RSS affiliate Swadeshi Jagran Manch (SJM) has suggested changes in the taxation laws on capital gains for taxing the gains on stock market transactions. Citing Holcim CEO Jan Jenisch's recent statement that the sale of Holcim shares in Ambuja Cements and ACC to Adani group through Mauritius route will not attract any tax in India on the sale proceeds, SJM wanted tweaks in tax laws to ensure such gaps, if any, are plugged.
The suggestions are part of the resolution taken by SJM's at its two-day national council meeting organised in Nagpur during June 4 and 5. The organisation also expressed concerns over the increasing dominance of foreign capital and the declining domestic savings. "The increasing trade deficit and declining value of Indian Rupee due to sudden increase in imports and pull out of funds by FIIs from the stock market is an area of serious concern," it says.
The meeting appreciated Modi government's policies in handling the Covid-hit economy and its efforts to maintain inflation under check.
"It is expected that due to timely intervention of RBI and imposition of ban on export of wheat and other agricultural commodities, with changes made in import duties and export duties, both the demand and supply will be managed to contain the inflation to less than 6%. The government has been taking advantage of discounted crude oil imports from Russia. On the diplomatic front also the government has been able to maintain a balance with QUAD group and the BRICS group and its Bharat-centric policies are enabling us to keep our head high at global level," SJM resolution says.
In order to address the unemployment problem, SJM says its mega scheme - Swawlambi Bharat Abhiyan – will see entrepreneurs' development programmes in all the 739 districts of the country and carry out continuous efforts to promote Swadeshi and local products to make each village self-dependent.
The organisation also said the central government's stand at the World Trade Organisation (WTO) to oppose the moratorium on tariff on import of e-products, which has been continuing since 1998 needs to be welcomed. "The current moratorium on custom duty on electronic transfer is against the interest of developing countries in general and India in particular. This is not only impacting job creation in the electronic sector, but also the revenue generation. Imposition of tariff on electronic transmission will be the first condition for success in the fourth industrial revolution, namely, digital industrialization," it says.