Latest news with #Panda
Hindustan Times
3 hours ago
- Entertainment
- Hindustan Times
Actor questioned over use of live python in opera show in Odisha
Jajpur , An Odia opera party actor Wednesday appeared before the Forest department officials in Jajpur district and explained the controversy surrounding his use of a live python during a rehearsal performance. Actor questioned over use of live python in opera show in Odisha A video clip of the incident went viral on social media, triggering concerns over the illegal use of wild animals in live performances. According to reports, the rehearsal of the Tulasi Gananatya troupe for the Odia play 'Ei Bodhe Sesha Dekha' took place near Chandikhole on Tuesday. In the viral video, the actor Sai Satyajit Panda was seen holding a live snake, identified as an African ball python, on stage as part of a dramatic sequence. The video footage drew sharp criticism online and prompted wildlife advocates to flag the use of wild animals in entertainment, which is prohibited under the Wildlife Protection Act, 1972. Following social media outrage, the Bayree Forest Range office issued a notice summoning the actor. While presenting his side before the forest department, actor Panda said that the snake was a legally purchased exotic species, not protected under the Indian wildlife schedules. He claimed to have bought it in compliance with the rules and insisted no harm was caused during the performance. 'The snake I was holding at rehearsal was not venomous. It is an African bell python, and many people in Bhubaneswar keep these snakes as pets. It is allowed to be kept as a pet under Indian laws. Since I am an actor and a celebrity, the video got more attention online,' Panda said. He also claimed to be a pet lover and denied that the snake was harmed or 'misused'. Bayree Forest Range Officer Adwit Kumar Pradhan confirmed Panda's appearance and stated that no FIR in connection with the incident has been filed yet. He said that under the Wildlife Protection Act, the public display or use of wild or exotic animals without clearance from the authorities can invite legal consequences, regardless of whether the species is native or imported. The matter is under investigation and action will be taken as per law, he added. This article was generated from an automated news agency feed without modifications to text.
NDTV
12 hours ago
- Business
- NDTV
New Income Tax Bill Halves Word Count, Eases Compliance: Baijayant Jay Panda
New Delhi: BJP Member of Parliament and Chairman of the Finance Select Committee, Baijayant Jay Panda on Tuesday reflected upon the ongoing simplification of India's tax laws, stated that the newly proposed Income Tax Bill aims to make compliance easier for taxpayers without altering tax policies or rates. Speaking about the legislative overhaul, Mr Panda said the new draft bill reduces the word count of the Income Tax Act by nearly 50 per cent, from around 5 lakh words to 2.5 lakh. "Under PM Modi, a lot of the very obsolete laws have been overhauled over the last 11 years. In line with this, Finance Minister Nirmala Sitharaman had said last year that the Income Tax is also going to be overhauled for simplification," he said. "The Ministry had worked on it and presented to Parliament few months ago - a simple version of New Income Tax Bill where the word count has been reduced by 50 per cent, from 5 lakh-odd words to about 2.5 lakh simple formulae and tables have been given so that it becomes simpler," he further added. Mr Panda also highlighted the motive behind this move. "Our mandate was not to change the tax policy or to change the tax rates, it was to make sure that the Act becomes simple," Mr Panda clarified. Mr Panda presented the report of the Select Committee on the new Income-Tax Bill in Lok Sabha on Monday with its recommendations. Recently, the report of the parliamentary panel on the new Income-Tax Bill was presented in Lok Sabha. In its report, the panel has suggested important changes to tighten definitions, remove ambiguities, and align the new law with existing frameworks. The panel examined the Income-Tax Bill 2025, which seeks to simplify the language and structure of the Income Tax Act 1961 and submitted its report. The Income-Tax Bill, 2025, was tabled in Parliament in February and was referred to the Select Committee for a detailed examination. The Committee, in its 4,584-page report, identified several drafting corrections based on stakeholder suggestions, which they believe are essential for clarity and unambiguous interpretation of the new bill. The parliamentary panel has made a total of 566 suggestions/recommendations in its report.
&w=3840&q=100)
Business Standard
14 hours ago
- Business
- Business Standard
Pak govt secured $26.7 bn in loans in last financial year: Report
Pakistan secured a record $26.7 billion in foreign loans during the last fiscal year, according to a media report that said it indicates the country's deepening dependence on multilateral and bilateral creditors. Nearly half of these loans were in the form of rollovers of previously obtained loans, The Express Tribune newspaper reported. The $26.7 billion disbursed during the fiscal year 2024-25 was slightly higher than the preceding fiscal year, the report said citing data compiled by the Ministry of Economic Affairs, the State Bank of Pakistan (SBP) and the Ministry of Finance. Of the $26.7 billion in foreign loans, only $3.4 billion or nearly 13 per cent was received for project financing, details released by the Ministry of Economic Affairs on Tuesday revealed. Such low receipts for project financing underscore the difficulties in repaying the loans, as most foreign borrowings are used for budgetary support and to build foreign exchange reserves, neither of which generates revenues for repayment. The central bank's gross foreign exchange reserves of $14.5 billion as of end-June are largely the result of rollovers, refinancing of existing loans, and some fresh borrowing. This highlights Pakistan's growing reliance on foreign creditors, making economic stability increasingly vulnerable. According to the details, the Ministry of Economic Affairs booked $11.9 billion on the federal government's accounts, about $1.2 billion higher than the previous fiscal year. The International Monetary Fund (IMF) disbursed $2.1 billion, while another $12.7 billion came as rollovers of cash deposits from Saudi Arabia, China, the United Arab Emirates, and Kuwait. Saudi Arabia has placed $5 billion in cash deposits with Pakistan's central bank, charging a 4 per cent interest on the loans. The amount is rolled over annually as Islamabad remains unable to repay. Interestingly, the IMF's three-year programme is predicated on the continued rollover of these $12.7 billion loans, casting doubt on the depth of external sector stability. China has placed $4 billion in cash deposits, charging over 6 per cent in interest. The UAE has deposited $3 billion with the central bank. China also disbursed $484 million in guaranteed loans in the last fiscal year, used primarily for asset purchases. Pakistan failed to tap international capital markets last fiscal year and its planned $1 billion borrowing through Eurobonds and Panda bonds did not materialise. Instead, the government and central bank secured an expensive foreign commercial loan, backed by multilateral guarantees, to bridge the gap. With Pakistan's credit rating in junk status, the country remains locked out of global capital markets and must pay high interest rates on commercial loans and cash deposits. The finance ministry managed to secure $4.3 billion in commercial loans, mostly refinanced Chinese loans and others backed by guarantees from the Asian Development Bank (ADB). The ADB disbursed $2.1 billion in new loans, $500 million more than budgeted. Multilateral institutions contributed $6.9 billion overall, including $2.1 billion from the IMF. The World Bank released $1.7 billion, $300 million short of the budgeted amount, and has not announced any new budget support loan for the current fiscal year. The Islamic Development Bank disbursed $716 million, and Saudi Arabia gave $200 million under an oil financing facility secured at 6 per cent interest, making it an expensive loan. Pakistan's debt-to-GDP ratio and gross financing needs-to-GDP ratio currently exceed sustainable levels, according to the Ministry of Finance. A gross financing need exceeding 15% of GDP is considered unsustainable. The Ministry of Finance's previous projections suggest Pakistan will remain above that threshold for at least the next three years.
Time of India
15 hours ago
- Business
- Time of India
New Income Tax bill halves word count, eases compliance: Chairman of the Finance Select Committee, Baijayant Jay Panda
BJP Member of Parliament and Chairman of the Finance Select Committee , Baijayant Jay Panda on Tuesday reflected upon the ongoing simplification of India's tax laws, stated that the newly proposed Income Tax Bill aims to make compliance easier for taxpayers without altering tax policies or rates. Speaking about the legislative overhaul, Panda said the new draft bill reduces the word count of the Income Tax Act by nearly 50 per cent, from around 5 lakh words to 2.5 lakh. "Under PM Modi, a lot of the very obsolete laws have been overhauled over the last 11 years. In line with this, Finance Minister Nirmala Sitharaman had said last year that the Income Tax is also going to be overhauled for simplification," he said. Explore courses from Top Institutes in Please select course: Select a Course Category Technology Public Policy Degree Digital Marketing others Operations Management Design Thinking Project Management Leadership PGDM Management CXO MBA healthcare Data Science Data Science Artificial Intelligence MCA Cybersecurity Others Healthcare Data Analytics Finance Product Management Skills you'll gain: Duration: 12 Weeks MIT xPRO CERT-MIT XPRO Building AI Prod India Starts on undefined Get Details "The Ministry had worked on it and presented to Parliament few months ago - a simple version of New Income Tax Bill where the word count has been reduced by 50 per cent, from 5 lakh-odd words to about 2.5 lakh simple formulae and tables have been given so that it becomes simpler," he further added. Panda also highlighted the motive behind this move. "Our mandate was not to change the tax policy or to change the tax rates, it was to make sure that the Act becomes simple," Panda clarified. Panda presented the report of the Select Committee on the new Income-Tax Bill in Lok Sabha on Monday with its recommendations. Live Events Recently, the report of the parliamentary panel on the new Income-Tax Bill was presented in Lok Sabha. In its report, the panel has suggested important changes to tighten definitions, remove ambiguities, and align the new law with existing frameworks. The panel examined the Income-Tax Bill 2025, which seeks to simplify the language and structure of the Income Tax Act 1961 and submitted its report. The Income-Tax Bill, 2025, was tabled in Parliament in February and was referred to the Select Committee for a detailed examination. The Committee, in its 4,584-page report, identified several drafting corrections based on stakeholder suggestions, which they believe are essential for clarity and unambiguous interpretation of the new bill. The parliamentary panel has made a total of 566 suggestions/recommendations in its report.
Express Tribune
18 hours ago
- Business
- Express Tribune
Govt secured $26.7b in loans in FY25
Listen to article Pakistan secured a record $26.7 billion in foreign loans during the last fiscal year, nearly half of it in the form of rollovers of previously obtained loans, indicating the country's deepening dependence on multilateral and bilateral creditors. The $26.7 billion disbursed during the fiscal year 2024-25 was slightly higher than the preceding fiscal year, according to data compiled by the Ministry of Economic Affairs, the State Bank of Pakistan (SBP), and the Ministry of Finance. Of the $26.7 billion in foreign loans, only $3.4 billion or nearly 13% was received for project financing, official details released by the Ministry of Economic Affairs on Tuesday revealed. Such low receipts for project financing underscore the difficulties in repaying the loans, as most foreign borrowings are used for budgetary support and to build foreign exchange reserves, neither of which generate revenues for repayment. The central bank's gross foreign exchange reserves of $14.5 billion as of end-June are largely the result of rollovers, refinancing of existing loans, and some fresh borrowing. This highlights Pakistan's growing reliance on foreign creditors, making economic stability increasingly vulnerable. According to the details, the Ministry of Economic Affairs booked $11.9 billion on the federal government's accounts, about $1.2 billion higher than the previous fiscal year. The International Monetary Fund (IMF) disbursed $2.1 billion, while another $12.7 billion came as rollovers of cash deposits from Saudi Arabia, China, the United Arab Emirates, and Kuwait. Saudi Arabia has placed $5 billion in cash deposits with Pakistan's central bank, charging a 4% interest on the loans. The amount is rolled over annually as Islamabad remains unable to repay. Interestingly, the IMF's three-year programme is predicated on the continued rollover of these $12.7 billion loans, casting doubt on the depth of external sector stability. China has placed $4 billion in cash deposits, charging over 6% in interest. The UAE has deposited $3 billion with the central bank. China also disbursed $484 million in guaranteed loans in the last fiscal year, used primarily for asset purchases. Pakistan failed to tap international capital markets last fiscal year and its planned $1 billion borrowing through Eurobonds and Panda bonds did not materialise. Instead, the government and central bank secured an expensive foreign commercial loan, backed by multilateral guarantees, to bridge the gap. With Pakistan's credit rating in junk status, the country remains locked out of global capital markets and must pay high interest rates on commercial loans and cash deposits. The finance ministry managed to secure $4.3 billion in commercial loans, mostly refinanced Chinese loans and others backed by guarantees from the Asian Development Bank (ADB). The ADB disbursed $2.1 billion in new loans, $500 million more than budgeted. Multilateral institutions contributed $6.9 billion overall, including $2.1 billion from the IMF. The World Bank released $1.7 billion, $300 million short of the budgeted amount, and has not announced any new budget support loan for the current fiscal year. The Islamic Development Bank disbursed $716 million, and Saudi Arabia gave $200 million under an oil financing facility secured at 6% interest, making it an expensive loan. Pakistan's debt-to-GDP ratio and gross financing needs-to-GDP ratio currently exceed sustainable levels, according to the Ministry of Finance. A gross financing need exceeding 15% of GDP is considered unsustainable. The Ministry of Finance's previous projections suggest Pakistan will remain above that threshold for at least the next three years. In its first review of the $7 billion programme, the IMF flagged several risks to consistent policy implementation including the resistance to reforms, underperformance of tax revenue, high gross financing needs, low gross reserves, and a sizeable net foreign exchange derivative position of the SBP. It also warned that socio-political tensions could erode repayment capacity and debt sustainability. For three fiscal years, FY2025-26 to FY2027-28, the IMF has projected Pakistan's gross external financing requirements at $70.5 billion. These figures may vary depending on changes in the current account deficit, remittance flows, and exports. The IMF further stated that the overall risk of sovereign stress remains high, reflecting a high level of vulnerability to elevated debt levels, large gross financing needs, and low reserve buffers. However, the government has assured the IMF that it is closely monitoring debt vulnerabilities arising from elevated gross financing requirements and a significant sovereign-bank nexus.
