General Affairs
Karnataka Chief Minister Reiterates Commitment Over Anti-Superstition Bill
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BENGALURU: Karnataka Chief Minister Siddaramaiah today reiterated his government's commitment to enact anti-superstition Bill in the state.
Speaking at an event in Bengaluru, he said, "...wiping out superstition is very important as those with vested interest gets an opportunity to exploit it. So they too on their part contribute towards growth of superstitious beliefs."
Stressing on the need to enlighten and educate people over the issue, Mr Siddaramaiah said that his government had to face stiff resistance for the proposal to bring in a law that prevents superstitious practices.
"We may have to face opposition from vested interests, but we are ready for it," he added.
Soon after the murder of rationalist MM Kalburgi, a group of writers and family members of Narendra Dabholkar and Govind Pansare, who were killed under similar circumstances, had urged the Chief Minister to proceed with the Karnataka Prevention of Superstitious Practices Bill that was shelved following stiff opposition.
The draft Karnataka Prevention of Superstitious Practices Bill, 2013 was prepared by Centre for the Study of Social Exclusion and Inclusive Policy (CSSEIP) of National Law School of India University, on the invitation of state government.
BJP condemning certain provisions in the Bill had said the government has no right to infringe upon the beliefs of Hindus.
BENGALURU: Karnataka Chief Minister Siddaramaiah today reiterated his government's commitment to enact anti-superstition Bill in the state.Speaking at an event in Bengaluru, he said, "...wiping out superstition is very important as those with vested interest gets an opportunity to exploit it. So they too on their part contribute towards growth of superstitious beliefs."
Stressing on the need to enlighten and educate people over the issue, Mr Siddaramaiah said that his government had to face stiff resistance for the proposal to bring in a law that prevents superstitious practices.
"We may have to face opposition from vested interests, but we are ready for it," he added.
Soon after the murder of rationalist MM Kalburgi, a group of writers and family members of Narendra Dabholkar and Govind Pansare, who were killed under similar circumstances, had urged the Chief Minister to proceed with the Karnataka Prevention of Superstitious Practices Bill that was shelved following stiff opposition.
The draft Karnataka Prevention of Superstitious Practices Bill, 2013 was prepared by Centre for the Study of Social Exclusion and Inclusive Policy (CSSEIP) of National Law School of India University, on the invitation of state government.
BJP condemning certain provisions in the Bill had said the government has no right to infringe upon the beliefs of Hindus.
8 Naxals Arrested In Chhattisgarh's Sukma District: Police
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RAIPUR: Eight suspected Naxals were arrested from different places in Chhattisgarh's worst insurgency-hit Sukma district, police said today.
Three cadres were arrested from the forests of Jagargunda police station area, while five others were nabbed from Chintalanar police station limits yesterday, Sukma Additional Superintendent of Police Santosh Singh told PTI.
A joint squad of the district police force, CRPF's 74th and 223rd battalion, were engaged in a combing operation in the Jagargunda region when they nabbed the ultras identified as Lekam (21), Sodhi (26) and Hemla Rama (20) from the forests of Kamaram village, he said.
Similarly, a composite team of CRPF's elite unit CoBRA, DRG (District Reserve Group) and the district police force rounded up five rebels, identified as Madvi Ganga (22), Madvi Dhruva (25), Podiyami Kosa, Midiyam Pojja (40) and Barse Hadma, based on a specific input about their presence in Gadgadmeta hills of Chintalanar, the Additional SP said.
The five Naxals (arrested from Chintalanar) were involved in blowing up a bridge on Mukram nullah on Dornapal-Jagargunda road in an IED blast in September this year, and a blast incident in Chintalanar weekly market last month, he said.
All the arrested rebels were wanted in cases of loot, arson, murder and attacks on police party in the region, he said.
RAIPUR: Eight suspected Naxals were arrested from different places in Chhattisgarh's worst insurgency-hit Sukma district, police said today.Three cadres were arrested from the forests of Jagargunda police station area, while five others were nabbed from Chintalanar police station limits yesterday, Sukma Additional Superintendent of Police Santosh Singh told PTI.
A joint squad of the district police force, CRPF's 74th and 223rd battalion, were engaged in a combing operation in the Jagargunda region when they nabbed the ultras identified as Lekam (21), Sodhi (26) and Hemla Rama (20) from the forests of Kamaram village, he said.
Similarly, a composite team of CRPF's elite unit CoBRA, DRG (District Reserve Group) and the district police force rounded up five rebels, identified as Madvi Ganga (22), Madvi Dhruva (25), Podiyami Kosa, Midiyam Pojja (40) and Barse Hadma, based on a specific input about their presence in Gadgadmeta hills of Chintalanar, the Additional SP said.
The five Naxals (arrested from Chintalanar) were involved in blowing up a bridge on Mukram nullah on Dornapal-Jagargunda road in an IED blast in September this year, and a blast incident in Chintalanar weekly market last month, he said.
All the arrested rebels were wanted in cases of loot, arson, murder and attacks on police party in the region, he said.
Terrorism Indicators Show Declining Trend In Jammu And Kashmir: Army Official
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JAMMU: Asserting that internal security situation in Jammu and Kashmir is "stable and peaceful", a top Army official today said terrorism indicators have shown a "declining trend" in the state, but cautioned against "radicalisation".
"There is high level of synergy among all security forces and government agencies. Consequently, terrorism indicators have shown a declining trend", said a senior Army officer.
The Army also asserted that development activities on the government front have increased in the state. "Developmental activities of the government are picking up momentum. Economic activities, trade, tourism etc are on the rise. School and colleges are functioning well", the officer claimed.
"Owing to isolated terrorist incidents, the prevailing peace continues to remain fragile", the officer said.
The Army officer further said, "In the current atmosphere, while the security forces will continue to neutralise terrorists and eradicate the residual terrorism from J&K, the people must guard against radicalisation and nefarious designs of Pakistan".
Army maintained that there is no change in Pakistan posture and it continues its intransigence on proxy war.
"Notwithstanding, Pakistan continues its intransigence on proxy war and fuel separatist sentiments in J&K... Accordingly, it continues to finance, train, equip and attempt to infiltrate terrorists across LoC. Most such terrorists are neutralised on the LoC itself", the officer said.
"There are reports of some terrorists who have successfully infiltrated this year. These terrorists could carry out some strikes and therefore, the need for caution remains", the officer added.
On the issue of strategy in the winter, the officer said, "The counter-infiltration operations are an important aspect of counter-proxy war operations", he said, adding, "the winter months will be utilised to further strengthen the counter infiltration grid along the LoC... The LoC Fence will be made more robust and lasting", he said.
The winter months will also be utilised to review and further improve various aspects of counter-terrorism operations in the hinterland, he said.
"Army will especially focus its operations on eliminating foreign terrorists and terrorist leaders", the officer added.
"Care will however be taken to undertake small-scale precise operations without causing hardship to the villagers and the residents and without damage to life and property of innocent civilians", he said.
"The coordination and synergy with other security forces and government agencies to ensure lasting peace will also be an important aspect of the Army's activities", the officer said.
JAMMU: Asserting that internal security situation in Jammu and Kashmir is "stable and peaceful", a top Army official today said terrorism indicators have shown a "declining trend" in the state, but cautioned against "radicalisation"."There is high level of synergy among all security forces and government agencies. Consequently, terrorism indicators have shown a declining trend", said a senior Army officer.
"Owing to isolated terrorist incidents, the prevailing peace continues to remain fragile", the officer said.
The Army officer further said, "In the current atmosphere, while the security forces will continue to neutralise terrorists and eradicate the residual terrorism from J&K, the people must guard against radicalisation and nefarious designs of Pakistan".
Army maintained that there is no change in Pakistan posture and it continues its intransigence on proxy war.
"Notwithstanding, Pakistan continues its intransigence on proxy war and fuel separatist sentiments in J&K... Accordingly, it continues to finance, train, equip and attempt to infiltrate terrorists across LoC. Most such terrorists are neutralised on the LoC itself", the officer said.
"There are reports of some terrorists who have successfully infiltrated this year. These terrorists could carry out some strikes and therefore, the need for caution remains", the officer added.
On the issue of strategy in the winter, the officer said, "The counter-infiltration operations are an important aspect of counter-proxy war operations", he said, adding, "the winter months will be utilised to further strengthen the counter infiltration grid along the LoC... The LoC Fence will be made more robust and lasting", he said.
The winter months will also be utilised to review and further improve various aspects of counter-terrorism operations in the hinterland, he said.
"Army will especially focus its operations on eliminating foreign terrorists and terrorist leaders", the officer added.
"Care will however be taken to undertake small-scale precise operations without causing hardship to the villagers and the residents and without damage to life and property of innocent civilians", he said.
"The coordination and synergy with other security forces and government agencies to ensure lasting peace will also be an important aspect of the Army's activities", the officer said.
Aviation Policy Is In Final Stage, Says Union Minister Ashok Gajapathi Raju
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HYDERABAD: The NDA government's new aviation policy is in the final stages and it will be referred to the Cabinet for approval, even as the draft policy received over three lakh views and suggestions, Civil Aviation Minister Ashok Gajapathi Raju said today.
"Aviation policy has reached the final stages...and I think we have to do one or two more sittings. We (in Government of India) have a procedure...we have to put a Cabinet note and then decisions will be arrived at. And once the decisions are arrived at, it will be a question of implementability," Mr Raju said.
"Lot of discussions have taken place. For the first time suggestions on the draft policy had been called and three lakh odd people have given their suggestions including for and against...so, whatever it is all that has been sorted out and they are working on it," he said.
Mr Raju was speaking to reporters after inaugurating the e-boarding facility to domestic fliers at the GMR group-run Rajiv Gandhi International Airport (RGIA) in Hyderabad.
Replying to a query on the 5/20 rule, the minister said it would come up before Cabinet, which will take a final call.
The 5/20 rule bars domestic airlines from flying overseas unless they have completed five years of domestic flying and have a fleet of 20 aircraft.
Many Indian carriers, including Air India, have been strongly opposing abolishing the rule.
On the deportation of Indian students (mostly from Andhra Pradesh and Telangana) headed for two California universities by the US, Mr Raju said, "We request our students to do due diligence which is required and get into reputable institutions."
"It is a matter of concern. These institutions where children are going and not able to enter, they don't seem to have that type of reputation if you take all the institutions in US," the minister said.
Meanwhile, RGIA today became the first airport in the country to offer e-boarding facility to domestic fliers. The seamless facility covers all the boarding processes right from entry into the terminal building of the airport to boarding the aircraft.
Fliers, however, would have flexibility to follow the traditional process of showing a photo-ID to gain entry into the airport in case the Aadhaar number is not available.
Developed in-house, the e-boarding solution eliminates the need for manual stamping of boarding cards even for physical boarding cards issued by CUSS (Common Use Self Service) machines or the check-in counters.
"The idea is that passengers should not feel inconvenienced," Mr Raju said.
"Few months back on a pilot, Hyderabad and Bengaluru airports had come on board and now we are looking at airports throughout the country coming on board," he said.
Replying to another query, he said, "Technically, we have three modern airports in the country that can have parallel runways - Bengaluru, Hyderabad and Delhi. For a country like India's size, two on the west coast and two more on the east coast are needed."
HYDERABAD: The NDA government's new aviation policy is in the final stages and it will be referred to the Cabinet for approval, even as the draft policy received over three lakh views and suggestions, Civil Aviation Minister Ashok Gajapathi Raju said today."Aviation policy has reached the final stages...and I think we have to do one or two more sittings. We (in Government of India) have a procedure...we have to put a Cabinet note and then decisions will be arrived at. And once the decisions are arrived at, it will be a question of implementability," Mr Raju said.
"Lot of discussions have taken place. For the first time suggestions on the draft policy had been called and three lakh odd people have given their suggestions including for and against...so, whatever it is all that has been sorted out and they are working on it," he said.
Mr Raju was speaking to reporters after inaugurating the e-boarding facility to domestic fliers at the GMR group-run Rajiv Gandhi International Airport (RGIA) in Hyderabad.
Replying to a query on the 5/20 rule, the minister said it would come up before Cabinet, which will take a final call.
The 5/20 rule bars domestic airlines from flying overseas unless they have completed five years of domestic flying and have a fleet of 20 aircraft.
Many Indian carriers, including Air India, have been strongly opposing abolishing the rule.
On the deportation of Indian students (mostly from Andhra Pradesh and Telangana) headed for two California universities by the US, Mr Raju said, "We request our students to do due diligence which is required and get into reputable institutions."
"It is a matter of concern. These institutions where children are going and not able to enter, they don't seem to have that type of reputation if you take all the institutions in US," the minister said.
Meanwhile, RGIA today became the first airport in the country to offer e-boarding facility to domestic fliers. The seamless facility covers all the boarding processes right from entry into the terminal building of the airport to boarding the aircraft.
Fliers, however, would have flexibility to follow the traditional process of showing a photo-ID to gain entry into the airport in case the Aadhaar number is not available.
Developed in-house, the e-boarding solution eliminates the need for manual stamping of boarding cards even for physical boarding cards issued by CUSS (Common Use Self Service) machines or the check-in counters.
"The idea is that passengers should not feel inconvenienced," Mr Raju said.
"Few months back on a pilot, Hyderabad and Bengaluru airports had come on board and now we are looking at airports throughout the country coming on board," he said.
Replying to another query, he said, "Technically, we have three modern airports in the country that can have parallel runways - Bengaluru, Hyderabad and Delhi. For a country like India's size, two on the west coast and two more on the east coast are needed."
Hyderabad Airport Becomes Country's First To Offer E-Boarding Facility
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HYDERABAD: GMR group-run Rajiv Gandhi International Airport (RGIA) has become the first airport in the country to offer e-boarding facility to domestic fliers.
The seamless facility, inaugurated by Union Civil Aviation Minister Ashok Gajapathi Raju, covers all the boarding processes right from entry into the terminal building of the airport to boarding the aircraft, a release said today.
Fliers, however, would have flexibility to follow the traditional process of showing a photo-ID to gain entry into the airport in case the Aadhaar number is not available.
Developed in-house, the e-boarding Solution eliminates the need to manual stamping of boarding cards even for physical boarding cards issued by CUSS (Common Use Self Service) machines or the check-in counters, it said.
Besides, the facility also covers end-to-end all the key passenger processes including entry to terminal, check-in, security check, boarding gate and boarding bridge check before entering the aircraft.
With the implementation of E-boarding at RGIA, now a domestic passenger will need only a mobile e-boarding card and his Aadhaar Card number to gain entry into the airport, it said.
Fliers, however, would have flexibility to follow the traditional process of showing a photo-ID to gain entry into the airport in case the Aadhaar number is not available.
"We are happy to announce a comprehensive end-to-end E-boarding solution, first time at any Indian airport. After the successful pilot of the project and a go-ahead from Bureau of Civil Aviation Security (BCAS), we have used our internal capabilities to commence E-boarding (facility) in shortest possible time," GMR Hyderabad International Airport Ltd (GHIAL) Chief executive Officer SGK Kishore said.
The in-house built e-boarding solution is in line with the 'Digital India' programme envisioned by Prime Minister Narendra Modi, he said.
GMR Hyderabad International Airport Limited (GHIAL) is a four-way joint venture with GMR Group holding 63 per cent stake, while Airports Authority of India and Telangana holding 13 per cent each. The rest 11 per cent stake is held by Malaysia Airports Holdings Berhad.
HYDERABAD: GMR group-run Rajiv Gandhi International Airport (RGIA) has become the first airport in the country to offer e-boarding facility to domestic fliers.The seamless facility, inaugurated by Union Civil Aviation Minister Ashok Gajapathi Raju, covers all the boarding processes right from entry into the terminal building of the airport to boarding the aircraft, a release said today.
Developed in-house, the e-boarding Solution eliminates the need to manual stamping of boarding cards even for physical boarding cards issued by CUSS (Common Use Self Service) machines or the check-in counters, it said.
Besides, the facility also covers end-to-end all the key passenger processes including entry to terminal, check-in, security check, boarding gate and boarding bridge check before entering the aircraft.
With the implementation of E-boarding at RGIA, now a domestic passenger will need only a mobile e-boarding card and his Aadhaar Card number to gain entry into the airport, it said.
Fliers, however, would have flexibility to follow the traditional process of showing a photo-ID to gain entry into the airport in case the Aadhaar number is not available.
"We are happy to announce a comprehensive end-to-end E-boarding solution, first time at any Indian airport. After the successful pilot of the project and a go-ahead from Bureau of Civil Aviation Security (BCAS), we have used our internal capabilities to commence E-boarding (facility) in shortest possible time," GMR Hyderabad International Airport Ltd (GHIAL) Chief executive Officer SGK Kishore said.
The in-house built e-boarding solution is in line with the 'Digital India' programme envisioned by Prime Minister Narendra Modi, he said.
GMR Hyderabad International Airport Limited (GHIAL) is a four-way joint venture with GMR Group holding 63 per cent stake, while Airports Authority of India and Telangana holding 13 per cent each. The rest 11 per cent stake is held by Malaysia Airports Holdings Berhad.
Business Affairs
Market closes at highest in nearly 4 weeks
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Stocks gained nearly one per cent on Monday to post their highest close in nearly four weeks, led by renewed buying in financial and pharma stocks although volumes were thin in the year-end holiday season and ahead of F&O expiry on Thursday.
The Nifty rose 0.82 per cent to close at 7,925.15, its highest close since December 2.
The Sensex gained 0.76 per cent to end at 26,034.13, also its highest close since December 2.
Stocks gained nearly one per cent on Monday to post their highest close in nearly four weeks, led by renewed buying in financial and pharma stocks although volumes were thin in the year-end holiday season and ahead of F&O expiry on Thursday.
The Nifty rose 0.82 per cent to close at 7,925.15, its highest close since December 2.
The Sensex gained 0.76 per cent to end at 26,034.13, also its highest close since December 2.
Reliance Jio will create a new digital economy: Mukesh Ambani
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In a glittering star-studded soft launch of Reliance Jio, the 4G digital service of Reliance Industries, the chairman Mukesh Ambani said that the new entrant would change India's digital economy and spurt unprecedented growth.
"When it comes to India, I am an eternal optimist. I have no doubt that Jio and Jio-enabled Indians will create a whole new digital economy, and we will witness a period of unprecedented growth, empowerment, employment and prosperity for our nation," he said.
Ambani said that everything that Jio believed, and everything that Jio did, was driven by future focused vision. It would help Indians to prosper with the connected intelligence, he added.
The launch was anchored by Ambani sibilings-Isha and Akash-along with bollywood star Shah Rukh Khan. Ambani's mother Kokilaben and wife Nita were among the audience of 35,000 Reliance employees and families and celebrities. Jio's service has been started for the employees.
He also said that India's internet and mobile broadband penetration will shoot up, taking the country to top 10 from the present 150th position now. India has the youngest population in the world and if they get tools, skills and environment, they will surprise us, added.
Jio has spent nearly Rs 80,000 crore for the spectrum, towers, optical fibre and content before the soft launch. Immediate turnaround is not their focus, but need to lure a large crowd of consumers to their network. For that the 4G device cost should be low; cost of the service should be affordable; and the quality of the service should superior.
The low-cost 4G handsets have started coming to Indian market, mainly from China. The handsets available for the employees under the brand LYF ranges from Rs 15,000 to Rs 25,000. The expectation is that by the time of commercial launch by March 2016, the Rs 4,000 handset will come to the market. Jio applications are free with the device.
The Chinese manufacturers have already brought down prices to below Rs 10,000. Lenovo has recently introduced 4G phone (A2010) at around Rs 4,500 and Xiomi Redmi Note is on offer for Rs 8,999. However, Jio looks to launch exclusive devices for selling it through its digital stores, which comes under Reliance Retail.
"The combination of Jio's strong initiatives and a supportive global environment gives me the confidence that we will see 4G LTE smartphones in India at prices below Rs 4,000 by December of this year," said Ambani at the annual general meeting of Reliance Industries.
Also, he aims to provide monthly digital service package at an affordable Rs 300-500. The strong line-up of smartphones, tablets and devices are expected to remove key barriers in mass adoption of broadband data, high definition voice, video calling, messaging and rich value-added services, say analysts. Jio looks to offer devices including set-top-boxes, dongles, modems and Mifis.
"We are here to challenge the conventional wisdom. It took time to think differently. We are doing something extraordinary. There will be challenges on the way. Industry changed, people and the government. We are at the last lap of marathon," says a Reliance executive.
4G is just an enabler - albeit a very powerful one - and it's up to operators to market and price 4G services effectively to drive uptake of mobile broadband services. If operators get it right, then 4G can bring about major changes in the way consumers use the Internet, says Paul Lambert, senior analyst at research firm Ovum.
In a glittering star-studded soft launch of Reliance Jio, the 4G digital service of Reliance Industries, the chairman Mukesh Ambani said that the new entrant would change India's digital economy and spurt unprecedented growth.
"When it comes to India, I am an eternal optimist. I have no doubt that Jio and Jio-enabled Indians will create a whole new digital economy, and we will witness a period of unprecedented growth, empowerment, employment and prosperity for our nation," he said.
Ambani said that everything that Jio believed, and everything that Jio did, was driven by future focused vision. It would help Indians to prosper with the connected intelligence, he added.
The launch was anchored by Ambani sibilings-Isha and Akash-along with bollywood star Shah Rukh Khan. Ambani's mother Kokilaben and wife Nita were among the audience of 35,000 Reliance employees and families and celebrities. Jio's service has been started for the employees.
He also said that India's internet and mobile broadband penetration will shoot up, taking the country to top 10 from the present 150th position now. India has the youngest population in the world and if they get tools, skills and environment, they will surprise us, added.
Jio has spent nearly Rs 80,000 crore for the spectrum, towers, optical fibre and content before the soft launch. Immediate turnaround is not their focus, but need to lure a large crowd of consumers to their network. For that the 4G device cost should be low; cost of the service should be affordable; and the quality of the service should superior.
The low-cost 4G handsets have started coming to Indian market, mainly from China. The handsets available for the employees under the brand LYF ranges from Rs 15,000 to Rs 25,000. The expectation is that by the time of commercial launch by March 2016, the Rs 4,000 handset will come to the market. Jio applications are free with the device.
The Chinese manufacturers have already brought down prices to below Rs 10,000. Lenovo has recently introduced 4G phone (A2010) at around Rs 4,500 and Xiomi Redmi Note is on offer for Rs 8,999. However, Jio looks to launch exclusive devices for selling it through its digital stores, which comes under Reliance Retail.
"The combination of Jio's strong initiatives and a supportive global environment gives me the confidence that we will see 4G LTE smartphones in India at prices below Rs 4,000 by December of this year," said Ambani at the annual general meeting of Reliance Industries.
Also, he aims to provide monthly digital service package at an affordable Rs 300-500. The strong line-up of smartphones, tablets and devices are expected to remove key barriers in mass adoption of broadband data, high definition voice, video calling, messaging and rich value-added services, say analysts. Jio looks to offer devices including set-top-boxes, dongles, modems and Mifis.
"We are here to challenge the conventional wisdom. It took time to think differently. We are doing something extraordinary. There will be challenges on the way. Industry changed, people and the government. We are at the last lap of marathon," says a Reliance executive.
4G is just an enabler - albeit a very powerful one - and it's up to operators to market and price 4G services effectively to drive uptake of mobile broadband services. If operators get it right, then 4G can bring about major changes in the way consumers use the Internet, says Paul Lambert, senior analyst at research firm Ovum.
Gold price eases on lacklustre buying, silver tumbles
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Gold prices fell modestly at the domestic bullion market in Mumbai on Monday due to reduced offtake from jewellery stockists and retailers on weak global cues.
Silver also fell sharply following heavy speculative unwinding. Standard gold (99.5 purity) moved down by Rs 25 per 10 grams to settle at Rs 25,170 from last Wednesday's closing level of Rs 25,195.
Pure gold (99.9 purity) also softened by a similar margin to end at Rs 25,320 per 10 grams compared to Rs 25,345. Silver (.999 fineness) slumped by Rs 430 to finish at at Rs 34,030 per kg from Rs 34,460 earlier.
In worldwide trade, the yellow-metal retreated after recent week-long rally in quiet trading as some investors remained away from the market for year-end holidays. Spot gold was down at $1,072 an ounce in early European trade and silver quoted lower at $14.05 an ounce.
Gold prices fell modestly at the domestic bullion market in Mumbai on Monday due to reduced offtake from jewellery stockists and retailers on weak global cues.
Silver also fell sharply following heavy speculative unwinding. Standard gold (99.5 purity) moved down by Rs 25 per 10 grams to settle at Rs 25,170 from last Wednesday's closing level of Rs 25,195.
Pure gold (99.9 purity) also softened by a similar margin to end at Rs 25,320 per 10 grams compared to Rs 25,345. Silver (.999 fineness) slumped by Rs 430 to finish at at Rs 34,030 per kg from Rs 34,460 earlier.
In worldwide trade, the yellow-metal retreated after recent week-long rally in quiet trading as some investors remained away from the market for year-end holidays. Spot gold was down at $1,072 an ounce in early European trade and silver quoted lower at $14.05 an ounce.
India did well in year of global economic turmoil: FM Arun Jaitley
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Rolling out GST, rationalising direct taxes and ensuring further ease of doing business will be at the top of his agenda in the New Year, Finance Minister Arun Jaitley said on Sunday and also promised more money into physical and social infrastructure in 2016.
He also said that "there are areas (in which) we have to respond faster", although the country responded well to the challenges posed by the slowdown in global economy during 2015 and the growth rate will improve further in "months to come".
Outlining his top priority areas for 2016, the Finance Minister said he would continue with structural reforms and the priorities would include GST, rationalising direct taxes, and further easing the system of doing business.
"After having done that, I would like to concentrate essentially on three things - more money for physical infrastructure, more money on social infrastructure and lastly more money on irrigation because that is a neglected sector," Jaitley told PTI in an interview.
He dismissed the grumblings about the economy not having taken off as "cynicism" and said India has performed well in "a year of turmoil and volatility" globally.
Looking back at 2015, Jaitley said India has been the bright spot with growth prospects of 7-7.5 per cent despite global slowdown and adversities, and expressed optimism that the growth rate which is "quite good" would improve further in the months to come.
"As the year ends, I look back with a sense of great satisfaction," Jaitley said while underlining that India's fiscal fundamentals are "extremely sound".
Asked about murmurs that the economy has not really taken off, Jaitley dismissed such grumblings as without merit and said that "the revenue collections do not go up without the economy taking off".
"Cynicism is a way of life in India. You can question any other data but you cannot question the actual rise of revenue and the actual rise of revenue is showing that the economy is doing better," he said.
Asked whether the Indian industry was also prone to such cynicism, Jaitley said, "Well, I think a section of the Indian industry has overstretched itself and those who have overstretched themselves see this as a universal problem."
Rolling out GST, rationalising direct taxes and ensuring further ease of doing business will be at the top of his agenda in the New Year, Finance Minister Arun Jaitley said on Sunday and also promised more money into physical and social infrastructure in 2016.
He also said that "there are areas (in which) we have to respond faster", although the country responded well to the challenges posed by the slowdown in global economy during 2015 and the growth rate will improve further in "months to come".
Outlining his top priority areas for 2016, the Finance Minister said he would continue with structural reforms and the priorities would include GST, rationalising direct taxes, and further easing the system of doing business.
"After having done that, I would like to concentrate essentially on three things - more money for physical infrastructure, more money on social infrastructure and lastly more money on irrigation because that is a neglected sector," Jaitley told PTI in an interview.
He dismissed the grumblings about the economy not having taken off as "cynicism" and said India has performed well in "a year of turmoil and volatility" globally.
Looking back at 2015, Jaitley said India has been the bright spot with growth prospects of 7-7.5 per cent despite global slowdown and adversities, and expressed optimism that the growth rate which is "quite good" would improve further in the months to come.
"As the year ends, I look back with a sense of great satisfaction," Jaitley said while underlining that India's fiscal fundamentals are "extremely sound".
Asked about murmurs that the economy has not really taken off, Jaitley dismissed such grumblings as without merit and said that "the revenue collections do not go up without the economy taking off".
"Cynicism is a way of life in India. You can question any other data but you cannot question the actual rise of revenue and the actual rise of revenue is showing that the economy is doing better," he said.
Asked whether the Indian industry was also prone to such cynicism, Jaitley said, "Well, I think a section of the Indian industry has overstretched itself and those who have overstretched themselves see this as a universal problem."
Oil falls towards $37, near 11-year low, as excess supply weighs
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Oil fell towards $37 a barrel on Monday, trading within sight of an 11-year low, pressured by excess supply that has more than halved prices since the downturn began in mid-2014.
US crude was trading slightly higher than global benchmark Brent, having earlier in December risen to a premium for the first time in about a year following the lifting of a 40-year-old ban on most US crude exports.
Brent crude was down 68 cents at $37.21 a barrel at 0949 GMT. It fell to $35.98, an 11-year low, on Tuesday. US crude was down 69 cents at $37.41. Trading volume was lighter than normal due to a UK public holiday.
"We expect both prices to rise next year," said Eugen Weinberg, an analyst at Commerzbank. "A short-term slide can't be excluded."
Figures from the Organization of the Petroleum Exporting Countries suggest there is a supply glut of more than 2 million barrels per day, equal to over 2 per cent of world demand, on the market. The surplus in 2016 is expected to be smaller.
Signs on Monday that a further demand stimulus from low crude prices may be limited also added pressure.
In Japan, total oil product sales in November fell to a 46-year low, as a shrinking population and warmer-than-normal weather dented demand for all of the main product grades, trade ministry data showed.
And in Europe, demand growth for oil products turned negative in October, analysts at JBC Energy said in a report, citing figures from the Joint Organisations Data Initiative. "This is the first year-on-year decline this year," JBC said.
The drop in prices gained impetus after OPEC, led by top exporter Saudi Arabia, a year ago dropped its longstanding policy of cutting output to support prices in favour of defending market share.
While the price collapse has partly achieved OPEC's goals by curbing growth of competing supplies, it has put finances in producing nations under more strain, even in the relatively wealthy Gulf states.
Saudi Arabia is expected to announce its 2016 state budget on Monday, and the details will be scrutinised for any indication that it may give about the likelihood of the kingdom changing its oil policy.
A senior official of Saudi state oil company Aramco and the ministers of Economy and Planning, Finance, and Water and Electricity will appear at a news conference scheduled for 1200 GMT on the budget.
Oil fell towards $37 a barrel on Monday, trading within sight of an 11-year low, pressured by excess supply that has more than halved prices since the downturn began in mid-2014.
US crude was trading slightly higher than global benchmark Brent, having earlier in December risen to a premium for the first time in about a year following the lifting of a 40-year-old ban on most US crude exports.
Brent crude was down 68 cents at $37.21 a barrel at 0949 GMT. It fell to $35.98, an 11-year low, on Tuesday. US crude was down 69 cents at $37.41. Trading volume was lighter than normal due to a UK public holiday.
"We expect both prices to rise next year," said Eugen Weinberg, an analyst at Commerzbank. "A short-term slide can't be excluded."
Figures from the Organization of the Petroleum Exporting Countries suggest there is a supply glut of more than 2 million barrels per day, equal to over 2 per cent of world demand, on the market. The surplus in 2016 is expected to be smaller.
Signs on Monday that a further demand stimulus from low crude prices may be limited also added pressure.
In Japan, total oil product sales in November fell to a 46-year low, as a shrinking population and warmer-than-normal weather dented demand for all of the main product grades, trade ministry data showed.
And in Europe, demand growth for oil products turned negative in October, analysts at JBC Energy said in a report, citing figures from the Joint Organisations Data Initiative. "This is the first year-on-year decline this year," JBC said.
The drop in prices gained impetus after OPEC, led by top exporter Saudi Arabia, a year ago dropped its longstanding policy of cutting output to support prices in favour of defending market share.
While the price collapse has partly achieved OPEC's goals by curbing growth of competing supplies, it has put finances in producing nations under more strain, even in the relatively wealthy Gulf states.
Saudi Arabia is expected to announce its 2016 state budget on Monday, and the details will be scrutinised for any indication that it may give about the likelihood of the kingdom changing its oil policy.
A senior official of Saudi state oil company Aramco and the ministers of Economy and Planning, Finance, and Water and Electricity will appear at a news conference scheduled for 1200 GMT on the budget.
General Awareness
RuPAY CARD
-
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❖ RuPay is a combination of two words – Rupee and Payment. RuPay Card is an Indian version
of credit/debit card. It is very similar to international cards such as Visa/Master.
❖ RuPay is the Indian domestic card payment network set up by National Payments Corporation of India (NPCI) at the behest of banks in India with the approval of Reserve Bank of India.
❖ It is created to fulfill the Reserve Bank of India's desire to have a domestic, open loop, and multilateral system of payments in India.
❖ RuPay facilitates electronic payment at all Indian banks and financial institutions, and competes
with Master Card and Visa in India.
❖ NPCI maintains ties with Discover Financial to enable the card scheme to gain international acceptance.
❖ National Payments Corporation of India (NPCI) has a plan to provide a full range of card payment services including the RuPay ATM, RuPay Micro ATM, Debit, Prepaid and Credit
Cards which will be accepted in India and abroad, across various channels like POS, Internet, IVR and mobile etc.
❖ The initial focus of NPCI would be to approach those banks who have not been issuing any payment card at all more specifically – Regional Rural Banks (RRBs) and urban co-operative banks.
❖ RuPay cards are accepted at all automated teller machines (ATMs) across India under National
Financial Switch, and under the NPCI's agreement with DFS. RuPay cards are accepted on the international Discover network.
❖ According to the data published by National Payments Corporation of India, there are around
145270 ATMs and more than 875000 Point of Sale (PoS) terminals in India under the RuPay platform.
❖ In addition to the ATMs and PoS terminals, RuPay cards are accepted online on 10,000 e-commerce websites with the same PIN which they use for ATM transactions.
❖ RuPay cards are accepted at all PoS terminals in India. To enable this, RuPay has certified 29
major banks in India to accept the RuPay card at their respective PoS terminals located at different merchant locations.
❖ NPCI has rolled out its chip card for high security transactions using EMV (Europay, Master-
Card and Visa) chip technology, which is a global standard for debit and credit cards. RuPay chip cards have an embedded microprocessor circuit containing information about the card holder and because transactions are PIN-based rather than signature- based.
❖ RuPay also provides a unified "Kisan Card", issued by banks across the country under Kisan Credit Card, enabling farmers to transact business on ATMs and PoS terminals.
- ❖ RuPay is a combination of two words – Rupee and Payment. RuPay Card is an Indian version
of credit/debit card. It is very similar to international cards such as Visa/Master.
❖ RuPay is the Indian domestic card payment network set up by National Payments Corporation of India (NPCI) at the behest of banks in India with the approval of Reserve Bank of India.
❖ It is created to fulfill the Reserve Bank of India's desire to have a domestic, open loop, and multilateral system of payments in India.
❖ RuPay facilitates electronic payment at all Indian banks and financial institutions, and competes
with Master Card and Visa in India.
❖ NPCI maintains ties with Discover Financial to enable the card scheme to gain international acceptance.
❖ National Payments Corporation of India (NPCI) has a plan to provide a full range of card payment services including the RuPay ATM, RuPay Micro ATM, Debit, Prepaid and Credit
Cards which will be accepted in India and abroad, across various channels like POS, Internet, IVR and mobile etc.
❖ The initial focus of NPCI would be to approach those banks who have not been issuing any payment card at all more specifically – Regional Rural Banks (RRBs) and urban co-operative banks.
❖ RuPay cards are accepted at all automated teller machines (ATMs) across India under National
Financial Switch, and under the NPCI's agreement with DFS. RuPay cards are accepted on the international Discover network.
❖ According to the data published by National Payments Corporation of India, there are around
145270 ATMs and more than 875000 Point of Sale (PoS) terminals in India under the RuPay platform.
❖ In addition to the ATMs and PoS terminals, RuPay cards are accepted online on 10,000 e-commerce websites with the same PIN which they use for ATM transactions.
❖ RuPay cards are accepted at all PoS terminals in India. To enable this, RuPay has certified 29
major banks in India to accept the RuPay card at their respective PoS terminals located at different merchant locations.
❖ NPCI has rolled out its chip card for high security transactions using EMV (Europay, Master-
Card and Visa) chip technology, which is a global standard for debit and credit cards. RuPay chip cards have an embedded microprocessor circuit containing information about the card holder and because transactions are PIN-based rather than signature- based.
❖ RuPay also provides a unified "Kisan Card", issued by banks across the country under Kisan Credit Card, enabling farmers to transact business on ATMs and PoS terminals.
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