'Adani scam' exposed role of tax havens in hiding violation of Indian regulations: Congress
New Delhi (PTI): The Congress on Thursday alleged that the "Adani scam" has exposed the role tax havens play in hiding large-scale violation of Indian laws, and said the issue should have discussed at the recent G20 Summit.
It also said that if a Joint Parliamentary Committee (JPC) probe is ordered into the allegations against the Adani Group, it will have to make sure that any loopholes for round-tripping and money-laundering are effectively shut.
In a post on X, Congress general secretary Jairam Ramesh said the rise in Indian outward direct investment in the past 25 years has been a sign of deepening globalisation.
"However, it is disturbing that offshore tax havens like Bermuda, Jersey and Cyprus rank among the top 10 destinations for Indian investment, according to the RBI," he said.
This is in addition to Mauritius that has long been suspected as a preferred destination for Indian money-laundering and round-tripping, the Congress leader noted.
"The Adani MegaScam has exposed the critical role such tax havens play in hiding the large-scale violation of Indian laws and regulations. These violations are hollowing out our economy and affecting the credibility of our stock markets," Ramesh said.
"The G20 was the right forum to take up this issue and ensure concrete action against tax havens. But the Prime Minister was busy projecting his own image rather than protecting India's interests," he claimed.
"A JPC into the Adani MegaScam will have to make sure that any remaining loopholes for round-tripping and money-laundering are effectively shut," the Congress leader said.
The Congress and other opposition parties have been demanding a JPC probe into the Adani issue and will take up the issue during the upcoming special session of Parliament from September 18 to 22.
US short-seller Hindenburg Research, in a report released on January 24, alleged accounting fraud, stock price manipulation and use of tax havens by the Adani Group, triggering a stock market rout.
The Adani Group has denied all allegations by Hindenburg.
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BCCI unveils diktat: Domestic cricket must, restriction on personal staff, family stay on tours
New Delhi, Jan 16 (PTI): Mandatory domestic cricket, restriction on the presence of families and personal staff on tours and a bar on individual endorsements during series were among a slew of measures that the BCCI unveiled on Thursday in a 10-point policy to promote "discipline and unity" in the embattled national cricket team.
Non-compliance would invite sanctions, including cuts in their retainer fee from central contracts and a bar on participating in the cash-rich Indian Premier League.
The measures have been announced in the wake of the team's disastrous tour of Australia which was preceded by a series whitewash against New Zealand at home.
The Board has approved only a two-week window for families to stay with the players during overseas tours, besides imposing restrictions on personal staff, and commercial shoots.
"Any exceptions or deviations must be pre-approved by the Chairman of the Selection Committee and Head Coach. Non-compliance may lead to disciplinary action as deemed appropriate by the BCCI," the Board policy states.
"Additionally, the BCCI reserves the right to take disciplinary action against a player which may include sanction against the concerned player from participating in all BCCI conducted tournaments including the Indian Premier League; and deduction from retainer amount/match fees under BCCI Player contract," it warns.
The document also states that from now on, players won't be allowed to travel separately during a tour and would also be discouraged from leaving early in case a tour or a match ends early.
