CABINET APPROVES ABOLITION OF INSTITUTION OF INCOME-TAX
OMBUDSMAN AND INDIRECT TAX OMBUDSMAN
The Union Cabinet chaired
by Prime Minister Narendra Modi has approved the proposal for Abolition of
Institution of Income-Tax Ombudsman and Indirect Tax Ombudsman. The approval
comes in the wake of alternative complaint redressal mechanisms chosen by
public and the institution of Ombudsman could not prove to be more effective
than regular existing parallel channels of grievance redressal, both the
institutions of Income-Tax Ombudsman as well as Indirect Tax Ombudsman have
been abolished. The Institution of Income-Tax Ombudsman was created in the year
2003 to deal with grievances of public related to settlement of complaints
relating to Income Tax. However, the Institution of Ombudsman failed to achieve
its objectives. It was observed that institution of new complaints have in turn
fallen to single digits. Also, tax payers started preferring alternate methods
of grievance redressal like CPGRAMS (Centralized Public Grievance Redress and
Monitoring System), AaykarSevaKendras etc. further, it was also decided in 2011
to close vacant offices of Indirect Tax Ombudsman.
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INCOME TAX LAW NEEDS TO BE A LOT SIMPLER: PIYUSH GOYAL
Simplifying the Income Tax
Act, automating tax collection and return processing and making the process
user-friendly are priorities for the National Democratic Alliance (NDA)
government, finance minister Piyush Goyal said. The Narendra Modi government,
which has undertaken several measures to curb tax evasion, is working on
changes to the income tax law The initial draft is expected by the month-end,
Goyal said. We hope that the task force’s recommendation comes out quickly We
want the income tax law to be a lot simpler. I have also announced the intention
for a new regime of income tax administration for which we have approved the
funds. Tax assessment will be IT (information technology)-driven and be
completely anonymous, Goyal said. Once the IT systems are upgraded, which will
take about two years, the department will be able to process tax returns and
issue refunds on the same day. Goyal, however, declined to say whether the NDA
will double the basic income tax exemption limit to ₹5
lakh, if re-elected. He had announced in the interim budget that those with
taxable income up to ₹5 lakh would not have to pay any tax.
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WE HAVE BEEN MOST HONEST WITH OUR FISCAL NUMBERS, SAYS GOYAL
Hard-nosed economists may
express concern over possible fiscal slippage, but the government is confident
of reining in the numbers. Piyush Goyal: I don’t think there is any concern. We
have been the most honest government in many years whatever you see is the real
picture and we have stuck to it. The world is seeing consistency in our
numbers. The fact is that we have stuck to fiscal prudence all our five years
some people were expecting 3.9–4 per cent. We have actually gone through the
numbers and the real picture in great detail, and have stuck to the real
picture. Clearly, the Interim Budget was more expenditure-driven. Economists
believe that additional expenditures such as those aimed at the farmers and the
middle-class (in the form of tax rebates) are bound to strain the GDP target.
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WHAT KIND OF STARTUPS WILL GET ANGEL TAX EXEMPTION? I-T DEPT
TO DECIDE SOON
The Income Tax Department
will soon decide on the kind of start-ups that can be exempted from angel tax,
a top official said Thursday. Central Board of Direct Taxes (CBDT) Chairman
Sushil Chandra said they have received several suggestions from start-ups on
exempting them from angel tax. Very shortly we will find out a solution on the
basis of the suggestions we have received. We will have to decide which
start-ups are real start-ups and how they can be exempted from Section 56(2) of
Income Tax Act, he said.
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COMMERCE MINISTRY INVITES COMMENTS FROM STAKEHOLDERS ON DRAFT
NATIONAL LOGISTICS POLICY
Logistics Division in the
Department of Commerce, Ministry of Commerce and Industry has invited comments
and suggestions on the Draft National Logistics Policy from the stakeholders in
the logistics sector and from the public on various aspects of the policy. The
policy document is available on the official website of Department of Commerce
(www.commerce.gov.in) and MyGov portal (www.mygov.in). Comments and suggestions
may be sent at e-mail address draftlogpolicy@gmail.com or in the comment box
under ‘Discussion’ section of MyGov portal latest by 19th February 2019. The
comments and suggestion should be preferably in word format. Reference of the
pertinent paragraph of the draft policy should be given while giving
suggestions.
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GST ANTI-PROFITEERING: AN UNENDING DILEMMA FOR TAXPAYERS
Businesses still await the
formulation of standard guidelines for compliance with anti-profiteering
provisions under the GST regime. Even after 25 orders have been passed by the
National Anti-Profiteering Authority (NAA) there continues to be inconsistency
in its approach in dealing with the cases of alleged profiteering from GST rate
cuts. Recently, a distributor of L’oreal was held to have profiteered by
maintaining the base prices of certain products despite GST rate-cuts from 28%
to 18% with effect from November 15, 2017. The distributor claimed that there
was no revision in the base pricing of the products post rate-cuts. During the
period immediately prior to the rate revision (i.e. September and October 2017)
the base price appeared lower on account of an ongoing special promotional
discount from L’oreal. The NAA rejected the argument on a vague observation
that pre-rate revision discounts had no bearing on determination of
profiteering and held that such discontinuation of discounts amounted to an
increase in the base price and consequently profiteering. In other words,
withdrawal of a commercial discount pursuant to a GST rate-cut amounts to
profiteering as per the NAA. The NAA held that withdrawal of discounts pursuant
to rate-cuts did not amount to profiteering. While the findings of the NAA in
the case of L’oreal’s distributor are in stark contrast to its earlier
decisions, the NAA does not provide any rationale behind such inconsistency. L’oreal’s
distributor claimed that it was not benefiting from the rate-cuts as the
product prices were controlled by the manufacturer. It also placed on record
the fact that its margins remained constant and it was buying goods at higher
prices. The NAA observed that the distributor was registered under the GST
legislations and was accountable for passing on the benefit of GST rate-cuts to
its customers. NAA further opined that these legal obligations could not be
ignored on the ground that it was not the manufacturer of the product and did
not control its pricing. The NAA order interprets the anti-profiteering laws to
compel the supplier to act in an impossible manner. The Distributor procured
the products at the price charged from it by L’oreal and charged the revised
tax rate on the supplies post rate reduction. Therefore, there was no window
for any additional benefit arising that could be pocketed by the Distributor.
In such circumstances, the only way of passing any further benefits to the
recipient was to supply the products at a loss. Such an interpretation means
that a supplier would have to reduce its existing profit or operate at a loss.
This does not appear to be in line with the intention of the legislature in
relation to the anti-profiteering provisions. In addition, as there have been
multiple cases before the NAA which involve a similar factual matrix of a
resultant non-compliance by a distributor/ retailer on account of default on
the part of the manufacturer, it is only ordinate that the NAA should also
consider the unique supply chain dynamics of a business while addressing the
question of its profiteering. In most of its recent cases the NAA has concluded
the existence of profiteering solely on the basis of a comparative arithmetic
analysis of base pricing of products. It appears to consider fundamental legal
principles to be subservient to arithmetic calculations. While the NAA has been
vehemently insisting in its orders that its mandate does not entail price
regulation, it continues to do exactly the opposite.
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AAR: NO ITC FOR FIRM ON EXECUTIVE’S HOTEL BILL
The Maharashtra Authority
of Advance Ruling (AAR) held that a Pune-based company (a step-down arm of
South Korean steelmaker Posco’s Indian arm) is not eligible to claim input
credit tax (ITC) for goods and services tax (GST) paid on the hotel stay
provided to its executive in lieu of residential rent-free lodging as it
doesn’t amount to furtherance of business. The AAR said that the company
executive could have been provided with any other residential accommodation and
still would have performed their duties for the applicant. The hotel
accommodation was being used by the applicant as a residential premises of
their executives, which is for the personal comfort and therefore, in view of
the provisions of Section 17(5)(g) of the CGST Act, 2017, they are not eligible
to claim the ITC for the same, the ruling said. Further, the AAR also ruled
that the company isn’t eligible to claim ITC of GST paid on health insurance
provided to employees if it is partly recovered from them subsequently. The
ruling said that the company was creating this fiction of providing health
insurance to their employees only to avail 100% ITC of payments made to the
insurance companies. Since there is no supply of services there is no question
of time and value of the supply. The applicant cannot claim input tax credit of
GST paid to the insurance company, the ruling added.
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COM MIN PROPOSES SEPARATE FUND, PM-HEADED NATIONAL COUNCIL AS
PART OF DRAFT LOGISTICS POLICY
The commerce ministry has
proposed several measures such as setting up of a separate fund, single-window
e-marketplace and a law to define the role of various stakeholders as part of
the draft national logistics policy released Wednesday. The policy aimed at
integrating and optimising various elements of logistics value chain, to ensure
seamless, multi modal growth of an efficient logistics sector in the country. The
ministry has sought views of stakeholders by February 19. Its objectives
include providing an impetus to trade, enhancing export competitiveness,
improving India's ranking in the Logistics Performance Index to between 25 and
30, reducing losses due to agri-wastage to less than 5 per cent, driving
logistics cost to 10 per cent of GDP from the current levels of 13-14 per cent.
The other thrust areas of the policy include focusing on critical projects to
enable first mile and last mile connectivity; proper development of multi-modal
logistics parks (MMLP); interventions to reduce logistics cost and promote efficiency
for movement of key commodities; and setting up a Logistics Data and Analytics
Center. Besides, it includes creating a Center of Trade Facilitation and
Logistics excellence; promoting cross regional trade on e-commerce platforms
through seamless flow of goods; promoting green logistics; and setting up a
start-up acceleration fund. It said a non-lapsable logistics fund will be
created, to drive progress against the key thrust areas. The fund can be
deployed for providing viability gap funding for select MMLP projects, first
and last mile projects and projects for poorly-serviced remote areas;
incentivising select logistics skilling programmes; and setting up a start-up
acceleration fund to incentivise development of new technology. Talking about
the law, it said a framework act on integrated logistics will be enacted to
define the role and responsibilities of all stakeholders in the multimodal
logistics space. This will institutionalise the defined roles of the relevant
stakeholders as per the national logistics policy, it added. Further, the draft
has suggested constitution of four committees or councils including the
National Council for Logistics, chaired by the prime minister; an apex
inter-ministerial committee, chaired by the Minister of Commerce and Industry;
an India Logistics Forum chaired by the commerce secretary; and an empowered
task force. This is required as the logistics wing under the ministry would be
requiring extensive coordination, data gathering and monitoring across central
ministries including roads, railways, shipping, civil aviation, food processing
finance and home affairs, it said. The council (chaired by the prime minister)
will provide overall direction and guidance for the integrated development of
logistics in the country. Further, it will review the progress made against the
Integrated National Logistics Action Plan every six months., it added. It added
that creation of a national logistics e-marketplace as a one-stop marketplace
will involve simplification of documentation for exports/imports and
digitisation of processes. An effective and efficient logistics ecosystem can
be a key contributor to robust economic growth in the country, with the
potential to facilitate domestic and foreign trade, promote global
competitiveness, enhance incomes, and drive the Make in India initiative, it
added. High logistics cost in India impacts both external and internal trade.
The cost in India is estimated at 13-14 per cent of gross domestic product
compare with 9-10 per cent in the US and Europe and 11 per cent in Japan. There
is no single unit which manages the sector, as it is currently being managed by
many ministries including road transport, shipping, railways, civil aviation,
posts and commerce and industry, and finance.
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NO CUT IN SUBSIDIES, EXPECT MORE TAX STEPS IN FULL BUDGET:
PIYUSH GOYAL
The Narendra Modi
government will not cut any subsidies to fund welfare schemes such as the
income support for farmers announced in the February 1 budget that could be
enlarged to cover other deprived sections and will take whatever measures are
necessary to help startups, interim finance minister Piyush Goyal said. He
hinted that taxpayers could get more in the final budget for FY20 that will be
presented in July after the general election. The interim budget’s revenue and
fiscal targets are achievable, he said. A day before the monetary policy review
by the Reserve Bank of India (RBI), he said the government has sent a strong
signal that it has kept faith with fiscal consolidation, dismissing concerns
about any slippage. Where is the fiscal problem — I don’t understand, he said.
This year we have provided Rs 20,000 crore extra for farmers, so only that 0.1%
of slippage. And that also I have explained earlier is (actually) 3.36%. That’s
against the targeted 3.3% for FY19. In the interim budget, the government has
provided full tax rebate on income up to Rs 5 lakh, raising expectations that
in the final one the exemption limit could be raised to that level from Rs 2.5
lakh, especially after Prime Minister Narendra Modi said the interim budget was
only a trailer. Goyal hinted that more was coming, without commenting on the
exemption limit. In the interim budget, we have not been able to make the full
proposals that we would have liked to make in income tax, he said. The final
budget will have all our proposals. On the issue of the interim budget not
offering any relief for startups faced with the so-called angel tax, he implied
that this couldn’t be tackled in the interim budget. We will have to wait for
the final budget, he said. This government will support startups and will
ensure that there can never be a problem on genuine investments. Goyal
Criticises Congress Proposal
Measures have already been
taken to ensure that there is no coercive action on this front, he said. He
said the issue had arisen because of the crackdown on shell companies and
highpremium fake investments in these entities as a means of money laundering.
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RS 4.79 LAKH CRORE UTTAR PRADESH BUDGET PRESENTED IN ASSEMBLY
A Rs.4.79 lakh crore
2019-20 budget for Uttar Pradesh was presented in the state assembly on
Thursday. The annual budget was presented by state Finance Minister Rajesh
Agarwal. It is 12 per cent higher than the previous year's budget of Rs.
4,28,384.52 crore.
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NO SUPPORT FOR GOVT EMPLOYEES, TAXPAYERS UNDER PM-KISAN SCHEME
FOR FARMERS
Families of farmers who
have one or more members paying taxes or are a government employee will be
ineligible for benefit under the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN)
scheme. Families with at least one member drawing a monthly pension of Rs
10,000 will be ineligible, according to the guidelines issued to the states by
the Centre on Wednesday. Families who have professionals such as doctors,
engineers, lawyers, chartered accountants or architects will be left out too.
Announced in the Interim Budget, the scheme is supposed to provide an
additional Rs 6,000 per annum income support to small and marginal farmers. A
small or marginal farmer family is defined as a family comprising husband,
wife, and minor children, who collectively own cultivable land up to 2 hectare
according to the land records of the state or Union Territory. Families of
former members of Parliament or Legislative Assemblies or even chairpersons of
district panchayats would also be ineligible for benefit. Land owned by temples
or other institutions won't form part of the scheme. The guidelines also state
if the spouse of a farmer falls within the exclusion criteria, he won't be
considered eligible for the benefit. The first tranche is expected to be
transferred before March 31, 2019. According to the Interim Budget, a sum of Rs
75,000 crore has been allocated for the scheme in financial year 2020 (FY20).
Further, Rs 20,000 crore has been allocated in the revised estimates of FY19.
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AFTER PIYUSH GOYAL, NOW RBI'S GIFT TO FARMERS
Interim finance minister
Piyush Goyal, who presented Budget 2019 a week ago, doled out sops to farmers
after the widespread view that farmers were alienating from the BJP. His most
eye-catching sop was income support for marginal farmers at Rs 6,000 per year
under a scheme called Pradhan Mantri Kisan Samman Nidhi Yojana for which he set
aside set aside Rs 75,000 crore. Now the Reserve Bank of India has offered some
relief to farmers. In its Statement on Developmental and Regulatory Policies
released, the central bank enhanced the limit of collateral-free agriculture
loans Presently the banks are mandated to extend collateral-free agriculture
loans up to Rs 1 lakh. This limit was fixed in 2010. Keeping in view the
overall inflation and rise in agriculture input costs since then, it has been
decided to raise the limit for collateral–free agriculture loans from Rs 1
lakh to Rs 1.6 lakh. This will enhance coverage of small and marginal farmers
in the formal credit system, the RBI said. The circular to this effect will be
issued shortly, it added. Small and marginal farmers get just 40 per cent of
total agricultural credit. Most small farmers take loans of less than Rs 2
lakh. RBI data show that in FY17, the share of loans of Rs 2 lakh or less was
just 40 per cent of the total agri credit of Rs 10.78-lakh crore. In contrast,
loans between Rs 2 lakh and Rs 1 crore accounted for 47 per cent of the
disbursals, and around 13 per cent of the total agri credit was accounted for
by loans of Rs 1 crore or more. Loans of over 100 crore were sanctioned to just
210 accounts (individuals/entities).
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THE LAST WINSOME LINK VANISHES, ALL TRAILS IN THE RS 6,800-CR
SCAM GO COLD
Mustafa Batliwala, who was
the right-hand man of Jatin Mehta, the founder of Winsome Group — India’s
second-largest wilful defaulter after Vijay Mallya — is feared to have left the
country. Based in Surat, Batliwala, a master in the diamond trade, used to look
after the accounts of Winsome firms and was familiar with the intricacies of
the business. Officials of government agencies investigating the case could not
trace his whereabouts during a visit to Surat. They learnt Batliwala had left
India with his family some months ago. He probably sensed the heat with CBI
reviving the Winsome case after the Nirav Modi scam, a person familiar with the
matter told. A string of defaults by Winsome and group company Forever shook
the industry in 2013, when more than a dozen banks led by Standard Chartered
realised that thousands of crores of trade finance had soured. Mehta, who by
then had distanced himself from Winsome, later became a citizen of St Kitts,
the Caribbean island that sells its citizenship. According to a former adviser
of Mehta, the OCI (or, overseas citizen of India) status of Sonia Mehta, the
wife of the Winsome Group founder, is under review.
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AHMEDABAD: RS 1 CR CASH SIZED IN RAID ON KUSHAL TRADELINK
The Income Tax officials
carried out survey operations at various locations including residential
premises and offices of Ahmedabad-based Kushal Tradelink. The officials
searched the premises in Ahmedabad, Kheda and Gandhinagar. A total of 150
officials were involved in the operation Nine lockers, Rs 1 crore in cash, Rs 3
crore worth of unaccounted fixed deposits and several cash vouchers were also found
Officials suspect that the vouchers could be receipts for cash transations. The
company was put on the radar of the I-T officials after its share price which
was around Rs 2 per share during demonetisation shot up to Rs 3000 per share
later. The department suspected the company was artificially managing its share
price. Its turnover was Rs 338 crore in the year 2015-16 and at that time, the
share price was Rs 550 while in 2016-17 the turnover was Rs 383 crore and the
share price shot up to Rs 3000 crore. Officials also believe that shell
companies were created by the firm in Kolkata to help in tax evasion.
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RS 2,654 CR BANK FRAUD CASE: DPIL PROMOTERS WITHDRAW BAIL PLEA
FROM GUJARAT HC
The Central Bureau of
Investigation (CBI) has submitted before the Gujarat High Court that it
requires another three months to complete the probe in the Rs 2,654 crore bank
fraud case involving the promoters of Vadodara-based Diamond Power
Infrastructure Limited (DPIL). The submissions were made in response to the
court's query to the probe agency while deciding the bail plea filed by
DPIL's—Sumit and Amit Bhatnagar. Following the submission, the court expressed
its reluctance to provide bail to the Bhatnagar brothers, after which the duo found
it better to withdraw the petition on Tuesday rather than drawing any adverse
order and challenge the same before the Supreme Court. The court, while
allowing them to withdraw the petition, gave them the liberty to file a fresh
application for bail after the CBI completes its investigation in the case.
While the CBI had vehemently opposed the bail plea of the duo in the court
citing pending investigation, the petitioners' advocate Yatin Oza had sought
bail on the ground that charge sheet had been already filed in the case. Oza
had earlier contended before the court that the various properties of the
accused had been already put up before the National Company Law Tribunal
(NCLT). He had submitted that NCLT had appointed a resolution professional to
deal with the properties, to sell them, and use the funds for repayment to the
banks.
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INX MEDIA CASE: KARTI CHIDAMBARAM APPEARS BEFORE ED TO RECORD
HIS STATEMENT
Karti Chidambaram, son of
former finance minister P Chidambaram, appeared before the Enforcement
Directorate (ED) on Thursday in connection with a money laundering probe
against him. Officials said Karti Chidambaram was summoned to record his
statement under the Prevention of Money Laundering Act (PMLA). He arrived at
the ED office in Jamnagar House in central Delhi at about 11 am.
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GOVERNMENT 'AXES' TENURE OF TWO SENIOR CBI OFFICERS ANISH
PRASAD & ABHAY SINGH
The tenures of two senior
IPS officers -- Anish Prasad and Abhay Singh -- at the Central Bureau of
Investigation (CBI) have been curtailed, according to a Personnel Ministry
order issued Wednesday. Prasad, a 2003 batch IPS officer of Tripura cadre, was
reportedly at the centre of controversy involving the CBI's two former top officers
-- ex-chief Alok Kumar Verma and the then Special Director Rakesh Asthana. Both
Verma and Asthana had accused each other of corruption Verma was removed from
the post of CBI Director on January 10. Prasad, who is at present Deputy
Director (Administration) in the central probe agency's headquarters here, had
earlier worked in the surveillance unit of the CBI, officials said. At the time
of his tussle with Verma, Asthana had written to Central Vigilance Commission
and accused the agency of snooping on his family members, they said.
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NIRAV MODI CLOUD STILL HANGS, BUT PNB CAN RAISE A CHEER
Punjab National Bank (PNB)
will step up on lending, consolidate its business and at the same time,
continue its focus on recovery of bad loans as it has fully provided for the Rs
14,000-crore Nirav Modi scam that hit the bank on Valentine’s Day last year. On
Tuesday, the public sector bank posted its first quarterly profit since the
scam-hit quarter of March 2018. CEO Sunil Mehta said that the bank has
overhauled processes, made aggressive provisions for bad loans, sold non-core
assets and stepped up recoveries helped by the new bankruptcy law to make a
turnaround. We have recovered Rs 16,000 crore so far this year, up from Rs
5,617 crore last year. We expect another Rs 10,000 crore to be recovered in the
last quarter this fiscal led by two accounts which are at the fag end of their
NCLT process and also some other small-ticket loans, Mehta said. The bank had
made a record Rs 13,417 crore loss in the quarter ended March 2018, mainly due
to the Nirav Modi fraud and also because of fresh non-performing assets (NPAs)
due to the RBI’s so-called February 12 circular. We have now fully provided for
the fraud, paid all our liabilities and are ready to start on a clean slate.
Our total provision coverage now stands at 69 per cent and provision for NCLT
accounts is at 75 per cent. Any recovery from NCLT accounts above 25 per cent
will be now be written back, Mehta said. PNB has Rs 6,000 crore of jewellery
and assets as collateral from Nirav Modi, but expects a recovery of just Rs
3,000 crore- Rs 4,000 crore from those and that too only after the long-drawn
legal process is completed. However, the bank like its peers has seen a
consistent drop in fresh slippages so far this year from Rs 5,400 crore in the
first quarter to Rs 4,476 crore in the second quarter and Rs 3,328 crore in the
third quarter. This is in sharp contrast to the massive Rs 40,672 crore
slippages the bank reported in the quarter ended March 2018. The bank reported
a 6.7 per cent credit growth and is expecting its domestic loans to expand at
double-digits for the fiscal ended March 2019. Corporate credit has grown more
than 10 per cent year-on-year, retail loans by over 15 per cent this quarter,
and home loans have grown 20 per cent. We expect the momentum to continue till
the end of the fiscal, said Mehta. Retail loans constitute 55 per cent of the
bank’s loan book.
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JSW, OTHER STEEL FIRMS MEET GOVT TO SEEK RISE IN IMPORT DUTY:
REPORT
Executives from top Indian
steel companies met with government officials on Wednesday and sought an
increase in duties on imports of steel to check surging shipments from
overseas, two sources with direct knowledge of the matter said. Top Indian
steel producer JSW Steel attended the meeting in which companies asked the
government to implement higher duties or other short-term emergency measures to
curb imports, the sources said. Indian steel firms are putting pressure on the
nation's government to impose higher duties on imports as trade disputes and a
global economic slowdown divert surplus Asian steel stocks to India. India's
steel imports from Korea rose 30 per cent during the nine months ended on
December 31, while imports from Japan rose 28 per cent during the same period,
the sources said.
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ASSAM BUDGET 2019-20: ONE-TOLA GOLD TO BRIDES, RICE AT RE 1/KG
Assam Finance Minister
Himanta Biswa Sarma on Wednesday presented a Rs 1,193.04-crore deficit budget
for 2019-20, introducing several new schemes including rice at Rs 1 per
kilogram for the poor, 1 tola (10 gram) gold to the brides, among others. The
Minister also announced waiver of hotel fees for students and some social
security schemes to cover the young widows and 'divgyangs' and scholarship
schemes for the higher education of girls from the minority communities. The
budget also announced Affordable Nutrition & Nourishment Assistance (ANNA)
Yojana under which the government plans to provide rice at a further subsidized
rate of Re 1 per kg instead for the benefit of 53 lakh households. Giving
details of the Affordable Nutrition & Nourishment Assistance (ANNA) Yojana,
Sarma said the government will provide rice at a subsidized rate of Re 1 per kg
instead of the present Rs 3 per kg in order to further strengthen food security
for our people. He said that the scheme is expected to benefit 53 lakh
households across the state and added the government will start the pilot
implementation of ANNA Yojana from March, 2019. I am happy to announce that we
shall give 'one tola gold' costing around Rs 38,000 as on today, to brides
belonging to all such communities of our state where it is customary to provide
gold at the time of wedding, Sarma said while presenting the budget. The gold
benefit will be extended to those brides who belong to families whose yearly
earning is less than Rs 5 lakh. The government will provide free text books to
students upto degree level (Arts, Science and Commerce) from the present level
of Class XII, Sarma said. A subsidy of Rs 700 per student per month to be paid
for 10 months in a year, irrespective of their economic status, on the mess
bills, for those students staying in the hostels of government, or
provincialised colleges and universities, the minister said, adding the
government will also provide battery operated 'e-bikes' to all girl students
who secure 1st division or above in their higher secondary examinations. The
government has decided to provide rice free of cost to 4 lakh families in the
tea garden areas and 2 kg of sugar per month to the families of the tea garden
workers, he said, adding that the government is launching a new scheme under
which any woman, up to the age of 45 years, who loses her husband, will receive
an amount of Rs 25,000 as 'Immediate Family Assistance'. In addition to the
immediate assistance of Rs 25,000, for regular maintenance expenses, the widow
will also be eligible for a monthly pension of Rs 250 until she attains the age
of 60 years, post which, she will be moved to the old age pension scheme, said
Sarma. He said that the government has earmarked Rs 200 crore for scholarships
to girl students of minority communities for higher education and announced the
government has decided to establish a Development Corporation for the
Indigenous Muslims which will take up various programmes for their development.
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NOT SERIOUSLY CONTEMPLATING 'EXTENSIVE REFORMS' IN CBI: GOVT
The government is not
seriously contemplating bringing extensive reforms in the Central Bureau of
Investigation (CBI), Jitendra Singh said Wednesday. No, said the minister in a
written reply in Lok Sabha in response to a question whether the government was
contemplating extensive reforms in the CBI. The assertion assumes significance
as the central probe agency had been in news for some time due to bitter fight
between its two former top officers -- ex-CBI chief Alok Kumar Verma and the
then Special Director Rakesh Asthana. Meanwhile, the government had on Saturday
appointed former Madhya Pradesh police chief Rishi Kumar Shukla as the CBI
chief.
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CBI TO FAST-TRACK PROBE AGAINST SEBI, ROC OFFICIALS IN SARADHA
CASE THAT SPARKED POLITICAL ROW
The Central Bureau of Investigation
is likely to expedite investigation against the officials of Securities and
Exchange Board of India and Registrar of Companies (RoC) in the Saradha chit
fund case sources said. The move comes as the agency prepares to file
chargesheets in the controversial scam, they said. The agency is basing its
investigation on the SFIO report that found irregularities in the functioning
of executives belonging to the market regulator and the Ministry of Corporate
Affairs (MCA) under which the RoC falls. The CBI investigation comes even as
the Saradha controversy created a major political turmoil in the form of a
standoff between the Centre and the West Bengal government. The Supreme Court
on Tuesday asked Rajeev Kumar to appear before the CBI at a neutral place at
Shillong. But it refrained the CBI from arresting Kumar. According to
documents, there were complaints against 14 Saradha Group companies. Debashish
Bandopadhya was the RoC of Kolkata from 2007 to 2014. MCA had ordered
investigations into the affairs of about 57 companies, including Saradha, Rose
Valley and Vibgyor. But the starting point had been Saradha, which is accused
of illegally collecting about Rs 2,500 crore from investors. MCA's internal
note shows that the then RoC of Kolkata was slow in conducting inspection even
after six months of being ordered to do so. Debjani Majumdar, a key associate
of Sudipta Sen, recorded her statement before SFIO on February 2, 2014. In her
statement she said that total amount of approximately Rs 16-18 crore has been
made to Debabrata Sarkar for settlement with SEBI and RBI. Around Rs 3 crore
was paid to Jinesh Vanzara, Chartered Accountant and President of Institute of
Chartered Accountants of India for managing with the income tax authorities. Total
amount of Rs 2-3 crore has been given to Ramesh Gandhi for managing with the
RoC people. Debabrata Sarkar was an executive of the East Bengal football club.
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GOVERNMENT ALLOWS EXPORT OF BIO-FUELS FROM SPECIAL ECONOMIC
ZONES, EOUS
The government has allowed
export of bio-fuels from special economic zones (SEZs) and export-oriented
units (EoUs) with certain conditions according to a notice of the directorate
general of foreign trade. They also informed government authorities that SEZ units
have been granted letter of approval for export of bio-fuels and EoU units have
obligations to fulfil under an export promotion scheme. Considering the
hardship faced by the trade community and the fact that production of bio-fuels
in EoU/SEZ would be from imported feedstock, therefore, it would not impact the
domestic production/consumption. Hence, the restriction as applicable to DTA
(domestic tariff area) may not be extended to EoU/SEZ, the DGFT notice said.
SEZs and EoUs are export-oriented units outside the ambit of domestic customs
laws. Members of trade and industry are informed that export of bio-fuels for
non-fuel purposes from EoU/SEZ will be regulated under certain rules of SEZs
and foreign trade policy it added.
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MADRAS HC ALLOWS ICICI BANK TO RECOVER RS 221 CR FROM
SUBHIKSHA, GUARANTORS
The Madras High Court has
allowed ICICI Bank to recover Rs 221 crore from Subhiksha Trading Services Ltd,
the retail chain which was shut in 2008, and its guarantors, including its
promoter R Subramanian. Order, passed by the Chief Justice of Madras High
Court, Justice Vijay Kailash Tahilramani and Justice M Duraiswamy, comes in
response to a revision petition filed by Subramanian, managing director,
Subhiksha Trading against Debt Recovery Appellate Tribunal (DRAT's) order which
allowed the bank to recover Rs 221 crore from Subhiksha and its guarantors. Confirming
the order, V Suresh, counsel for ICICI Bank said that the court dismissed the
revision petition and allowed the bank to recover Rs 221 crore, with interest
from 2010. Earlier this year, the Enforcement Directorate (ED) attached the
shares and four immovable properties worth Rs 50.02 crore belonging to
Subramanian, the then MD of Subhiksha Trading Services Ltd in a bank fraud case
under the Prevention of Money Laundering Act (PMLA). The ED said that
Subramanian had taken a loan of Rs 790 crore from a consortium of bankers and
had not repaid the amount. Subramanian was arrested under the PMLA in February
2018. The case is being heard by DRAT. The ED had taken over the probe in the
case based on a CBI FIR and charge sheet.
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COURT EXTENDS INTERIM PROTECTION FROM ARREST TO ROBERT VADRA'S
AIDE
A Delhi court Wednesday
extended till February 16 the interim protection from arrest granted to Manoj
Arora in a money laundering case in which his employer Robert Vadra, son-in-law
of UPA Chairperson Sonia Gandhi, joined the probe before the Enforcement
Directorate. The relief to Arora was granted as the probe agency informed the
court that Vadra has also been granted interim bail till February 16 after he
filed an anticipatory bail application and sought time to respond. The case is
linked to allegations of money laundering in the purchase of a London-based
property — 12, Bryanston Square — worth 1.9 million pounds. The property is
allegedly owned by Vadra, brother-in-law of Congress president Rahul Gandhi. ED
had opposed Vadra's anticipatory bail and claimed that he had also got
kickbacks in a petroleum deal in 2009. Vadra had moved the anticipatory bail
plea from London where he had gone for the treatment of his mother. In his
anticipatory bail plea, Vadra said he was being subjected to unwarranted,
unjustified and malicious criminal prosecution which on the face of it is
completely politically motivated and is being carried out for reasons other
than those prescribed under law. He was granted protection from arrest on
February 2 with a direction to appear before the ED and cooperate in the
investigation. On Wednesday, he appeared before the Enforcement Directorate.
His wife and Congress general secretary Priyanka Gandhi strongly came out in
support of her husband, whom she dropped off at the ED's office. The court had
passed the directions after his advocate had submitted that Vadra was abroad
for his mother's treatment and would come to India on February 6. The court
will next hear the matter on February 16, when Vadra's interim bail is
scheduled to expire.
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VIJAY MALLYA PREPARES FOR LENGTHY APPEAL AGAINST UK GOVT'S
EXTRADITION ORDER
A defiant Vijay Mallya has
confirmed his plans to initiate a lengthy appeal process against the UK
government's order to extradite him to face charges of fraud and money
laundering amounting to nearly ₹9,000 crores in India. Mallya has two weeks to lodge a
permission to appeal in the High Court after Javid signed off on his
extradition order. Hours later, Mallya took to social media to confirm his
plans to appeal against the decision. After the decision was handed down on
December 10, 2018 by the Westminster Magistrates Court, I stated my intention
to appeal. I could not initiate the appeal process before a decision by the
Home Secretary. Now I will initiate the appeal process, Mallya said in a
statement on Twitter. Once the application is made, the court will consider
whether there are grounds for the appeal to be admitted and that in turn would
trigger another set of hearings over the next few months in the Administrative
Court, which is part of the UK High Court. It could take months for the case to
be heard as the court gets very clogged up and the whole process could take up
to five or six months, explained Sarosh Zaiwalla. The Crown Prosecution Service
(arguing on behalf of the Indian government) could apply for an expedited
appeal process but it is not common for this to be granted. You would have to
show the need of urgency, he said. Following the outcome at the High Court
level, both sides could apply for the right to appeal to the Supreme Court,
which would involve at least another six weeks. However, that process is more
complex as the UK High Court must certify that the appeal involves a point of
law of general public importance, and either the High Court or the Supreme
Court gives leave for the appeal to be made.
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MAMATA BANERJEE VS CENTRE: CBI YET TO FINALISE DATES FOR
QUESTIONING KOLKATA TOP COP RAJEEV KUMAR
The CBI is finalising the
dates for interrogating Kolkata Police Commissioner Rajeev Kumar in its
Shillong office as per the Supreme Court’s order, a senior officer of the
investigating agency said on Wednesday. We are finalising the dates on which we
are going to question him. It could be this weekend, the officer told PTI. According
to sources in the central agency, Kumar is understood to have written to its
officials stating his availability for questioning at its Shillong office this
weekend. The apex court had on Tuesday issued a notice to Kumar on a contempt
plea filed by the Central Bureau of Investigation in connection with the
Saradha chit fund scam. The agency filed the plea after its team was prevented
from entering Kumar’s residence, where it had gone earlier this week to
question the top police officer in connection with the probe into the
multi-crore scam. The court directed Kumar to appear before the CBI in Shillong
for questioning, making it clear that he could not be arrested.
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BJP ATTACKS CONGRESS OVER ROBERT VADRA’S ED SUMMONS
The Bharatiya Janata Party
on Wednesday attacked the Congress over the Enforcement Directorate’s (ED’s)
summons to Priyanka Gandhi Vadra’s husband Robert Vadra to appear before it in
connection with a money laundering case Sambit Patra alleged that Mr. Vadra
benefited from a petroleum and a defence deal which took place in 2008-09 when
the UPA was in power. He claimed that Mr. Vadra, brother-in-law of Congress
president Rahul Gandhi, utilised the money to buy posh properties worth several
crore rupees in London. He alleged that Mr. Vadra’s company received kickbacks
from a series of companies floated to turn black money into white.
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TAMIL NADU: DISCIPLINARY ACTION AGAINST 7,300 COPS OVER
CLOSURE OF 2.14 LAKH FIRS
The Madras High Court was
informed that the Tamil Nadu Police has initiated disciplinary proceedings
against at least 7,324 officers for failing to file final reports within the
statutory time limit which resulted in closure of over 2.14 lakh FIRs by trial
courts Filing a counter-affidavit on the interim order passed by Justice M V
Muralidharan, the Director General of Police’s office magistrate courts were
not maintaining registers to enable police to know about cases which were not
taken on file. There were 1,72,602 such cases between 2010 and 2018, according
to the counter affidavit, which also claimed that the lower judiciary closed
FIRs for not filing of charge sheets by police. It was also brought to the
knowledge of the judge that in total between 2009 and 2014, 2,14,901 FIRs had
been closed by magistrate courts. The Director General of Police (DGP) office
also submitted that disciplinary action is being initiated to issue show cause
notices to 7,324 investigating officers who had failed to file the final
reports within the stipulated time which resulted in closure of FIRs by trial
courts. The issue started during hearing of a civil appeal moved by
Tirupur-based Safire Print Lab Knits and Woven Fabric against the Commissioner
of Employees granting Rs 3.94 lakh compensation to an employee of the firm who
died in an accident while at work. When the appeal came up on December 6,
Justice Muralidaran had directed the Uthukului police and the hospital
management to file a report to ascertain the status of the case. The police had
filed a report along with a communication, dated June 8, 2016, issued by the
Avinasi judicial magistrate. When the court perused the communication, it came
to light that the magistrate had closed 87 such FIRs registered during 2006 to
2014 on the same grounds which made the judge, Muralidaran, to call for such
records. Taking serious note of the issue, the judge directed the court
registry to submit details with regard to closure of such FIRs throughout the
Tamil Nadu. When it was brought to the knowledge of Muralidaran that 2,14,901
FIRs had been closed by magistrate courts across the state for non-filing of
charge sheet by police within the statutory time limit, that too for five years
— 2009 and 2014, the judge sought for an explanation from the state home secretary
and the DGP.
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‘JUMLA RAJA, CHAUPAT RAJ’: RAHUL GANDHI’S SWIPE AT PM MODI ON
UNEMPLOYMENT
Rahul Gandhi on Wednesday
dubbed Prime Minister Narendra Modi jumla raja (king of rhetoric) and his rule
chaupat raj (regime of ruin). Using Twitter to take a swipe at the prime
minister, he tagged a media report on the unemployment situation in Uttar
Pradesh, claiming that youth with even PhD degrees are applying for class IV
jobs Farmers do not get the right prices, the youth do not get the right jobs,
in ‘jumla raja’s chaupat raj’, no hard working person gets respect, the
Congress chief said in a tweet in Hindi. Gandhi has been highly critical of
Prime Minister Narendra Modi on the issue of unemployment and has often accused
him of not fulfilling his promise — before coming to power– of providing two
crore jobs per year to the youth. The Congress chief has also attacked Modi for
not providing adequate prices to farmers for their produce.
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SABARIMALA: IN A U-TURN, KERALA'S TRAVANCORE DEVASWOM BOARD
SUPPORTS ENTRY OF WOMEN OF ALL AGES
The Travancore Devaswom
Board (TDB), which runs the historic Sabarimala temple in Kerala, took a U-turn
in the Supreme Court on Wednesday by supporting its verdict which had allowed
women of all age groups to enter the shrine The Board, which also comprise the
State government nominees, told a five-judge Constitution Bench headed by Chief
Justice Ranjan Gogoi that it is high time that a particular class not be
discriminated on the ground of biological attributes. In the forenoon, the
Kerala government took the stand that it was in agreement with the September
28, 2018 verdict and had urged dismissal of petitions seeking review of the
verdict. Article 25 (1) equally entitles all persons to practice religion,
senior advocate Rakesh Dwivedi, appearing for TDB, told the Bench which also
comprise Justices R.F. Nariman, A.M. Khanwilkar, D.Y. Chandrachud and Indu
Malhotra.
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EXCLUSION OF WOMEN FROM TEMPLES NOT ESSENTIAL TO HINDU
RELIGION: KERALA GOVERNMENT ON SABARIMALA
Exclusion of women from
temples is not essential to the Hindu religion the Kerala government said
Wednesday vehemently opposing in the Supreme Court a batch of petitions seeking
review of its verdict allowing the entry of women of all ages into the
Sabarimala temple. A five-judge Constitution bench headed by Chief Justice of
India (CJI) Ranjan Gogoi was told by the counsel for the Kerala government that
no ground was made out in any of the petitions seeking review of the apex
court's September 28, 2018 verdict. Senior advocate Jaideep Gupta appearing for
the Kerala government told the bench, also comprising justices R F Nariman, A M
Khanwilkar, D Y Chandrachud and Indu Malhotra, that there was a consensus among
the four judges who delivered the majority judgment on three aspects -- Article
26, 25 (2) and rule 3 (b) of the Kerala Act. Gupta said in none of the review
petitions questions have been raised regarding these three points and therefore
other aspects raised in the review petition will make no difference. He also
said the exclusion of women from temples is not essential to the Hindu religion
and women are allowed in many other Ayyappa temples. The state government said
there is a distinction between essential practice of a temple and the essential
practice of the religion. If this essential practice test is applied temple
wise then the purpose would be defeated. He said many of those who have sought
a re-look of the judgment have not come out with valid legal points but have
merely analysed the verdict by the way of a review petition and the court
should not entertain them. Gupta said nothing has been placed before the court
that justifies a review in the matter. A challenge on the ground that Articles
15 or 17 were not considered will not have an effect on the judgment so far as
these three go. The mandamus will remain. Unless it is proved that a
consideration of the same would affect the three points of consensus, there
should be no review, Gupta said. The doctrine would be demolished. The
Jagannath temple is extremely unique, so is the Kashi Vishwanath temple. Nobody
can underestimate the importance of the Tirupati temple. But none of these have
been held to be denominational. On the hand, the Shirur Mutt, as a group that
organises a temple and possesses identifying characteristics, is a
denomination., he elaborated.
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GENERAL QUOTA, BUDGET GOODIES WIN RSS' FAVOUR, PUT RAM TEMPLE
ON BACKBURNER
The Vishva Hindu Parishad
(VHP) has shelved its plans to start the construction of a Ram temple at the
disputed site in Ayodhya. On the face of it, the move is a jolt to the core
supporters of the Bharatiya Janata Party (BJP) and betrays scepticism within the
Sangh Parivar that the issue is not finding resonance. However, the Sangh
Parivar, to the contrary, is not perturbed that the decision could lead to any
significant loss of its support base in the forthcoming Lok Sabha polls. Initially,
the 'Dharma Sansad' had threatened to start construction work near the disputed
site in the third week of March. An address to the gathering by Rashtriya
Swayamsevak Sangh (RSS) chief Mohan Bhagwat had led to commotion when he had
said the agitation should be postponed until a later date. The VHP spent much
effort to convince Hindu saints to agree to postpone the agitation. Eventually,
the Sangh Parivar leadership was able to strike a truce. Adityanath-led Uttar
Pradesh government's announcement of a pension scheme for saints helped, as did
other promises. Sources in the fraternal organisations of the RSS, including
those who work with organised sector workers and farmers, believe the Narendra
Modi government's recent decisions, including the Budget announcements, would
help blunt the incipient anger among middle classes, traders and farmers, and
it doesn't need to resort to raking up the temple issue in the run-up to the
Lok Sabha polls. The BJP and the larger Sangh Parivar believe the Modi
government's recent amendment to the Constitution to provide for 10 per cent
reservation in jobs for economically weaker sections among the general category
has helped it restore the confidence of the upper caste Hindu youth in his
leadership. Moreover, the Budget announcement of the Prime Minister Kisan
scheme has also been welcomed. The Sangh Parivar workers have been tasked with
spreading the message of the scheme, that the government would deposit Rs 6,000
in a year as income support in the bank accounts of 120 million farmers. Party
strategists also are of the view that it would be able to put forth
'corruption' as a key issue, and highlight the difference between a hard
working, honest leader in Modi, who is committed to building a 'new India',
versus the rest of the opposition leaders, who are not just corrupt but lack
any vision.
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CONTEMPT PLEAS AGAINST PRASHANT BHUSHAN: SUPREME COURT MAY
CURB ADVOCATES FROM SPEAKING ON CASES
The Supreme Court on
Wednesday agreed to examine the possibility of imposing curbs on advocates
airing their views in the media about pending cases and the judges handling
them, during a hearing on contempt petitions filed by the government and the
Attorney General of India against civil rights lawyer Prashant Bhushan. A Bench
of Justices Arun Mishra and Navin Sinha agreed that though the flash of cameras
and media attention may seem irresistible to some, a line needed to be firmly
drawn. The temptation to talk was hard to get over when cameras were trained on
you, the Bench observed. Observing that freedom carries with it a
responsibility, it noted that some lawyers even used air time to attack judges,
whose code of conduct did not allow them to go public. Only one version of the
matter was thus heard. The judiciary should be protected, Justice Mishra said.
If the Bar is out to kill the judiciary, what can be done. The bench also
observed that some lawyers rushed to the media as soon as their petition was
filed. While the petition may contain all manner of allegations, and was even
likely to be later withdrawn in court, the damage, however, had been done by
that time. When a matter is sub judice, what is expected of lawyers? Should
they go public and be part of media and TV debate, the bench asked.
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SC TRANSFERS MUZAFFARPUR SHELTER HOME SEXUAL ASSAULT CASE FROM
BIHAR TO DELHI
The Supreme Court on
Thursday ordered the transfer of the Muzaffarpur shelter home sexual assault
case from Bihar to a court in New Delhi and slammed the state government for its
management of shelter homes. A bench, headed by Chief Justice Ranjan Gogoi,
said the cases should be transferred from the Bihar CBI court to a POCSO
(Protection of Children from Sexual Offences) Saket trial court within two
weeks. It ordered the Saket trial court to conclude the trial within six
months. The apex court also rapped the CBI for transferring its officer probing
the sexual assault case and said it amounted to a violation of its order. A
bench asked the investigating agency to file an affidavit giving an
explanation. Enough is enough. Children cannot be treated like this. You cannot
let your officers treat children this way. Spare the children, the top court
told the Bihar government. It said the court will summon the chief secretary if
the state fails to give all information.
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US TO SELL TWO MISSILE DEFENCE SYSTEMS WORTH $190 MILLION FOR
AIR INDIA ONE
The US has agreed to sell
two state-of-the-art missile defence systems to Air India One for an estimated
cost of $190 million, a move that will enhance the security of planes flying
the prime minister and the president. According to the Pentagon, the sale will
support the foreign policy and national security of the US by helping to
strengthen the US-Indian strategic relationship. The Trump administrations
approved purchase of the two systems known as Large Aircraft Infrared
Countermeasures (LAIRCAM) and Self-Protection Suites (SPS) for an estimated
cost of $ 190 million, the US Defence Security Cooperation Agency (DSCA) said
in a notification to the Congress on Wednesday. The US decision came after the
Indian Government recently made a request for LAIRCAM SPS, given the high-level
threat to the prime minister and the president. The defence systems, which
would bring security of Air India One at par with that of Air Force One, would
be installed in two Boeing 777 Head-of- State aircraft, the Pentagon said. The
Indian Government plans to buy two Bowing 777 from the national carrier Air
India for this specific purpose and unlike in the past would not be used for
commercial purposes.
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NILA VIKHE PATIL: ADVISOR TO SWEDISH PMO HAS A MAHARASHTRA
CONNECTION
Her surname is Vikhe
Patil, but for one belonging to a family that pioneered the co-operative
movement in Maharashtra, 33-year-old Nila’s focus isn’t sugar but Stockholm.
Great-granddaughter of the founder of Asia’s first co-operative sugar factory,
Vithalrao, and granddaughter of late MP and sugar baron Balasaheb Vikhe Patil,
Nila has just been reappointed — after an initial two-year stint — as political
advisor to the Swedish Prime Minister’s Office. Nila Vikhe Patil is the
daughter of Balasaheb’s son Ashok, who heads the family’s ‘Pravara’ chain of
educational institutions in the family borough of Ahmednagar district and
beyond. Born on Swedish soil to a Swedish mother, Eva-Lill, whom Ashok met on a
business trip to Stockholm, Nila spent her pre-school years in Ahmednagar as
part of a joint family. Her parents later separated and she moved with her
mother to Sweden, but not before picking up a smattering of Marathi words and a
love for Maharashtrian food. I love pithla, bhakri, and varan bhaat (dal rice),
she told, adding that she speaks to her father over the phone every day. And
her heroes are Indian: her granddad, an idealistic man with whom she had many
conversations on life and politics before he died in 2016, and the late
President Abdul Kalam, a truly striking personality with sharp intellect. She
might need a bit of both in her role in Swedish PM Stefan Lofven’s office. My
primary responsibility is financial issues such as budget, taxation, banking
and regulation, Constitutional issues and monetary policy, she said.
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TRUMP INTRODUCES WORLD BANK CRITIC DAVID MALPASS TO LEAD IT
President Donald Trump on
Wednesday introduced David Malpass, a Treasury official he has nominated to
lead the World Bank as the right person to take on this incredibly important
job. Malpass, who is now Trump's undersecretary for international affairs at
the Treasury Department, has been a sharp critic of the 189-nation World Bank.
He has argued that the bank, a lending institution with a focus on emerging
countries, has concerned itself too much with its own expansion and not enough
with its core missions, like fighting poverty. Malpass would succeed Jim Yong
Kim, who left in January three years before his term was to end. Malpass, 62,
made clear Wednesday that his focus at the World Bank would include furthering
the Trump administration's agendas for developing countries. One major
initiative, he said, would be to implement changes to the World bank that he
and Treasury Secretary Steven Mnuchin helped negotiate. And in a nod to the
president's daughter and adviser, Ivanka Trump, Malpass said he would focus on
improving the status of women. A key goal will be to ensure that women achieve
full participation in developing economies, Malpass said. I know Ivanka has
been a strong leader on women's economic empowerment, and I look forward to
continuing our work together on her women's global development and prosperity
initiative. He said his efforts going back to his service in the Reagan
administration have been aimed at reforming both institutions. He pointed to
the work he had done in the Trump administration to gain approval for a $13
billion capital increase for the bank, the first increase in eight years, a
boost that included various lending reforms.
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AUSTRALIAN DOLLAR SINKS AFTER CENTRAL BANK OPENS DOOR TO
POSSIBLE RATE CUT
The Australian dollar
nosedived on Wednesday after its central bank opened the door to a possible
rate cut in yet another indication the global slowdown is persuading
policymakers to go easy on rate hikes. World stocks, too, stalled just off
two-month highs, undermined by growth worries as well as US President Donald
Trump’s combative State of the Union address, in which he unveiled no new
policy initiatives. European shares traded marginally in the black and equity
futures signalled a flat to weaker open on Wall Street. Australia’s central
bank is only the latest to signal policy; the Fed has all but given up plans
for further hikes, while the European Central Bank also sounded less certain
that it will start tightening policy. Concerns for world growth fanned fears
for global energy demand, hitting crude oil prices. Brent futures were trading
around $61.59 a barrel on Wednesday. The U-turn pushed the Australian dollar
1.5 per cent lower, putting it on track for its biggest daily drop in a year.
Australian short-dated bond yields were set for their biggest one-day drop in
more than two years, down 10 basis points on the day. When I look at the global
economy, Germany on is on the cusp of recession, Italy is in recession, Japan
in on the cusp, the Chinese economy is seeing the lowest growth in 3 decades.
The Fed had a look at the picture and said the world is slowing, it is maybe
appropriate to pause, said Rhys Petheram, a fund manager in the multi-asset
team at Jupiter Asset Management. I want to be more defensive in my allocation
to risk, he added. Wall Street finished strong on Tuesday and is now some 16
per cent off December lows but sentiment was knocked by the U.S. He also raised
the possibility of another government shutdown should financing not be forthcoming
for a U.S.-Mexico border wall.
_ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ___
ISIS HAS BEEN DECIMATED; WILL RECLAIM 100% OF CALIPHATE BY
NEXT WEEK: TRUMP
ISIS has been decimated,
US President Donald Trump has said, adding that sometime probably next week, he
will formally announce to have 100 percent of the caliphate The United States
military, its Coalition partners and the Syrian Democratic Forces have
liberated virtually all of the territory previously held by ISIS in Syria and
Iraq, Trump said on Wednesday. It should be formally announced sometime
probably next week that we will have 100 percent of the caliphate. But I want
to wait for the official word. I don't want to say it too early, Trump said in
his address to the Ministers of the Global Coalition to Defeat ISIS. He said
the new approach developed by his administration, empowered US commanders in
the field, enabled partners on the ground, and directly confronted ISIS's
wicked ideology. Over the past two years, US and its partners have retaken more
than 20,000 square miles of land, he said. We have secured one battlefield. And
we've had victory after victory after victory, and retaken both Mosul and
Raqqa. We have eliminated more than 60 mile high-value ISIS leaders he said.
Now, they re-form; we know that. But they're having a hard time re-forming, and
I wouldn't say it's a great job to have because of us. It's not exactly -
hopefully will not be a sought-after occupation, he said. US and its
international partners, he said, have freed more than five million civilians
from the grip of these bloodthirsty killers.
#For Source of Information copy and paste the heading in google.
Thanks & Regards,
CS Meetesh Shiroya
Thanks & Regards,
CS Meetesh Shiroya
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