General Affairs
BJP To Highlight Modi Government's 'Successes' To Take On Rivals In UP
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NEW DELHI: Accused by rivals of doing little for UP despite the state yielding a bumper electoral harvest for it in the Lok Sabha polls, BJP has come out with details of Modi government's "unprecedented" work there as it seeks to boost its campaign for the Assembly polls due early next year.
The BJP has put together the Centre's work under heads like Prosperous Farmer, Empowering Villages, Poor, Youth and Women besides its New Initiatives ahead of its state executive meeting in Moradabad in the third week of July where the party will deliberate on its poll strategy.
UP's ruling Samajwadi Party has been attacking the central government for hardly doing anything for the state even though its voters elected BJP lawmakers from 71 out 80 Lok Sabha seats.
"We will highlight the kind of unprecedented work the Union Government has done for the state," party general secretary Arun Singh said.
BJP claims that UP's share of central taxes will increase to Rs. 7,10,966 crore during 2015-20 from Rs. 2,80,467 crore in 2010-15 and the local bodies grant will touch Rs. 46,026 crore against mere Rs. 523 crore in the corresponding period.
The Centre has also electrified 1,364 villages and given free electricity connection to 4.24 lakh BPL households.
Under the Prime Minister Mudra Yojna, banks have distributed loans of Rs. 12,635 crore among 38 lakh people, it says.
Under the Jan Dhan Yojana, 3.26 crore bank accounts were opened in the state and over one crore of them linked to Aadhaar number for transferring cash benefits.
It claims that 5.15 lakh and 6.94 lakh toilets were built there in 2014-15 and 2015-16 respectively with corresponding expenditure of Rs. 238 crore and Rs. 565 crore under Swachh Bharat Mission (rural).
The compilation also highlights selection of 13 and 61 places in the state under Smart City and Amrut projects besides hike in disaster response fund to help farmers.
As political temperature rises in the state, rival SP and BSP have accused the Modi government of doing little for the state, while BJP has sought to highlight the Modi government's credentials as a development oriented dispensation.
The BJP has put together the Centre's work under heads like Prosperous Farmer, Empowering Villages, Poor, Youth and Women besides its New Initiatives ahead of its state executive meeting in Moradabad in the third week of July where the party will deliberate on its poll strategy.
UP's ruling Samajwadi Party has been attacking the central government for hardly doing anything for the state even though its voters elected BJP lawmakers from 71 out 80 Lok Sabha seats.
"We will highlight the kind of unprecedented work the Union Government has done for the state," party general secretary Arun Singh said.
BJP claims that UP's share of central taxes will increase to Rs. 7,10,966 crore during 2015-20 from Rs. 2,80,467 crore in 2010-15 and the local bodies grant will touch Rs. 46,026 crore against mere Rs. 523 crore in the corresponding period.
The Centre has also electrified 1,364 villages and given free electricity connection to 4.24 lakh BPL households.
Under the Prime Minister Mudra Yojna, banks have distributed loans of Rs. 12,635 crore among 38 lakh people, it says.
Under the Jan Dhan Yojana, 3.26 crore bank accounts were opened in the state and over one crore of them linked to Aadhaar number for transferring cash benefits.
It claims that 5.15 lakh and 6.94 lakh toilets were built there in 2014-15 and 2015-16 respectively with corresponding expenditure of Rs. 238 crore and Rs. 565 crore under Swachh Bharat Mission (rural).
The compilation also highlights selection of 13 and 61 places in the state under Smart City and Amrut projects besides hike in disaster response fund to help farmers.
As political temperature rises in the state, rival SP and BSP have accused the Modi government of doing little for the state, while BJP has sought to highlight the Modi government's credentials as a development oriented dispensation.
Sushil Modi Asks Nitish Kumar To Convince Congress To Enforce Prohibition
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PATNA: Taking strong exception to Bihar Chief Minister Nitish Kumar asking BJP-ruled states to enforce liquor ban, senior BJP leader Sushil Kumar Modi asked him to first convince Congress, his new-found ally, to enforce prohibition in Congress-ruled states.
Besides convincing his ally to enforce the ban in Congress-ruled states of Karnataka, Meghalaya, Mizoram, Himachal Pradesh and Uttarakhand, the JD(U) national president should also ask the Left parties to ban liquor in states like Kerala, Tripura, and in Delhi where "his friend" Arvind Kejriwal's AAP government is in power, Mr Modi said.
Taking a potshot at Mr Kumar for carrying out a nation-wide campaign in favour of the liquor ban, Mr Modi said the people of Bihar had voted him to power for development and not for touring the length and breadth of the country to make a political capital out of enforcement of prohibition in the state.
The BJP leader also mocked at him for reportedly saying that enforcement of prohibition was consistent with socialist ideals and asked him whether he had forgotten the said principle when liquor was made available in villages for a decade.
"The chief minister has at the age of 64 suddenly discovered virtues in liquor ban to the extent that he says it is integral to socialist ideals... was he ignorant of this virtue when his government was a flowing sea of liquor in Bihar for a decade?" the former deputy chief minister asked.
"The then Nitish Kumar government had no qualm in opening liquor shops near schools and colleges," he recalled.
The BJP itself was part of the Nitish Kumar government in Bihar for eight out of ten years.
Besides convincing his ally to enforce the ban in Congress-ruled states of Karnataka, Meghalaya, Mizoram, Himachal Pradesh and Uttarakhand, the JD(U) national president should also ask the Left parties to ban liquor in states like Kerala, Tripura, and in Delhi where "his friend" Arvind Kejriwal's AAP government is in power, Mr Modi said.
Taking a potshot at Mr Kumar for carrying out a nation-wide campaign in favour of the liquor ban, Mr Modi said the people of Bihar had voted him to power for development and not for touring the length and breadth of the country to make a political capital out of enforcement of prohibition in the state.
The BJP leader also mocked at him for reportedly saying that enforcement of prohibition was consistent with socialist ideals and asked him whether he had forgotten the said principle when liquor was made available in villages for a decade.
"The chief minister has at the age of 64 suddenly discovered virtues in liquor ban to the extent that he says it is integral to socialist ideals... was he ignorant of this virtue when his government was a flowing sea of liquor in Bihar for a decade?" the former deputy chief minister asked.
"The then Nitish Kumar government had no qualm in opening liquor shops near schools and colleges," he recalled.
The BJP itself was part of the Nitish Kumar government in Bihar for eight out of ten years.
Amit Shah Should Know History Of His Party Leaders, Says Congress
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NEW DELHI: Congress today hit back at BJP president Amit Shah telling him that he should know history of his party leaders, insisting that Syama Prasad Mookerjee was "as much a part" of the decision as Jawaharlal Nehru on referring the Kashmir issue to UN.
"The decision on Kashmir was taken by the Cabinet of Pandit Jawaharlal Nehru of which Mukherjee was a member. In the meeting of the Cabinet which took the decision on taking Kashmir issue to the UN, Mookerjee did not make any point nor is there any contemporary report in the media about it."
"Therefore Mookerjee was as much a part of the decision as Nehru was," senior party leader S Jaipal Reddy told news agency PTI.
Besides, he said when Nehru's government decided on special status to Jammu and Kashmir under Article 371 that time too Mr Mookerjee was a member of Pandit Nehru's Cabinet.
"Mookerjee resigned from the Cabinet on the ground that Sheikh Abdullah as Leader of the Jammu and Kashmir government was not being properly checkmated," he said suggesting that Mookerjee never made an issue of representation to UN or Article 371 at that time.
Mr Reddy also emphasised that Mookerjee cannot be projected as the unifying force of pre-Partition India because "unlike Congress leaders Mookerjee was pleading loudly for partition of Bengal".
"Mookerjee was accused of being involved in the 1946 riots of Dacca. So why pit Mookerjee against Nehru when record of Mookerjee is not lily white," said Mr Reddy.
Taking a dig at the BJP chief, the former Union minister said, "Amit Shah does not know history. He should at least know history of his party leader. He is much too new to national politics. He must know history of his party leaders."
Mr Shah had yesterday blamed Mr Nehru accusing him of having committed a "historic blunder" on Kashmir and had criticised the then Congress leadership for the partition.
Referring to the declaration of truce when Pakistan-backed tribal raiders in 1948 were being repulsed in Kashmir, he said if such a decision was not made, the Jammu and Kashmir problem would not have existed today.
"Suddenly, without any reason... the reason is not known even today, truce was declared. Never has any leader of the country made such a historic blunder. If Jawaharlalji had not declared a ceasefire at that time, the Kashmir issue would not have existed," Mr Shah had said speaking at an event in New Delhi.
"The decision on Kashmir was taken by the Cabinet of Pandit Jawaharlal Nehru of which Mukherjee was a member. In the meeting of the Cabinet which took the decision on taking Kashmir issue to the UN, Mookerjee did not make any point nor is there any contemporary report in the media about it."
"Therefore Mookerjee was as much a part of the decision as Nehru was," senior party leader S Jaipal Reddy told news agency PTI.
Besides, he said when Nehru's government decided on special status to Jammu and Kashmir under Article 371 that time too Mr Mookerjee was a member of Pandit Nehru's Cabinet.
"Mookerjee resigned from the Cabinet on the ground that Sheikh Abdullah as Leader of the Jammu and Kashmir government was not being properly checkmated," he said suggesting that Mookerjee never made an issue of representation to UN or Article 371 at that time.
Mr Reddy also emphasised that Mookerjee cannot be projected as the unifying force of pre-Partition India because "unlike Congress leaders Mookerjee was pleading loudly for partition of Bengal".
"Mookerjee was accused of being involved in the 1946 riots of Dacca. So why pit Mookerjee against Nehru when record of Mookerjee is not lily white," said Mr Reddy.
Taking a dig at the BJP chief, the former Union minister said, "Amit Shah does not know history. He should at least know history of his party leader. He is much too new to national politics. He must know history of his party leaders."
Mr Shah had yesterday blamed Mr Nehru accusing him of having committed a "historic blunder" on Kashmir and had criticised the then Congress leadership for the partition.
Referring to the declaration of truce when Pakistan-backed tribal raiders in 1948 were being repulsed in Kashmir, he said if such a decision was not made, the Jammu and Kashmir problem would not have existed today.
"Suddenly, without any reason... the reason is not known even today, truce was declared. Never has any leader of the country made such a historic blunder. If Jawaharlalji had not declared a ceasefire at that time, the Kashmir issue would not have existed," Mr Shah had said speaking at an event in New Delhi.
Enforcement Directorate Quizzes Digambar Kamat In Louis Berger Bribery Scam
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PANAJI: The Enforcement Directorate today quizzed former Goa chief minister Digambar Kamat in Panaji in connection with the Louis Berger bribery scam.
"He was questioned about the noting on the file by him in his capacity as a Chief Minister of the state. Several questions related to the inquiry were asked from him," a senior ED official said on condition of anonymity.
The veteran Congress leader arrived at ED office this morning and was interrogated till evening.
In August 2015, when Goa police was investigating the claims of US-based company that they had paid heavy bribes to an Indian minister, the ED had lodged FIR under Prevention of Money Laundering Act.
The company had won consultancy for the project of augmentation of sewerage and water supply infrastructure in the state implemented under funding by Japan International Cooperation Agency (JICA) when Kamat was heading the Congress government in Goa.
Former state Public Works Department minister Churchill Alemao, JICA project director Anand Wachasunder and Louis Berger's vice president Satyakam Mohanty were arrested in the case, wherein state ministers allegedly received bribes to the tune of $976,000 to grant contracts for the JICA-funded project in Goa.
Mr Kamat could not be arrested earlier as he was granted anticipatory bail by a local court which was upheld by the Goa bench of Bombay High Court.
"He was questioned about the noting on the file by him in his capacity as a Chief Minister of the state. Several questions related to the inquiry were asked from him," a senior ED official said on condition of anonymity.
The veteran Congress leader arrived at ED office this morning and was interrogated till evening.
In August 2015, when Goa police was investigating the claims of US-based company that they had paid heavy bribes to an Indian minister, the ED had lodged FIR under Prevention of Money Laundering Act.
The company had won consultancy for the project of augmentation of sewerage and water supply infrastructure in the state implemented under funding by Japan International Cooperation Agency (JICA) when Kamat was heading the Congress government in Goa.
Former state Public Works Department minister Churchill Alemao, JICA project director Anand Wachasunder and Louis Berger's vice president Satyakam Mohanty were arrested in the case, wherein state ministers allegedly received bribes to the tune of $976,000 to grant contracts for the JICA-funded project in Goa.
Mr Kamat could not be arrested earlier as he was granted anticipatory bail by a local court which was upheld by the Goa bench of Bombay High Court.
BJP Lawmaker Tarun Vijay Seeks Bharat Ratna For Jagjivan Ram
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NEW DELHI: As BJP seeks to lay claim to BR Ambedkar's legacy, party lawmaker Tarun Vijay has demanded 'Bharat Ratna' for Jagjivan Ram, another towering Dalit leader, contending he "rightly deserves" the country's highest civilian award.
In an article in pro-RSS journal 'Panchjanya', Mr Vijay said Babu Jagjivan Ram should be given the award in recognition of his services for social harmony, fight against injustice to the scheduled castes and serving the cause of Hindu religion.
"It is surprising that Congress never considered Ambedkar, who stood as an iron pillar for nationalism and public welfare, worthy of 'Bharat Ratna' and neither did Jagjivan Ram get that honour he rightly deserved.
"Would this (Modi) government consider giving 'Bharat Ratna' to this great, pious nationalist and a courageous democrat. He rightly deserves this honour," he said in the article.
Mr Vijay asked, "Was his fight for equality while remaining a Hindu his fault?"
He said, "If Babu Jagjivan Ram had left Hinduism as a mark of protest against atrocities by upper castes, it would have triggered a social earthquake in India."
"He never converted and served Hindu dharma, faced extreme caste hate, insult and disdain, yet remained firm. Should his firmness to remain a Hindu be considered a weakness or strength?" he said.
Mr Vijay said the Dalit leader fought social discrimination and rose in stature through sheer merit, supporting the mass movement against Emergency, leaving Congress and launching an outfit 'Congress for Democracy'.
Mr Vijay, who is retiring as a Rajya Sabha member on July 4, was in news recently after he was attacked in Uttarakhand while leading a group of Dalits into a temple where their entry was banned.
In an article in pro-RSS journal 'Panchjanya', Mr Vijay said Babu Jagjivan Ram should be given the award in recognition of his services for social harmony, fight against injustice to the scheduled castes and serving the cause of Hindu religion.
"It is surprising that Congress never considered Ambedkar, who stood as an iron pillar for nationalism and public welfare, worthy of 'Bharat Ratna' and neither did Jagjivan Ram get that honour he rightly deserved.
"Would this (Modi) government consider giving 'Bharat Ratna' to this great, pious nationalist and a courageous democrat. He rightly deserves this honour," he said in the article.
Mr Vijay asked, "Was his fight for equality while remaining a Hindu his fault?"
He said, "If Babu Jagjivan Ram had left Hinduism as a mark of protest against atrocities by upper castes, it would have triggered a social earthquake in India."
"He never converted and served Hindu dharma, faced extreme caste hate, insult and disdain, yet remained firm. Should his firmness to remain a Hindu be considered a weakness or strength?" he said.
Mr Vijay said the Dalit leader fought social discrimination and rose in stature through sheer merit, supporting the mass movement against Emergency, leaving Congress and launching an outfit 'Congress for Democracy'.
Mr Vijay, who is retiring as a Rajya Sabha member on July 4, was in news recently after he was attacked in Uttarakhand while leading a group of Dalits into a temple where their entry was banned.
Business Affairs
Infrastructure output growth hits 5-month low in May
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Infrastructure output grew an annual 2.8 per cent in May, its slowest pace in five months, primarily dragged down by a slowdown in output of electricity, steel and refinery products, government data showed on Thursday.
The output expanded 5.5 percent from a year ago between April and May.
Annual growth in electricity production last month slowed to 4.6 per cent from 14.7 per cent in April. Refinery products expanded 1.2 per cent year-on-year in May compared with 17.9 per cent growth a month ago.
Infrastructure output grew an annual 2.8 per cent in May, its slowest pace in five months, primarily dragged down by a slowdown in output of electricity, steel and refinery products, government data showed on Thursday.
The output expanded 5.5 percent from a year ago between April and May.
Annual growth in electricity production last month slowed to 4.6 per cent from 14.7 per cent in April. Refinery products expanded 1.2 per cent year-on-year in May compared with 17.9 per cent growth a month ago.
Three reasons why Sensex gained over 600 points in 4 days
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A semblance of sanity returns in the market. Brext blues are passé and a slew of reforms at home are giving good reasons to benchmark indices Sensex and Nifty to scale new highs.
The 30-share index ended the day at a crucial 27,000-mark, while broader 50-share index tested its key resistance level of 8,300, but settled the trade at 8,287 level.
Below are three reasons why market has been rallying for the last four days in a row:
1) Bonanza for Babus!
The much-awaited Seventh Pay Commission has finally seen the light of the day. The cabinet on Wednesday approved implementation of the 7th Pay Panel, which had recommended an overall hike of 23.5 per cent for the government employees and pensioners.'
"Just ahead of Monsoon, the 7th Pay commission will set the snowball impact in the economy. This is a well expected positive move, this will help achieve GDP growth target quicker," said Motilal Oswal,CMD,Motilal Oswal Financial Services.
"The auto, consumer durables and FMCG sector would see much higher demand. The small concern could be that this may push inflation a bit higher," the expert added.
2) Brexit blues ... What's that?
Globe markets may have seen heavy sell-off after the Britain chose to leave the European Union, a semblance of sanity is finally making its way.
Domestic markets have been surging for the last four days and has regained all of the ground it lost since the Brexit as investors reassessed the potential economic fallout.
"All the bad news like Brexit and Rexit (RBI Governor Raghuram Rajan's exit) is getting priced in and we are definitely heading on the upside," told B V Rudramurthy, managing director at Vachana Investments to Reuters.
3) Monsoon cheer
Monsoon rains in India were 1 per cent above average in the week ending June 29, the India Meteorological Department (IMD) said on Thursday.
Though the monsoon arrived in India on June 8, a week later than usual, IMD expects rains to pick up pace in July.
"It is not a frequent scenario wherein Monsoon had made a delayed onset but finished well before the time," said private weather forecaster Skymet
"Any market will always move up only with good earnings, and this along with a better-than-expected monsoon are fundamental factors which should help markets move higher," told Rudramurthy to Reuters.
A semblance of sanity returns in the market. Brext blues are passé and a slew of reforms at home are giving good reasons to benchmark indices Sensex and Nifty to scale new highs.
The 30-share index ended the day at a crucial 27,000-mark, while broader 50-share index tested its key resistance level of 8,300, but settled the trade at 8,287 level.
Below are three reasons why market has been rallying for the last four days in a row:
1) Bonanza for Babus!
The much-awaited Seventh Pay Commission has finally seen the light of the day. The cabinet on Wednesday approved implementation of the 7th Pay Panel, which had recommended an overall hike of 23.5 per cent for the government employees and pensioners.'
"Just ahead of Monsoon, the 7th Pay commission will set the snowball impact in the economy. This is a well expected positive move, this will help achieve GDP growth target quicker," said Motilal Oswal,CMD,Motilal Oswal Financial Services.
"The auto, consumer durables and FMCG sector would see much higher demand. The small concern could be that this may push inflation a bit higher," the expert added.
2) Brexit blues ... What's that?
Globe markets may have seen heavy sell-off after the Britain chose to leave the European Union, a semblance of sanity is finally making its way.
Domestic markets have been surging for the last four days and has regained all of the ground it lost since the Brexit as investors reassessed the potential economic fallout.
"All the bad news like Brexit and Rexit (RBI Governor Raghuram Rajan's exit) is getting priced in and we are definitely heading on the upside," told B V Rudramurthy, managing director at Vachana Investments to Reuters.
3) Monsoon cheer
Monsoon rains in India were 1 per cent above average in the week ending June 29, the India Meteorological Department (IMD) said on Thursday.
Though the monsoon arrived in India on June 8, a week later than usual, IMD expects rains to pick up pace in July.
"It is not a frequent scenario wherein Monsoon had made a delayed onset but finished well before the time," said private weather forecaster Skymet
"Any market will always move up only with good earnings, and this along with a better-than-expected monsoon are fundamental factors which should help markets move higher," told Rudramurthy to Reuters.
Indian money in Swiss banks dips 33% to Rs 8,392 crore
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Money held by Indians in Swiss banks has fallen by nearly one-third to a record low of 1.2 billion franc (about Rs 8,392 crore) amid a continuing global clampdown on the famed secrecy wall of Switzerland's banking system.
The funds held by Indians with banks in Switzerland fell by CHF 596.42 million to CHF 1,217.6 million at the end of 2015, as per the latest data released on Thursday by the country's central banking authority SNB (Swiss National Bank).
This is the lowest amount of funds held by Indians in the Swiss banks ever since the Alpine nation began making the data public in 1997 and marks the second straight year of decline.
The funds held by Indians with Swiss banks stood at a record high of CHF 6.5 billion (Rs 23,000 crore) at 2006-end.
However, the quantum of these funds has been falling since then, except for in 2011 and in 2013 when Indians' money had risen by over 12 per cent and 42 per cent, respectively.
At the end of 2015, the total funds held in Swiss banks by Indians directly stood at CHF 1,206.71 million (down from CHF 1,776 million a year ago), while the money held through 'fiduciaries' or wealth managers was down at CHF 10.89 million (from CHF 37.92 million at 2014-end). The total stood at CHF 1,814 million at the end of 2014.
This is the lowest-ever level of funds held through fiduciaries, which used to be in billions till 2007 but has been falling amid fears of regulatory crackdown.
The total "amounts due to customers' savings and deposit accounts" fell to CHF 425.8 million (from 1,378 million a year ago), while the money held through other banks incidentally more than doubled to CHF 270.4 million (from CHF 100.6 million). The 'other liabilities' of Swiss banks towards Indian clients, which include funds held through securities etc, rose from CHF 297 million to CHF 510.4 million.
The latest data from Zurich-based SNB comes at a time when Switzerland has begun sharing foreign client details on evidence of wrongdoing provided by India and other countries.
It has agreed to further expand its cooperation on India's fight against black money and expects to sign a new pact for automatic information exchange 2018 onwards. Besides, a team of Indian officials are expected to visit Switzerland soon to expedite the pending information requests about suspected illicit accounts of Indians in Swiss banks.
The funds, described by SNB as 'liabilities' of Swiss banks or 'amounts due to' their clients, are the official figures disclosed by the Swiss authorities and do not indicate to the quantum of the much-debated alleged black money held by Indians in the safe havens of Switzerland.
SNB's official figures also do not include the money that Indians or others might have in Swiss banks in the names of entities from different countries.
As per the SNB data, the total money held in Swiss banks by all their foreign clients from across the world also fell by nearly four per cent or over CHF 58 billion to CHF 1.41 trillion ($1.45 trillion or about Rs 98 lakh crore).
Money held by Indians in Swiss banks has fallen by nearly one-third to a record low of 1.2 billion franc (about Rs 8,392 crore) amid a continuing global clampdown on the famed secrecy wall of Switzerland's banking system.
The funds held by Indians with banks in Switzerland fell by CHF 596.42 million to CHF 1,217.6 million at the end of 2015, as per the latest data released on Thursday by the country's central banking authority SNB (Swiss National Bank).
This is the lowest amount of funds held by Indians in the Swiss banks ever since the Alpine nation began making the data public in 1997 and marks the second straight year of decline.
The funds held by Indians with Swiss banks stood at a record high of CHF 6.5 billion (Rs 23,000 crore) at 2006-end.
However, the quantum of these funds has been falling since then, except for in 2011 and in 2013 when Indians' money had risen by over 12 per cent and 42 per cent, respectively.
At the end of 2015, the total funds held in Swiss banks by Indians directly stood at CHF 1,206.71 million (down from CHF 1,776 million a year ago), while the money held through 'fiduciaries' or wealth managers was down at CHF 10.89 million (from CHF 37.92 million at 2014-end). The total stood at CHF 1,814 million at the end of 2014.
This is the lowest-ever level of funds held through fiduciaries, which used to be in billions till 2007 but has been falling amid fears of regulatory crackdown.
The total "amounts due to customers' savings and deposit accounts" fell to CHF 425.8 million (from 1,378 million a year ago), while the money held through other banks incidentally more than doubled to CHF 270.4 million (from CHF 100.6 million). The 'other liabilities' of Swiss banks towards Indian clients, which include funds held through securities etc, rose from CHF 297 million to CHF 510.4 million.
The latest data from Zurich-based SNB comes at a time when Switzerland has begun sharing foreign client details on evidence of wrongdoing provided by India and other countries.
It has agreed to further expand its cooperation on India's fight against black money and expects to sign a new pact for automatic information exchange 2018 onwards. Besides, a team of Indian officials are expected to visit Switzerland soon to expedite the pending information requests about suspected illicit accounts of Indians in Swiss banks.
The funds, described by SNB as 'liabilities' of Swiss banks or 'amounts due to' their clients, are the official figures disclosed by the Swiss authorities and do not indicate to the quantum of the much-debated alleged black money held by Indians in the safe havens of Switzerland.
SNB's official figures also do not include the money that Indians or others might have in Swiss banks in the names of entities from different countries.
As per the SNB data, the total money held in Swiss banks by all their foreign clients from across the world also fell by nearly four per cent or over CHF 58 billion to CHF 1.41 trillion ($1.45 trillion or about Rs 98 lakh crore).
Gold climbs on positive global cues; silver tops Rs 43k level
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Gold surged by Rs 100 to Rs 30,350 per ten grams at the bullion market today on positive global cues amid jewellers' buying at domestic spot market.
Silver extended gains for the third day and recaptured the Rs 43,000-mark by gaining Rs 390 to Rs 43,300 per kg on hectic demand from industrial units and coin makers.
Sentiment improved in tune with positive global cues as investor speculate that central banks will have to continue supporting the economies in the wake of Britain's exit from the European Union.
Besides, fresh buying by jewellers at domestic spot market led to rise in the precious metals' prices.
Globally, gold rose 0.52 per cent to $1,318.30 an ounce and silver traded higher 2.93 per cent to $18.27 an ounce in New York in yesterday's trade.
In the national capital, gold of 99.9 and 99.5 per cent purity rebounded by Rs 100 each to Rs 30,350 and Rs 30,200 per ten grams respectively.
Sovereign, however, held steady at Rs 23,300 per piece of eight grams in limited deals.
Silver ready rose further by Rs 390 to Rs 43,300 per kg and weekly-based delivery by Rs 250 to Rs 42,950 per kg.
Silver coins too spurted by Rs 1,000 to Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.
Gold surged by Rs 100 to Rs 30,350 per ten grams at the bullion market today on positive global cues amid jewellers' buying at domestic spot market.
Silver extended gains for the third day and recaptured the Rs 43,000-mark by gaining Rs 390 to Rs 43,300 per kg on hectic demand from industrial units and coin makers.
Sentiment improved in tune with positive global cues as investor speculate that central banks will have to continue supporting the economies in the wake of Britain's exit from the European Union.
Besides, fresh buying by jewellers at domestic spot market led to rise in the precious metals' prices.
Globally, gold rose 0.52 per cent to $1,318.30 an ounce and silver traded higher 2.93 per cent to $18.27 an ounce in New York in yesterday's trade.
In the national capital, gold of 99.9 and 99.5 per cent purity rebounded by Rs 100 each to Rs 30,350 and Rs 30,200 per ten grams respectively.
Sovereign, however, held steady at Rs 23,300 per piece of eight grams in limited deals.
Silver ready rose further by Rs 390 to Rs 43,300 per kg and weekly-based delivery by Rs 250 to Rs 42,950 per kg.
Silver coins too spurted by Rs 1,000 to Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.
Three-year term is short for RBI Governor: Raghuram Rajan
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RBI Governor Raghuram Rajan, whose three-year term comes to an end in nine weeks, Thursday pitched for a longer tenure for the central bank head, saying the global practice has to be emulated in India as well.
Rajan, who briefed Parliament's Standing Committee of Finance on various aspects of economy and NPA in banks, was asked by members on what should be the tenure of the RBI Governor, sources said.
He told the members that a three-year term is "short".
On whether it should be five years, Rajan is believed to have cited the case of US Federal Reserve.
In the US Fed, in addition to serving as members of the Board, the Chairman and Vice-Chairman serve terms of four years and may be reappointed to those roles who in turn serve until their terms as Governors expire.
Rajan, whose current three-year tenure ends on September 4, has already said no to a second term.
Sources further said that during the meeting that lasted for over three hours, the Governor briefed the panel, headed by senior Congress leader M Veerappa Moily, on state of the economy, reforms and restructuring of RBI, challenges in the banking sector in India and the way forward.
The committee was apprised by Rajan of the various steps taken to deal with the bad loan problem, said the sources.
The Reserve Bank has said the gross non-performing assets of the banks can rise to as high as 9.3 per cent in 2016-17 after hitting 7.6 per cent in March 2016.
Rajan, the sources added, also briefed MPs about the credit scenario of the banks. He is believed to have told the MPs that private lenders are more active on the lending front, but PSU banks are found to be reluctant even when there is no shortage of funds.
The Governor also explained to MPs the impact of Brexit on India and the global economy.
Earlier in the day, Rajan called on Finance Minister Arun Jaitley as the central bank and the government seek to quickly put in place a new interest rate-setting mechanism.
RBI Governor Raghuram Rajan, whose three-year term comes to an end in nine weeks, Thursday pitched for a longer tenure for the central bank head, saying the global practice has to be emulated in India as well.
Rajan, who briefed Parliament's Standing Committee of Finance on various aspects of economy and NPA in banks, was asked by members on what should be the tenure of the RBI Governor, sources said.
He told the members that a three-year term is "short".
On whether it should be five years, Rajan is believed to have cited the case of US Federal Reserve.
In the US Fed, in addition to serving as members of the Board, the Chairman and Vice-Chairman serve terms of four years and may be reappointed to those roles who in turn serve until their terms as Governors expire.
Rajan, whose current three-year tenure ends on September 4, has already said no to a second term.
Sources further said that during the meeting that lasted for over three hours, the Governor briefed the panel, headed by senior Congress leader M Veerappa Moily, on state of the economy, reforms and restructuring of RBI, challenges in the banking sector in India and the way forward.
The committee was apprised by Rajan of the various steps taken to deal with the bad loan problem, said the sources.
The Reserve Bank has said the gross non-performing assets of the banks can rise to as high as 9.3 per cent in 2016-17 after hitting 7.6 per cent in March 2016.
Rajan, the sources added, also briefed MPs about the credit scenario of the banks. He is believed to have told the MPs that private lenders are more active on the lending front, but PSU banks are found to be reluctant even when there is no shortage of funds.
The Governor also explained to MPs the impact of Brexit on India and the global economy.
Earlier in the day, Rajan called on Finance Minister Arun Jaitley as the central bank and the government seek to quickly put in place a new interest rate-setting mechanism.
General Awareness
BANKING AWARENESS PRACTICE QUESTIONS FOR BANK EXAMS
-
-
1. Alice Vaidyan is the Chairman and Managing Director of which of the following Insurance Companies?
a) New India Assurance
b) Life Insurance Corporation
c) Birla Sun Life Insurance Co. Ltd.
d) National Insurance Company
e) General Insurance Corporation of India
2. Prepayment charges are exempted for:
a) Housing Loans
b) Education Loans
c) Agri. Loans
d) Corporate Loans
e) a, b & c
3. Minimum and Maximum period of Certificate of Deposits:
a) 15 days & 1 year
b) 30 days & 1 year
c) 7 days & 1 year
d) 7 days & no limit
e) None
4. The Reserve Bank established which board to encourage transparency in lending and fair pricing and customer servicing?
a) Board of Financial Supervision (BFS)
b) Banking Ombudsman
c) Banking Codes and Standards Board of India
d) Deposit Insurance and Credit Guarantee Corporation
e) All of the Above
5. In strategic alliance, the alliance partners:
a) Merge with each other
b) One partner acquires the other
c) Remain separate entities
d) It is a type of convertion
e) None of the above
6. Maximum SLR to be maintained by banks is:
a) 50% of Net Demand and Time Liabilities (NDTL)
b) 40% Net Demand and Time Liabilities
c) 30% Net Demand and Time Liabilities
d) 60% Net Demand and Time Liabilities
e) None of the above
7. With regard to nomination to Illiterate account, which of the following statement is correct?
a) Can extend in favour of literate only
b) Nomination facility is not available
c) Consent from Nominee is required
d) Witness is a must
e) None
8. Acustomer is entitled to get a duplicate DD in place of the lost one, provided:
a) He gives due intimation to the issuing branch
b) Payment of DD not already made by the drawer branch
c) Execution of an indemnity Bond
d) All of the above
e) a and b
9. Bank stakeholders include:
a) Shareholders
b) Customers
c) Employees
d) a & b only
e) a, b, c
10. Agency which purchases NPA from banks is called:
a) Asset Management Company
b) Assets Reconstruction Company
c) Consolidation Company
d) Financial Reconstruction Company
e) None of the above
11. Working capital means:
a) Capital Requirements for the day-to-day transactions
b) Excess of current assets over current liabilities
c) Fixed assets - Current assets
d) None of above
e) b and c
12. E.P.S. in share market stands for:
a) Earnings Per Share
b) Electronic Payment System
c) Employee Pension Scroll
d) Equated Payment System
e) None of these
13. Housing Loans granted to individuals up to Rs.___ for construction of houses (excluding loans
granted by banks to their employees) are treated as priority sector advances:
a) 1 lakh
b) 10 lakhs
c) 25 lakhs
d) 20 lakhs
e) 15 lakhs
14. When the contents of the Negotiable Instrument are modified by the drawer, it is treated as:
a) Forgery
b) Fraud
c) Material alteration
d) Suppression of facts
e) None
15. Operational risk is the risk of loss arising from various types of:
a) Human error
b) Failed systems and procedures in the bank
c) Breakdown in internal controls
d) All of the above
e) a and b
16. Exercise of nomination by the depositor is:
a) Optional to the depositor
b) Mandatory in case of single named accounts
c) Mandatory in case of joint accounts
d) Mandatory for locker accounts
e) None
17. Which of the following statements is not correct with regard to Tax Saver Scheme of Banks?
a) Tax exemption is available for the deposit amount under section 80C of IT Act
b) Period of deposit is allowed up to 5 Years
c) TDS is applicable, if interest payment is above Rs.10,000 in a financial year
d) Maximum amount of deposit allowed is Rs. 5 Lakhs
e) c & d
18. What is the total Priority Sector Lending target for Foreign banks with 20 branches and above to
be increased to ____ by 2018?
a) 32 %
b) 34 %
c) 36 %
d) 40 %
e) None of the above
19. No security is required for obtaining Educational Loan up to an amount of:
a) Rs.4.0 lakhs
b) Rs.3.5 lakhs
c) Rs.5.5 lakhs
d) Rs.6.5 lakhs
e) Rs.7.5 lakhs
20. EEFC a/c means:
a) Exchange Earnings Foreign Currency a/c
b) Exchange Earnest Foreign Currency a/c
c) Exchange Earners Foreign Currency a/c
d) Exchange Equated Foreign Currency a/c
e) None of these
21. As per SEBI guidelines, in a Book Building process the cap in the price band:
a) Should be at least 10% of the floor price
b) Should not be more than 20% of the floor price
c) No limits
d) a and c
e) None
22. The targets and sub-targets set under priority sector lending (PSL) for all scheduled commercial banks are calculated on ___
a) Adjusted Net Bank Credit [ANBC]
b) Credit Equivalent Amount of Off - Balance Sheet Exposure
c) Either Adjusted Net Bank Credit [ANBC] or Credit Equivalent Amount of Off - Balance Sheet Exposure
d) Adjusted Net Bank Credit [ANBC] or Credit Equivalent Amount of Off - Balance Sheet Exposure, whichever is higher
e) All of the Above
23. When banks give home loans, the nature of charge created is:
a) Hypothecation
b) Mortgage
c) Assignment
d) Pledge
e) None
24. Depositories hold securities in which of the following forms?
i. Demat, ii. Physical
a) Only (i)
b) Only (ii)
c) Either (i) or (ii)
d) Both (i) and (ii)
e) None
25. The nature of charge created while advancing against LIC policies is:
a) Assignment
b) Lien
c) Pledge
d) Set-off
e) a and b
26. Universal Banking means____
a) International Banking
b) Wholesale Banking
c) Offering multiple Financial Products
d) All of the above
e) a and b
27. In Core banking system:
a) Branches are connected to a central host
b) Branch automation modules and delivery channels are incorporated
c) Transactions are done centrally and online
d) All of the above
e) a and b
28. Cheque truncation can be done by:
a) Using MICR data
b) Using electronic image of the cheque and processing it at CTS centre
c) Using data processing
d) a & b
e) None
29. RBI acts as the Banker to the___ Governments:
i. Central ii. State
a) Only (i)
b) Only (ii)
c) Either (i) or (ii)
d) Both (i) and (ii)
e) None of the above
30. The committee which has recommended for establishment of data warehouse is:
a) Vasudevan Committee
b) Rangarajan Committee
c) Saraf Committee
d) Shere Committee
e) b and c
31. Which of the following does not match?
a) Regulator of insurance market –IRDA
b) Regulator of capital market– SEBI
c) Regulator of money market– RBI
d) Regulator of forex market– SEBI
e) All of the Above
32. This gives added value to products(is part of the product) in an attempt to augment their products
with values and associations that are recognised by and are meaningful to their customers:
a) Promotion
b) Brand
c) Product
d) Price
e) c and d
33. Who among the following was selected to succeed Arun Kumar Jain as the new Chairperson of the Central Board of Direct Taxes (CBDT)?
a) Sushil Chandra
b) Atulesh Jindal
c) Laxman Das
d) Subrat Kumar Ray
e) Sudha Sharma
34. The Central Board of RBI comprises, a Governor, 4 deputy governors and ____ directors.
a) 5
b) 7
c) 10
d) 15
e) 9
35. S.S. Tarapore passed away in Mumbai on February 2, 2016. He was well-known for his work in the field of:
a) Diplomacy
b) Banking
c) Civil Service
d) Law
e) Agriculture
36. Prime Minister Narendra Modi unveiled the Start-up India action plan to encourage new ventures on January 16, 2016. Income of start-ups will be exempted from tax for how many years?
a) 1
b) 2
c) 3
d) 4
e) 6
ANSWERS:
1) e 2) e 3) c 4) c 5) c 6) b 7) d 8) c 9) e 10) b
11) a 12) a 13) c 14) c 15) d 16) a 17) d 18) d 19) a 20) c
21) b 22) d 23) b 24) a 25) a 26) c 27) d 28) b 29) d 30) a
31) d 32) b 33) b 34) d 35) b 36) c
- 1. Alice Vaidyan is the Chairman and Managing Director of which of the following Insurance Companies?
a) New India Assurance
b) Life Insurance Corporation
c) Birla Sun Life Insurance Co. Ltd.
d) National Insurance Company
e) General Insurance Corporation of India
2. Prepayment charges are exempted for:
a) Housing Loans
b) Education Loans
c) Agri. Loans
d) Corporate Loans
e) a, b & c
3. Minimum and Maximum period of Certificate of Deposits:
a) 15 days & 1 year
b) 30 days & 1 year
c) 7 days & 1 year
d) 7 days & no limit
e) None
4. The Reserve Bank established which board to encourage transparency in lending and fair pricing and customer servicing?
a) Board of Financial Supervision (BFS)
b) Banking Ombudsman
c) Banking Codes and Standards Board of India
d) Deposit Insurance and Credit Guarantee Corporation
e) All of the Above
5. In strategic alliance, the alliance partners:
a) Merge with each other
b) One partner acquires the other
c) Remain separate entities
d) It is a type of convertion
e) None of the above
6. Maximum SLR to be maintained by banks is:
a) 50% of Net Demand and Time Liabilities (NDTL)
b) 40% Net Demand and Time Liabilities
c) 30% Net Demand and Time Liabilities
d) 60% Net Demand and Time Liabilities
e) None of the above
7. With regard to nomination to Illiterate account, which of the following statement is correct?
a) Can extend in favour of literate only
b) Nomination facility is not available
c) Consent from Nominee is required
d) Witness is a must
e) None
8. Acustomer is entitled to get a duplicate DD in place of the lost one, provided:
a) He gives due intimation to the issuing branch
b) Payment of DD not already made by the drawer branch
c) Execution of an indemnity Bond
d) All of the above
e) a and b
9. Bank stakeholders include:
a) Shareholders
b) Customers
c) Employees
d) a & b only
e) a, b, c
10. Agency which purchases NPA from banks is called:
a) Asset Management Company
b) Assets Reconstruction Company
c) Consolidation Company
d) Financial Reconstruction Company
e) None of the above
11. Working capital means:
a) Capital Requirements for the day-to-day transactions
b) Excess of current assets over current liabilities
c) Fixed assets - Current assets
d) None of above
e) b and c
12. E.P.S. in share market stands for:
a) Earnings Per Share
b) Electronic Payment System
c) Employee Pension Scroll
d) Equated Payment System
e) None of these
13. Housing Loans granted to individuals up to Rs.___ for construction of houses (excluding loans
granted by banks to their employees) are treated as priority sector advances:
a) 1 lakh
b) 10 lakhs
c) 25 lakhs
d) 20 lakhs
e) 15 lakhs
14. When the contents of the Negotiable Instrument are modified by the drawer, it is treated as:
a) Forgery
b) Fraud
c) Material alteration
d) Suppression of facts
e) None
15. Operational risk is the risk of loss arising from various types of:
a) Human error
b) Failed systems and procedures in the bank
c) Breakdown in internal controls
d) All of the above
e) a and b
16. Exercise of nomination by the depositor is:
a) Optional to the depositor
b) Mandatory in case of single named accounts
c) Mandatory in case of joint accounts
d) Mandatory for locker accounts
e) None
17. Which of the following statements is not correct with regard to Tax Saver Scheme of Banks?
a) Tax exemption is available for the deposit amount under section 80C of IT Act
b) Period of deposit is allowed up to 5 Years
c) TDS is applicable, if interest payment is above Rs.10,000 in a financial year
d) Maximum amount of deposit allowed is Rs. 5 Lakhs
e) c & d
18. What is the total Priority Sector Lending target for Foreign banks with 20 branches and above to
be increased to ____ by 2018?
a) 32 %
b) 34 %
c) 36 %
d) 40 %
e) None of the above
19. No security is required for obtaining Educational Loan up to an amount of:
a) Rs.4.0 lakhs
b) Rs.3.5 lakhs
c) Rs.5.5 lakhs
d) Rs.6.5 lakhs
e) Rs.7.5 lakhs
20. EEFC a/c means:
a) Exchange Earnings Foreign Currency a/c
b) Exchange Earnest Foreign Currency a/c
c) Exchange Earners Foreign Currency a/c
d) Exchange Equated Foreign Currency a/c
e) None of these
21. As per SEBI guidelines, in a Book Building process the cap in the price band:
a) Should be at least 10% of the floor price
b) Should not be more than 20% of the floor price
c) No limits
d) a and c
e) None
22. The targets and sub-targets set under priority sector lending (PSL) for all scheduled commercial banks are calculated on ___
a) Adjusted Net Bank Credit [ANBC]
b) Credit Equivalent Amount of Off - Balance Sheet Exposure
c) Either Adjusted Net Bank Credit [ANBC] or Credit Equivalent Amount of Off - Balance Sheet Exposure
d) Adjusted Net Bank Credit [ANBC] or Credit Equivalent Amount of Off - Balance Sheet Exposure, whichever is higher
e) All of the Above
23. When banks give home loans, the nature of charge created is:
a) Hypothecation
b) Mortgage
c) Assignment
d) Pledge
e) None
24. Depositories hold securities in which of the following forms?
i. Demat, ii. Physical
a) Only (i)
b) Only (ii)
c) Either (i) or (ii)
d) Both (i) and (ii)
e) None
25. The nature of charge created while advancing against LIC policies is:
a) Assignment
b) Lien
c) Pledge
d) Set-off
e) a and b
26. Universal Banking means____
a) International Banking
b) Wholesale Banking
c) Offering multiple Financial Products
d) All of the above
e) a and b
27. In Core banking system:
a) Branches are connected to a central host
b) Branch automation modules and delivery channels are incorporated
c) Transactions are done centrally and online
d) All of the above
e) a and b
28. Cheque truncation can be done by:
a) Using MICR data
b) Using electronic image of the cheque and processing it at CTS centre
c) Using data processing
d) a & b
e) None
29. RBI acts as the Banker to the___ Governments:
i. Central ii. State
a) Only (i)
b) Only (ii)
c) Either (i) or (ii)
d) Both (i) and (ii)
e) None of the above
30. The committee which has recommended for establishment of data warehouse is:
a) Vasudevan Committee
b) Rangarajan Committee
c) Saraf Committee
d) Shere Committee
e) b and c
31. Which of the following does not match?
a) Regulator of insurance market –IRDA
b) Regulator of capital market– SEBI
c) Regulator of money market– RBI
d) Regulator of forex market– SEBI
e) All of the Above
32. This gives added value to products(is part of the product) in an attempt to augment their products
with values and associations that are recognised by and are meaningful to their customers:
a) Promotion
b) Brand
c) Product
d) Price
e) c and d
33. Who among the following was selected to succeed Arun Kumar Jain as the new Chairperson of the Central Board of Direct Taxes (CBDT)?
a) Sushil Chandra
b) Atulesh Jindal
c) Laxman Das
d) Subrat Kumar Ray
e) Sudha Sharma
34. The Central Board of RBI comprises, a Governor, 4 deputy governors and ____ directors.
a) 5
b) 7
c) 10
d) 15
e) 9
35. S.S. Tarapore passed away in Mumbai on February 2, 2016. He was well-known for his work in the field of:
a) Diplomacy
b) Banking
c) Civil Service
d) Law
e) Agriculture
36. Prime Minister Narendra Modi unveiled the Start-up India action plan to encourage new ventures on January 16, 2016. Income of start-ups will be exempted from tax for how many years?
a) 1
b) 2
c) 3
d) 4
e) 6
ANSWERS:
1) e 2) e 3) c 4) c 5) c 6) b 7) d 8) c 9) e 10) b
11) a 12) a 13) c 14) c 15) d 16) a 17) d 18) d 19) a 20) c
21) b 22) d 23) b 24) a 25) a 26) c 27) d 28) b 29) d 30) a
31) d 32) b 33) b 34) d 35) b 36) c
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