Friday 3 May 2019

GENERAL UPDATES 03.05.2019





60% ATMS STILL DON’T HAVE UPGRADED SECURITY FEATURES AS RBI DEADLINE NEARS

Around six out of 10 automated teller machines (ATMs) in the country are still not upgraded with higher security features even as the Reserve Bank of India (RBI)’s June deadline for completing the exercise approaches closer, said banking sources. The mandated features include an upgradation of software and an overhaul of the cash-refilling system at ATMs, among other changes. A senior official of a large private sector bank said there is confusion over the cost-sharing aspect of the move. Who would bear the cost — the banks or the cash management companies? Nobody is willing to undertake the responsibility as it is a sunken one-time cost, said the official. The exercise of upgrading all 2.2 lakh ATMs would cost about Rs 3,500-4,000 crore for the banking industry, said another senior executive of a private sector bank on condition of anonymity. So far, a few banks have paid for the upgradation costs, but there is reluctance on their part to go the entire distance. This would mean the bottomlines of banks will be hit once again and lenders are in no mood to indulge in this additional spending at this point in time, said the first official. Most public sector banks — barring the State Bank of India — are severely cash-strapped at present with a pile of non-performing assets. A banking analyst said that a well thought-out cost formula needs to be put in place to ensure smoother and faster action. The central bank is now set to extend the deadline for another six months or till the end of the 2019-20 fiscal, said government and banking sources. The number of white label ATMs India is still minuscule.
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BANKING OMBUDSMAN RECEIVES 16,000 COMPLAINTS IN FY18 ABOUT ATMS NOT DISPENSING CASH

Automatic Teller Machines (ATMs) not dispensing cash even when bank accounts are debited is the most common grievance among users of the devices. In FY18, 16,000 or 10% of all customer grievances at the banking ombudsman offices were registered under the head ‘account debited but cash not dispensed at ATM,’ according to data released by Reserve Bank of India last week. Data also showed that debit card and ATM related complaints saw a 50% jump annually Bankers say that the problem is common enough because of financial inclusion, and that most cases are resolved satisfactorily. The recent increase in deployment of ATMs in rural areas after demonetisation and increased customer awareness are reasons behind the rise in number of complaints, an unnamed private sector banker told the publication. The rise in complaints is not indicative as it is in proportion with the increase in ATM networks across the country and the number of complaints filed in the concerned period, the banker said. ATM manufacturers say that while the increase in deployment has been a factor, the primary cause for such grievances are network and power-related failures, especially in rural ATMs. If your bank does not resolve the issue within the 7-day deadline, you can register a complaint with RBI at the respective ombudsman office in your zone within 30 days of the failed transaction.
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MOST CUSTOMERS UPSET OVER SERVICE CHARGES LEVIED BY BANKS: RBI STUDY

A majority of customers are upset over the service charges being levied by banks under various categories. This is one of findings of a pilot study commissioned by the Reserve Bank of India on charges levied for basic banking services. More than 25 per cent of the respondents expressed their discontent over charges such as penalty on non-maintenance of minimum balance, cash deposit charges at home and non-home branches, cheque return charges (deposited by the customers), and for signature verification. The study revealed that 72 per cent of the respondents felt the frontline staff of the branch was the main source of information in this regard. There is a need for greater transparency on the quantum of charges being levied. More than 30 per cent of the respondents indicated that information about service charges and fees was not shared by the banks at the time of opening an account. Any subsequent changes were also not informed to them. Complaints on ‘non-observance of fair practice code’ continued to account for the highest share of total complaints received across the country at 22.1 per cent. This, along with other grounds, such as ‘failure to meet commitments’ and ‘non-adherence to BCSBI codes’, constituted 31.3 per cent of the total complaints. Focussed action by banks is necessary in this regard to ensure that the staff, especially at customer touch points, are equipped with the requisite skills and are adequately trained, the RBI said. During 2017-18, public sector banks and major private sector banks collected nearly 6,000 crore as penalty for non-maintenance of minimum balance charges, as per the data available with banks. If ATM withdrawal charges and cash transaction fees, among others, are also included, this escalates to an even bigger amount.
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NBFC CRISIS AVERTED, LIQUIDITY ISSUES TO GET RESOLVED: HDFC BANK'S ADITYA PURI

Troubles among India’s non-bank financiers will persist for at least a year even if the danger of a full-blown financial crisis has passed, according to the head of the nation’s most valuable bank. Tighter regulatory oversight and asset sales have staved off the worst of the problems afflicting India’s non-bank financial firms following last year’s defaults by Infrastructure Leasing & Financial Services Ltd., according to Aditya Puri. Even so, it will be another 12 to 18 months before the liquidity issues in the wider sector are resolved, Puri added. It’s not a Lehman-like thing that comes and then there is contagion across the system, Puri said, referring to the US firm that collapsed a decade ago and plunged the global economy into a downturn. The crisis is over, the problem remains. Shadow banks are still struggling to raise funds including from the mutual funds which already hold about $46 billion of the sector’s debt, according to an estimate by Credit Suisse Group AG. Those that can tap the markets are paying about 30 basis points more than other top-rated corporates, according to data compiled by Bloomberg. HDFC Bank had an exposure of $7 billion to non-bank finance companies and related firms as of December, compared with $11 billion for its nearest private-sector rival ICICI Bank Ltd., filings show. The exposure of the wider Indian banking industry was about $92 billion in March, according to an estimate from the ratings firm ICRA Ltd. Puri said HDFC Bank has no exposure to IL&FS. The banking industry has made substantial progress in dealing with its non-performing loan problem, Puri said. He pointed to better recognition of soured debt, closer central bank inspections and more disciplined behavior by borrowers after the implementation of the nation’s new bankruptcy law. This gives the government a window to add fresh capital into struggling state-run banks, Puri said. Government-controlled lenders account for about 90% of bad debt and Moody’s Investors Service estimates they will probably need some $3.5 billion to bridge capital needs this financial year, on top of the $28 billion the government has injected over the past two years.
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PMO REVIEWS 59-MINUTE LOAN SCHEME, RS 37,870 CRORE DISBURSED

The Prime Minister's Office (PMO) this week reviewed the 59-minute loan scheme for micro, small and medium enterprises (MSMEs) with the Finance Ministry officials and asked them to increase disbursals. Sources said since November last year, when the scheme was launched, Rs 37,870-crore loans were disbursed till March 31. The Finance Ministry is mulling to raise Rs 1-crore cap on 59-minute loans to Rs 3-5 crore in a gradual manner, they said. During the current month, the Reserve Bank of India (RBI) and the Finance Ministry as well as the banks will be discussing the risks and the benefits of the scheme which has already drawn a healthy response from the borrowers, and some public sector banks (PSBs) are now keen on raising the credit limit. Extending hassle-free loans to such units which are without any collateral has been a hit on www.psbloansin59minutes.com, as it has reduced the turnaround time for sanctioning loans from 20-25 days to 59 minutes.
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REPO RATE CUT TRANSMISSION YET TO HAPPEN: FINANCE MINISTRY REPORT

Though easing of monetary policy has the potential to support growth the recent cuts in repo rate are yet to transmit to weighted average lending rate of banks, thus the effects of the easing on investment activity are yet to manifest, said the monthly report of March of the Finance Ministry. Credit growth could have been challenged by continuous tightening of bank liquidity causing the call money market rates to trend up since Q1; however, some respite is evident in Q4, added the March economic report. Nominal exchange rate has been appreciating in Q3 of 2018-19, yet the net flow of portfolio investment remained negative, the report said while stating the real effective exchange rate has been appreciating in Q3 of 2018-19, which may have impacted growth of exports towards the end of the year. Foreign Exchange Reserves in terms of months of import cover have fallen from 14 months from April 2016 to 9 months in October 2018. However, the import cover has been increasing since then, it noted. Not only do fuel and food inflation directly drive the CPI headline inflation, they do so indirectly as well by spilling over into other sectors of the economy as captured by core inflation, said the March monthly economic report.
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MAHARASHTRA IS FAVOURITE DESTINATION FOR FDIS BY NRIS

Maharashtra has emerged as the favourite destination for Foreign Direct Investments (FDIs) by NRIs in the last four financial years (2014-15- 2017-18) attracting 1,454 crore, which is 30 per cent of the total NRI investments of 4,820 crore in the country. Kerala and Gujarat received 902 crore and 515 crore respectively during the same period. The Government has put in place a liberal and transparent policy, wherein most of the sectors are open to FDI under the automatic route. The Government reviews the FDI policy on an ongoing basis and makes significant changes from time to time, to ensure that India remains attractive and investor-friendly destination. FDI policy is an enabling policy which is uniformly applicable in the country the Ministry said. Goa (with 2.85 crore), Madhya Pradesh (1.02 crore), Daman & Diu (1 crore), Chhattisgarh (0.13 crore) and Punjab (0.05 crore) are at the bottom of the chart of NRI investment flows.
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UK TOP CHOICE FOR INDIAN INVESTORS WITH RECORD INVESTMENTS IN 2018: REPORT

London emerged as the top choice for Indian investors ahead of other cities such as Dubai and Singapore, with investments by Indian companies in the British capital reaching an all-time high last year, according to a new analysis. The UK emerged as the top most country to attract Indian FDI with 52 projects, ahead of the US (51) and the UAE (32), in 2018, said London & Partners (L&P), the Mayor of London's promotional agency, in the new analysis released on Friday. Indian companies choosing to invest and expand in London reached an all-time high last year, with 32 investment projects a giant leap from the previous year, it said. Foreign Direct Investment (FDI) from India into London increased by 255 per cent from 2017 to 2018. And, investment into the UK from India grew by over 100 per cent compared with the previous year, with London accounting for over 60 per cent of all Indian investment into the UK in 2018, notes the analysis, based on fDi Markets and fDi Intelligence data. We're delighted that a record number of Indian businesses have chosen London as a base for their international expansion and we look forward to welcoming more ambitious companies to our city, said Laura Citron. Our upcoming trade mission will provide a great opportunity for us to explore how London can increase collaboration with some of India's leading business hubs in areas such as fintech and enterprise technology, she said. The L&P's trade delegation, comprising some of London's fastest growing fintech and enterprise tech companies, will cover Mumbai, Bangalore and Chennai as part of the Mayor of London's International Business Programme.
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ELECTION COMMISSION CLEARS HIRING OF 6,000 UNIVERSITY TEACHERS

The Election Commission has cleared the decks for recruitment of over 6,000 teachers across all Central universities. These appointments have been held up since March 2018 owing to the long litigation in Supreme Court over the changed formula for SC/ST quota implementation. However, the EC has directed the human resource development ministry to announce the list of final appointees only after the Lok Sabha elections are completed. The EC has said that while it has no objection to the starting of recruitment process’, from the Model Code of Conduct point of view, this approval is subject to the condition that declaration of result and appointments shall be done after completion of election process. Court orders had struck down the University Grants Commission’s reservation formula for SC/ST/OBC faculty recruitment -- an issue that had sparked a major political controversy in 2018 and led to a complete freeze in teacher hirings across all Central universities in 2018-19. The Modi government even filed a review petition in the Supreme Court to restore the old quota formula but it was dismissed by the apex court.
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AIRTEL-TATA TELE MERGER: TDSAT STAYS DOT CALL FOR RS 9K CRORE GUARANTEES

An appellate tribunal has stayed the telecom department’s demand for dues of over Rs 9,000 crore from Bharti Airtel as a precondition for approving its acquisition of Tata Teleservices’ consumer mobility division, and directed that the deal be cleared, paving the way for the closure of the sector’s last major M&A pact 18 months after it was announced. We direct the concerned authorities of the Union of India to take the merger of the two companies and the license on record, the Telecom Disputes Settlement and Appellate Tribunal (TDSAT) ruled in an interim order on Thursday. In its order, the TDSAT stayed the government’s demand for about Rs 8,000 crore in bank guarantees for one-time spectrum charges (OTSC), saying that similar demands have been stayed in other cases by courts, including the Bombay High Court. The TDSAT also stayed a demand for bank guarantees worth Rs 1,287.97 crore that the Department of Telecom (DoT) had raised towards pending OTSC dues related to the merger of the erstwhile Chennai circle with Tamil Nadu in 2007, but with a rider. This demand which appears as part of condition which requires its immediate payment before approval, shall remain stayed until further orders, provided the petitioner furnishes with the registry of this tribunal bank guarantees for 50% of the said demand within four weeks, the TDSAT said in its order.
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ECONOMIC GROWTH MAY HAVE SLOWED IN 2018-19: FINMIN

The Indian economy appears to have slowed down in 2018-19 due to lower private consumption, tepid growth in fixed investment and muted exports, a finance ministry report has said. The Central Statistics Office (CSO), which released the national account data for the third quarter, had in February revised downwards the growth estimate for 2018-19 to 7% from 7.2%. The 7% growth is the lowest in five years. In its monthly economic report for March, the finance ministry said monetary policy attempted to provide a fillip to the growth impulse through cuts in repo rate and easing of bank liquidity. India's economy appears to have slowed down slightly in 2018-19. The proximate factors responsible for this slowdown include declining growth of private consumption, tepid increase in fixed investment, and muted exports, it said. The ministry, however, said India continued to remain the fastest-growing major economy and was projected to grow faster in the coming years. Talking of challenges, the ministry highlighted that growth in the agriculture sector needed to be reversed. The real effective exchange rate appreciated in Q4 (January-March) of 2018-19 and could pose challenges to the revival of exports in the near future, it said. On the external front, current account deficit as a ratio to the GDP is set to fall in Q4 (January-March) of 2018-19, which will limit the leakage of growth impulse from the economy. The fiscal deficit of the central government has been gliding down to the Fiscal Responsibility and Budget Management (FRBM) target. The 2018-19 GDP growth of 7% is the lowest in five years. In 2013-14, the growth was 6.4%, 7.4% in in 2014-15, 8.2% in 2015-16 and 2016-17 and 7.2% in 2017-18. The ministry said the room for monetary easing by the RBI was created due to low inflation in 2018-19, although it started to inch up in the last few months of the year.
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FINANCE MINISTRY CONFIRMS SLOWDOWN FEARS; GROWTH MAY EASE TO 6.5% IN JANUARY-APRIL

The GDP growth may have touched 6.5% in the March quarter, against 6.6% in the previous quarter, and the slowdown in the economy in FY19 has been caused by declining growth of private consumption, tepid increase in fixed investment and muted exports, according to the latest monthly report of the finance ministry. Current account deficit (CAD) situation may have improved in the last quarter of FY19 from 2.5% in the December quarter, as dip in imports has improved the merchandise trade deficit. The second advance estimate of the Central Statistics Organisation has pegged FY19 GDP growth at 7%, down from 7.2% in FY18 and 8.2% in the year before. On the supply side, the challenge is to reverse the slowdown in growth of the agriculture sector and sustain the growth in industry. On the external front, current account deficit as ratio to GDP is set to fall in Q4 of 2018-19, which will limit the leakage of growth impulse from the economy, the report by the department of economic affairs said. Credit growth could have been challenged by continuous tightening of bank liquidity, causing the call money market rates to trend up since Q1 (FY19); however, some respite is evident in Q4, said the report for March. The real effective exchange rate has appreciated in the March quarter and could pose challenges to the revival of exports in the near future. However, increase in foreign exchange reserves in the last quarter of FY19 on account of improvement in trade balance has increased the import cover for the economy, it added. The report said the expected firming up of government consumption expenditure in Q4 of FY19 is on course as growth in cumulative revenue expenditure of the central government has been higher in recent months.
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JET COLLAPSE: PILOTS ASK PM TO PROBE ETIHAD’S ‘ROLE’

The Jet Airways pilots’ union has written to Prime Minister Narendra Modi to order a probe if Etihad Airways, the strategic investor in Jet Airways, and another private Indian carrier had any role in the collapse of the airline. This is the first time that Etihad’s role has come under question. Citing similar patterns of closure of Etihad-invested airlines such as AirBerlin, Alitalia and Jet Airways, the letter said, What we don’t know is the extent of the role played by Etihad in the events leading to the complete collapse of Jet Airways. We urge you to intervene in the matter and order a probe to establish whether a larger conspiracy was at play, or of any collusion between State Bank of India (SBI) and Etihad, as the only one decimated here are Jet Airways employees and Jet Airways, the letter signed by Captain Karan Chopra, said.
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LIABILITIES BIGGEST HURDLE TO JET AIRWAYS SALE, SAYS SBI

The top lender of ailing Jet Airways India Ltd said the burden of reversing the grounded carrier’s negative net worth before it can fly again is the biggest challenge for any potential investor. Liabilities and losses are considerable, Rajnish Kumar, said. All these past liabilities and then, profitably, can they fly in future? These are some of the considerations which are weighing upon the minds of the potential investors. Creditors led by State Bank of India have put Jet Airways up for sale after the carrier failed to pay back debt. Once India’s biggest airline by market value, Jet Airways has been a victim of a budget airline boom in the fiercely competitive market in the South Asian nation, where carriers offer base fare of as low as 1 cent to lure first time flyers. The airline, which stopped all flights last month, has made losses in nine of the past 11 years. Jet Airways has seen lessors taking away its aircraft while rivals start services on routes it previously operated. The deadline for submission of binding bids to take over control and ownership of Jet Airways is 10 May, Kumar said. The lenders, to which the airline owes more than $1 billion, have yet to take a call on how much debt will be forgiven, he said.
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AIR INDIA CAUTIONS STAFF: INTERACT WITH MEDIA ONLY AFTER PRIOR APPROVAL OF CMD

Air India has cautioned its employees of appropriate action if they interact with the media without prior authorisation in writing from the airline chief, according to a communication. In the communication dated April 30, the airline said there have been instances where employees have interacted with the media or posted videos in uniform in Air India aircraft, aired their views on electronic or social media portraying the company in bad light despite instructions against doing so. This is to reiterate that no employee(s) in individual capacity or on behalf of a group or union or association of employees shall issue statements in print, electronic or social media or post videos on any matter related to the company without prior authorisation in writing by the CMD, it said. The communication signed by Director Personnel Amrita Sharan also said that the employees have to make a request through proper channel and then obtain explicit approval of the chairman and managing director (CMD). Any violation of the above will be viewed very seriously and appropriate action as per applicable service regulations/ instructions would be taken against those found violating the same, the order said. The communication also comes against the backdrop of instances where representatives of some Air India unions publicly criticised efforts to privatise the loss-making airline.
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CEA SUBRAMANIAN SAYS, MUTUAL FUNDS RESPONSIBLE FOR DEBT CRISIS; GOVT NOT TO STEP IN UNLESS SYSTEMIC RISK

Even as the debt fund crisis continues to make investors jittery, the government may not intervene unless there is a systemic risk said Chief Economic Advisor (CEA). The recent turmoil in the debt market has been caused by the ‘irrational exuberance’ of the mutual funds and NBFCs, said Krishnmurthy Subramanian, adding non-banking entities must properly evaluate the lending quality. Even though mutual funds and NBFCs can’t act like banks, they were pushed towards lending as banks failed to do their duty he also told. The asset-liability mismatch in the financial sector must be closely supervised, he noted. Furthermore, there is a need to improve the disclosure framework for defaults, as embattled non-banking financial companies (NBFCs) face a liquidity squeeze and rating downgrades, he added. There is also a need to share timely information on defaults as lack of it puts ratings agencies on a weak footing, he said. The market only gets to know about the impending crisis when the borrower defaults, he added. Even though mandating disclosure of even a single-day default may be too harsh, a system could be put in place wherein information on defaults gets shared if a repayment is missed for seven days.
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TRAI TO ASK BHARTI AIRTEL TO FURNISH DETAILS OF SEGMENTED OFFERS IN 'STIPULATED FORMAT'

Regulator TRAI plans to ask telecom operator Bharti Airtel to cough up additional details on segmented or concessional offerings it made to customers and will insist that information furnished adheres to its 'prescribed format' a source said. The Telecom Regulatory Authority of India (TRAI) had last month asked operators to submit information on concessional offers dished out between April 2018 and March 2019, and while Bharti Airtel has shared some details, Vodafone Idea sought two more weeks to submit the same. A TRAI official privy to the development said Bharti Airtel has merely mentioned the number of segmented offers given in a month, but added that the regulator wants the information segregated circle-wise and co-related with the existing plans. Also, Bharti Airtel has furnished the details for December 2018 onwards, while TRAI has sought details of such concessions over a longer period, the official noted. Meanwhile, Vodafone Idea has sought two more weeks to submit the required information citing its recent merger and the amount of information involved. The source further said TRAI would like to have access to information on concessions being given to subscribers by operators, for its record. The operators are not putting it (segmented offer details) in public domain, nor are they filing those offers so they have to tell us, in each plan how many segmented offers have been made, the official said.
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36 POSTS OF PSB DIRECTORS LYING VACANT: AIBEA

Thirty six posts of directors in public sector banks (PSB) haven't been filled for a long time said a top leader of a major bank union. According to C.H.Venkatachalam, General Secretary, All India Bank Employees' Association (AIBEA), the Bank Nationalisation Act/Banking Companies (Acquisition and Transfer of Undertakings) Act provides for appointment of a workman employee representative and an officer employee representative as directors on the Boards of all the PSBs. None of the 18 PSBs have a workmen employee representative and an officer representative as a director on their Boards. In all 36 posts for bank directors are lying vacant for a long time, said Venkatachalam on Wednesday. He said that there were 18 PSBs each with a Board strength ranging between 7-14 directors, including the Chairman, Managing Director(s), Executive Directors, nominees of the RBI and the Central government.
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FACING STAFF CRUNCH, FIU TO HIRE ANALYSTS ON CONTRACT

Grappling with 'serious' manpower shortage, the Financial Intelligence Unit (FIU) has decided to hire analysts on contract basis to further its effort in checking tax evasion, terror financing and other such wrong doings, according to an official order. A proposal seeking engagement of the analysts has been shared by the FIU with the Personnel Ministry which has in turn forwarded it to all central government organisations. Superannuated employees of the central government of a particular pay-band are eligible to apply, the official order said. The FIU, the country's elite financial intelligence agency, has been hiring services of retired government employees as consultants depending on exigencies of workloads. As many as five posts of consultants (analysts) will be filled up on contract basis. The move assumes significance as the FIU is grappling with a serious problem of manpower shortage.
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POWER PRODUCERS RED FLAG ANDHRA PRADESH'S ENERGY STORAGE PROJECT

The renewable energy industry has raised concerns about how an Andhra Pradesh power distribution company is setting up India’s largest energy storage project. In a letter to the Transmission Corporation of Andhra Pradesh Ltd (APTransco), the Independent Power Producers Association of India (IPPAI) has asked why APTransco is setting up the project without completing a detailed project report or encouraging a transparent bidding mechanism among players. APTransco is looking to build India’s largest energy shifting project of 400-MW capacity with eight hours of daily discharge (that is, 3,200 megawatt hour or MWHr capacity), the country's first large-scale grid-connected energy storage project. An energy shifting solution is a storage solution that will shift energy from one time to another for peak load management during the day. However, on 12 February, APTransco invited expressions of interest for a 400-MW system where the developer would be selected directly (under Section 62 of The Electricity Act 2003) instead of a competitive bidding process. In its letter, the IPPAI said it could lead to the discovery of sub-optimal tariffs.
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PMI: EXPORTS IMPROVE IN EMERGING NATIONS, INCLUDING INDIA, BUT WILL IT SUSTAIN?

Business activity in India’s manufacturing sector further slowed down in April, but remained in the expansion zone. The Nikkei India Manufacturing Purchasing Managers’ Index (PMI) declined from 52.6 in March to 51.8 in April. A reading above 50 indicates expansion. However, one bright spot in the April PMI reading was exports, which expanded at a slightly quicker pace than in March. Not just in India, exports have shown improvement, although moderately, in other emerging nations as well. According to the PMI survey, South East Asian companies saw the improvement in new export sales for the first time since July 2018. David Owen, economist at IHS Markit, which compiles the survey, said: New export orders rose for the first time since last July, albeit at only a fractional pace. This supported the quickest increase in total new orders for seven months, lending some optimism to manufacturers that have been noticeably affected by the ongoing trade war. ASEAN is an acronym for Association of South East Asian Nations. It includes Malaysia, Indonesia, Thailand and Singapore among others. For these countries, the future output sub index — a gauge of business expectations for the coming 12 months improved from 65.4 in March to 66.6 April. While this is a positive sentiment, sustenance here is key. Global growth is softening, which could weigh on new export orders. Also, uncertainties on the trade war front still remain. It should be noted that the International Monetary Fund (IMF) recently downgraded its outlook on the global economy for the third time since October. It anticipates the global economy to likely grow by 3.3% this year, the slowest since 2016. Also, the current forecast is a 0.2 percentage point cut from its earlier estimate released in January. On the other hand, optimism about business outlook among Indian manufacturers contracted. The future output index fell from 60.3 in March to 56.6 in April. According to Pollyanna De Lima, Although remaining inside the expansion territory, growth continued to soften and the fact that employment increased at the weakest pace for over a year suggests that producers are hardly gearing up for a rebound. When looking at reasons provided by surveyed companies for the slowdown, disruptions arising from the elections was a key theme. Also, firms seem to have adopted a wait-and-see approach on their plans until public policies become clearer upon the formation of a government, she added.
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FSSAI ASKS FOOD COS TO RELABEL 'ATTA', 'MAIDA'; GIVES TIME TILL JULY 31

Food business operators have been given three more months till July 31, to change labels of their food products to include English nomenclature for 'atta' and 'maida' as wheat flour and refined wheat flour, respectively, according to the food safety regulator FSSAI. The deadline to comply with the order expired on April 30. Further extension has been given following a representation by the industry, the Food Safety and Standards Authority of India (FSSAI) said in its latest order. The order had to be issued because the food business operators were using the term 'wheat flour' as English nomenclature for 'maida' on the label of the food products which does not convey the exact nature of ingredient used for manufacturing of various food items to the consumers as well as enforcement officials. However, in the latest order, the FSSAI has not only given three months' extension for compliance, but also tweaked the order slightly to allow usage of the term 'atta' as wheat flour instead whole wheat flour. In case the labels are in Devanagiri script, the businesses are allowed to use the Hindi nomenclature 'atta' and maida' for wheat flour and refined wheat flour, respectively.
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CJI APPEARS BEFORE PANEL PROBING SEXUAL HARASSMENT CHARGE

Ranjan Gogoi has appeared before the Justice S.A. Bobde in-house inquiry committee examining the sexual harassment allegation levelled against him by a former Supreme Court employee. A letter of request was issued to the CJI and he responded to it and met the panel, a highly-placed source told. High constitutional office-holders like the CJI are not issued summons as is the usual case. They are sent a 'letter of request' to participate in the proceedings.
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NARENDRA MODI’S BIOPIC TO RELEASE ON MAY 24

'PM Narendra Modi', the biopic on the Prime Minister starring Vivek Oberoi, will now arrive in theatres on 24 May, 2019, a day after the announcement of the Lok Sabha election results. As responsible citizens, we respect the law of the country. After a lot of discussions and keeping the curiosity and excitement about the film in mind we have decided to release it immediately after the Lok Sabha election results. I hope now nobody has any problem with the film and we are hoping for a smooth release this time, producer Sandip Singh said in a statement.
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NO CHILD’S PLAY: EXPERTS FUME AS BABY CARE COMPANIES SEEK KIDS’ DATA

Online retailers of baby care products that seek information about children from their parents could run afoul of India’s proposed data protection law, according to privacy experts. Ecommerce giant Amazon and digital parenting networks First-Cry and Parentlane as well as Johnson & Johnson’s BabyCenter are among companies that offer services such as age-based content, recommendations or discount coupons to parents who share specific information about their children. Children are particularly vulnerable and require heightened privacy protection. Amazon, Parentlane and FirstCry must clarify and inform parents what (they) intend to do with the data being gathered, said Apar Gupta, director at Internet Freedom Foundation, a digital rights advocacy group. India is currently debating the contours of a proposed law on data protection based on recommendations by the Justice BN Srikrishna committee. The draft legislation suggests barring companies from profiling, tracking or targeting children with advertisements. It proposes strict restrictions on guardian data fiduciaries — companies that operate commercial websites or online services directed at children or process large volumes of personal data related to children. We collect data from parents to make personalised recommendations. Our service is only for parents and, therefore, we do not target children. We are fully compliant with the draft privacy law in its current form but will have to wait for the final policy to comment on it, said Supam Maheshwari.
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INDIA'S LPG USE TO SURGE FROM RECORD AS GOVERNMENT PROMOTES CLEANER FUEL

India's demand for liquefied petroleum gas (LPG) rose to a record in the fiscal year ended in March amid government measures to provide cleaner cooking fuel to rural households, and analysts expect consumption to keep rising. About two-thirds of India's population live in rural areas, typically using firewood, coal or dried dung cakes for cooking. India consumed a record 24.9 million tonnes of LPG in the financial year 2018/19, 53 percent higher than five years ago, and 6.9 percent higher than the previous year. The boost follows a social welfare programme, known as the Ujjwala scheme, launched by the government in 2016 that has provided about 72 million new LPG connections to households in 714 districts, according to official data. Supported by government policies, mainly through the 'Ujjwala Scheme' and a rising middle class population, LPG penetration in Indian rural areas has been extremely robust, Sri Paravaikkarasu, said in an email. Amid the Ujjwala programme, close to 80 percent of Indian households have access to LPG as of the end of 2018, up from 56 percent in 2016, according to FGE. Favourable government policies will support LPG demand to increase strongly in coming years, said Paravaikkarasu, adding her consulting firm expects LPG demand grow by 8 percent in 2019 and 6.7 percent in 2020. India imported 13.2 million tonnes of LPG in the year to March 2019, a record high and more than double the import volumes in the 2013/14 financial year. Imports were 15.9 percent higher than the previous year. The phenomenal growth in LPG usage will reduce India's self-sufficiency of LPG to 42 percent in 2025 from about 70 percent in 2013, said Aman Verma. An additional 5 million tonnes per annum of import terminal capacity is being built and supposed to be completed by FY 2020-21 in order to meet the demand, Verma added. Indian consumers have used the LPG to erode kerosene's role as a cooking fuel in the country. India's kerosene sales plunged 10 percent during 2018/19 to 3.5 million tonnes, less than half of the 7.2 million tonnes sold in 2013/14.
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LADAKH AND ANANTNAG PARLIAMENTARY CONSTITUENCIES IN J&K TO GO TO POLLSIN PHASE V OF GENERAL ELECTIONS 2019

In the Fifth phase of General Elections 2019, Ladakh Parliamentary Constituency (PC) in Jammu & Kashmir, along with the 3rd part of Anantnag PC,would be going to polls on 6th May. Kargil and Leh districts would be covered in Ladakh (PC No. 4), along with Shopian and Pulwamain Anantnag (PC No. 3). All the PC seats in Ladakh and Anantnag PC belong to the General category. As per the data sourced from CEO (Jammu & Kashmir) website, there are a total of 6,93,692 general electors in the two PCs, out of which 3,57,879 are general male electors,3,35,799 general female electorsand 14 third gender electors. There are 3,806 service electors and 4,388 persons with disabilities (PWD) electors in Phase V. The data sourced from ECI website shows that in General Election 2014, there were a total of 1,66,763 electors in the Ladakh PC. This number has grown to 1,71,819 during General Elections 2019, which is an increase of 5,056 (3.03%) electors since last General Elections.
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INDIA MAY WITNESS HIGHEST VOTING TURNOUT SINCE 1947: SBI STUDY

India may witness the highest ever voter turnout since Independence in the ongoing elections, if there is a marginal increase in voting during the remaining three phases, a research report by country's largest bank SBI said Thursday. About 900 million are expected to cast their votes in the ongoing seven-phase general elections to be completed on May 19. After four phases of elections, the voting percentage is 67 per cent, comparable to 67.6 per cent in 2014, said SBI Ecowrap report. We believe that if the current trend continues, this year's turnout rate may cross the previous turnout, it may, in fact, be the highest since independence. Hence a 1 per cent incremental turnout from current trend of 67 per cent after 4 phases could make it the largest turnout since 1947, the report said. It further said the 2019 general elections are unique in many aspects. This particularly suggests that now citizens are more aware about their rights and responsibility, thanks to relentless campaign by multiple stakeholders starting from election commission to civil societies who are encouraging all to cast their vote, said Ecowrap. The SBI's research report also notes that young, elderly and women all seems to taking part in Indian elections. Improvement in women voter turnout could be attributed to measures like Jan-Dhan, Mudra, Ujjwala schemes which lead to women empowerment, it added.
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RAGHURAM RAJAN SUGGESTS MIDDLE PATH FOR COMPANIES: IDENTIFY FOUR KEY STAKEHOLDERS

Once again, we’re debating the purpose of corporations. On one side, progressives such as Sen. Elizabeth Warren argue that companies — given broad rights in court decisions such as Citizens United v. Federal Election Commission — must also accept broad social responsibilities such as paying attractive wages and protecting the environment. On the other side are many corporate leaders and business school professors (who train future leaders), who continue to believe in the Business Roundtable’s position in 1997 that the principal objective of a business enterprise is to generate economic returns to its owners. Such views echo free-market economist Milton Friedman, who emphasized nearly half a century ago that a business has only one responsibility, to maximize shareholder value. Exhortations for corporations to do much more will get louder in advance of the 2020 presidential election, and the silent resistance will increase proportionately. I believe there’s a middle path. While corporations cannot, and should not, take on responsibilities that are properly those of the government or the local community, they can do better for themselves and for society by explicitly identifying core stakeholders — financial investors, no doubt, but also workers, customers and suppliers who make significant investments in the business — and publicly committing to enhance their collective value. There’s merit still in many of Friedman’s concerns. At the time, he was particularly outraged at the growing clamor in the U.S. for corporations to forgo raising prices as part of their supposed national duty to help fight inflation. He rightly didn’t believe it was the job, or even within the abilities, of companies to control inflation. Moreover, price-fixing would prevent the free market from sending the right signals about shortages. Friedman also deemed the push for new corporate social responsibilities profoundly undemocratic Activists who could not get laws passed in Congress were using the bully-pulpit instead to shame corporations into changing behavior. His critics today complain that decisions by a corporate management focused solely on profits are harsh, give the corporation too short a time horizon, and favor an overly narrow group, the shareholders. The first two don’t hold up to scrutiny. The private corporation’s fundamental contribution to society is to make products efficiently and offer consumers affordable choice. In a competitive market, profits show how well it does this. Share prices reflect the value of profits over time. Since companies looking to maximize the value of their shares will care about profits over the long-term, most will train workers where needed and foster lasting customer relationships instead of ripping off employees or customers. Put differently, even if CEOs do focus primarily on share prices, that doesn’t mean the market only rewards actions that boost this quarter’s earnings. Public companies such as Amazon.com Inc. have thrived despite investing in their businesses without showing much in the way of profits. At the extreme end, pharmaceutical companies and aircraft manufacturers take investment bets that won’t pay off for decades. Critics are right, however, in asking why management should maximize only shareholder value. Friedman’s theoretical rationale was that shareholders get what is left over after fixed claimants such as debt holders and workers are paid. By maximizing shareholders’ residual claim, management maximizes the overall corporate pie, since the rest are fixed claims on that pie. In practice, though, many of what are thought of as fixed claims are actually variable over time. Long-term employees, for instance, invest in developing firm-specific skills. This means they are no longer commodity labor, paid a wage determined in a competitive market. Instead, they get a negotiated wage which fluctuates with the company’s fortunes. No less than shareholders then, such workers become residual claimants on the firm’s value. Companies that are dependent primarily on them — think of an accounting or consulting firm — often recognize this by making their employees equity partners. Corporations will still have to take tough decisions from time to time, including letting workers go when absolutely necessary. But job cuts that boost shareholder value aren’t warranted if they reduce the value of other core stakeholders more. Some critics worry that if boards start focusing on goals other than maximizing shareholder value, it will be hard to monitor and control their performance. Yet U.S. courts have repeatedly decided not to second guess the business judgment of boards, thus protecting them from shareholder review except for the most egregious failures. Moreover, a majority of states have passed constituency statutes that allow board directors to consider the interests of non-shareholder constituents such as creditors or workers. Given the considerable leeway corporate boards already have, it would be a step in the right direction for them to specify whose interests, including workers’, they are protecting. That would allow investors to better gauge the trade-offs a board will make. It would also give core stakeholders greater confidence to invest in the corporation. Most important in these populist times, corporate boards can also then avoid unnecessary political flak by identifying their core stakeholders — those who make financial or other long-term real investments in the firm. That would not just circumvent progressive critics, it would also be the right thing to do.
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AIR TRAFFIC GROWTH HITS 5-YR LOW IN FY19 AT 11.6%; CARGO AT 6%

The pace of growth in air traffic hit a five-year low, pulled down by low growth of 3.9 percent in the March quarter as against a healthy 14.9 percent in the first three quarters. Cargo traffic growth also moderated in the year to 6 percent, as against double-digits growth witnessed over the past two years. According to Icra, domestic passenger traffic declined by 1.1 percent in March, overall traffic saw a de-growth of 0.1 percent in the month as international aircraft movement dipped by 1 percent while domestic aircraft movement was flat. The passenger traffic movement at the four key airports reported a sharp decline in March as travel demand in the Delhi and Mumbai airports de-grew 9.4 percent and 16.2 percent, respectively. Similarly, Chennai saw a 7.4 percent de-growth and Kochi degrew by 11.3 percent in March. After years of strong growth, air traffic growth has hit a low with passenger traffic declining by 1.1 percent in March. This has dragged down the full year passenger traffic growth to 11.6 percent, making it the lowest in the past five years, Icra said. Overall aircraft movement grew by 12.1 percent, while cargo traffic increased by 6 percent in the year.
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CYCLONE FANI: SURESH PRABHU ASKS AIRPORT AUTHORITIES TO STAY ALERT

All authorities concerned have been alerted so that they are ready to deal with cyclone Fani, Suresh Prabhu said Thursday. Fani is expected to hit the Odisha coast on Friday. Other states on the eastern coast, such as West Bengal, Andhra Pradesh and Tamil Nadu are also expected to be affected by it. Alerted all concerned to be ready to deal with Cyclone Fani. Airport Authority of India issued alert to all coastal airports to ensure all precautions, SOPs (standard operating procedures) put in place immediately, Prabhu tweeted. Prabhu said the situation would be monitored at highest level. Airlines and all others to be fully ready, he added.
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GOAIR WAIVES CANCELLATIONS/CHANGE FEE DUE TO CYCLONE FANI

GoAir Thursday said it will not charge any fee for a rescheduling or cancellations for its flights to and from Bhubaneswar, Kolkata and Ranchi between May 2 and May 5, due to the cyclone Fani, which is likely to hit Odisha coast Friday. The operations of various domestic airlines have already been affected due to the oncoming cyclone. GoAir is waiving cancellation and change fees for Bhubaneswar, Kolkata and Ranchi flights for travel between May 2 and May 5, the airline said in a statement. It also said the passengers can re-book their flights within seven days of scheduled departure of the flight.
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PEPSI WITHDRAWS LAWSUIT AGAINST 4 INDIAN POTATO FARMERS: SPOKESMAN

PepsiCo Inc said on Thursday it will withdraw its lawsuit against four Indian potato farmers accused of infringing its patent, a PepsiCo India spokesman said. After discussions with the government, the company has agreed to withdraw the cases against the farmers, said the spokesman.
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PRIME MINISTER SHRI NARENDRA MODI TOOK HIGH LEVEL MEETING ON CYCLONE ‘FANI’

The Prime Minister Shri Narendra Modi took a high level meeting to review the preparedness of State and Central Ministries/Agencies concerned to deal with the situation arising out of Cyclone ‘FANI’. India Meteorological Department (IMD) informed that Cyclone ‘FANI’ is expected to touch Odisha coast south of Puri in the forenoon of 3rd May with the wind speed ranging up to 180 kmph. It is likely to cause heavy rainfall in the coastal districts of Odisha including Ganjam, Gajapati, Khurda, Puri and Jagatsinghpur, Kendrapada, Bhadrak, Jajpur and Balasore. In West Bengal, districts of East & West Medinipur, South & North 24 Parganas, Howrah, Hoogly, Jhargram and Kolkata alongwith Srikakulam, Vijayanagram and Visakhapatnam districts of Andhra Pradesh are also likely to be affected. IMD also warned of storm surge of about 1.5 meter height which may inundate low lying coastal areas of Ganjam, Khurda, Puri and Jagatsinghpur districts of Odisha at the time of landfall. IMD has been issuing three hourly bulletins since 24th April and hourly bulletin from today with latest forecast to all the concerned States. Cabinet Secretary is holding daily meetings of the National Crisis Management Committee (NCMC) since 29th April, 2019 to review the preparedness of the State and Central Agencies. Odisha is in the process of evacuating about 7.5 lakh persons and has kept ready around 900 cyclone shelters to house the evacuees. As directed by the Cabinet Secretary, all Central Ministries/Agencies have taken all necessary measures to deal with the situation arising out of the Cyclone FANI. MHA has already released in advance Rs. 1086 crore to four states likely to be affected. NDRF has pre-positioned 54 teams which are equipped with boats, tree-cutters, telecom equipments etc. in five States and has kept 31 teams on standby. After review, the Prime Minister directed senior officers to take every possible measure to ensure that people are safely evacuated by the State Governments and to ensure maintenance of all essential services such as Power, Telecommunications, health, drinking water etc. and are restored immediately in the event of damages caused to them. He also directed for 24×7 functioning of control rooms.
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HYDERABAD'S HERITAGE CHARMINAR DAMAGED AS CHUNK OF MINARET FALLS

In what seems to be a major damage to the 428-year-old Charminar, a huge chunk of lime-plaster from its south-west minaret broke and fell to the ground late on Wednesday night. Pictures from the site showed that the lime-plaster comprising eight flower-petals, sized about 2.5 meters/0.8 meters, came-off the minaret. The Archaeological Survey of India (ASI), the monument's custodian, is likely to undertake repairs soon after assessing the damage. ASI's superintending archaeologist, Milan Kumar Chauley, said that the damage has taken place due to the monument's erosion over a period of time and that nobody in particular can be blamed for it. The plastering on the monument is not original, as it was redone in 1924 by the Nizam (seventh, Mir Osman Ali Khan, the Asaf Jahi monarch of the erstwhile state of Hyderabad). About two decades ago, a similar incident took place on another minaret. I have also been asking the Greater Hyderabad Municipal Corporation (GHMC) to not undertake any heavy machinery work. But I've learnt that they used it to demolish a building a few days ago, Chauley told.
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RANSOMWARE’ ATTACK ON WEBSITES OF A.P., TS POWER UTILITIES

A day ahead of the safety week observed by power utilities from May 1 to 7, the websites of two power distribution companies each of Telangana and Andhra Pradesh were hacked which resulted in their computer-based applications coming to a standstill for over three days. It was on Tuesday evening that the websites were hacked of southern and northern power distribution companies of Telangana at Hyderabad and Warangal respectively and southern and eastern power distribution companies of Andhra Pradesh at Tirupati and Visakhapatnam respectively. All of them were maintained by Tata Consultancy Services (TCS) in Hyderabad, sources said. The chairman and managing director of transmission and generation corporations of Telangana D. Prabhakar Rao said the entire computerised data of power utilities was safe as it had a backup mechanism. Except payments made by the corporations by ATM mode, their routine functions remained unaffected. Meanwhile, TCS was on the job to restore functioning of the websites and recover the stolen data on Thursday evening. The officials of Southern Power Distribution Company lodged a complaint with Cyber Crime Police Station in Hyderabad that its website was frozen by culprits by Ransomware virus with the aim to pilfering data from the server. Sources added that the hackers were in possession of data base of two crore power consumers in the two States. A number of files were also damaged in the process. As the websites did not open, the online payments by power consumers were affected. However, the bill payments by consumers at Electricity Revenue Offices and Mee-Seva were unaffected. The officials prima facie suspect that the hackers of Air India and Andhra Bank websites in the past may have resorted to the act to access information about online payments to power utilities. They also suspected that the hackers might have targeted information about payments by distribution companies in Telangana and AP which are to the tune of 30,000 crore per annum. They did not rule out attempts by hackers to divert the funds. They tried to detect the originating point of hacking. It was said that the ethical hackers had warned about the vulnerability of the websites of power utilities to hacking with criminal intent. There was no damage to the websites of transmission and generation corporations of Telangana.
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PEPSICO LAYS DOWN ARMS AGAINST FARMERS

PepsiCo India will withdraw its case against farmers in Gujarat after a social media backlash and attacks by political parties that led to pressure from its New York and Dubai offices to resolve the issue quickly. The move followed discussions with the government, it said. The company had sued nine farmers in Gujarat for alleged intellectual property rights infringement on grounds that they illegally grew its registered potato variety used to make Lay’s chips. PepsiCo’s statement said it was compelled to take judicial recourse to protect its registered variety and that from the very start it had offered an amicable settlement to the farmers. The statement added that the company remains deeply committed to the thousands of farmers it works with across the country, and toward ensuring adoption of best farming practices. Bharatiya Janata Party (BJP) and Congress leaders had tweeted last weekend against the company’s decision to sue the farmers. I am giving an ultimatum to Pepsi India to withdraw cases against Indian farmers in the next 72 hours otherwise we will start a campaign to boycott all PepsiCo products in India, Tajinder Pal Singh Bagga, spokesperson of the Delhi unit of the BJP had tweeted. Ahmed Patel tweeted: Pepsi’s decision to take Gujarat’s potato grower farmers to court is ill-advised and brazenly wrong. It is in violation of the farmer’s rights under the PPVFR Act. Patel’s tweet added that the state government shouldn’t keep its eyes shut, adding: Corporate interest cannot dictate what our farmers must or mustn’t cultivate.
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GOVT FIXES HIGH OMS PRICE FOR WHEAT TO FORCE PRIVATE TRADERS TO BUY FROM FARMERS

The food ministry has fixed the reserve price of wheat under open market sale from official stock at `2,080/quintal, much higher than MSP, during the procurement period April-June and announced 55/quintal increase in each of the subsequent quarters. This is seen as a move to force private traders to buy from the mandis now instead of entirely depending on the government sale in off season as the bulging stocks put pressure on the Food Corporation of India (FCI) to cut purchase. The reserve price of wheat is 240 more than its minimum support price of 1,840/quintal. If traders know that they will have to pay such high price later, they may be tempted to buy at MSP and keep the grains with them, officials said. The reserve price is valid for Madhya Pradesh, Punjab and Haryana. For other states, FCI will add railway freight (ex-Ludhiana) and road transport costs to nearest depot in the reserve price. A total quantity of 10 million tonne has been approved for the open market sale scheme (OMSS) during 2019-20, but the government is ready to release more if demand is there, the officials said. The FCI had 16.99 million tonne of wheat in its reserve as on April 1, more than double of 7.46 million tonne buffer norm. The Centre has set a target of buying 35.7 million tonne this year as the country is expected to have a record 99.12 million tonne production in 2018-19 crop year (July-June). The food ministry has also approved sale of 5 million tonne of rice under OMSS from the stocks held by FCI during FY20. The reserve price of rice has been fixed at 2,785/quintal until September 30, 2019. The price may be increased from October 1, if the paddy MSP is increased during 2019-20 crop year (July-June). The rice stock with FCI was 39.82 million tonne as of April 1, as against 13.58 million tonne buffer norm.
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SINGING, SHOUTING, MIMICRY IN PUBLIC AMONG ACTS BANNED IN AHMEDABAD

Singing, shouting and mimicry are among the acts that when conducted in public could violate security and result in toppling the state, believes the Ahmedabad police. The police commissioner of the city has banned these activities in Ahmedabad from May 7 to May 21. Other acts that have been prohibited include carrying firearms, batons, daggers, explosives, swords, knives of Rampuri-style. The notification dated May 2 also prohibits playing instruments, carrying effigies, shouting, singing, and delivering stylish speeches. The ban is also on preparing/exhibiting/disseminating drawings, signs, advertisements or substances that the concerned officers feel can violate the state’s security and result in toppling the state. The notification, however, also gives circumstances when some of the banned activities are permitted.
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GODREJ PROPERTIES BUYS RK STUDIOS FOR AN UNDISCLOSED SUM

Godrej Properties on Friday said it has bought the iconic R K Studios in Chembur area of Mumbai for an undisclosed sum. It is the same studio where late Raj Kapoor's films were shot. Spread across 2.2 acres, the developer can build approximately 33,000 square meters (approximately 0.35 million square feet) of saleable area. The Mumbai-based real estate developer plans to build a mixed-use project with modern residences and luxury retail. The plot is located strategically on the main Sion-Panvel Road and the Kapoor family was in talks with many interested parties, sources said.
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CENTRE SCRIPTS DRAFT RULES FOR BETTER POULTRY FARMING PRACTICES

Poultry farms in the country may be forced to give a space of not less than 550 sq cm and cannot put more than 6-8 birds in a cage, according to draft rules released by the government recently. The Ministry of Agriculture, acting on an order given by the Delhi High Court, came out with a set of rules called Prevention of Cruelty to Animals (Egg-laying Hens) Rules, 2019 to ensure better conditions for the birds. According to the notification, the rules are expected to come into force next January, even though existing farms may get time till 2025 to switch over to the new guidelines. The policy also bars feeding hens with the remains of dead chicks, thereby preventing diseases to the hens and also benefiting healthy commercial egg production in the country. The Bench said the onus of maintaining healthy housing density and keeping records of the total floor area available to hens has been put on the farm owner/operator and said their licences can be cancelled or revoked if satisfactory action was not taken when deficiencies were pointed out. The rules also called for regular inspection of poultry farms by authorised personnel, who should follow proper bio-security protocols. No inspector will visit more than one farm within a period of 72 hours for bio-security concerns to prevent the spread of infection, the rules said.
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DELHI HC BEGINS PROCESS TO COMPENSATE VICTIMS OF J&J'S FAULTY HIP IMPLANTS

The Delhi High Court (HC) on Thursday set the ball rolling on payment of compensation to victims of Johnson & Johnson’s (J&J’s) articular surface replacement (ASR) implant by asking the company to pay Rs 25 lakh for now to four patients The Central Drugs Standard Control Organization (CDSCO) had last month asked the company to pay Rs 65 lakh, Rs 74 lakh, Rs 1 crore, and Rs 90 lakh, respectively, to the four patients. Hearing a plea moved by J&J challenging CDSCO orders to pay the said compensation to these patients, a single-judge Bench of Justice Vibhu Bakhru on Thursday said the company must pay these four patients the money before the next date of hearing on May 29.
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APPLE MAY TWEAK INDIA STRATEGY IN BID TO INCREASE MARKET SHARE

Apple Inc. is likely to make some adjustments to its India strategy to improve its market share in the world’s second-largest market for mobile phones. As part of the strategy, the iPhone maker is expected to boost its manufacturing capacity and open branded retail stores. After announcing its fiscal-second-quarter earnings on Tuesday, chief executive Tim Cook told analysts that Apple, which only assembles the iPhone 7 in India, will increase local manufacturing, Press Trust of India reported. According to Cook, a temporary 22% drop in price for the iPhone XR in April taught Apple something, as it helped the company increase sales. Apple iPhones account for less than 1% of the Indian smartphone market, largely dominated by vendors such as Samsung and Xiaomi. The slowdown in the Chinese market is yet another reason for Apple’s renewed interest in India.





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