News in Numbers, Nov 25, 2016: Tell me before I ask…

56

What is it? The number of people who have been allegedly murdered (51) and committed suicide (5) among those who sought information under the Right to Information (RTI) Act since it was introduced in 2005, according to data compiled by an NGO.

Why is it important? This points to the fact that the Act in its current form does not have any provisions to ensure safety of those who seek information using this law. Also, this highlights that one of the provisions of this Act under Section 4(2), which requires the authorities to voluntarily disclose information so that the public need not go seeking for it, is not followed effectively. There have been 311 instances of attacks or harassment of people who have asked for information under this Act. Maharashtra and Gujarat top the list in terms of alleged murders and suicides in this case.

Tell me more: The information commissioners could be empowered to work with other authorities such as the police, courts and human rights commissions to protect RTI users from any harm, as per a suggestion by Venkatesh Nayak, programme coordinator at CHRI. The organisation has put together this data for the period between October 12, 2005 and October 17, 2016. As many as 17.5 million RTI applications have been filed in these 11 years.

 

68.86

What is it? The level to which the Indian rupee fell against the US dollar on Thursday in intraday trade.

Why is it important? This was a record low and it closed at 68.75 a dollar, the lowest since August 2013 when India was caught in its worst currency crisis in over two decades. The US dollar seems to be attractive on the hopes that President-elect Donald Trump will go for an expansionary fiscal policy that would lead to higher inflation and interest rates. Though the Reserve Bank of India (RBI) intervened in the market to prop up the rupee, analyst reports suggest that it may be preserving forex reserves and use it prudently in the backdrop of global investors’ aversion to risks and higher chances of a rate hike in the US.

Tell me more: The Indian rupee was not alone in its fall. The currencies of other emerging markets also took a hit such as the Philippines peso fell to a nearly eight-year low while the Turkish lira touched its lowest on Thursday.

 

Rs 1.28 lakh crore

What is it? The estimated cost of implementing the withdrawal of old currency notes (of Rs 500 and Rs 1,000) and replace them with new ones is Rs 1.28 lakh crore, according to the Centre for Monitoring Indian Economy (CMIE).

Why is it important? This would be about 25.6-32% of the total unaccounted cash that the government hopes to collect Rs 4-5 lakh crore (as reportedly conveyed by it to the Supreme Court). The move by the government has attracted both praise and criticism and this is one way to determine if the cost and effort was worth the exercise. The enterprise sector is estimated to lose Rs 61,500 crore or about half the total estimated transaction cost.

Tell me more: Banks are estimated to bear a cost of Rs 31,140 crore during the 50-day window period until December 30 while the cost to households would be Rs 15,000 crore (to stand in queues to exchange old notes with new ones). The government and the RBI are estimated to bear a cost of Rs 16,800 crore.

 

60%

What is it? The tax to be reportedly levied on unaccounted deposits in banks above a certain limit, as decided at a meeting of the Union Cabinet on Thursday night.

Why is it important? This would require amendments to the Income Tax Act, 1961, which the government plans to bring in during the current session of the Parliament, according to sources. The tax rate is likely to be higher than the 45% tax and penalty charged on the unaccounted wealth declared under the one-time Income Declaration Scheme that closed on September 30. However, this rate is lesser than the tax plus 200% penalty that the government had earlier said it would levy on the deposited cash if it doesn’t match the person’s income tax returns.

Tell me more: The government announced on Thursday that over-the-counter exchange of the denotified notes of Rs 500 and Rs 1,000 at banks and post offices will not be allowed from today and that one may only deposit the old notes at banks.

 

$4.4 million

What is it? The amount Jill Stein, the Green Party’s Presidential candidate in the US elections, has raised so far from a crowdfunding effort to initiate recounts in three states – Michigan, Pennsylvania and Wisconsin.

Why is it important? President-elect Donald Trump won in these states by a narrow margin – 0.3% in Michigan, 1.2% in Pennsylvania and 0.7% in Wisconsin and there have been reports that results in these states may have been manipulated or hacked. These three states account for 46 electoral votes and if on recount, the results are overturned, then Democratic Party Presidential candidate Hillary Clinton can emerge victorious. Trump got 290 electoral votes compared to Clinton’s 232 on last count.

Tell me more: The amount raised by Stein so far roughly covers the filing fees ($2.2 million) and attorney’s fees of another $2-3 million. Including the cost of the statewide recount observers, the total costs are likely to come up to $6-7 million. Stein’s crowdfunding campaign aims to raise $4.5 million for the recounting process.

 

Read More

News in numbers, Apr 5, 2016: The fastest jump in digital history, first conviction in coal scam…

12.3%

What is it? The share of stalled projects as a percentage of total projects under implementation for the quarter ended March 2016.

Why is it important? This is the highest since the NDA came to power in May 2014. The government now wants to focus on execution and go slow on announcing new schemes, even as it enters its third year.

Tell me more: The value of the stalled projects increased from Rs 9.49 lakh crore in April-June quarter of 2014 to Rs 11.36 lakh crore in January-March quarter of 2016, according to data by the Centre for Monitoring Indian Economy. The average number of projects as a share of outstanding projects revived and completed was 22% in 2014-15 and 2015-16, compared with 29% during the UPA-II rule (2009-10 to 2013-14).

1,000,856,739

What is it? The number of Aadhaar numbers that have been issued till date.

Why is it important? About 93% of the projected adult population of 2015 have Aadhaar numbers. The first card was issued in September 2010, which makes it the fastest jump from zero to billion in digital history. The challenge ahead is to use Aadhaar to provide government services – such as subsidies – more efficiently.

Tell me more: The government said it has saved Rs 14,672 crore under the direct benefit transfer of LPG scheme and another Rs 2,346 crore under the public distribution system in four states. The government is looking to approach the Supreme Court for using Aadhaar in other government services and social security schemes.

$231 million

What is it? The amount Terraform Global Inc. has accused its parent company SunEdison Inc. of misappropriating.

Why is it important? This has delayed the renewable energy projects in India. SunEdison, which is reportedly planning to file for bankruptcy in the near future, has also put all its India assets on sale. It has projects of 1.5 gigawatts capacity in India, which are under various stages of development.

Tell me more: Terraform Global alleged that SunEdison used its cash to prop up its flagging liquidity position instead of using it to finish near-complete renewable energy projects in India, as promised.

$20 million

What is it? The amount invested by Velocity Interactive Group in NDTV in 2007.

Why is it important? It has been disallowed by the Income Tax Department. This is equivalent to Rs 135 crore at current exchange rates.

Tell me more: The I-T department has issued an order to the media company terming the investment a sham transaction and that it was unexplained in the hands of NDTV. It has also raised a tax demand of Rs 47.27 crore for 2007-08. The department had issued a similar order to NDTV with respect to an investment of $150 million (Rs 1,000 crore) in NDTV in 2008 in NDTV Networks Plc to acquire a 26% stake.

4

What is it? The jail term for two directors of Jharkhand Ispat for coal scam.

Why is it important? This is the first conviction in the coal blocks allocation scam, which has been estimated to have caused a loss of Rs 1.86 lakh crore loss to the exchequer. Last August, the CBI chargesheeted 14 people including industrialist Naveen Jindal, former Coal Minister Dasari Narayan Rao, former Jharkhand chief minister Madhu Koda.

Tell me more: RC Rungta and RS Rungta, chairman and director of the company respectively, have been held guilty of deceiving and defrauding the government to get a coal block allocated to them in Jharkhand. The court has imposed a fine of Rs 25 lakh on Jharkhand Ispat and Rs 5 lakh each on the company executives.

Read More