhi, does not get regular electricity and potable water and does not have a proper sports facility.

Despite this, three Olympians have emerged from the village -- Mahavir Singh, Amit Dahiya and now Ravi, who is now an Olympic medallist too.

BELGIUM BEAT AUSTRALIA IN SHOOT-OUT FOR MEN'S HOCKEY GOLD

Belgium won their first Olympic men's hockey title, beating Australia 3-2 in a penalty shoot-out after the final finished in a 1-1 draw, in Tokyo, on Thursday.

The teams were locked in a close fight through much of the match, with Belgium forward Florent van Aubel giving the Red Lions the lead two minutes into the second half.

Australia equalised thanks to a goal by Tom Wickham, sending the match to the shoot-out, in which Belgian goalie Vincent Vanasch saved three attempts from the Kookaburras, including a retake from Jake Whetton following a video referral.

But Vanasch saved Whetton's second try, winning Belgium the title.

HOCKEY CAPTAIN THANKS ODISHA CM NAVEEN PATNAIK FOR HIS SUPPORT

After winning the bronze in Tokyo on Thursday, the Indian men's hockey team captain Manpreet Singh thanked Odisha Chief Minister Naveen Patnaik for his support.

“This dream won’t be possible without the encouragement & vision of Hon’ble Chief Minister of Odisha Shri Naveen Patnaik ji, who has been supporting us throughout this journey - thank you so much sir from the team and I,” Manpreet tweeted.

Odisha Chief Minister Naveen Patnaik on Thursday spoke to members of Indian men's hockey team over the telephone and congratulated them for winning an Olympic medal after 41 years.

Taking to Twitter, the chief minister said, "Brilliant in Blue. Congratulations Indian Men's #Hockey Team on the spectacular victory to give us an Olympic medal after 41 long years. This historic win at #Tokyo2020 will inspire a generation of sportspersons. All the very best for future."

The Odisha government had signed an agreement with Hockey India in 2018 to sponsor men's, women's and junior national teams for five years. The state government has committed to invest Rs 150 crore during the period for the development of hockey in the country.

TRENT BRIDGE TEST, DAY 2: ANDERSON LEADS ENGLAND'S FIGHTBACK ON RAIN-HIT DAY

England made inroads into India’s batting line-up with a double strike by James Anderson before rain washed out nearly two sessions as India finished on 125 for 4 at stumps on Day 2 of the first Test, in Nottingham, on Thursday.

K L Rahul, drafted in as the opener because of injuries in the squad, was unbeaten on a solid innings of 57 at close, with Rishabh Pant on 7.

Rahul had given India a good start with the bat, putting on 97 runs for the opening wicket with Rohit Sharma, who scored 36, before his dismissal triggered a mini collapse.

Anderson rocked India with the wickets of Cheteshwar Pujara (4) and Virat Kohli (0) off successive deliveries, and vice-captain Ajinkya Rahane was run-out as India lost four wickets for 15 runs before rain halted England's charge.

Scores at end of day 2: England 183, India 125/4

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THOUGHT FOR THE DAY

Nearly all men can stand adversity, but if you want to test a man's character, give him power. - Abraham Lincoln

OFF TRACK

Two pretty girls met on a street and enthusiastically kissed each other. A young guy watched them moodily and said, "That's the trouble with the world today. Too many women trying to do a man's job!"