General Affairs
Chhattisgarh govt extends ban on CPI (Maoist)
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RAIPUR: Citing no respite in the Naxal activities, Chhattisgarh government has extended the ban on CPI (Maoist) and its six frontal organisations for another year. The ban has been imposed under section three of Chhattisgarh Special Public Security Act-2005.
Talking to TOI, Special DG Naxal Operations D M Awasthi said, "The government has declared the CPI (Maoist) and its frontal organisations Dandakaranya Adivasi Kisan Majdoor Sangh, Krantikari Adivasai Mahila Sangh, Krantikari Kisan Committee, Mahila Mukti Manch, RPC and Janatana Sarkar as illegal for one more year. This has been done as there is no sight of respite from the Naxal activities even in the near future."
The CPI (Maoist) was first banned along with its affiliates in Chhattisgarh in April 2006 under section three of Chhattisgarh Special Public Security Act-2005. Since then, the state government has been extending the ban every year. This time, the ban will be effective from April 12, 2016, for the next one year.
RAIPUR: Citing no respite in the Naxal activities, Chhattisgarh government has extended the ban on CPI (Maoist) and its six frontal organisations for another year. The ban has been imposed under section three of Chhattisgarh Special Public Security Act-2005.
Talking to TOI, Special DG Naxal Operations D M Awasthi said, "The government has declared the CPI (Maoist) and its frontal organisations Dandakaranya Adivasi Kisan Majdoor Sangh, Krantikari Adivasai Mahila Sangh, Krantikari Kisan Committee, Mahila Mukti Manch, RPC and Janatana Sarkar as illegal for one more year. This has been done as there is no sight of respite from the Naxal activities even in the near future."
The CPI (Maoist) was first banned along with its affiliates in Chhattisgarh in April 2006 under section three of Chhattisgarh Special Public Security Act-2005. Since then, the state government has been extending the ban every year. This time, the ban will be effective from April 12, 2016, for the next one year.
India cites UN convention to help unearth black money
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NEW DELHI: As Indian agencies look to bring back black moneyand 'proceeds of crime' stashed by individuals and companies in tax havens, the Narendra Modi government has drawn the attention of world leaders, including British Prime Minister David Cameron, to the UN Convention Against Corruption(UNCAC) which says that countries should extend cooperation in giving information on stolen or unaccounted assets.
India also pointed to the leaders and their representatives that nations should not hide behind bank secrecy laws when it comes to sharing information on "unaccounted money" lying in their banks and other financial institutions.
NEW DELHI: As Indian agencies look to bring back black moneyand 'proceeds of crime' stashed by individuals and companies in tax havens, the Narendra Modi government has drawn the attention of world leaders, including British Prime Minister David Cameron, to the UN Convention Against Corruption(UNCAC) which says that countries should extend cooperation in giving information on stolen or unaccounted assets.India also pointed to the leaders and their representatives that nations should not hide behind bank secrecy laws when it comes to sharing information on "unaccounted money" lying in their banks and other financial institutions.
Now, high-end SUVs for quick movement of Indian troops at China border
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NEW DELHI: Expensive SUVs, usually found zipping across roads in urban locations, have for the first time been deployed at high-altitude border posts of the ITBP along the China-India border to transport troopers.
Four white-coloured Sports Utility Vehicles (SUVs), two Toyota Fortuner and as many Ford Endeavour, with a price tag of around Rs 25 lakh each, have been deployed by the border guarding force at some of its forward locations over 13,000 feet above the sea level at Burtse and Dungti in the Ladakh sector and Menchuka, over 6,000 feet, in Arunachal Pradesh.
No other border guarding force or Army formations in forward areas have ever used high-end SUVs for troops.
The Indo-Tibetan Border Police (ITBP) headquarters here has issued a directive that the troopers and officers will use these vehicles only for operational tasks to prevent their misuse.
ITBP director general Krishna Chaudhary said while the force has several types of four-wheelers, including those with 4x4 drive facility for high-altitude driving at its border locations, SUV platforms, which are powered by diesel-run heavy-duty engines were required for quick movement in these mountainous areas.
"We were looking for some good high-power vehicles at those heights where regular vehicles are not as adept as an SUV. The ministry of home affairs sometime back approved our proposal and we purchased four such four-wheelers in the first batch.
"I can tell you that none of the senior officers in the force including me have such smart and powerful vehicles for their movement as compared to what our men have now," he said.
In order to make sure they are utilised for the task they have been sent for, strict instructions have been issued that these vehicles will carry troops while on duty and during patrol, , the ITBP boss said. "Officers can utilize them only when leading such tasks, in order to prevent their misuse," he added.
NEW DELHI: Expensive SUVs, usually found zipping across roads in urban locations, have for the first time been deployed at high-altitude border posts of the ITBP along the China-India border to transport troopers.Four white-coloured Sports Utility Vehicles (SUVs), two Toyota Fortuner and as many Ford Endeavour, with a price tag of around Rs 25 lakh each, have been deployed by the border guarding force at some of its forward locations over 13,000 feet above the sea level at Burtse and Dungti in the Ladakh sector and Menchuka, over 6,000 feet, in Arunachal Pradesh.
No other border guarding force or Army formations in forward areas have ever used high-end SUVs for troops.
The Indo-Tibetan Border Police (ITBP) headquarters here has issued a directive that the troopers and officers will use these vehicles only for operational tasks to prevent their misuse.
ITBP director general Krishna Chaudhary said while the force has several types of four-wheelers, including those with 4x4 drive facility for high-altitude driving at its border locations, SUV platforms, which are powered by diesel-run heavy-duty engines were required for quick movement in these mountainous areas.
"We were looking for some good high-power vehicles at those heights where regular vehicles are not as adept as an SUV. The ministry of home affairs sometime back approved our proposal and we purchased four such four-wheelers in the first batch.
"I can tell you that none of the senior officers in the force including me have such smart and powerful vehicles for their movement as compared to what our men have now," he said.
In order to make sure they are utilised for the task they have been sent for, strict instructions have been issued that these vehicles will carry troops while on duty and during patrol, , the ITBP boss said. "Officers can utilize them only when leading such tasks, in order to prevent their misuse," he added.
Nitish asks Akhilesh to consider liquor ban in UP
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LUCKNOW: Bihar chief minister Nitish Kumar has asked his counterpart in Uttar Pradesh to consider liquor ban in the state. Accusing the Akhilesh Yadavgovernment of not responding to his letter for help to check sale of liquor on the UP-Bihar border , he cited examples of manifold increase in liquor sales on shops located near the borders since Bihar was declared a dry state in April.
Speaking at a function on liquor ban organised by Kisan Manch in Lucknow on Sunday, Nitish said before he implemented liquor ban in Bihar, poeple talked about all kind of problems that the state would face because of the prohibition but he went ahead with the plan. "Ghabraiye Nahin Akhilesh Ji .... Aap Bhi Lagoo kijiye (Dont be afraid of such hindrances ... put a ban on liquor sale in UP as well)," he said. Lamenting that the UP CM did not respond to his letter seeking a check on increased liquor sales, the Bihar CM said: "Leave alone any help, he did not even acknowledge my letter." He said the Bihar chief secretary has also written a letter to UP government with a similar appeal but in vain. The Excise Act says that liquor should not be sold within a radius of three kilometers of district borders within a state, he said. "We are only seeking the implementation of the law," Nitish said.
"In principal Prime Minister Narendra Modi is in favour of a ban on liquor because he did not lift the ban in Gujarat during his stint as chief minister there. Inspired by the positive response of the ban in Bihar, major political parties in other states are also lapping up the issue," Nitish said, adding: "Karala has started implementing the ban in phases while in Tamil Nadu, senior DMK leader M Karunanidhi has said if Bihar can ban the sale of liquor, then we can as well."
LUCKNOW: Bihar chief minister Nitish Kumar has asked his counterpart in Uttar Pradesh to consider liquor ban in the state. Accusing the Akhilesh Yadavgovernment of not responding to his letter for help to check sale of liquor on the UP-Bihar border , he cited examples of manifold increase in liquor sales on shops located near the borders since Bihar was declared a dry state in April.Speaking at a function on liquor ban organised by Kisan Manch in Lucknow on Sunday, Nitish said before he implemented liquor ban in Bihar, poeple talked about all kind of problems that the state would face because of the prohibition but he went ahead with the plan. "Ghabraiye Nahin Akhilesh Ji .... Aap Bhi Lagoo kijiye (Dont be afraid of such hindrances ... put a ban on liquor sale in UP as well)," he said. Lamenting that the UP CM did not respond to his letter seeking a check on increased liquor sales, the Bihar CM said: "Leave alone any help, he did not even acknowledge my letter." He said the Bihar chief secretary has also written a letter to UP government with a similar appeal but in vain. The Excise Act says that liquor should not be sold within a radius of three kilometers of district borders within a state, he said. "We are only seeking the implementation of the law," Nitish said.
"In principal Prime Minister Narendra Modi is in favour of a ban on liquor because he did not lift the ban in Gujarat during his stint as chief minister there. Inspired by the positive response of the ban in Bihar, major political parties in other states are also lapping up the issue," Nitish said, adding: "Karala has started implementing the ban in phases while in Tamil Nadu, senior DMK leader M Karunanidhi has said if Bihar can ban the sale of liquor, then we can as well."
Involvement of former Siwan MP behind journalist's murder cannot be ruled out: Police
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PATNA: The investigation of themurder case of Siwan bureau chief of a Hindi daily, Rajdev Ranjan, is pointing at the style of operation of former RJD MP Mohammed Shahabuddin, who is currently lodged in Siwan jail.
A senior police official, who was posted in Siwan few years back, said, "The location where the incident took place is very important. The fruits market is populated by a particular community and no outsider criminal, without their knowledge can dare to commit crime at the place." The CCTV footage of nearly one hour of the area is not available. A group of five criminals on motorcycles shot two bullets at the senior journalist when he was on his way home from office on a bike. One of the bullets hit Ranjan, 42, on the head and another on the neck. He was taken to the hospital but was declared dead.
Shahabuddin has been convicted in multiple cases and is in jail since September 9, 2009. Another officer, who was instrumental during the arresting of the former MP, said, "He has a strong influence over the men of his community. If one goes through the murder cases in which he was accused, it could be found that, most of the victims were killed by shooters of same caste. This is particularly his style of operation." He further added, "The population of Siwan is exactly 50-50 ratio divided in two communities so Siwan has always been communally sensitive."
A special court in Siwan in November 2015 sentenced the former RJD MP to life imprisonment along with three other accused in connection with the brutal murder of two brothers by pouring acid on them 11 years ago in Siwan. Bihar police has listed Shahabuddin as a Type A history-sheeter (a hardened criminal with a history of crime). Type A indicates criminals who are beyond reform.
He represented Siwan for four times from 1996 to 2009 as member of Lalu Prasad's party RJD. After his conviction he could not contest parliamentary elections in 2009 as well the one held in 2014. His wife Heena Sahab lost the elections on RJD ticket in 2009 as well as in 2014 to Om Prakash Yadav who is now in BJP . Shahabuddin's electoral career had started in 1989 when he was elected as MLA from Jiradei seat.
PATNA: The investigation of themurder case of Siwan bureau chief of a Hindi daily, Rajdev Ranjan, is pointing at the style of operation of former RJD MP Mohammed Shahabuddin, who is currently lodged in Siwan jail.A senior police official, who was posted in Siwan few years back, said, "The location where the incident took place is very important. The fruits market is populated by a particular community and no outsider criminal, without their knowledge can dare to commit crime at the place." The CCTV footage of nearly one hour of the area is not available. A group of five criminals on motorcycles shot two bullets at the senior journalist when he was on his way home from office on a bike. One of the bullets hit Ranjan, 42, on the head and another on the neck. He was taken to the hospital but was declared dead.
Shahabuddin has been convicted in multiple cases and is in jail since September 9, 2009. Another officer, who was instrumental during the arresting of the former MP, said, "He has a strong influence over the men of his community. If one goes through the murder cases in which he was accused, it could be found that, most of the victims were killed by shooters of same caste. This is particularly his style of operation." He further added, "The population of Siwan is exactly 50-50 ratio divided in two communities so Siwan has always been communally sensitive."
A special court in Siwan in November 2015 sentenced the former RJD MP to life imprisonment along with three other accused in connection with the brutal murder of two brothers by pouring acid on them 11 years ago in Siwan. Bihar police has listed Shahabuddin as a Type A history-sheeter (a hardened criminal with a history of crime). Type A indicates criminals who are beyond reform.
He represented Siwan for four times from 1996 to 2009 as member of Lalu Prasad's party RJD. After his conviction he could not contest parliamentary elections in 2009 as well the one held in 2014. His wife Heena Sahab lost the elections on RJD ticket in 2009 as well as in 2014 to Om Prakash Yadav who is now in BJP . Shahabuddin's electoral career had started in 1989 when he was elected as MLA from Jiradei seat.
Business Affairs
Prabhu promises new measures to revamp "ailing" Railways
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MUMBAI: Union minister Suresh Prabhu on Saturday said his ministry is focusing on upgrading facilities for passengers and is set to launch new initiatives that will overhaul the "ailing" Indian Railways.
Prabhu was speaking at the inauguration of five new infrastructure facilities at suburban Kanjurmarg railway station-- a six-meter wide foot over bridge (FoB) with escalator, 8-meter wide home platform with shelter for 12 coach trains, 2.5-meter wide pathway with fencing, booking office of five windows on east side.
The minister inaugurated these facilities through remote control system from Dadar.
Terming these measures as the beginning of new reforms, Prabhu said, "We will see a number of new initiatives that are set to overhaul of the ailing Indian Railways. In the past 30 to 40 years, the Railways did not attract the investment as it should have considering the rise in the country's population."
MUMBAI: Union minister Suresh Prabhu on Saturday said his ministry is focusing on upgrading facilities for passengers and is set to launch new initiatives that will overhaul the "ailing" Indian Railways.Prabhu was speaking at the inauguration of five new infrastructure facilities at suburban Kanjurmarg railway station-- a six-meter wide foot over bridge (FoB) with escalator, 8-meter wide home platform with shelter for 12 coach trains, 2.5-meter wide pathway with fencing, booking office of five windows on east side.
The minister inaugurated these facilities through remote control system from Dadar.
Terming these measures as the beginning of new reforms, Prabhu said, "We will see a number of new initiatives that are set to overhaul of the ailing Indian Railways. In the past 30 to 40 years, the Railways did not attract the investment as it should have considering the rise in the country's population."
4-month window to declare black money opens on June 1
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NEW DELHI: The four-month window for declaring domestic blackmoney will open on June 1 and those opting to come clean by paying 45 per cent tax and penalty will not be subject to scrutiny and enquiry by the tax department.
The Income Declaration Scheme, 2016 will remain in force till September 30 for filing of declarations and payments towards taxes, surcharge and penalty must be made latest by November 30, the finance ministry said in a release.
"No scrutiny and enquiry under the Income-tax Act or the Wealth tax Act (no abolished) shall be undertaken in respect of such declarations. "Immunity from prosecution under the Income-tax Act and Wealth Tax Act is also provided along with immunity from the Benami Transactions (Prohibition) Act, 1988 subject to transfer of asset to actual owner within the period specified in the Rules," it said.
The scheme was announced by finance minister Arun Jaitley in the Budget with an aim to fish out black money from the domestic economy. Earlier, the government had come out with similar scheme for Indian holding undisclosed income abroad.
NEW DELHI: The four-month window for declaring domestic blackmoney will open on June 1 and those opting to come clean by paying 45 per cent tax and penalty will not be subject to scrutiny and enquiry by the tax department.The Income Declaration Scheme, 2016 will remain in force till September 30 for filing of declarations and payments towards taxes, surcharge and penalty must be made latest by November 30, the finance ministry said in a release.
"No scrutiny and enquiry under the Income-tax Act or the Wealth tax Act (no abolished) shall be undertaken in respect of such declarations. "Immunity from prosecution under the Income-tax Act and Wealth Tax Act is also provided along with immunity from the Benami Transactions (Prohibition) Act, 1988 subject to transfer of asset to actual owner within the period specified in the Rules," it said.
The scheme was announced by finance minister Arun Jaitley in the Budget with an aim to fish out black money from the domestic economy. Earlier, the government had come out with similar scheme for Indian holding undisclosed income abroad.
Six PSU banks report Rs 7k crore loss as defaults mount
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Mumbai: Nearly Rs 7,000 crore of fourth quarter losses reported by six public sector banks on Friday showed that the bad loan problem for banks is far from over. The biggest surprise was the Rs 3230 crore loss reported by Bank of Baroda - the second largest public sector bank in terms of assets. Union Bank of India was the only bank which made a profit of Rs 97 crore in the fourth quarter was the only PSU bank to avoid a loss today. All other lenders Central Bank, UCO Bank, Allahabad Bank and Dena Bank reported losses.
For bank stocks, bad news came in twos. The higher-than-expected inflation numbers dashed hopes of any further rate cut by the Reserve Bank of India and the worse-than-expected results dragged down share prices even further. The BSE bankex was down 1.25% with Punjab National Bank, Kotak Mahindra, ICICI Bank and State Bank of India being among the top losers among banks. Bank of Baroda's results surprised markets as the management had made huge provisions in the third quarter stating that it has set aside the full amount required in respect of accounts identified by the Reserve Bank of India as a non-performing asset. The bank said that its gross non-performing assets (bad loans) rose to 9.99% of its total loans.
Meanwhile Kolkata-based UCO Bank reported a fourth quarter loss of Rs 1715 crore. The banks gross NPA rose to 15.43% in March from 10.98% at the end of the third quarter. In absolute terms the bank's gross non-performing assets surged to Rs 40,521 crore.
For bank stocks, bad news came in twos. The higher-than-expected inflation numbers dashed hopes of any further rate cut by the Reserve Bank of India and the worse-than-expected results dragged down share prices even further. The BSE bankex was down 1.25% with Punjab National Bank, Kotak Mahindra, ICICI Bank and State Bank of India being among the top losers among banks. Bank of Baroda's results surprised markets as the management had made huge provisions in the third quarter stating that it has set aside the full amount required in respect of accounts identified by the Reserve Bank of India as a non-performing asset. The bank said that its gross non-performing assets (bad loans) rose to 9.99% of its total loans.
Meanwhile Kolkata-based UCO Bank reported a fourth quarter loss of Rs 1715 crore. The banks gross NPA rose to 15.43% in March from 10.98% at the end of the third quarter. In absolute terms the bank's gross non-performing assets surged to Rs 40,521 crore.
Japan PM to delay tax hike over economy fears: report
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TOKYO: Japanese Prime Minister Shinzo Abe plans to postpone a sales tax hike a second time, judging that boosting the tariff could hurt the world's third-largest economy, a newspaper said Saturday.
Abe has already informed senior government officials he plans delay in the consumption tax hike, scheduled for next April, which would raise levy from eight to 10 per cent, the Nikkei business daily said.
The last such rise, in April 2014 - the nation's first in 17 years - was blamed for pushing Japan into recession.
Deadly earthquakes that hit southwestern Japan last month have already put the brakes on the economy, while a rise in the yen has threatened to squeeze exporters' profits.
It is still unclear how long Abe, who first postponed the tax increase in November 2014, wants to put off the hike this time.
The premier may announce the delay on June 1, when he hold a news conference to mark the close of the current parliament session, and after he hosts a Group of Seven summit in Japan this month, the Nikkei said. Postponing the hike would require legislation to be passed.
Critics say Japan must increase tax revenues in the face of soaring debts and to pay for the ballooning cost of welfare as the population ages.
TOKYO: Japanese Prime Minister Shinzo Abe plans to postpone a sales tax hike a second time, judging that boosting the tariff could hurt the world's third-largest economy, a newspaper said Saturday.Abe has already informed senior government officials he plans delay in the consumption tax hike, scheduled for next April, which would raise levy from eight to 10 per cent, the Nikkei business daily said.
The last such rise, in April 2014 - the nation's first in 17 years - was blamed for pushing Japan into recession.
Deadly earthquakes that hit southwestern Japan last month have already put the brakes on the economy, while a rise in the yen has threatened to squeeze exporters' profits.
It is still unclear how long Abe, who first postponed the tax increase in November 2014, wants to put off the hike this time.
The premier may announce the delay on June 1, when he hold a news conference to mark the close of the current parliament session, and after he hosts a Group of Seven summit in Japan this month, the Nikkei said. Postponing the hike would require legislation to be passed.
Critics say Japan must increase tax revenues in the face of soaring debts and to pay for the ballooning cost of welfare as the population ages.
China's industrial output up 6% year-on-year in April
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SHANGHAI: China's industrialoutput rose 6.0 per cent year-on-year in April, the government said on Saturday, moderating from the previous month, raising questions over the strength of a rebound in the world's second-largest economy.
Separately, retail sales rose 10.1 per cent on the year in April while fixed asset investment -- an indicator of government spending -- rose 10.5 per cent in the January-April period, the National Bureau of Statistics said.
SHANGHAI: China's industrialoutput rose 6.0 per cent year-on-year in April, the government said on Saturday, moderating from the previous month, raising questions over the strength of a rebound in the world's second-largest economy.
Separately, retail sales rose 10.1 per cent on the year in April while fixed asset investment -- an indicator of government spending -- rose 10.5 per cent in the January-April period, the National Bureau of Statistics said.
General Awareness
Indian e-commerce sector triples in five years: ASSOCHAM Report
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ASSOCHAM Reported that Indian e-commerce sector growthtriples in five years
The Indian E Commerce sector tripled or grew by 209% past 5 years. From $4.4 billion in 2010 to $13.6 billion in 2014
Growth and Development in E-Commerce sector:
♦ According to an Associated Chambers of Commerce & Industry of India
Country’s E-commerce market is expected to reach $38 billion (Rs 252,700 crore) in 2016.
♦ According to Confederation of Indian Industry (CII) and Deloitte , a consultancy
The online retail sector in India is expected achieve $1 trillion (Rs 660,000 crore) market by2020.
The Goods and Services Tax is expected to boost the growth of e-commerce by simplifying taxation and logistics
♦ Internet penetration across the country is rising with as many as 354 million users reported as of September 2015
Percentage of Internet Users:
Australia – 90 %
US – 87%
Japan – 86%
Brazil – 53%
China – 46%
India – 19 %
♦ Online shoppers have increased from 20 million in 2013 to 39 million in 2015, an increase of 95 percent over three years.
♦ Mobile internet spend has enhanced from 54 percent to 64 percent from 2014 to 2015, attributed to high-speed 3G and 4G internet connectivity at some of the world’s lowest prices
♦ The average broadband speed in India is 2 mega bits per second (mbps), ranking 115 globally
♦ Government allowed 100 percent foreign direct investment in online retail market places-electronic platforms that connect buyers and sellers.
♦ US retailer Amazon became the second-largest online marketplace by shipments
♦ In the taxi business, multinational Uber is in battle with India’s Ola
ASSOCHAM Reported that Indian e-commerce sector growthtriples in five years
The Indian E Commerce sector tripled or grew by 209% past 5 years. From $4.4 billion in 2010 to $13.6 billion in 2014Growth and Development in E-Commerce sector:♦ According to an Associated Chambers of Commerce & Industry of India
Country’s E-commerce market is expected to reach $38 billion (Rs 252,700 crore) in 2016.
♦ According to Confederation of Indian Industry (CII) and Deloitte , a consultancy
The online retail sector in India is expected achieve $1 trillion (Rs 660,000 crore) market by2020.
The Goods and Services Tax is expected to boost the growth of e-commerce by simplifying taxation and logistics
♦ Internet penetration across the country is rising with as many as 354 million users reported as of September 2015
Percentage of Internet Users:
Australia – 90 %
US – 87%
Japan – 86%
Brazil – 53%
China – 46%
India – 19 %♦ Online shoppers have increased from 20 million in 2013 to 39 million in 2015, an increase of 95 percent over three years.
♦ Mobile internet spend has enhanced from 54 percent to 64 percent from 2014 to 2015, attributed to high-speed 3G and 4G internet connectivity at some of the world’s lowest prices
♦ The average broadband speed in India is 2 mega bits per second (mbps), ranking 115 globally
♦ Government allowed 100 percent foreign direct investment in online retail market places-electronic platforms that connect buyers and sellers.
♦ US retailer Amazon became the second-largest online marketplace by shipments
♦ In the taxi business, multinational Uber is in battle with India’s Ola
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