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Hans India
28 minutes ago
- Hans India
CM Fadnavis orders probe into tender process involving Shiv Sena Minister's son
Maharashtra Chief Minister Devendra Fadnavis on Monday announced a high-level enquiry into the tender process for the sale of Hotel VITS at Chhatrapati Sambhajinagar which involved the company of state's Social Justice Minister and Shiv Sena leader, Sanjay Shirsat's son Siddhant. He made this announcement during a discussion on a Calling Attention Motion moved by Leader of the Opposition Ambadas Danve on the now cancelled tender process for the sale of the said hotel. Danve said, "A company formed in 2024 was allowed to participate in the bid. The hotel bid was fixed at the 2018 rate, which was severely undervalued. The cartelisation of the companies led to acceptance of a tender of a company which did not have three years of ITR as required. Will there be action against the officials and the company which had won the tender?" Revenue Minister Chandrashekhar Bawankule informed that the said tender process has now been cancelled. "We had previously issued six tenders since 2018, for which no company came forward. The hotel's value was fixed based on the special MPID court," he said. The VITS hotel was the property of Dhanada Corporation Limited, listed on the Bombay Stock Exchange. In 2016 and 2017, the properties of the company were seized including the said hotel. In a bid to return the money of shareholders, its auction was held. However, according to the minister, no company came forward for six tender processes held since 2018. Danve said that M/s Siddhant Material Procurement and Supply company won the tender at a small price of Rs 65 crore at a time when the current valuation of the hotel is around Rs 150 crore. He mentioned that the owner of the company that bid for the hotel is Siddhant Shirsat, the son of a minister and the minister's election affidavit for year 2024 shows no property belonging to his son. He was joined by Opposition MLCs Anil Parab, Bhai Jagtap and Shashikant Shinde seeking action from the government on officials as well as the company owner. As Bawankule maintained that the tender process had been cancelled and the new process would take all the precautions, the Opposition pressed for action and resignation of Minister Shirsat. Amid sloganeering, Minister Shirsat presented his side. "The entire process has run through court orders. Every tender has been issued after a court order and not by officials. Nobody came forward when the tender was issued six times," said Shirsat, adding that all the allegations were false and baseless. As the sloganeering continued, Chief Minister Fadnavis said that the Revenue Minister has clarified that the process has been cancelled. "It is important such cases should have transparency. Therefore, a high level enquiry will be conducted to probe as to whether any irregularity has taken place in the entire process," he added.
Indian Express
31 minutes ago
- Indian Express
All about the UAE's upcoming nomination-based golden visa scheme
The United Arab Emirates government has introduced a pilot nomination-based golden visa programme for residents of India and Bangladesh seeking lifetime residency there, PTI reported. The proposed policy awards Indians the UAE's golden visa for life on paying a fee of AED 100,000 (around Rs 23.3 lakhs), sources told PTI. This policy would do away with the current requirement of investing in property or a business in the Emirates. What is the golden visa scheme? How is the new nomination process different? Here is what to know. What are golden visas? Individuals seeking to immigrate to a country are typically required to fulfil criteria such as a minimum educational qualification and/or an offer letter from a company to work there. This process can be tedious and may take years. A golden visa bypasses this requirement, and hedges on an individual's ability to pay a significant sum of money to the host country, which may be in the form of investments in government bonds, real estate and more. A smaller number of countries offer the 'golden passport', another route to citizenship by investment. According to the UAE's Federal Authority for Identity, Citizenship, Customs & Port Security, the golden visa is essentially a pathway to long-term residency in the country without the need for a sponsor in the country. Eligible candidates may apply for residency for a period of five to 10 years. The golden visa system allows residents, foreign expatriates and their families can move to the UAE to work, live and study, while enhancing the environment that supports business growth and success in the country. The UAE currently welcomes two larger categories of persons under the golden visa scheme: * Public investors, investors in real estate and entrepreneurs People who commit an investment of at least AED two million (approx Rs 4.67 crores) in business or real estate in the country, or seek to start a project valued at not less than 500,000 AED (approx Rs 1.17 crores), fall in this category, * Outstanding special talents Outstanding special talents recognises six categories of eminent persons as described below: Sources cited in the PTI report said that the nomination-based policy awards its holders with lifetime residency in the UAE, as opposed to the current policy of five to 10 years. For instance, golden visa-holders in the real estate investor category may only enjoy residency status for the duration of their project. Over 5,000 Indians are expected to apply for this nomination-based policy in three months, with the pilot limited to persons from India and Bangladesh. According to the PTI report, the Rayad Group consultancy has been entrusted with testing the pilot phase. Rayad Kamal Ayub, its Managing Director, explained that the consultancy will first check the applicant's background, including anti-money laundering and criminal record checks, as well as their social media. 'The background check will also show if and how the applicant can benefit the UAE's market and business activities in any other way, such as culture, finance, trade, science, Start Up, professional services, etc.' Rayad Kamal told PTI. The final decision on the nomination will be made by the government after it receives the application. Applicants under the nomination-based policy need not visit Dubai and may merely obtain pre-approval from their home country. Kamal told PTI that applications could be submitted through the visa concierge service company, OneVASCO centres in India and Bangladesh. 'After getting the Golden Visa, one gets the freedom to bring his or her family members to Dubai. 'You can also keep servants and drivers based on this visa. You can do any business or professional work here,' Rayad Kamal told PTI. India's selection as the first country under the new nomination-based policy indicates the close business, cultural, and geopolitical relations between India and the UAE, especially after the signing of the Comprehensive Economic Partnership Agreement (CEPA) between the two countries, effective May 2022. The nomination-based Golden Visa scheme is applicable to all countries that are signatories or partners under the CEPA. The project is slated to expand from India and Bangladesh to China and other CEPA countries. In theory, such systems generate economic benefits for both the individuals and the host nations, with the potential for revenue generation and beneficial investments. For instance, Saint Kitts and Nevis in the Caribbean, one of the first countries to create a citizenship-by-investment program in 1984, did so to 'bolster its cash-strapped economy amid a drop in world prices for sugar, its main export.' Similarly, Portugal did this in response to the 2008–09 global recession and the 2012 European debt crisis. However, the rising number of such programs has raised concern about their potential for misuse, with a 2019 European Commission report saying, 'Such schemes have raised concerns about certain inherent risks, in particular as regards security, money laundering, tax evasion and corruption.' The report flagged the threat of people investing in an EU nation towards 'illegitimate ends, such as evading law enforcement investigation and prosecution in their home country and protecting their assets from the related freezing and confiscation measures.' Indian businessman Mehul Choksi, who was wanted in India for carrying out one of the country's most notorious banking scams worth Rs 13,000 crore, fled to Antigua and Barbuda in the Caribbean in 2018. He acquired citizenship through an investment program. Similarly, businessman Nirav Modi, an accused in the Punjab National Bank fraud case, is believed to be residing in the UK via an investor visa he applied for in 2015. The sustainability of such programs has also been under scrutiny, with some countries such, like Ireland, Greece and Malta, curtailing them to accommodate the needs of their local residents, given the rise in housing prices in Europe. Other countries have become increasingly restrictive, with the UK scrapping the Investor visa (Tier 1) for wealthy investors in 2022, over concerns of illicit Russian money coming in at a time of heightened tensions with Russia over the Ukraine war.
Time of India
34 minutes ago
- Time of India
NPS vs UPS: Big move for central government employees! NPS tax benefits now available under UPS - here's what it means
In a significant move aimed at strengthening the Unified Pension Scheme (UPS), the Finance Ministry has extended income tax benefits currently available under the National Pension System (NPS) to the newly introduced UPS. A government release said, 'In a bid to provide further impetus to the UPS, the Government has decided that tax benefits as available under NPS shall apply mutatis mutandis to UPS as it is an option under NPS. These provisions ensure parity with the existing NPS structure and provide substantial tax relief and incentives to employees opting for the Unified Pension Scheme.' The government's decision is expected to address the primary concern that had dampened interest in the UPS — lack of clarity on tax treatment. UPS, which became operational on April 1, 2025, is a guaranteed pension model for central government employees that operates within the broader NPS framework. Tax benefits under NPS: Old vs New regimes Under the old tax regime, central government employees enjoy deductions under three provisions: Section 80CCD(1): For employee's own contribution, capped at 10% of basic salary or Rs 1.5 lakh (whichever is lower), within the broader Rs 1.5 lakh limit under Section 80C. Section 80CCD(1B): An additional deduction of Rs 50,000 for contributions to the NPS Tier-I account. Section 80CCD(2): For employer's contribution, up to 14% of basic pay + dearness allowance (DA) for central government employees. Under the new tax regime, deductions are restricted to Section 80CCD(2), where a government employee can claim up to 14% of basic pay + DA as deduction for employer's contribution. There is no deduction for the employee's contribution under this regime, according to an ET report. With the extension of the same framework to UPS, employees choosing the new scheme can expect equivalent tax savings. Key expert views on UPS tax deductions Naveen Wadhwa, Chartered Accountant and Vice President at told ET, that those choosing the old tax regime will continue to avail deductions under Section 80CCD(1) and Section 80CCD(1B). However, further clarification is required regarding the maximum deduction limit under Section 80CCD(2). The uncertainty stems from the fact that whilst Section 80CCD(2) permits a maximum deduction of 14% of basic salary plus DA under both tax regimes, the government's contribution towards UPS stands at 18.5%, which exceeds the NPS contribution rate, he said. Ashish Niraj, Chartered Accountant and Partner at A S N & Company, noted: 'One of the main reasons for the low choice of UPS was the uncertainty regarding the taxation of UPS. Now that the government has clarified that tax benefits will apply mutatis mutandis, people will get clarity. Earlier, NPS subscribers were eligible for tax deduction up to 14% of salary (Basic + DA) contributed by the employer under Section 80CCD(2) under both the tax regimes over the limit of Rs 1.50 lakh provided under Section 80C and Rs 50,000 under Section 80CCD(1B). Now, as the government contribution is 18.5% in the case of UPS, so in my view, UPS subscribers will get 18.5% deduction under 80CCD(2) if they are government employees.' Contribution structure and assured benefits under UPS As per the government's FAQs, both the employee and the Central Government will contribute 10% each of basic pay plus DA to the individual corpus. Additionally, the government will contribute another 8.5% to a pooled fund, intended to support the guaranteed pension benefits for UPS subscribers. UPS guarantees a monthly pension payout equal to 50% of the average of the last 12 months' basic pay, provided the employee has completed 25 years of qualifying service. Those with at least 10 years of service are entitled to a minimum assured payout of Rs 10,000 per month, subject to regular and timely contributions. Deadline extended for opting in The Finance Ministry has also extended the deadline for central government employees to switch from NPS to UPS from June 30, 2025, to September 30, 2025. This extension offers employees more time to assess the viability of the new scheme in light of the clarified tax treatment. This policy alignment is likely to increase traction for the UPS, especially with the potential for full tax deduction on the 18.5% employer contribution — a feature that could tilt the decision in favour of those seeking assured post-retirement benefits. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
