ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Questioning Citizenship-based Taxation in Budget 2020

The proposal in the Finance Bill, 2020 to introduce taxation on the basis of citizenship for those non-resident Indians who do not pay tax in their countries of residence has proven to be controversial. It creates an altogether new basis for taxation of income under Indian laws. While criticisms related to its (unintended) impact are justified, there is also a need to examine the constitutional validity of this move given the extraterritorial nature and impact of the tax.

Climate Change Is Uninsurable, So, What Should We Do?

I have had a career that has spanned investment banking, public policy, and academia, in the early phase of my working life. As you can imagine, academia was the least, and investment banking the most, posh. I can recall a time when the Prague Symphony Orche­stra put on a private concert in Prague...

An Epistemic Change?

It was the Central Legislative Assembly of British India that first enacted the Foreigners Act, 1946, giving the government the powers to deal with “foreigners” in India. The enigmatic definition of the term “foreigner” in it was “one who is not Indian.” In December 1955, Parliament enacted the...

Modi’s Multi-alignment and Nehru’s Non-alignment

There is very little to distinguish between the foreign policy of Jawaharlal Nehru and Narendra Modi. Both are equally aligned with America to serve its hegemonic interests. Nehru’snon-alignment and Modi’s multi-alignment is not averse to playing ball with the American hard as well as soft power. Both policies see America as a natural partner of India.

A Decade of Decay

Between 2010 and 2019, the Supreme Court of India has suffered a credibility crisis not seen since the 1970s, with its reputation for independence and institutional strength lying in tatters. Deep systemic failings have come to the fore as the Court enters a new decade in the midst of an existential battle for relevance.

Revisiting the NBFC Crisis

Even while the effort to resolve the crisis resulting from non-performing assets in the banking sector was underway, India’s financial sector was overwhelmed by failures of large non-banking financial companies. In the discussion that followed the collapse of these NBFCs, the emphasis has been on the absence of due diligence, poor financial management and downright fraud. The environment these firms found themselves in did encourage such tendencies, but there were structural reasons as to why these institutions accumulated bad assets, and these reasons are often ignored.

A Shoddy Judgment

In holding that state governments could not pass laws to allow for direct appeals to the Supreme Court, the constitution bench of the Supreme Court in Rajendra Diwan v Pradeep Kumar Ranibala in 2019 was concerned less about upholding constitutional provisions and more by a disagreement over policy. In as much as states allowing for appeals directly to the Supreme Court is bad policy, it is not necessarily unconstitutional and is entirely within the framework of federalism under India’s Constitution.

Reining in Bankers’ Pay

The Reserve Bank of India’s guidelines on compensation for top management of banks are more generous in respect of variable pay than those of the European Union. However, they are a step forward in that they address an important lacuna in the existing guidelines: the non-inclusion of stock options in variable pay. The guidelines should serve to set a cap on the total compensation payable to bankers. As important are the disclosures in respect of top management compensation that the guidelines mandate.

Approaching Kashmir through Theoretical Lenses

The National Democratic Alliance government’s Kashmir policy can be analysed through the lenses of security studies and peace studies. Insights from these disciplinary fields could help gauge the implications of recent actions and suggest a possible different course.

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