Sunday, November 13, 2011

Massive collections in Swiss Black Money Probe


"Framework pact boosts Maldives ties", headlines the Statesman, with Prime Minister Manmohan Singh announcing a 100 million dollars Standby Credit Facility to the Maldives and a number of other key initiatives like capacity building of Maldivian security forces, and boosting ties with this strategic island nation, in India's outreach, amidst attempts by China to make inroads rapidly in the region.

"PM promises to draw up Kingfisher rescue plan" headlines the Hindustan Times. In an unexpected boost for Kingfisher Airlines, the Prime Minister said that his government would explore 'ways and means' to help the private carrier. The BUSINESS LINE of the Hindu, however, writes that the 13 Bank consortium that has lent to Kingfisher Airlines has decided not to provide a bailout package for the debt-ridden company, as of now.

"Massive collections in Swiss Black Money Probe" headlines the Indian Express.  Investigators say they have already mopped up hundreds of crores as unpaid taxes from among the 700 numbered bank accounts held by Indians in HSBC Bank in Geneva, in the sprawling black money trail.

The Asian Age writes that the Central Government will set up a 500 crore rupee fund under the Public Private partnership model to finance research and development, R&D in India. The plan is to scale up the total spending on R&D from the current 0.24 percent of GDP to at least 1.5 to 2 percent in the course of time.

The Asian Age writes that Bihar Chief Minister Nitish Kumar has left many surprised when he embraced the 11.11.11 craze and ordered the prosecution of 11 allegedly errant officials at 11.11 a.m on the unique date.

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