General Affairs
Nitish Kumar, Lalu Prasad Speak of Strong Alternative to BJP
Bihar Polls: 2.5 Per Cent of Electorate Opt for 'NOTA' Option
Bihar Poll Result a Referendum on PM Modi's Performance, Says Congress
BJP's Loss in Bihar is PM Narendra Modi's Personal Defeat, Says Left Front
Saint Petersburg Bells Toll 224 Times for Egypt Crash Victims
Andhra Bank Q2 net jumps 74 per cent to Rs 251 crore
Ficci welcomes revamp of tax officers appraisal system
Essar Steel to raise fresh capital to fund capex, pare debt
EPFO trustees may fix interest on PF for 2015-16 on November 24
Vistara Airlines announces slew of offers for Diwali
Nitish Kumar, Lalu Prasad Speak of Strong Alternative to BJP
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PATNA: After decimating BJP in Bihar, Grand Alliance leaders Nitish Kumar and Lalu Prasad today spoke of plans for forging a strong national alternative as an "effective opposition" to the BJP.
Addressing a press conference after emerging victorious in the Assembly elections, Chief Minister Kumar said efforts to polarise the society have been rejected in the "milestone" Bihar elections and its results have reflected the mood of the nation that they wanted a strong alternative at the national level.
RJD chief Lalu Prasad, who addressed the joint interaction, said the Grand Alliance will launch a nation-wide stir against the "communal" Narendra Modi government with him touring the country to create a people's movement.
He also declared that Mr Kumar will continue as the chief minister. It will be Mr Kumar's third consecutive term.
Suggesting coming together of non-BJP forces at the Centre to provide a strong opposition, Mr Kumar said Bihar polls had a national context and it was now imperative that they work together to provide a strong alternative.
"Bihar poll outcome will have national implications as it had attracted nation-wide attention. The results have made it clear that people want a robust opposition and strong alternative at the national level.
"A very aggressive campaign was run (by BJP) and attempts were made to create a certain situation. People have rejected it, rejected attempts to polarise and expressed their view. This is a huge mandate and we expect it with all the humility," he said.
The JD(U) leader also noted that despite an aggressive campaign by the BJP-led NDA and its attempts at polarising the electorate, the massive mandate showed that people across communities had certain expectations and he would try his best to fulfil them.
However, he also insisted that he will not hold grudges against anybody despite the bitter campaign and will work together with all keeping a positive mindset as he sought the Centre's cooperation for the progress of Bihar.
Such a big victory would not have been possible without the support from all sections of society, including women, Dalits and minorities, he said.
On his part, Mr Prasad asserted that they will "continue with our fight. There will be such a long-term impact of Bihar results on the national politics that you cannot imagine. The Modi government, the RSS government will be demolished. I will also go to Varanasi (Modi's constituency) with lantern (RJD's election symbol)".
Even as RJD emerged as the single largest party, Mr Prasad said it was a victory of the Grand Alliance and not of one party.
"If anyone wants to sow the seeds of division among us, we won't let that happen. We are not going to be divided for the next ten lives," he said in his inimitable style amid loud cheers from workers and supporters.
On his nation-wide stir, Mr Prasad said he will take together farmers, labourers and the deprived sections "to uproot the communal Modi government".
PATNA: After decimating BJP in Bihar, Grand Alliance leaders Nitish Kumar and Lalu Prasad today spoke of plans for forging a strong national alternative as an "effective opposition" to the BJP.Addressing a press conference after emerging victorious in the Assembly elections, Chief Minister Kumar said efforts to polarise the society have been rejected in the "milestone" Bihar elections and its results have reflected the mood of the nation that they wanted a strong alternative at the national level.
RJD chief Lalu Prasad, who addressed the joint interaction, said the Grand Alliance will launch a nation-wide stir against the "communal" Narendra Modi government with him touring the country to create a people's movement.
He also declared that Mr Kumar will continue as the chief minister. It will be Mr Kumar's third consecutive term.
Suggesting coming together of non-BJP forces at the Centre to provide a strong opposition, Mr Kumar said Bihar polls had a national context and it was now imperative that they work together to provide a strong alternative.
"Bihar poll outcome will have national implications as it had attracted nation-wide attention. The results have made it clear that people want a robust opposition and strong alternative at the national level.
"A very aggressive campaign was run (by BJP) and attempts were made to create a certain situation. People have rejected it, rejected attempts to polarise and expressed their view. This is a huge mandate and we expect it with all the humility," he said.
The JD(U) leader also noted that despite an aggressive campaign by the BJP-led NDA and its attempts at polarising the electorate, the massive mandate showed that people across communities had certain expectations and he would try his best to fulfil them.
However, he also insisted that he will not hold grudges against anybody despite the bitter campaign and will work together with all keeping a positive mindset as he sought the Centre's cooperation for the progress of Bihar.
Such a big victory would not have been possible without the support from all sections of society, including women, Dalits and minorities, he said.
On his part, Mr Prasad asserted that they will "continue with our fight. There will be such a long-term impact of Bihar results on the national politics that you cannot imagine. The Modi government, the RSS government will be demolished. I will also go to Varanasi (Modi's constituency) with lantern (RJD's election symbol)".
Even as RJD emerged as the single largest party, Mr Prasad said it was a victory of the Grand Alliance and not of one party.
"If anyone wants to sow the seeds of division among us, we won't let that happen. We are not going to be divided for the next ten lives," he said in his inimitable style amid loud cheers from workers and supporters.
On his nation-wide stir, Mr Prasad said he will take together farmers, labourers and the deprived sections "to uproot the communal Modi government".
Bihar Polls: 2.5 Per Cent of Electorate Opt for 'NOTA' Option
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NEW DELHI: There were few takers in the Bihar Assembly polls for the 'none of the above' option which was introduced by the Election Commission in 2013 following a Supreme Court judgement.
According to figures made available by the poll body, 9,13,561 voters opted for the NOTA option in the state which has 243 assembly seats.
Percentage-wise, around 2.5 per cent voters hit the NOTA button which is placed as the last option on the electronic voting machine.
The figures and percentage may change till final results are out.
Out of a total of over 6.68 crore voters, 56.80 per cent had exercised their franchise, the highest ever in Bihar's history, be it Assembly or Lok Sabha polls.
The 'NOTA' option on electronic voting machines this time had its own symbol - a ballot paper with a black cross across it.
The Bihar assembly polls were the first where the symbol appeared next to the 'none of the above' option on the last panel of EVMs and ballot papers.
After the Supreme Court order in September, 2013, EC added the NOTA button on the EVMs as the last option on the voting panel.
NOTA was exercised by nearly 60 lakh people in the 2014 Lok Sabha polls.
Prior to the top court order, those not inclined to vote for any candidate had the option of filling what is popularly called 'form 49-O'. But filling the form at the polling station under Rule 49-O of the Conduct of Elections Rules, 1961, compromised the secrecy of the voter.
Supreme Court had, however, refused to direct the Election Commission to hold fresh polls if the majority of the electorate exercises the NOTA option while voting.
NEW DELHI: There were few takers in the Bihar Assembly polls for the 'none of the above' option which was introduced by the Election Commission in 2013 following a Supreme Court judgement.According to figures made available by the poll body, 9,13,561 voters opted for the NOTA option in the state which has 243 assembly seats.
Percentage-wise, around 2.5 per cent voters hit the NOTA button which is placed as the last option on the electronic voting machine.
Out of a total of over 6.68 crore voters, 56.80 per cent had exercised their franchise, the highest ever in Bihar's history, be it Assembly or Lok Sabha polls.
The 'NOTA' option on electronic voting machines this time had its own symbol - a ballot paper with a black cross across it.
The Bihar assembly polls were the first where the symbol appeared next to the 'none of the above' option on the last panel of EVMs and ballot papers.
After the Supreme Court order in September, 2013, EC added the NOTA button on the EVMs as the last option on the voting panel.
NOTA was exercised by nearly 60 lakh people in the 2014 Lok Sabha polls.
Prior to the top court order, those not inclined to vote for any candidate had the option of filling what is popularly called 'form 49-O'. But filling the form at the polling station under Rule 49-O of the Conduct of Elections Rules, 1961, compromised the secrecy of the voter.
Supreme Court had, however, refused to direct the Election Commission to hold fresh polls if the majority of the electorate exercises the NOTA option while voting.
Bihar Poll Result a Referendum on PM Modi's Performance, Says Congress
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NEW DELHI: Congress today said the Bihar poll outcome was a referendum on the performance of Prime Minister Narendra Modi and hinted that he could soon face music from within BJP as "Margdarshak Mandal" will not remain "Mukdarshak Mandal".
Party General Secretary Shakeel Ahmed also indicated that the Bihar outcome, the second successive defeat of the BJP after Delhi Assembly polls, would lead to realignment of political forces as "bubble created by the last Lok Sabha polls has finally burst".
"Certainly. It will reflect on his leadership. Like entire country, people of Bihar were disappointed over the performance of the Prime Minister and his government," party general secretary Shakeel Ahmed told PTI.
Asked whether Bihar poll was a referendum on the Modi government, he also said the campaign in the keenly fought polls saw the BJP projecting only Mr Modi by treating all state leaders as "rejects".
"There were only posters of the Prime Minister and BJP president Amit Shah and not of any state leader as they were treated as rejects," Mr Ahmed, who is a senior leader from Bihar, said.
Besides, he pointed out that the Prime Minister held as many as 31 rallies in the poll-bound state when generally Prime Ministers address four to five such rallies.
Asked whether the Bihar verdict could turn Mr Modi into a virtual lame duck Prime Minister, Mr Ahmed remarked "there is anger against Narendra Modi within his own party. Because he was getting success by hook or by crook, a large number of people were silent. They also included people who are members of the Margdarshak Mandal. They were forced to become Mukdarshak Mandal (silent spectators)."
Margdarshak Mandal is mainly a group of elderly BJP leaders like LK Advani and Murli Manohar Joshi besides the indisposed former Prime Minister Atal Bihari Vajpayee.
The Prime Minister as also Home Minister Rajnath Singh are also members of the Mandal which has not had its meeting so far. It was constituted soon after the BJP-led NDA came to power in May last year.
Detractors of the BJP have always dubbed the Margdarshak Mandal as an Old Man's club to accommodate sidelined veterans.
Another party leader Rashid Alvi said the Bihar verdict was not defeat of the BJP but of the working of the Prime Minister. The election was between Bihar Chief Minister Nitish Kumar and Prime Minister Narendra Modi and therefore Mr Modi should take moral responsibility and resign, he said.
"BJP did not learn a lesson from defeat in Delhi. Now people of Bihar have taught a very strong lesson to it", he remarked.
Party spokesman RPN Singh said the victory of the Grand Alliance was that of the idea of India and hoped the BJP heard the firecrackers being burst all over the country.
NEW DELHI: Congress today said the Bihar poll outcome was a referendum on the performance of Prime Minister Narendra Modi and hinted that he could soon face music from within BJP as "Margdarshak Mandal" will not remain "Mukdarshak Mandal".Party General Secretary Shakeel Ahmed also indicated that the Bihar outcome, the second successive defeat of the BJP after Delhi Assembly polls, would lead to realignment of political forces as "bubble created by the last Lok Sabha polls has finally burst".
"Certainly. It will reflect on his leadership. Like entire country, people of Bihar were disappointed over the performance of the Prime Minister and his government," party general secretary Shakeel Ahmed told PTI.
Asked whether Bihar poll was a referendum on the Modi government, he also said the campaign in the keenly fought polls saw the BJP projecting only Mr Modi by treating all state leaders as "rejects".
"There were only posters of the Prime Minister and BJP president Amit Shah and not of any state leader as they were treated as rejects," Mr Ahmed, who is a senior leader from Bihar, said.
Besides, he pointed out that the Prime Minister held as many as 31 rallies in the poll-bound state when generally Prime Ministers address four to five such rallies.
Asked whether the Bihar verdict could turn Mr Modi into a virtual lame duck Prime Minister, Mr Ahmed remarked "there is anger against Narendra Modi within his own party. Because he was getting success by hook or by crook, a large number of people were silent. They also included people who are members of the Margdarshak Mandal. They were forced to become Mukdarshak Mandal (silent spectators)."
Margdarshak Mandal is mainly a group of elderly BJP leaders like LK Advani and Murli Manohar Joshi besides the indisposed former Prime Minister Atal Bihari Vajpayee.
The Prime Minister as also Home Minister Rajnath Singh are also members of the Mandal which has not had its meeting so far. It was constituted soon after the BJP-led NDA came to power in May last year.
Detractors of the BJP have always dubbed the Margdarshak Mandal as an Old Man's club to accommodate sidelined veterans.
Another party leader Rashid Alvi said the Bihar verdict was not defeat of the BJP but of the working of the Prime Minister. The election was between Bihar Chief Minister Nitish Kumar and Prime Minister Narendra Modi and therefore Mr Modi should take moral responsibility and resign, he said.
"BJP did not learn a lesson from defeat in Delhi. Now people of Bihar have taught a very strong lesson to it", he remarked.
Party spokesman RPN Singh said the victory of the Grand Alliance was that of the idea of India and hoped the BJP heard the firecrackers being burst all over the country.
BJP's Loss in Bihar is PM Narendra Modi's Personal Defeat, Says Left Front
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NEW DELHI: The Left parties today said the Bihar mandate underscored Prime Minister Narendra Modi's "personal defeat" and reflected inception of "good days" for people who rejected RSS-BJP's "communal politics" for "secular and democratic" values.
It said the rejection was handed first in Delhi now Bihar.
Congratulating JD(U) leader Nitish Kumar and RJD chief Lalu Prasad following the Grand Alliance's victory in the Assembly polls, the Left parties stressed, the struggle for "better India" intensifies from here on.
On the performance of Left Front, CPI maintained the results were "not encouraging".
The CPI (ML), however, expressed satisfaction that amid the faceoff between the NDA and JD(U)-RJD-Congress combine, it managed to win two seats and was in close contest in two more constituencies where counting was still on.
"This is defeat of not only the BJP, but personal defeat of Modi and his policies. The... anti-intolerance campaign also could not bring any result," CPI national secretary Atul Anjan said.
His party colleague and Rajya Sabha member, D Raja, echoed similar views and termed JD(U)-RJD-Congress Grand Alliance' victory as "decisive".
CPI (M) general secretary Sitaram Yechury observed the verdict ensured beginning of "good days" for people as they rejected alleged communal polarisation by RSS-BJP and its "so-called" development agenda.
"People's acche din have begun, first Delhi, yesterday Kerala and today Bihar.
The subtext of the verdict is very clear that is people have rejected the communal polarisation that was going on by the RSS and BJP and rejected the claims of so-called development agenda of the government," Mr Yechury said
"Congratulations to Lalu ji, Nitish ji, people of Bihar & India. The bitterness the BJP tried to inject was defeated.
First Delhi, then Kerala and now Bihar, People making their own Achhe Din.
"Nitish ji, Congratulations, well done. Now, for bigger battles. Lalu ji, Congratulations. Ek behtar Bharat ke liye, ab sangharsh tez hoga," he said in series of tweets.
In a statement issued later, the CPI (M) congratulated people of Bihar for giving a "resounding" defeat to BJP alliance by rejecting the rank communal campaign conducted by the BJP, led by the Narendra Modi-Amit Shah duo with "divisive" issues like cow and beef and the bogey of reservations for minorities.
It averred the victory of the Grand Alliance is a "clear indication" that the BJP-RSS brand of politics is getting increasingly "exposed".
CPI (ML) politburo member Kavita Krishnan expressed satisfaction over her party's performance saying the results turned out to be what her party had hoped for, "crushing" defeat for the BJP and "increased tally" for the Left.
"This is exactly what we had hoped for. We are very satisfied with the result. The message from the results is the divisive and communal politics has been given a complete rebuff by all sections of Bihar voters. We will now play the role of a progressive opposition in the Assembly," she added.
Mr Anjan said the parties received "good" number of votes, however, the results were "disappointing".
"We received good number of votes. However, the results are not encouraging for us," he said.
Mr Raja seconded him saying the Front's performance was a "matter of concern" and there was a need to "rework" their strategy to strengthen itself in the Hindi region.
Meanwhile, Mr Anjan expressed concerns that foreign investment to the state is likely to suffer following the results.
He also urged national "forces of unity" to join hands and take up issues pertaining downtrodden during the upcoming Parliament session.
The Left Democratic Front (LDF) emerged victorious defeating Congress-led United Democratic Front (UDF) and BJP in the Kerala civic polls, results for which were declared yesterday.
According to the results of the two-phased polls to the three-tier civic bodies held on November 2 and 5, LDF took control of four of the six city corporations, as many as 45 of the 86 municipalities and was way ahead in gram panchayats bagging 545 of the 941 at stake.
NEW DELHI: The Left parties today said the Bihar mandate underscored Prime Minister Narendra Modi's "personal defeat" and reflected inception of "good days" for people who rejected RSS-BJP's "communal politics" for "secular and democratic" values.It said the rejection was handed first in Delhi now Bihar.
Congratulating JD(U) leader Nitish Kumar and RJD chief Lalu Prasad following the Grand Alliance's victory in the Assembly polls, the Left parties stressed, the struggle for "better India" intensifies from here on.
On the performance of Left Front, CPI maintained the results were "not encouraging".
The CPI (ML), however, expressed satisfaction that amid the faceoff between the NDA and JD(U)-RJD-Congress combine, it managed to win two seats and was in close contest in two more constituencies where counting was still on.
"This is defeat of not only the BJP, but personal defeat of Modi and his policies. The... anti-intolerance campaign also could not bring any result," CPI national secretary Atul Anjan said.
His party colleague and Rajya Sabha member, D Raja, echoed similar views and termed JD(U)-RJD-Congress Grand Alliance' victory as "decisive".
CPI (M) general secretary Sitaram Yechury observed the verdict ensured beginning of "good days" for people as they rejected alleged communal polarisation by RSS-BJP and its "so-called" development agenda.
"People's acche din have begun, first Delhi, yesterday Kerala and today Bihar.
The subtext of the verdict is very clear that is people have rejected the communal polarisation that was going on by the RSS and BJP and rejected the claims of so-called development agenda of the government," Mr Yechury said
"Congratulations to Lalu ji, Nitish ji, people of Bihar & India. The bitterness the BJP tried to inject was defeated.
First Delhi, then Kerala and now Bihar, People making their own Achhe Din.
"Nitish ji, Congratulations, well done. Now, for bigger battles. Lalu ji, Congratulations. Ek behtar Bharat ke liye, ab sangharsh tez hoga," he said in series of tweets.
In a statement issued later, the CPI (M) congratulated people of Bihar for giving a "resounding" defeat to BJP alliance by rejecting the rank communal campaign conducted by the BJP, led by the Narendra Modi-Amit Shah duo with "divisive" issues like cow and beef and the bogey of reservations for minorities.
It averred the victory of the Grand Alliance is a "clear indication" that the BJP-RSS brand of politics is getting increasingly "exposed".
CPI (ML) politburo member Kavita Krishnan expressed satisfaction over her party's performance saying the results turned out to be what her party had hoped for, "crushing" defeat for the BJP and "increased tally" for the Left.
"This is exactly what we had hoped for. We are very satisfied with the result. The message from the results is the divisive and communal politics has been given a complete rebuff by all sections of Bihar voters. We will now play the role of a progressive opposition in the Assembly," she added.
Mr Anjan said the parties received "good" number of votes, however, the results were "disappointing".
"We received good number of votes. However, the results are not encouraging for us," he said.
Mr Raja seconded him saying the Front's performance was a "matter of concern" and there was a need to "rework" their strategy to strengthen itself in the Hindi region.
Meanwhile, Mr Anjan expressed concerns that foreign investment to the state is likely to suffer following the results.
He also urged national "forces of unity" to join hands and take up issues pertaining downtrodden during the upcoming Parliament session.
The Left Democratic Front (LDF) emerged victorious defeating Congress-led United Democratic Front (UDF) and BJP in the Kerala civic polls, results for which were declared yesterday.
According to the results of the two-phased polls to the three-tier civic bodies held on November 2 and 5, LDF took control of four of the six city corporations, as many as 45 of the 86 municipalities and was way ahead in gram panchayats bagging 545 of the 941 at stake.
Saint Petersburg Bells Toll 224 Times for Egypt Crash Victims
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SAINT PETERSBURG: Saint Petersburg today remembered the victims of the Sinai plane crash, with the bell of the iconic St. Isaac's Cathedral tolling 224 times in memory of each person killed.
At an emotional memorial service at one of the former imperial capital's most famous symbols, a chamber choir sang as several hundred mourners looked on.
Outside, the bell rang 224 times, the cathedral's majestic golden dome prominent in the grey autumn sky.
The ceremony was broadcast live on national television, with pictures of the victims accompanied by the sound of the bell.
Staff at the St. Isaac's Cathedral, which is a museum, said that the catastrophe had claimed the lives of one of their employees, Irina Sharova, and her 13-year-old daughter.
One of the mourners, Alla Mikhailova, said she could not stop thinking about the crash, Russia's deadliest aviation tragedy.
"A week has passed but I still cannot come to my senses," the 38-year-old told AFP. "I believe this, this wound will remain with us forever."
Maria Semenchuk, 50, said she had come to pray for the victims.
"That's the only thing we can do for them," she told AFP outside the cathedral.
An Airbus A-321 carrying 224 people, most of them Russian tourists, crashed in the Sinai Peninsula as it was returning from the Egyptian resort area of Sharm el-Sheikh to Saint Petersburg on October 31.
Most of the passengers were from Saint Petersburg and the surrounding region.
After Washington and London said they believed the Russian passenger jet might have been taken down by a bomb, Moscow on Friday halted all flights to Egypt.
SAINT PETERSBURG: Saint Petersburg today remembered the victims of the Sinai plane crash, with the bell of the iconic St. Isaac's Cathedral tolling 224 times in memory of each person killed.At an emotional memorial service at one of the former imperial capital's most famous symbols, a chamber choir sang as several hundred mourners looked on.
Outside, the bell rang 224 times, the cathedral's majestic golden dome prominent in the grey autumn sky.
Staff at the St. Isaac's Cathedral, which is a museum, said that the catastrophe had claimed the lives of one of their employees, Irina Sharova, and her 13-year-old daughter.
One of the mourners, Alla Mikhailova, said she could not stop thinking about the crash, Russia's deadliest aviation tragedy.
"A week has passed but I still cannot come to my senses," the 38-year-old told AFP. "I believe this, this wound will remain with us forever."
Maria Semenchuk, 50, said she had come to pray for the victims.
"That's the only thing we can do for them," she told AFP outside the cathedral.
An Airbus A-321 carrying 224 people, most of them Russian tourists, crashed in the Sinai Peninsula as it was returning from the Egyptian resort area of Sharm el-Sheikh to Saint Petersburg on October 31.
Most of the passengers were from Saint Petersburg and the surrounding region.
After Washington and London said they believed the Russian passenger jet might have been taken down by a bomb, Moscow on Friday halted all flights to Egypt.
Business Affairs
Andhra Bank Q2 net jumps 74 per cent to Rs 251 crore
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State-run lender Andhra Bank on Saturday said that the net profit for the September quarter grew by 74 per cent to Rs 251 crore on the back of low deposit cost and higher net interest margin.
The bank's net profit during the same quarter last fiscal was Rs 144 crore. Bank's total income increased by Rs 7.2 per cent to Rs 4,744 crore during the quarter under discussion against Rs 4,424 crore in the second quarter of financial year 2015, Andhra Bank MD and Chief Executive Suresh N Patel told reporters in Hyderabad.
"Our cost of deposit has gone down and even bulk deposits, which used to have high rate of interest have come down during the quarter. Advances growth is also reasonably good. All these have given yield," Patel said.
Total business grew by 14.2 per cent to Rs 2,96,894 crore during the second quarter as against Rs 2,60,012 crore during the corresponding quarter last year.
Non-performing Assets (NPA) have gone down to 2.95 per cent from 3.86 per cent, while Net Interest margin (NIM) grew to 3.04 per cent in the second quarter from 2.54 per cent last fiscal, he added.
Replying to a query, he said that they are confident of maintaining 3 per cent NIM during the current fiscal.
The bank has received Rs 378 crore capital from the centre and raised Rs 500 crore through tier-II bonds during the year, Patel added.
State-run lender Andhra Bank on Saturday said that the net profit for the September quarter grew by 74 per cent to Rs 251 crore on the back of low deposit cost and higher net interest margin.
The bank's net profit during the same quarter last fiscal was Rs 144 crore. Bank's total income increased by Rs 7.2 per cent to Rs 4,744 crore during the quarter under discussion against Rs 4,424 crore in the second quarter of financial year 2015, Andhra Bank MD and Chief Executive Suresh N Patel told reporters in Hyderabad.
"Our cost of deposit has gone down and even bulk deposits, which used to have high rate of interest have come down during the quarter. Advances growth is also reasonably good. All these have given yield," Patel said.
Total business grew by 14.2 per cent to Rs 2,96,894 crore during the second quarter as against Rs 2,60,012 crore during the corresponding quarter last year.
Non-performing Assets (NPA) have gone down to 2.95 per cent from 3.86 per cent, while Net Interest margin (NIM) grew to 3.04 per cent in the second quarter from 2.54 per cent last fiscal, he added.
Replying to a query, he said that they are confident of maintaining 3 per cent NIM during the current fiscal.
The bank has received Rs 378 crore capital from the centre and raised Rs 500 crore through tier-II bonds during the year, Patel added.
Ficci welcomes revamp of tax officers appraisal system
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Ficci on Saturday welcomed the government's plan to modify the performance appraisal system of tax officers, terming it a major step forward towards a conducive tax environment.
The chamber said it appreciates the government's move to accept the suggestion given by the trade and industry body and is hopeful that it will improve the tax environment in the country and boost confidence level of the investors.
Prime Minister Narendra Modi had on Friday said that the I-T department will introduce a system of online scrutiny of returns and modify the performance appraisal proforma of officials with a view to motivating them to pass correct orders and also check corruption.
The industry body said it has been representing to the government over the years that assessing officers are issuing assessment orders confirming tax demands without a fair and judicious analysis of the merits of the issue and overlooking judicial precedents merely to achieve the ever elusive revenue targets prescribed for them by the government.
This is borne out by the fact that on appeal 70-80 per cent of the decisions of the Tribunal are delivered against the Revenue.
The unproductive exercise of issuing assessment orders in favour of Revenue and consequential recovery measures vitiate the tax environment and compel the assesses to litigate the matter in appeals to seek a just treatment of the tax issue.
This is the primary reason for uncertainty in tax positions and unnecessary litigation, Ficci said.
Ficci on Saturday welcomed the government's plan to modify the performance appraisal system of tax officers, terming it a major step forward towards a conducive tax environment.
The chamber said it appreciates the government's move to accept the suggestion given by the trade and industry body and is hopeful that it will improve the tax environment in the country and boost confidence level of the investors.
Prime Minister Narendra Modi had on Friday said that the I-T department will introduce a system of online scrutiny of returns and modify the performance appraisal proforma of officials with a view to motivating them to pass correct orders and also check corruption.
The industry body said it has been representing to the government over the years that assessing officers are issuing assessment orders confirming tax demands without a fair and judicious analysis of the merits of the issue and overlooking judicial precedents merely to achieve the ever elusive revenue targets prescribed for them by the government.
This is borne out by the fact that on appeal 70-80 per cent of the decisions of the Tribunal are delivered against the Revenue.
The unproductive exercise of issuing assessment orders in favour of Revenue and consequential recovery measures vitiate the tax environment and compel the assesses to litigate the matter in appeals to seek a just treatment of the tax issue.
This is the primary reason for uncertainty in tax positions and unnecessary litigation, Ficci said.
Essar Steel to raise fresh capital to fund capex, pare debt
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As it tries to brace itself against the major headwinds faced by the sector, Ruias-promoted Essar Steel on Saturday said it is looking for buyers to raise fresh capital to fund capital expenditure and pare some of the debt.
This is in addition to the earlier announced plan for raising around Rs 12,000 crore during the ongoing fiscal.
The Mumbai-based company has roped in ICICI Securities and SBI Capital Markets as advisors to help it identify investors, Essar Steel said in a statement.
The firm, however, did not disclose the amount it plans to raise. This decision is in addition to the previously announced plans to monetise certain non-core assets to raise equity and infuse additional funds for ramping up operations to full capacity, it added.
For the 2014-15 fiscal, Essar Steel said its holding company infused an equity of about Rs 1,300 crore and monetisation of the Odisha slurry pipeline and oxygen plant for Rs 4,850 crore.
Besides, it has also proposed to monetise the Vizag slurry pipeline and coke oven for around Rs 7,000 crore in the current fiscal.
These measures will provide the company about Rs 12,000 crore, which will be utilised to strengthen the balance sheet and meet all its financial needs.
On the reasons behind the move to hunt for investors, it said: "Global steel industry is facing major headwinds due to falling steel prices and increased exports from China. The effects of these are already seen in North America, Canada and Europe. Major steel companies across the world are taking steps to cut costs and raise money."
"India is no different and it is important that measures are taken now to maintain the long term health of the steel industry," it added.
It is in this context that Essar Steel has taken a proactive decision to induct strategic/financial investors into the company, the firm said.
According to a banker aware of the development the firm will also utilise the funds to pare some of its debt.
The company has a term debt of around Rs 30,500 crore as on date. Essar Steel India has an annual Pellet making capacity of 20 MTPA (million tonnes per annum) and steel making capability of 10 MTPA.
As it tries to brace itself against the major headwinds faced by the sector, Ruias-promoted Essar Steel on Saturday said it is looking for buyers to raise fresh capital to fund capital expenditure and pare some of the debt.
This is in addition to the earlier announced plan for raising around Rs 12,000 crore during the ongoing fiscal.
The Mumbai-based company has roped in ICICI Securities and SBI Capital Markets as advisors to help it identify investors, Essar Steel said in a statement.
The firm, however, did not disclose the amount it plans to raise. This decision is in addition to the previously announced plans to monetise certain non-core assets to raise equity and infuse additional funds for ramping up operations to full capacity, it added.
For the 2014-15 fiscal, Essar Steel said its holding company infused an equity of about Rs 1,300 crore and monetisation of the Odisha slurry pipeline and oxygen plant for Rs 4,850 crore.
Besides, it has also proposed to monetise the Vizag slurry pipeline and coke oven for around Rs 7,000 crore in the current fiscal.
These measures will provide the company about Rs 12,000 crore, which will be utilised to strengthen the balance sheet and meet all its financial needs.
On the reasons behind the move to hunt for investors, it said: "Global steel industry is facing major headwinds due to falling steel prices and increased exports from China. The effects of these are already seen in North America, Canada and Europe. Major steel companies across the world are taking steps to cut costs and raise money."
"India is no different and it is important that measures are taken now to maintain the long term health of the steel industry," it added.
It is in this context that Essar Steel has taken a proactive decision to induct strategic/financial investors into the company, the firm said.
According to a banker aware of the development the firm will also utilise the funds to pare some of its debt.
The company has a term debt of around Rs 30,500 crore as on date. Essar Steel India has an annual Pellet making capacity of 20 MTPA (million tonnes per annum) and steel making capability of 10 MTPA.
EPFO trustees may fix interest on PF for 2015-16 on November 24
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Retirement body EPFO's trustees are likely to consider and approve a proposal to fix rate of interest on PF deposits for over five crore subscribers for the current fiscal in their meeting scheduled on November 24.
"209th meeting of the Central Board of Trustees (CBT) has been scheduled to be held on November 24, 2015," an official order stated.
A source said, "The proposal regarding fixing rate of interest on PF deposits for 2015-16 is likely to be taken up by the CBT in its next meeting."
The Employees' Provident Fund Organisation (EPFO) had provided 8.75 per cent interest on PF deposits for 2013-14 and 2014-15.
"Apart from this, the CBT headed by Labour Minister may also take up two separate proposals to allow its subscribers to pledge their future PF contribution to buy low cost houses and to reduce administrative charges from 0.85 per cent to 0.65 per cent of basic wages," sources added.
These two proposal for housing and reduction of administrative charges paid by employers were on agenda for discussion in last meeting of CBT held on September 16.
EPFO had reduced the administrative charges from 1.10 per cent of basic wages to 0.85 per cent in March this year. The further reduction to 0.65 per cent will help companies save around Rs 2,000 crore annually.
EPFO apex decision making body, the CBT may also consider the report of the expert committee on housing facility for the subscribers.
The committee has unanimously recommended a scheme to facilitate subscribers to buy houses where they will get an advance from their PF accumulation and will be allowed to pledge their future PF contribution as EMI (Equated Monthly Installment) payment.
Under the proposed scheme, there will be tripartite agreement with member, bank/housing agency and EPFO for pledging future PF contributions as EMI payment.
The panel suggested that under the scheme, the subscribers will purchase a dwelling unit with loans from bank or housing finance companies and hypothecation of property in favour of the latter.
It is suggested that the benefits under the schemes of Ministry of Housing and Urban Poverty Alleviation can also be extended to the beneficiaries of the scheme.
However, the panel has suggested this scheme for low income formal sector workers who are EPFO subscribers and could not buy a house during their entire service period.
Retirement body EPFO's trustees are likely to consider and approve a proposal to fix rate of interest on PF deposits for over five crore subscribers for the current fiscal in their meeting scheduled on November 24.
"209th meeting of the Central Board of Trustees (CBT) has been scheduled to be held on November 24, 2015," an official order stated.
A source said, "The proposal regarding fixing rate of interest on PF deposits for 2015-16 is likely to be taken up by the CBT in its next meeting."
The Employees' Provident Fund Organisation (EPFO) had provided 8.75 per cent interest on PF deposits for 2013-14 and 2014-15.
"Apart from this, the CBT headed by Labour Minister may also take up two separate proposals to allow its subscribers to pledge their future PF contribution to buy low cost houses and to reduce administrative charges from 0.85 per cent to 0.65 per cent of basic wages," sources added.
These two proposal for housing and reduction of administrative charges paid by employers were on agenda for discussion in last meeting of CBT held on September 16.
EPFO had reduced the administrative charges from 1.10 per cent of basic wages to 0.85 per cent in March this year. The further reduction to 0.65 per cent will help companies save around Rs 2,000 crore annually.
EPFO apex decision making body, the CBT may also consider the report of the expert committee on housing facility for the subscribers.
The committee has unanimously recommended a scheme to facilitate subscribers to buy houses where they will get an advance from their PF accumulation and will be allowed to pledge their future PF contribution as EMI (Equated Monthly Installment) payment.
Under the proposed scheme, there will be tripartite agreement with member, bank/housing agency and EPFO for pledging future PF contributions as EMI payment.
The panel suggested that under the scheme, the subscribers will purchase a dwelling unit with loans from bank or housing finance companies and hypothecation of property in favour of the latter.
It is suggested that the benefits under the schemes of Ministry of Housing and Urban Poverty Alleviation can also be extended to the beneficiaries of the scheme.
However, the panel has suggested this scheme for low income formal sector workers who are EPFO subscribers and could not buy a house during their entire service period.
Vistara Airlines announces slew of offers for Diwali
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Vistara airline has announced a slew of discounts and one-for-one offers for its passengers to celebrate Diwali.
"With the launch of #HamariPehliDiwali campaign and the 'Boarding Pass Exclusives' on Friday, we would like to extend our gratitude to all our customers who have reposed their faith in us," Vistara CEO Phee Teik Yeoh said in a statement.
#HamariPehliDiwali invites peoples to share their PehliDiwali (first Diwali) stories and stand a chance to win a flying opportunity with Vistara, the statement said.
While 'Boarding Pass Exclusives' offers exciting discounts to flyers at Vistara's retail, dining, travel and transport, wellness and hospitality partners.
Tata Sons holds the majority stake of 51 per cent in Vistara while Singapore Airlines Limited (SIA) holds the remaining 49 per cent. The airline commenced operations on January 9.
Vistara airline has announced a slew of discounts and one-for-one offers for its passengers to celebrate Diwali.
"With the launch of #HamariPehliDiwali campaign and the 'Boarding Pass Exclusives' on Friday, we would like to extend our gratitude to all our customers who have reposed their faith in us," Vistara CEO Phee Teik Yeoh said in a statement.
#HamariPehliDiwali invites peoples to share their PehliDiwali (first Diwali) stories and stand a chance to win a flying opportunity with Vistara, the statement said.
While 'Boarding Pass Exclusives' offers exciting discounts to flyers at Vistara's retail, dining, travel and transport, wellness and hospitality partners.
Tata Sons holds the majority stake of 51 per cent in Vistara while Singapore Airlines Limited (SIA) holds the remaining 49 per cent. The airline commenced operations on January 9.
General Awareness
PM Narendra Modi ranks 9th in 2015 Forbes’ World’s Most Powerful Person
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As per Forbes Magazine, Indian Prime Minister Narendra Modi grabbed 9th spot(14th in 2014) as the World’s most powerful person. Russian President Vladimir Putin took the top spot out of 73 on Forbes’ 7th annual ranking.
As per the magazine, Modi run the show over 7.4 per cent GDP growth in his maiden year in office.
Compilation of magazine:
The magazine gone into hundreds of candidates from all social, economic, and ethnic groups all around the world and calculated their power along four dimensions to compile it.
Factors considered
- Candidate has power over lots of people
- Financial resources controlled by each person
- Candidate is powerful in multiple spheres
- Candidates actively used their power.
Top 10 persons :
- Russian President Vladimir Putin
- German Chancellor Angela Merkel
- President Barack Obama
- Pope Francis
- Communist Party of China’s Xi Jinping
- Bill & Melinda Gates Foundation Co-chair Bill Gates
- Federal Reserve Chair Janet Yellen
- K. Prime Minister David Cameron
- India Prime Minister Narendra Modi
- Alphabet CEO Larry Page
Other Indians in the list
Reliance Industries Chairman Mukesh Ambani (36th) and Steel tycoon Lakshmi Mittal(Indian-origin, 55th)
Key points:
The Japanese prime minister Shinzo Abe 41st, is the biggest upward mover on the list i.e. 22 spots.Hillary Clinton (No. 58)
Youngest
- Facebook CEO Mark Zuckerberg (No. 19)
- North Korea Supreme Leader Kim Jong-un (No. 46)
About Forbes:
Forbes is an American business magazine Published biweekly, it features original articles on finance, industry, investing, and marketing topics.Forbes also reports on related subjects such as technology, communications, science, and law. Its headquarters is located in Jersey City, New Jersey
- As per Forbes Magazine, Indian Prime Minister Narendra Modi grabbed 9th spot(14th in 2014) as the World’s most powerful person. Russian President Vladimir Putin took the top spot out of 73 on Forbes’ 7th annual ranking.As per the magazine, Modi run the show over 7.4 per cent GDP growth in his maiden year in office.Compilation of magazine:The magazine gone into hundreds of candidates from all social, economic, and ethnic groups all around the world and calculated their power along four dimensions to compile it.Factors considered
- Candidate has power over lots of people
- Financial resources controlled by each person
- Candidate is powerful in multiple spheres
- Candidates actively used their power.
Top 10 persons :- Russian President Vladimir Putin
- German Chancellor Angela Merkel
- President Barack Obama
- Pope Francis
- Communist Party of China’s Xi Jinping
- Bill & Melinda Gates Foundation Co-chair Bill Gates
- Federal Reserve Chair Janet Yellen
- K. Prime Minister David Cameron
- India Prime Minister Narendra Modi
- Alphabet CEO Larry Page
Other Indians in the listReliance Industries Chairman Mukesh Ambani (36th) and Steel tycoon Lakshmi Mittal(Indian-origin, 55th)Key points:The Japanese prime minister Shinzo Abe 41st, is the biggest upward mover on the list i.e. 22 spots.Hillary Clinton (No. 58)Youngest- Facebook CEO Mark Zuckerberg (No. 19)
- North Korea Supreme Leader Kim Jong-un (No. 46)
About Forbes:Forbes is an American business magazine Published biweekly, it features original articles on finance, industry, investing, and marketing topics.Forbes also reports on related subjects such as technology, communications, science, and law. Its headquarters is located in Jersey City, New Jersey
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