General Affairs
Assam Chief Minister Tarun Gogoi Attacks PM Modi Over Comments On His Age
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GUWAHATI: Amidst the Assembly poll heat in Assam, Chief Minister Tarun Gogoi today targeted Prime Minister Narendra Modi over comments that he was "90-years- old" and questioned whether the BJP leader was telling him "to die".
"He (Modi) claims he respects me and yet says 'Go Go Go'. He says I am 90-years-old. What does that mean? Is he telling me to die or what? If you say go to a 90-year-old, where will he go? Is he respecting me or making fun?" he told reporters in Guwahati.
The chief minister was responding to PM Modi's comment at an election rally on Saturday. "Gogoi ji, in a few years, you will be 90. You are my elder. I have come to Assam to do pranam (pay respects) and not fight with you," the prime minister had said.
In the poll affidavit filed by Mr Gogoi, his age is mentioned as "about 79 years".
Mr Gogoi said since the voters in Assam had elected him as their chief minister, disrespecting him amounted to disrespecting the people of the state.
"You (Modi) say you respect me as I am an old man. (But) he does not respect even his own party men, be it (LK) Advani or Murli (Manohar) Joshi or Yashwant Sinha. He never respects anyone," he said.
Stating that the people of Assam always respect their elders, Mr Gogoi further charged that PM Modi and other BJP leaders were "coming to the state and insulting the people of Assam".
"They do not know the history of Assam. They say Sukaphaa attacked Mughals 17 times. They do not have any contribution to Assamese history and the struggle for independence," he claimed.
Last week, BJP president Amit Shah had said at a poll rally in Assam that Ahom king Sukaphaa had attacked and defeated the Mughals 17 times.
Sukaphaa founded the Ahom kingdom in 1228 AD and died in 1268 AD, while Babur established Mughal dynasty in 1526 AD.
GUWAHATI: Amidst the Assembly poll heat in Assam, Chief Minister Tarun Gogoi today targeted Prime Minister Narendra Modi over comments that he was "90-years- old" and questioned whether the BJP leader was telling him "to die"."He (Modi) claims he respects me and yet says 'Go Go Go'. He says I am 90-years-old. What does that mean? Is he telling me to die or what? If you say go to a 90-year-old, where will he go? Is he respecting me or making fun?" he told reporters in Guwahati.
The chief minister was responding to PM Modi's comment at an election rally on Saturday. "Gogoi ji, in a few years, you will be 90. You are my elder. I have come to Assam to do pranam (pay respects) and not fight with you," the prime minister had said.
In the poll affidavit filed by Mr Gogoi, his age is mentioned as "about 79 years".
Mr Gogoi said since the voters in Assam had elected him as their chief minister, disrespecting him amounted to disrespecting the people of the state.
"You (Modi) say you respect me as I am an old man. (But) he does not respect even his own party men, be it (LK) Advani or Murli (Manohar) Joshi or Yashwant Sinha. He never respects anyone," he said.
Stating that the people of Assam always respect their elders, Mr Gogoi further charged that PM Modi and other BJP leaders were "coming to the state and insulting the people of Assam".
"They do not know the history of Assam. They say Sukaphaa attacked Mughals 17 times. They do not have any contribution to Assamese history and the struggle for independence," he claimed.
Last week, BJP president Amit Shah had said at a poll rally in Assam that Ahom king Sukaphaa had attacked and defeated the Mughals 17 times.
Sukaphaa founded the Ahom kingdom in 1228 AD and died in 1268 AD, while Babur established Mughal dynasty in 1526 AD.
Congress To Seek Legal Opinion On Rebels On Uttarakhand Verdict
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NEW DELHI: Congress will seek legal opinion on the issue of allowing the nine rebel party lawmakers to vote in the March 31 floor test in Uttarakhand to seek clarity on the High Court order.
Welcoming the court order, party General Secretary Ambika Soni blamed the Centre, accusing it of acting in "undue haste" to dismiss the Harish Rawat government on the eve of the trust vote.
Talking to reporters in Delhi, she alleged that the "mistake" by the Centre in the matter has led to problems as the "unconstitutional act" has resulted in many new issues cropping up.
Replying to questions, she said the AICC will seek legal opinion by talking to senior lawyers like Kapil Sibal and Abhishek Singhvi.
She said the party failed to understand as to where the rebel lawmakers could vote since they have been disqualified they cannot enter the Assembly.
Ms Soni, who is in-charge of party affairs in the hill state, insisted that till today there has been no voting outside the House on floor test.
Besides, she said as per rules, the Speaker cannot allow entry of "non-members" in the House of representatives.
The Congress leader remained ambivalent on questions whether the party would attempt to woo the rebels to ensure smooth sailing for Mr Rawat in the trust vote. "Wait and see, what we do," she told a questioner.
At the same time, she said as many as 34 lawmakers had marched along with Mr Rawat to the Governor to express their support to him yesterday. She said the lawmakers on their own have given affidavits in the matter.
She said this when asked whether the Congress is going to issue a whip asking its members to vote for Mr Rawat. She said that a whip is just a "procedural aspect".
Targeting the Centre, she asked how could President's Rule could be imposed in a state just on the basis of a sting whose authenticity is not known.
In a jolt to the Centre, the Uttarkhand High Court today ordered a floor test in the Assembly on March 31, giving a new turn to the political developments two days after President's Rule was imposed in the state.
Welcoming the court order, party General Secretary Ambika Soni blamed the Centre, accusing it of acting in "undue haste" to dismiss the Harish Rawat government on the eve of the trust vote.
Talking to reporters in Delhi, she alleged that the "mistake" by the Centre in the matter has led to problems as the "unconstitutional act" has resulted in many new issues cropping up.
Replying to questions, she said the AICC will seek legal opinion by talking to senior lawyers like Kapil Sibal and Abhishek Singhvi.
She said the party failed to understand as to where the rebel lawmakers could vote since they have been disqualified they cannot enter the Assembly.
Ms Soni, who is in-charge of party affairs in the hill state, insisted that till today there has been no voting outside the House on floor test.
Besides, she said as per rules, the Speaker cannot allow entry of "non-members" in the House of representatives.
The Congress leader remained ambivalent on questions whether the party would attempt to woo the rebels to ensure smooth sailing for Mr Rawat in the trust vote. "Wait and see, what we do," she told a questioner.
At the same time, she said as many as 34 lawmakers had marched along with Mr Rawat to the Governor to express their support to him yesterday. She said the lawmakers on their own have given affidavits in the matter.
She said this when asked whether the Congress is going to issue a whip asking its members to vote for Mr Rawat. She said that a whip is just a "procedural aspect".
Targeting the Centre, she asked how could President's Rule could be imposed in a state just on the basis of a sting whose authenticity is not known.
In a jolt to the Centre, the Uttarkhand High Court today ordered a floor test in the Assembly on March 31, giving a new turn to the political developments two days after President's Rule was imposed in the state.
Jamiat Ulema-E-Hind Leader Fighting On Trinamool Congress Ticket Is 'Crorepati'
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KOLKATA: Jamiat Ulema-e-Hind leader Siddiqullah Chowdhury, who is contesting from Mangalkot Assembly seat on Trinamool ticket, has declared himself to be a crorepati in his poll affidavit.
According to the nomination papers filed by him before the Election Commission, the 67-year-old minority leader owns property totalling Rs 1.26 crore.
He owns a two-storeyed building near Kolkata airport valued over Rs 80 lakh. He also owns agricultural land in Burdwan whose present market value is estimated to be more than Rs 18 lakh while two other non-agriculture land is valued at above Rs 27 lakh.
His total movable assets is around Rs 9,80,000 which includes cash in hand of about Rs 30,000 and an SUV. According to his income tax return for the financial year 2014-15, Chowdhury's annual income was Rs 3,81,000.
The Jamiat Ulema-e-Hind leader has also admitted that a case is pending against him in which cognisance was taken in 2012 by the Metropolitan Magistrate court in Kolkata under section 143 and 141 of the Indian Penal Code.
His wife owns gold jewellery valued above Rs 1,60,000 and one of his dependents has jewellery of more than Rs 1,20,000. On education count, Chowdhury completed his Fazil course in 1971 from Islamic school Darul Uloom Deoband in Uttar Pradesh.
Mangalkot in Burdwan district will vote on April 21 in the third phase of the six-phase-long Assembly polls in West Bengal.
KOLKATA: Jamiat Ulema-e-Hind leader Siddiqullah Chowdhury, who is contesting from Mangalkot Assembly seat on Trinamool ticket, has declared himself to be a crorepati in his poll affidavit.According to the nomination papers filed by him before the Election Commission, the 67-year-old minority leader owns property totalling Rs 1.26 crore.
His total movable assets is around Rs 9,80,000 which includes cash in hand of about Rs 30,000 and an SUV. According to his income tax return for the financial year 2014-15, Chowdhury's annual income was Rs 3,81,000.
The Jamiat Ulema-e-Hind leader has also admitted that a case is pending against him in which cognisance was taken in 2012 by the Metropolitan Magistrate court in Kolkata under section 143 and 141 of the Indian Penal Code.
His wife owns gold jewellery valued above Rs 1,60,000 and one of his dependents has jewellery of more than Rs 1,20,000. On education count, Chowdhury completed his Fazil course in 1971 from Islamic school Darul Uloom Deoband in Uttar Pradesh.
Mangalkot in Burdwan district will vote on April 21 in the third phase of the six-phase-long Assembly polls in West Bengal.
Assam Chief Minister Tarun Gogoi Attacks PM Modi Over Comments On His Age
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GUWAHATI: Amidst the Assembly poll heat in Assam, Chief Minister Tarun Gogoi today targeted Prime Minister Narendra Modi over comments that he was "90-years- old" and questioned whether the BJP leader was telling him "to die".
"He (Modi) claims he respects me and yet says 'Go Go Go'. He says I am 90-years-old. What does that mean? Is he telling me to die or what? If you say go to a 90-year-old, where will he go? Is he respecting me or making fun?" he told reporters in Guwahati.
The chief minister was responding to PM Modi's comment at an election rally on Saturday. "Gogoi ji, in a few years, you will be 90. You are my elder. I have come to Assam to do pranam (pay respects) and not fight with you," the prime minister had said.
In the poll affidavit filed by Mr Gogoi, his age is mentioned as "about 79 years".
Mr Gogoi said since the voters in Assam had elected him as their chief minister, disrespecting him amounted to disrespecting the people of the state.
"You (Modi) say you respect me as I am an old man. (But) he does not respect even his own party men, be it (LK) Advani or Murli (Manohar) Joshi or Yashwant Sinha. He never respects anyone," he said.
Stating that the people of Assam always respect their elders, Mr Gogoi further charged that PM Modi and other BJP leaders were "coming to the state and insulting the people of Assam".
"They do not know the history of Assam. They say Sukaphaa attacked Mughals 17 times. They do not have any contribution to Assamese history and the struggle for independence," he claimed.
Last week, BJP president Amit Shah had said at a poll rally in Assam that Ahom king Sukaphaa had attacked and defeated the Mughals 17 times.
Sukaphaa founded the Ahom kingdom in 1228 AD and died in 1268 AD, while Babur established Mughal dynasty in 1526 AD.
"He (Modi) claims he respects me and yet says 'Go Go Go'. He says I am 90-years-old. What does that mean? Is he telling me to die or what? If you say go to a 90-year-old, where will he go? Is he respecting me or making fun?" he told reporters in Guwahati.
The chief minister was responding to PM Modi's comment at an election rally on Saturday. "Gogoi ji, in a few years, you will be 90. You are my elder. I have come to Assam to do pranam (pay respects) and not fight with you," the prime minister had said.
In the poll affidavit filed by Mr Gogoi, his age is mentioned as "about 79 years".
Mr Gogoi said since the voters in Assam had elected him as their chief minister, disrespecting him amounted to disrespecting the people of the state.
"You (Modi) say you respect me as I am an old man. (But) he does not respect even his own party men, be it (LK) Advani or Murli (Manohar) Joshi or Yashwant Sinha. He never respects anyone," he said.
Stating that the people of Assam always respect their elders, Mr Gogoi further charged that PM Modi and other BJP leaders were "coming to the state and insulting the people of Assam".
"They do not know the history of Assam. They say Sukaphaa attacked Mughals 17 times. They do not have any contribution to Assamese history and the struggle for independence," he claimed.
Last week, BJP president Amit Shah had said at a poll rally in Assam that Ahom king Sukaphaa had attacked and defeated the Mughals 17 times.
Sukaphaa founded the Ahom kingdom in 1228 AD and died in 1268 AD, while Babur established Mughal dynasty in 1526 AD.
Brussels Airlines Says Airport Shutdown Costs It 5 Million A Day
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FRANKFURT: Belgium's Brussels Airways, 45-per cent owned by Deutsche Lufthansa, is chalking up 5 million euros ($5.6 million) in daily costs from the closure of its Brussels hub after last week's attacks.
Both the expenses from rerouting passenger traffic and lost revenues are weighing on the bottom line, a Brussels Airways spokesman said.
Belgium's regional airports in Antwerp and Liege offer only limited short-haul capacity as an alternative, he said.
Brussels airport on Tuesday began trying out a make-shift check-in area that could allow a limited restart of passenger flights in the coming days to end the airport's shutdown after suicide bombers struck Belgium's capital a week ago.
Brussels Airlines last week restarted some commercial flights from Belgium via Liege and Antwerp.
FRANKFURT: Belgium's Brussels Airways, 45-per cent owned by Deutsche Lufthansa, is chalking up 5 million euros ($5.6 million) in daily costs from the closure of its Brussels hub after last week's attacks.Both the expenses from rerouting passenger traffic and lost revenues are weighing on the bottom line, a Brussels Airways spokesman said.
Belgium's regional airports in Antwerp and Liege offer only limited short-haul capacity as an alternative, he said.
Brussels airport on Tuesday began trying out a make-shift check-in area that could allow a limited restart of passenger flights in the coming days to end the airport's shutdown after suicide bombers struck Belgium's capital a week ago.
Brussels Airlines last week restarted some commercial flights from Belgium via Liege and Antwerp.
Business Affairs
RBI tweaks upcoming new rules for lending rates
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The Reserve Bank of India said on Tuesday fixed-rate loans of up to three years offered by lenders will have to be set based on their marginal cost of funding, although loans above that tenor would be exempt.
Previously all fixed-rate loans had been exempted from being set based on their marginal cost of funding.
The tweak will apply to new rules the RBI will implement starting on April 1, which force lenders to base most of their lending rates on their marginal cost of funds and not the average cost of funds currently in use.
The new rules would thus force lenders to adjust their lending rates based on market rates, removing some of the sector's discretion in deciding how much to charge for loans.
The Reserve Bank of India said on Tuesday fixed-rate loans of up to three years offered by lenders will have to be set based on their marginal cost of funding, although loans above that tenor would be exempt.
Previously all fixed-rate loans had been exempted from being set based on their marginal cost of funding.
The tweak will apply to new rules the RBI will implement starting on April 1, which force lenders to base most of their lending rates on their marginal cost of funds and not the average cost of funds currently in use.
The new rules would thus force lenders to adjust their lending rates based on market rates, removing some of the sector's discretion in deciding how much to charge for loans.
Sensex ends lower as pharma stocks bleed
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In volatile trading, equities fell for a second straight day on Tuesday as heavy losses in healthcare stocks countered advances in auto and banking sectors amid caution ahead of derivatives expiry and investors waiting for a speech by the US Federal Reserve Chair Janet Yellen.
In a see-saw trading, the benchmark BSE Sensex edged lower by 66 points to end at about two-week low of 24,900.46 while NSE Nifty fell by 18 points to slip below the 7,600-mark.
Pharma stocks took a heavy beating after some companies from the sector received observations from the US health regulator.
Lupin, which plummeted by more than 6 per cent and was the worst performer from the Sensex pack, said it received a total of three observations relating to violation of production norms at manufacturing facilities at Mandideep, Madhya Pradesh from the US Food and Drug Administration.
Besides, Cipla plunged close to 4 per cent and Dr Reddy's slipped nearly 3 per cent to drag the overall BSE healthcare index by 2.52 per cent. Natco Pharma had also received observations from the FDA after inspection of two facilities.
Caution also ruled as participants were seen offloading bets in futures and options segment before the March series expiry on Thursday.
"Trading ranges were constrained again, with weak F&O rollovers so far pointing towards a subdued derivatives expiry this Thursday. Cues from global markets also pointed towards caution," said Anand James, Chief Market Strategist, Geojit BNP Paribas.
Sensex stayed in the negative zone for most part of the day and hit a low of 24,835.56. However, it rebounded on better opening in Europe and recovered temporarily to a high of 25,079.35 before settling 65.94 points or 0.26 per cent down at 24,900.46. The index tanked 371.16 points on Monday.
The broader NSE Nifty closed 18.10 points or 0.24 per cent lower at 7,597.
Tata Motors emerged as the top gainer by surging 2.63 per cent to Rs 372.80 followed by Maruti Suzuki by 2.61 per cent to Rs 3,733.25 on hopes of encouraging monthly sale numbers.
Thanks to gains in Axis Bank, SBI and HDFC Bank, BSE baking index also firmed up by 0.42 per cent on of hopes of 25 to 50 basis points rate by Reserve Bank in first bi-monthly monetary policy for 2016-17 on April 5.
Overseas, Asian markets ended mixed ahead of speech by Yellen on the US economy and monetary policy, while Europe was also higher in early deals. .
Back home, in broader markets, mid-cap declined 0.21 per cent while small-cap index ended lower by 0.27 per cent.
Of the 30-share Sensex pack, 18 scrips ended lower while 12 gained.
Major losers were Lupin (6.27 pc), Cipla (3.83 pc), Dr Reddy's (2.98 pc), GAIL (2.88 pc), Sun Pharma (2.10 pc), BHEL (1.81 pc), NTPC (1.58 pc), HDFC (1.33 pc), L&T (1.05 pc), M&M (0.84 pc), ICICI Bank (0.84 pc), ITC (0.64 pc), ONGC (0.61 pc) and Infosys (0.48 pc).
However, Tata Motors rose by 2.63 per cent followed by Maruti 2.55 pct, Axis Bank 1.55 per cent, RIL (1.46 pc), Tata Steel (1.28 pc) and Bharti Airtel (1.27 pc).
Among BSE sectoral and industry indices healthcare fell by 2.59 per cent, capital goods (0.99 pc), power (0.83 pc), utilities (0.76 pc), IT (0.41 pc) and FMGC (0.39 pc) while telecom rose by 1.59 per cent followed by auto by 0.89 per cent, metal by 0.40 and bankex 0.39 per cent.
The market breadth remained negative as 1,699 shares ended lower, 947 closed higher while 163 ruled steady. The total turnover rose to Rs 3,595.61 crore from Rs 2,741.47 crore on Monday.
In volatile trading, equities fell for a second straight day on Tuesday as heavy losses in healthcare stocks countered advances in auto and banking sectors amid caution ahead of derivatives expiry and investors waiting for a speech by the US Federal Reserve Chair Janet Yellen.
In a see-saw trading, the benchmark BSE Sensex edged lower by 66 points to end at about two-week low of 24,900.46 while NSE Nifty fell by 18 points to slip below the 7,600-mark.
Pharma stocks took a heavy beating after some companies from the sector received observations from the US health regulator.
Lupin, which plummeted by more than 6 per cent and was the worst performer from the Sensex pack, said it received a total of three observations relating to violation of production norms at manufacturing facilities at Mandideep, Madhya Pradesh from the US Food and Drug Administration.
Besides, Cipla plunged close to 4 per cent and Dr Reddy's slipped nearly 3 per cent to drag the overall BSE healthcare index by 2.52 per cent. Natco Pharma had also received observations from the FDA after inspection of two facilities.
Caution also ruled as participants were seen offloading bets in futures and options segment before the March series expiry on Thursday.
"Trading ranges were constrained again, with weak F&O rollovers so far pointing towards a subdued derivatives expiry this Thursday. Cues from global markets also pointed towards caution," said Anand James, Chief Market Strategist, Geojit BNP Paribas.
Sensex stayed in the negative zone for most part of the day and hit a low of 24,835.56. However, it rebounded on better opening in Europe and recovered temporarily to a high of 25,079.35 before settling 65.94 points or 0.26 per cent down at 24,900.46. The index tanked 371.16 points on Monday.
The broader NSE Nifty closed 18.10 points or 0.24 per cent lower at 7,597.
Tata Motors emerged as the top gainer by surging 2.63 per cent to Rs 372.80 followed by Maruti Suzuki by 2.61 per cent to Rs 3,733.25 on hopes of encouraging monthly sale numbers.
Thanks to gains in Axis Bank, SBI and HDFC Bank, BSE baking index also firmed up by 0.42 per cent on of hopes of 25 to 50 basis points rate by Reserve Bank in first bi-monthly monetary policy for 2016-17 on April 5.
Overseas, Asian markets ended mixed ahead of speech by Yellen on the US economy and monetary policy, while Europe was also higher in early deals. .
Back home, in broader markets, mid-cap declined 0.21 per cent while small-cap index ended lower by 0.27 per cent.
Of the 30-share Sensex pack, 18 scrips ended lower while 12 gained.
Major losers were Lupin (6.27 pc), Cipla (3.83 pc), Dr Reddy's (2.98 pc), GAIL (2.88 pc), Sun Pharma (2.10 pc), BHEL (1.81 pc), NTPC (1.58 pc), HDFC (1.33 pc), L&T (1.05 pc), M&M (0.84 pc), ICICI Bank (0.84 pc), ITC (0.64 pc), ONGC (0.61 pc) and Infosys (0.48 pc).
However, Tata Motors rose by 2.63 per cent followed by Maruti 2.55 pct, Axis Bank 1.55 per cent, RIL (1.46 pc), Tata Steel (1.28 pc) and Bharti Airtel (1.27 pc).
Among BSE sectoral and industry indices healthcare fell by 2.59 per cent, capital goods (0.99 pc), power (0.83 pc), utilities (0.76 pc), IT (0.41 pc) and FMGC (0.39 pc) while telecom rose by 1.59 per cent followed by auto by 0.89 per cent, metal by 0.40 and bankex 0.39 per cent.
The market breadth remained negative as 1,699 shares ended lower, 947 closed higher while 163 ruled steady. The total turnover rose to Rs 3,595.61 crore from Rs 2,741.47 crore on Monday.
Motor insurance premiums hiked by up to 40%
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Insurance of vehicle, including cars and bikes, will become costlier from April 1 as insurance regulator Irdai has decided to increase premiums by up to 40 per cent from the next fiscal.
Third party motor insurance premium for small cars (up to 1,000 cc) will now be up 39.9 per cent to Rs 2,055 from Rs 1,468 being currently charged. The hike in mid-segment cars (1,000 - 1,500 cc) too is about 40 per cent.
Premium hike in case of bigger cars and SUVs (above 1,500 cc) is 25 per cent. It will now cost Rs 6,164 from April as against the current Rs 4,931.
"It is observed that the cost inflation index (CII) has increased by 5.57 per cent over the previous year, i.e. from 1024 in FY 2014-15 to 1081 in FY 2015-16," Insurance Regulatory and Development Authority of India (Irdai) said while notifying the rates of third party insurance premium from April 1, 2016.
Similarly, premiums have gone up in case of bikes and scooters. The new premium rate for two-wheelers up to 75 cc is Rs 569 as against Rs 519. Two-wheelers falling in the category of 75 cc - 150 cc is up 15 per cent to Rs 619 while there is increase of 25 per cent for bikes in the category of 150 cc - 350 cc. However, premium has been reduced in case of motor-bikes which are about 350 cc to Rs 884.
Basic third party (TP) premium for three-wheelers too has been increased. A new category 'e-rickshaw' (capacity of up to 6 passengers) has been introduced and the basic TP premium has been fixed at Rs 1,125.
The premium increase in case of public carriers is in the range of 15-30 per cent. However, there is no change in case of goods carrying vehicles having capacity up to 12 tonnes.
Motor third party insurance is mandatory for vehicles.
Irdai has asked insurers to ensure that motor third party insurance is made available at their underwriting offices and through all available channels of distribution.
Earlier, the regulator had published an exposure draft which included number of policies, number of claims paid and amount of claims outstanding as on March 2015 for each underwriting year and for each class of vehicle.
Insurance of vehicle, including cars and bikes, will become costlier from April 1 as insurance regulator Irdai has decided to increase premiums by up to 40 per cent from the next fiscal.
Third party motor insurance premium for small cars (up to 1,000 cc) will now be up 39.9 per cent to Rs 2,055 from Rs 1,468 being currently charged. The hike in mid-segment cars (1,000 - 1,500 cc) too is about 40 per cent.
Premium hike in case of bigger cars and SUVs (above 1,500 cc) is 25 per cent. It will now cost Rs 6,164 from April as against the current Rs 4,931.
"It is observed that the cost inflation index (CII) has increased by 5.57 per cent over the previous year, i.e. from 1024 in FY 2014-15 to 1081 in FY 2015-16," Insurance Regulatory and Development Authority of India (Irdai) said while notifying the rates of third party insurance premium from April 1, 2016.
Similarly, premiums have gone up in case of bikes and scooters. The new premium rate for two-wheelers up to 75 cc is Rs 569 as against Rs 519. Two-wheelers falling in the category of 75 cc - 150 cc is up 15 per cent to Rs 619 while there is increase of 25 per cent for bikes in the category of 150 cc - 350 cc. However, premium has been reduced in case of motor-bikes which are about 350 cc to Rs 884.
Basic third party (TP) premium for three-wheelers too has been increased. A new category 'e-rickshaw' (capacity of up to 6 passengers) has been introduced and the basic TP premium has been fixed at Rs 1,125.
The premium increase in case of public carriers is in the range of 15-30 per cent. However, there is no change in case of goods carrying vehicles having capacity up to 12 tonnes.
Motor third party insurance is mandatory for vehicles.
Irdai has asked insurers to ensure that motor third party insurance is made available at their underwriting offices and through all available channels of distribution.
Earlier, the regulator had published an exposure draft which included number of policies, number of claims paid and amount of claims outstanding as on March 2015 for each underwriting year and for each class of vehicle.
SC allows SEBI to sell Sahara properties
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The Supreme Court has asked the Securities and Exchange Board of India (SEBI) to start the process of selling some of embattled conglomerate Sahara's real estate assets in the country to refund millions of investors, lawyers said on Tuesday.
Sahara , a household name in India as the former main sponsor of the national cricket team, has major hotels overseas including the Plaza in New York and the Grosvenor House in London, besides vast real estate assets in India.
Its founder Subrata Roy was arrested in March 2014 after the company failed to comply with a court order to refund money raised from millions of small investors by selling them bonds later ruled to be illegal.
The country's top court in June last year said the group needed to repay the entire Rs 360 billion ($5.4 billion) the court says it owes investors in illegal bonds.
The Supreme Court has asked the Securities and Exchange Board of India (SEBI) to start the process of selling some of embattled conglomerate Sahara's real estate assets in the country to refund millions of investors, lawyers said on Tuesday.
Sahara , a household name in India as the former main sponsor of the national cricket team, has major hotels overseas including the Plaza in New York and the Grosvenor House in London, besides vast real estate assets in India.
Its founder Subrata Roy was arrested in March 2014 after the company failed to comply with a court order to refund money raised from millions of small investors by selling them bonds later ruled to be illegal.
The country's top court in June last year said the group needed to repay the entire Rs 360 billion ($5.4 billion) the court says it owes investors in illegal bonds.
Govt extends wheat import tax by 3 months to June 30
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The government has extended a 25 per cent import tax on wheat by three months to June 30, a government order said on Tuesday.
The move is aimed at shielding domestic farmers from cheap imports particularly as wheat from the new-season harvest will become available by the end of this month, government sources said.
India, the world's biggest wheat producer after China, raised the import tax to 25 per cent from 10 per cent in October.
The government has extended a 25 per cent import tax on wheat by three months to June 30, a government order said on Tuesday.
The move is aimed at shielding domestic farmers from cheap imports particularly as wheat from the new-season harvest will become available by the end of this month, government sources said.
India, the world's biggest wheat producer after China, raised the import tax to 25 per cent from 10 per cent in October.
General Awareness
ISRO to create history by launching 22 satellites in single Mission
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India’s Space pioneer ISRO has been creating records and making achievements in all its missions. It is set to launch 22 satellites in Single mission and create new history.
Flash points
- ISRO is planning to launch 22 satellites in its upcoming mission that includes micro and nano satellites from other nations
- NASA holds the record for launching 29 satellites in a single mission in 2013
- The Indian Space Research Organisation (ISRO)’s workhorse Polar rocket PSLV C34 carrying India’s Cartosat 2C would also have 21 other satellites from countries
- The countries whose satellites to be sent are US, Canada, Indonesia and Germany
- The launch would be made from the Satish Dhawan Space Centre in the spaceport of Sriharikota
- Previously ISRO had launched 10 satellites in 2008
- The upcoming ISRO mission would carry LAPAN A3 of Indonesia, BIROS of Germany, SKYSAT GEN 2-1 of US, MVV of Germany among the micro satellites
Key points
- Director of Vikram Sarabhai Space Centre- K Sivan
India’s Space pioneer ISRO has been creating records and making achievements in all its missions. It is set to launch 22 satellites in Single mission and create new history.Flash points- ISRO is planning to launch 22 satellites in its upcoming mission that includes micro and nano satellites from other nations
- NASA holds the record for launching 29 satellites in a single mission in 2013
- The Indian Space Research Organisation (ISRO)’s workhorse Polar rocket PSLV C34 carrying India’s Cartosat 2C would also have 21 other satellites from countries
- The countries whose satellites to be sent are US, Canada, Indonesia and Germany
- The launch would be made from the Satish Dhawan Space Centre in the spaceport of Sriharikota
- Previously ISRO had launched 10 satellites in 2008
- The upcoming ISRO mission would carry LAPAN A3 of Indonesia, BIROS of Germany, SKYSAT GEN 2-1 of US, MVV of Germany among the micro satellites
Key points- Director of Vikram Sarabhai Space Centre- K Sivan
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