New Delhi | Hospitals, universities and other institutions in developed countries receive large endowments due to factors like inheritance tax, which is not the case in India, Finance Minister Arun Jaitley said Tuesday.
Analysing the means of funding for India’s healthcare and educational bodies as against the global ways, Jaitley said such institutions in the country receive donations from religious groups and CSR programmes.
“Most hospitals internationally have some of the largest endowments. Most educational institutes have some of the largest endowments. Those endowments come to the educational institutions from their alumni, who have benefitted from the quality of that institutions.
“Once they are successful in life, they keep supporting the institutions with those endowments. Some IITs have started that experiment now in India. But still it’s not very largely prevalent,” Jaitley said at an event in AIIMS here.
He said the endowments received by some major hospitals in the US and Europe run into billions of dollars, which are provided by people and patients who have benefitted from them.
“So I was analysing that why that condition doesn’t exist in our country. And one of the reasons I found out was that those societies have very large inheritance tax. Therefore a lot of people in their old age prefer to go for charitable donations in order to get around that inheritance tax. Since we don’t have that inheritance tax in India, our charities are not in terms of such endowments,” he said.
The finance minister said charities in India depend on social endowments.
“Educational institutions, hospitals are set up by religious groups, caste groups by communities and so on. The social sector in India gets funded more on a community basis, except for this new beginning that we started in the last four years when we started the corporate social responsibility,” he noted.
Under the Companies Act, 2013, certain class of profitable entities are required to shell out at least 2 per cent of their three-year annual average net profit towards Corporate Social Responsibility (CSR) activities.
Inheritance tax is levied on the wealth inherited by the legal heirs of a deceased person. Also known as estate tax, it is levied by governments of most western countries, including the US and the UK.
India too had this tax, but it was abolished by the Rajiv Gandhi government in 1985
Javed Akhtar could have called us: ‘PM Narendra Modi’ producer Sandip Ssingh on credit row
Apart from Javed Akhtar, another veteran lyricist, Sameer, had said that he was surprised to find his name in the credits.
Mumbai| Producer Sandip Singh, whose latest film “PM Narendra Modi” is embroiled in a controversy after Javed Akhtar expressed shock over getting credit for a song in the biopic, says the noted lyricist could have shared his grievance personally.
The 74-year-old writer’s name was mentioned in the credits of the film’s trailer alongside lyricists Prasoon Joshi, Sameer, Abhendra Kumar Upadhyay, Sardar, Parry G and Lavraj.
“Javed sahab is a senior writer in our country. We have grown up listening to his songs. We have used one of his old songs ‘Ishwar Allah’ from ‘1947: Earth’ and gave him credit. T-series is our music partner.
“I did not get any call from him and so I also did not call him. He spoke about it on Twitter, so even I replied there. But he could have called us,” Singh told PTI.
Apart from Akhtar, another veteran lyricist, Sameer, had said that he was surprised to find his name in the credits.
In his response, Singh said on Saturday that they gave credit to Sameer because they had incorporated his song “Suno gaur se Duniya walon” from the film “Dus”.
The trailer of the Omung Kumar-directed film, featuring Vivek Oberoi in the lead, released on Wednesday.
When asked about the response to the trailer, Singh said, “We can’t always have everyone like our work. We welcome all the criticism and we will learn from it.”
The film, which also features Boman Irani, Manoj Joshi, Zarina Wahab and Prashant Narayanan, releases on April 5.
Vice Admiral Karanbir Singh becomes the new Navy Chief
New Delhi| The Modi government on Saturday appointed Vice-Admiral Karanbir Singh as the next Naval Chief of Staff. He will take over the charge from former Navy Chief Sunil Lamba. Vice Admiral Singh has been serving as the Flag Officer Commanding in Chief of the Eastern Naval Command in Visakhapatnam. According to a news agency, Lamba will retire as the Navy Chief on May 31, 2019.
The Vice-Admiral in his career spanning over 36 years has served as the Fleet Operations Officer of the Western Fleet. He has also been Joint Director Naval Air Staff at the Naval Headquarters, Captain Air and Officer-in-Charge of the Naval Air Station at Mumbai and as a member of the Aircrew Instrument Rating and Categorisation Team (AIRCATS).
In the election month, 4.74 Cr farmers to get second installment of PM Kisan Scheme
Ahead of the Lok Sabha polls, the Centre announced the Rs 75,000-crore Pradhan Mantri Kisan Samman Nidhi (PM Kisan) scheme.
New Delhi| About 4.74 crore small and marginal farmers registered under the PM-Kisan scheme before the Model Code of Conduct (MCC) for general election came into effect on March 10 will get the second instalment of Rs 2,000 each in their bank accounts, a senior government official said Saturday.
Of these 4.74 crore beneficiaries, 2.74 crore farmers have so far received the first instalment and the rest will be covered by month-end, he said.
The Election Commission of India (ECI) has allowed the Union Agriculture Ministry to transfer the first and second tranche of the payment to all those beneficiaries registered under the scheme before March 10, the official added.
Ahead of the Lok Sabha polls, the Centre announced the Rs 75,000-crore Pradhan Mantri Kisan Samman Nidhi (PM Kisan) scheme under which Rs 6,000 per year would be disbursed in three instalments to around 12 crore farmers who hold cultivable land up to 2 hectares.
In the budget, the NDA government allocated a sum of Rs 20,000 crore, to transfer Rs 2,000 each to farmers in the first instalment by March-end, for the ongoing fiscal under the scheme.
The PM Kisan scheme was formally launched at the national level by Prime Minister Narendra Modi on February 24 at Gorakhpur in Uttar Pradesh by transferring the first instalment to 1.01 crore farmers, amounting Rs 2,021 crore.
“We were hoping to have the data of 12 crore farmers from across the country. But the data of 4.74 crore farmers have come before the MCC was enforced,” the official told PTI.
The government has already released the first instalment of Rs 2,000 each to 2.74 crore beneficiaries and the remaining will be covered before this month-end, he said.
With regard to the payment of the second tranche to begin from April 1, the official said the ECI has allowed making the payment to all those beneficiaries registered before the MCC kicked in.
“We can go ahead and make the payment of the first instalment to the rest of the people whose names are on the portal. We can go ahead and make the payment for the second instalment as well,” the official said.
In Uttar Pradesh, the first instalment has been released to around one crore farmers so far and the Centre has received data of additional 66 lakh farmers.
The official further said that Punjab and Haryana are amongst the top beneficiary states as more than 80 per cent of the farmers registered under the PM Kisan scheme have received the first instalment.
While, some states including West Bengal, Delhi and Sikkim have yet not submitted the farmers’ data and therefore no money has been transferred.
The official also mentioned that no fresh data has come from states after the MCC came into effect.
Stop all advertisements featuring Hema Malini: RLD writes to EC
‘Modi following Hilter’s tactics to grab power’: Kejriwal
Adityanath to launch Lok Sabha poll campaign from Saharanpur
Gujarat BJP starts 2nd phase of poll campaign from Gandhinagar
Uma Bharti appointed BJP’s national vice-president
In Varanasi, 111 Tamil Nadu farmers to contest against PM Modi
Neither Modi nor Jaitley know economics, says Subramanian Swamy
NDA releases Bihar list, Ravi Shankar Prasad replaces Shatrughan Sinha from Patna Sahib
“Narendra Modi lies all day, he is chowkidar of the corrupt”: Rahul Gandhi
Congress-NCP alliance: Congress to contest 24, NCP 20 seats in Maharashtra
No one listens to me. I am planning to resign : Ashok Chavan
Is Yeddyurappa guilty?
The jobs are missing Mr. Jaitley
Can India be bought through electoral bonds?
Is Sam Pitroda playing the role of mani Shankar Aiyar?
Politics2 days ago
BJP releases first list of 182 candidates for Lok Sabha election; PM Modi to contest from Varanasi, Amit Shah from Gandhinagar
Politics2 days ago
Congress slams Modi govt over jobs, says people will rise up, defeat BJP
National2 days ago
Soldier killed as Pak troops violate ceasefire along LoC in J-K’s Rajouri
Politics2 days ago
Lok Sabha polls will see resurgence of Congress: PL Punia
Politics3 days ago
Will not plead for support with Cong leaders opposed to son’s candidature: HD Kumaraswamy
Politics2 days ago
NDA govt has failed: Ashok Gehlot
Politics3 days ago
Appeal against Aseemanand’s acquittal if you are really a chowkidar: Owaisi to Modi
Politics2 days ago
Ashok Gehlot calls RSS extra constitutional authority
National3 days ago
Salman Khan believes right kind of education can solve Kashmir dispute
Sports3 days ago
Dhoni opens up on 2013 IPL fixing scandal, asks what did players do to go through all of that