General Affairs
PM Modi Degree: 'DU Vice Chancellor Says He Is Under Pressure,' Claims AAP
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NEW DELHI: Keeping up its offensive, an AAP delegation today met Delhi University Vice Chancellor demanding that they be allowed to examine records of Prime Minister Narendra Modi's BA degree but they had to return empty handed.
After meeting DU Vice Chancellor Yogesh Tyagi, AAP leader Sanjay Singh claimed he refused to furnish the records, saying he is "under a lot of pressure". Mr Singh claimed Mr Tyagi looked "helpless".
Chief Minister Arvind Kejriwal, who has been leading the attack on Modi on the issue, wondered why the Delhi University VC refused to share records of the PM's BA degree when BJP President Amit Shah and Finance Minister Arun Jaitley had released the documents at a press conference three days back.
"Jaitley ji and Amit Shah ji, after showing papers, said- 'jao ab jaakar DU mei dekh lo' (go and see it in DU). Now VC refuses? What is so secret abt PM's degree?" the Chief Minister asked.
Mr Singh said refusal of the DU to share the details has strengthened the doubts that PM Modi's BA degree was forged.
"Our doubts about Modi's BA degree being forged have strengthened. We had a meeting with the VC for over an hour but he refued to show the degree or any records. He also asked us to understand his position saying there is a lot of pressure on him on the issue," Mr Singh told reporters.
The AAP leader even said Mr Tyagi's "helplessness and the pressure on him was quite evident and not even once he said during the meeting that the degree is authentic.
"When we asked him about the discrepancies in the degree and marksheets he did not answer our queries and said only the public information officer can deal with them."
The AAP has been alleging that the Prime Minister's BA and MA degrees were forged and there were many "glaring discrepencies in them", including in his name and total marks.
Amid the relentless attack on the Prime Minister on the issue, DU Registrar Tarun Das had yesterday said the BA degree was "authentic" and termed as "minor error" discrepencies in his marksheets and degree certificate.
Mr Das had also said the university had all relevant records of PM Modi's graduation.
"When DU has authenticated the degree why are they not showing it to us the records despite CIC orders? When we asked the VC about Registrar's authentication he said he will only talk about people present in his office? Does that mean the Registrar's statement is not an official one?" Mr Singh asked.
While repeated calls and text messages to the VC and Registrar seeking comments on AAP's allegations went unanswered, the university spokesperson said, "I have no brief to say anything in this matter and only the Registrar has been authorised to speak on the issue".
The AAP delegation included party leaders Sanjay Singh, Ashutosh, Dilip Pandey and Ashish Khetan.
NEW DELHI: Keeping up its offensive, an AAP delegation today met Delhi University Vice Chancellor demanding that they be allowed to examine records of Prime Minister Narendra Modi's BA degree but they had to return empty handed.After meeting DU Vice Chancellor Yogesh Tyagi, AAP leader Sanjay Singh claimed he refused to furnish the records, saying he is "under a lot of pressure". Mr Singh claimed Mr Tyagi looked "helpless".
"Jaitley ji and Amit Shah ji, after showing papers, said- 'jao ab jaakar DU mei dekh lo' (go and see it in DU). Now VC refuses? What is so secret abt PM's degree?" the Chief Minister asked.
Mr Singh said refusal of the DU to share the details has strengthened the doubts that PM Modi's BA degree was forged.
"Our doubts about Modi's BA degree being forged have strengthened. We had a meeting with the VC for over an hour but he refued to show the degree or any records. He also asked us to understand his position saying there is a lot of pressure on him on the issue," Mr Singh told reporters.
The AAP leader even said Mr Tyagi's "helplessness and the pressure on him was quite evident and not even once he said during the meeting that the degree is authentic.
"When we asked him about the discrepancies in the degree and marksheets he did not answer our queries and said only the public information officer can deal with them."
The AAP has been alleging that the Prime Minister's BA and MA degrees were forged and there were many "glaring discrepencies in them", including in his name and total marks.
Amid the relentless attack on the Prime Minister on the issue, DU Registrar Tarun Das had yesterday said the BA degree was "authentic" and termed as "minor error" discrepencies in his marksheets and degree certificate.
Mr Das had also said the university had all relevant records of PM Modi's graduation.
"When DU has authenticated the degree why are they not showing it to us the records despite CIC orders? When we asked the VC about Registrar's authentication he said he will only talk about people present in his office? Does that mean the Registrar's statement is not an official one?" Mr Singh asked.
While repeated calls and text messages to the VC and Registrar seeking comments on AAP's allegations went unanswered, the university spokesperson said, "I have no brief to say anything in this matter and only the Registrar has been authorised to speak on the issue".
The AAP delegation included party leaders Sanjay Singh, Ashutosh, Dilip Pandey and Ashish Khetan.
Students To Have Say In Teacher Evaluations As Smriti Irani Amends Rules
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NEW DELHI: For the first time, college and University students will have a say in evaluation of teachers as the Smriti Irani led HRD ministry has decided to bring fundamental changes in the way the performance of those in the teaching profession is assessed.
The process of changing the present criteria of Academic Performance Indicators (API) scores, which relied heavily on co-curricular activities and research in the evaluation of teachers has been initiated and a notification will be issued soon, officials said.
"As per the new norms, students who have an attendance of 75 per cent, will be able to give feedback of their teachers. The predominant weightage in evaluating teachers has been given to their teaching, learning and evaluating capacity," a senior HRD ministry official said.
Explaining the reason for bringing this change, the official said that under the previous criteria of API scores, a 30 per cent weightage was given to co-curricular activities and another 30 per cent to research.
Many teachers' bodies have agitated against the API system which was introduced in 2010 as it was often perceived to be not fair.
"The result of making research an essential component on the basis of which a teacher would be assessed and promoted, was that a lot of substandard in not very significant journals took place. Moreover teachers who focused more on teaching than say on extracurricular activities like refereeing a basketball match sometimes found themselves at a disadvantage," another HRD official said.
In several colleges, including many in rural areas, the adequate support for research is not there, officials said.
We have reduced the rigidity of the previous system and decided that co-curricular activities and research would be measured separately as well as together and there will be no capping in research.
Activities like presentation of paper on various subjects will also be given weightage.
"The main focus of the changes that we are bringing in this criteria is that a teacher's performance should be linked with - how well does he teach," a senior HRD official said.
The process of changing the present criteria of Academic Performance Indicators (API) scores, which relied heavily on co-curricular activities and research in the evaluation of teachers has been initiated and a notification will be issued soon, officials said.
Explaining the reason for bringing this change, the official said that under the previous criteria of API scores, a 30 per cent weightage was given to co-curricular activities and another 30 per cent to research.
Many teachers' bodies have agitated against the API system which was introduced in 2010 as it was often perceived to be not fair.
"The result of making research an essential component on the basis of which a teacher would be assessed and promoted, was that a lot of substandard in not very significant journals took place. Moreover teachers who focused more on teaching than say on extracurricular activities like refereeing a basketball match sometimes found themselves at a disadvantage," another HRD official said.
In several colleges, including many in rural areas, the adequate support for research is not there, officials said.
We have reduced the rigidity of the previous system and decided that co-curricular activities and research would be measured separately as well as together and there will be no capping in research.
Activities like presentation of paper on various subjects will also be given weightage.
"The main focus of the changes that we are bringing in this criteria is that a teacher's performance should be linked with - how well does he teach," a senior HRD official said.
Call For Liquor Ban Has Crossed Bihar, Says Nitish Kumar
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CHAPRA, BIHAR: Claiming that the total prohibition in Bihar had set an example before the country, Chief Minister Nitish Kumar on Wednesday said the call for liquor ban has gone beyond the state's boundary.
"The ban on alcohol will spread across the country," Mr Kumar asserted at a function in Bihar.
The Chief Minister referred to his visit to Jharkhand and thanks-giving by women groups from Rajasthan, Maharashtra and elsewhere for his prohibition experiment.
"Bihar would become an example of successfully implementing total prohibition in the country," Mr Kumar said.
He said yesterday he attended a function at Dhanbad in Jharkhand and the women's group which organised it sought a complete ban on alcohol in their state.
Recently, the daughter-in-law of late Rajasthan politician Gurusaran Chabbra who had launched a movement for prohibition in the desert state, said the total prohibition order in Bihar had boosted their confidence.
Puja Chhabra urged me to come to Rajasthan for a programme against alcohol, Mr Kumar said.
Due to efforts of women, prohibition has been put into action in Chandrapur in Maharashtra from April 1 this year.
"The women from Chandrapur had come to Patna to thank me and expressed strong resolve to run an agitation against alcohol across Maharashtra," he added.
Voices are also being heard from Uttar Pradesh and Odisha for enforcement of prohibition, Mr Kumar said.
He asked women in particular to be vigilant and destroy illegal liquor manufacturing units they might come across for which the state government would provide support.
The Chief Minister said, "By imposing complete ban on alcohol we have paid a tribute to the Father of the Nation in the centenary year of Champaran satyagraha."
CHAPRA, BIHAR: Claiming that the total prohibition in Bihar had set an example before the country, Chief Minister Nitish Kumar on Wednesday said the call for liquor ban has gone beyond the state's boundary."The ban on alcohol will spread across the country," Mr Kumar asserted at a function in Bihar.
The Chief Minister referred to his visit to Jharkhand and thanks-giving by women groups from Rajasthan, Maharashtra and elsewhere for his prohibition experiment.
He said yesterday he attended a function at Dhanbad in Jharkhand and the women's group which organised it sought a complete ban on alcohol in their state.
Recently, the daughter-in-law of late Rajasthan politician Gurusaran Chabbra who had launched a movement for prohibition in the desert state, said the total prohibition order in Bihar had boosted their confidence.
Puja Chhabra urged me to come to Rajasthan for a programme against alcohol, Mr Kumar said.
Due to efforts of women, prohibition has been put into action in Chandrapur in Maharashtra from April 1 this year.
"The women from Chandrapur had come to Patna to thank me and expressed strong resolve to run an agitation against alcohol across Maharashtra," he added.
Voices are also being heard from Uttar Pradesh and Odisha for enforcement of prohibition, Mr Kumar said.
He asked women in particular to be vigilant and destroy illegal liquor manufacturing units they might come across for which the state government would provide support.
The Chief Minister said, "By imposing complete ban on alcohol we have paid a tribute to the Father of the Nation in the centenary year of Champaran satyagraha."
TRAI To Decide On Supreme Court Order, We Expect Better Service: Ravi Shankar Prasad
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NEW DELHI: With the Supreme Court annulling the call drop compensation regulation, Telecom Minister Ravi Shankar Prasad on Wednesday said telecom operators must "heed properly" his call for improving service quality.
"When they can expand telecom services to the nook and corner of the country, why can't they improve the quality?" Mr Prasad asked soon after the court judgement.
The top court on Wednesday set aside the call-drop penalty provision put in place by the Telecom Regulatory Authority of India (Trai), which mandated mobile providers to compensate consumers Re. 1 for every dropped call subject to a maximum of Rs. 3 a day.
It called the regulation "ultra vires, arbitrary, unreasonable and non-transparent".
Commenting on the order, Mr Prasad said, "As far the judgement is concerned, Trai regulation is under scrutiny. Therefore, Trai needs to take a call. As far as government obligation is concerned, we shall continue to persuade telecom operators to provide good service."
Invoking the social commitment card, Mr Prasad held that consumers expect good service from mobile operators, and as a minister, it is his responsibility to keep persuading and monitoring them to ensure they fix gaps in their network.
"I would expect, I repeat, I expect operators to heed my appeal properly because if Digital India is expanding, they will have enough scope for good business," he said.
Telecom operators' argument is resistance to install mobile towers by resident welfare associations and local authorities are main reasons for poor network that result in call drops.
Trai, however, has blamed the operators for investing less in infrastructure required for providing good quality of service.
"When they can expand telecom services to the nook and corner of the country, why can't they improve the quality?" Mr Prasad asked soon after the court judgement.
It called the regulation "ultra vires, arbitrary, unreasonable and non-transparent".
Commenting on the order, Mr Prasad said, "As far the judgement is concerned, Trai regulation is under scrutiny. Therefore, Trai needs to take a call. As far as government obligation is concerned, we shall continue to persuade telecom operators to provide good service."
Invoking the social commitment card, Mr Prasad held that consumers expect good service from mobile operators, and as a minister, it is his responsibility to keep persuading and monitoring them to ensure they fix gaps in their network.
"I would expect, I repeat, I expect operators to heed my appeal properly because if Digital India is expanding, they will have enough scope for good business," he said.
Telecom operators' argument is resistance to install mobile towers by resident welfare associations and local authorities are main reasons for poor network that result in call drops.
Trai, however, has blamed the operators for investing less in infrastructure required for providing good quality of service.
Mohan Bhagwat Expected To Lunch With Tribals At Kumbh Today
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BHOPAL: In a bid to strike a consolatory note with the tribals, RSS head Mohan Bhagwat is planning to have his afternoon meals with them at the Simhastha (Kumbh) Mela underway in Ujjain today.
His move comes after BJP president Amit Shah took a 'Samrasta snan' and 'bhoj' with Dalit sadhus and others at the Mela on Wednesday.
Mr Bhagwat and tribals are expected to lunch together on the banks of Shipra river at the Kumbh Mela. Later, the RSS chief will address a Janjati (tribals) sammelan (meet) at 4 pm, RSS's Vanwasi Kalyan Parishad Pranth (MP region) organising secretary, Pravinji Dolke told PTI on Wednesday.
The move is being translated in political circles as a step aimed at striking a chord with the tribals.
Sangh Parivar head Mohan Bhagwat had stirred a hornet's nest and ruffled feathers of Scheduled Caste and Scheduled Tribes by calling for review of reservation policy during the run-up to the Bihar Assembly polls last year.
The statement had boomeranged and apparently led to BJP's drubbing in the caste-ridden polls. Mr Bhagwat's statement had come under scrutiny within the Sangh Parivar with some BJP leaders pointing a finger at the RSS chief for BJP's debacle.
RSS is running a nationwide campaign this year to promote what it calls "social harmony" among Hindus apparently with an eye to win over tribals and Dalits which are key to BJP's hopes of wresting power in Uttar Pradesh, going to polls next year.
The RSS has already held discussions on samajik samrasta (social harmony) in its shakhas (morning get-together classes) from January 3-10 in Madhya Pradesh.
"Also, we have organised common meals and get-togethers across the country in which Dalits and tribals participated," a RSS leader said, adding, Samajik Samrasta yajnas are also being organised.
BHOPAL: In a bid to strike a consolatory note with the tribals, RSS head Mohan Bhagwat is planning to have his afternoon meals with them at the Simhastha (Kumbh) Mela underway in Ujjain today.His move comes after BJP president Amit Shah took a 'Samrasta snan' and 'bhoj' with Dalit sadhus and others at the Mela on Wednesday.
Mr Bhagwat and tribals are expected to lunch together on the banks of Shipra river at the Kumbh Mela. Later, the RSS chief will address a Janjati (tribals) sammelan (meet) at 4 pm, RSS's Vanwasi Kalyan Parishad Pranth (MP region) organising secretary, Pravinji Dolke told PTI on Wednesday.
Sangh Parivar head Mohan Bhagwat had stirred a hornet's nest and ruffled feathers of Scheduled Caste and Scheduled Tribes by calling for review of reservation policy during the run-up to the Bihar Assembly polls last year.
The statement had boomeranged and apparently led to BJP's drubbing in the caste-ridden polls. Mr Bhagwat's statement had come under scrutiny within the Sangh Parivar with some BJP leaders pointing a finger at the RSS chief for BJP's debacle.
RSS is running a nationwide campaign this year to promote what it calls "social harmony" among Hindus apparently with an eye to win over tribals and Dalits which are key to BJP's hopes of wresting power in Uttar Pradesh, going to polls next year.
The RSS has already held discussions on samajik samrasta (social harmony) in its shakhas (morning get-together classes) from January 3-10 in Madhya Pradesh.
"Also, we have organised common meals and get-togethers across the country in which Dalits and tribals participated," a RSS leader said, adding, Samajik Samrasta yajnas are also being organised.
Business Affairs
Bankruptcy code biggest economic reform after GST: Finance Ministry
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Terming the bankruptcy code as the "biggest economic reform" after proposed GST, the Finance Ministry on Thursday said it will promote jobs, availability of credit and ensure timely resolution of financial distress of companies.
The Rajya Sabha on Wednesday passed the Insolvency and Bankruptcy Code, 2016. The Lok Sabha had cleared the bill last week.
"This is considered as the biggest economic reform next only to GST," a Finance Ministry statement said.
The Code has enabling provisions to deal with cross border insolvency and an Insolvency and Bankruptcy Board of India would be established to exercise regulatory oversight over insolvency professionals, insolvency professional agencies and information utilities.
"Some business ventures will always fail, but they will be handled rapidly and swiftly. Entrepreneurs and lenders will be able to move on, instead of being bogged down with decisions taken in the past," it added.
The objective of the new law is to promote entrepreneurship, availability of credit.
Minister of State for Finance Jayant Sinha tweeted: "History is written today as Rajya Sabha passes Bankruptcy Bill! Thank you to MPs and officers who worked on the bill".
"Bankruptcy code: Will make India a more attractive investment destination and greatly improve ease of doing business," Economic Affairs Secretary Shaktikanta Das tweeted.
Terming it as a "huge and game changing reform measure", Das said the Code creates framework for timely revival or resolution of companies in distress and will help all stakeholders.
The ministry in the statement said that the code will also balance the interests of all stakeholders by consolidating and amending the laws relating to reorganisation and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner and for maximisation of value of assets.
As per the new law, when a firm defaults on its debt, control shifts from the shareholders/promoters to a Committee of Creditors.
The Committee would have 180 days in which to evaluate proposals from various players about resuscitating the company or taking it into liquidation.
"When decisions are taken in a time-bound manner, there is a greater chance that the firm can be saved as a going concern, and the productive resources of the economy (the labour and the capital) can be put to the best use," the ministry said.
Terming the bankruptcy code as the "biggest economic reform" after proposed GST, the Finance Ministry on Thursday said it will promote jobs, availability of credit and ensure timely resolution of financial distress of companies.
The Rajya Sabha on Wednesday passed the Insolvency and Bankruptcy Code, 2016. The Lok Sabha had cleared the bill last week.
"This is considered as the biggest economic reform next only to GST," a Finance Ministry statement said.
The Code has enabling provisions to deal with cross border insolvency and an Insolvency and Bankruptcy Board of India would be established to exercise regulatory oversight over insolvency professionals, insolvency professional agencies and information utilities.
"Some business ventures will always fail, but they will be handled rapidly and swiftly. Entrepreneurs and lenders will be able to move on, instead of being bogged down with decisions taken in the past," it added.
The objective of the new law is to promote entrepreneurship, availability of credit.
Minister of State for Finance Jayant Sinha tweeted: "History is written today as Rajya Sabha passes Bankruptcy Bill! Thank you to MPs and officers who worked on the bill".
"Bankruptcy code: Will make India a more attractive investment destination and greatly improve ease of doing business," Economic Affairs Secretary Shaktikanta Das tweeted.
Terming it as a "huge and game changing reform measure", Das said the Code creates framework for timely revival or resolution of companies in distress and will help all stakeholders.
The ministry in the statement said that the code will also balance the interests of all stakeholders by consolidating and amending the laws relating to reorganisation and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner and for maximisation of value of assets.
As per the new law, when a firm defaults on its debt, control shifts from the shareholders/promoters to a Committee of Creditors.
The Committee would have 180 days in which to evaluate proposals from various players about resuscitating the company or taking it into liquidation.
"When decisions are taken in a time-bound manner, there is a greater chance that the firm can be saved as a going concern, and the productive resources of the economy (the labour and the capital) can be put to the best use," the ministry said.
ED to attach Vijay Mallya's Rs 9,000-cr assets
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The ED is considering attaching domestic assets and shares worth about Rs 9,000 crore owned by liquor baron Vijay Mallya in connection with its money laundering probe against him and others in the IDBI bank loan fraud case.
Officials said the agency has already begun the exercise of identifying and valuing the country-wide immovable assets of the beleaguered businessman in order to place them under attachment under the criminal provisions of the Prevention of Money Laundering Act (PMLA).
They said the agency will also inform market regulator Securities and Exchange Board of India (Sebi) about its move to similarly attach his shares in various Indian companies so that no third party rights are created.
The officials from the Enforcement Directorate (ED) said as per preliminary assessment done the value of the assets that would be provisionally attached will be around Rs 9,000 crore which is equal to the total default of bank loans which he is accused of.
They said Mallya's assets in the form of bungalows, costly vehicles, bank balances and others have already been assessed by agency sleuths probing the case.
Banks will also be taken on-board before attaching these assets under PMLA laws, they said, adding the agency does not want to "jeopardise" their interests over these assets through which they are planning to get back their loans.
The Enforcement Directorate (ED) has been wanting to make Mallya join investigations "in person" in the over 900 crore IDBI loan fraud case in which it registered a PMLA case early this year.
It has virtually exhausted all legal options to make Mallya join the probe including issuance of a non-bailable warrant against him from a Mumbai court based on which it made the requests for the revocation of his passport and subsequent deportation bid to bring back the beleaguered businessman from the UK.
However, in a setback to India's efforts to expeditiously get back Mallya, UK has made it clear that the liquor baron cannot be deported and asked India to seek his extradition instead.
The British government has said it acknowledges "the seriousness of allegations" against Mallya and was "keen to assist" the Indian government in this case.
The ED is considering attaching domestic assets and shares worth about Rs 9,000 crore owned by liquor baron Vijay Mallya in connection with its money laundering probe against him and others in the IDBI bank loan fraud case.
Officials said the agency has already begun the exercise of identifying and valuing the country-wide immovable assets of the beleaguered businessman in order to place them under attachment under the criminal provisions of the Prevention of Money Laundering Act (PMLA).
They said the agency will also inform market regulator Securities and Exchange Board of India (Sebi) about its move to similarly attach his shares in various Indian companies so that no third party rights are created.
The officials from the Enforcement Directorate (ED) said as per preliminary assessment done the value of the assets that would be provisionally attached will be around Rs 9,000 crore which is equal to the total default of bank loans which he is accused of.
They said Mallya's assets in the form of bungalows, costly vehicles, bank balances and others have already been assessed by agency sleuths probing the case.
Banks will also be taken on-board before attaching these assets under PMLA laws, they said, adding the agency does not want to "jeopardise" their interests over these assets through which they are planning to get back their loans.
The Enforcement Directorate (ED) has been wanting to make Mallya join investigations "in person" in the over 900 crore IDBI loan fraud case in which it registered a PMLA case early this year.
It has virtually exhausted all legal options to make Mallya join the probe including issuance of a non-bailable warrant against him from a Mumbai court based on which it made the requests for the revocation of his passport and subsequent deportation bid to bring back the beleaguered businessman from the UK.
However, in a setback to India's efforts to expeditiously get back Mallya, UK has made it clear that the liquor baron cannot be deported and asked India to seek his extradition instead.
The British government has said it acknowledges "the seriousness of allegations" against Mallya and was "keen to assist" the Indian government in this case.
Iran ends free shipping of oil to India: Dharmendra Pradhan
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Iran has ended free shipping of crude oil to India and has asked refiners such as Mangalore Refineries (MRPL) and Essar Oil to arrange for freight, Oil Minister Dharmendra Pradhan said.
Iran had in November 2013 offered free delivery of crude oil to Indian refiners as tough Western sanctions crippled its exports. With shipping lines refusing to transport Iranian crude for fear of being sanctioned, Iran used its shipping line for the delivery and did not charge for transportation.
"From April 2016, NIOC has informed oil-importing companies like MRPL and Essar Oil that the future delivery would be based on Free on Board (FOB) basis and the freight has to be arranged by the buyer," Pradhan said in a written reply to a question in the Rajya Sabha in New Delhi.
FOB is a trade term requiring the seller to deliver goods on board a vessel arranged by the buyer.
During the last two-and-a-half years, Iran sold Indian refiners crude oil on cost, insurance and freight (CIF) basis.
CIF is a trade term requiring the seller to arrange for the carriage of goods by sea to a port of destination.
Pradhan said the National Iranian Oil Company (NIOC), however, has agreed to provide vessels and insurance till such time Indian companies are able to arrange the same.
Iran came out of western sanctions in January and has since then made several changes in the way it trades its vast oil.
Besides ending free shipping, it has terminated a three-year-old system of getting paid for half of the oil dues in rupees.
"NIOC has asked for all the payments in euros," he added.
Iran wants all bills raised from April to be settled in euros and the nearly $6.5 billion that refiners like Essar Oil and Mangalore Refinery and Petrochemicals Ltd (MPRL) owe it in past dues, to also be cleared in euros.
Since February 2013, Indian refiners like Essar Oil and MRPL paid 45 per cent of their import bill in rupees to the UCO Bank account of the Iranian oil company. The remaining has been accumulating, pending finalisation of a payment mechanism.
With the lifting of sanctions, the payment channels will reopen and Iran is seeking the pending dues in euros.
MRPL owes close to $3 billion to Iran while Essar Oil has an outstanding of about $2.5 billion. Indian Oil Corporation (IOC) owes over $580 million to Iran while smaller payments are due from HPCL-Mittal Energy (HMEL) and Hindustan Petroleum Corporation.
Iran has accumulated about Rs 12,000 crore in the UCO bank account which it could use to make payments for imports of steel and other commodities from India.
"In the international market, contracts for supply of crude oil are negotiated on FOB or CIF basis. Hence, the cost of import of crude oil from Iran during 2016-17 will depend on the negotiated terms and conditions between NIOC and Indian oil companies," Pradhan added.
Iran has ended free shipping of crude oil to India and has asked refiners such as Mangalore Refineries (MRPL) and Essar Oil to arrange for freight, Oil Minister Dharmendra Pradhan said.
Iran had in November 2013 offered free delivery of crude oil to Indian refiners as tough Western sanctions crippled its exports. With shipping lines refusing to transport Iranian crude for fear of being sanctioned, Iran used its shipping line for the delivery and did not charge for transportation.
"From April 2016, NIOC has informed oil-importing companies like MRPL and Essar Oil that the future delivery would be based on Free on Board (FOB) basis and the freight has to be arranged by the buyer," Pradhan said in a written reply to a question in the Rajya Sabha in New Delhi.
FOB is a trade term requiring the seller to deliver goods on board a vessel arranged by the buyer.
During the last two-and-a-half years, Iran sold Indian refiners crude oil on cost, insurance and freight (CIF) basis.
CIF is a trade term requiring the seller to arrange for the carriage of goods by sea to a port of destination.
Pradhan said the National Iranian Oil Company (NIOC), however, has agreed to provide vessels and insurance till such time Indian companies are able to arrange the same.
Iran came out of western sanctions in January and has since then made several changes in the way it trades its vast oil.
Besides ending free shipping, it has terminated a three-year-old system of getting paid for half of the oil dues in rupees.
"NIOC has asked for all the payments in euros," he added.
Iran wants all bills raised from April to be settled in euros and the nearly $6.5 billion that refiners like Essar Oil and Mangalore Refinery and Petrochemicals Ltd (MPRL) owe it in past dues, to also be cleared in euros.
Since February 2013, Indian refiners like Essar Oil and MRPL paid 45 per cent of their import bill in rupees to the UCO Bank account of the Iranian oil company. The remaining has been accumulating, pending finalisation of a payment mechanism.
With the lifting of sanctions, the payment channels will reopen and Iran is seeking the pending dues in euros.
MRPL owes close to $3 billion to Iran while Essar Oil has an outstanding of about $2.5 billion. Indian Oil Corporation (IOC) owes over $580 million to Iran while smaller payments are due from HPCL-Mittal Energy (HMEL) and Hindustan Petroleum Corporation.
Iran has accumulated about Rs 12,000 crore in the UCO bank account which it could use to make payments for imports of steel and other commodities from India.
"In the international market, contracts for supply of crude oil are negotiated on FOB or CIF basis. Hence, the cost of import of crude oil from Iran during 2016-17 will depend on the negotiated terms and conditions between NIOC and Indian oil companies," Pradhan added.
Telecom sector created 2.54 lakh jobs in last 3 years: Ravi Shankar Prasad
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The government on Wednesday said the telecom sector has created 2.54 lakh jobs from 2013-14 till April 30 of 2016-17.
Telecom Minister Ravi Shankar Prasad, in a written reply to the Lok Sabha, said a total of 89,634 jobs were created in 2013-14, 61,573 in 2014-15, 94,294 in 2015-16 and 8,682 in 2016-17 (till April 30, 2016).
The numbers include both direct and indirect jobs.
The government also spoke about numerous jobs likely to be generated by the telecom sector and its allies as envisaged by India Skill Report, 2016.
"In fact, anticipating the need, the government has already conducted the skill gap study for the telecom sector," Prasad said.
The skill gap study in the telecom space was conducted under the aegis of the National Skill Development Corporation with support of the Department of Telecom in 2013-14 to assess manpower requirements (2013-22) to identify relevant needs of the sector and prepare a road map.
According to the report, the telecom industry is expected to generate a number of new jobs.
"The government is fully aware of the telecom sector job generation and the need for telecom skilled manpower so that telecom industry does not feel the shortage of skilled manpower and the telecom growth story continues," the minister said.
He further said skill development training has already been provided to 6,40,210 in the last 3 financial years till March 31. It is proposed to provide training to over 2 lakh candidates in 2016-17 and still further in subsequent years to meet the projected need of the sector.
The government on Wednesday said the telecom sector has created 2.54 lakh jobs from 2013-14 till April 30 of 2016-17.
Telecom Minister Ravi Shankar Prasad, in a written reply to the Lok Sabha, said a total of 89,634 jobs were created in 2013-14, 61,573 in 2014-15, 94,294 in 2015-16 and 8,682 in 2016-17 (till April 30, 2016).
The numbers include both direct and indirect jobs.
The government also spoke about numerous jobs likely to be generated by the telecom sector and its allies as envisaged by India Skill Report, 2016.
"In fact, anticipating the need, the government has already conducted the skill gap study for the telecom sector," Prasad said.
The skill gap study in the telecom space was conducted under the aegis of the National Skill Development Corporation with support of the Department of Telecom in 2013-14 to assess manpower requirements (2013-22) to identify relevant needs of the sector and prepare a road map.
According to the report, the telecom industry is expected to generate a number of new jobs.
"The government is fully aware of the telecom sector job generation and the need for telecom skilled manpower so that telecom industry does not feel the shortage of skilled manpower and the telecom growth story continues," the minister said.
He further said skill development training has already been provided to 6,40,210 in the last 3 financial years till March 31. It is proposed to provide training to over 2 lakh candidates in 2016-17 and still further in subsequent years to meet the projected need of the sector.
Three reasons why Mauritius tax treaty may bring in more long-term flows to India
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The volatility in the market on Wednesday, though in the lower territory, evinced mixed signals if the marketmen read through the Mauritius tax treaty in the positive or negative light, but market analysts are sure the amendment is a forward looking move and would bring the domestic and foreign investors on a level-playing field.
Kotak Institutional Equities, in a note, said the move will result in similar tax treatment of capital gains for both domestic and overseas investors and establish a more stable and transparent taxation regime for overseas investors.
"In the short term, the decision could spook the markets. But in the long run, the modification in the treaty will prove to be a new sunrise era of clean and meritorious financial markets wherein minority investors can be assured of the integrity and genuineness in the capital markets," told Jimeet Modi, CEO, SAMCO Securities to Business Today online.
Mustafa Nadeem, CEO, Epic Research also echoed the similar sentiment when he said that we may have a moderate hit in the short term but likely witness a large inflow of funds in fiscal year 2017.
He added that equity markets will have its course and that we are still in a primary bullish trend.
We have compiled three reasons why investors shouldn't be jittery about the fresh amendments in Double Taxation Avoidance Convention (DTAC) with Mauritius:
1) Govt avoids going retro
Learning lessons from the past to offer relief to existing investors, the government made it clear that the shares acquired before 1 April, 2017 will not be taxed by Indian authorities. Experts said the decision to grandfather investments up to March 31, 2017 will lend tax certainty to investments.
"The best thing about the revised treaty is that it will be prospective and adequate notice of one year is given in advance for change in tax regime which is so much fair from the government. Only fresh investments will be liable to such new taxation and old investments will still enjoy the exemption benefits which is utmost fair and reasonable," said Modi to Business Today online.
2) Two-year transitionary phase
Under the amended treaty, for two years beginning April 1, 2017, capital gains tax will be imposed at 50 per cent of the prevailing domestic rate. Full rate will apply from April 1, 2019.
While short-term capital gains are taxed at 15 per cent in India, they are exempt in Mauritius.
3) Investment over 12-month anyway exempt from taxes
It is notable that capital gains arising out of long term investments of 12 months are anyway exempt from taxes in India. In this backdrop, Rohit Gadia, Founder & CEO, CapitalVia Global Research believes while the decision may have an impact on short term investors but will not dissuade long term investors to come to India.
"The decision can have an impact on short term sentiment but we doubt it will impact long term investor fund to come to India considering the fact that for FIIs, capital gains on shares held for more than 12 months would anyway continue to be exempt from tax. And the way the treaty changes implementation has been thought off is well designed, it is unlikely that it will create an immediate impact on FIIs inflow. However, we may see short term volatility to increase in stock market, which should come down gradually with more clarity," said Gadia.
The volatility in the market on Wednesday, though in the lower territory, evinced mixed signals if the marketmen read through the Mauritius tax treaty in the positive or negative light, but market analysts are sure the amendment is a forward looking move and would bring the domestic and foreign investors on a level-playing field.
Kotak Institutional Equities, in a note, said the move will result in similar tax treatment of capital gains for both domestic and overseas investors and establish a more stable and transparent taxation regime for overseas investors.
"In the short term, the decision could spook the markets. But in the long run, the modification in the treaty will prove to be a new sunrise era of clean and meritorious financial markets wherein minority investors can be assured of the integrity and genuineness in the capital markets," told Jimeet Modi, CEO, SAMCO Securities to Business Today online.
Mustafa Nadeem, CEO, Epic Research also echoed the similar sentiment when he said that we may have a moderate hit in the short term but likely witness a large inflow of funds in fiscal year 2017.
He added that equity markets will have its course and that we are still in a primary bullish trend.
We have compiled three reasons why investors shouldn't be jittery about the fresh amendments in Double Taxation Avoidance Convention (DTAC) with Mauritius:
We have compiled three reasons why investors shouldn't be jittery about the fresh amendments in Double Taxation Avoidance Convention (DTAC) with Mauritius:
1) Govt avoids going retro
Learning lessons from the past to offer relief to existing investors, the government made it clear that the shares acquired before 1 April, 2017 will not be taxed by Indian authorities. Experts said the decision to grandfather investments up to March 31, 2017 will lend tax certainty to investments.
"The best thing about the revised treaty is that it will be prospective and adequate notice of one year is given in advance for change in tax regime which is so much fair from the government. Only fresh investments will be liable to such new taxation and old investments will still enjoy the exemption benefits which is utmost fair and reasonable," said Modi to Business Today online.
"The best thing about the revised treaty is that it will be prospective and adequate notice of one year is given in advance for change in tax regime which is so much fair from the government. Only fresh investments will be liable to such new taxation and old investments will still enjoy the exemption benefits which is utmost fair and reasonable," said Modi to Business Today online.
2) Two-year transitionary phase
Under the amended treaty, for two years beginning April 1, 2017, capital gains tax will be imposed at 50 per cent of the prevailing domestic rate. Full rate will apply from April 1, 2019.
While short-term capital gains are taxed at 15 per cent in India, they are exempt in Mauritius.
3) Investment over 12-month anyway exempt from taxes
It is notable that capital gains arising out of long term investments of 12 months are anyway exempt from taxes in India. In this backdrop, Rohit Gadia, Founder & CEO, CapitalVia Global Research believes while the decision may have an impact on short term investors but will not dissuade long term investors to come to India.
"The decision can have an impact on short term sentiment but we doubt it will impact long term investor fund to come to India considering the fact that for FIIs, capital gains on shares held for more than 12 months would anyway continue to be exempt from tax. And the way the treaty changes implementation has been thought off is well designed, it is unlikely that it will create an immediate impact on FIIs inflow. However, we may see short term volatility to increase in stock market, which should come down gradually with more clarity," said Gadia.
General Awareness
Landmark meeting of SAARC Countries on protection of Children held in Delhi
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Initiative: The eight nations composing the South Asia Initiative to End Violence Against Children (SAIEVAC) are assembled.
Eight Nations : Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka
Venue and Date: New Delhi, 9th-11th May, 2016.
Purpose : To set strategies and agree on commitments to ensure the protection and security of the children of the region.
Meeting hosted by: Ministry of Women & Child Development, Government of India.
Meeting chaired by: Maneka Sanjay Gandhi,The Minister of Women and Child Development.
Ministerial meeting addressed by : Secretary General of SAARC, Mr. Arjun Bahadur Thapa
Steps taken:
- Focusing on critical issues of child protection and violence in the region.
- Delegates from the governments and civil society organizations from eight states will assess progress and developments of the past decade of regional effort.
- Identify priorities for SAIEVAC for the nextfive years.
- To provide the high-level regional leadershipto set the course for SAIEVAC’s next period of regional action.
About SAIEVAC :
SAIEVAC is the Apex Body of the South Asian Association for Regional Cooperation (SAARC).
Purpose:
- To bring governments of the region into active engagement for child protection against violence.
- SAARC made history in 1986 by installing children as a ‘summit-level concern and commitment.’
- The forthcoming 4th Ministerial Meeting marks 30 years since that SAARC summit commitment.
Innovative measures
- The 4th Ministerial Meeting carries forward the collective inter governmental ownership of SAIEVAC, which is reflected in its Governing Body composed of official members, representing each of the eight governments.
- The technical consultation on 9th and 10th May will bring forward recommendations on the Sustainable Development Goals (SDGs).
- Regional child protection opportunities emerging from country experiences
- This will include India’s positive insights from its innovative measures for tracking and rescuing lost and missing children.
- The technical will also examine the potential of using information and communication technology for improving these measures.
Major Initiatives:
Trackchild and Khoya Paya, Childline-1098, POCSO Act for protecting and safeguarding childrens.
About SAARC:
- The South Asian Association for Regional Cooperation (SAARC) is regional inter governmental organization and geopolitical union in South Asia.
- Purpose :The organization promotes development economics and regional integration.
- Headquarters: Kathmandu
Initiative: The eight nations composing the South Asia Initiative to End Violence Against Children (SAIEVAC) are assembled.Eight Nations : Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka
Venue and Date: New Delhi, 9th-11th May, 2016.
Purpose : To set strategies and agree on commitments to ensure the protection and security of the children of the region.
Meeting hosted by: Ministry of Women & Child Development, Government of India.
Meeting chaired by: Maneka Sanjay Gandhi,The Minister of Women and Child Development.
Ministerial meeting addressed by : Secretary General of SAARC, Mr. Arjun Bahadur ThapaSteps taken:- Focusing on critical issues of child protection and violence in the region.
- Delegates from the governments and civil society organizations from eight states will assess progress and developments of the past decade of regional effort.
- Identify priorities for SAIEVAC for the nextfive years.
- To provide the high-level regional leadershipto set the course for SAIEVAC’s next period of regional action.
About SAIEVAC :SAIEVAC is the Apex Body of the South Asian Association for Regional Cooperation (SAARC).Purpose:- To bring governments of the region into active engagement for child protection against violence.
- SAARC made history in 1986 by installing children as a ‘summit-level concern and commitment.’
- The forthcoming 4th Ministerial Meeting marks 30 years since that SAARC summit commitment.
Innovative measures- The 4th Ministerial Meeting carries forward the collective inter governmental ownership of SAIEVAC, which is reflected in its Governing Body composed of official members, representing each of the eight governments.
- The technical consultation on 9th and 10th May will bring forward recommendations on the Sustainable Development Goals (SDGs).
- Regional child protection opportunities emerging from country experiences
- This will include India’s positive insights from its innovative measures for tracking and rescuing lost and missing children.
- The technical will also examine the potential of using information and communication technology for improving these measures.
Major Initiatives:Trackchild and Khoya Paya, Childline-1098, POCSO Act for protecting and safeguarding childrens.About SAARC:- The South Asian Association for Regional Cooperation (SAARC) is regional inter governmental organization and geopolitical union in South Asia.
- Purpose :The organization promotes development economics and regional integration.
- Headquarters: Kathmandu
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