BHOPAL: The Madhya Pradesh government has accorded a
prospecting licence for diamond mining to an exploration
and production subsidiary of
Reliance Industries Limited.
Following the licence the subsidiary will be able to prospect
over an area of 1800 square kms spread over the Rewa, Sidhi
and Satna districts in Madhya Pradesh, an official release
said here today.
Reliance plans to pump in about Rs 1000 crore in the
prospecting work and it is the second private sector
company to venture into diamond prospecting in Madhya
Pradesh after Australian mining major, Rio Tinto.
Yesterday, the Madhya Pradesh Mining Director,
R K Sharma handed over the prospecting licence
for diamond to RIL CGM, G K Mohapatra in Bhopal.
Besides diamond, the prospecting licence includes
permission for other minerals like
gold, copper, lead, zinc and silver.
The licences have been issued in two parts, one for
an area of 1084 square km and another for
an area of 735 square km in the three districts.
Saturday, 31 October 2009
Govt on black money trail, says Pranab Mukherjee
India has begun tracking down money stashed away in secret
bank accounts in Switzerland and Belgium.
The government has finalised dates to renegotiate with
Switzerland and Belgium to broaden the scope of the
existing treaties. The authorities have also stepped up
efforts to bring back money parked illegally in foreign banks.
According to original plans, Finance Minister Pranab
Mukherjee was to meet the Swiss authorities from
December 10-11 to discuss the issue.
“But I think the date for the meeting has been advanced
by a month,” Mukherjee said at the annual Hindustan Times
Leadership Summit on Friday.
The government has also prepared a list of countries with whom
it will sign tax information exchange agreements.
A model of the agreement is in the last stage of finalisation.
The Income Tax Act, 1961, has been amended through the
Finance Act, 2009, with a new formulation to enable the
government to enter into fresh agreements with other countries.
Options for domestic measures to obtain information on bank
accounts maintained abroad by Indian citizens is also under way.
Mukherjee said no estimate had been made of the amount of
funds stashed away in Swiss banks. “It was estimated way back
in 1985, but since then, no fresh details have been worked out,” he said.
Bharatiya Janata Party leader and former deputy prime minister
L.K. Advani earlier said the slush money parked in foreign banks
could be in the range of Rs 25,000 crore (Rs 250 billion) to Rs 75,000 crore
(Rs 750 billion).
Swiss Ambassador to India Phillippe Welti hinted that his country
would be willing to share information with India about bank
accounts of tax defaulters after the two sides revised the existing
treaty on double taxation in December.
“Once the Indian and Swiss governments have agreed on a possible
change in the existing treaty, Switzerland will implement the treaty,”
Welti told a television news channel recently.
Delhi-based think tank National Institute of Public Finance and Policy
had made an estimate of the black money in circulation in the country.
In 1983-84, the amount was between Rs 31,584 crore (Rs 315.84 billion)
and Rs 36,786 crore (Rs 367.86 billion).
According to research carried out by economist Arun Kumar, the size
of the parallel economy in the country could be around Rs 16 lakh
crore (Rs 16.90 trillion), or 40 per cent of India’s gross domestic product —
the market value of all goods manufactured and services generated in a year.
Effectively, the government is missing out on about Rs 5 lakh crore
(Rs 5 trillion) of tax revenue. This is more than the current fiscal
deficit of Rs 4 lakh crore (Rs 4 trillion).
bank accounts in Switzerland and Belgium.
The government has finalised dates to renegotiate with
Switzerland and Belgium to broaden the scope of the
existing treaties. The authorities have also stepped up
efforts to bring back money parked illegally in foreign banks.
According to original plans, Finance Minister Pranab
Mukherjee was to meet the Swiss authorities from
December 10-11 to discuss the issue.
“But I think the date for the meeting has been advanced
by a month,” Mukherjee said at the annual Hindustan Times
Leadership Summit on Friday.
The government has also prepared a list of countries with whom
it will sign tax information exchange agreements.
A model of the agreement is in the last stage of finalisation.
The Income Tax Act, 1961, has been amended through the
Finance Act, 2009, with a new formulation to enable the
government to enter into fresh agreements with other countries.
Options for domestic measures to obtain information on bank
accounts maintained abroad by Indian citizens is also under way.
Mukherjee said no estimate had been made of the amount of
funds stashed away in Swiss banks. “It was estimated way back
in 1985, but since then, no fresh details have been worked out,” he said.
Bharatiya Janata Party leader and former deputy prime minister
L.K. Advani earlier said the slush money parked in foreign banks
could be in the range of Rs 25,000 crore (Rs 250 billion) to Rs 75,000 crore
(Rs 750 billion).
Swiss Ambassador to India Phillippe Welti hinted that his country
would be willing to share information with India about bank
accounts of tax defaulters after the two sides revised the existing
treaty on double taxation in December.
“Once the Indian and Swiss governments have agreed on a possible
change in the existing treaty, Switzerland will implement the treaty,”
Welti told a television news channel recently.
Delhi-based think tank National Institute of Public Finance and Policy
had made an estimate of the black money in circulation in the country.
In 1983-84, the amount was between Rs 31,584 crore (Rs 315.84 billion)
and Rs 36,786 crore (Rs 367.86 billion).
According to research carried out by economist Arun Kumar, the size
of the parallel economy in the country could be around Rs 16 lakh
crore (Rs 16.90 trillion), or 40 per cent of India’s gross domestic product —
the market value of all goods manufactured and services generated in a year.
Effectively, the government is missing out on about Rs 5 lakh crore
(Rs 5 trillion) of tax revenue. This is more than the current fiscal
deficit of Rs 4 lakh crore (Rs 4 trillion).
Income Tax sleuths raid 70 places of Madhu Koda,
Ranchi: The Income Tax Department, which is probing a
disproportionate assets charge against former
Jharkhand chief minister and MP Madhu Koda,
Saturday conducted raids at 70 places in eight
Indian states, an official said.
"We are conducting search operation at 70 places
of eight cities of the country.
The search operation is going on against
Madhu Koda and his associates Vinod Kumar Sinha
and Sanjay Chaudhary," IT Department Director
Ujjal Kumar Chaudhary told reporters here.
Most read
"We have associated Enforcement Directorate (ED)
in our search operation.
The search operation is going on based on our
intelligence reports," he added.
The raids were conducted in Koda's properties
in Ranchi, Jamshedpur,
Chaibasa, New Delhi, Mumbai, Nasik, Lucknow and
Kolkata. In Ranchi alone,
raids were conducted at 25 places.
"The search operation is based on our reports
when Madhu Koda was mines
and geology minister and Arjun Munda was
chief minister. Many deals took
place then which indicates transaction of money,"
said Chaudhary.
He refused to reveal the materials and documents
seized in the raids.
According to an official, the IT sleuths seized
documents related to
huge investment and millions of rupees in cash.
Scores of graft cases have been pending against Madhu Koda.
The Jharkhand vigilance department had lodged an FIR against the
former chief minister for amassing wealth disproportionate to
his known sources of income.
According to reports,
Madhu Koda invested
more than Rs.4,000 crore
in mines in South Africa.
Madhu Koda, who was operated upon last week after he complained
of stomach ache, was shifted to his house in Ranchi on Friday.
He was Jharkhand chief minister from September 2006 to August 2008.
disproportionate assets charge against former
Jharkhand chief minister and MP Madhu Koda,
Saturday conducted raids at 70 places in eight
Indian states, an official said.
"We are conducting search operation at 70 places
of eight cities of the country.
The search operation is going on against
Madhu Koda and his associates Vinod Kumar Sinha
and Sanjay Chaudhary," IT Department Director
Ujjal Kumar Chaudhary told reporters here.
Most read
"We have associated Enforcement Directorate (ED)
in our search operation.
The search operation is going on based on our
intelligence reports," he added.
The raids were conducted in Koda's properties
in Ranchi, Jamshedpur,
Chaibasa, New Delhi, Mumbai, Nasik, Lucknow and
Kolkata. In Ranchi alone,
raids were conducted at 25 places.
"The search operation is based on our reports
when Madhu Koda was mines
and geology minister and Arjun Munda was
chief minister. Many deals took
place then which indicates transaction of money,"
said Chaudhary.
He refused to reveal the materials and documents
seized in the raids.
According to an official, the IT sleuths seized
documents related to
huge investment and millions of rupees in cash.
Scores of graft cases have been pending against Madhu Koda.
The Jharkhand vigilance department had lodged an FIR against the
former chief minister for amassing wealth disproportionate to
his known sources of income.
According to reports,
Madhu Koda invested
more than Rs.4,000 crore
in mines in South Africa.
Madhu Koda, who was operated upon last week after he complained
of stomach ache, was shifted to his house in Ranchi on Friday.
He was Jharkhand chief minister from September 2006 to August 2008.
Standard Chartered weighs India, China listing
LONDON — British bank Standard Chartered said Thursday
it was considering listing its shares in China and India,
citing a rebound in Asia for helping the company in the third quarter.
"It is clear that the economies in Asia are rebounding and
remain resilient," the bank said in an interim management
report, which contained no figures.
"Their growth rates remain well above the rates of growth
for markets in the West."
The bank said it was "actively considering" listing its shares in
India, where it has been consulting with authorities, and was
"exploring" the possibility of listing in China as well.
Standard Chartered's wholesale banking operations have seen a
"strong and broad-based income performance," with
client earnings in the third quarter broadly in line with
levels reached in the first half.
In the consumer banking unit, according to the statement,
the bank's mortgage business has performed well in
Hong Kong, South Korea, Singapore and India.
But it added that liability margins were under pressure
in a low-interest rate environment, which offset gains
in mortgage income.
it was considering listing its shares in China and India,
citing a rebound in Asia for helping the company in the third quarter.
"It is clear that the economies in Asia are rebounding and
remain resilient," the bank said in an interim management
report, which contained no figures.
"Their growth rates remain well above the rates of growth
for markets in the West."
The bank said it was "actively considering" listing its shares in
India, where it has been consulting with authorities, and was
"exploring" the possibility of listing in China as well.
Standard Chartered's wholesale banking operations have seen a
"strong and broad-based income performance," with
client earnings in the third quarter broadly in line with
levels reached in the first half.
In the consumer banking unit, according to the statement,
the bank's mortgage business has performed well in
Hong Kong, South Korea, Singapore and India.
But it added that liability margins were under pressure
in a low-interest rate environment, which offset gains
in mortgage income.
Star lawyers get Rs 5 lakh for 5-minute job
Paramita Chatterjee & Reshmi R Dasgupta,
NEW DELHI: As far as prayers go, this variety is the most
rewarding. India’s superstar lawyers make a mini fortune
every time they pray, plead or
appeal, and the bar has now gone up by several notches
thanks to the ongoing legal tussle between the Ambani brothers.
The Ambani vs Ambani battle is just the icing on the cake
for the handful of India’s elite lawyers who are probably
the country’s highest paid professionals. Harish Salve,
Mukul Rohatgi, Ashok Desai, KK Venugopal, and
Abhishek Singhvi are the notables in this essentially boys’ club.
These star lawyers charge around Rs 3-5 lakh for a five-minute
appearance, and can manage up to 10 such appearances per day,
said a lawyer who did not wish to be named. For outstation cases,
the rate is even higher: from Rs 10-30 lakh, plus expenses.
The rates for the Reliance battle could be double that rate,
said members of the legal fraternity close to the matter.
Not every case comes with a Reliance premium, but they
said it’s not unusual for some of India’s top 10-15 advocates
to earn over Rs 50 crore a year by way of legal fees.
That stacks up against the Rs 5-10 crore that CEOs of
Sensex 30 companies make per year as compensation
on an average. For cash-rich clients the race to pocket
one from this league has become even more tight as
public affairs has already weaned away three other stars —
home minister P Chidambaram, HRD minister Kapil Sibal
and BJP general secretary Arun Jaitley —
leaving the rest in high demand.
Then there are the veterans like formal solicitor general
Soli Sorabjee, Shanti Bhushan and Fali Nariman who are
said to be in the same income bracket.
But they, like former law minister Ram Jethmalani
representing the Anil Ambani group in the Reliance case,
take cases selectively. “With the opening up of the economy
and more foreign companies coming in, the landscape of
corporate India has changed,” says
Mr Rohatgi who represents Mukesh Ambani-led
Reliance Industries in the apex court.
Mr Rohatgi refused to comment on what he charges,
while RIL’s other face in the Supreme Court, Harish Salve,
said disclosing his fees would be in violation to his clients’
right of confidence.
“I have no clue as to what RIL is spending per day —
nor is it a matter of any interest to me,” Mr Salve replied to an ET e-mail.
Emails sent to Mr Desai, Mr Venugopal, Mr Sundaram
and Mr Singhvi went unanswered.
The black gown-brigade has come a long way since
the days of legal luminary MC Setalvad who fixed a
standard rate of Rs 1,040 for special leave petitions
(SLPs) and Rs 1,680 for final hearings three decades ago
When a senior SC lawyer wanted to charge Rs 7,000 per
appearance, he had to retreat in the wake of a fraternity uproar.
For outstation cases, the top lawyers are rumoured to
charge around Rs 20-30 lakh, plus expenses for each appearance.
Sure, all of them have managed to stay on the right side of
the law, and count among the top Income Tax payers in the country.
Attorney-general Goolam Essaji Vahanvati and Solicitor-
General Gopal Subramaniam are reportedly paid a fixed
sum when appearing for the government
(a measly Rs 5,500, reportedly) but can charge
commercial rates for PSU cases.
“Litigation has undergone a huge change and it has become
more aggressive in nature,” says Mr Bhushan, another
former union law minister.
Lawyers say that remuneration often depends on the type
and duration of a case.
On Mondays and Fridays, admission/miscellaneous matters
are normally listed for which the lawyer concerned is
not needed to appear for more than 5 minutes!
About 50 to 70 matters are listed before all courts
for admission/miscellaneous matters, as per industry estimates.
“Not much preparation is required for admission matters
so Rs 2-2.5 lakh per appearance is normal,” said a senior
advocate who did not wish to be quoted.
Tuesday, Wednesday and Thursday are earmarked for
matters involving regular hearing for which advocates
can charge upto even Rs 5-10 lakh, depending on the case -
with the most complex cases attracting exceptional rates.
A case would also require a couple of rounds of conferencing,
which are usually included in the total fees, though some
lawyers charge hourly rates of around Rs 2 lakh.
Says top advocate Dushyant Dave who also charges upwards
of Rs 2 lakh per appearance, “Litigation over the years has
become more complex and demanding because of the
nature of issues and stakes. So strategies are more important now.”
For a top lawyer, business could be beyond the court gates too.
Many charge clients for written and oral opinions, besides taking
on retainerships, a crucial legal ploy that cuts both ways.
A retainer is a fixed amount that a client pays in advance
to secure the services of the litigator - and in some cases
also to ensure that he or she does not appear for the other side.
In nearly all the headline-grabbing cases in India, the names
of the lawyers who did not appear are often more intriguing
than those who did, says a senior advocate.
Mr Sorabjee told ET that he charges a normal fee of Rs 1.5 lakh
for admission inclusive of one conference. He said that for regular
hearing matters, he charges around Rs 3 lakh per appearance
and conference.
Mr Sorabjee, Mr Dave and Mr Bhushan said they charge much
less if the litigant happens to be a government servant or
a school teacher or any person in that category.
NEW DELHI: As far as prayers go, this variety is the most
rewarding. India’s superstar lawyers make a mini fortune
every time they pray, plead or
appeal, and the bar has now gone up by several notches
thanks to the ongoing legal tussle between the Ambani brothers.
The Ambani vs Ambani battle is just the icing on the cake
for the handful of India’s elite lawyers who are probably
the country’s highest paid professionals. Harish Salve,
Mukul Rohatgi, Ashok Desai, KK Venugopal, and
Abhishek Singhvi are the notables in this essentially boys’ club.
These star lawyers charge around Rs 3-5 lakh for a five-minute
appearance, and can manage up to 10 such appearances per day,
said a lawyer who did not wish to be named. For outstation cases,
the rate is even higher: from Rs 10-30 lakh, plus expenses.
The rates for the Reliance battle could be double that rate,
said members of the legal fraternity close to the matter.
Not every case comes with a Reliance premium, but they
said it’s not unusual for some of India’s top 10-15 advocates
to earn over Rs 50 crore a year by way of legal fees.
That stacks up against the Rs 5-10 crore that CEOs of
Sensex 30 companies make per year as compensation
on an average. For cash-rich clients the race to pocket
one from this league has become even more tight as
public affairs has already weaned away three other stars —
home minister P Chidambaram, HRD minister Kapil Sibal
and BJP general secretary Arun Jaitley —
leaving the rest in high demand.
Then there are the veterans like formal solicitor general
Soli Sorabjee, Shanti Bhushan and Fali Nariman who are
said to be in the same income bracket.
But they, like former law minister Ram Jethmalani
representing the Anil Ambani group in the Reliance case,
take cases selectively. “With the opening up of the economy
and more foreign companies coming in, the landscape of
corporate India has changed,” says
Mr Rohatgi who represents Mukesh Ambani-led
Reliance Industries in the apex court.
Mr Rohatgi refused to comment on what he charges,
while RIL’s other face in the Supreme Court, Harish Salve,
said disclosing his fees would be in violation to his clients’
right of confidence.
“I have no clue as to what RIL is spending per day —
nor is it a matter of any interest to me,” Mr Salve replied to an ET e-mail.
Emails sent to Mr Desai, Mr Venugopal, Mr Sundaram
and Mr Singhvi went unanswered.
The black gown-brigade has come a long way since
the days of legal luminary MC Setalvad who fixed a
standard rate of Rs 1,040 for special leave petitions
(SLPs) and Rs 1,680 for final hearings three decades ago
When a senior SC lawyer wanted to charge Rs 7,000 per
appearance, he had to retreat in the wake of a fraternity uproar.
For outstation cases, the top lawyers are rumoured to
charge around Rs 20-30 lakh, plus expenses for each appearance.
Sure, all of them have managed to stay on the right side of
the law, and count among the top Income Tax payers in the country.
Attorney-general Goolam Essaji Vahanvati and Solicitor-
General Gopal Subramaniam are reportedly paid a fixed
sum when appearing for the government
(a measly Rs 5,500, reportedly) but can charge
commercial rates for PSU cases.
“Litigation has undergone a huge change and it has become
more aggressive in nature,” says Mr Bhushan, another
former union law minister.
Lawyers say that remuneration often depends on the type
and duration of a case.
On Mondays and Fridays, admission/miscellaneous matters
are normally listed for which the lawyer concerned is
not needed to appear for more than 5 minutes!
About 50 to 70 matters are listed before all courts
for admission/miscellaneous matters, as per industry estimates.
“Not much preparation is required for admission matters
so Rs 2-2.5 lakh per appearance is normal,” said a senior
advocate who did not wish to be quoted.
Tuesday, Wednesday and Thursday are earmarked for
matters involving regular hearing for which advocates
can charge upto even Rs 5-10 lakh, depending on the case -
with the most complex cases attracting exceptional rates.
A case would also require a couple of rounds of conferencing,
which are usually included in the total fees, though some
lawyers charge hourly rates of around Rs 2 lakh.
Says top advocate Dushyant Dave who also charges upwards
of Rs 2 lakh per appearance, “Litigation over the years has
become more complex and demanding because of the
nature of issues and stakes. So strategies are more important now.”
For a top lawyer, business could be beyond the court gates too.
Many charge clients for written and oral opinions, besides taking
on retainerships, a crucial legal ploy that cuts both ways.
A retainer is a fixed amount that a client pays in advance
to secure the services of the litigator - and in some cases
also to ensure that he or she does not appear for the other side.
In nearly all the headline-grabbing cases in India, the names
of the lawyers who did not appear are often more intriguing
than those who did, says a senior advocate.
Mr Sorabjee told ET that he charges a normal fee of Rs 1.5 lakh
for admission inclusive of one conference. He said that for regular
hearing matters, he charges around Rs 3 lakh per appearance
and conference.
Mr Sorabjee, Mr Dave and Mr Bhushan said they charge much
less if the litigant happens to be a government servant or
a school teacher or any person in that category.
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