General Affairs
Vice President Convenes Meeting Of Rajya Sabha Leaders Ahead Of Budget Session
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NEW DELHI: Apparently concerned over the virtual wash out of last two sessions, Rajya Sabha chairman Hamid Ansari has called a meeting of leaders of all parties in the Upper House tomorrow amid possibility of a tumultuous Budget Session beginning February 23.
This is perhaps the first such formal pre-session meeting convened by the Rajya Sabha chairman. Significantly, Prime Minister Narendra Modi has also been invited for the meeting, which aims at ensuring a smooth three-month long session.
Mr Ansari had also held an informal meeting with leaders of Congress and BJP in Rajya Sabha on Wednesday as well.
Rajya Sabha, where the government lacks majority, had seen repeated disruption in the Monsoon and Winter sessions with Congress and several other opposition parties blocking key economic reform measures of the Modi government.
Repeatedly voicing his anguish over the disruptions, Mr Ansari had in the past even toyed with the idea of possible changes in rules for smooth running of the House.
As the Winter Session of Rajya Sabha was adjourned sine die on December 23, Mr Ansari had lamented that the record of this session belied the commitment to the principles of the Constitution "in good measure".
Lok Sabha Speaker Sumitra Mahajan and Parliamentary Affairs Minister M Venkaiah Naidu have also called separate all-party meetings on February 22, a day before the crucial session begins.
Mr Naidu had also held a meeting of leaders of a number of opposition parties on February 4 where it was decided to have a full-length session and not to go for any curtailment of its duration even as Assembly elections in five states are scheduled in between.
The government is keen to push its legislative agenda in the Budget Session, including the pending bills on GST and real estate thwarted in the last two sessions, while the opposition is raring to target it on a host of issues, including the JNU row, Dalit scholar Rohith Vemula's suicide, imposition of President's Rule in Arunachal Pradesh, terror attacks in Pathankot and Gurdaspur.
Raising questions over the process of the appointment of Vice Chancellors of JNU and Delhi University, a number of opposition parties have come together against the government, accusing it of "undermining" the autonomy of the institutions.
Mr Naidu had last month met Congress president Sonia Gandhi seeking cooperation for the early passage of the crucial GST and the real estate bills.
The Budget Session of Parliament will commence on February 23 and will focus largely on the financial business of the government. The General Budget will be presented on February 29.
The Rail Budget will be presented on February 25, the pre-budget Economic Survey on February 26 and the General Budget on February 29. The first part of Budget session will end on March 16 and the second part will be convened from April 25 to May 13.
Since it is the first session of the new calendar year, it will begin with the address of President Pranab Mukherjee to the joint sitting of the two Houses on February 23.
On February 16, the Prime Minister reached out to the opposition by holding a meeting of leaders of major political parties.
In the first-ever exercise initiated by Mr Modi against the backdrop of repeated stalling of sessions, he sought their cooperation saying, "I am not the Prime Minister of BJP alone but the entire country."
He expressed the hope that Parliament will function and assured opposition parties that the government will work to address their concerns during the Budget Session.
The Winter Session had ended on December 23, leaving the Goods and Services Tax Bill and a number of other measures in a limbo.
NEW DELHI: Apparently concerned over the virtual wash out of last two sessions, Rajya Sabha chairman Hamid Ansari has called a meeting of leaders of all parties in the Upper House tomorrow amid possibility of a tumultuous Budget Session beginning February 23.This is perhaps the first such formal pre-session meeting convened by the Rajya Sabha chairman. Significantly, Prime Minister Narendra Modi has also been invited for the meeting, which aims at ensuring a smooth three-month long session.
Mr Ansari had also held an informal meeting with leaders of Congress and BJP in Rajya Sabha on Wednesday as well.
Rajya Sabha, where the government lacks majority, had seen repeated disruption in the Monsoon and Winter sessions with Congress and several other opposition parties blocking key economic reform measures of the Modi government.
Repeatedly voicing his anguish over the disruptions, Mr Ansari had in the past even toyed with the idea of possible changes in rules for smooth running of the House.
As the Winter Session of Rajya Sabha was adjourned sine die on December 23, Mr Ansari had lamented that the record of this session belied the commitment to the principles of the Constitution "in good measure".
Lok Sabha Speaker Sumitra Mahajan and Parliamentary Affairs Minister M Venkaiah Naidu have also called separate all-party meetings on February 22, a day before the crucial session begins.
Mr Naidu had also held a meeting of leaders of a number of opposition parties on February 4 where it was decided to have a full-length session and not to go for any curtailment of its duration even as Assembly elections in five states are scheduled in between.
The government is keen to push its legislative agenda in the Budget Session, including the pending bills on GST and real estate thwarted in the last two sessions, while the opposition is raring to target it on a host of issues, including the JNU row, Dalit scholar Rohith Vemula's suicide, imposition of President's Rule in Arunachal Pradesh, terror attacks in Pathankot and Gurdaspur.
Raising questions over the process of the appointment of Vice Chancellors of JNU and Delhi University, a number of opposition parties have come together against the government, accusing it of "undermining" the autonomy of the institutions.
Mr Naidu had last month met Congress president Sonia Gandhi seeking cooperation for the early passage of the crucial GST and the real estate bills.
The Budget Session of Parliament will commence on February 23 and will focus largely on the financial business of the government. The General Budget will be presented on February 29.
The Rail Budget will be presented on February 25, the pre-budget Economic Survey on February 26 and the General Budget on February 29. The first part of Budget session will end on March 16 and the second part will be convened from April 25 to May 13.
Since it is the first session of the new calendar year, it will begin with the address of President Pranab Mukherjee to the joint sitting of the two Houses on February 23.
On February 16, the Prime Minister reached out to the opposition by holding a meeting of leaders of major political parties.
In the first-ever exercise initiated by Mr Modi against the backdrop of repeated stalling of sessions, he sought their cooperation saying, "I am not the Prime Minister of BJP alone but the entire country."
He expressed the hope that Parliament will function and assured opposition parties that the government will work to address their concerns during the Budget Session.
The Winter Session had ended on December 23, leaving the Goods and Services Tax Bill and a number of other measures in a limbo.
Rahul Gandhi Frustrated, Telling Lies: BJP
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NEW DELHI: BJP today accused Congress vice president Rahul Gandhi of telling "lies" after he attacked the government over the issues of price rise and farmers and claimed that the Narendra Modi government has provided complete protection to peasants.
The party also said the prices of eatables like pulses quoted by Mr Gandhi was wrong and alleged that he was acting out of frustration due to "backlash" over his support to "anti-nationals" in the Jawaharlal Nehru University (JNU) row and the National Herald case.
"Congress governments exploited farmers for votes and did nothing for them. As a consequence, they became poorer with time. The Modi government has worked to provide them complete protection with its crop insurance scheme and other benefits," the party's national secretary Shrikant Sharma said.
For the first time since independence such a comprehensive cover has been given to farmers, he said, citing details.
"Now any farmer can buy the crop insurance scheme by paying only 1.5-2 per cent of insured amount as premium instead of earlier 14-15 per cent. The government also relaxed criteria for receiving the damage for any crop less," Mr Sharma said.
Interacting with farmers at Amethi, Mr Gandhi had attacked the government over rising pulse prices and accused it of not doing anything for farmers, asserting that he will raise their issues in Parliament.
Taking a swipe, Mr Sharma said, "He is out on bail in the Rs. 5000 crore National Herald case. There is also a backlash over his support to anti-nationals in the JNU case. He is frustrated and due to this speaking lies."
There was a big difference between the actual prices of commodities and what were quoted by Mr Gandhi, he said.
Mr Sharma also referred to Mudra project and insurance and pension schemes started by the government for the benefit of the poor and farmers.
NEW DELHI: BJP today accused Congress vice president Rahul Gandhi of telling "lies" after he attacked the government over the issues of price rise and farmers and claimed that the Narendra Modi government has provided complete protection to peasants.The party also said the prices of eatables like pulses quoted by Mr Gandhi was wrong and alleged that he was acting out of frustration due to "backlash" over his support to "anti-nationals" in the Jawaharlal Nehru University (JNU) row and the National Herald case.
For the first time since independence such a comprehensive cover has been given to farmers, he said, citing details.
"Now any farmer can buy the crop insurance scheme by paying only 1.5-2 per cent of insured amount as premium instead of earlier 14-15 per cent. The government also relaxed criteria for receiving the damage for any crop less," Mr Sharma said.
Interacting with farmers at Amethi, Mr Gandhi had attacked the government over rising pulse prices and accused it of not doing anything for farmers, asserting that he will raise their issues in Parliament.
Taking a swipe, Mr Sharma said, "He is out on bail in the Rs. 5000 crore National Herald case. There is also a backlash over his support to anti-nationals in the JNU case. He is frustrated and due to this speaking lies."
There was a big difference between the actual prices of commodities and what were quoted by Mr Gandhi, he said.
Mr Sharma also referred to Mudra project and insurance and pension schemes started by the government for the benefit of the poor and farmers.
We Are Not Bothered About Congress-Left Alliance, Says Trinamool
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KOLKATA: With Congress and Left Front trying to forge an alliance in West Bengal, the ruling Trinamool Congress today said it was "least bothered" about the development and alleged that both the parties have been "rejected" by the masses of the state.
"We are least bothered about the alliance. We are bothered about the development work that has been done by us. Those, who are trying to forge an alliance, has been rejected by the masses," Trinamool general secretary Subrata Bakshi said.
The West Bengal Congress yesterday had hailed the decision of CPI(M) seeking cooperation from all democratic forces by stating that each secular party in the state should respect the aspirations of the masses.
Trinamool's national spokesperson Derek O' Brien in a Facebook post said the Trinamool Congress will win with a comfortable majority, even if it has to fight against the Congress-CPI(M) alliance.
While countering a recent pre poll survey which has opined about a neck and neck fight between the alliance and Trinamool, Mr O'Brien said, "This is a fictional story because on the ground Trinamool is way ahead. Even CPI(M) and Congress leaders admit it. The media house has decided that it is possible for the CPI(M) and Congress to overcome years of hostility in the state and transfer 100 per cent of votes to each other.
"I may remind it that even in Bihar, where Lalu Yadav and Nitish Kumar came together for the Assembly election, the vote transfer percentage between their parties was around 70 per cent."
"Can one expect the CPI(M) and the Congress to outperform that number in West Bengal? Independent observers are convinced that to transfer even 20 per cent of the vote will be a monumental task. TMC will still win very comfortably," he said.
KOLKATA: With Congress and Left Front trying to forge an alliance in West Bengal, the ruling Trinamool Congress today said it was "least bothered" about the development and alleged that both the parties have been "rejected" by the masses of the state."We are least bothered about the alliance. We are bothered about the development work that has been done by us. Those, who are trying to forge an alliance, has been rejected by the masses," Trinamool general secretary Subrata Bakshi said.
The West Bengal Congress yesterday had hailed the decision of CPI(M) seeking cooperation from all democratic forces by stating that each secular party in the state should respect the aspirations of the masses.
Trinamool's national spokesperson Derek O' Brien in a Facebook post said the Trinamool Congress will win with a comfortable majority, even if it has to fight against the Congress-CPI(M) alliance.
While countering a recent pre poll survey which has opined about a neck and neck fight between the alliance and Trinamool, Mr O'Brien said, "This is a fictional story because on the ground Trinamool is way ahead. Even CPI(M) and Congress leaders admit it. The media house has decided that it is possible for the CPI(M) and Congress to overcome years of hostility in the state and transfer 100 per cent of votes to each other.
"I may remind it that even in Bihar, where Lalu Yadav and Nitish Kumar came together for the Assembly election, the vote transfer percentage between their parties was around 70 per cent."
"Can one expect the CPI(M) and the Congress to outperform that number in West Bengal? Independent observers are convinced that to transfer even 20 per cent of the vote will be a monumental task. TMC will still win very comfortably," he said.
Amarinder Singh Says Rahul Gandhi Needs No Certificate Of Patriotism From BJP
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CHANDIGARH: Punjab Congress president Amarinder Singh today said Congress vice president Rahul Gandhi needs no certificate of patriotism from a party like BJP which had "released" dreaded terrorists like Masood Azhar.
"BJP has the dubious distinction of being in government while Parliament was attacked and also not only releasing dreaded terrorists like Masood Azhar but also sending them to Kandahar in Afghanistan in a special plane with the then Foreign Minister Jaswant Singh playing the host and escort," he said in a statement in Chandigarh.
The Amritsar lawmaker blamed BJP for creating a mountain out of a molehill over Mr Gandhi's visit to JNU.
"I am surprised as how BJP was maliciously trying to wriggle out of the situation and malign Rahul Gandhi," he said.
Defending the Congress vice president's support to the agitating JNU students, Mr Singh said that Mr Gandhi had made it clear that he stood by freedom of speech and expression as guaranteed by Constitution, while strongly rejecting, opposing and condemning anything that was anti-national.
"BJP's rabble rousing notwithstanding, it has a weak case when it comes to nationalistic and patriotic credentials in comparison with the Congress", he asserted.
He added that Mr Gandhi's patriotic credentials are "too strong" for BJP to criticise, pointing out how his father Rajiv Gandhi and grandmother Indira Gandhi had laid down their lives to safeguard integrity of the country.
Mr Singh also said even though Parliament was attacked under BJP's rule, perpetrators like Afzal Guru as also Ajmal Kasab were hanged by the Congress government.
CHANDIGARH: Punjab Congress president Amarinder Singh today said Congress vice president Rahul Gandhi needs no certificate of patriotism from a party like BJP which had "released" dreaded terrorists like Masood Azhar."BJP has the dubious distinction of being in government while Parliament was attacked and also not only releasing dreaded terrorists like Masood Azhar but also sending them to Kandahar in Afghanistan in a special plane with the then Foreign Minister Jaswant Singh playing the host and escort," he said in a statement in Chandigarh.
"I am surprised as how BJP was maliciously trying to wriggle out of the situation and malign Rahul Gandhi," he said.
Defending the Congress vice president's support to the agitating JNU students, Mr Singh said that Mr Gandhi had made it clear that he stood by freedom of speech and expression as guaranteed by Constitution, while strongly rejecting, opposing and condemning anything that was anti-national.
"BJP's rabble rousing notwithstanding, it has a weak case when it comes to nationalistic and patriotic credentials in comparison with the Congress", he asserted.
He added that Mr Gandhi's patriotic credentials are "too strong" for BJP to criticise, pointing out how his father Rajiv Gandhi and grandmother Indira Gandhi had laid down their lives to safeguard integrity of the country.
Mr Singh also said even though Parliament was attacked under BJP's rule, perpetrators like Afzal Guru as also Ajmal Kasab were hanged by the Congress government.
Avalanche Warning Issued For Jammu And Kashmir, Himachal Pradesh
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NEW DELHI: A medium range avalanche warning has been issued in several districts of Jammu and Kashmir and Himachal Pradesh today.
As per a report of the Snow and Avalanche Study Establishment, the avalanche warning will be in force for 24 hours beginning 1700 hours today.
The avalanche will in medium danger, an official spokesperson said.
The avalanche warning issued for Baramulla, Kupwara, Bandipora, Kargil, Shopian, Anantnag, Kulgam, Rajouri, Doda, Poonch and Reasi districts of Jammu and Kashmir and Chamba district of Himachal Pradesh.
NEW DELHI: A medium range avalanche warning has been issued in several districts of Jammu and Kashmir and Himachal Pradesh today.As per a report of the Snow and Avalanche Study Establishment, the avalanche warning will be in force for 24 hours beginning 1700 hours today.
The avalanche will in medium danger, an official spokesperson said.
The avalanche warning issued for Baramulla, Kupwara, Bandipora, Kargil, Shopian, Anantnag, Kulgam, Rajouri, Doda, Poonch and Reasi districts of Jammu and Kashmir and Chamba district of Himachal Pradesh.
Business Affairs
Sensex logs biggest weekly gain in four months; Nifty tops 7,200; SBI, PNB stocks top gainers
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In a volatile trading session, the S&P BSE Sensex settled the day 59.93 points higher, while broader CNX Nifty jumped above its key 7,200-mark.
The benchmark indices closed flat as a fall in oil prices took a toll on energy stocks such as Bharat Petroleum, but still logged their biggest weekly gain in four months, helped in part by gains in global markets.
The 30-share index ended the day at 23,709, up 59.93 points, while broad-based 50-share index quoted 7,210, up 19.00 points at close.
Market breadth turned positive with 18 of the 30 Sensex components ending the day in green.
SBI was the best performing stock on the Sensex and settled the day 3.20 per cent higher on news report the government is likely to set up a "bad bank" to take over non-performing assets.
Traders expect markets to remain volatile next week ahead of the Budget 2016 to be unveiled on February 29, while monthly contracts for futures and options will expire on Thursday. The prospect of falls in global markets could also cap gains.
Foreign investors sold a net $42.81 million worth of Indian shares on February 17, taking this year's outflow to $2.47 billion.
"There is a risk aversion globally as the developed world is moving towards negative interest rates and that reflects a possibility of deflation around the globe," said Deepak Jasani, head of retail research at HDFC Securities.
"In case FIIs (Foreign Institutional Investors) are not enthused by the budgetary provisions, India could underperform even post-Budget for some time."
Mirroring concerns over oil prices, energy shares fell with Bharat Petroleum, Hindustan Petroleum, Indian Oil shedding between 1 per cent and 4 per cent.
Asian shares slipped from near-three-week highs, tracking weak oil prices as a record build in US crude stocks stoked concerns about global oversupply, outweighing moves by oil producers including Saudi Arabia and Russia to cap oil output.
In a volatile trading session, the S&P BSE Sensex settled the day 59.93 points higher, while broader CNX Nifty jumped above its key 7,200-mark.
The benchmark indices closed flat as a fall in oil prices took a toll on energy stocks such as Bharat Petroleum, but still logged their biggest weekly gain in four months, helped in part by gains in global markets.
The 30-share index ended the day at 23,709, up 59.93 points, while broad-based 50-share index quoted 7,210, up 19.00 points at close.
Market breadth turned positive with 18 of the 30 Sensex components ending the day in green.
SBI was the best performing stock on the Sensex and settled the day 3.20 per cent higher on news report the government is likely to set up a "bad bank" to take over non-performing assets.
Traders expect markets to remain volatile next week ahead of the Budget 2016 to be unveiled on February 29, while monthly contracts for futures and options will expire on Thursday. The prospect of falls in global markets could also cap gains.
Foreign investors sold a net $42.81 million worth of Indian shares on February 17, taking this year's outflow to $2.47 billion.
"There is a risk aversion globally as the developed world is moving towards negative interest rates and that reflects a possibility of deflation around the globe," said Deepak Jasani, head of retail research at HDFC Securities.
"In case FIIs (Foreign Institutional Investors) are not enthused by the budgetary provisions, India could underperform even post-Budget for some time."
Mirroring concerns over oil prices, energy shares fell with Bharat Petroleum, Hindustan Petroleum, Indian Oil shedding between 1 per cent and 4 per cent.
Asian shares slipped from near-three-week highs, tracking weak oil prices as a record build in US crude stocks stoked concerns about global oversupply, outweighing moves by oil producers including Saudi Arabia and Russia to cap oil output.
Government likely to hike dearness allowance to 125% from existing 119%
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The Centre is likely to hike dearness allowance (DA) to 125 per cent from existing 119 per cent, which would benefit its over 10 million employees and pensioners.
"Average rate of Consumer Price Index-Industrial Labour from January to December, 2015 was 6.73 per cent. Thus, the Centre will increase dearness allowance by six percentage points to 125 per cent from existing 119 per cent as per accepted formula for calculation," Confederation of Central Government Employees and Workers President K K N Kutty told PTI.
The new rate of DA will be implemented from January 1, 2016, which will be applicable for 4.8 million central government employees and 5.5 million pensioners. DA is paid as a proportion of basic pay of employees.
The proposal to hike DA is moved by the Finance Ministry on the basis of accepted formula for calculation. The Union Cabinet approves the DA hike for its employees.
However, dissatisfied over the meagre hike in DA in the backdrop of high cost of living, Kutty said, "The real inflation ranges between 220-240 per cent, but we will get only 125 per cent."
The Centre revised DA twice in a year on the basis of one year average of retail inflation for industrial workers as per the accepted formula.
Earlier in September last year, DA was increased to 119 per cent from 113 per cent which was effective from July 1, 2015.
In April last year, the government had hiked DA by 6 percentage points to 113 per cent of their basic pay with effect from January 1, 2015.
The Centre is likely to hike dearness allowance (DA) to 125 per cent from existing 119 per cent, which would benefit its over 10 million employees and pensioners.
"Average rate of Consumer Price Index-Industrial Labour from January to December, 2015 was 6.73 per cent. Thus, the Centre will increase dearness allowance by six percentage points to 125 per cent from existing 119 per cent as per accepted formula for calculation," Confederation of Central Government Employees and Workers President K K N Kutty told PTI.
The new rate of DA will be implemented from January 1, 2016, which will be applicable for 4.8 million central government employees and 5.5 million pensioners. DA is paid as a proportion of basic pay of employees.
The proposal to hike DA is moved by the Finance Ministry on the basis of accepted formula for calculation. The Union Cabinet approves the DA hike for its employees.
However, dissatisfied over the meagre hike in DA in the backdrop of high cost of living, Kutty said, "The real inflation ranges between 220-240 per cent, but we will get only 125 per cent."
The Centre revised DA twice in a year on the basis of one year average of retail inflation for industrial workers as per the accepted formula.
Earlier in September last year, DA was increased to 119 per cent from 113 per cent which was effective from July 1, 2015.
In April last year, the government had hiked DA by 6 percentage points to 113 per cent of their basic pay with effect from January 1, 2015.
Budget 2016 wishlist: MCX wants govt to scrap commodity transaction tax
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Leading commodity bourse MCX on Friday urged the government to scrap commodity transaction tax (CTT) and allow foreign stock bourse/financial bodies to hold up to 15 per cent stake in the recognised commodity bourse.
CTT, which is in place since July 1, 2013, is a tax levied on exchange-traded commodity derivatives in India on the lines of the Securities Transaction Tax.
"Non-agricultural commodities should not be subjected to CTT as is the case with agricultural commodities, as these contracts help SMEs to hedge in rupee denominated contracts in an effective manner on domestic exchanges," MCX said sharing its Budget wishlist for the 2016-17 fiscal.
CTT increased the cost of trading of exchange traded derivatives trading by almost 300 per cent. There has been more than 50 per cent reduction in trading volumes after introduction of CTT, it said in a statement.
The rising trading costs has also encouraged migration of financial businesses to offshore centers such as Dubai and Singapore, lured by low cost and zero taxes, it added.
That apart, MCX has sought the government to allow cenvat credit for the first removal of excisable goods from exchange-designated warehouse after initial deposition in the same warehouse to encourage delivery-based transactions on commodity exchanges. The above facility may be carried under the proposed GST regime also.
MCX also demanded the government allow a foreign stock exchange/depository/banking company/insurance company/public financial institution to hold up to 15 per cent of the paid up equity capital of recognised stock exchanges, the statement added.
Leading commodity bourse MCX on Friday urged the government to scrap commodity transaction tax (CTT) and allow foreign stock bourse/financial bodies to hold up to 15 per cent stake in the recognised commodity bourse.
CTT, which is in place since July 1, 2013, is a tax levied on exchange-traded commodity derivatives in India on the lines of the Securities Transaction Tax.
"Non-agricultural commodities should not be subjected to CTT as is the case with agricultural commodities, as these contracts help SMEs to hedge in rupee denominated contracts in an effective manner on domestic exchanges," MCX said sharing its Budget wishlist for the 2016-17 fiscal.
CTT increased the cost of trading of exchange traded derivatives trading by almost 300 per cent. There has been more than 50 per cent reduction in trading volumes after introduction of CTT, it said in a statement.
The rising trading costs has also encouraged migration of financial businesses to offshore centers such as Dubai and Singapore, lured by low cost and zero taxes, it added.
That apart, MCX has sought the government to allow cenvat credit for the first removal of excisable goods from exchange-designated warehouse after initial deposition in the same warehouse to encourage delivery-based transactions on commodity exchanges. The above facility may be carried under the proposed GST regime also.
MCX also demanded the government allow a foreign stock exchange/depository/banking company/insurance company/public financial institution to hold up to 15 per cent of the paid up equity capital of recognised stock exchanges, the statement added.
SBI raises Rs 3,000 crore via bond issue
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India's largest mortgage lender State Bank of India (SBI) on Friday said it has raised Rs 3,000 crore through issue of bonds on a private placement basis.
In a regulatory filing in BSE, the bank said it had raised a sum of Rs 3,000 crore through issue of Basel III compliant tier-II bonds in the nature of debentures with an interest rate of 8.45 percent per annum on February 18.
The face value of each bond is Rs.10,00,000 and the tenure is 10 years.
However, SBI has the call option after five years.
Last month, SBI decided to raise equity capital up to Rs 15,000 crore through various routes-fresh public offer, rights issue, qualified institutional placement and others.
SBI declared a net profit of Rs 1,115.34 crore for the quarter ended December 31, 2015 as compared to Rs.2,910.06 crore for the quarter ended December 31, 2014.
The bank had provided Rs 8,483 crore (loan loss alone Rs.7,645 crore) during the period under review as against Rs 6,477 crore (loan loss Rs.4,810 crore) provided during the corresponding period of previous year.
The bank's total income has increased from Rs 43,783.97 crore for the quarter ended December 31, 2014 to Rs 46,731.01 crore for the quarter ended December 31, 2015.
According to SBI, its gross NPAs stood at 5.10 per cent at the end of third quarter as against 4.90 percent for the period ended December 31, 2014.
India's largest mortgage lender State Bank of India (SBI) on Friday said it has raised Rs 3,000 crore through issue of bonds on a private placement basis.
In a regulatory filing in BSE, the bank said it had raised a sum of Rs 3,000 crore through issue of Basel III compliant tier-II bonds in the nature of debentures with an interest rate of 8.45 percent per annum on February 18.
The face value of each bond is Rs.10,00,000 and the tenure is 10 years.
However, SBI has the call option after five years.
Last month, SBI decided to raise equity capital up to Rs 15,000 crore through various routes-fresh public offer, rights issue, qualified institutional placement and others.
SBI declared a net profit of Rs 1,115.34 crore for the quarter ended December 31, 2015 as compared to Rs.2,910.06 crore for the quarter ended December 31, 2014.
The bank had provided Rs 8,483 crore (loan loss alone Rs.7,645 crore) during the period under review as against Rs 6,477 crore (loan loss Rs.4,810 crore) provided during the corresponding period of previous year.
The bank's total income has increased from Rs 43,783.97 crore for the quarter ended December 31, 2014 to Rs 46,731.01 crore for the quarter ended December 31, 2015.
According to SBI, its gross NPAs stood at 5.10 per cent at the end of third quarter as against 4.90 percent for the period ended December 31, 2014.
India among top 5 'defaulters' of London congestion charge
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The Indian High Commission in the UK has been ranked fifth in an assessment of foreign missions that have refused to pay London's traffic congestion charge over the years, owing over 4.4 million pounds in unpaid dues.
The list is topped by the US Embassy in London, which owes over 10 million pounds, followed by Japan, Nigeria and Russia, adding up nearly 97 million pounds in what TfL believes are "unpaid fees" by a majority of diplomatic missions from around the world.
According to 2016 figures released by Transport for London (TfL) last month, Indian diplomats allegedly owe them over 4.4 million pounds in accumulated unpaid dues since 2003.
The issue has remained unchanged for the past 12 years since the launch of the congestion charge in London, with TfL insisting diplomats are not exempt from paying it but the foreign missions maintaining that they do have exemption under the Vienna Convention.
"We believe that the congestion charge imposed by the UK authorities is not a service charge but a tax, which should be exempted under the Vienna Convention and therefore the Indian High Commission, like several diplomatic missions in London, do not pay the congestion charge," reads an Indian High Commission statement, a stand which remains unchanged over the past few years.
The charge, which applies to central London during peak times from Monday to Friday, was introduced in 2003 to alleviate congestion in the heart of London, with the money ear-marked for transport improvements in the UK capital. It currently stands at 11.50 pounds per day when a vehicle enters the designated congestion zone and failure to pay incurs a 130 pounds fine.
The Indian High Commission has purportedly incurred a total of 4,477,605 pounds since 2003, which would include fines.
"We and the UK government are clear that the Congestion Charge is a charge for a service and not a tax. This means that diplomats are not exempt from paying it. Around three quarters of embassies in London do pay the charge, but there remains a stubborn minority who refuse to do so, despite our representations through diplomatic channels," TfL said in a statement.
"We will continue to pursue all unpaid Congestion Charge fees and related penalty charge notices and are pushing for the matter to be taken up at the International Court of Justice," it added.
The Indian High Commission in the UK has been ranked fifth in an assessment of foreign missions that have refused to pay London's traffic congestion charge over the years, owing over 4.4 million pounds in unpaid dues.
The list is topped by the US Embassy in London, which owes over 10 million pounds, followed by Japan, Nigeria and Russia, adding up nearly 97 million pounds in what TfL believes are "unpaid fees" by a majority of diplomatic missions from around the world.
According to 2016 figures released by Transport for London (TfL) last month, Indian diplomats allegedly owe them over 4.4 million pounds in accumulated unpaid dues since 2003.
The issue has remained unchanged for the past 12 years since the launch of the congestion charge in London, with TfL insisting diplomats are not exempt from paying it but the foreign missions maintaining that they do have exemption under the Vienna Convention.
"We believe that the congestion charge imposed by the UK authorities is not a service charge but a tax, which should be exempted under the Vienna Convention and therefore the Indian High Commission, like several diplomatic missions in London, do not pay the congestion charge," reads an Indian High Commission statement, a stand which remains unchanged over the past few years.
The charge, which applies to central London during peak times from Monday to Friday, was introduced in 2003 to alleviate congestion in the heart of London, with the money ear-marked for transport improvements in the UK capital. It currently stands at 11.50 pounds per day when a vehicle enters the designated congestion zone and failure to pay incurs a 130 pounds fine.
The Indian High Commission has purportedly incurred a total of 4,477,605 pounds since 2003, which would include fines.
"We and the UK government are clear that the Congestion Charge is a charge for a service and not a tax. This means that diplomats are not exempt from paying it. Around three quarters of embassies in London do pay the charge, but there remains a stubborn minority who refuse to do so, despite our representations through diplomatic channels," TfL said in a statement.
"We will continue to pursue all unpaid Congestion Charge fees and related penalty charge notices and are pushing for the matter to be taken up at the International Court of Justice," it added.
General Awareness
12th South Asian Games – An Overview
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The 12th South Asian Games 2016 title has been clinched byIndia, which were held at Guwahati and Shillong, India from 5 February to 16 February 2016.
- Participated nations – Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka
- Mascot – Tikhor (Baby Rhino): Tikhor carries the message of Peace, Progress, and Prosperity in the South Asian region
- Motto – “Play for Peace, Progress and Prosperity”
- Anthem – A famous Assamese song, “Ei Prithibi Ek Krirangan” (The world is a playground) by Bhupen Hazarika.
A total of 2,672 athletes were participated in 226 events that were held in 22 sports. The event offered 788 medals (239 Gold, 239 Silver and 310 Bronze medals).
Final Medal Tally
Rank Country Gold Silver Bronze Total 1 India 188 90 30 308 2 Sri Lanka 25 63 98 186 3 Pakistan 12 37 57 106 4 Afghanistan 7 9 19 35 5 Bangladesh 4 15 56 75 6 Nepal 3 23 34 60 7 Maldives 0 2 1 3 8 Bhutan 0 1 15 16
About South Asian Games:
Started in 1984, The South Asian Games aka SAF Games, SAG SA games or South Asian Federation Games are a biennial multi-sport event held among the athletes from South Asia with a view to boost up the team spirit as well as relationship between the South Asian countries.
- The governing body of these games is South Asian Sports Council (SASC), formed in 1983.
- The venue for 2019 South Asian Games will be hold in Kathmandu, Nepal.
- The 12th South Asian Games 2016 title has been clinched byIndia, which were held at Guwahati and Shillong, India from 5 February to 16 February 2016.
- Participated nations – Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka
- Mascot – Tikhor (Baby Rhino): Tikhor carries the message of Peace, Progress, and Prosperity in the South Asian region
- Motto – “Play for Peace, Progress and Prosperity”
- Anthem – A famous Assamese song, “Ei Prithibi Ek Krirangan” (The world is a playground) by Bhupen Hazarika.
Final Medal TallyAbout South Asian Games:Rank Country Gold Silver Bronze Total 1 India 188 90 30 308 2 Sri Lanka 25 63 98 186 3 Pakistan 12 37 57 106 4 Afghanistan 7 9 19 35 5 Bangladesh 4 15 56 75 6 Nepal 3 23 34 60 7 Maldives 0 2 1 3 8 Bhutan 0 1 15 16
Started in 1984, The South Asian Games aka SAF Games, SAG SA games or South Asian Federation Games are a biennial multi-sport event held among the athletes from South Asia with a view to boost up the team spirit as well as relationship between the South Asian countries.
- The governing body of these games is South Asian Sports Council (SASC), formed in 1983.
- The venue for 2019 South Asian Games will be hold in Kathmandu, Nepal.
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