abundance

Did you know more than ₹31,000 crores is lying without being claimed ? Why?  Read on. There are various reasons why investors fail to claim their dues running into lakhs from various financial institutions like banks, insurers, post offices and mutual fund houses, among others. To shortlist a few –  Investors do not keep their family members informed about investments People change their addresses but often forget to update it with financial institutions Shares or bond certificates may be lost or misplaced Legal heirs find it difficult to stake claim due to legal hurdles.

Last week, the government stated that states and union territories have been paid Rs 52,077 crore since July 2017 to compensate them for the shortfall in their tax revenue. After the last goods and services tax (GST) council meeting in July, it was reported that several states and union territories have reported shortfall in revenue of up to 43%. Given this background, should the GST council have announced cuts in tax rates on several items? Reports suggest that the bureaucracy was unhappy with this decision since it could lead to an increase in the fiscal deficit. This is an election year, so, there will be pressures for additional expenditures which would lead to a widening of the deficit unless more resources are garnered. The finance ministers of Kerala and Punjab criticised the manner in which these decisions were taken in the GST Council and argued that federalism is being dented. Prime Minister Narendra Modi, addressing the nation in his ‘Mann ki Baat’ in June, had hailed ...