CABINET APPROVES PROPOSAL
FOR OFFICIAL AMENDMENTS TO THE BANNING OF UNREGULATED DEPOSIT SCHEMES BILL, 2018
The Union Cabinet, chaired by the Prime Minister Narendra
Modi, has given its approval to move official amendments to the Banning of
Unregulated Deposit Schemes Bill, 2018 pursuant to the recommendations of the
Standing Committee on Finance (SCF). The Banning of Unregulated Deposit Schemes
Bill, 2018 was introduced in Parliament on 18th July, 2018 and was referred to
the SCF, which submitted its Seventieth Report on the said Bill to Parliament
on 3rd January, 2019. The official amendments will further strengthen the Bill
in its objective to effectively tackle the menace of illicit deposit taking
activities in the country, and prevent such schemes from duping poor and
gullible people of their hard earned savings.
Salient features
·
The Bill contains a substantive
banning clause which bans Deposit Takers from promoting, operating, issuing
advertisements or accepting deposits in any Unregulated Deposit Scheme. The
principle is that the Bill would ban unregulated deposit taking activities
altogether, by making them an offence ex-ante rather than the existing
legislative-cum-regulatory framework which only comes into effect ex-post with
considerable time lags;
·
The Bill creates three
different types of offences namely, running of Unregulated Deposit Schemes,
fraudulent default in Regulated Deposit Schemes, and wrongful inducement in
relation to Unregulated Deposit Schemes.
·
The Bill provides for
severe punishment and heavy pecuniary fines to act as deterrent.
·
The Bill has adequate
provisions for disgorgement or repayment of deposits in cases where such
schemes nonetheless manage to raise deposits illegally.
·
The Bill provides for
attachment of properties / assets by the Competent Authority, and subsequent
realization of assets for repayment to depositors;
·
Clear-cut time lines have
been provided for attachment of property and restitution to depositors;
·
The Bill enables creation
of an online central database, for collection and sharing of information on
deposit-taking activities in the country;
·
The Bill defines Deposit Taker
and Deposit comprehensively;
·
Deposit Takers include all
possible entities (including individuals) receiving or soliciting deposits,
except specific entities such as those incorporated by legislation;
·
Deposit is defined in such
a manner that deposit-takers are restricted from camouflaging public deposits
as receipts, and at the same time, not to curb or hinder acceptance of money by
an establishment in the ordinary course of its business; and
·
Being a comprehensive
Union Law, the Bill adopts best practices from State laws, while entrusting the
primary responsibility of implementing the provisions of the legislation to the
State Governments.
The Finance Minister in the Budget Speech 2016-17 had
announced that a comprehensive Central legislation would be brought in to deal
with the menace of illicit deposit taking schemes, as in the recent past, there
have been rising instances of people in various parts of the country being
defrauded by illicit deposit taking schemes. The worst victims of these schemes
are the poor and the financially illiterate, and the operations of such schemes
are often spread over many States. As per information provided by RBI, during
the period between July, 2014 and May, 2018, 978 cases of unauthorized schemes
were discussed in State Level Coordination Committee (SLCC) meetings in various
States/UTs and were given to the respective regulators/law enforcement agencies
in the states. A large number of such instances have been reported from the
eastern part of the country. Subsequently, the Finance Minister in the Budget
Speech 2017-18 had announced that the draft bill to curtail the menace of
illicit deposit schemes had been placed in the public domain and would be
introduced shortly after its finalisation. The Banning of Unregulated Deposit
Schemes Bill, 2018, which was introduced in Parliament on 18th July, 2018
provides a comprehensive legislation to deal with the menace of illicit deposit
schemes in the country through,
(a) complete prohibition of unregulated deposit taking activity;
(b) deterrent punishment for promoting or operating an
unregulated deposit taking scheme;
(c) stringent punishment for fraudulent default in repayment
to depositors;
(d) designation of a Competent Authority by the State
Government to ensure repayment of deposits in the event of default by a deposit
taking establishment;
(e) powers and functions of the competent authority including
the power to attach assets of a defaulting establishment;
(f) Designation of Courts to oversee repayment of depositors and
to try offences under the Act; and
(g) listing of Regulated Deposit Schemes in the Bill, with a
clause enabling the Central Government to expand or prune the list.
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TACKLING FILM PIRACY &
COPYRIGHT INFRINGEMENT
The Union Cabinet has approved the proposal of Ministry of
Information and Broadcasting for introducing the Cinematograph Amendment Bill,
2019 to amend to the Cinematograph Act, 1952 The Bill aims to tackle Films
piracy by including the penal provisions for unauthorized camcording and
duplication of films. In order to tackle the menace of film piracy, the
Amendments provide for:
·
Insertion of new Section
6AA for prohibition of unauthorized recording
·
The following section
shall be inserted after Section 6A of the Cinematograph Act, 1952.
·
6AA Notwithstanding any
law for the time being in force, no person shall without the written
authorization of the author be permitted to use any audio visual recording
device to knowingly make or transmit or attempt to make or transmit or abet the
making or transmission of a copy of a film or a part thereof.
·
The expression author
shall have the same meaning as assigned to it in the clause (d) of section 2 of
the Copyright act of 1957.
Amendment in Section 7 to introduce Penal Provisions for
violating provisions of section 6AA In section 7 of the principal act, after
subsection 1 the following subsection (1A) shall be inserted:
·
If any person contravenes
the provisions of section 6AA, he shall be punishable with an imprisonment for
a term which may extend to 3 years or with fine which may extend to 10 lakh
rupees or with both.
The proposed amendments would increase Industry revenues,
boost job creation, fulfil important objectives of India’s National IP policy
and will give relief against piracy and infringing content online.
The medium of cinema, the tools and the technology associated
with it and even its audience has undergone radical changes over a period of
time. There have also been many changes in the field of media and entertainment
with the proliferation of TV channels and Cable network throughout the country,
advent of new digital technology, apprehension of piracy, particularly release
of pirated version of films on internet, causing huge losses to the film
industry and Government exchequer. Film industry has been demanding for a long
time, that Government should consider Amendments to the law preventing
camcording and piracy. Prime Minister Shri Narendra Modi made an announcement
at the inaugural function of the National Museum of Indian Cinema at Mumbai on
19th January 2019 to tackle the menace of camcording and piracy. The Ministry
of I&B piloted this matter for consideration of Union Cabinet.
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RBI BOARD MEETING DEFERRED
TO FEBRUARY 18
The meeting of the Reserve Bank of India’s (RBI) central
board, which was slated to take a call on interim dividend, has been deferred
to February 18, said sources. The board meeting, which will be the first after
the Interim Budget 2019-20, will also be addressed by the finance minister. The
customary post-Budget board meeting was earlier scheduled for February 9 but
has now been deferred, the sources said. The RBI board is going to take up
request of the government for payment of interim dividend for the current
financial year, they said. The board will take a view based on the central
bank’s first six months of audited earnings and finalise interim dividend
transfer.
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RBI RATE CUT LIKELY TO
SPUR GROWTH HOPES
RBI's monetary policy committee, led by Governor Shaktikanta
Das, cut its repo rate by 25 basis points to 6.25 per cent and changed its
stance to 'neutral' from 'calibrated tighetening'. MPC voted 4-2 in favour of
the rate cut. They were unanimous in switch in stance. On the basis of an
assessment of the current and evolving macroeconomic situation at its meeting
today, the Monetary Policy Committee (MPC) decided to:
·
reduce the policy repo
rate under the liquidity adjustment facility (LAF) by 25 basis points from 6.5
per cent to 6.25 per cent with immediate effect. Consequently, the reverse repo
rate under the LAF stands adjusted to 6.0 per cent, and the marginal standing
facility (MSF) rate and the Bank Rate to 6.5 per cent.
The MPC also decided to change the monetary policy stance from
calibrated tightening to neutral.
These decisions are in consonance with the objective of
achieving the medium-term target for consumer price index (CPI) inflation of 4
per cent within a band of +/- 2 per cent, while supporting growth. The main
considerations underlying the decision are set out in the statement below.
Assessment
2. Since the last MPC meeting in December 2018, there has been
a slowdown in global economic activity. Among key advanced economies (AEs),
economic activity in the US lost some steam in Q4:2018. The outlook for Q1:2019
is clouded by the partial government shutdown, though the labour market
conditions remain strong. In the Euro area, economic activity lost momentum on
weak industrial activity The Japanese economy is gradually recovering and an
accommodative monetary policy stance is expected to buttress domestic spending.
3. Economic activity also slowed in some major emerging market
economies (EMEs). In China, growth decelerated in Q4:2018. Economic activity in
Russia lost pace, with soft oil prices posing a downside risk to growth. The
Brazilian economy appeared to have ended 2018 on a firmer note, driven by
improved domestic spending and exports, though industrial activity continued to
struggle to recover from the disruptions of H1:2018. In South Africa, the
economic recovery in Q4:2018 remained gradual, tempered by weak industrial
activity and subdued exports.
4. Crude oil prices recovered from their December lows in
early January on production cuts, but remain below their peak levels in
October. Base metals, which witnessed selling pressures in December on
persisting uncertainty over US-China trade frictions, recouped losses in
January on expectations of thawing of trade disputes and production disruptions.
Gold prices have risen, underpinned by safe haven demand in response to
geo-political uncertainty and volatility in equity markets. Inflation edged
lower in major AEs and many key EMEs.
5. Global financial markets began the year on a calmer note
after a turbulent December. Among AEs, equity markets in the US recovered from
a sharp sell-off in December, triggered by monetary policy tightening by the
Fed, trade tensions and an impending shutdown. EM stock markets, which declined
in December on a slew of soft economic data, registered some gains recently on
expectations of accommodative monetary policy stances in major economies. The
10-year yield in the US, which fell to a multi-month low in December, rose in
January on the edging up of crude oil prices and positive risk sentiment,
though softening of the Fed stance restricted the gains. Among other AEs, bond
yields in the Euro area and Japan eased on diminishing optimism about global
growth. In most EMEs, bond yields have eased as well. In currency markets, the
US dollar remained under pressure, though expectations of easing trade tensions
provided some support. EME currencies appreciated on the pause in the rate
hiking cycle by the Fed and expectations of a positive outcome from US-China
trade negotiations.
6. Moving on to the domestic economy, on January 7, 2019 the
Central Statistics Office (CSO) released the first advance estimates (FAE) for
2018-19, placing India’s real gross domestic product (GDP) growth at 7.2 per
cent – the same level as in 2017-18 (first revised estimates). The FAE for
2018-19 featured an acceleration in gross fixed capital formation (GFCF) and a
slowdown in consumption expenditure (both private and government). The drag
from net exports is estimated to decline in 2018-19.
7. Some indicators of investment demand, viz., production and
imports of capital goods, contracted in November/December. Credit flows to
industry remain muted. Available data suggest that while revenue expenditure of
the Centre, excluding interest payments and subsidies, contracted in Q3, that
of States increased sharply, thus maintaining overall growth in government
spending.
8. On the supply side, the FAE have placed the growth of real
gross value added (GVA) at 7.0 per cent in 2018-19 as compared with 6.9 per cent
in 2017-18. The estimates incorporated a slowdown in agricultural GVA growth
and an acceleration in industrial GVA growth. Services GVA growth is set to
soften due to subdued activity in trade, hotels, transport, communication and
other services. Growth in public administration and defence services is also
likely to moderate.
9. Rabi sowing so far (up to February 1, 2019) has been lower
than in the previous year, but the overall shortfall of 4.0 per cent across
various crops is expected to catch up as the season comes to a close. The lower
rabi sowing reflects a deficient north-east monsoon (44 per cent below the long
period average); however, storage in major reservoirs – the main source of
irrigation during the rabi season – at 44 per cent of the full reservoir level
(as on January 31, 2019) was marginally higher than in the previous year. The
extended period of cold weather in this year’s winter is likely to boost wheat
yields, which would partly offset the shortfall, if any, in area sown.
10. After exhibiting an uptick in the festive month of
October, industrial activity, measured by the index of industrial production
(IIP), slowed down in November. The year-on-year (y-o-y) growth in core
industries decelerated to 2.6 per cent (y-o-y) in December, pulled down by a
slowdown in the production of electricity and coal; and contraction in
petroleum refinery products, crude oil and fertilisers output. Capacity
utilisation (CU) in the manufacturing sector, as measured by the Reserve Bank’s
order books, inventory and capacity utilisation survey (OBICUS), increased to
74.8 per cent in Q2 from 73.8 per cent in Q1; seasonally adjusted CU also
improved to 75.3 per cent from 74.9 per cent. While the Reserve Bank’s business
assessment index of the industrial outlook survey (IOS) for Q3:2018-19 suggests
a weakening of demand conditions in the manufacturing sector, the business
expectations index (BEI) points to an improvement in Q4. The manufacturing
purchasing managers’ index (PMI) for January remained in expansion on the back
of increased output and new orders.
11. High-frequency indicators of the services sector suggest
some moderation in the pace of activity. Sales of motorcycles and tractors
imply weakening of rural demand in December. Sales of passenger cars – an indicator
of urban demand – contracted, possibly reflecting volatility in fuel prices and
mandated long-term insurance premium payments. Commercial vehicle sales also
shrank in December 2018 from a high base of the previous year. Lead indicators
for the hotels sub-segment, viz., foreign tourist arrivals and air passenger
traffic, point to softening in November-December. In the communication
sub-segment, the telephone subscriber base contracted in October-November,
while that of broadband continued to expand in October. The services PMI
continued to expand in January 2019 despite a dip from the previous month.
Indicators of the construction sector, viz., consumption of steel and
production of cement, continued to show healthy growth, though growth in cement
production inched lower in November 2018, reflecting a base effect.
12. Retail inflation measured by y-o-y change in the CPI,
declined from 3.4 per cent in October 2018 to 2.2 per cent in December, the
lowest print in the last eighteen months. Continuing deflation in food items, a
sharp fall in fuel inflation and some edging down of inflation excluding food
and fuel contributed to the decline in headline inflation.
13. Five constituents of the food group – vegetables, sugar,
pulses, eggs and fruits, accounting for about 30 per cent of food group – were
in deflation in December. Inflation in respect of other major food sub-groups –
cereals, milk, and oils and fats – was subdued. Within cereals, rice prices
declined for the fourth consecutive month in December. Inflation in prices of
meat and fish and non-alcoholic beverages showed an uptick, while it remained
sticky for prepared meals.
14. Inflation in the fuel and light group fell from 8.5 per
cent in October to 4.5 per cent in December, pulled down by a sharp decline in
the prices of liquefied petroleum gas (LPG), reflecting softening of
international petroleum product prices. Kerosene inflation continued to edge up
due to the calibrated increase in its administered price.
15. CPI inflation excluding food and fuel decelerated to 5.6
per cent in December from 6.2 per cent in October, dragged down mainly by the
moderation in the prices of petrol and diesel in line with the decline in
international petroleum product prices. Housing inflation continued to edge down
as the impact of the house rent allowance (HRA) increase for central government
employees dissipated. However, inflation in several of the sub-groups –
household goods and services; health; recreation and amusement; and education –
firmed up in December, offsetting much of the impact of lower inflation in
petrol, diesel and housing.
16. Inflation expectations of households, measured by the
December 2018 round of the Reserve Bank’s survey, softened by 80 basis points
for the three-month ahead horizon and by 130 basis points for the twelve-month
ahead horizon over the last round, reflecting the continued decline in food and
fuel prices. Producers’ assessment of inflation in input prices eased in Q3 as
reported by manufacturing firms polled by the Reserve Bank’s industrial outlook
survey.
17. Inflation in the prices of farm inputs and industrial raw
materials remained elevated, despite some softening. Growth in rural wages
moderated in October.
18. The weighted average call rate (WACR) traded below the policy
repo rate on 12 out of 20 days in December, all 23 days in January and 4 days
in February (up to February 6). The WACR was below the repo rate on an average
by 4 basis points in December and 11 basis points each in January and February.
Currency in circulation expanded sharply during December and January. The
liquidity needs arising out of expansion in currency were met by the Reserve
Bank through injection of durable liquidity amounting to ?500 billion each in
December and January through purchases under open market operations (OMOs).
Accordingly, total durable liquidity injected through OMOs has aggregated ?2.36
trillion during 2018-19 so far. Liquidity injected under the LAF was ?996
billion in December on an average daily net basis, and ?329 billion in January.
In February, however, the average daily liquidity position turned into surplus
with an average absorption of ?279 billion.
19. Export growth on a y-o-y basis was almost flat in November
and December 2018, primarily due to a high base effect and weak global demand.
While growth in exports of petroleum products remained positive, non-oil
exports declined, dragged down by lower shipments of gems and jewellery,
engineering goods, meat and poultry. Import growth slowed in November and
turned negative in December 2018. While imports of petroleum (crude and
products) rose in line with the increase in import volumes, non-oil imports
such as pearls and precious stones, gold, electronic goods and transport
equipment, recorded declines. The merchandise trade deficit for April-December
2018 was a shade higher than its level a year ago. Net services exports picked
up in October and November 2018, which combined with low oil prices, could have
a salutary impact on the current account deficit in Q3. On the financing side,
net FDI flows to India during April-November 2018 were higher than a year ago.
Foreign portfolio flows turned negative in January 2019, after rebounding in
November and December 2018. India’s foreign exchange reserves were at US$ 400.2
billion on February 1, 2019.
Outlook
20. In the fifth bi-monthly monetary policy resolution in
December 2018, CPI inflation for 2018-19 was projected in the range of 2.7-3.2
per cent in H2:2018-19 and 3.8-4.2 per cent in H1:2019-20, with risks tilted to
the upside. The actual inflation outcome at 2.6 per cent in Q3:2018-19 was
marginally lower than the projection. There have been downward revisions in
inflation projections during the course of the year, reflecting mainly the
unprecedented soft inflation recorded across food sub-groups.
21. Several factors will shape the inflation path, going
forward. First, food inflation has continued to surprise on the downside with
continuing deflation across several items and a significant moderation in
inflation in cereals. Several food groups are experiencing excess supply
conditions domestically as well as internationally. Hence, the short-term
outlook for food inflation appears particularly benign, despite adverse base
effects. Secondly, the moderation in the fuel group was larger than
anticipated. Inflation in items of rural consumption such as firewood and
chips, which had remained sticky and at elevated levels, has collapsed in
recent months. Electricity prices also showed an unexpected moderation,
providing a softer outlook for the fuel group. Thirdly, while inflation
excluding food and fuel remains elevated, the recent unusual pick-up in the
prices of health and education could be a one-off phenomenon. Fourthly, the
crude oil price outlook remains broadly the same as in the December policy.
Fifthly, the Reserve Bank’s surveys show that inflation expectations of
households as well as input and output price expectations of producers have
moderated significantly. Finally, the effect of the HRA increase for central
government employees has dissipated completely along expected lines. Taking
into consideration these developments and assuming a normal monsoon in 2019,
the path of CPI inflation is revised downwards to 2.8 per cent in Q4:2018-19,
3.2-3.4 per cent in H1:2019-20 and 3.9 per cent in Q3:2019-20, with risks
broadly balanced around the central trajectory.
22. Turning to the growth outlook, GDP growth for 2018-19 in
the December policy was projected at 7.4 per cent (7.2-7.3 per cent in H2) and
at 7.5 per cent for H1:2019-20, with risks somewhat to the downside. The CSO
has estimated GDP growth at 7.2 per cent for 2018-19. Looking beyond the
current year, the growth outlook is likely to be influenced by the following
factors. First, aggregate bank credit and overall financial flows to the
commercial sector continue to be strong, but are yet to be broad-based.
Secondly, in spite of soft crude oil prices and the lagged impact of the recent
depreciation of the Indian rupee on net exports, slowing global demand could
pose headwinds. In particular, trade tensions and associated uncertainties
appear to be moderating global growth. Taking into consideration the above
factors, GDP growth for 2019-20 is projected at 7.4 per cent – in the range of
7.2-7.4 per cent in H1, and 7.5 per cent in Q3 – with risks evenly balanced.
23. Headline inflation is projected to remain soft in the near
term reflecting the current low level of inflation and the benign food
inflation outlook. Beyond the near term, some uncertainties warrant careful monitoring.
First, vegetable prices have been volatile in the recent period; reversal in
vegetable prices could impart upside risk to the food inflation trajectory.
Secondly, the oil price outlook continues to be hazy. Thirdly, a further
heightening of trade tensions and geo-political uncertainties could also weigh
on global growth prospects, dampening global demand and softening global
commodity prices, especially oil prices. Fourthly, the unusual spike in the
prices of health and education needs to be closely watched. Fifthly, financial
markets remain volatile. Sixthly, the monsoon outcome is assumed to be normal;
any spatial or temporal variation in rainfall may alter the food inflation
outlook. Finally, several proposals in the union budget for 2019-20 are likely
to boost aggregate demand by raising disposable incomes, but the full effect of
some of the measures is likely to materialise over a period of time.
24. The MPC notes that the output gap has opened up modestly
as actual output has inched lower than potential. Investment activity is
recovering but supported mainly by public spending on infrastructure. The need
is to strengthen private investment activity and buttress private consumption.
25. Against this backdrop, the MPC decided to change the stance
of monetary policy from calibrated tightening to neutral and to reduce the
policy repo rate by 25 basis points.
26. The decision to change the monetary policy stance was
unanimous. As regards the reduction in the policy repo rate, Dr. Ravindra H.
Dholakia, Dr. Pami Dua, Dr. Michael Debabrata Patra and Shri Shaktikanta Das
voted in favour of the decision. Dr. Chetan Ghate and Dr. Viral V. Acharya
voted to keep the policy rate unchanged. The MPC reiterates its commitment to
achieving the medium-term target for headline inflation of 4 per cent on a
durable basis. The minutes of the MPC’s meeting will be published by February
21, 2019.
27. The next meeting of the MPC is scheduled from April 2 to
4, 2019.
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RBI POLICY: BANKRUPT
COMPANIES CAN REPAY DEBT USING FOREIGN BORROWINGS
In its bi-monthly monetary policy review on Thursday, the
Reserve Bank of India (RBI) said companies under the insolvency process can
borrow abroad to repay the existing lenders However, such companies can't use
this relaxation to borrow from overseas branches/subsidiaries of Indian banks.
Under the present External Commercial Borrowing (ECB) framework, proceeds of
ECB denominated in either foreign currency or Indian Rupee (INR), are not
permitted to be utilised for repayment or for on-lending for repayment of
domestic Rupee loans. The RBI press release said guidelines in this regard will
be issued by the end of February 2019.
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RBI TO REGULATE PAYMENT
GATEWAY PROVIDERS: DIGITAL PAYMENTS LIKELY TO GET SAFER
In another move to make digital payments safer, Reserve Bank
of India (RBI) proposes to regulate payment gateway service providers and
payment aggregators This would mean that payment gateways such as Paytm,
Mobikwik, Bharat Bill Pay and so on would have to adhere to RBI guidelines just
as many other financial entities have to do. Consequently, these gateways can
be expected to become more transparent and accountable in their working thereby
benefitting common people using them for making digital payments. As per RBI,
intermediaries, like aggregators and payment gateways, which facilitate payment
services, though not authorised by Reserve Bank under the Act, are however
required to route their transactions only through a nodal account opened with a
bank under Reserve Bank's guidelines of November 24, 2009. The 2009 guidelines
issued in this regard asked for the maintenance of nodal accounts of
intermediaries like payment gateway providers and payment aggregators. As per the
2009 guidelines, all accounts opened and maintained by banks facilitating
collection of payments by intermediaries from customers of merchants, shall be
treated as internal accounts of the banks. While it is left to the banks to
decide on the exact nomenclature of such accounts it shall be ensured that such
accounts are not maintained or operated by the intermediaries. Banks shall
ensure that the process of converting all the existing accounts maintained and
operated by intermediaries for the purpose covered in these directions shall be
completed within three months of issuance of these directions, as per the
guidelines.
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RBI GOVERNOR SAYS HE IS
NOT BOTHERED HOW GOVERNMENT USES THE DIVIDEND
RBI governor Shaktikanta Das has made it clear that the
central bank is not concerned how the government uses the dividend the bank
pays to it. Das said that payment of surplus was part of the RBI Act and how
the government used the dividend was its prerogative He said the RBI would follow
accounting norms to decide on dividend payout. However, the audit committee of
the RBI has cleared the payment of interim dividend of Rs 28,000 crore to the
government. The meeting of the RBI's central board, which was slated to take a
call on interim dividend, has been deferred to February 18, according to a PTI
report.
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CABINET APPROVES
ESTABLISHMENT OF A UNIFIED AUTHORITY FOR REGULATING ALL FINANCIAL SERVICES IN
INTERNATIONAL FINANCIAL SERVICES CENTRES (IFSCS) IN INDIA THROUGH INTERNATIONAL
FINANCIAL SRVICES CENTRES AUTHORITY BILL, 2019
The Union Cabinet chaired by the Prime Minister Narendra Modi
has approved establishment of a unified authority for regulating all financial
services in International Financial Services Centres (IFSCs) in India through
International Financial Srvices Centres Authority Bill, 2019. The first IFSC in
India has been set up at GIFT City, Gandhinagar, Gujarat. An IFSC enables
bringing back the financial services and transactions that are currently
carried out in offshore financial centers by Indian corporate entities and
overseas branches / subsidiaries of financial institutions (FIs) to India by
offering business and regulatory environment that is comparable to other
leading international financial centers in the world like London and Singapore.
It would provide Indian corporates easier access to global financial markets.
IFSC would also compliment and promote further development of financial markets
in India. Currently, the banking, capital markets and insurance sectors in IFSC
are regulated by multiple regulators, i.e. RBI, SEBI and IRDAI. The dynamic
nature of business in the IFSCs necessitates a high degree of inter-regulatory
coordination. It also requires regular clarifications and frequent amendments
in the existing regulations governing financial activities in IFSCs. The
development of financial services and products in IFSCs would require focussed
and dedicated regulatory interventions. Hence, a need is felt for having a
unified financial regulator for IFSCs in India to provide world class
regulatory environment to financial market participants. Further, this would
also be essential from an ease of doing business perspective. The unified
authority would also provide the much needed impetus to further development of
IFSC in India in-sync with the global best practices.
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CCEA APPROVES PROPOSAL FOR
SETTING UP 12,000 MW GRID-CONNECTED SOLAR PHOTOVOLTAIC (PV) POWER PROJECTS
The Cabinet Committee on Economic Affairs (CCEA), chaired by
Prime Minister, Shri Narendra Modi, has approved the Ministry of New &
Renewable Energy's proposal for implementation of the Central Public Sector
Undertaking (CPSU) Scheme Phase-llfor setting up 12,000 MW grid-connected Solar
Photovoltaic (PV) Power Projects, by the Government Producers with Viability
Gap Funding (VGF) support of Rs. 8,580 crore for self-use or use by Government
or Government entities, both Central and State Governments. The 12,000 MW or
more capacity of grid connected solar power projects will be set up by the
Government Producers in 4 years period, i.e. 2019-20 to 2022-23, as per the
terms and conditions specified in Government Producer Scheme. The Scheme will
mandate use of both solar photovoltaic (SPV) cells and modules manufactured
domestically as per specifications and testing requirements fixed by MNRE. With
the implementation of the above mentioned Scheme, 12,000 MW or more of grid
connected solar PV power projects would be set up by Government Producers in 4
years i.e. 2019-20 to 2022-23, thereby creating investment of about Rs. 48,000
crores. The proposal for setting up 12,000 MW Solar Power Projects will provide
direct employment to around 60,000 persons for about one year in
pre-commissioning activities/ construction phase and around 18,000 persons for
about 25 years in the operation and maintenance period. In addition, more than
1,20,000 additional employment opportunities will be created for the local
population by way of involvement in setting up of Solar Power Projects and also
in manufacturing of domestically produced cells and modules.
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CCEA APPROVES BROADCASTING
INFRASTRUCTURE AND NETWORK DEVELOPMENT SCHEME OF PRASAR BHARTI
The Cabinet Committee on Economic Affairs Chaired by the
Hon’ble Prime Minister Shri Narendra Modi gave its approval to the Proposal of
the Ministry of Information and Broadcasting regarding PrasarBharati's
Broadcasting Infrastructure and Network Development scheme at a cost of
Rs.1054.52 crore for 3 years from 2017-18 to 2019-20. Out of Rs. 1054.52 Crore,
an amount of Rs. 435.04 Crore is approved for the continuing schemes of All
India Radio and an amount of Rs 619.48 Crore is approved for the schemes of
Doordarshan. The continuing schemes of AIR and Doordarshan are at different
stages of implementation and are scheduled to be completed in phases.
Provisions have been kept for modernisation of existing equipment/facilities in
studios which are essential to sustain the ongoing activities and also for High
Definition Television (HDTV) transmitters at Delhi, Mumbai, Chennai and
Kolkata. Setting up of Digital Terrestrial Transmitters (DTTs) at 19 locations
and Digitization of Studios at 39 locations, DSNG (Digital Satellite News
Gathering) Vans at 15 locations and Upgradation of Earth Stations at 12
locations have also been approved. The cabinet also approved the launch of DD
ArunPrabha Channel from Itanagar, Arunachal Pradesh to fulfil the aspirations
of people of North East Region. In addition to this, 1,50,000 DTH sets have
been approved for distribution in different states in the country which will
help people in the border, remote, tribal and LWE areas to watch Doordarshan's
DTH programmes. For All India Radio, the Scheme provides for FM expansion at
206 places, digitalisation of studios at 127 places are envisaged. FM expansion
programme will benefit 13% additional population of the country to listen the
AIR programmes. Besides 10 KW FM transmitters would be set up along Indo-Nepal
Border while 10KW FM transmitters would be set up in J&K Border. These will
significantly improve the Radio and TV coverage along the border areas.
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CCEA APPROVES CONTINUATION
FOR THE CENTRAL SECTOR SCHEME OF EXPLORATION OF COAL AND LIGNITE FOR A PERIOD
OF 3 YEARS FROM 2017-18 2019-2020
The Cabinet Committee of Economic Affairs Chaired by Prime
Minister Narendra Modi approved the proposal for continuation of the Scheme of
Exploration of Coal and Lignite with an expected expenditure of Rs.1875 Crore.
The approved scheme is for carrying out 24,41,500 meter of drilling and 3575
line km (LKM) of surface geophysical survey for Promotional (Regional)
Exploration &Detailed drilling in Non CIL Block in Coal & Lignite along
with CBM/Shale gas studies and associated studies to estimate and prove coal
resources during 3 years period. Under the Scheme, approximately 7 billion
tonne of resources will be established and 11 billion tonne of resources will
be proved. Exploration for coal and lignite is required to estimate and to
prove the resources available in the country. Exploration for coal and lignite
in the country is conducted in two broad stages: (i) regional exploration and
(ii) detailed drilling. By regional exploration, prognosticated occurrences of
coal and lignite horizons are categorized into 'Indicated' and 'Inferred'
resources. Promising areas identified by regional exploration are taken up for
detailed exploration in the second stage which involves intensive drilling to
bring the resources into 'Proved1 category, Exploration for Coal and Lignite
Scheme is a continuing Central Sector Scheme from previous plans and scope of
the work has not been modified. The scheme for exploration for coal &
lignite should continue beyond XII Plan to bring additional coal resources to
the national coal/ lignite inventory of the country.
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CCEA APPROVES CREATION OF
AGRI-MARKET INFRASTRUCTURE FUND FOR DEVELOPMENT AND UPGRADATION OF GRAMIN
AGRICULTURE MARKETS
The Cabinet Committee of Economic Affairs Chaired by Prime
Minister Narendra Modi gave its approval for the creation of a corpus of Rs.
2000 crore for Agri-Market Infrastructure Fund (AMIF) to be created with NABARD
for development and up-gradation of agricultural marketing infrastructure in
Gramin Agricultural Markets and Regulated Wholesale Markets. AMIF will provide
the State/UT Governments subsidized loan for their proposal for developing
marketing infrastructure in 585 Agriculture Produce Market Committees (APMCs)
and 10,000 Grameen Agricultural Markets (GrAMs). States may also access AMIF
for innovative integrated market infrastructure projects including Hub and
Spoke mode and in Public Private Partnership mode. In these GrAMs, physical and
basic infrastructure will be strengthened using MGNREGA and other Government
Schemes. After approval of AMIF Scheme, the interest subsidy will be provided
by DAC&FW to NABARD in alignment with annual budget releases during 2018-19
and 2019-20 as well as upto 2024-25. The Scheme being demand driven, its
progress is subject to the demands from the States and proposals received from
them.
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CABINET APPROVES
ESTABLISHMENT OF RASHTRIYA KAMDHENU AAYOG FOR CONSERVATION PROTECTION AND
DEVELOPMENT OF COWS AND THEIR PROGENY
The Union Cabinet chaired by the Prime Minister Shri Narendra
Modi has approved the proposal for establishment of Rashtriya Kamdhenu Aayog
for Conservation protection and development of cows and their progeny. The
setting up of Rashtriya Kamdhenu Aayog will lead to conservation, protection
and development of cattle population in the country including development and
conservation of indigenous breeds. It will result in increased growth of
livestock sector which is more inclusive, benefitting women, and small and
marginal farmers. The Rashtriya Kamdhenu Aayogwill work in collaboration with
Veterinary, Animal Sciences or Agriculture University or departments or
organizations of the Central/State Government engaged in the task of research
in the field of breeding and rearing of cow, organic manure, biogas etc.
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CABINET APPROVES MOU
BETWEEN INDIA AND ELECTION MANAGEMENT BODIES OF NAMIBIA AND PANAMA
The Union Cabinet chaired by Prime Minister Narendra Modi has
approved the proposal for an MoU between India and the the Electoral Commission
of Namibia (ECN) and with Electoral Tribunal of Panama (ETP) on cooperation in
the field of electoral management and administration This MoU contains standard
articles/clauses which broadly express promotion of cooperation in the field of
electoral management and administration including promotion of exchange of
knowledge and experience in the field of organizational and technical
development of electoral process; support in exchanging information,
institutional strengthening and capacity building, training of personnel,
holding regular consultations etc. The MOU would promote bilateral cooperation,
aimed at building technical assistance/ capacity support for the Electoral
Commission of Namibia (ECN) and with Electoral Tribunal of Panama (ETP). It
envisages cooperation in the field of electoral management and administration
and providing a leg-up to it in conducting elections in their respective
countries. This would also result in bolstering India's international
relations.
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CABINET APPROVES PROPOSAL
FOR HIGHER ALLOCATION OF POWER TO HOME STATE FROM UNDER CONSTRUCTION PROJECTS
OF NTPC LTD.
The Union Cabinet chaired by Prime Minister Narendra Modi has
been approved the Proposal of Ministry of Power to allocate 85% power to the
Government of Telangana generated from Telangana Super Thermal Power Project
(4000MW) of NTPC Ltd. and 85% power from expansion project of Patratu Thermal
Power Station (4000MW) of Patratu Vidyut Utpadan Nigam Limited (PVUNL), a
subsidiary company of NTPC Ltd, to the State Government of Jharkhand. Both the
projects are being set up in two phases Telangana Super Thermal Power Project
will come up at Ramagundam in Peddapalli district and the Patratu Super Thermal
Power Station will come at Patratu in the Ramgarh district of Jharkhand. The
first phase of the TSTPP will comprise two units of 800 MW each and second
phase for three units of 800 MW each. Patratu Thermal Power Station (PTPS) will
comprise three units of800 MW each in first phase while two units 800 MW each
in second phase. The Andhra Pradesh Reorganization Act, 2014 mandates that TPC
shall establish a 4000 MW power facility in the Successor State Telengana, as
mentioned in the Thirteenth Schedule of the Act. The allocation of 85% power
from PTPS expansion project (4000MW) was prime condition in the Joint Venture
Agreement between Government of Jharkhand and NTPC Ltd. for 4000 MW capacity
expansion of PTPS.
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CABINET APPROVES
ESTABLISHMENT OF CIRCUIT BENCH OF CALCUTTA HIGH COURT AT JALPAIGURI
The Union Cabinet chaired by the Prime Minister Shri Narendra
Modi has approved the establishment of Circuit Bench of Calcutta High Court at
Jalpaiguri. It will have jurisdiction over four districts namely Darjeeling,
Kalimpong, Jalpaiguri and Cooch Behar. The decision comes in the backdrop of
the decision of the Calcutta High Court Full Court Meeting in 1988, Cabinet
Decision on 16-6-2006 which approved the setting up of Circuit Bench of
Calcutta High Court at Jalpaiguri and the visit by a team of Judges led by
Chief Justice of Calcutta High Court to the proposed site of the Circuit Bench
at Jalpaiguri on 30-08-2018 to assess the progress regarding the infrastructure
facilities there.
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CABINET APPROVES
INTRODUCTION OF NATIONAL INSTITUTES OF FOOD TECHNOLOGY, ENTERPRENEURSHIP AND
MANAGEMENT BILL, 2019 IN THE PARLIAMENT
The Union Cabinet chaired by Prime Minister Narendra Modi has
approved the introduction of National Institutes of Food Technology,
Entrepreneurship and Management Bill, 2019. The objective of the bill is to
confer the status of Institutions of National Importance to National Institute
of Food Technology, Entrepreneurship and Management (NIFTEM) at Kundli,
Haryana, and the Indian Institute of Food Processing Technology (IIFPT) at
Thanjavur, Tamil Nadu. The legislation would provide for functional autonomy to
the institutes to design and develop courses, undertake research activities and
leverage enhanced status in their academic pursuits, so that they become world
class institutes. The institutes would implement the reservation policy of the
Government and would also undertake special outreach activities for the benefits
of concerned stakeholders. It would enable the institutes to provide world
class teaching and research experience by adopting innovative practices.
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CABINET APPROVES MOU
BETWEEN INDIA AND NORWAY ON INDIA-NORWAY OCEAN DIALOGUE
The Union Cabinet chaired by Prime Minister Narendra Modi has
approved the Memorandum of Understanding (MoU) between India and Norway on
India-Norway Ocean Dialogue. The MoU will promote cooperation in the areas of
mutual interest pertaining to the development of blue economy. Norway is a
global leader in the area of Blue Economy and has cutting-edge technologies and
expertise in areas such as fisheries, hydrocarbons, renewable energy,
sustainable harnessing of ocean resources and maritime transport. The proposed
MoU will contribute to create opportunities for collaboration in areas such as
exploitation of hydrocarbons and other marine resources, as well as management
of ports and tourism development for the mutual benefit of all stakeholders
within the framework of the Joint Task Force (JTF). It will contribute to the
objective of Food Security through infusion of new technologies in fisheries
and aquaculture. It will further offer a platform for businesses in both
countries to execute profitable ventures. Scientists and researchers may
collaborate on studying ocean ecosystem also in the context of the Arctic
region.
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CABINET APPROVES MOU
BETWEEN INDIA AND THE UAE ON DEVELOPMENT COOPERATION IN AFRICA
The Union Cabinet chaired by Prime Minister Narendra Modi has
approved the Memorandum of Understanding (MoU) between India and the United
Arab Emirates on Development Cooperation in Africa. The MoU entails setting up
of a framework of cooperation between the two countries for implementing
development partnership projects and programmes in Africa. The proposal will
help strengthen political and economic linkages between India and the countries
of Africa and serve our broader strategic interests.
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CABINET APPROVES THE
REVISED OFFICE MEMORANDUM PERTAINING TO THE CABINET NOTE ON AMENDMENT OF
CONSTITUTION TO PROVIDE FOR RESERVATION FOR ECONOMICALLY WEAKER SECTIONS
The Union Cabinet chaired by Prime Minister Narendra Modi has
given ex post facto approval to the revised Office Memorandum (OM) pertaining
to the Cabinet Note on Amendment of Constitution to provide for reservation for
Economically Weaker Sections The OM was approved by the Cabinet on 8th January
2019. The approval will promote social equity by providing opportunities in
higher education and employment to those who have been excluded by virtue of
their economic status.
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CABINET APPROVES
REGULARIZTION OF CERTAIN ALLOWANCES BEING PAID OVER AND ABOVE THE 50%
(PRE-REVISED) CEILING PRESCRIBED BY DPE
The Union Cabinet chaired by Prime Minister Narendra Modi has
approved the regularization of certain allowances (Rating allowance, Stress
allowance, Proficiency allowance, Flying allowance and Instructor allowance)
being paid over and above the 50% (pre-revised) / 25% (revised) ceiling
prescribed by Department of Public Enterprisess (DPE) to the executives of
certain operational category employees viz. Air Traffic Controllers,
Communication Officers, and Pilots of Airports Authority of India (AAI) and to
keep these allowances outside the purview of 35% (revised) ceiling. Their job
entails complex set of tasks requiring very high level of knowledge and
expertise, as well as the practical application of specific skills pertaining
to cognitive domains (e.g. spatial perception, information processing, logical
reasoning, decision-making) communicative aspects and human relations. The
decision has been taken in view of the fact that air-traffic has increased
manifold and these technical personnel are keeping the aviation activity over
our skies very safe; in order to attract the best talent and to retain the
existing trained manpower to provide world-class facilities to air-travellers,
these professionals are required to be compensated suitably.
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CABINET APPROVES MOU
BETWEEN INDIA AND BRAZIL ON COOPERATION IN THE FIELD OF TRADITIONAL SYSTEMS OF
MEDICINE AND HOMOEOPATHY
The Union Cabinet chaired by Prime Minister Narendra Modi has
approved Memorandum of Understanding (MoU) between India and Brazil on
cooperation in the field of Traditional Systems of Medicine and Homoeopathy The
MoU will enhance bilateral cooperation between India and Brazil in the areas of
Traditional Systems of Medicine. This will be of immense importance to both
countries considering their shared cultural heritage.
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CABINET APPROVES MOU
BETWEEN INDIA AND MALDIVES FOR ESTABLISHING MUTUAL COOPERATION TO IMPROVE THE
ECOSYSTEMS FOR AGRIBUSINESS
The Union Cabinet accorded ex post facto approval to the
Memorandum of Understanding (MoU) between the Ministry of Agriculture and
Farmers' Welfare, India and the Ministry of Fisheries, Marine Resource and
Agriculture, Maldives signed on 17th December, 2018 during the State visit of
President of Maldives to India. The MoU for establishing mutual cooperation to
improve the ecosystem for agribusiness provides for cooperation in the fields
of agriculture census, agribusiness, Integrated Farming System, Irrigation,
improved seeds, Soil Health Management, research, capacity building of local
agribusiness, enhancing knowledge of entrepreneurs in the areas of food
security and nutrition, developing climate resilient agriculture system,
establishing facilities to test pesticide residues etc.
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CABINET APPROVES SIGNING
OF AGREEMENT BETWEEN INDIA AND UKRAINE FOR COOPERATION IN AGRICULTURE AND FOOD
INDUSTRY
The Union Cabinet chaired by Prime Minister Narendra Modi has
approved Signing of Agreement between the India and Ukrain for cooperation in
Agriculture and Food Industry. The proposed Agreement provides for cooperation
in various fields of agriculture and food Industry. A Joint Working Group
comprising of representatives from both countries would be constituted, the
task of which would be to discuss and prepare plans of cooperation in
identified sectors and to monitor the implementation of tasks determined by the
Parties. The meetings of the Working Group shall take place at least every two
years, alternately in the Republic of India and in Ukraine. This Agreement
shall enter into force on the date of its signing and shall remain in force for
a period of five (5) years, being automatically extended for subsequent periods
of five (5) years. This Agreement can be terminated after six (6) months from
the date of receipt of notification of either Party of its intention to
terminate this Agreement.
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CABINET APPROVES MOU
BETWEEN INDIA AND FINLAND IN THE FIELD OF BIOTECHNOLOGY
The Union Cabinet chaired by Prime Minister Narendra Modi has
approved the MoU between India and Finland for collaborating based on mutual
interest in the field of Biotechnology for funding and implementing ambitious
industry-led innovative and transnational projects within the broad scope of
research development and innovation. The Mou will support creation of long-term
Research, Development & Innovation collaboration mechanism and to establish
and strengthen cooperative network between Indian and Finnish organizations. By
funding need-oriented, ambitious joint projects of high international
standards, the two countries aim to help reach world-class innovations
beneficial to both countries. It will also facilitate knowledge sharing and
knowledge generation among scientists, researchers and industry in the two
countries. Identifying innovation as the cornerstone of the collaboration, both
DBT and Business Finland have agreed to cooperate with Biotechnology Industry
Research Assistance Council (BIRAC), the Public Sector Enterprise of the
Department of Biotechnology (DBT), Government of India for funding and
implementing ambitious industry-led innovative and transnational projects.
Based on their mutual interest following research areas have been identified,
i. Mission Innovation;
Biofuture platform:
biofuels, bioenergy and biomass based products;
·
Environmental and energy
applications of biotechnology;
·
Business development of
start-up and growth companies; and
·
Education technologies and
games in life sciences vi. Other fields of life science industry
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CABINET APPROVES FRAMEWORK
AGREEMENT
The Union Cabinet chaired by Prime Minister Narendra Modi has
given ex-post facto approval to the Framework Agreement between India and
Indonesia on cooperation in the exploration and uses of outer space for
peaceful purposes The Framework Agreement was signed and exchanged t Jakarta on
May 30, 2018.
• This Framework Agreement shall enable the following
potential interest areas of cooperation such as, space science, exploration of
outer space, use of space technology, remote sensing of the earth; operation
and maintenance of the integrated BIAK TTC station, hosting of Indian ground
station, hosting of IRIMS station, in kind support for launching LAPAN made
satellites,, cross utilisation of ground stations etc.
• This Framework Agreement would lead to concluding
Implementing Arrangements for specific activities. This would also lead to
setting up a Joint Working Group, drawing members from DOS/ISRO, and Indonesian
National Institute of Aeronautics and Space (LAPAN), for the purpose of
achieving the goals of this agreement.
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BILATERAL COOPERATION IN
THE AREA OF E-GOVERNANCE
The Union Cabinet chaired by Prime Minister Narendra Modi has
given ex-post facto approval approved the Memorandum of Understanding (MoU) for
promoting bilateral cooperation in the field of e-Governance. The Agreement
intends to promote close cooperation in the areas of e-Governance, IT
education, Implementation and roll out of generic configurable e-Governance
products / devices in various sectors, development of Data Centers etc. The
Ministry of Electronics and Information Technology has been mandated to promote
International Cooperation in the emerging and frontier areas of Information
Communications Technology (ICT) under bilateral and regional framework, has
entered into Agreements/Agreements with agencies of various countries to
promote exchange of information in the identified areas.
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TRAI ISSUES SHOWCAUSE
NOTICE TO AIRTEL OVER RECENT DTH DISRUPTION
Trai has served a showcause notice to Airtel over the blackout
faced by some of its DTH customers during the switchover to the new tariff regime,
sources said. The showcause notice was issued by Telecom Regulatory Authority
of India (Trai) earlier this week, and Airtel has been given three days time to
respond, they told. Airtel spokesperson said a few customers may have
experienced delays in provisioning of channels owing to a massive surge in last
minute requests during migration, and that the service provider remains
committed to ensuring compliance with all regulatory norms. In a statement
Wednesday, Trai said it had received information that while migrating
consumers, one large service provider has caused blackout on the TV screen of a
few thousand subscribers Airtel spokesperson said, customer experience is of
paramount importance to us. We have over 15 million customers who are being migrated
to the new tariff regime. Due to massive surge in last minute requests,
particularly on January 31 and February 1, few customers may have experienced
some delays in provisioning of channels.
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GOVT ACCUSES AMAZON, FLIPKART
OF INFLUENCING PRICES; COMPANIES DENY CHARGES
The government has defended its decision to rework the rules
for the marketplace model, accusing the country’s top e-tailers Flipkart and
Amazon of operating hybrid versions, which were anchored by inventory-based
operations through a network of controlled sellers. This is the first time
since the new rules were announced on December 26 that there is clarity on how
the e-tailers, who were lobbying at all levels in the government, were
circumventing the previous rules. Flipkart and Amazon were influencing prices
of goods on their platforms through various means, including direct price
discounts, covering marketing expenses (marketing campaigns, EMIs, exchange
offers) and extending concessional logistics services (packaging, courier,
returns), e-wallet cashbacks, a source told. Both Flipkart and Amazon involved
various intermediaries and group entities in the chain to divide these
discounts and spread losses, which impact the domestic retail sector. We have received
no such communication from the government. We have always been and continue to
be compliant with all local laws and regulations, an Amazon India spokesperson
said.
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OPTIMISTIC ABOUT INDIAN
MARKET DESPITE CHANGES IN E-COMM FDI POLICY: WALMART
Walmart, which invested $ 16 billion in Flipkart, on Wednesday
said it is committed to the Indian market and is optimistic despite recent
changes in the FDI policy for e-commerce firms in the country. Walmart’s and
Flipkart’s commitment to India is deep and long term. Despite the recent
changes in regulations, we remain optimistic about the country, said Dirk Van
den Berghe. He further added, We will continue to focus on serving customers,
creating sustained economic growth and bringing sustainable benefits to the
country, including employment generation, supporting small businesses and
farmers, and growing Indian exports to Walmart’s global markets.
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RESTRUCTURING UNDERWAY AT
FLIPKART AND AMAZON INDIA AFFILIATE SELLERS
Key sellers linked to Flipkart and Amazon India are in the
process of re-organising their owner structures to comply with the new
e-commerce rules for foreign-owned companies that kicked in to effect on
February 1. Amazon’s affiliate Cloudtail is reportedly back on the platform
after a rejig. The majority investor in Cloudtail’s parent company — Catamaran
Ventures — has increased its stake in the joint venture to 76% from 51%,
reducing Amazon Asia’s stake to 24% from 49% earlier. According to company
laws, firm 'A' is said to be a group company of firm ‘B’ only when firm ‘B’
holds 26% or more voting rights in firm ‘A’. On February 6, 2019, Catamaran has
effected the required changes to be 100% compliant with PN2. We regret the inconvenience
caused to our suppliers and customers due to the stoppage of the operations of
Cloudtail India Private Limited between February 1, 2019 and February 6, 2019.
E-commerce companies have been put in a hard place. They (Amazon India and
Flipkart) had no choice but to divest their securities in Catamaran, said
Pratibha Jain. Other e-commerce companies could also take a similar route, she
added.
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COMPANIES ENSURE PAYBACK
IF EXECS FLOUT NORMS
Clawback clauses in employment contracts are in the spotlight
following the sacking of Chanda Kochhar as ICICI Bank CEO, and the lender’s
decision to get her to repay bonuses since 2009 and even revoke ESOPs.
According to executive search firms, there is a growing trend of firms putting
several such clawback clauses while hiring senior executives. When you have a
potent combination of various levers to drive performance and delivery —
including performance-led incentives and benefits and perks — it is bound to
introduce enhanced complexities in the total annual payout design, said Suresh
Raina. At the time of departure, all the annual, term-bound payouts come into
consideration and need a deft and creative handling. The sums involved are
large (some are upwards of $75,000) and become a retention tool. Yet the talent
hunt leaves few options for the hiring company to find a way to compensate the
candidate and, by the time you are done, it looks like a financial contract and
less of an employment contract, added Raina. ICICI Bank’s compensation policy
and contracts, which govern its whole-time directors and senior employees, has
a provision of clawback of certain compensation benefits, said an ICICI Bank
spokesperson. Clawback clauses are entered in contracts for a service or
benefit provided to an employee, for which the employee has to ensure
reciprocity for a certain period, said Mahindra & Mahindra EVP (group human
capital & leadership development) Prince Augustin. In the practical sense
and in a country like India, it remains a challenge for the employer to recover
such amounts at the time of the employee’s exit, especially if the amounts are
higher than the full and final settlement. Unlike the US where the law (section
304 of the Sarbanes-Oxley Act) allows for clawback for financial misstatements,
some of the similar mechanisms adopted by employers are likely to be tested in
courts, especially if found to be punitive or unreasonable in nature, said
Nishith Desai Associates leader (HR law) Vikram Shroff.
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WE NEED A MORE
LEVEL-PLAYING FIELD BETWEEN INDIAN, FOREIGN INVESTORS: NARAYANA MURTHY
I think we need to get a level-playing field between Indian
and foreign investors. I am not against foreign investors getting advantages.
But, it cannot be at disadvantage for the Indian investors, said NR Narayana
Murthy. Today, it’s not a level-playing field. It is in favour of foreigners
investing in India, he said. Murthy said only 10-12 per cent of the total
funding that is being invested in India comes from the country. He said while
we are all for competition and want to welcome foreign money, our policies have
not encouraged Indian entrepreneurs to get more funding. Murthy said that
moving forward, he hopes the government will make it more easier for Indian investors
to put money in.
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INDIA KEEPS FOREIGN FIRMS
ON TENTERHOOKS
Investors like Amazon, which were kept out of the Chinese
revolution, have been working hard to ensure they don’t miss out on India’s
1.3-billion opportunity. And Walmart has bought Flipkart for $16 billion to
take a crack at the Indian market. Both giants though were suddenly caught on
the back-foot by the government’s Press Note 2 issued December 26 which cracked
down on the e-tailers’ retailing practices. Another estimate is Flipkart has
had to drop a quarter of its products. The Indian government’s view is these
changes were simply to clarify and enforce rules but it was clear very little
time was given to companies to comply, he said. There’s the worry, in fact, for
Amazon and Walmart. The reason they’re facing sudden headwinds is because of
Reliance Industries’ plans for a splashy e-commerce entry. Riser-Kositsky added
some investors fear rule changes like this are designed to benefit certain
well-connected Indian competitors to unfairly tilt the playing field — and
those perceptions do not help India’s reputation as an investment destination.
If anyone had any doubts about India’s standing in the global market, they only
had to watch Amazon’s and Walmart’s share prices. On a different front,
meanwhile, steel giant ArcelorMittal has been battling through Indian courts
for over a year. Its bid for Essar Steel, which went before the National
Company Law Tribunal (NCLT) courts, has been once to the Supreme Court and is
expected to head back there again. Kinks are still being ironed out of India’s
two-year-old bankruptcy laws, so ArcelorMittal, which had small stakes in two
other struggling steel firms, unexpectedly found it had to pay $7 billion to
settle dues owed by the companies. And now, just when ArcelorMittal thought it
had Essar Steel in the bag, the Essar Group has offered to clear all its dues
and take back its company The Mittals have been scouting for Indian investments
for a decade. But as the case has gone back-and-fro, Aditya Mittal,
ArecelorMittal’s president and CFO, remarked to a publication: If you cannot
have a rule-based economy, it is very hard for investors, both within the
country and outside the country, to invest. ArcelorMittal’s interest in India
is understandable. India's, which had 101 million tonnes of crude-steel output
in 2017, is now the world’s third-largest steel producer and, moreover, its
steel production is expected to rise steeply. The Insolvency Act’s complexities
will almost certainly get sorted out in coming years but foreign investors have
a greater fear of the Byzantine Indian tax system. At one level, giants like
Vodafone and Cairn have fallen foul of the Indian taxman and found themselves
facing humongous tax demands. And, foreign firms, even if they don’t fall foul
of the system, still find the Indian tax system extraordinarily complicated.
Says Riser-Kositsky: The India-focussed executive of a big consumer goods
company once told me he could live without many of his other executives but
couldn't manage without his accountants. But it’s not all bad from an
investment standpoint, says Riser-Kositsky. In other areas, India’s looking
like a very different investment destination from a decade ago. The BJP
government has carried forward the loosening of regulations, begun around 2012
under Congress. Foreign direct investment (FDI) rules are no longer as onerous
as earlier. Says Riser-Kositsky: The government has relaxed many FDI
restrictions for a variety of sectors. When you speak with companies nowadays,
barring a few exceptions, FDI rules are no longer very high on their
priorities’ list. But Riser-Kositsky reckons other issues still are worrying
investors and names the usual suspects like labour regulation, quality of infrastructure
and energy. Clearly, one area where constraints still exist is retailing and
not only for Amazon and Flipkart. Riser-Kositsky reckons India’s retail sector
was ripe for the picking but investments have been held back by restrictions on
multi-brand retailing. Retail is one of the few areas where FDI restrictions
still play a substantial role, says Riser-Kositsky. Inevitably, the view from
the government's side of the Amazon-Walmart imbroglio, is totally different.
The government insists it was always understood what’s called inventory holding
businesses were not allowed in e-commerce. The press note’s essentially a
reiteration of the policy. The implicit statement is, ‘You guys aren’t playing
by the rules’, says Devangshu Datta. Datta says actually India’s FDI rules are
much easier than places like the Middle East where foreign companies must take
on local partners even if they add nothing to the business.
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INDIAN POLITICAL PARTIES
ABUSE WHATSAPP SERVICE AHEAD OF ELECTION: SENIOR EXECUTIVE
India's political parties have been abusing Facebook's
messaging service WhatsApp ahead of the country's general election and the
company has warned them not to do so a senior executive said on Wednesday.
WhatsApp declined to name the parties or give the exact nature of the alleged
misuse, but there is mounting concern in India that party workers could abuse
the platform by using automated tools for mass messaging, or spread false news
to sway voters. The messaging app has become a key campaign tool used widely by
workers of the ruling Bharatiya Janata Party (BJP) and the opposition Congress
party, which accuse each other of propagating fake news while denying they do
so themselves. We have seen a number of parties attempt to use WhatsApp in ways
that it was not intended, and our firm message to them is that using it in that
way will result in bans of our service, Carl Woog, told reporters. The next
general election must be held by May. The platform's challenges in India are
not unique. It was flooded with falsehoods and conspiracy theories ahead of the
October election in Brazil, raising concerns that it was being used to distort
the political debate. Woog said they had engaged with political parties to
explain the company's view that the app was not a broadcast platform. We are
trying to be very clear going into the election that there is abuse on
WhatsApp. We are working very hard to identify it and prevent it as soon as
possible, he said.
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WHATSAPP BLOCKING 2
MILLION ACCOUNTS EVERY MONTH FOR SENDING BULK MESSAGES
Facebook-owned WhatsApp is removing at least two million
accounts each month for bulk or automated behaviour and over 75 per cent of
those without recent user reports.According to the company, these efforts are
particularly important during elections where certain groups may attempt to
send messages at scale. While there are many actors trying to abuse the free
service we provide, we are constantly advancing our anti-abuse operations to keep
the platform safe, WhatsApp said in a statement on Thursday. WhatsApp is
banning accounts that send a high volume of messages We're able to detect and
ban many accounts before they register a preventing them from sending a single
message. Roughly 20 per cent of account bans happened at registration time, the
company informed. We will expand this effort and work with the Election
Commission of India in the lead up to the national election this year, said
WhatsApp.
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WE MAY CEASE TO EXIST IN
INDIA IF NEW REGULATIONS KICK IN: WHATSAPP
Some of the proposed government regulations for social media
companies operating in India are threatening the very existence of WhatsApp in
its current form, a top company executive said. With over 200 million monthly
active users, India is WhatsApp's biggest market in the world. Globally, the
platform has over 1.5 billion users. Of the proposed regulations, the one which
concerns us the most is the emphasis on traceability of messages, Carl Woog,
told. The proposed changes are going overboard and are not consistent with
strong privacy protections that people around the world are seeking, said Woog,
who served as the Spokesperson for the Barack Obama administration in the US.
Given the end-to-end encryption we have in place, the regulations will require
us to re-artchitect our product, he said, adding that in such a scenario, the
messaging service would cease to exist in its current form.
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FACEBOOK IS GIVING YOU 10 MINUTES
TO PERMANENTLY DELETE AN EMBARRASSING MESSAGE
Facebook has started rolling out an update that lets you
permanently delete a message that you accidentally sent to a contact in
Messenger. The reaction time, however, is set to 10 minutes of sending the
message. To permanently delete a message, you'll select the messages to be
deleted and then tap on Remove for Everyone in the message options. The removed
message will be replaced by an alert telling everyone in the chat that it's
been deleted. This works in groups as well as one-on-one conversations. We can
also see this as the next step in the unification of Facebook, Instagram and
WhatsApp messengers as Instagram and WhatsApp already have had this
functionality for quite a while. After the unification takes place, a Facebook
user, for instance, will be able send an encrypted message to someone who has
only a WhatsApp account.
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NEW EASE OF DOING BUSINESS
RANKING COMING: GOVT BEGINS THIS YEAR’S RANKING PROCESS FOR STATES
The commerce and industry ministry has started the exercise of
ranking states and union territories this year in terms of ease of doing
business, and released guidelines and reform measures for them to be
implemented before March 31. Department for Promotion of Industry and Internal
Trade (DPIIT), under the ministry, has stated that this year they propose to
undertake a 100 per cent feedback based assessment on 76 reform measures under
Business Reform Action Plan (BRAP) 2019. The reforms suggested by the department
for states and UTs are in 12 areas and that include online single window system
for approval, maintenance of land records, central inspection framework, tax
enablers, labour regulations and obtaining electricity connection. The
department said that the guidelines will allow states/UTs to understand
requirements for implementation of reforms and help them in identifying the
measures that should be taken to achieve the objectives of the action plan. It
will also help in understanding the evidence that needs to be submitted for
each reform. The last date for implementation of reforms is 31st March, 2019,
it said.
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GOVT SUSPENDS FCRA
REGISTRATION OF 156 NGOS
The Centre has suspended FCRA registration of 156 NGOs for six
months for violation of rules, preventing them from receiving foreign funds,
and revoked the restriction order imposed on 36 other organisations that
compiled with the guidelines In a notification, the Home Ministry said the 156
NGOs have failed to comply with the order to open their accounts with 32
designated banks which follow the central government's Public Financial
Management System (PFMS), and contravened the provisions of the Foreign
Contribution (Regulation) Act (FCRA) 2010 despite repeated directives. And
whereas, in exercise of the power conferred by section 13 of the FCRA, pending
consideration of their certificates, the central government has suspended the
registration under the FCRA 2010 of the said associations for a period of one
hundred and eighty days, the notification said.The Home Ministry also said 36
NGOs have compiled with its order and opened their bank accounts in
PFMS-integrated banks and their suspension order has been revoked. Suspension
of the FCRA registration means the NGOs and entities cannot accept funding from
abroad an official said. The FCRA 2010 provides for the regulation of
acceptance of the foreign funds or foreign hospitality by certain individuals,
associations, organisations and companies to ensure that such contributions or
hospitality is not beingutilised for the activities detrimental to the national
interest, the ministry had said.
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SEARCH COMMITTEE FOR
LOKPAL INVITES APPLICATIONS FOR CHAIRPERSON AND MEMBERS OF LOKPAL
The Search Committee for Lokpal headed by Justice Ranjana
Prakash Desai has invited applications for the purpose appointment of
Chairperson and Members of Lokpal. The eligibility criteria and
application/nomination form can be accessed through the website of the Department
of Personnel and Training viz. http://dopt.gov.in under the link Lokpal:
Link:
https://dopt.gov.in/sites/default/files/Lokpal-Advertisement.pdf
The last date for receipt of applications/nominations is 22nd
February, 2019 – 05.00 PM. The same may be addressed to the Chairperson, Search
Committee for appointment of Chairperson and Members of the Lokpal at Post Box
No. 12, GPO, New Delhi – 110001 or may be forwarded by e-mail at the following
id lokpal.searchcomm@gov.in latest by 22nd February at 05.00 PM. The date/time
stamp of the application/nomination at the receiving end will be treated as
final for the purpose. The applications/nominations received after the last
date and stipulated time will not be entertained. For the appointment as the
chairman, a person who is or has been Chief Justice of India or a Supreme Court
judge is eligible to apply Upon selection, the chairperson and members shall
hold office for a term of five years or till they attain 70 years of age. The
salary and allowances of the chairman of the Lokpal will be same as that of the
Chief Justice of India. The members will be paid salary and allowances same as
that of a judge of the Supreme Court.
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GREATER EFFORTS WILL BE
NEEDED TO REDUCE FISCAL DEFICIT, SAYS IMF
The International Monetary Fund on Tuesday said that greater
efforts will be needed to reduce the fiscal deficit as the interim budget
envisages a slower pace of fiscal consolidation than previously planned. The
interim budget envisages a slower pace of fiscal consolidation than previously
planned, delaying the time to reach the medium-term central-government debt
target of 40 percent of GDP, Ranil Salgado, told. To ensure that the debt
target is met by 2025, greater efforts will be needed to reduce the fiscal
deficit In that regard, further steps to increase GST compliance will be
critical to reach budgeted revenue goals, Salgado said in response to a
question.
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SCHEME FOR EMPLOYMENT
GENERATION IN THE COUNTRY
Employment generation coupled with improving employability is
the priority concern of the Government. Government has taken various steps for
generating employment in the country like encouraging private sector of
economy, fast tracking various projects involving substantial investment and
increasing public expenditure on schemes like Prime Minister’s Employment
Generation Programme (PMEGP) run by Ministry of Micro, Small & Medium
Enterprises, Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGA),
Pt. Deen Dayal Upadhyaya Grameen Kaushalya Yojana (DDU-GKY) scheme run by
Ministry of Rural Development and Deendayal Antyodaya Yojana- National Urban
Livelihoods Mission (DAY-NULM) run by Ministry of Housing & Urban Affairs. Pradhan
Mantri Mudra Yojana (PMMY) has been initiated by Government for facilitating
self-employment Under PMMY collateral free loans upto Rs. 10 lakh, are extended
to small/micro business enterprises and to individuals to enable them to setup
or expand their business activities. Till 25th January, 2019, total 15.59 crore
loans have been sanctioned under the scheme. Pradhan Mantri Rojgar Protsahan
Yojana has been initiated by the Ministry of Labour and Employment in the year
2016-17 for incentivizing employers for employment generation. Under this
scheme, Government is paying the entire employer’s contribution (12% or as
admissible) towards the EPS and EPF for all sectors w.e.f. 01.04.2018 to all
eligible new employees for the next 3 years from the date of registration of
the new employee. Till 28th January, 2019, benefits have been given to 1.29
lakh establishments covering 1.05 crore beneficiaries. Under Skill India
Mission, Ministry of Skill Development and Entrepreneurship is implementing a
flagship scheme known as Pradhan Mantri Kaushal Vikas Yojana (PMKVY) 2016-20
with an objective to provide skilling to one crore people under Short Term
Training (STT), Recognition of Prior Learning (RPL) and Special Project (SP)
across the country for four years i.e. 2016-2020 with an outlay of Rs. 12,000
crore. Under the scheme, short duration skill development training programme is
being imparted to all prospective candidates including candidates belonging to
BPL in the country. Under PMKVY 2016-20, as on 24.01.2019, 37.32 lakh (appx.)
candidates have been trained under STT (25.25 lakh), RPL (11.27 lakh) and
Special Project (0.8 lakh) in the country. Under PMKVY 2016-20 scheme,
placement tracking is mandatory. The placement data is reported within 90 days
of certification of trained candidate. As per data reported on SDMS, as on
24.01.2019, 21.03 lakh candidates are certified under STT and SPs of PMKVY
2016-20. The number of candidates certified under STT and SPs of PMKVY 90 days
prior i.e. 26.10.2018 is 19.39 lakh. Out of these candidates, as on 24.01.2019,
10.64 lakh candidates have been placed in various sectors across the country.
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INITIATIVES TO IMPROVE
QUALITY OF SKILLS FOR BETTER EMPLOYMENT OPPORTUNITIES
Ministry of Skill Development and Entrepreneurship (MSDE) has
launched Pradhan Mantri Kaushal Vikas Yojna (PMKVY), the flagship program of
the Ministry was launched in 2015 to mobilize youth to take up skill training
with the aim of increasing productivity and aligning the training and
certification to the needs of the country. Owing to success of PMKVY 1.0
wherein more than 19 lakh students were trained as against the target of 24
lakh, the scheme was re- launched as PMKVY 2.0 (2016-2020) with an aim to train
10 million youth by the year 2020. Based on the learning from first phase of
the scheme, changes were made under PMKVY (2016-2020) to ensure quality and
standardization for the benefit of end beneficiaries. The training centres
delivering training under PMKVY (2016-2020) have been inspected by third party
inspection agencies, courses have been designed by Sector Skill Councils (SSCs)
with industry inputs, and curriculum and candidate handbooks have been
standardized for all job roles under PMKVY. PMKVY actively also seeks input
from industry through SSCs to keep abreast with changes and requirement of
employers to be inculcated in the course curriculum. Further, training centres
imparting training are regularly monitored leveraging technology enabled
tools.Under PMKVY, a total of 49973, 1594183 and 674534 candidates have been
trained during 2016-17, 2017-18 and 2018-19 respectively. Directorate General
of Training (DGT), Ministry of Skill Development and Entrepreneurship (MSDE) is
entrusted with the responsibility of long term vocational training in the
Country. One of the flagship schemes is ‘Craftsmen Training Scheme’ being
implemented through network of 15,042 Industrial Training Institutes (Govt.
2738 + Private 12,304 ITIs) located all over the country with an objective to
provide skilled work force to the industry in 138 trades with duration of 6
months , 1 year and 2 year.
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YOUTH TRAINED IN SKILL
CENTRES
Under Skill India Mission, Ministry of Skill Development and
Entrepreneurship through National Skill Development Corporation (NSDC) is
implementing a flagship scheme Pradhan Mantri Kaushal Vikas Yojana (PMKVY)
2016-20 and also promotes establishment of model and aspirational skill centres
known as Pradhan Mantri Kaushal Kendra (PMKK) in every district for imparting
skill training. Pradhan Mantri Kaushal Vikas Yojana (PMKVY) 2016-20 is being
implemented with an objective to provide skilling to one crore people under
Short Term Training (STT), Recognition of Prior Learning (RPL) and Special
Project (SP) across the country for four years i.e. 2016-2020 with an outlay of
12,000 crore. This scheme has two components known as Centrally Sponsored
Centrally Managed (CSCM) being implemented by NSDC and Centrally Sponsored
State Managed (CSSM) being implemented by State Skill Development Missions of
the States/ UTs. PMKVY 2016-20 does not mandate the establishment of skill
development centres, however, enables large number of prospective youth for
taking up Short Term Training (STT) and Recognition of Prior Learning (RPL)
through accredited and affiliated training centers (TCs) throughout the
country. Under the scheme, for imparting the skill training, the accreditation
and affiliation of TCs are being done under single window IT application known
as SMART. As on 24.01.2019, 10,355 TCs (8,331 TCs under CSCM and 2,024 TCs
under CSSM) have been empanelled under PMKVY 2016-20. Also, under PMKVY
2016-20, as on 24.01.2019, 37.32 lakh (appx.) candidates have been trained in
the country.
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MASSIVE RECRUITMENT DRIVE
LAUNCHED TO FILL MORE THAN 76,500 VACANCIES IN CAPFS
The Ministry of Home Affairs has launched a massive
recruitment drive to fill 76,578 vacancies in Central Armed Police Forces
(CAPFs) by completing all the necessary ground work. Out of these, 54,953
vacancies are for the post of Constable (General Duty), the Direct Recruitment
for which is going to be made through the Staff Selection Commission. For this
purpose, the SSC will conduct a computer-based written examination for a month,
from 11.02.2019 to 11.03.2019. Out of 54,953, CRPF has the maximum 21,566
vacancies, followed by BSF (16,984), SSB (8,546), ITBP (4,126) and Assam Rifles
(3,076); the remaining being in CISF and other CAPFs. Of the total vacancies,
7,646 vacancies are for Women and remaining 47,307 for Men. There are 1,073
vacancies in various CAPFs at the level of Sub-Inspector (GD). BSF has the
maximum 508 vacancies, followed by CRPF (274), SSB (206) and ITBP (85). Of the
total vacancies, 38 vacancies are for Women and remaining 1,035 for Men. Direct
Recruitment for these posts also will be made by the SSC through a written
examination from 12.03.19 to 16.03.19. At the level of Assistant Commandant
(GD), there exist 466 vacancies for which Direct Recruitment is being made
through the UPSC. The result of the written examination to fill these posts has
been declared on 10.01.19. The shortlisted candidates will appear for
Physical/Medical Examination to be conducted by the Sashatra Seema Bal (SSB),
the nodal force, from 25.02.19 onwards. In addition, 20,086 vacancies pertain
to Promotional Posts and in other cadres such as
Tradesman/Ministerial/Medical/Paramedical/Communication/ Engineering etc. and
these are also being filled by the CAPFs. Thus, in all 76,578 vacancies are
getting filled up.
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ENACTMENT OF NEW POLICE
ACT
The Government had constituted a Committee to review the
recommendations of the previous Commissions and Committees set up on Police
Reforms in December 2004. The Committee was mandated to shortlist the
recommendations which had not been implemented or partially implemented. The
Committee submitted its report in March 2005. One of the recommendations of the
Committee pertained to enactment of a New Police Act to replace the Police Act of
1861. The Ministry of Home Affairs set up an Expert Committee, Chaired by Dr.
Soli Sorabjee, to draft a new Model Police Act in September 2005. The Committee
submitted a Model Police Act on 30.10.2006 after extensive consultations. A
copy of the same was sent to State Governments on 31.10.2006 with the request
to frame a new State Police Act or amend the existing Act on the basis of the
Model Police Act, 2006.
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PANIC BUTTON FOR FEMALES
IN DISTRESS
The Government has mandated that mobile phones sold in India
will come with a dedicated panic button that can be used by a person, including
females, in distress. The Department of Telecommunications has issued a Gazette
notification dated 22nd April 2016 for inclusion of panic button in all new
mobile phones handsets with effect from 1st January 2017. The implementation
date was subsequently extended to 28th February 2017. The Ministry of Home
Affairs is implementing a project namely, Emergency Response Support System
(ERSS) under Nirbhaya Fund scheme, with the objectives providing a single
number 112 based emergency support services, which could be accessed through
panic button in mobile phone. Emergency Response Centers in States/UTs will
respond to distress calls through computer aided dispatch support system. The
project has been devised in coordination with the Ministry of Women & Child
Development under Nirbhaya Fund scheme. An all-India launch was requested by
Ministry of Women and Child Development vide letter dated 28 November 2018.
Launch of ERSS is taking place State/Union Territory wise based on readiness of
the State/ Union Territory. As on date, ERSS has commenced in the States of
Himachal Pradesh and Nagaland in November & December, 2018 respectively.
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INSPECTION OF ROBS BY
INDIAN RAILWAYS
As on 01.04.2018, there are 1,47,523 railway water way bridges
on all gauges of varying ages on Indian Railways’ network. Similarly, as on
01.04.2018, there are 2870 nos. of Road over Bridges (ROBs) which are given the
same attention as given to Rail Bridges. However, the age of the bridge does
not have any direct relevance on the physical condition of the bridge. There is
a well established system of inspection of bridges on Indian Railways. All the
bridges are inspected twice a year, one before the onset of monsoon by
supervisors and one detailed inspection after the monsoon by officers. In
addition, certain bridges are also inspected more frequently depending upon
their condition. Repair / strengthening / rehabilitation / rebuilding of
railway bridges is a continuous process and is undertaken in a planned way
whenever so warranted by their physical condition as ascertained during these
inspections and not on the basis of age. If the corrective / remedial measures
are expected to take a long duration due to the complexity of the site
situation, etc., suitable safety measures like imposing speed restrictions and
keeping such bridge under close watch are taken till the bridge is repaired /
strengthened / rehabilitated / rebuilt. All bridges are safe for train movement
at permitted / restricted speed. During last five years (2014-15 to 2018-19
upto December 2018), a total of 3601 bridges have been repaired / strengthened
/ rehabilitated / rebuilt on Indian Railways.
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GOVERNMENT TO SEND MONEY
DIRECTLY TO FARMERS’ ACCOUNTS IF STATES DON’T COOPERATE: GAJENDRA SINGH
SHEKHAWAT
The government will transfer money to farmers even if states
do not cooperate in sending lists of farmers eligible to receive Rs 6,000 per
year under the PM-KISAN scheme announced in this year’s budget. Gajendra Singh
Shekhawat told that the Centre has the data of farmers across the country,
which can be used to implement the scheme with the help of the National
Informatics Centre, which is being roped in for the exercise. Even if states
don’t participate in the exercise, we can send money directly to the farmers’
account. Though the coverage would be less in those states as we would be
needing information from states for verification of all the data, he said. The
agriculture ministry wants to transfer the first instalment of Rs 2,000 by
March 1. It has directed all the states to furnish data at the earliest.
Meanwhile, the agriculture ministry is also working closely with National
Informatic Centre (NIC) to assess data of farmers who are enrolled with various
subsidy schemes of central government. NIC has all the data of beneficiaries of
our various schemes. It also has data of million of soil cards which will help
us in identifying farmers owning up to two hectare of land. We will be able to
identify verified beneficiaries of around 3 crore from this data, said a senior
official.
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OVER 40 SMARTPHONE BRANDS
EXIT INDIA MARKET OWING TO HYPER-COMPETITION
As many as 41 smartphone brands exited the India smartphone
market in 2018 owing to hyper-competition, while 15 brands entered the market
eyeing growth prospects that India has to offer, according to data shared by
Cybermedia Research. Mirroring the same pattern, more exits than entry of
smartphone players is expected in 2019 as major brands like Xiaomi, Samsung,
Vivo, Oppo continue to consolidate their share by eating into those of the
smaller brands, analysts say. Counterpoint Research predicts the exit of 15
smartphone players in 2019 versus entry of five players. CMR sees nine new
entrants versus 10 exits in 2019. As per CMR estimates, India currently has
around 200 smartphone players operating in the market. At its peak in 2014-15,
the mobile phone market had over 300 smartphone players. The churn in India
comes amid continuing growth in the world’s fastest growing smartphone market,
compared with declines globally. In 2018, India was among the only major
smartphone markets to have grown– by 10% - and is expected to grow further 10%
in 2019, according to data from Counterpoint Research. In comparison, global
smartphone shipments fell by some 4% on year in 2018, which China's shipments
falling 7% on year. Global smartphone shipments are expected to decline further
- by around 3% - in 2019, expect analysts. Chinese smartphone brands Xiaomi,
vivo, Oppo had together cornered market share of 46% in 2018 leaving Indian
brands like Micromax, Lava, Intex and Karbonn with a combined market share of
mere 8% during the same period, as per CMR. Adding to this, Samsung grabbed 26%
market share, thereby leaving 16% market with other smaller smartphone players
in India to operate in.
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GOVT MAY ROLL OVER RS
33,000-35,000 CRORE IN SUBSIDY PAYMENTS TO FY20
To help meet its revised fiscal deficit target of 3.4 per cent
of gross domestic product for 2018-19, the Centre is highly likely to rollover
as much as Rs 33,000-35,000 crore in combined food, petroleum and fertiliser
subsidies to 2019-20. Additionally, Business Standard has learnt that the
2019-20 interim Budget assumed an average crude oil price of $65 a barrel for
the next fiscal year, the same as this year. If these sums are not rolled over,
the fiscal deficit for this year could be as high as 3.55 per cent of gross
domestic product (GDP). The combined fertiliser, food and petroleum subsidy
budgeted estimate for FY19 is Rs 2.64 trillion, while the revised estimate is
Rs 2.66 trillion. If the carrying forward to FY20 does not happen, the revised
estimates for the major subsidies could actually cross Rs 3 trillion for the
first time ever. We are admitting that we will roll over Rs 13,000 crore in
petroleum next year. This year we had budgeted the subsidies at $65 a barrel.
It went to above $80 and then came down again, and hence the higher subsidy
bills. For the next year also we have budgeted $65/barrel. The budgeted
estimates for the next year is more than revised estimates this year because of
rolled over payments, said an official.
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AIR INDIA CMD PRADEEP
SINGH KHAROLA APPOINTED CIVIL AVIATION SECRETARY
Air India chief Pradeep Singh Kharola has been appointed civil
aviation secretary as part of a minor bureaucratic reshuffle effected on
Wednesday, according to an official order. Kharola, a 1985 batch IAS officer of
the Karnataka cadre, was in November 2017 named chairman and managing director
of Air India Ltd. The vacancy had come up due to the superannuation of Rajiv Nayan
Choubey on 31 January. Choubey took over as member in the Union Public Service
Commission (UPSC) recently.
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MINIMUM INCOME GURANTEE
AKIN TO MGNREGA: RAHUL GANDHI
Rahul Gandhi on Wednesday reiterated his poll promise that
every poor in India would be guaranteed minimum income akin to employment
guaranteed under the Mahatma Gandhi National Rural Employment Act. We have
taken a historic decision. People have been benefited by MGNREGA. But the
decision which we are taking is bigger than MGNREGA. Congress party has been
working on minimum income for all poor for five to six months, said Mr. Gandhi.
Prime Minister Narendra Modi said he would give Rs. 17 per day to a farmer’s
family. Congress will guarantee payment of minimum income to every poor in
India. This income will be directly transferred to bank accounts of every poor,
he said adding that minimum income guarantee would similar to that of
employment guarantee in MGNREGA. If Narendra Modi could write off loans
amounting to Rs. 3,50,000 crore of 15 industrialists Congress would make sure
that minimum income would be credited into accounts of every poor. We will
protect every poor. If you have the courage, then stop us from doing so and
whole India will rise against you, the Congress president dared the ruling
party amidst huge applause. The time for joke and deceit is over. The time for
minimum income has just begun, he said. Mr. Gandhi also brought up episode of
Dana Majhi, a tribal man who walked 12 km carrying his wife’s body, and accused
Mr. Patnaik of keeping mum and not apologising. Mr. Gandhi also reiterated his
support to primitive Dongria Kandh tribals who were protesting against the
proposed bauxite extraction from Niyamgiri Hill. In 2008, the Congress
president had held a rally in Kalahandi’s Lanjigarh, where alumina refinery of
Vedanta Group is located. Dongria Kandhs, a primitive tribe, were opposing the
proposal of extraction of bauxite from Niyamgiri Hill for the refinery. He had
then said that there was a soldier in Delhi named Rahul Gandhi for the tribals
of Kalahandi.
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FARM LOAN WAIVER: ROLLOUT
IN MADHYA PRADESH FROM FEBRUARY 22
Come February 22, the Madhya Pradesh government will start
putting amounts in the bank loan accounts of farmers in the state to extinguish
their liabilities, outpacing Rajasthan and Chhattisgarh, the other two states
where the new Congress-led governments have announced farm loan waivers.
According to sources in the state government, as many 50.4 lakh farmers have
sought loan waiver in Madhya Pradesh as the cut-off date to apply for the
benefit ended on Tuesday. Provisional claims settlement has started and the
loan waiver amount will be sanctioned at the district level between February
15-20, said Rajesh Rajora. Immediately after taking the oath of office on
December 17, Madhya Pradesh chief minister Kamal Nath cleared a proposal for
waiving farm loans of up to 2 lakh as promised by his party at the hustings. Initially,
the state had estimated the benefit to cover over 34 lakh small and marginal
farmers. However, the targeted beneficiaries increased to 55 lakh after the
state Cabinet extended the eligibility cut-off date to December 12 from
previously set March 31, 2018, following criticism by the
Opposition BJP. The government has estimated that the farm debt-waiver scheme
named ‘Jai Kisan Rin Mukti Yojana’ will cost the state exchequer about Rs
50,000 crore Since April 2017, when Uttar Pradesh announced a loan waiver of
over Rs 36,000 crore to the state’s farmers, such largesse worth Rs 2 lakh
crore has been announced by a total of seven states. Rajasthan has promised
loan waivers amounting to Rs 26,000 crore and Chhattisgarh’s scheme is for
waiving farmers’ loans of Rs 6,100 crore. Ramesh Chand, there is no
justification of spending huge amount on loan waivers as the benefit will be
limited to about one-third of the farmers. At the same time, such largesse hits
credit discipline and constrain the government capex. BoFA Merril Lynch said in
a report, If the states cut back 1.5% of GDP ofcapex to fund farmers while
meeting their FRBM targets, then this will likely cost about 30 bps of growth. Chand
had told that only 36% of farmers take loans from institutional sources As many
as 48% farmers do not take loans due to various reasons and of the remaining
52%, 70% take loans from institutional sources while others get credit from
private money lenders.
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LIC, JNPT SUBMITS BID FOR
BUYING ICONIC AIR INDIA TOWER IN MUMBAI
Life Insurance Corporation of India and Jawaharlal Nehru Port
Trust have placed bids to buy cash-strapped Air India’s iconic 23-storey tower
located at Mumbai’s Marine Drive in Nariman Point facing the Arabia sea. It is
not clear whether the Maharashtra government has put in a bid for the tower.
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ___
INSURANCE ALONE CANNOT BE
THE PANACEA FOR INDIA’S AILING HEALTH SECTOR
At a time when India’s ailing public health sector demands
strengthening of primary health care system, Narendra Modi government has once
again presented a budget with misplaced priorities The increase in allocation
to health sector in Budget 2019 should have been directed towards reviving
primary health care, rather than at Ayushman Bharat insurance scheme, which
does not cover a majority of the treatments, Sourindra Ghosh and Imrana Qadeer
wrote. There has been an increase of more than Rs 7,000 crore on health sector
in Budget 2019 compared with last year, which amounts to a 9.2 per cent
increase in real term, Ghosh (PhD scholar at the Centre for Economic Studies
and Planning, JNU) and Qadeer (Distinguished Faculty at Council for Social
Development, Delhi.), wrote. However, most of the increase in expenditure has
gone towards funding the Pradhan Mantri Jan Arogya Yojana (PMJAY), which
provides Rs 5 lakh annual coverage for in-patient care to 10 crore poor
families. On the other hand, the allocation to National Rural Health Mission
(NRHM) has been reduced in real terms. Its share in the health component of the
budget has declined sharply over the past four years. Meanwhile, National Urban
Health Mission (NUHM) too has received a paltry amount. Even under NHRM, the
money to be spent on controlling communicable diseases like TB, diarrhoea,
pneumonia and hepatitis has been reduced. According to the National Sample
Survey 2014, 97 per cent of illnesses in India are treated in out-patient care
centers, which accounts for 63 per cent of the overall medical expenditure.
Therefore, most of the expenditures are not even covered by the insurance
scheme for in-patient care. The revised estimates for the 2018-19 reflect
under-utilisation of funds by various programmes National Rural Drinking Water
Mission and the Pradhan Mantri Matru Vandana Yojana have utilised only 78 per
cent and 50 per cent of the allocated funds, respectively. Swachh Bharat
Mission (rural), also did not fully utilise the Rs 15,343 crore allocated to it
in the budget 2018-19. Its allocation has been further reduced to Rs 10,000
crore for 2019-20. The neglect of the ICDS has not only continued but also
accelerated since 2014. This is evident from the fact that this year’s
allocation for the scheme, in real terms, remains below the expenditure of
2013-14.
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12500 HEALTH AND WELLNESS
CENTRES NEED TO BE IDENTIFIED ACROSS THE COUNTRY FOR RENDERING AYUSH SERVICES
AYUSH Minister said that States and Union Territories are
important partners in the journey of Ministry of AYUSH for promotion of
Traditional systems of medicine to all mankind. Shri Naik said that public
health delivery system has been of highest priority. We look forward to an
effective integration in the National progress related to health. The AYUSH
Minister further said that financial support is being extended to all States and
Union Territories under National AYUSH Mission (NAM) Scheme for up gradation of
infrastructure and manpower in the AYUSH institutions. Naik said that 12500
health and wellness centres need to be identified across the country for
rendering AYUSH services to the people at grass-root level with special
reference to preventive health care. The AYUSH Minister further said that
Research Councils under Ministry of AYUSH are conducting National Programme for
Prevention and Control of Cancer, Diabetes, Cardiovascular Disease and Stroke
(NPCDCS) in states. Rajiv Kumar said that AYUSH deserves equal recognition and
patronage as is enjoyed by the modern system of medicine. He said that the
holistic nature of AYUSH systems need to be recognized nurtured and
proliferated in the interest of the health of the mankind. Shri Rajiv Kumar
said emphasise role of regulatory bodies is critical in maintaining the quality
and standards of AYUSH systems and we need to have a robust regulatory system
for AYUSH drugs and education. He suggested that Indian Embassies can also play
a role in spreading the message of AYUSH systems and converting it into a
universal ‘Jan Andolan’.
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SOON, COMPANIES CAN'T FOOL
YOU BY SELLING MAIDA PRODUCTS AS ATTA
Soon, your health-related confusion between maida and whole
wheat (atta) food items will be over. Food Safety and Standards Authority of
India (FSSAI) has asked food companies to label atta as 'whole wheat flour' and
maida as 'refined wheat flour' by April 30. The order may clear confusion among
products that are often labeled as just 'wheat flour' with no distinction
between the maida or atta products. Currently, packaged food companies use
'wheat flour' as general nomenclature for atta and maida on product labels. According
to food regulator, the general nomenclature of 'wheat flour' creates confusion
among consumers as what are wheat flour products and what's maida products. The
order is aimed at bringing more more clarity on the product labelling as
companies use these nomenclatures to make health claims about their products
like packaged atta, bread and biscuits. The regulator has given companies three
months of time to implement the new order.
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80% OF PMUY BENEFICIARIES
HAVE COME BACK FOR SECOND REFILL
The use of LPG by PMUY beneficiary household depends on
several factors which include food habits, cooking habits, availability and
accessibility to LPG, price of LPG etc. Fuel stacking by PMUY beneficiaries
cannot be ruled out on account of easy availability of firewood, cow dung etc.
at free of cost. The PMUY beneficiaries get subsidy under PAHAL Scheme The
applicable subsidy is directly transferred into the bank account of
beneficiaries. Direct transfer of subsidy aids in right targeting of the
beneficiary and prevent diversion. Oil Marketing Companies (OMCs) have informed
that PMUY beneficiaries have taken more than 24 crore LPG refills upto
December, 2018. OMCs have further informed that nearly 80 % of Pradhan Mantri
Ujjwala Yojana (P beneficiaries who have completed one year from date of
Subscription Voucher released as on 31.12.2018 have come back for the second
refill. Under PMUY, a beneficiary can either make upfront payment towards
purchase of hot-plate (stove) or first refill or the both, or has the option to
take hot plate or the first refill or the both on loan basis from OMCs at zero
interest rate. OMCs have informed that they have recovered ₹
1968.77 crore loan amount as on 30.9.2018.
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DEPOSIT FREE LPG
CONNECTIONS TO POOR WOMEN UNDER PMUY
As on 01.02.2019, Oil Marketing Companies (OMCs) have released
more than 6.31 crore LPG connections against the target of 8 crore under
Pradhan Mantri Ujjwala Yojana (PMUY) and period of implementation of the PMUY
is upto 31.03.2020. The major steps taken by OMCs to encourage the LPG usage
among the PMUY beneficiaries are:–
(i) offering swap facility i.e. to avail small package 5 kg
refill against 14.2 kg refill as per their requirement.
(ii) conducting Pradhan Mantri LPG Panchayat to educate
beneficiaries on benefits of sustained use of LPG and safe usage.
(iii) deferring the loan recovery from subsidy for the first
six refills or one year, whichever is earlier.
(iv) launching audio visual media campaign to spread awareness
on advantages of use of LPG.
(v) targeted SMS campaign to reach to beneficiaries who have
not comeback for refill.
(vi) display campaign by way of banners, standees and
hoardings at public places.
(vii) undertaking consumer awareness activities viz.
school/college student level education programmes, quizzes, drawing
competitions, nukkadnataks, walkathon, cyclothon etc.
(viii) setting up more than 4900 new distributorships in the
last three years to strengthen supply chain network especially in rural areas.
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EXPANSION OF PNG AND CNG
COVERAGE IN THE COUNTRY
Petroleum and Natural Gas Regulatory Board (PNGRB) is the
authority to grant authorization to the entities for the development of City
Gas Distribution (CGD) network in Geographical Areas (GAs) as per PNGRB Act,
2006. PNGRB identifies GAs for authorizing the development of CGD network in
synchronization with the development of natural gas pipeline connectivity/
natural gas availability. The authorized CGD entities develop the Piped Natural
Gas (PNG)/ Compressed Natural Gas (CNG) network to supply natural gas to
households, industrial and commercial units in their respective GAs. Upto the
8th CGD bidding round, there are 96 GAs in 23 States/ Union Territories (UTs)
where CGD network is accessible. PNGRB has granted authorization for additional
84 Gas in 9th CGD Bidding Round. With the completion of 9th CGD Bidding Round,
CGD would be accessible in 178 GAs covering approximately 280 districts spread
over 26 States and UTs. PNGRB has also launched 10th CGD Bidding Round covering
50 GAs spread over 14 States and 124 districts (112 full and 12 part). As per
PNGRB, after successful completion of 10th CGD Bidding Round, 70% of the
country’s population would have access to CGD network. Presently, Oil and Gas
Public Sector Undertakings have total 59 overseas assets in 28 countries of
which 23 are producing, 7 are developmental blocks, 25 are exploratory and 4
are pipeline projects. There are total 15 MoUs that India has signed with
various countries for cooperation in the oil and gas sector.
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STATUS OF NATIONAL GAS
GRID
At present about 16,788 Km natural gas pipeline is operational
and about 14,239 Km gas pipelines are being developed to increase the
availability of natural gas across the country. These pipelines have been
authorized by Petroleum and Natural Gas Regulatory Board (PNGRB) and are at
various stages of execution viz. Pre-Project
activities/laying/testing/commissioning etc. PNGRB has authorized GAIL to
develop North East gas pipeline to develop approximately 750 km long Barauni -
Guwahati pipeline as an integral part of Jagadishpur –Haldia –Bokaro Dhamra
Pipeline (JHBDPL) project which will connect North East region with the
National Gas Grid. Further, PNGRB has also authorized Indradhanush Gas Grid
Limited (IGGL), a joint venture company of five Central Public Sector
Enterprises (CPSEs) i.e. IOCL, ONGC, GAIL, OIL and NRL for the development of
North East Gas Grid to connect eight states of North Eastern India.
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INDIA BECOMES WORLD'S 2ND
LARGEST LPG IMPORTER AFTER CHINA
India has become the world's second largest importer of
liquefied petroleum gas as the government pushes cleaner alternatives to
traditional cooking fuels such as firewood and cow dung. Oil minister
Dharmendra Pradhan says imports of LPG grew 12.5 percent over the past five
years to 12 million metric tons (13 million tons) in 2018-19, surpassing Japan
and putting India in second place behind China. He says demand for LPG is
projected to rise 34 percent from 2014 to 2025. Traditional fuels such as wood
and cow dung cause heavy pollution and health problems for millions of
villagers. India imports LPG mainly from Saudi Arabia, Qatar, the United Arab
Emirates, Kuwait and Iran.
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225 BIDS FOR 10TH ROUND OF
CITY PIPE GAS AUCTION
The Petroleum and Natural Gas Regulatory Board has received
225 bids for 50 geographical areas (regions) that were offered in the tenth
city gas distribution bid round. The technical bids will be opened between
February 7 and 9 and after technical and financial evaluation, the entities
will be shortlisted by February-end a PNGRB statement said. The PNGRB expects
an investment of about ₹50,000 crore for developing the city gas infrastructure. The
50 geographical areas on offer cover 124 districts (112 complete and 12
partially) across 14 States. This is 18 per cent of India’s
geographical area and 24 per cent of its population. In the ninth round, the
PNGRB had granted authorisation for developing 84 geographical areas. Till
September 2018, there were 96 areas where development of the city gas
distribution network was underway across the country. After the ninth round,
CGD will be accessible in 178 areas, covering approximately 280 districts
spread over 26 States and Union Territories.
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OVER 36 COUNTRIES TO
PARTICIPATE IN BENGAL GLOBAL BUSINESS SUMMIT: MAMATA
Over 36 countries would be participating in the two-day Bengal
Global Business Summit (BGBS) which gets underway from Thursday, Chief Minister
Mamata Banerjee said Wednesday. Banerjee will be meeting heads of different
provinces of these countries as well as their ambassadors over dinner on
Wednesday evening. Prominent industrialists from the country will be attending
tomorrow's business summit. You will see who is coming at the programme, she
told reporters at the state secretariat. She said Mukesh Ambani will lead a
clutch of industrialists to the event including Sajjan Jindal of JSW Group and
others. Asked about the focus of the state government's showpiece event,
Banerjee said, Every sector will be under focus. See how many MoUs (Memorandum
of Understanding) get signed. Of the 10 lakh investment proposals received
during last year's summit, over 50 per cent have already been implemented which
is a record among all other business meets in the country, she said.
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AMERICA THE COUNTRY WITH
THE MOST UNICORNS, INDIA A DISTANT FOURTH
The startup valuation across the globe is hitting the sky with
some 112 new companies joining the unicorn club (companies with valuation of $1
billion and above) in 2018 alone, a rise of 58 per cent over the previous year,
taking the number of such companies to 310. The collective worth of these
companies that raised a total of $257 billion in funding, stood at $1052
billion as of January 23, 2019, according a market intelligence platform CB
Insights. While the US continued to lead being home to 49 per cent of these
unicorns (an improvement of 2 percentage points over an August 2018 report),
China's share feel from 30 per cent to 26 per cent. India ranked at fourth
place with a share of 4 per cent (13 unicorns to be precise) while the UK with
17 unicorns or 6 per cent share was in third position.
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‘HAVING PERSONALLY
TRAVELLED ON LOCAL TRAINS AS A STUDENT, I KNOW THE DIFFICULTIES COMMUTERS FACE’
Railways is the lifeline of the nation. Nowhere is this as
true as in Mumbai, where the suburban network popularly called ‘the local
train’ ensures that Mumbaikars reach their destination on time. At a total
length of 459 km, the network has more than 3,000 services of local trains
carrying around 80 lakh commuters on a daily basis, making it one of the
busiest urban transport systems in the world The dabbawala carrying tiffins on
the local train has become an iconic image to describe the city. To ensure that
Mumbai has world class infrastructure in keeping with its metropolitan status,
the government under Prime Minister Narendra Modi has taken a number of
initiatives to upgrade the suburban system, which will help improve passenger
satisfaction and safety, reduce congestion, and adequately plan for the future.
With regards to passenger safety, the Railways is working in mission mode. Foot
overbridges (FOBs), platforms and pathways at the end of platforms, are now
treated as safety items having highest priority with no budget restriction. To
allow free and safe movement of passengers, 87 FOBs have been constructed since
2014, including 44 after the unfortunate Elphinstone Road station tragedy. A
further 70 FOBs will be commissioned this year while 55 will be commissioned
next year. The average time for construction has been reduced from eight to
nine months to about three months. We have also raised the height of all
station platforms in the suburban section to allow safer entry and exit into
trains. Very often, passengers climb a train and do not register that it is
about to move. This poses a serious risk to their lives and well being.
Therefore, a new innovation in the form of a blue light signal on the door of
the coach to signal that the train is starting, has been introduced. Passengers
will now have adequate warning. We will proliferate this system after all
trials are completed. Under our government, we have significantly scaled up
investments in new projects. In 2016, Prime Minister Modi laid the foundation
stone for the Mumbai Urban Transport Project 3 (MUTP 3) worth approximately ₹11,000
crore. Under this project, a number of works have been started, including the
Airoli-Kalwa elevated link, Panvel-Karjat new suburban double line corridor,
and the introduction of 47 new air conditioned suburban trains. These will help
decongest the network and improve services. In the 2018-19 budget, an
unprecedented ₹55,000 crore was announced for a new project in Mumbai —
the MUTP 3A — showcasing the government's ambitious plans for the suburban
system. Under this, a number of lines will be extended and introduced, and a
communications based train control system will be introduced for improved
safety and punctuality. Funds will also be allocated towards station
improvement and procurement of AC rakes. Long-pending projects are also being
fast-tracked and completed The long-awaited Nerul-Seawood/Belapur-Uran line’s
first phase is finally complete. Sanctioned in 1996-97, the work was very slow.
After 2014, the work was fast-tracked and the line opened in November 2018. The
personal intervention of Chief Minister Devendra Fadnavis helped smoothen all
issues. Now, the project’s second phase is in progress. Having personally
travelled on local trains as a student, I know the difficulties an average
yatri faces. To beat the sweltering heat and humidity, an AC rake was
introduced for the first time. We have given the green light for procuring 210
AC rakes. It was inconceivable that for a city which never stops, people
stopped and waited in long lines to buy tickets for local trains. Those days of
waiting in long lines have now ended with the introduction of the UTS mobile
app to buy unreserved tickets on the spot. Waiting for trains has become more
convenient with the introduction of high speed wi-fi at 27 stations. We have
also reduced the waiting time for trains. Since 2014, 214 services have been
added to the Mumbai suburban network. To meet the ever growing demand for
direct connectivity between India’s financial capital and political capital, an
additional Rajdhani train was introduced between Delhi and Mumbai. It will take
a different route covering central India, and will serve hitherto unserved
areas. In a record, this Rajdhani was fully booked in less than five hours for
its maiden journey, showing how eagerly people were awaiting this service.
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LAST FOUR YEARS HOTTEST ON
RECORD, U.N. CONFIRMS
The last four years were the hottest since global temperature
records began, the U.N. confirmed on February 6 in an analysis that it said was
a clear sign of continuing long-term climate change The U.N.’s World
Meterological Organisation said in November that 2018 was set to be the fourth
warmest year in recorded history, stressing the urgent need for action to rein
in runaway planetary warming. On February 6, it incorporated the final weeks of
2018 into its climate models and concluded that average global surface
temperature in 2018 was 1°C (1.8°F) above pre-industrial baseline levels. 2016,
boosted by a strong El Nino that normally tips the mercury northwards, remains
the hottest year on record. The U.N. body also said that 2019 had picked up
where 2018 left off, with Australia experiencing its warmest January on record.
It warned that intense heatwaves are becoming more frequent as a result of
climate change.
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CIL SUPPLIES TO POWER
SECTOR RECEIVES A GROWTH OF 7.3%
Coal India Ltd. has supplied 407.02 MT coal to power sector
during current year up to 04.02.2019 thereby achieving a growth of 7.3% over
the same period of last year. As on 04.02.2019, the average rake loading of CIL
to Power Sector including loading from Washery & Good-Shed is 252.5
Rakes/day, which is an impressive growth of 13% over same period of last year. This
supply is likely to further increase due to the opening of the
Dhanbad-Chandrapuraline which shall facilitate faster evacuation of coal from
the BCCL subsidiary of CIL. The increased coal supply has resulted in building
up of comfortable coal stock at the end of the Thermal Power Plants. As on
04.02.2019, power plants are having 20.870 MT coal stock whichis sufficient for
13 days. This is an increase of 42% over the stock of same period of last year.
The coal stock at TPPs on 04.02.2018 was 14.68 MT.
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UNITED HEALTHCARE FILES
COMPLAINT AGAINST DR REDDY’S US ARM
Dr Reddy’s Laboratories on Wednesday said United Healthcare
Services has filed a complaint against its US-based arm and some other
entities, alleging a price fixing conspiracy to rig bids and allocate customers
with respect to 30 drugs. The US-based insurance firm United Healthcare
Services has filed a complaint against Dr Reddy’s Laboratories and 42 other
defendants, involving a total of 30 generic drugs, it said in a regulatory
firm. The complaint alleges violations of Section 1 of the Sherman Act, and
violations of the Minnesota and 29 other States’ antitrust laws, Minnesota’s
and 16 other States’ Consumer Protection statutes, and claims of unjust
enrichment, seeking injunctive relief, recovery of treble damages, punitive
damages, attorney’s fees and costs, it added. The drug firm said it denies any
wrongdoing and intends to vigorously defend against these claims.
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WHY A NOMINEE FROM REST OF
THE WORLD MUST HEAD WORLD BANK AND END US' REIGN
In many ways, David Malpass, whom US President Donald Trump
nominated on Wednesday to head the World Bank, is an unsurprising choice. He’s
a senior Treasury official overseeing international affairs. Plus, his
background absolutely screams Trump nominee: He isn’t a woman (Indra Nooyi,
formerly of PepsiCo Inc., was being considered). He is an outspoken critic of
the institution he is now to head (recall Scott Pruitt’s tenure at the
Environmental Protection Agency). And he has a controversial Wall Street
background (he was chief economist at the ill-fated Bear Stearns), as well as
some embarrassing calls in his past (he wrote a Wall Street Journal op-ed in
2007 insisting that the housing market couldn’t pull down the broader economy).
Even so, this is the moment when the American reign over the World Bank must
end. Europe, which gets to pick the head of the International Monetary Fund in
return for ceding the World Bank choice to the US, should vote with
emerging-market nations in order to ensure that, for the first time, a nominee
from the rest of the world runs the bank. Ironically, as with surprisingly many
of Trump’s decisions, there’s a germ of a good idea in Malpass’s appointment.
Some of the criticisms levied against him by the development policy community
are, in fact, good reasons for him to have the job. In particular, Malpass has
gotten three big things right. First, he acknowledges that the World Bank must
diversify away from its decades-old fight against extreme poverty. That became
its focus under Robert McNamara, at a time when there was little attention and
less capacity devoted to understanding what kept people in the developing world
poor. In the years since 1990, though, the world has made great strides in
eradicating poverty. It’s now time to focus on the bank’s original purpose, and
one of the biggest constraints on the developing world becoming rich: the
shortage of infrastructure. Second, Malpass knows that China’s lending in the
developing world is a problem. In testimony before a Senate Foreign Relations
subcommittee a few months ago, he argued that China’s use of non-market export
credits, opaque financing, and exclusive procurement practices often benefits
the donor more than the recipient and undermines debt sustainability, domestic
institutions, and environmental and social standards. This is exactly right,
and both the financial and development communities need to understand that this
is a challenge that must be answered, not ignored. Finally, Malpass understands
how the World Bank’s role in developing countries needs to change. In that same
testimony, he argued that multilateral development banks need to focus more on
the quality of their project loans, rather than the quantity and on helping
developing countries get their policy environment right for using private
capital inflows effectively. The truth is that the amount of private capital in
the world available to build sustainable, climate change-ready infrastructure
dwarfs the amount that the World Bank and its peers can put into the field.
They need to transition to working more closely with private capital if they
are to become truly transformative. And yet, even if these are the right
instincts, this is the wrong way to get them on the agenda. Multilateral
development agencies are precisely that — multilateral. Everyone needs to be on
board, and we can’t afford to have these ideas tainted by association with
America First.
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PAKISTAN SC CLIPS WIGS OF
ARMED FORCES, ISI; SAYS STAY AWAY FROM POLITICS, ACT WITNIN LAW
In a rare rebuke to Pakistan's powerful military, the top
court on Wednesday prohibited them from engaging in political activities and
directed spy agencies like the ISI to operate within the law. Delivering a
landmark verdict on the 2017 Faizabad sit-in by the hardline Tehreek-e-Labbaik
Pakistan (TLP) and other smaller groups, a two-member Supreme Court bench also
ordered the government to act against those propagating hatred, extremism and
terrorism. We direct the federal and provincial governments to monitor those
advocating hate, extremism and terrorism and prosecute the perpetrators in
accordance with the law, the bench comprising Justice Qazi Faez Isa and Justice
Mushir Alam ruled. The bench ordered that members of the Armed Forces were
prohibited from engaging in any kind of political activity, which includes
supporting a party, faction or individual. The government of Pakistan through
the Ministry of Defence and the respective Chiefs of the Army, the Navy and the
Air Force are directed to initiate action against the personnel under their
command who are found to have violated their oath, the court said. Pakistan's
powerful military has ruled the country through various coups for nearly half
of the country's history since independence in 1947. The military plays an
important role in the country's decision making. The apex court also outlawed
religious edicts called fatwas that aimed to harm others. The court upheld that
subject to reasonable restrictions imposed by law, citizens have the right to
form and to be members of political parties. They can also assemble for
peaceful protest.
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Thanks & Regards,
CS Meetesh Shiroya
Thanks & Regards,
CS Meetesh Shiroya
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