ECONOMY
CRYPTO REVOLUTION
Can Libra improve financial access?
08.07.19 - Anum Malkani
Can Libra improve financial access?



THROUGHOUT history, many new technologies launched with great hype have failed to live up to their potential. Blockchain and Bitcoin are examples of such ‘revolutionary’ technologies that are yet to cause any real disruption. Libra is likely to follow in their footsteps.

In 2008, a paper published under the pseudonym Satoshi Nakamoto introduced the first cryptocurrency, Bitcoin. The author(s) found that one of the greatest faults of the financial system is that we are forced to trust third parties, ie financial institutions. By creating a cryptocurrency based on Blockchain technology, they hoped to create "an electronic payment system … without the need for a trusted third party”.

This idea held great promise in the wake of the financial crisis. People’s trust in financial institutions and governments had been damaged. Bitcoin was a way out: a way to participate in the economy without being at the mercy of a flawed financial system.

Cryptocurrencies presented solutions to many problems associated with traditional currencies, reigniting the dream of the internet enabling decentralisation. No one entity could control money supply, and financial institutions would no longer mediate all transactions and get rich doing so.
 
Despite the excitement, there were many reasons why Bitcoin never took off. Fears of crypto-anarchy and anonymous transactions led to widespread bans. It was also criticised for its high-energy consumption. The nail in the coffin was its volatility, which effectively made it useless as a store of value.

As the Bitcoin dream fades, Facebook, along with its partners, has announced plans for a new cryptocurrency: Libra. The announcement has generated mixed reactions — from paranoia of Facebook’s deeper penetration into our lives, to hope that Facebook will solve the world’s financial inclusion woes.
------------
If there is widespread adoption of Libra among Facebook’s 2bn users, it could make Facebook — and Zuckerberg — more powerful than any government or multilateral institution.
------------
The white paper introducing Libra presents it as a philanthropic mission. The sales pitch — which betrays a lack of understanding of the reasons behind financial exclusion — is that Libra will give access to 1.7 billion financially excluded people.

In Pakistan, around 100 million adults lack access to formal financial services. How many of them use mobile internet and social media apps and can grasp the concept of cryptocurrency? It is difficult to imagine how Libra is going to be accessible for this excluded population.

Women fare worse in access than men. According to GSMA, 327m fewer women than men use mobile internet in low- and middle-income countries. Women in Pakistan are 45 per cent less likely than men to own a mobile phone and 63pc less likely to use mobile internet.

Social norms are a significant barrier to women’s access to smartphones, mobile internet and social media apps. Inability to read and write and low digital literacy also prevent women (and men) from using mobile phones for much beyond phone calls. It is unlikely that there will be significant uptake of cryptocurrency — an obscure concept — amongst this population, many of whom are neither digitally ready nor financially literate.

Another big barrier is mistrust of banks. According to Gallup, over a third of adults in Pakistan do not trust financial institutions. Would they be more likely to trust Facebook — a company with a poor data privacy record and dozens of scandals and lawsuits under its belt?

Finally, physical distance from banks is a significant cause of financial exclusion. Branchless banking providers have made great progress with over 400,000 branchless banking agents across Pakistan. There is no reason to believe Libra would have greater reach and more success with this model than traditional mobile money providers.

As of now, Libra seems only to be catering to the tech-savvy people with bank accounts, who can buy the currency online. Financial inclusion aside, could Libra be a boon for cryptocurrencies? An association of big corporations proposing a stable currency could bring the legitimacy this technology needs.

But here, too, Libra falls short. For purists, Libra betrays the spirit of a cryptocurrency as it is not (yet) decentralised. Nakamoto’s rationale in creating Bitcoin was to give power back to the people and remove their dependence on third parties. With Libra, rather than trusting traditional financial institutions, we would now be asked to trust an elite group of corporations led by Mark Zuckerberg, a ‘tech bro’ notorious for breaching our trust.

From silver coins, to gold standard, to fiat currency, cryptocurrency may well be the next step in the evolution of money. Change is required in a financial system that does not work for the majority, but Libra is not the answer. Given how many of our daily interactions Facebook already surveils, misuses and monetises, Libra poses a great threat. If there is widespread adoption of Libra among Facebook’s 2bn users, it could make Facebook — and Zuckerberg — more powerful than any government or multilateral institution.

 
The writer is a development practitioner.
Courtesy: dawn.com
  
 

Disclaimer : PunjabToday.in and other platforms of the Punjab Today group strive to include views and opinions from across the entire spectrum, but by no means do we agree with everything we publish. Our efforts and editorial choices consistently underscore our authors' right to the freedom of speech. However, it should be clear to all readers that individual authors are responsible for the information, ideas or opinions in their articles, and very often, these do not reflect the views of PunjabToday.in or other platforms of the group. Punjab Today does not assume any responsibility or liability for the views of authors whose work appears here.

_______________________________________________________________

Most shared Punjab Today articles:
 

KYUN KE HUM HAIN HINDUSTANI

Three Women of 1984

 FROM 1984 TO BARGARI - Hurt & angry, we’ve tried rage, anger. Did we miss karuna?   

REVISITING 1984 – RIOT AROUND A POLE     

KARTARPUR SAHIB: A CLARION CALL FOR PEACE IN AN AGE OF CYNICISM

If it could happen to Arun Shourie, imagine what could they do to you?

Healers & Predators – The Doctor is In, & is very corrupt

Amarinder, Badals, AAP — Every party in Punjab is now an Akali Dal

Welcome to 1947. Happy Independence Day. Would you like to step out?

In Pakistan, a donkey pays for democracy – bleeding, its nostrils ripped apart

WOOING THE PANTH: Amarinder a little less Congressy, Akali Dal a little more saffron

"Captain Amarinder Singh ji” and "Rahul”: Reading Sign Language In A Relationship

The Comrade In Punjab - Lost, Irrelevant, Asleep, Even Bored!

WATERS ROYALTY - The Loot that Rajasthan Committed

AMARINDER GOVT's LOVE FOR FARMERS, AND MY DAD's FOR HIS SCOOTER

OF SUNNY KID & HORSE SENSE: The Punjab-Punjab Ties 
A SAFFRON JOURNEY VIA CANADA

TRUDEAU VISIT AND RIGHT-WING MEDIA MACHINE

OF NIRMAL SINGH'S EYES 

Mr. CHIEF MINISTER, PLEASE CALL OFF JANUARY 7 FUNCTION
BAD, BAD WOMAN! 

MR PRESIDENT, PLEASE TAKE BACK HIS GALLANTRY MEDAL

 

_______________________________________________________________


Punjab Today believes in serious, engaging, narrative journalism at a time when mainstream media houses seem to have given up on long-form writing and news television has blurred or altogether erased the lines between news and slapstick entertainment. We at Punjab Today believe that readers such as yourself appreciate cerebral journalism, and would like you to hold us against the best international industry standards. Brickbats are welcome even more than bouquets, though an occasional pat on the back is always encouraging. Good journalism can be a lifeline in these uncertain times worldwide. You can support us in myriad ways. To begin with, by spreading word about us and forwarding this reportage. Stay engaged.

— Team PT
 


 





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RS. 31000 CRORE FOOD ACCOUNT LOAN ISSUE
Paswan accepts Amarinder’s suggestion for joint meeting with FM
27.06.19 - Team PT
Paswan accepts Amarinder’s suggestion for joint meeting with FM



New Delhi, June 27: Union Minister of Consumer Affairs, Food and Public Distribution Ram Vilas Paswan on Thursday acceded to the request of Punjab Chief Minister Captain Amarinder Singh to hold a joint meeting with the Union Finance Minister to resolve the Rs 31000 crore food account loan legacy issue.

Paswan agreed to organise the meeting after the Union Budget session, an official spokesperson said after Captain Amarinder Singh called on the Minister here this afternoon.

The Union Minister has also agreed to allow Punjab to create additional storage space to enable the state to address the problem of acute shortage of storage space in this Rabi season. Modalities for the same will soon be worked out, said the spokesperson.

Captain Amarinder also succeeded in securing relaxation in lustre loss in wheat, resulting from the unseasonal heavy rains that lashed the state during the season.

During his meeting, the Chief Minister pointed out the Rs 31000 crore food loan legacy issue, inherited from the previous government, had already been referred to a special committee headed by Member NITI Aayog Ramesh Chand, who is also the Member of 15th Finance Commission. The Committee had been mandated to look into all aspects of the Legacy Debt of Punjab government arising out of accumulated CCL (Food Credit Gap) with reference to Food Corporation of India/Department of Food and Public Distribution. The Chief Minister sought Paswan’s personal intervention to expedite the matter.

With regard to lustre loss, Captain Amarinder informed the Union Food Minister that Government of India had only allowed relaxation in for nine districts with effect from 8th May 2019, by when bulk of the purchase had been completed in the state. The state had sought relaxation, through a letter to GoI on April 26, 2019, for the entire quantity of wheat purchased during the season across the state, and should be given relaxation w.e.f April 26, when it first sought FCI inspection.

Expressing concern over slow movement of stocks, the Chief Minister told Paswan that the state government was grappling with acute shortage of storage space for foodgrain. He mentioned that state agencies were currently stocking 160 Lakh MT of wheat and 107 Lakh MT of rice, while 96 Lakh MT of wheat was lying in the open, while 10.5 Lakh MT of wheat purchased more than a year ago was still being stocked in the open. As a result of slow movement of food grains from the state, the state would face a major challenge for scientific storage of wheat next year, he added.

Referring to withholding of reimbursement of arhtiya charges and administrative charges, the Chief Minister urged Paswan to immediately release these charges to the state. These charges were paid to the arhtiyas as per provisions of the Punjab State Agriculture Produce Markets Act, 1961 and administrative charges were used for maintenance of stocks as well as payment of salaries and other establishment expenses, said Captain Amarinder.

GoI had withheld these charges on account of the failure of the state to implement the Public Financial Management System (PFMS), which allows the Central Government to see online the transfer of MSP payments into the bank accounts of the farmer. However, the Chief Minister pointed out that the state had already uploaded details of 6 Lakh of the more than 10 Lakh farmers and was committed to implementing PFMS. But it was a time consuming exercise and more than 20,000 arhtiyas were required to be trained on PFMS module as payments are routed through the arhtiyas, he said, adding that even Haryana had not yet implemented PFMS.

On the issue of withholding of custody & maintenance charges, the Chief Minister requested Paswan to immediately reimburse these charges to the state on the basis of actual expenditure incurred. He pointed out that Rs. 750 crore has been withheld on account of storage of wheat in Open Plinths after 2007, even though the charges were being paid earlier. Similarly, the state also incurred an expenditure of Rs. 608 crore on custody and maintenance charges. Against this, GoI provisionally released Rs. 300 crore and the balance was held back due to a clarification that has to be issued by it.

Prominent amongst other who accompanied the Chief Minister were Food Minister Bharat Bhushan Ashu, MPs Preneet Kaur, Santokh Chaudhry and Gurjit Aujla, CM's Principal Secretary Tejveer Singh and Special Principal Secretary Gurkirat Kirpal Singh.
 

Disclaimer : PunjabToday.in and other platforms of the Punjab Today group strive to include views and opinions from across the entire spectrum, but by no means do we agree with everything we publish. Our efforts and editorial choices consistently underscore our authors' right to the freedom of speech. However, it should be clear to all readers that individual authors are responsible for the information, ideas or opinions in their articles, and very often, these do not reflect the views of PunjabToday.in or other platforms of the group. Punjab Today does not assume any responsibility or liability for the views of authors whose work appears here.

_______________________________________________________________

Most shared Punjab Today articles:
 

KYUN KE HUM HAIN HINDUSTANI

Three Women of 1984

 FROM 1984 TO BARGARI - Hurt & angry, we’ve tried rage, anger. Did we miss karuna?   

REVISITING 1984 – RIOT AROUND A POLE     

KARTARPUR SAHIB: A CLARION CALL FOR PEACE IN AN AGE OF CYNICISM

If it could happen to Arun Shourie, imagine what could they do to you?

Healers & Predators – The Doctor is In, & is very corrupt

Amarinder, Badals, AAP — Every party in Punjab is now an Akali Dal

Welcome to 1947. Happy Independence Day. Would you like to step out?

In Pakistan, a donkey pays for democracy – bleeding, its nostrils ripped apart

WOOING THE PANTH: Amarinder a little less Congressy, Akali Dal a little more saffron

"Captain Amarinder Singh ji” and "Rahul”: Reading Sign Language In A Relationship

The Comrade In Punjab - Lost, Irrelevant, Asleep, Even Bored!

WATERS ROYALTY - The Loot that Rajasthan Committed

AMARINDER GOVT's LOVE FOR FARMERS, AND MY DAD's FOR HIS SCOOTER

OF SUNNY KID & HORSE SENSE: The Punjab-Punjab Ties 
A SAFFRON JOURNEY VIA CANADA

TRUDEAU VISIT AND RIGHT-WING MEDIA MACHINE

OF NIRMAL SINGH'S EYES 

Mr. CHIEF MINISTER, PLEASE CALL OFF JANUARY 7 FUNCTION
BAD, BAD WOMAN! 

MR PRESIDENT, PLEASE TAKE BACK HIS GALLANTRY MEDAL

 

_______________________________________________________________


Punjab Today believes in serious, engaging, narrative journalism at a time when mainstream media houses seem to have given up on long-form writing and news television has blurred or altogether erased the lines between news and slapstick entertainment. We at Punjab Today believe that readers such as yourself appreciate cerebral journalism, and would like you to hold us against the best international industry standards. Brickbats are welcome even more than bouquets, though an occasional pat on the back is always encouraging. Good journalism can be a lifeline in these uncertain times worldwide. You can support us in myriad ways. To begin with, by spreading word about us and forwarding this reportage. Stay engaged.

— Team PT
 


 





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Justice MMS Bedi (retd) to head Punjab VAT Tribunal; Gurtej Singh to be member
05.06.19 - Team PT
Justice MMS Bedi (retd) to head Punjab VAT Tribunal; Gurtej Singh to be member



The Punjab Government had cleared the appointment of retired Punjab and Haryana High Court Justice MMS Bedi (retd) as the new Chairman of the Punjab Value Added Tax (VAT) Tribunal.

A decision to this effect was taken at the level of the Chief Minister following a nod from the Chief Justice of Punjab and Haryana High Court two days ago. The Government has also approved the appointment of Punjab’s Additional Excise and Taxation Commissioner Gurtej Singh as one of the VAT Tribunal members. While Justice Bedi had retired in October 2018, Gurtej Singh is due to retire from the government service in October this year, sources said.

The appointment of the Chairman and the members is for three years or till the person attains 67 of age, whichever is earlier. The Government had issued advertisements twice in the past but the selection proceedings could not be finalized earlier. This is the third time the government had issued applications and the process to hand over appointment letters to the Chairman and the members is likely to be completed soon. 

Meanwhile, the process to select other members is still on as the records of the candidates are being scrutinized by the Selection Committee.

The development assumes significance as the coveted post was lying vacant since October, 2017, when the term of incumbent Justice AN Jindal (retd) had expired. 

Following the selection committee’s recommendation, the Chief Minister had written to the Chief Justice of Punjab and Haryana High Court seeking his formal nod regarding Justice Bedi (retd) and the same was received now.
 

Disclaimer : PunjabToday.in and other platforms of the Punjab Today group strive to include views and opinions from across the entire spectrum, but by no means do we agree with everything we publish. Our efforts and editorial choices consistently underscore our authors' right to the freedom of speech. However, it should be clear to all readers that individual authors are responsible for the information, ideas or opinions in their articles, and very often, these do not reflect the views of PunjabToday.in or other platforms of the group. Punjab Today does not assume any responsibility or liability for the views of authors whose work appears here.

_______________________________________________________________

Most shared Punjab Today articles:
 

KYUN KE HUM HAIN HINDUSTANI

Three Women of 1984

 FROM 1984 TO BARGARI - Hurt & angry, we’ve tried rage, anger. Did we miss karuna?   

REVISITING 1984 – RIOT AROUND A POLE     

KARTARPUR SAHIB: A CLARION CALL FOR PEACE IN AN AGE OF CYNICISM

If it could happen to Arun Shourie, imagine what could they do to you?

Healers & Predators – The Doctor is In, & is very corrupt

Amarinder, Badals, AAP — Every party in Punjab is now an Akali Dal

Welcome to 1947. Happy Independence Day. Would you like to step out?

In Pakistan, a donkey pays for democracy – bleeding, its nostrils ripped apart

WOOING THE PANTH: Amarinder a little less Congressy, Akali Dal a little more saffron

"Captain Amarinder Singh ji” and "Rahul”: Reading Sign Language In A Relationship

The Comrade In Punjab - Lost, Irrelevant, Asleep, Even Bored!

WATERS ROYALTY - The Loot that Rajasthan Committed

AMARINDER GOVT's LOVE FOR FARMERS, AND MY DAD's FOR HIS SCOOTER

OF SUNNY KID & HORSE SENSE: The Punjab-Punjab Ties 
A SAFFRON JOURNEY VIA CANADA

TRUDEAU VISIT AND RIGHT-WING MEDIA MACHINE

OF NIRMAL SINGH'S EYES 

Mr. CHIEF MINISTER, PLEASE CALL OFF JANUARY 7 FUNCTION
BAD, BAD WOMAN! 

MR PRESIDENT, PLEASE TAKE BACK HIS GALLANTRY MEDAL

 

_______________________________________________________________


Punjab Today believes in serious, engaging, narrative journalism at a time when mainstream media houses seem to have given up on long-form writing and news television has blurred or altogether erased the lines between news and slapstick entertainment. We at Punjab Today believe that readers such as yourself appreciate cerebral journalism, and would like you to hold us against the best international industry standards. Brickbats are welcome even more than bouquets, though an occasional pat on the back is always encouraging. Good journalism can be a lifeline in these uncertain times worldwide. You can support us in myriad ways. To begin with, by spreading word about us and forwarding this reportage. Stay engaged.

— Team PT
 


 




[1] 2 3 4 5 6 7 ... 30 [prev.]1-5 of 148


Comment by: Cheng



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PUNJAB CABINET MEETING
Punjab to allow Industry to choose between Net & SGST Net incentives on intra state sale
05.03.19 - Team PT
Punjab to allow Industry to choose between Net & SGST Net incentives on intra state sale



The Punjab Cabinet on Wednesday approved an amendment to the GST incentives notified under the Industrial and Business Development Policy 2017, to enable industrial units to choose between Net GST incentives or incentivized SGST on intra state sale.

The cabinet, at its meeting chaired by Chief Minister Captain Amarinder Singh, decided that the amendment would allow units which have filed their common application form on the Invest Punjab Business First portal between October 17, 2017 and October 17, 2018 (both days inclusive) would have the one-time option to opt either for Net GST incentives as per department notification issued on 17-10-2018 or incentivized SGST on intra state sale. Such units shall be allowed to exercise this option within 90 days from the date of the notification.

The incentivized SGST to be considered for reimbursement would mean that the eligible unit will be entitled to get reimbursement of SGST amount paid through cash ledger against the output liability of SGST on sale of eligible products. The eligible unit shall first have to utilize all the eligible ITC available in its Credit Ledger maintained on the common portal, including eligible ITC of IGST as provided under section 49 of the Punjab Goods & Services Tax Act, 2017 as may be amended from time to time, before adjusting the SGST amount through Cash Ledger.  

It may be recalled that the net SGST formula for incentive announced in the new Industrial Policy 2017 was approved by the Cabinet during its earlier meeting on October 17, 2018. However, feedback and suggestions were received from industry, which wanted a change in net SGST incentive in line with the original notification issued on October 17, 2017.
 

Disclaimer : PunjabToday.in and other platforms of the Punjab Today group strive to include views and opinions from across the entire spectrum, but by no means do we agree with everything we publish. Our efforts and editorial choices consistently underscore our authors' right to the freedom of speech. However, it should be clear to all readers that individual authors are responsible for the information, ideas or opinions in their articles, and very often, these do not reflect the views of PunjabToday.in or other platforms of the group. Punjab Today does not assume any responsibility or liability for the views of authors whose work appears here.

_______________________________________________________________

Most shared Punjab Today articles:
 

KYUN KE HUM HAIN HINDUSTANI

Three Women of 1984

 FROM 1984 TO BARGARI - Hurt & angry, we’ve tried rage, anger. Did we miss karuna?   

REVISITING 1984 – RIOT AROUND A POLE     

KARTARPUR SAHIB: A CLARION CALL FOR PEACE IN AN AGE OF CYNICISM

If it could happen to Arun Shourie, imagine what could they do to you?

Healers & Predators – The Doctor is In, & is very corrupt

Amarinder Singh, the coup in the CBI & the ED case: Headline is missing, so please read it between the lines

Amarinder, Badals, AAP — Every party in Punjab is now an Akali Dal

Welcome to 1947. Happy Independence Day. Would you like to step out?

In Pakistan, a donkey pays for democracy – bleeding, its nostrils ripped apart

WOOING THE PANTH: Amarinder a little less Congressy, Akali Dal a little more saffron

"Captain Amarinder Singh ji” and "Rahul”: Reading Sign Language In A Relationship

SARKAR IN MANALI: From Shahkot to Mohali Court, Sara Alam Bigrra Jaye

The Comrade In Punjab - Lost, Irrelevant, Asleep, Even Bored!

WATERS ROYALTY - The Loot that Rajasthan Committed

AMARINDER GOVT's LOVE FOR FARMERS, AND MY DAD's FOR HIS SCOOTER

OF SUNNY KID & HORSE SENSE: The Punjab-Punjab Ties 
A SAFFRON JOURNEY VIA CANADA

TRUDEAU VISIT AND RIGHT-WING MEDIA MACHINE

OF NIRMAL SINGH'S EYES 

Mr. CHIEF MINISTER, PLEASE CALL OFF JANUARY 7 FUNCTION
BAD, BAD WOMAN! 

MR PRESIDENT, PLEASE TAKE BACK HIS GALLANTRY MEDAL

 

_______________________________________________________________


Punjab Today believes in serious, engaging, narrative journalism at a time when mainstream media houses seem to have given up on long-form writing and news television has blurred or altogether erased the lines between news and slapstick entertainment. We at Punjab Today believe that readers such as yourself appreciate cerebral journalism, and would like you to hold us against the best international industry standards. Brickbats are welcome even more than bouquets, though an occasional pat on the back is always encouraging. Good journalism can be a lifeline in these uncertain times worldwide. You can support us in myriad ways. To begin with, by spreading word about us and forwarding this reportage. Stay engaged.

— Team PT





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Comment by: Cheng



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my kidneys for his patient with awesome amount of money in dollars, after many doctors have scammed me, i came across his email address on the internet as
published by one Dr Anthony patient, thanking him and telling the world on how he came to their rescue financially as a result of buying their kidneys without stress, i quickly applied via the email and in less than a week i met all the requirements, and my half money was like a dream when it came into my bank account before the transplant.
I urge you to contact Doctor Anthony Gomina for your financial awesomeness to come through like mine few months ago. I promised to do this when i eventually scale through and email.
You can contact Dr.Anthony Gomina
Telephone Whatsapp no: +917353349675.
I am Cheng, from Singapore.

reply


Comment

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NEW EXCISE POLICY
Punjab to focus on breaking the monopolistic trends in the liquor trade
02.03.19 - Team PT
Punjab to focus on breaking the monopolistic trends in the liquor trade



Punjab government has come out with its Excise Policy for 2019-20, with focus on breaking the monopolistic trends in the liquor trade and allotment of liquor vends in small groups, in line with the approach adopted last year.

Under the new policy, approved by the state cabinet led by Chief Minister Captain Amarinder Singh, a target of Rs. 6201 crore has been fixed as against anticipated collection of Rs. 5462 crore fixed for the 2018-19.

Disclosing this here today a spokesperson of the Chief Minister’s Office said that as per the new policy, the number of groups would remain the same at 700 (approx), whereas the group size would increase only to the extent of anticipated increase in the revenue. This will ensure participation of small licensees, and the number of liquor vends will also remain almost the same as during the Excise Policy 2019-20.

The licensees have been allowed to carry forward their unsold quota of liquor of 2018-19 to next year i.e. 2019-20 with a nominal fee.

To control smuggling of liquor from neighbouring states, one additional Battalion comprising one IG/DIG of police with SP rank officers at Divisional level and required number of DSPs, along with 50-60 police staff in each excise district, will be created for the department of Excise and Taxation.

Taking into account the consumption pattern during the year 2018-19, the quota of PML (country liquor) has been increased from 5.78 crore proof litres to 6.36 crore litres i.e. by 10 percent. Similarly, the quota of Indian Made Foreign Liquour (IMFL) has been increased from 2.48 crore proof liters to 2.62 crore proof litre i.e. by 6 percent, and of Beer from 2.57 crore Bulk Litres to 3.00 crore Bulk Litres i.e. by 16 percent.

Till last year, the ex-distillery issue price (EDP) of country liquor was fixed by the Government. For the year 2019-20, the concept of M.R.P. linked EDP has been introduced. With this, market forces will come into play and the distilleries will be able to fix their own rates of their brands.

Bottling fee @ Rs. 1 per litre will be levied, which will generate revenue of approximately Rs. 30 crore. This amount will be allocated by Finance Department for the purpose of alcohol de-addiction.

To open up the wholesale trade, the fixed license fee for grant of wholesale license of IMFL has been reduced from Rs. 50 lacs to Rs. 25 lacs and a variable fee in the form of additional license fee @ Rs. 3 per proof litre on IMFL and Rs. 2 per bulk on Beer has been levied on the sale of liquor by the L-1 licensee.

In another decision, the cabinet also gave its nod for amendment in the clause C of section 31 of the Punjab Excise Act-1914 in the light of the provisions of the Excise Policy for the year 2019-20 as a regulatory/monitoring measure only.

Further, the Cabinet has given approval to levy tax on sale of liquor against licensees L-3, L-3A, L-4, L-4A, L-5, L-5A, L-5B, L-5C and L-12C, issued under the Punjab Excise Act-1914 in the state under a composition scheme. Notably, the proposed composition scheme is optional, therefore amendment in schedule-A and schedule E is necessitated so that VAT @ 13% +10% surcharge is levied on the licensees who do not opt for the composition scheme.

At present VAT @ 13%+10% surcharge is paid by the distilleries at the manufacturing stage and L-1/L-1 Import licenses at the stage of sale. Liquor sold against licenses L-2, L-2A, L-2E, L-3, L-3A, L-4, L-4A, L-5, L-5A, L-5B, L-5C, L-9, L-12A, L-12C, L-13 to the extent of special license fee charged, L-14, L-14A, L-14AA or /and L-14B issued the Punjab Excise Act, 1914 is tax free, provided that VAT has been paid in the State of Punjab. 

It has been provided in the Excise Policy 2019-20 that VAT @ 5 paise in a rupee be levied on turnover of licenses L-3, L-3A, L-4, L-4A, L-5, L-5A, L-5B, L-5C and L-12C issued under the Punjab Excise Act, 1914 under the composition scheme. The credit of input tax would not be available to the licensees opting for composition scheme. For licensees who do not opt for composition scheme, VAT @ 13.10%+10% surcharge would be levied and the credit of input tax would be available to them. In light of  the above, amendments to the VAT Schedules and notification for composition scheme under Section 8E of Punjab VAT Act, 2005 have been proposed.
 

Disclaimer : PunjabToday.in and other platforms of the Punjab Today group strive to include views and opinions from across the entire spectrum, but by no means do we agree with everything we publish. Our efforts and editorial choices consistently underscore our authors' right to the freedom of speech. However, it should be clear to all readers that individual authors are responsible for the information, ideas or opinions in their articles, and very often, these do not reflect the views of PunjabToday.in or other platforms of the group. Punjab Today does not assume any responsibility or liability for the views of authors whose work appears here.

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