Budget speech to be delivered as per schedule: Govt sources

There had been some confusion over presentation of the Budget following the death of MP E Ahamed

Budget 2017 India : Government and Parliament secretariat sources said the Budget speech by Finance Minister Arun Jaitley would be delivered according to schedule on Wednesday.

Amid confusion over whether the Parliament would be adjourned following the death of sitting member of Parliament E Ahamed, sources said the Budget presentation would not be postponed. Ahamed, who was an Indian Union Muslim League Lok Sabha member and former Minister of State for External Affairs E Ahamed, passed away early morning on Wednesday.. He had suffered a cardiac arrest at the time of President Pranab Mukherjee's address to the joint sitting of Parliament on Tuesday afternoon.

Government sources said there was needless confusion about the issue. Usually, the House proceedings are adjourned if a serving member passes away. But sources said there was no rule to this, and this was only a convention.

The Lok Sabha, therefore, will meet and pay its respects to the departed soul but the Budget presentation will go on as per schedule. All that the government needs to do is get half dozen parties on its side even if the Congress and others might protest.

The Congress is likely to protest what it has alleged to be the intent to keep the news of Ahamed's passing away under wraps. On Tuesday midnight, Congress President Sonia Gandhi and other leaders reached RML Hospital to complain that Ahamed's family member were not being allowed to meet him. Ahamed was declared dead a couple of hours later.

Live Blog :Good news for steel and cement makers: 10 million pucca homes to be built for the poor in FY18

LIVE BLOG : BUDGET LIVE: Budget on schedule, Arun Jaitley leaves for Rashtrapati Bhawan

09:12 AM

FM Arun Jaitley and ministry officials with #Budget2017

09:13 AM

Final decision on budget to be taken by speaker, decision expected by 10 a.m.

09:28 AM

BUDGET EXPECTATION: Post demonetisation, expectations of measures to boost demand are high – in the form of personal income tax cuts and higher social spending especially targeted at lower income population, says Gautam Chhaochharia, ED & Head of India Research, UBS Securities

09:29 AM

Sensex opens marginally higher, Nifty still below 8,600 ahead of the Union Budget.

Also read: Markets open in green as investors await Budget 2017

09:32 AM

SECTORS TO WATCH: Agri-related spending increase would be positive for Fertilisers, Consumer Staples, Tractors and 2Ws. 4) A reduction in personal tax rates could benefit Consumer Discretionary and Autos. 5) Higher infra spending would be positive for Cement, Roads, Railways, Logistics and CVs.

09:34 AM

Budget 2017 will be presented, obituary may happen before or after it, government has spoken to all parties and arrived at consensus: Government sources

09:39 AM

Market Watch: Information technology stocks remain under pressure. Nifty IT index top sectoral loser, sheds over 1.5% in morning trade. Infosys, TCS, Tech Mahindra, HCL Technology among top losers CLICK HERE TO TRACK IT STOCKS

09:41 AM

BUDGET EXPECTATIONS: The government could announce measures to support growth in the budget either in terms of increased spending, or some tax relief, or both. We think the key spending themes in the budget are likely to be “rural spending” and “greater capital spending” -- GOLDMAN SACHS

09:42 AM

BUDGET EXPECTATION: Given constraints on the private sector’s balance sheet, we think the government’s push on infrastructure, especially on railways, roads and defence, could continue in FY18. We expect the government capital spending to increase by 26%. However, the government’s spending priorities are likely to remain directed towards creating assets rather than giving subsidies -- GOLDMAN SACHS

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KYC threshold expected to be cut for jewellery buying in Budget

Jewellers, however, say no black money in system post demonetisation; move will only dampen demand

In a major blow to the already struggling jewellery sector in India, the government might cut the threshold limit for the requirement of the permanent account number (PAN) or Unique Identity Code (Adhaar Number) in urban, and Kisan Credit Card number in rural areas for jewellery or bullion purchases between Rs 50,000-100,000, post Union Budget 2017 Date . The Budget, which will be announced on Wednesday, is likely to further tighten the noose around black money after the demonetisation of Rs 500 and Rs 1000 notes, announced on November 8, 2016.

"The government has already proved that it would go all out against black money. Since jewellery trade has been on the government's watch list, we may see a cut in the minimum threshold in know your customer (KYC) requirement to Rs 50,000-100,000," said an industry veteran on condition of anonymity.

Rajesh Khosla, Managing Director, MMTC Pamp, the only LBMA (London Bullion Markets Association)-accredited bullion refinery in India, said in an interview on Tuesday that the government might come down hard on black money and the KYC threshold might be reduced to Rs 100,000 or even Rs 50,000 in Union Budget 2017.

Till three years ago, the minimum threshold on KYCrequirement in jewellery trade stood at Rs 500,000 which was brought down to Rs 200,000 by the Bharatiya Janata Party (BJP)-led National Democratic Government (NDA) government in an attempt to curb black money from the system.

Further reduction, however, would hit the trade badly, said Kumar Jain, Director, Umedmal Tilokchand Zaveri, a bullion dealer and jewellery retailer in Zaveri Bazaar.

Post excise duty in the last year's budget, jewellery trade was hampered badly with gold import in India slumping to 580 tonnes (an estimate by GFMS), the lowest in 13 years, from around 850 tonnes in 2015.

Many jewellers, however, do not anticipate such move by the government. They feel government's demonetisation of high value bills in November is enough to act on black money. "Now, time has come to incentivise the trade," said a senior industry official.

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Budget 2017: PM Narendra Modi looks forward to 'fruitful' session

Ahead of the budget session he urged all political parties will work together for people's benefit

Prime Minister Narendra Modi on Tuesday ahead of the Budget 2017 session hoped that the current session will be "fruitful" and all political parties will work together for people's benefit.

"We had discussions with every political party individually and collectively. There should be productive and detailed discussion of the budget during the session," Modi said while addressing the media here.

"I urge all parties to help in smooth functioning of the session. I hope for fruitful discussions. We aim at positive and meaningful debates for public interest.

"I am hopeful all political parties will work together to move forward," he said.

Modi also said: "This is the first time the budget is being presented on February 1."

"Everyone would remember that earlier budget used to take place at 5 pm. This practice was changed during former Prime Minister Atal Bihari Vajpayee's time," Modi said.

"Today (Tuesday) a new tradition will begin. The budget will incorporate the rail budget as well," he added. Click here

Six expectations of banking sector from Budget 2017

Since the low 2,0148 hit on December 26, the Bankex has risen 12% to settle at 22,566 last week

With the Union Budget 2017 just a sniffing distance away, banking stocks are on a roll.

The BSE Bankex, the barometer of banking stocks, has shot up 12% since its December lows in the anticipation of budgetary stimulus to keep demons of demonetisation at bay.

Since the low 2,0148 hit on December 26, the Bankex has risen 12% to settle at 22,566 last week. This is against an 8% rise in Sensex during the same period.

Bank stocks such as YES Bank (up 27%), Federal Bank (up 26%), Punjab National Bank (up 20%), IndusInd Bank (up 18%) and Bank of Baroda (up 14%) have seen a phenomenal rally in the period mentioned. Others such as Kotak Mahindra Bank, HDFC Bank, ICICI Bank, AXIS Bank and SBI too gained anywhere between 9% and 11%.

Below are six concerns that market participants hope FM Arun Jaitley will address in Budget 2017: Click Here

Investors brace for transaction tax hike, less friendly Budget

Govt can offset any negative impact by lowering corporate tax rates, mitigating note ban impact

Investors in India are bracing for higher taxes and fewer incentives from the government’s annual Budget 2017 on February 1, as the focus shifts to wringing out revenues to finance giveaways and higher public investment.

While Prime Minister Narendra Modi’s administration is widely seen as being friendly to businesses and investors, it is not expected to announce any dramatic moves at a time when the economy is under pressure from a cash squeeze.

Among expected measures are a hike in a transaction tax on stock derivatives trading and a less beneficial approach to long-term capital gains tax exemptions, according to analysts.

India is also set to provide guidelines for new rules in April that will crack down on tax havens, while foreign portfolio investors are seeking clarity behind ‘indirect transfer’ rules that could increase tax liabilities for overseas funds.

But any negative impact from such measures could easily be offset, should the government also lower corporate tax rates or provide incentives to sectors hit by the government’s surprise decision in November to abolish high-value banknotes, analysts said.

“We can certainly see a sensitivity for investor concerns, and the government wants to do things like ease the cost and complexities of doing business, improve India’s competitiveness rankings and attract foreign investors,” said Rajesh H Gandhi, a tax partner at Deloitte Haskins & Sells, adding, “However, at the same time, the government has revenue pressures as it seeks the meet its fiscal targets.”

Expectations for higher taxes for investors have increased since Modi said in December that market participants needed to make a “fair contribution” to nation-building, without providing any details.

Among the potential measures could be a second consecutive annual hike in the Securities Transaction Tax for futures and options markets, currently set at around 0.05 per cent for every 10 million trades. India could also lower the time threshold for long-term capital gains.

Currently, investments sold after at least a 12-month holding period are exempt from taxes, while anything below that is taxed at up to 20 per cent of the gains.

For foreign investors, the Budget is expected to provide guidelines behind the general anti-avoidance rule, or GAAR, that will start in April, especially on whether it will take precedence over individual tax treaties such as those with Singapore or Mauritius.

Overseas portfolio investors will also seek more details, after India’s tax department said in December that foreign companies with more than 50 per cent of their assets in India could be liable to pay indirect transfer taxes when exiting from their investments.

The comment was seen as potentially ensnaring foreign funds that have more than half of their portfolios invested in India. Read More

Budget 2017: FMCG companies pin hopes on growth oriented Budget

FMCG firms have admitted that their sales were impacted due to "adverse liquidity conditions

After taking a demonetisation hit, FMCG companies are pinning hopes on a growth oriented Budget  2017 to see a revival in consumer confidence and create demand both in urban and rural markets.

"We are expecting a growth-oriented Budget with various stimuli to revive consumer confidence... Proactive reforms to stimulate demand by increasing the money in the hands of the emerging middle class and rural India, this will help bring FMCG growth back on track," Godrej Consumer Products Ltd Managing Director Vivek Gambhir told PTI.

Kolkata-based Emami too is expecting a growth oriented budget "to boost consumption, increase public investment, promote digitisation, broaden tax base and lead higher growth" and improvement of business sentiments.

"It (Budget) should aim at clarifying policies particularly with respect to GAAR, POEM, GST etc. As with every other Budget, restraining deficits and delivering higher growth is going to be a great challenge," said Emami CFO & CEO Finance Strategy & Business Development N. H Bhansali.

He further said: "While tax rates are expected to reduce with increased basic exemption limits, but taxpayers base is expected to broaden. Ease of doing business would be another focus area in currently subdued business environment. Agriculture, infrastructure and service sectors are also expected to get due attention and support."

Marico too is looking for a Budget in which the government would focus on boosting the rural sector and agricultural productivity besides providing benefits to the salaried taxpayers in order to increase disposable income in the urban markets, which would drive consumption.

"We are expecting an all-inclusive, progressive Budget to assist the sustainable economic growth of our country. In order to do so, it is essential for the government to focus on three crucial factors -- boosting the rural sector and agricultural productivity, providing benefits to the salaried taxpayers in order to increase disposable income in the urban markets," said Marico MD & CEO Saugata Gupta.

He added that this was important to encourage private investment and leverage demographic dividend as job creation is very critical.

FMCG firms like HUL and Jyothy Laboratories, which have come up with their October-December results, have admitted that their sales were impacted due to "adverse liquidity conditions" due to demonetisation. Click Here

Budget wish list: IT, ITes & e-commerce

Recent developments in the US and UK could impact growth for the Indian IT sector

Industry size

Approx: $143 bn (IT - ITeS) plus $17 bn (e-commerce)

Employment figure: Approx 3.9 million

Contribution to GDP: About 9.3%

Key issues or areas of concern for the sector

Global political uncertainty due to the recent developments in the US and UK could impact growth for the Indian IT sector as these are one of the largest markets for the Indian IT-ITeS companies. Given that emphasis could be to create jobs in the US could have negative influence on outsourcing of jobs from outside the US, which in turn could have implications on mobility of IT specialists.

The new GST law poses multiple challenges for e-commerce firms, especially around compliance and related formalities, with e-commerce platform being liable to collect TCS (tax collected at source) on supply of goods and services by supplier.

Due to significant automation and changes in technology, employees are being re-skilled, and work culture is witnessing a major shift with enhanced focus on digital skills and just-in-time training.

Budget 2017 : Industry demands

Defer applicability of Place of Effective Management and clarify provisions around claim of foreign tax credit

Definition of Equalisation Levy is ambiguous and clarity is required. There is absence of clarity on availability of credit. Notification has to be issued to clarify that the levy is in nature of tax and eligible for credit.

PwC POINT OF VIEW

Sandeep Ladda, Partner and Leader, Technology & eCommerce

Sandeep LaddaSandeep Ladda, Partner and Leader, Technology & eCommerce

The government should provide tax concessions and rebates to consumers and businesses to promote digital payments in-line with recent efforts of making India a cashless economy.

There should be clarity on indirect tax laws affecting e-commerce players, especially around tax collected at source, service tax on aggregators, and levy of service tax and VAT on delivery charges.

Shashank ND, Founder of Practo Technologies, a health technology company

From the health care point of view, it will be good to see if the government will increase the 60-million base private health insurance. Health insurance should become a basic necessity. Many people go bankrupt because they can’t afford health care. From a start-up point of view, the government had done a pretty big event last year — Startup India, Standup India. I would love to know what has been the outcome of that and the ~10,000-crore fund of funds that was allocated. All of us in the start-up ecosystem will be looking forward to seeing India as a destination for IPOs. How the govt plans to make it happen will be very interesting because it will further innovation. The government should do whatever it can to help companies with Indian management. However, they should know where to draw a line.

Modi govt plans expansive budget despite growth, revenue worries

Jaitley is looking at how to fund giveaways to taxpayers and higher public investment

India's finance minister is likely to borrow more than originally planned when he presents the

Budget 2017 Date on Feb. 1, senior aides and officials said, despite counting on revenues from a national sales tax whose launch date is still unknown.

Arun Jaitley is looking at how to fund giveaways to taxpayers and higher public investment to help nurse Asia's third-largest economy back to health after the government's shock decision in November to abolish high-value banknotes.

That is raising concern among some economists and investors that the government will take too many fiscal risks.

Yet officials say that, given the choice, they would choose growth sustained by state investment over a fiscal straitjacket.

"Some degree of flexibility on fiscal discipline should not be seen as irresponsible fiscal management," one senior government official told Reuters, requesting anonymity due to the sensitivity of the matter.

A fiscal advisory panel, which includes central bank head Urjit Patel, has advocated widening the budget deficit to "slightly over" 3 percent of gross domestic product to free up funds for road, railway and irrigation projects.

"It is not possible to keep up the pace of capital expenditure without increasing the fiscal deficit beyond 3 percent of GDP," another official, briefed on the committee's findings, added.

New Delhi earlier aimed to cut the federal deficit to 3 percent of GDP over the next two fiscal years, compared with 3.5 percent in the year now drawing to a close.

Independent economists are also pencilling in a higher federal deficit in the coming fiscal year, at 3.3-3.4 percent of GDP, creating room for the government to invest an extra $6 billion. Read more

Budget 2017 : No decision over taxing cash transactions yet, says finance ministry

Chandrababu Naidu-led panel recommended taxing cash transactions of at least Rs 50,000

The finance ministry on Wednesday said it had not taken a decision on the banking cash transaction tax (BCTT) a day after speculation arose that it could be introduced in the Budget 2017 for 2017-18 because a panel on digitalisation had made a case for it.

A committee on digitalisation headed by Andhra Pradesh Chief Minister Chandrababu Naidu had in an interim report recommended taxing cash transactions of at least Rs 50,000 to promote digital payments. The committee also wanted the Reserve Bank of India (RBI) and the finance ministry not to permit cash transactions above a threshold.

“We have submitted the recommendations to Prime Minister Narendra Modi today and are fairly confident that some of these will be incorporated in the Union Budget,” Naidu had told the media on Tuesday.

"The media has reported various aspects of the recommendations made by the committee, including the recommendation relating to levy of the banking cash transaction tax on transactions of Rs 50,000 and above. The government has not yet taken any final view on the recommendations of the committee," the finance ministry statement said.

The ministry added the recommendations would be carefully examined and appropriate decisions would be taken in due course. The recommendations were made when the Budget documents had already been sent for printing. However, last-minute changes in the Budget could always be incorporated, sources said. Read More

Budget 2017: Crisis and opportunities in education sector

The school education and literacy budget increased 3.2% in 2016-17

The 2017-18 budget is an opportunity for the government to concentrate on improving school education for over 260.5 million children who enrolled in elementary and secondary school in 2015-16–children who will form the core of India’s working-age population, one billion by 2030, the largest in the world.

“Business as usual” will not solve the problem, submitted Pratham, an education nonprofit, in a pre- Budget 2017 consultation with India’s finance ministry. “Unless major shifts are undertaken on an urgent basis to build children’s foundational skills, we are losing huge opportunities each year for improving the life chances of an entire generation of children and youth in this country,” the consultation note added.

IndiaSpend reached out to the education ministry for a comment on the 2017-18 budget, but we had not received a response at the time of publishing. (This story will be updated if and when the ministry responds.)

Higher education dominated last year’s educationbudget (with an increase of 13% over the 2015-16 budget) and the conversation about education–with policies for improving the quality and ranking of higher education, creation of a higher-educationfinancing agency, and approval of new higher-education institutes–even though only 34.2 million enrolled in higher education institutions in 2014-15 or, a seventh or fewer than those enrolled in school.

In contrast, the school education and literacy budget increased 3.2% in 2016-17, compared to 2015-16 revised budget estimates, according to union budget data.

Over the financial year 2016-17, the central government allocated Rs 43,554 crore to school education and literacy, and Rs 28,840 crore to higher education.

Source: Union Budget 2016-17: School Education & Literacy, Higher Education

Low school outcomes result in a less-productive workforce

In 2014, though the government implemented a programme, ‘Padhe Bharat Badhe Bharat (If India learns, India advances)’, to improve early grade reading, writing and math, data on learning outcomes do not show improvements in rural schools. Read More

Pharma industry wants Budget to offer clarity on tax structure

The pharmaceutical industry has asked the government to bring in more clarity in terms of tax structure and provide incentives on research and development (R&D) as part of its budget 2017 wish-list.

The industry players also want the government to provide a road map towards bringing down corporate income tax down to 25 per cent.

The Indian Drug Manufacturers Association (IDMA), a body comprising mostly home-grown pharma firms, said all excisable goods used for R&D purposes should be exempted from central excise duty.

"Introduce parity in the input (12 per cent) and output (6 per cent) rate of excise duty for pharmaceutical products," it said.

The association has also suggested that the government allow utilisation of CENVAT credit for payment of service tax on reverse charge basis.

On the other hand, the Organisation of Pharmaceutical Producers of India (OPPI), representing mainly MNC pharma firms, said that with innovation being high on the government agenda, clarity must be provided for incentives under the National Intellectual Property Policy.

"As innovator company, we look forward to this with great excitement. However, greater clarity (is needed) on what elements will be considered for preferential tax incentives, whether it will apply to outsourced R&D, etc. Incentives are also necessary to boost manufacturing capacity of APIs, rather than depend on Chinese imports," OPPI Director General Kanchana TK told PTI.

She further said the industry is looking forward to the end of the inverted duty structure as and when GST is implemented.

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Note ban distress leaves scant room for giveaways in Budget 2017

Jaitley is under pressure to offer tax giveaways and step up capital and welfare spending

Budget 2017

Prime Minister Narendra Modi's decision late last year to scrap high-value bank notes has put his finance minister in a bind ahead of the annual Budget 2017 next month.

Arun Jaitley is under pressure to offer tax giveaways and step up capital and welfare spending to ease the pain from demonetisation, but the economic disruption caused by Modi's jolt has made forecasting next year's revenue outlook a stab in the dark.

While indirect tax receipts grew by an annual 14.2 percent in December, a slump in consumer spending along with a contraction in services and manufacturing suggest the outlook is anything but rosy.

Adding to his dilemma is a delay in launching a new national Goods and Services Tax that would replace a slew of indirect levies.

"It is an unprecedented budget," said a senior government official with direct knowledge of fiscal planning, likening it to navigating in uncharted waters.

Modi's decision in November to scrap 500- and 1,000-rupee notes - 86 percent of the cash in circulation - sought to crack down on tax dodgers and counterfeiters. Yet it has left companies, farmers and households in all sorts of bother.

The International Monetary Fund has trimmed its growth outlook for the fiscal year beginning in April to 7.2 percent from 7.6 percent previously, citing the blow to the cash-reliant economy.

Jaitley plans to deliver his budget on Feb. 1, just before voting begins in a round of regional elections, the biggest in the swing state of Uttar Pradesh. Their outcome will be key for Modi's chances of winning a second term in 2019. Read More

Tax breaks, infra push top markets' Budget 2017 expectations

Besides Budget, markets will be driven by global events and the outcome of Assembly elections

As the Narendra Modi-led government prepares to present the Budget 2017 on February 01 after the big bang demonetisation move in November, the markets have clawed back from their recent December lows with the S&P BSE Sensex rallying nearly six per cent to over 27,200 levels.

The rally in the mid-and small-cap indices has been sharper with the S&P BSE Mid-cap and the S&P BSE Small-cap indices surging around 11 per cent each during this period.

Also Read: Arun Jaitley likely to take the stimulus route to economic growth

So what does this Budget hold in store, and what are the markets expecting from the Finance Minister this time around?

The markets, analysts say, are primed with the expectation that the Budget will be focussed primarily on reinforcing the 'black money crackdown' theme with a secondary focus on delivering token payments to the poor as well as income tax cuts. The government now will have the opportunity to signal its unbridled economic priorities within the broader ambit of prudent fiscal consolidation.

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Budget 2017: IBF seeks 'Infrastructure Status' for brodcasting industry

Ahead of the Union Budget 2017, a top body of broadcasters has written to the government seeking "Infrastructure Status" for the broadcasting industry.

According to sources, the Indian Broadcasting Foundation(IBF), a body which has leading broadcasters as its members, has in a representation to the Finance Ministry said the Indian broadcasting industry is a mass employment creator which as of date has employed nearly 10 million people across the value chain.

Given its large size and revenue projections, the sector is expected to contribute Rs 30,000 crore to Rs 35,000 crore in the form of direct and indirect taxes by 2020.

The broadcasters have argued that in the present era of convergence of telecommunication, information technology (IT) and broadcasting technology, the distinction between telecom services and broadcasting services has got blurred.

They have also mentioned that by way of a notification January 9, 2004 issued by the Ministry of Communication and Information Technology (Department of Telecommunications), the Centre has notified broadcasting services and cable services to be Telecommunication Service under TRAI Act 1997. Read Full Article

Budget 2017 wishlist: Expectations from the real estate sector

Real estate is largest employer after agriculture and is slated to grow at 30% over next decade

Industry size: India’s real estate market is expected to touch $180 billion by 2020
Source: India Brand Equity Foundation

Employment figure: The Indian real estate sector has backward and forward linkages to approximately 265 ancillary industries. It employs over 50 million people. Budget 2017In India, real estate is the largest employer after agriculture and is slated to grow at 30 per cent over the next decade
Source: National Skill Development Corp

Contribution to gross domestic product (GDP): Real estate contributes over six per cent to the country’s GDP
Source: India Brand Equity Foundation

Key issues or areas of concern for the sector

• Slow pace of sales leading to large unsold inventory (large demand-supply gap)
• Lack of investment support and insufficient funds, especially for project construction

Industry demands

• Infrastructure status for real estate, special economic zones and industrial parks
• Increase limit of priority sector lending in home loans
• Streamlining approval process

PwC point of view
Abhishek Goenka, Partner (real estate), PwC
Real estate investment trusts are likely to be a game changer for the commercial real estate sector
The Real Estate Regulatory Act will increase regulatory and legal compliance

R K Arora, Chairman, Supertech
“GST is expected to lessen the tax burden on developers on input items such as cement and steel, by removing multiple layers of taxation and instituting the tax credit system. That said, the actual merit or demerit of GST will only be known when the final rates are set”

Sheena Bora case: Indrani, Peter Mukerjea charged with murder, conspiracy

Breaking News : A Special Central Bureau of Investigation (CBI) court on Tuesday charged Indrani Mukerjea, her husband Peter Mukerjea and her ex-husband Sanjeev Khanna with murder and criminal conspiracy in New Delhi. Trial in Special CBI Court will begin from February 1, wherein, the convicts will be sentenced, according to reports.

The CBI argued that Indrani killed her daughter Sheena Bora Murder Case over property dispute, with the help of ex-husband Sanjeev Khanna and her driver Shyamvar Rai. The former Star India CEO and media baron Peter Mukherjea is also an accused in the murder as he apparently knew the plot to kill Sheena but kept silent.

Earlier, Peter Mukerjea's lawyer had accused the CBI of pursuing an agenda against Peter to malign his image.

Two charge sheets have been filed in the case so far. According to the first charge sheet filed on 19 November 2015, the CBI had named Indrani, Khanna, and Rai as accused in the case. The trio was arrested in August last year. The second charge sheet was filed on 16 February 2016 against Peter for his alleged role in the murder plot, who was arrested on 19 November, 2015. Read Full Story >>>