Income tax, GST rates can be halved if loan waiver to billionaires stopped: Kejriwal writes to Modi

News Network
January 28, 2025

billionairs.jpg

Ahead of the Delhi Assembly elections, Aam Aadmi Party (AAP) national convenor and former Delhi Chief Minister Arvind Kejriwal has written to Prime Minister Narendra Modi, urging the Centre to prioritise waiving loans for farmers and the middle class instead of wealthy individuals. He also demanded a nationwide law to prohibit the waiver of loans given to billionaires.

Notably, Delhi Assembly elections are scheduled for February 5 and the result will be announced on February 8. Kejriwal is seeking a third consecutive term, following AAP's landslide victory in 2020 when it won 62 out of 70 seats.

Income tax, GST rates can be cut to half

Addressing a press conference on Tuesday, Kejriwal criticised the central government, alleging favouritism toward the wealthy by writing off corporate loans worth thousands of crores. He claimed such practices burden ordinary citizens with excessive taxes while benefitting the rich. "Common people are paying half their salaries in taxes, while the loans of the rich are being waived. Why doesn't the central government waive home loans, car loans, or other financial burdens of ordinary citizens?" Kejriwal asked.

He emphasised that discontinuing loan waivers for billionaires could enable the government to reduce income tax and GST rates by half, double the taxable income threshold, and remove GST on essential commodities. "This is a massive scandal, and it's time to put an end to it," he said.

Kejriwal writes to PM Modi 

In his letter, Kejriwal stated, "Prime Minister should declare that no rich person's loan will be waived off. If you want to waive off, then waive off farmers' loans, middle class's home loans. This money will benefit the middle class a lot."

Kejriwal further argued that by waiving loans for the wealthy, the government could reduce tax rates. "I have calculated that if loans are not waived off, then tax rates will be halved. A person earning 12 lakhs annually pays his entire salary in tax, this is the sorrow of the middle class," Kejriwal wrote.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
February 6,2025

Mangaluru: A man has reportedly lost ₹13 lakh after falling victim to an online trading scam. The incident began on December 14, 2023, when he received a WhatsApp message adding him to a group named "VIP3 Global Securities Official Stock Community."

The message introduced Ajay Garg as the director and CEO of SMC Group, claiming he was participating in an international stock returns competition and urging members to vote for him. The group also provided stock market investment guidance and encouraged users to open an SMC Global Securities Trading Account to access IPO stocks.

Upon inquiring in the group, the complainant was contacted by an individual claiming to be an international customer service representative at SMC Global Securities. This person, later identified as Vandana Bharti from the Institutional Brokerage, claimed she could secure high-value IPO stock allotments. The complainant was instructed to download the SMC Global Securities Trading App using a specific link, which promised 30 days of free VIP trading advice and stock market insights. He registered on the app using his PAN and mobile number and began applying for IPO stocks.

Initially, the complainant was allotted ₹15,000 worth of IPO stocks from Dam Capital Advisers Limited. The scammers claimed that ₹5,000 was covered by the company, requiring him to pay only ₹10,000, which he transferred on December 25. Soon after, he was allotted ₹1.4 lakh worth of IPO stocks from Anya Polytech & Fertilisers and was pressured to pay immediately. On December 31, he transferred the amount.

The scammers continued assigning higher-value IPO stocks, eventually allotting ₹9.9 lakh worth of stocks from Standard Glass Lining Technology Limited. When the complainant expressed an inability to pay, he was pressured into taking a ₹9 lakh loan via a mobile lending service.

On January 20, he attempted to withdraw ₹1 lakh from the SMC Global Securities Trading App to check if funds could be recovered. The withdrawal was processed successfully the same day, reinforcing his trust in the platform. However, subsequent attempts to withdraw funds were unsuccessful, and the complainant realized he had been defrauded.

Authorities are investigating the incident and cautioning the public to be vigilant against such fraudulent schemes.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
February 11,2025

modiPM.jpg

Addressing the AI Action Summit in Paris, Prime Minister Narendra Modi stressed that AI is writing the code for humanity in this century.

"I am grateful to my friend President Macron for hosting this summit and for inviting me to co-chair it. AI is already reshaping our economy, security and even our society. AI is writing the code for humanity in this century...," PM Modi said.

Giving a simple experiment, he said, "If you upload your medical report to an AI app, it can explain in simple language, free of any jargon what it means for your health. But if you ask the same app to draw an image of someone writing with their left hand, the app will most likely draw someone writing with their right hand...".

He also stressed on the need for open source systems that enhance transparency.

"Governance is also about ensuring access to all, especially in the Global South. It is where the capabilities are most lacking be it power, talent, or data for the financial resources. AI can help transform millions of lives by improving health, education, agriculture and so much more. It can help create a world in which the journey to sustainable development goals becomes easier and faster. To do this, we must pull together resources and talent. We must develop open-source systems that enhance trust and transparency. We must build quality data sets free from biases...," the Prime Minister said.

Highlighting AI's potential to shape humanity's future at Paris summit, PM Modi said, "We are at the dawn of the AI age that will shape the course of humanity." 

Hailing India's digital revolution, PM Modi said, "India has successfully built a digital public infrastructure for over 1.4 billion people at a very low cost. It is built around an open and accessible network. It has regulations and a wide range of applications to modernise our economy, reform governance and transform the lives of our people...Today, India leads in AI adoption and techno-legal solutions on data privacy...We have one of the world's largest AI talent pools."

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
Agencies
February 3,2025

The Indian rupee plummeted to a historic low of 87.29 per dollar on Monday. This decline is attributed to escalating trade tariffs imposed by US President Donald Trump amid global market uncertainties.

Having already depreciated over 1.5% this year, the rupee's latest tumble is regarded as a repercussion of tariff measures enforced by the US government. The currency opened with a substantial gap-down of 43 paise, hitting a low of 87.29 before rebounding to 87.13 following a Reserve Bank of India (RBI) intervention. 

Currency expert KN Dey explained to ANI that the tariff war, ignited by the US against Canada, Mexico, and China, is responsible for the rupee's decline. KN Dey noted, "Rupee opened with a gap of 43 paisa which was one of the highest gap openings, touched a new low of 87.29, but is now trading at 87.13 due to RBI intervention."

The situation remains fluid as President Trump has also hinted at possible tariffs on BRICS nations, including India. KN Dey cautioned, "Though Trump has been threatening BRICS countries also, it remains as to when he would press the button. This could be a knee-jerk reaction on the Rupee, but it's better to wait and watch for a couple of days." 

On a broader scale, this pressure on the rupee is mirrored by a strengthening US dollar against global currencies. Monday saw the Canadian dollar and Mexican peso dip to multi-year lows and the Chinese yuan weaken to a historic low. The US government announced an imminent 25% tariff on imports from Canada and Mexico and a 10% tariff on Chinese goods.

Market analysts suggest this may be a short-term reaction, with investors advised to observe how circumstances develop. The unfolding situation is anticipated to shape market movements significantly.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.