General Affairs
Bankrupt Persons May Soon Be Barred From Contesting Elections
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NEW DELHI: A bankrupt person would stand automatically disqualified from becoming a lawmaker once the new legislation that looks to slash the time it takes to wind up a dying company or recover dues from a defaulter is enacted.
According to a clause in the Insolvency and Bankruptcy Code, 2015, the bankrupt would stand disqualified from being appointed or acting as a public servant or being elected to any public office from the date of commencement of proceedings.
The draft legislation provides for disqualification unless exempted by the Adjudicating Authority.
But a 30-member Joint Committee of Parliament, headed by BJP's Bhupender Yadav, has recommended not giving "discretion to the Adjudicating Authority to exempt the bankrupt from disqualifications".
Finance Ministry officials said the government has accepted all the changes suggested by the Joint Committee, including on disqualification of the bankrupt.
The Code defines a bankrupt as "a debtor who has been adjudged as bankrupt by a bankruptcy order under section 126; or each of the partners of a firm where a bankruptcy order under section 126 has been made against a firm."
Once declared bankrupt, the person would stand automatically disqualified from being appointed to or acting as a trustee or representative of any trust, estate or settlement. He would also be disqualified from being elected or acting and voting as a member of any local authority.
The bankrupt cannot also serve as a director of any company.
Under the existing provisions, individuals can go to jail for failing to repay just Rs 500. And to claim insolvency protection, companies need to wait until at least half of their value is wiped out.
The Code is expected to be taken up for consideration and passage in the ongoing session of Parliament, which ends on May 13.
The committee, which submitted report to Parliament on April 28, has suggested reduction in time window offered under different clauses to expedite the process.
The panel said that in the case of insolvency, interest of workers should be fully protected and they should be given dues for 24 months as against 12 months proposed in the Bill.
It also suggested that the time for filing an appeal in the Supreme Court against the order of the National Company Law Tribunal (NCLT) should be brought down to 45 days from the proposed 60 days. It also called for a shorter timeline reduced in a host of other clauses proposed in the Bill, which was tabled in the Lok Sabha in December last year.
NEW DELHI: A bankrupt person would stand automatically disqualified from becoming a lawmaker once the new legislation that looks to slash the time it takes to wind up a dying company or recover dues from a defaulter is enacted.According to a clause in the Insolvency and Bankruptcy Code, 2015, the bankrupt would stand disqualified from being appointed or acting as a public servant or being elected to any public office from the date of commencement of proceedings.
The draft legislation provides for disqualification unless exempted by the Adjudicating Authority.
Finance Ministry officials said the government has accepted all the changes suggested by the Joint Committee, including on disqualification of the bankrupt.
The Code defines a bankrupt as "a debtor who has been adjudged as bankrupt by a bankruptcy order under section 126; or each of the partners of a firm where a bankruptcy order under section 126 has been made against a firm."
Once declared bankrupt, the person would stand automatically disqualified from being appointed to or acting as a trustee or representative of any trust, estate or settlement. He would also be disqualified from being elected or acting and voting as a member of any local authority.
The bankrupt cannot also serve as a director of any company.
Under the existing provisions, individuals can go to jail for failing to repay just Rs 500. And to claim insolvency protection, companies need to wait until at least half of their value is wiped out.
The Code is expected to be taken up for consideration and passage in the ongoing session of Parliament, which ends on May 13.
The committee, which submitted report to Parliament on April 28, has suggested reduction in time window offered under different clauses to expedite the process.
The panel said that in the case of insolvency, interest of workers should be fully protected and they should be given dues for 24 months as against 12 months proposed in the Bill.
It also suggested that the time for filing an appeal in the Supreme Court against the order of the National Company Law Tribunal (NCLT) should be brought down to 45 days from the proposed 60 days. It also called for a shorter timeline reduced in a host of other clauses proposed in the Bill, which was tabled in the Lok Sabha in December last year.
Act Against Writers Terming Bhagat Singh As Terrorist: Lawmaker Naresh Agrawal
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NEW DELHI: A Rajya Sabha lawmaker today sought action against authors who had referred to freedom fighters like Bhagat Singh as a terrorist in a history text book, but some others said they had only sought deletion of such references and not the banning the book.
"I will examine," said Deputy Chairman PJ Kurien in response to the demand by Samajwadi Party member Naresh Agrawal, who got support from treasury benches.
Mr Kurien had earlier instructed government to remove all references as terrorist against Bhagat Singh.
"What action has been taken against the writers...Action should be taken against the writers also," Mr Agrawal said and got support from the BJP members sitting in the treasury benches.
When the House took up Zero Hour, Janata Dal's KC Tyagi raised a 'point of order' saying the government has banned the history text book when it was asked only to remove the mention of terrorist in reference to Bhagat Singh in the book.
"Delhi University has banned the book. I had not asked for withdrawal of the book," he said.
To this, Mr Kurien said he had given a direction for removal of all references of terrorist to Bhagat Singh.
"On that pretext, the book cannot be banned," he said.
He further said in today's parlance, the word terrorist has a different connotation and should be deleted in reference to Bhagat Singh.
Minister of State for Parliamentary Affairs Muktar Abbas Naqvi wondered whether the pages referring to Bhagat Singh as terrorist should be torn or the book itself is withdrawn.
"Writers will term Bhagat Singh as terrorist and we support them, this is not possible," the minister added.
Trinamool's Shukendu Sekhar Roy said the word terrorist has also been used in reference to freedom fighter Surya Sen, also known as 'Masterda'. "What is the ruling (on this)," he asked the Chair.
Mr Kurien said the same ruling as in case of Bhagat Singh would be applicable to all freedom fighters who have sacrificed their lives for the country.
Referring to a particular historian, BJP lawmaker Subramanian Swamy alleged that he was paid Rs. 1 crore as "honorarium" by the government. But his remarks were immediately expunged by the Chair.
"I will examine," said Deputy Chairman PJ Kurien in response to the demand by Samajwadi Party member Naresh Agrawal, who got support from treasury benches.
"What action has been taken against the writers...Action should be taken against the writers also," Mr Agrawal said and got support from the BJP members sitting in the treasury benches.
When the House took up Zero Hour, Janata Dal's KC Tyagi raised a 'point of order' saying the government has banned the history text book when it was asked only to remove the mention of terrorist in reference to Bhagat Singh in the book.
"Delhi University has banned the book. I had not asked for withdrawal of the book," he said.
To this, Mr Kurien said he had given a direction for removal of all references of terrorist to Bhagat Singh.
"On that pretext, the book cannot be banned," he said.
He further said in today's parlance, the word terrorist has a different connotation and should be deleted in reference to Bhagat Singh.
Minister of State for Parliamentary Affairs Muktar Abbas Naqvi wondered whether the pages referring to Bhagat Singh as terrorist should be torn or the book itself is withdrawn.
"Writers will term Bhagat Singh as terrorist and we support them, this is not possible," the minister added.
Trinamool's Shukendu Sekhar Roy said the word terrorist has also been used in reference to freedom fighter Surya Sen, also known as 'Masterda'. "What is the ruling (on this)," he asked the Chair.
Mr Kurien said the same ruling as in case of Bhagat Singh would be applicable to all freedom fighters who have sacrificed their lives for the country.
Referring to a particular historian, BJP lawmaker Subramanian Swamy alleged that he was paid Rs. 1 crore as "honorarium" by the government. But his remarks were immediately expunged by the Chair.
Congress Actions Making Them Look More Suspect: Finance Minister
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NEW DELHI: By deriding new suggestions that it's top leaders were part of the AgustaWestland helicopter scam, the Congress is "giving rise to a second suspicion that the cap fits", said Finance Minister Arun Jaitley.
Parliament today debated the Agusta scandal - a deal for helicopters worth 3,600-crores was acquired through bribes in 2010 by the Anglo-Italian firm.
Before the Congress was removed from power, it accepted that bribes were paid, cancelled the deal, and ordered a CBI inquiry, which has made no headway.
Defence Minister Manohar Parrikar has said today in Parliament that the investigation will focus on the names mentioned in an Italian court which has just convicted Agusta executives for corruption.
The names are a roster of the Congress' most powerful leaders including president Sonia Gandhi. The Congress says the notes of middlemen that mention her and her colleagues are loose talk. But "the notings in diaries are enough reason to suspect" wrongdoing, said the Finance Minister, adding that the Italian trial and verdict are "a good ground and launching pad for a proper investigation".
He also said that while the government 'is clear there is no one in particular we want to target", it's now committed to uncovering who was bribed. "Bribe givers have been convicted, transactions cancelled, middlemen on both sides identified-who received the benefit is the only question," the minister said.
NEW DELHI: By deriding new suggestions that it's top leaders were part of the AgustaWestland helicopter scam, the Congress is "giving rise to a second suspicion that the cap fits", said Finance Minister Arun Jaitley.Parliament today debated the Agusta scandal - a deal for helicopters worth 3,600-crores was acquired through bribes in 2010 by the Anglo-Italian firm.
Before the Congress was removed from power, it accepted that bribes were paid, cancelled the deal, and ordered a CBI inquiry, which has made no headway.
Defence Minister Manohar Parrikar has said today in Parliament that the investigation will focus on the names mentioned in an Italian court which has just convicted Agusta executives for corruption.
The names are a roster of the Congress' most powerful leaders including president Sonia Gandhi. The Congress says the notes of middlemen that mention her and her colleagues are loose talk. But "the notings in diaries are enough reason to suspect" wrongdoing, said the Finance Minister, adding that the Italian trial and verdict are "a good ground and launching pad for a proper investigation".
He also said that while the government 'is clear there is no one in particular we want to target", it's now committed to uncovering who was bribed. "Bribe givers have been convicted, transactions cancelled, middlemen on both sides identified-who received the benefit is the only question," the minister said.
Jat Stir: Rs 63.33 Crore Compensation Distributed Among Affected People
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CHANDIGARH: A total of Rs 63.33 crore has been disbursed to affected people whose properties got damaged during pro-quota Jat agitation in February.
This sum includes interim as well as final payment, an official spokesman said.
The government has so far received 2,078 claims for compensation, including 1,840 from urban areas and 238 from rural areas, he said.
A sum of Rs 22.37 crore was paid as interim assistance while final compensation amounting to Rs 40.96 crore was paid to claimants, he further said.
During violent Jat agitation, arsonists had burnt down properties including shops and commercial establishments particularly in Rohtak, Jhajjar and Sonepat districts.
This sum includes interim as well as final payment, an official spokesman said.
A sum of Rs 22.37 crore was paid as interim assistance while final compensation amounting to Rs 40.96 crore was paid to claimants, he further said.
During violent Jat agitation, arsonists had burnt down properties including shops and commercial establishments particularly in Rohtak, Jhajjar and Sonepat districts.
'Planet Nine' May Not Exist: Study
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WASHINGTON: Scientists have found that there is low probability of the existence of the mysterious 'Planet Nine', a Neptune-mass world that may circle our Sun at a distance of about 64 billion to 225 billion kilometres.
Earlier this year scientists presented evidence for Planet Nine, leaving theorists puzzled over how this planet could end up in such a distant orbit.
"The evidence points to Planet Nine existing, but we can't explain for certain how it was produced," said lead author Gongjie Li, Harvard-Smithsonian Centre for Astrophysics (CfA).
Planet Nine circles our Sun at a distance of about 64 billion to 225 billion km, or 400-1,500 astronomical units.
This places it far beyond all the other planets in our solar system.
Researchers conducted millions of computer simulations in order to consider three possibilities. The first and most likely involves a passing star that tugs Planet Nine outward.
Such an interaction would not only nudge the planet into a wider orbit but also make that orbit more elliptical.
Since the Sun formed in a star cluster with several thousand neighbours, such stellar encounters were more common in the early history of our solar system.
However, an interloping star is more likely to pull the planet away completely and eject it from the solar system.
Researchers find only a 10 per cent probability, at best, of Planet Nine landing in its current orbit. The planet would have had to start at an improbably large distance to begin with.
Using computer simulations, researchers studied plausible scenarios for the formation of Planet Nine in a wide orbit.
"The simplest solution is for the solar system to make an extra gas giant," said CfA astronomer Scott Kenyon.
Researchers propose that Planet Nine formed much closer to Sun and interacted with gas giants like Jupiter and Saturn.
A series of gravitational kicks then could have boosted the planet into a larger and more elliptical orbit over time.
"Think of it like pushing a kid on a swing. If you give them a shove at the right time, over and over, they'll go higher and higher," said Kenyon.
"Then the challenge becomes not shoving the planet so much that you eject it from the solar system," he said.
That could be avoided by interactions with the solar system's gaseous disk, he suggests.
Researchers also examine the possibility that Planet Nine actually formed at a great distance to begin with.
They found that the right combination of initial disk mass and disk lifetime could potentially create Planet Nine in time for it to be nudged by a passing star.
Researchers looked at possibilities of Planet Nine being an exoplanet that was captured from a passing star system, or a free-floating planet that was captured when it drifted close by our solar system.
However, they conclude that the chances of either scenario are less than 2 per cent.
WASHINGTON: Scientists have found that there is low probability of the existence of the mysterious 'Planet Nine', a Neptune-mass world that may circle our Sun at a distance of about 64 billion to 225 billion kilometres.Earlier this year scientists presented evidence for Planet Nine, leaving theorists puzzled over how this planet could end up in such a distant orbit.
"The evidence points to Planet Nine existing, but we can't explain for certain how it was produced," said lead author Gongjie Li, Harvard-Smithsonian Centre for Astrophysics (CfA).
Planet Nine circles our Sun at a distance of about 64 billion to 225 billion km, or 400-1,500 astronomical units.
Researchers conducted millions of computer simulations in order to consider three possibilities. The first and most likely involves a passing star that tugs Planet Nine outward.
Such an interaction would not only nudge the planet into a wider orbit but also make that orbit more elliptical.
Since the Sun formed in a star cluster with several thousand neighbours, such stellar encounters were more common in the early history of our solar system.
However, an interloping star is more likely to pull the planet away completely and eject it from the solar system.
Researchers find only a 10 per cent probability, at best, of Planet Nine landing in its current orbit. The planet would have had to start at an improbably large distance to begin with.
Using computer simulations, researchers studied plausible scenarios for the formation of Planet Nine in a wide orbit.
"The simplest solution is for the solar system to make an extra gas giant," said CfA astronomer Scott Kenyon.
Researchers propose that Planet Nine formed much closer to Sun and interacted with gas giants like Jupiter and Saturn.
A series of gravitational kicks then could have boosted the planet into a larger and more elliptical orbit over time.
"Think of it like pushing a kid on a swing. If you give them a shove at the right time, over and over, they'll go higher and higher," said Kenyon.
"Then the challenge becomes not shoving the planet so much that you eject it from the solar system," he said.
That could be avoided by interactions with the solar system's gaseous disk, he suggests.
Researchers also examine the possibility that Planet Nine actually formed at a great distance to begin with.
They found that the right combination of initial disk mass and disk lifetime could potentially create Planet Nine in time for it to be nudged by a passing star.
Researchers looked at possibilities of Planet Nine being an exoplanet that was captured from a passing star system, or a free-floating planet that was captured when it drifted close by our solar system.
However, they conclude that the chances of either scenario are less than 2 per cent.
Business Affairs
Sensex falls 128 points, Nifty ends at 7,706 on negative global cues; Adani Ports top loser
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Extending losses for the third straight day, the S&P BSE Sensex on Wednesday settled the day 128 points lower, while broader CNX Nifty ended just a tad above its key 7,700-mark.
The headline indices fell as disappointing quarterly earnings weighed, while global markets languished due to global growth and deflation worries after disappointing manufacturing surveys from China and the UK soured the mood.
The 30-share index ended the day at 25,101, down 127.97 points, while broad-based 50-share index quoted 7,706, down 40.45 points.
Market breadth remained negative with 19 of the 30 Sensex components ending the day in red.
"I think better results are already out of the kitty and the initial euphoria on earnings is now fading. So the pressure will persist on the markets on account of results," told U R Bhat, managing director of Dalton Capital, a unit of UK investment management firm Dalton Strategic Partnership, to Reuters.
However, Karthik Rangappa, VP-Education Services, Zerodha believes the ongoing correction in the market is on account of profit-booking and doesn't signal bearish sentiment.
"The markets continued to decline today, in line with the global markets. We get a sense that the recent decline in markets is more of a low volume retracement, usually attributable to profit booking rather than a decline backed by serious bearish sentiment. Long term trades should not hesitate to repurchase their portfolio stocks at this stage. Initiating fresh shorts could be rather tricky as the reversals could be sharp and quick" said Rangappa.
Adani Ports stock was the worst performer on both the benchmark indices and lost over 12 per cent even as the company reported a 38 per cent jump in its consolidated net profit to Rs 914.06 core for the March quarter.
Among gainers, Kotak Mahindra Bank rose 1.5 per cent intraday. The lender surpassed ICICI Bank to emerge as the 3rd most valued bank as its market valuation soared to 1.3 trillion rupees.
BASF India jumped nearly 4 per cent after the chemicals company reported strong March-quarter results.
Extending losses for the third straight day, the S&P BSE Sensex on Wednesday settled the day 128 points lower, while broader CNX Nifty ended just a tad above its key 7,700-mark.
The headline indices fell as disappointing quarterly earnings weighed, while global markets languished due to global growth and deflation worries after disappointing manufacturing surveys from China and the UK soured the mood.
The 30-share index ended the day at 25,101, down 127.97 points, while broad-based 50-share index quoted 7,706, down 40.45 points.
Market breadth remained negative with 19 of the 30 Sensex components ending the day in red.
"I think better results are already out of the kitty and the initial euphoria on earnings is now fading. So the pressure will persist on the markets on account of results," told U R Bhat, managing director of Dalton Capital, a unit of UK investment management firm Dalton Strategic Partnership, to Reuters.
However, Karthik Rangappa, VP-Education Services, Zerodha believes the ongoing correction in the market is on account of profit-booking and doesn't signal bearish sentiment.
"The markets continued to decline today, in line with the global markets. We get a sense that the recent decline in markets is more of a low volume retracement, usually attributable to profit booking rather than a decline backed by serious bearish sentiment. Long term trades should not hesitate to repurchase their portfolio stocks at this stage. Initiating fresh shorts could be rather tricky as the reversals could be sharp and quick" said Rangappa.
Adani Ports stock was the worst performer on both the benchmark indices and lost over 12 per cent even as the company reported a 38 per cent jump in its consolidated net profit to Rs 914.06 core for the March quarter.
Among gainers, Kotak Mahindra Bank rose 1.5 per cent intraday. The lender surpassed ICICI Bank to emerge as the 3rd most valued bank as its market valuation soared to 1.3 trillion rupees.
BASF India jumped nearly 4 per cent after the chemicals company reported strong March-quarter results.
Economies could shrink by mid-century due to scarce water: World Bank
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Economies across large swathes of the globe could shrink dramatically by mid-century as fresh water grows scarce due to climate change, the World Bank reported on Tuesday.
The Middle East could be hardest hit, with its gross domestic product slipping as much as 14 percent by 2050 unless measures are taken to reallocate water significantly, the Washington-based institution said in a report.
Such measures include efficiency efforts and investment in technologies such as desalination and water recycling, it said.
Global warming can cause extreme floods and droughts and can mean snowfall is replaced by rain, with higher evaporation rates, experts say.
It also can reduce mountain snow pack that provides water, and the melting of inland glaciers can deplete the source of runoff, they say. Also, a rise in sea level can lead to saltwater contaminating groundwater.
"When we look at any of the major impacts of climate change, they one way or the other come through water, whether it's drought, floods, storms, sea level rise," Richard Damania, World Bank lead economist and lead author of the report, told reporters in a telephone conference.
Fresh water shortages could take a toll on sectors from agriculture to energy, the World Bank said.
"Water is of course at the center of life, but it's also at the center of economic activity," Damania said.
Water scarcity would not have the same impact worldwide, and Western Europe and North American economies would likely be spared, according to the World Bank models.
But rising economies such as China and India could be hard hit, it said.
In the Sahel belt that stretches across Africa below the Sahara, GDP could well dip some 11 per cent with water scarcity, the World Bank said. A similar impact would be felt in Central Asia, it said.
But measures to reallocate fresh water could show gains in some regions, the bank said.
For example, a shift in allocation could lead to GDP growth of about 11 per cent by 2050 in Central Asia, the bank said.
The World Bank also advocated pricing water consumption, a proposal that has stirred controversy and is opposed by those who do not think water should not have any price tag.
"If you're making money out of water, particularly if you're using a lot of water as a commercial user, then it's reasonable to suggest that you pay minimally enough to cover the cost of providing you with that water," Damania said.
"This might well mean free water if you are exceedingly poor," he said.
About a quarter of the world's population, or some 1.6 billion people, live in countries where water already is scarce, according to the World Bank.
Last month, 175 nations signed a deal reached last year in Paris to slow global warming and cut greenhouse gas emissions.
Economies across large swathes of the globe could shrink dramatically by mid-century as fresh water grows scarce due to climate change, the World Bank reported on Tuesday.
The Middle East could be hardest hit, with its gross domestic product slipping as much as 14 percent by 2050 unless measures are taken to reallocate water significantly, the Washington-based institution said in a report.
Such measures include efficiency efforts and investment in technologies such as desalination and water recycling, it said.
Global warming can cause extreme floods and droughts and can mean snowfall is replaced by rain, with higher evaporation rates, experts say.
It also can reduce mountain snow pack that provides water, and the melting of inland glaciers can deplete the source of runoff, they say. Also, a rise in sea level can lead to saltwater contaminating groundwater.
"When we look at any of the major impacts of climate change, they one way or the other come through water, whether it's drought, floods, storms, sea level rise," Richard Damania, World Bank lead economist and lead author of the report, told reporters in a telephone conference.
Fresh water shortages could take a toll on sectors from agriculture to energy, the World Bank said.
"Water is of course at the center of life, but it's also at the center of economic activity," Damania said.
Water scarcity would not have the same impact worldwide, and Western Europe and North American economies would likely be spared, according to the World Bank models.
But rising economies such as China and India could be hard hit, it said.
In the Sahel belt that stretches across Africa below the Sahara, GDP could well dip some 11 per cent with water scarcity, the World Bank said. A similar impact would be felt in Central Asia, it said.
But measures to reallocate fresh water could show gains in some regions, the bank said.
For example, a shift in allocation could lead to GDP growth of about 11 per cent by 2050 in Central Asia, the bank said.
The World Bank also advocated pricing water consumption, a proposal that has stirred controversy and is opposed by those who do not think water should not have any price tag.
"If you're making money out of water, particularly if you're using a lot of water as a commercial user, then it's reasonable to suggest that you pay minimally enough to cover the cost of providing you with that water," Damania said.
"This might well mean free water if you are exceedingly poor," he said.
About a quarter of the world's population, or some 1.6 billion people, live in countries where water already is scarce, according to the World Bank.
Last month, 175 nations signed a deal reached last year in Paris to slow global warming and cut greenhouse gas emissions.
Bullet train fare to be 1.5 times higher than AC 1st Class
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The Ministry of Railways has proposed a tariff for the upcoming bullet train service between Mumbai and Ahmedabad that will be 1.5 times more than the first class AC fare prevailing now, Parliament was informed on Wednesday.
In Duronto Express, for example, the current AC 1st Class fare between Mumbai and Ahmedabad, is Rs.2,200. This means, for the 508-km run between the two cities-via a dedicated, high-speed corridor-the fare will be around Rs.3,300.
In Japan, a similar, 550-km run between Tokyo and Osaka on the Shinkansen, as the bullet train network there is called-and on which the Indian service is being modelled-costs around Rs.8,500.
In a written reply in the Lok Sabha, Minister of State for Railways Manoj Sinha said the first phase of the Indian network will have a maximum design speed of 350 km per hour and an operating speed of 320 km per hour.
The ministry expects around 36,000 daily users per day both ways by 2023, going up to 186,000 by 2053. "The total journey time of the fast train will be 2.07 hours and of trains stopping at each station will be 2.58 hrs," Sinha said.
The ministry has planned a total of 12 stations for the train-Mumbai, Thane, Virar, Boisar, Vapi, Bilimora, Surat, Bharuch, Vadodara, Anand, Ahmedabad and Sabarmati. "The total completion cost will be approximately Rs 97,636 crore," the minister said.
"Further, it has been decided to undertake a feasibility study between Delhi-Nagpur as part of the New Delhi-Chennai corridor through government-to-government cooperation with China," he said in his answer to the question posed by G. Hari of the All India Anna Dravida Munnetra Kazhagam.
In a debate in the Lok Sabha last week, Railway Minister Suresh Prabhu had brushed aside criticism of bullet trains being an expensive proposition for the country, saying the government had managed to secure a soft loan of Rs.1 lakh crore from Japan at a mere 0.1 percent interest.
"The technology to be used for bullet trains will help improve the services of normal trains and the integration of signalling system," said Prabhu, wondering if a "deliberate misinformation" campaign was going on against the introduction of such trains.
The Ministry of Railways has proposed a tariff for the upcoming bullet train service between Mumbai and Ahmedabad that will be 1.5 times more than the first class AC fare prevailing now, Parliament was informed on Wednesday.
In Duronto Express, for example, the current AC 1st Class fare between Mumbai and Ahmedabad, is Rs.2,200. This means, for the 508-km run between the two cities-via a dedicated, high-speed corridor-the fare will be around Rs.3,300.
In Japan, a similar, 550-km run between Tokyo and Osaka on the Shinkansen, as the bullet train network there is called-and on which the Indian service is being modelled-costs around Rs.8,500.
In a written reply in the Lok Sabha, Minister of State for Railways Manoj Sinha said the first phase of the Indian network will have a maximum design speed of 350 km per hour and an operating speed of 320 km per hour.
The ministry expects around 36,000 daily users per day both ways by 2023, going up to 186,000 by 2053. "The total journey time of the fast train will be 2.07 hours and of trains stopping at each station will be 2.58 hrs," Sinha said.
The ministry has planned a total of 12 stations for the train-Mumbai, Thane, Virar, Boisar, Vapi, Bilimora, Surat, Bharuch, Vadodara, Anand, Ahmedabad and Sabarmati. "The total completion cost will be approximately Rs 97,636 crore," the minister said.
"Further, it has been decided to undertake a feasibility study between Delhi-Nagpur as part of the New Delhi-Chennai corridor through government-to-government cooperation with China," he said in his answer to the question posed by G. Hari of the All India Anna Dravida Munnetra Kazhagam.
In a debate in the Lok Sabha last week, Railway Minister Suresh Prabhu had brushed aside criticism of bullet trains being an expensive proposition for the country, saying the government had managed to secure a soft loan of Rs.1 lakh crore from Japan at a mere 0.1 percent interest.
"The technology to be used for bullet trains will help improve the services of normal trains and the integration of signalling system," said Prabhu, wondering if a "deliberate misinformation" campaign was going on against the introduction of such trains.
HDFC to raise Rs 1,135 crore via debentures
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HDFC said it would raise Rs 1,135 crore by issuing debentures this week to meet funding requirements.
"The object of the issue is to augment the long-term resources of the Corporation. The proceeds of the present issue would be utilised for financing/refinancing the housing finance business requirements of the Corporation", HDFC said in a regulatory filing.
The issue of the non-convertible debentures (NCDs) to be on a private placement basis will open for a day on May 6.
The NCDs carry coupon rate of 8.34 per cent.
ICICI Bank and SBI Capital Markets are the arrangers to the issue.
Shares of the mortgage lender closed 2.86 per cent higher at Rs 1,131 a piece on BSE.
HDFC said it would raise Rs 1,135 crore by issuing debentures this week to meet funding requirements.
"The object of the issue is to augment the long-term resources of the Corporation. The proceeds of the present issue would be utilised for financing/refinancing the housing finance business requirements of the Corporation", HDFC said in a regulatory filing.
The issue of the non-convertible debentures (NCDs) to be on a private placement basis will open for a day on May 6.
The NCDs carry coupon rate of 8.34 per cent.
ICICI Bank and SBI Capital Markets are the arrangers to the issue.
Shares of the mortgage lender closed 2.86 per cent higher at Rs 1,131 a piece on BSE.
How NCR's diesel taxi ban will hit business sentiment across India
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The ban on plying of diesel taxis in the national capital will have far reaching negative impact on India's ease of doing business scenario, with IT/BPO sector being the worst hit, an industry body said.
"Apart from the ban on taxis being a local (NCR) issue, there is a more global aspect; BPO companies and their employees support global companies and accordingly, the ramifications on ease of doing business in India are going to be far flung with all the MNCs being serviced," Indo American Chamber of Commerce (IACC) said.
"With far reaching effects, this ban may also adversely impact the efforts made by the government to promote the BPO industry," it said.
The industry body said IT & BPO sectors especially have been impacted seriously through disruptions to operations of diesel-run taxis .
"... time sensitive operations have been affected due to disrupted commute times of employees; safety and security of employees are of concern, as most BPO companies operate night shifts; added costs to operations have arisen due to the need to find alternatives for transport," said the chamber.
The Delhi government banned plying of diesel-run taxis on the city roads after the Supreme Court last week refused to extend the April 30 deadline fixed for conversion of diesel cabs into less-polluting CNG mode.
After the ban, major companies in Delhi-NCR have decided not to provide any transport facility to their employees.
The ban on plying of diesel taxis in the national capital will have far reaching negative impact on India's ease of doing business scenario, with IT/BPO sector being the worst hit, an industry body said.
"Apart from the ban on taxis being a local (NCR) issue, there is a more global aspect; BPO companies and their employees support global companies and accordingly, the ramifications on ease of doing business in India are going to be far flung with all the MNCs being serviced," Indo American Chamber of Commerce (IACC) said.
"With far reaching effects, this ban may also adversely impact the efforts made by the government to promote the BPO industry," it said.
The industry body said IT & BPO sectors especially have been impacted seriously through disruptions to operations of diesel-run taxis .
"... time sensitive operations have been affected due to disrupted commute times of employees; safety and security of employees are of concern, as most BPO companies operate night shifts; added costs to operations have arisen due to the need to find alternatives for transport," said the chamber.
The Delhi government banned plying of diesel-run taxis on the city roads after the Supreme Court last week refused to extend the April 30 deadline fixed for conversion of diesel cabs into less-polluting CNG mode.
After the ban, major companies in Delhi-NCR have decided not to provide any transport facility to their employees.
General Awareness
Indian Shooters Bag 3 gold, 1 Bronze at ISSF Junior World Cup
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Indian Shooters made a historical victory by bagging three Gold medals and a Bronze on the inaugural day of the ISSF Junior World Cup
Medals
- A Gold in the men’s 25m standard pistol – Rituraj Singh(569 points), Shivam Shukla (550 points) and Arjun Das (542 points) played in the event
- A Gold in team events of Women’s 50m Rifle – Gaayathri Nithyanadam (618.4 points), Sonika (616.9 points) andAyushi Podder (611.3 points) played in the event
- A Gold in Men’s 25m Standard Pistol by Rituraj Singh
4. Gaayathri Nithyanadam bagged a bronze in the women’s 50m rifle prone competition.
Rankings in Team event of the men’s 25m Standard Pistol Competition
- India – Gold
- France – Silver
- Australia – Bronze
Rankings in Team event of the Women’s 50m rifle prone competition
- India – Gold
- France – Silver
- Poland – Bronze
About ISSF
- 3rd ISSF Junior World Cup in Rifle – Pistol- Shotgun
- Venue: Shooting range in Suhl, Germany
- Held between April 29th and May 6th 2016
Indian Shooters made a historical victory by bagging three Gold medals and a Bronze on the inaugural day of the ISSF Junior World CupMedals- A Gold in the men’s 25m standard pistol – Rituraj Singh(569 points), Shivam Shukla (550 points) and Arjun Das (542 points) played in the event
- A Gold in team events of Women’s 50m Rifle – Gaayathri Nithyanadam (618.4 points), Sonika (616.9 points) andAyushi Podder (611.3 points) played in the event
- A Gold in Men’s 25m Standard Pistol by Rituraj Singh
4. Gaayathri Nithyanadam bagged a bronze in the women’s 50m rifle prone competition.Rankings in Team event of the men’s 25m Standard Pistol Competition- India – Gold
- France – Silver
- Australia – Bronze
Rankings in Team event of the Women’s 50m rifle prone competition- India – Gold
- France – Silver
- Poland – Bronze
About ISSF- 3rd ISSF Junior World Cup in Rifle – Pistol- Shotgun
- Venue: Shooting range in Suhl, Germany
- Held between April 29th and May 6th 2016
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