• NATIONAL NEWS

Key Features of Budget 2011-2012

Tax Reforms

• Direct Taxes Code (DTC) to be finalised for enactment during 2011-12. DTC proposed to be effective from April 1, 2012.

• Areas of divergence with States on proposed Goods and Services Tax (GST) have been narrowed. As a step towards roll out of GST, Constitution Amendment Bill proposed to be introduced in this session of Parliament.

• Significant progress in establishing GST Network (GSTN), which will serve as IT infrastructure for introduction of GST.

Subsidies

• Nutrient Based Subsidy (NBS) has improved the availability of fertiliser; Government actively considering extension of the NBS regime to cover urea.

• Government to move towards direct transfer of cash subsidy to people living below poverty line in a phased manner for better delivery of kerosene, LPG and fertilisers. Task force set up to work out the modalities for the proposed system.

Agriculture Credit

•  Credit flow for farmers raised from ` 3,75,000 crore to ` 4,75,000 crore in 2011-12.

•  Interest subvention proposed to be enhanced from 2 per cent to 3 per cent for providing short-term crop loans to farmers who repay their crop loan on time.

•  In view of enhanced target for flow of agriculture credit, capital base of NABARD to be strengthened by ` 3,000 crore in phased manner.

•  ` 10,000 crore to be contributed to NABARD’s Short-term Rural Credit fund for 2011-12.

Infrastructure and Industry

•  Allocation of ` 2,14,000 crore for infrastructure in 2011-12. This is an increase of 23.3 per cent over 2010-11. This also amounts to 48.5 per cent of total plan allocation.

•  Government to come up with a comprehensive policy for further developing PPP projects.

•  IIFCL to achieve cummulative disbursement target of ` 20,000 crore by March 31, 2011 and ` 25,000 crore by March 31, 2012.

•  Under take out financing scheme, seven projects sanctioned with debt of ` 1,500 crore. Another ` 5,000 crore will be sanctioned during 2011-12.

•  To boost infrastructure development, tax free bonds of ` 30,000 crore proposed to be issued by Government undertakings during 2011-12.

UID Mission

• From 1st October, 2011 ten lakh Aadhaar numbers will be generated per day. IT Initiatives

• Various IT initiatives taken for efficient tax administration. These include e-filing and e-payment of taxes, adoption of ‘Sevottam’ concept by CBEC and CBDT, web based facility for tax payers to track the resolution of refunds and credit for pre-paid taxes and augmentation of processing capacity.

• Under Mission mode projects, funds released to 31 projects received from States/UTs for computerisation of Commercial taxes. This will allow States to align with roll out of GST.

• Bill to amend the Indian Stamp Act proposed to be introduced shortly.

• A new scheme with an outlay of ` 300 crore to be launched to provide assistance to States to modernise their stamp and registration administration and roll out e-stamping in all the districts in the next three years.

• A new simplified form ‘Sugam’ to be introduced to reduce the compliance burden of small tax payers falling within presumptive taxation.

• Three more benches of Settlement Commission to be set up to fast track the disposal of cases.

• Steps initiated to reduce litigation and focus attention on high revenue cases.

• Exemption limit for the general category of individual taxpayers enhanced from ` 1,60,000 to ` 1,80,000 giving uniform tax relief of ` 2,000.

• Exemption limit enhanced and qualifying age reduced for senior citizens.

• Higher exemption limit for Very Senior Citizens, who are 80 years or above.

• Current surcharge of 7.5 per cent on domestic companies proposed to be reduced to 5 per cent.

• Rate of Minimum Alternative Tax proposed to be increased from 18 per cent to 18.5 per cent of book profits.

• Tax incentives extended to attract foreign funds for financing of infrastructure.

• Additional deduction of ` 20,000 for investment in long-term infrastructure bonds proposed to be extended for one more year.

• Lower rate of 15 per cent tax on dividends received by an Indian company from its foreign subsidiary.

• Benefit of investment linked deduction extended to businesses engaged in the production of fertilisers.

• Investment linked deduction to businesses developing affordable housing.

• Weighted deduction on payments made to National Laboratories, Universities and Institutes of Technology to be enhanced to 200 per cent.

• System of collection of information from foreign tax jurisdictions to be strengthened.

• A net revenue loss of ` 11,500 crore estimated as a result of proposals.

• To stay on course for transition to GST.

• Central Excise Duty to be maintained at standard rate of 10 per cent.

• Reduction in number of exemptions in Central Excise rate structure.

• Nominal Central Excise Duty of 1 per cent imposed on 130 items entering in the tax net.

• Lower rate of Central Excise Duty enhanced from 4 per cent to 5 per cent.

• Optional levy on branded garments or made up proposed to be converted into a mandatory levy at unified rate of 10 per cent.

• Peak rate of Custom Duty held at its current level.

Agriculture and Related Sectors

• Scope of exemptions from Excise Duty enlarged to include equipments needed for storage and warehouse facilities on agricultural produce.

• Basic Custom Duty reduced for specified agricultural machinery from 5 per cent to 2.5 per cent.

• Basic Custom Duty reduced on micro-irrigation equipment from 7.5 per cent to 5 per cent.

• De-oiled rice bran cake to be fully exempted from basic Custom Duty. Export Duty of 10 per cent to be levied on its export.

Manufacturing Sector

• Basic Custom Duty reduced for various items to encourage domestic value addition vis-à-vis imports, to remove duty inversion and anomalies and to provide a level playing field to the domestic industry.

• Rate of Export Duty for all types of iron ore enhanced and unified at 20 per cent ad valorem. Full exemption from Export Duty to iron ore pellets.

• Basic Custom Duty on two critical raw materials of cement industry viz. petcoke and gypsum is proposed to be reduced to 2.5 per cent.

• Cash dispensers fully exempt from basic Customs Duty.

Environment

• Full exemption from basic Customs Duty and a concessional rate of Central Excise Duty extended to batteries imported by manufacturers of electrical vehicles.

• Concessional Excise Duty of 10 per cent to vehicles based on Fuel cell technology.

• Exemption granted from basic custom duty and special CVD to critical parts/assemblies needed for Hybrid vehicles.

• Reduction in Excise Duty on kits used for conversion of fossil fuel vehicles into Hybrid vehicles.

• Excise Duty on LEDs reduced to 5 per cent and special CVD being fully exempted.

• Basic Customs Duty on solar lantern reduced from 10 to 5 per cent.

• Full exemption from basic Customs Duty to Crude Palm Stearin used in manufacture of laundry soap.

• Full exemption from basic Excise Duty granted to enzyme based preparation for pre-tanning.

Infrastructure

• Parallel Excise Duty exemption for domestic suppliers producing capital goods needed for expansion of existing mega or ultra mega power projects.

• Full exemption from basic Customs Duty to bio-asphalt and specified machinery for application in the construction of national highways.

Other Proposals

• Scope of exemptions from basic Customs Duty for work of art and antiquities extended to apply for exhibition or display in private art galleries open to the general public.

• Exemption from Import Duty for spares and capital goods required for ship repair units extended to import by ship owners.

• Concessional basic Custom Duty of 5 per cent and CVD of 5 per cent available to newspaper establishments for high speed printing presses extended to mailroom equipment.

• Jumbo rolls of cinematographic film fully exempted from CVD by providing full exemption from Excise Duty.

• Out right concession to factory-built ambulances from Excise Duty.

• Relief measures proposed for raw pistachio, bamboo for agarbatti, lactose for the manufacture of homoeopathic medicines, sanitary napkins, baby and adult diapers.

• Proposals relating to Customs and Central Excise estimated to result in a net revenue gain of ` 7,300 crore.

• Standard rate of Service Tax retained at 10 per cent, while seeking a closer fit between present regime and its GST successor.

• Hotel accommodation in excess of ` 1,000 per day and service provided by air conditioned restaurants that have license to serve liquor added as new services for levying Service Tax.

• Tax on all services provided by hospitals with 25 or more beds with facility of central air conditioning.

• Service Tax on air travel both domestic and international raised.

• Services provided by life insurance companies in the area of investment and some more legal services proposed to be brought into tax net.

• All individual and sole proprietor tax payers with a turn over upto ` 60 lakh freed from the formalities of audit.

• To encourage voluntary compliance the penal provision for Service Tax are being rationalised. Similar changes being carried out in Central Excise and Custom laws.

• Proposals relating to Service Tax estimated to result in net revenue gain of ` 4,000 crore.

• Proposals relating to Direct Taxes estimated to result in a revenue loss of 11,500 crore and those related to Indirect Taxes estimated to result in net revenue gain of ` 11,300 crore.

Highlights of Economic Survey 2010 - 11

Following are the highlights of Economic Survey 2010 – 11: 

• Economy expected to grow at 8.6% in 2010-11 and 9 per cent in next fiscal 

• Growth broad based with rebound in Agriculture, continued momentum in manufacturing and private services 

• Fundamentals strong with Savings & Investments up, exports rising rapidly and inflation falling 

• Agriculture likely to grow at 5.4% in 2010-11; 

• Industrial output grows by 8.6% ; manufacturing sector registers 9.1% 

• Exports in April-December 2010 up by 29.5 % 

• Imports in April – December 2010 up by 19% 

• Trade gap narrowed to US $ 82.01 bn in April-December 2010 

• 59% rise in Net Bank Credit 

• Social programme spending stepped up by 5 percentage points of GDP over past 5 years 

• 9.7% growth of GDP at market prices 

• Inflation expected to be 1.5 per cent higher than what it would be if we were not on growth turnpike 

• Production of foodgrains estimated at 232.1 mn tonnes 

• Forex Reserves estimated at US$ 297.3 bn 

• Gross Fiscal Deficit stands at 4.8% of GDP down from 6.3% last year.

LEGAL AND REGULATORY NEWS

Govt to announce new measures to improve efficiency at ports

Govt is planning to announce a new captive port policy within 15 days, to reduce the turn around time at ports, and bring it on par with world standards. The govt might allot captive berths at major ports to pvt companies, to be utilized exclusively by them for managing logistics of their goods.

SC gives direction for thorough probe into illegal mining

A special bench of the SC has asked the Central Empowered Committee to conduct a probe into illegal mining in the states of Karnataka and Andhra. The order came on a petition, which cited the report of Karnataka Lokayukta, which had stated that illegal mining was rampant in the state, even in the ecologically vulnerable forests.

30 member JPC to probe telecom policies over a 10 year period

A 30 member JPC was set up on Thursday, February 24, 2011 to investigate the policies of successive governments for pricing and allocation of telecom spectrum from 1998 to 2009. The panel consists of 20 members from the Lok Sabha and 10 members from the Rajya Sabha, from a cross-section of different political parties.

RBI finds no ground for treating NBFCs on par with banks

RBI has refused to accede to the demand of Non Banking Finance Companies to be granted parity with banks, as the latter are subject to stricter rules and regulations as compared to NBFC's. The demand had come on the back of RBI recently raising benchmark capital requirement to 15% for NBFCs.

PAC does not favour continuation of SEZ scheme in present form

Public Accounts Committee of the Parliament has recommended that continuation of SEZ scheme in its present form is leading to land grabbing at advantageous prices, and sales to Domestic Tariff Area, without paying back the import duty waived off for such units located in SEZ, lead to loss of revenue for the government. So, there is a need to revamp the scheme.

PFRDA discovers anomalies in investment practices of pension fund managers.

The pension fund regulator has discovered that private fund managers currently managing the pension funds have invested in low rated corporate bonds (less than the prescribed AA- grade) , to earn higher returns. Some managers were also keeping large cash holdings, which impact returns.

Parliamentary panel suggests steps to curb illegal mining

Parliamentary standing committee on Coal and Steel has asked the government to include coal under the essential commodities again. The panel has recommended joint inter -state intelligence and police task force to combat the problem of loss of lives, environment damage and revenue loss to the exchequer due to illegal mining.

Delhi Lokayukta recommends removal of minister for trying to scuttle a VAT probe

Delhi Lokayukta has recommended removal of a minister in the Delhi government, citing ‘grave misconduct by a public functionary’. The minister reportedly tried to influence a Commissioner of Trade and Taxes, in the course of a tax probe against a well known farmhouse resort (Tivoli Gardens) used for lavish parties.

Law ministry effects hike in poll expenditure limits

Law ministry has amended the Conduct of Election Rules to raise maximum limit for poll expenditure. The maximum expenditure allowed has been increased to Rs40 Lacs for parliamentary constituencies, while the limit for assembly constituencies varies as per size of the state, with maximum being Rs16 Lacs.

Pardon order of a convict should not pronounce on his innocence, rules Supreme Court

Supreme Court has ruled that a pardon order for a convicted person, granted by the President or a governor, should not pronounce on the innocence of the accused, as the power to decide on the innocence or otherwise of the accused in a criminal trial lies in the exclusive domain of the competent court.

TDSAT asks Uninor to pay Rs51 Lacs penalty

TDSAT has asked Uninor to pay up Rs51 Lacs for failure to meet rollout obligations in UP West, imposed on it by DoT. On a petition from the company, it has also issued notice to DoT.

Weaving machines from China face anti-dumping duty

India has imposed n anti-dumping duty of $1193 per unit on imports of circular weaving machines (having 6 or more shuttles) from China and Isarel. The duty would continue for a period of 5 years.

Captive TPA for public sector health insurers to drive down costs

Public sector health insurers are likely to shortly announce a joint venture with an Indian third party administrator, to render captive TPA services. The move is aimed at cushioning their bargaining power with the hospitals, in order to bring down the cost of treatment. All the four state insurers will be part of the joint venture.

'Happily married' rapists escape harsher sentence in return for compensation

Supreme Court has reduced the sentence of three gang rapists of Ludhiana from ten years to three and a half, on the condition that they pay Rs50,000 each to the victim. The convicts’ counsel took the plea that the victim and the convicts had reached a compromise, as all the parties were now happily married, and did not wish to prolong the case.

International conventions necessitate changes in telecom equipment import policy

A new policy for imports of telecom equipment is reportedly in the works, which will modify the clauses that make it mandatory for foreign equipment manufacturers to share their source code or get a security clearance from the home ministry, and employ only Indian engineers to maintain local networks.

TRAI cautions telcos against discriminatory charges

TRAI has asked mobile operators to strictly comply with the rules for interconnect user charges for SMS. It has been brought to the notice of the regulator that discriminatory termination charges are being levied by some operators, whereas as per rules, such charges have to be non-discriminatory.

Maha Mumbai SEZ runs into rough weather

The future of proposed multi product SEZ promoted by Mukesh Ambani in Raigad district continues to be in jeopardy. The SEZ was approved in 2006, and the promoters acquired 5000 acres on their own, but state had to stop further acquisition when farmers started protesting.

Andhra government keeping a hawk's eye on MFI lending

Andhra government is contemplating issuing a fresh notification, bringing some newly devised loan products by MFIs under the ambit of MFI Act. The government fears that the rising trend of loans to husbands, and interest free loans to Self Help Group members, is just another way to circumvent the microfinance regulatory law recently passed by the Assembly.

Supreme Court seeks explanation from SEBI on why it sidelined the IPO scam report of its own committee

Supreme Court has asked SEBI to explain its stand over its rejection of a high powered committee’s report investigating the IPO scam of 2006, and NSDL’s role in it. The court observed that instead of taking action, SEBI had sidelined the report of its own members. SEBI has to reply within two weeks.

Delhi HC calls AIIMS strikes illegal, future strikes to invite contempt of court

On a PIL filed by SC & ST Medical Association, Delhi HC on Monday, February 21, 2011,  declared that a series of strikes undertaken by agitating students/ doctors of AIIMS in 2006-07, during which patients were refused treatment, were illegal. It has asked AIIMS to identify the doctors and interns involved in the strike, so that they can be punished. Any such strike in the future by medical or para-medical staff will attract contempt of court. 

IT department probing discrepancy in FII trading data

IT department has discovered some under-recovery of Securities Transaction Tax on transactions executed by FIIs for overseas investors. These buy and sell transactions, done through issuance of Participatory Notes, were netted off at the end of the day between different clients, without calculating correct STT, feels the IT department, leading to less tax being paid.

Idea- Spice at the peril of losing licence for violating merger laws and holding overlapping licences

Telecom operators Idea- Spice may face heavy penalties and even loss of licence, for holding overlapping mobile licences in six regions. Idea’s acquisition of Spice Telecom in 2008 violated Indian laws, which prohibit mobile operators from holding stake in more than two companies in the same circle, and new entrants form selling stake within 3 years of obtaining licence.

India lobbying to remove distinction between tax evasion and tax fraud, to speed up information exchange

At the meeting of G20 finance ministers in Paris earlier this month, the Indian Finance Minister is believed to have asked other countries to remove the distinction between tax evasion and tax fraud. Tax evasion is not considered an offence in many countries, so when India demands information related to tax evasion, it gets mired in red tape, until and unless it is termed as tax fraud.

Court must show extra cautions while suspending sentences in case of corruptions: Del HC

Dismissing an application filed for the suspension of sentence till the disposal of appeal, HC observed that the Courts must be extra cautious while granting relief to the accused involved in the corruption cases.

Quantity restriction of 55 lakh bales on export of cotton during Cotton Season, 2010-11

The cap on export during the Cotton Season, 2010-11 (01.10.2010 to 30.09.2011) will be 55 lakh bales or as notified by DGFT from time to time. However, export of 5,000 bales of Assam Comillas Cotton (Tariff Code 5201 00 12) is exempted from the cap, but not from registration.

Govt likely to provide stricter punishments for speeding, drunken driving in Motor Vehicles Act

The ministry has circulated the draft amendments proposing to include new provisions making car manufacturers liable for penalty in case of faults and enhancing penalties for speeding, drunken driving and using mobile phones while driving.

SC: Flaunting of constitutional powers to summon senior bureaucrats brings disrepute to judiciary

The Apex Court held that the system works on mutual respect bet judiciary & executives and HC must first explore the option of getting the order complied by asking the advocate-general to inform the concerned official about non-implementation. (R.S.Singh V. U.P. Malaria Nirikshak Sangh and Ors.)

Jharkhand trial Court Judge dismissed from service for outsourcing writings of the Judgments

The Apex Court upheld the Jharkhand governor's order removing trial court judge from service without mandatory inquiry as it was felt that it was not practicable in the interest of the institution to hold an enquiry. (Ajit Kumar V.State of Jharkhand and Ors.)

SEBI supersedes all instructions regarding use of load accounts subsequent to circular dt 30.06.2009

In order to bring uniformity in usage of load balances SEBI has decided to segregate load balance into two accounts in the books of accounts of the scheme - one to reflect the balance as on July 31, 2009 and the other to reflect accretions since August 01, 2009.

Government plans to amend Indian Posts Act to introduce registration of Courier Service Companies

The Government is planning to introduce registration process of all Courier Service Companies. In the process necessary amendments will be required in the Indian Posts Act.

Army to reconvene the Court of Inquiry against Malegaon blasts accused

The Armed Forces Tribunal has directed army to reconvene the Court of Inquiry against Lt-Colonel Shrikant Prasad Purohit, accused in the Malegaon blasts.

SC rejects former Kerala Power Minister’s Bail plea in Idamalayar dam corruption case

The Apex Court has rejected the plea of bail and Petition seeking review of judgment directing one year RI to the former Minister alongwith one more official in Idamalayar dam corruption case.

Panel constituted by Delhi High Court to check pesticide level in fruits and vegetables

The Division Bench of the High Court expressing its concern on use of pesticide in vegetables and fruits has constituted a panel to conduct necessary tests in approved laboratories.

Offence of Counterfeiting Currency Notes Cannot be Viewed Lightly: Bombay HC

HC has opined that Courts must be sensitive in dealing with such offences and not to delete it by the interpretatative mechanism without providing an opportunity to the prosecution to prove by leading evidence at the trial (Kiran Kumar K. Khanda V. The State of Maharashtra)

RBI Sets up NBFC Rule Review Panel to Rework NBFC rules

RBI has formed a 15 member committee to revamp regulations for non- banking finance companies. The said committee will suggest changes in rules and guidelines focusing on definition & classification of NBFCs, addressing regulatory gaps and regulatory arbitrage.

Rethink in govt over high telecom levies

TRAI has embarked on a study to benchmark the levies paid by mobile phone companies in India against their foreign counterparts. While the average payment in India is 34% of total revenue, the global average is 17%. In 2010, TRAI had suggested that licence fee be reduced gradually to 6% by 2014.

Panel suggests prudent norms for lawful interception

A panel headed by Cab Secy to evolve norms for interception by intelligence agencies has reportedly recommended that tapping requests by the ED or the DRI should first be examined by senior officials before being forwarded to the Home secretary. It has also suggested barring CBDT from tapping.

US reviews anti-dumping duty on Indian shrimp exports

Following a review of the anti-dumping duty on shrimp exports from India, the average duty imposed by the US Dept of Commerce on Indian shrimp has been reduced to 1.7%. Two US based shrimp producing organizations had petitioned the dept to review sales data of 202 Indian firms.

SEC proposes curbs on bonus payments by financial firms

Securities and Exchange Commission has proposed for Wall St firms to file detailed accounts of their bonus payments, so that it could ban any compensation that it may find excessive. The move is aimed at curbing excessive risk taking by executives to receive higher incentive based pay.

SC orders reinstatement of ED officials transferred during black money probe

SC has ordered reinstatement of three ED officials who were abruptly transferred midway through the probe into alleged foreign exchange law violation by stud farm owner Hasan Ali Khan. The court indicated that it might appoint a special officer to supervise the probe against black money offenders.

SC declares appointment of CVC invalid

SC has declared the appointment of CVC PJ Thomas as invalid. He was selected by a three member committee, consisting of the PM, home minister and the leader of the opposition. The latter had objected to Thomas' appointment as he is facing corruption chrges himself.

DoT favours a new system for spectrum allocation

Breaking away from the past, DoT has proposed scrapping the system of auctioning spectrum. As per a new proposal, an independent body of stakeholders should hold all the available spectrum, and the companies can pay according to usage.

CCI'S new draft guidelines to regulate mergers and acquisitions

Competition Commission of India has proposed new draft guidelines for mergers and acquisitions. As per reports, the CCI is all set to get powers to regulate all major M&A deals. The draft guidelines are attached.

Minimum export price slashed to ease onion exports

Govt has slashed the minimum export price of onions by 25%. Though the ban on exports was relaxed last month, the overseas export volumes were sought to be restricted by prescribing $600 tons as the minimum export price to ensure adequate supply in domestic market.

Consumer affairs panel favours ban on futures trading

A Working Group on Consumer Affairs has recommended ban on futures trading in essential commodities, and suggested a coordination mechanism at the national and regional levels to evolve single national agriculture market. The panel has also adcvocated a price stabilization fund.

Highrise near Navy's missile launching site to be demolished if it poses threat to national security

A division bench of the Bombay HC observed on Monday that if the Indian Navy proves that a high rise building in close proximity to its naval base INS Trata is a threat to national security, it would be demolished. Navy has claimed in its petition that no clearance was taken from it by the builder.

Death for 11, life sentence for 20 for the Godhra carnage

The special court which conducted the Godhra trial has sentenced 11 people to death for setting the S-6 coach on fire, which killed 59 passengers. Another 20 have been awarded the life sentence for their role in the tragedy.

• INTERNATIONAL NEWS

Rushed reforms tossing a grenade

The Health Select Committee said that expertise is being lost as two tiers of management are scrapped and the proposals of handing more power to doctors is increasing costs and leading to poor decisions on care. So far in some parts of England operations are already being postponed as a result of turmoil in local health bodies. One member of the all-party group feared that this proposed changes would leave GPs accused of breaking competition law if they worked too closely with hospitals.

Qantas Pays off for Anti Trust Violations

An out of court settlement for $26.5 million is entered into by Qantas to resolve its liability under a class action in the United States which was brought against them due to their activities on their freight divisions and alleging violations of the antitrust laws. However investigation by the EU Commission remains pending.

Antitrust Claims against the Nielsen Company in Sunbeam Litigation is dismissed

All federal and state antitrust claims against the Nielsen Company brought by the Sunbeam Television Corporation regarding television ratings practices in the Miami is dismissed as Sunbeam failed to show that any competitor was "willing and able" to enter the local television ratings market and was excluded from that market by Nielsen. The company could not even prove that the current ratings for Sunbeam's local station are less accurate than they would be under a prospective competitor's methodology.

Jordanian Government to protect consumers

Work is progressing in order to make amendments to legislation governing economic activities so that authorities' control of the market can be tightened and punishments can be enforced on offenders. Minister of Industry and Trade Amer Hadidi said the amendments will include the Industry and Trade Law of the year 1998, and the Competition Law for the year 2004 to prohibit overpricing, maintain prices within normal levels, and toughen punishments. Also a consumer protection law is being drafted to protect the rights of consumers. A study of 10 basic commodities on a monthly basis in 2011 will be conducted, covering cost data, profit margins to draw a comparison with their prices in neighbouring countries. On doing so if price levels are found to be high then a specific amount of these basic commodities will be imported by the military and civil consumer corporations to provide strategic storage and make sure they are sold to consumers at affordable prices.

Prosecutor seeks to freeze foreign assets of ex-president

The Chief Prosecutor of Egypt has requested the officials of Foreign Ministry to take steps and freeze all foreign assets belonging to former president Hosni Mubarak. This request was made despite of Mubarak submitting a declaration indicating that he possessed no foreign assets. It has been reported that Swiss authorities reportedly froze millions of francs kept by Mubarak in Swiss banks. However the legitimacy of these funds are still under investigation.

Contempt trial by ICTY over revelations of witness identity

The trial of former Serb nationalist politician Vojislav Seselj has been started by the International Criminal tribunal for former Yugoslavia on charges that he released the names of 11 ICTY witnesses in violation of a confidentiality order. ICTY prosecutors say that the names were divulged in a book written by him and on his website. However it has been claimed that permission was given to him by the witnesses themselves and that now the witnesses have been coerced into testifying against him. The presiding judge in this contempt case has agreed to adjourn the trial to give Seselj time to bring witnesses to The Hague.

UN Chief asserts crimes against humanity by Libya

The Libyan Government's response to the recent protests amounts to crimes against humanity, has been asserted by the UN High Commissioner. In relation to this point Pillay cited the use of machine guns, snipers and military planes against protesters. Further immediate end to this human rights violations has been urged while putting an end to all callousness of the Government.

Asylum burden to be shared by EU

As a new influx is predicted the EU has been urged by the Southern Europe to share the burden of accepting migrants from North America. Five countries have presented proposals to EU in connection to this issue. The countries want a common Asylum system by the year 2012. It is assumed that many of the migrants will be political refugees, not simply economic migrants, so under human rights agreements Europe has an obligation to identify genuine refugees who have a right to asylum. The UN High Commissioner for Refugees has appealed to the EU to extend their helping hand for the Libyan People.

A fresh complaint against Google

Google has been accused through a fresh complaint of abusing its dominant position in the online sector which has blocked the development of rival search engines. This time the complaint comes from a French company which has prompted Brussels to initiate an in depth investigation against Google to verify if competition rules has been violated therein. The abovementioned Company has alleged that Google has illegally "tied" its search engine hampering competition. Further it has been stated that in order to secure some revenue from the vertical search engines it was necessary to use Adsense, which proved technically impossible without using Google's own search engine. However all these allegations has been denied by Google who states that their attitude is to provide the best service to their users and that they have never claimed dominance in this field.

Wisconsin passes a weak bill

A Republican bill has been passed that strips most public workers of their collective bargaining rights, by the Wisconsin state Assembly. However it still has to pass the State Senate. The bill has been opposed by many and the dispute is far from coming to an end as on date. Few Democratic Senators have fled to the neighbouring states to prevent the formation of a quorum in order to vote in this issue. Republican Gov. Scott Walker warned that if the legislature does not pass his budget bill, state aid to local governments could be cut by $1 billion.

The shrinking economy of UK

From the Office for National Statistics, it has been updated that the GDP of UK slipped unexpectedly by 0.6 per cent. The Office further added that manufacturing sector did well but that the construction industry was weak whereas the services sector, which accounts for a large percentage of the economy, contracted, which is indeed a disappointing news. Further Labour has criticised the the introduction of a VAT rise and the government's plans to cut public spending but a Treasury spokesman said it stood by its position.

Enhanced help to Ministers

A children's charity has asserted that the Government could save more money if it puts more effort into young offenders who usually commit crimes due to being homeless or vulnerable. It claims the taxpayer could be saved £67,000 per child if they had safe accommodation to go to after release. A government spokesman has recognised children being vulnerable. The Ministry of Justice said it was working on a green paper which would further incentivise councils to achieve reductions in youth offending.

Letter urging the extension of the Code of Conduct for US

A group of law Professors in a letter to the House and Senate Judiciary Committees urged Congress to extend the Code of Conduct for United States to apply to the Supreme Court judges and establish a procedural framework for enforcement which require a written opinion for every denial of a motion to recuse and create a review procedure for those decisions. The Court's own ruling in Caperton v. AT Massey Coal was cited in support of their assertion. This letter comes due to a series of decisions that has been held to be politically charged and divisive. However plans to introduce a bill addressing such ethical issues has been announced thereof.

Stay proceedings declined against Congo Militia leader

The request from lawyers to stay the proceedings against Congolese militia leader, who is accused of war crimes for recruiting child soldiers in the DRC, has been declined by the International Criminal Court . Further in a confidential ruling, the Trial Chamber rejected contentions of prosecutorial misconduct which included allegations that prosecutors offered bribes to witnesses and coached testimony.

Restrictions on abortions-approved

Several new restrictions on abortion has been approved by the Kansas House of Representatives . If the bills are approved by the Senate then the Kansas residents will not be able to obtain an abortion after the 20-week mark by which doctors claim the foetus to be whole. There are other restrictions which include a stringent parental consent; the ability to bring a civil suit and the right for criminal prosecution against abortion providers violating Kansas law etc. So far there is no indication when the Senate will vote on the bill, but it is expected to be passed.

Same sex spouse to inherit estate

The New York State Supreme Court Appellate Division, upheld a lower Court decision allowing the surviving spouse of a same-sex marriage to inherit the deceased spouse's estate despite of the inheritance and marriage all together being challenged by one of the spouse's brother as violating New York Policy . The validity of same-sex marriage is still a hotly debated topic in the US. Earlier steps were taken to legalise same sex marriage by way of legislation in 2009 but the bill was later defeated in the Senate.

Lawsuit against FDA

In the US District Court for Columbia a lawsuit has been filed by two tobacco companies against the Food and Drug Administration . The suit seeks to prevent the FDA from relying on a forthcoming recommendation on the use of menthol in cigarettes and alleges that three members of the Tobacco Products Scientific Advisory Committee have made thousands of dollars as expert witnesses in litigation against tobacco manufacturers.

A final rule was announced just last year by FDA restricting tobacco sales and promotions directed at youth and in 2009, President Obama had signed into law the Family Smoking and Tobacco Prevention Act which grants the FDA certain authority to regulate tobacco products. Though the regulation by FDA started by 1996 but in 2000 the US Supreme Court ruled in FDA v. Brown & Williamson Tobacco Corporation that Congress had not provided the FDA with such authority. However the recommendations that are challenged is stated to be released by 23rd March which then can be expected to clarify such doubts.

An anti - Christian foreign policy

UK has been accused of an anti Christian foreign policy. Plans to increase aid to Pakistan without any commitment to religious freedom for Christians has been attacked by a catholic. However the Foreign Office Minister said that Freedom of religion is a fundamental human right and the promotion of human rights is the heart of every foreign policy. Further he added that Britain has always raised concerns and lobbied about religious freedom and persecution wherever it occurred, including in Pakistan. It is hoped that this information and report will contribute to building international support and solidarity for Christians around the world

Clergymen charged of sham marriages inquiry

Two clergymen alleged to have conducted 200 bogus marriages between 2007-2010. The Crown Prosecution Service (CPS) said the alleged fake unions were between EU and non-EU residents. They are charged with conspiring to facilitate entry and to obtain indefinite leave to remain in the UK in breach of immigration law.