General Affairs
India Extends $92 Million Line Of Credit To Tanzania
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DAR-ES-SALAAM: Seeking to enhance its ties with resource-rich Tanzania, India today extended its full support to it to meet its development needs and signed five agreements, including one for providing a Line of Credit of $92 million in the water resources sector.
Describing India as a trusted partner in meeting Tanzania's development priorities, Prime Minister Narendra Modi said he along with President John Pombe Joseph Magufuli "agreed to deepen our overall defence and security partnership, especially in the maritime domain".
"Our in-depth discussions on regional and global issues reflected our considerable convergence on issues of common interest and concern," he said.
"India's cooperation with Tanzania will always be as per your needs and priorities," PM Modi said at a joint press interaction after his bilateral meeting with President John Magufuli.
The two sides signed an agreement under which India will provide a Line of Credit of $92 million for rehabilitation and improvement of Zanzibar's water supply system.
Other agreements signed include an MoU on water resource management and development, MoU for establishment of vocational training centre at Zanzibar, MoU on visa waiver for diplomatic/official passport holders and an agreement between National Small Industries Corporation of India and Small Industries Development Organisation Tanzania.
Prime Minister Narendra Modi said the two countries are also working on a number of other water projects for 17 cities in Tanzania. "For this India is willing to consider an additional $500 million line of concessional credit," he said.
Describing Public Health as another important area of bilateral engagement, PM Modi said India is ready to meet the healthcare priorities of the Tanzanian government, including of supply of medicines and equipment.
"I am told that an Indian radio-therapy machine is being installed at Bugando medical centre to treat cancer patients," he said.
He said during his meeting with President John Magufuli, they detailed discussions on the full spectrum of bilateral partnership.
"Our focus was to shape an action oriented agenda of cooperation, so that we talk less of potential and more of achievements on the ground. We agreed that our common desire of economic prosperity for our societies is creating new opportunities for expanding our cooperation," he said.
To achieve this, the two nations agreed to deepen partnership in agriculture and food security, including through enhanced export of pulses from Tanzania to India.
They also decided to work together in development and use of natural gas.
India agreed to partner with Tanzania in building of industrial economy, capacities and institutions.
The two leaders also decided to deepen bilateral trade and investment partnership by encouraging greater industry to industry ties.
Describing India as a trusted partner in meeting Tanzania's development priorities, Prime Minister Narendra Modi said he along with President John Pombe Joseph Magufuli "agreed to deepen our overall defence and security partnership, especially in the maritime domain".
"Our in-depth discussions on regional and global issues reflected our considerable convergence on issues of common interest and concern," he said.
"India's cooperation with Tanzania will always be as per your needs and priorities," PM Modi said at a joint press interaction after his bilateral meeting with President John Magufuli.
The two sides signed an agreement under which India will provide a Line of Credit of $92 million for rehabilitation and improvement of Zanzibar's water supply system.
Other agreements signed include an MoU on water resource management and development, MoU for establishment of vocational training centre at Zanzibar, MoU on visa waiver for diplomatic/official passport holders and an agreement between National Small Industries Corporation of India and Small Industries Development Organisation Tanzania.
Prime Minister Narendra Modi said the two countries are also working on a number of other water projects for 17 cities in Tanzania. "For this India is willing to consider an additional $500 million line of concessional credit," he said.
Describing Public Health as another important area of bilateral engagement, PM Modi said India is ready to meet the healthcare priorities of the Tanzanian government, including of supply of medicines and equipment.
"I am told that an Indian radio-therapy machine is being installed at Bugando medical centre to treat cancer patients," he said.
He said during his meeting with President John Magufuli, they detailed discussions on the full spectrum of bilateral partnership.
"Our focus was to shape an action oriented agenda of cooperation, so that we talk less of potential and more of achievements on the ground. We agreed that our common desire of economic prosperity for our societies is creating new opportunities for expanding our cooperation," he said.
To achieve this, the two nations agreed to deepen partnership in agriculture and food security, including through enhanced export of pulses from Tanzania to India.
They also decided to work together in development and use of natural gas.
India agreed to partner with Tanzania in building of industrial economy, capacities and institutions.
The two leaders also decided to deepen bilateral trade and investment partnership by encouraging greater industry to industry ties.
Politics Over Gas Cylinders In Poll-Bound Uttar Pradesh
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BALLIA (UTTAR PRADESH): Two months ago, the busiest corner in Seema Devi's house in this UP village was the place where chulha or the wooden stove was kept. It's in this part of her dwelling that she cooked at least three meals a day for her family of six using firewood and cowdung. But now things have changed for better.
In this village, about 10 kms from eastern UP's Ballia town, the likes of Seema Devi have got free gas connections in May this year under the central government's Pradhan Mantri Ujjwala Yojana.
Under the scheme, five crore gas connections will be given free of cost to BPL families during the period of three years.
Seema Devi was given a free gas connection at an event in Ballia. "I used to make food on achulha, was always scared that my children could get hurt but now because of the gas connection there is no problem," she said.
Seema said she has already got two refills for her cylinder, each for subsidised fee of Rs. 450.
In Ballia, the scheme has to reach to about 1.5 lakh people. So far, the district's 40 gas agencies have processed about 40,000 applications.
The scheme has been launched in a total of seven states including Uttar Pradesh, Gujarat, Odisha, Bihar, Uttarakhand, Rajasthan and Madhya Pradesh.
Opposition claims that this is all about politics, especially in Uttar Pradesh where election are due early next year.
Meanwhile, politics over gas cylinders is something the BJP hasn't shied away from, especially in eastern UP that has about one third of assembly seats.
BJP sources say the logic for launching the scheme out of Ballia was that the district has most number of families below poverty line and it also borders Bihar.
At a rally in the adjoining Mau district on Saturday, BJP chief Amit Shah made it clear that free cylinders for the poor would be a poll plank.
"We have given gas cylinders to over 4 lakh people. We are going to spread it across the country. PM Modi wants that poor mother's shouldn't have to face lung problems while cooking on chulhas," he said.
BJP's main opponent in UP, Samajwadi Party has also raised the issue of gas cylinders during their poll rallies.
Chief Minister Akhilesh Yadav, at a rally in Ballia, said: "If Modi has given gas, we will give money for refills through the Samajwadi pension scheme."
In this village, about 10 kms from eastern UP's Ballia town, the likes of Seema Devi have got free gas connections in May this year under the central government's Pradhan Mantri Ujjwala Yojana.
Under the scheme, five crore gas connections will be given free of cost to BPL families during the period of three years.
Seema said she has already got two refills for her cylinder, each for subsidised fee of Rs. 450.
In Ballia, the scheme has to reach to about 1.5 lakh people. So far, the district's 40 gas agencies have processed about 40,000 applications.
The scheme has been launched in a total of seven states including Uttar Pradesh, Gujarat, Odisha, Bihar, Uttarakhand, Rajasthan and Madhya Pradesh.
Opposition claims that this is all about politics, especially in Uttar Pradesh where election are due early next year.
Meanwhile, politics over gas cylinders is something the BJP hasn't shied away from, especially in eastern UP that has about one third of assembly seats.
BJP sources say the logic for launching the scheme out of Ballia was that the district has most number of families below poverty line and it also borders Bihar.
At a rally in the adjoining Mau district on Saturday, BJP chief Amit Shah made it clear that free cylinders for the poor would be a poll plank.
"We have given gas cylinders to over 4 lakh people. We are going to spread it across the country. PM Modi wants that poor mother's shouldn't have to face lung problems while cooking on chulhas," he said.
BJP's main opponent in UP, Samajwadi Party has also raised the issue of gas cylinders during their poll rallies.
Chief Minister Akhilesh Yadav, at a rally in Ballia, said: "If Modi has given gas, we will give money for refills through the Samajwadi pension scheme."
How Can Any Indian Have Sympathy For Burhan Wani, Asks Venkaiah Naidu
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NEW DELHI: Questioning the support in some quarters to those protesting the gunning down of Hizbul Mujhaideen's Burhan Wani in Kashmir, Union Minister M Venkaiah Naidu today said government will not tolerate terrorism and violence.
Kashmir is an integral part of India and there is no discussion and negotiation on it, Mr Naidu said.
"We are really surprised that some people are trying to support to so called protestors who are sympathizing with the terrorist. He is a Hizbul Mujahideen commander, how can any Indian have sympathy for such people?" he said.
He said the crisis in Kashmir was "not a sudden development" and added "Kashmir issue has been there for long. We also have to find a long term solution and terrorism and violence is not acceptable in whatever form and whoever carries it out.
"As far as the government is concerned, we are very clear that the government will not tolerate any such activities. But you can't have a overnight or readymade solution to such a long standing issue. The government is trying to deal with that," he said.
India is a democratic country and will adopt democratic methods, he added.
Hoping that normalcy will be brought back at the earliest, Mr Naidu said, "There is an elected government in the state. Central government is extending all the support to the state government. Centre and state will together tackle the situation. I am confident that the situation will be brought to normalcy at the earliest."
He said the focus should be more on development.
"Prime Minister Narendra Modi is focusing on the development of Jammu and Kashmir. He has visited Jammu and Kashmir a number of times in two years. The Centre also announced a big package for the state," he said.
Minister of State in PMO Jitendra Singh also hoped that situation would be normal soon and said people should trust the government.
"All of us should trust the government of India. Our honourable Home Minister is keeping a close eye on the sequence of events and there is absolute coordination between the state government, the government of India and the security agencies. And I am sure that situation is going to come back to normal very soon," Mr Singh said.
"Having said that, I will also like, through you, to reassure the members of the minority Kashmiri Pandit community that they are safe. There were some incidents of stone pelting on the first day, but now all minorities are absolutely safe, well protected. It is the collective responsibility of the government as well as the society to ensure their safety and protection," he added.
"This is also a tourist season. Let the security agencies take a final call. We must trust their wisdom and discussion. We are proud of our security agencies and our forces," he said.
Kashmir is an integral part of India and there is no discussion and negotiation on it, Mr Naidu said.
"We are really surprised that some people are trying to support to so called protestors who are sympathizing with the terrorist. He is a Hizbul Mujahideen commander, how can any Indian have sympathy for such people?" he said.
He said the crisis in Kashmir was "not a sudden development" and added "Kashmir issue has been there for long. We also have to find a long term solution and terrorism and violence is not acceptable in whatever form and whoever carries it out.
"As far as the government is concerned, we are very clear that the government will not tolerate any such activities. But you can't have a overnight or readymade solution to such a long standing issue. The government is trying to deal with that," he said.
India is a democratic country and will adopt democratic methods, he added.
Hoping that normalcy will be brought back at the earliest, Mr Naidu said, "There is an elected government in the state. Central government is extending all the support to the state government. Centre and state will together tackle the situation. I am confident that the situation will be brought to normalcy at the earliest."
He said the focus should be more on development.
"Prime Minister Narendra Modi is focusing on the development of Jammu and Kashmir. He has visited Jammu and Kashmir a number of times in two years. The Centre also announced a big package for the state," he said.
Minister of State in PMO Jitendra Singh also hoped that situation would be normal soon and said people should trust the government.
"All of us should trust the government of India. Our honourable Home Minister is keeping a close eye on the sequence of events and there is absolute coordination between the state government, the government of India and the security agencies. And I am sure that situation is going to come back to normal very soon," Mr Singh said.
"Having said that, I will also like, through you, to reassure the members of the minority Kashmiri Pandit community that they are safe. There were some incidents of stone pelting on the first day, but now all minorities are absolutely safe, well protected. It is the collective responsibility of the government as well as the society to ensure their safety and protection," he added.
"This is also a tourist season. Let the security agencies take a final call. We must trust their wisdom and discussion. We are proud of our security agencies and our forces," he said.
Goa Congress Leader Vishwajit Rane Threatens To Quit Party Ahead Of Polls
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PANAJI: Ahead of Goa Assembly polls due next year, the state Congress is facing a rebellion as senior leader Vishwajit Rane has threatened to quit the party if it fails to forge an alliance with like-minded forces.
"The whole idea of taking up (forming) this alliance is not because anybody has any personal agenda. Look at the results in other states where BJP has won, it is only because of division of opposition votes," Mr Rane, a legislator representing Valpoi constituency, told reporters yesterday.
Responding to an announcement by Goa Congress chief Luizinho Faleiro that they will go alone in the next state polls, he said, "In Goa, the Congress party, whoever may be the leader, no single leader can decide what the party wants."
"If a single leader wants to decide then let him fight the election on his own, I will not be in Congress party. I will only be in Congress if it stitches up alliance with like-minded forces," said Mr Rane, whose father Pratapsinh Rane is the Leader of Opposition in the state Assembly.
Reacting to Aam Aadmi Party's plans to contest Goa polls, the former state minister said it would be foolish to underestimate the Arvind Kejriwal-led party.
"Underestimation of AAP is also a foolishness on our part. One cannot underestimate AAP. No opposition force can be underestimated," he said.
Making a pitch to join hands with parties like Goa Forward and NCP, Rane said these factions should come together for the cause of a better Goa.
"Every party should sink their differences and come together. There are many issues on which BJP can be exposed," he said.
Meanwhile, Goa Forward party welcomed Mr Rane's suggestions.
"Goa Forward party will take the lead to bring all secular forces together with the only aim and mission to have 'BJP-mukt' (BJP free) Goa," party spokesman Durgadas Kamat said.
"Those secular forces who do not want to be part of grand alliance will be clearly termed as the B team of BJP," he said.
Congress was reduced to single digit in the 2012 Goa Assembly elections.
The party currently has nine legislators, one of whom (Atanasio Monserratte) has already been expelled for anti-party activities, leaving them with only eight legislators.
"The whole idea of taking up (forming) this alliance is not because anybody has any personal agenda. Look at the results in other states where BJP has won, it is only because of division of opposition votes," Mr Rane, a legislator representing Valpoi constituency, told reporters yesterday.
Responding to an announcement by Goa Congress chief Luizinho Faleiro that they will go alone in the next state polls, he said, "In Goa, the Congress party, whoever may be the leader, no single leader can decide what the party wants."
"If a single leader wants to decide then let him fight the election on his own, I will not be in Congress party. I will only be in Congress if it stitches up alliance with like-minded forces," said Mr Rane, whose father Pratapsinh Rane is the Leader of Opposition in the state Assembly.
Reacting to Aam Aadmi Party's plans to contest Goa polls, the former state minister said it would be foolish to underestimate the Arvind Kejriwal-led party.
"Underestimation of AAP is also a foolishness on our part. One cannot underestimate AAP. No opposition force can be underestimated," he said.
Making a pitch to join hands with parties like Goa Forward and NCP, Rane said these factions should come together for the cause of a better Goa.
"Every party should sink their differences and come together. There are many issues on which BJP can be exposed," he said.
Meanwhile, Goa Forward party welcomed Mr Rane's suggestions.
"Goa Forward party will take the lead to bring all secular forces together with the only aim and mission to have 'BJP-mukt' (BJP free) Goa," party spokesman Durgadas Kamat said.
"Those secular forces who do not want to be part of grand alliance will be clearly termed as the B team of BJP," he said.
Congress was reduced to single digit in the 2012 Goa Assembly elections.
The party currently has nine legislators, one of whom (Atanasio Monserratte) has already been expelled for anti-party activities, leaving them with only eight legislators.
India To Give Rs. 5 Lakh To Victims Of Cross-Border Firing
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NEW DELHI: For the first time, civilian victims of cross border firing along the India-Pakistan border will be given a compensation of Rs. 5 lakh similar to those who die due to terrorism or Maoist violence.
The decision to give compensation to the victims of cross-border firing and enhancing the amount from Rs. 3 lakh to Rs. 5 lakh to the victims of terrorism or Maoist violence was taken by Home Minister Rajnath Singh on Friday.
"Now onwards, any civilian who dies anywhere in the country due to terror attack, Naxal violence, firing from across the border, shelling or IED (Improvised Explosive Device) explosion will be given Rs. 5 lakh as compensation uniformly. The amount will be given next of kin of the victim," an official said.
Rs. 5 lakh will also be given to those who receive 50 per cent or more disability or incapacitation due to the same reasons.
The compensation amount will be given subject to the condition that no employment has been provided to any of the family members of the victims by state or central government.
A formal notification in this regard will be issued by the Home Ministry after taking an approval of the Union Cabinet soon, the official said.
More than 50 civilians die every year due to shelling and cross border firing along the Indo-Pak order in Jammu and Kashmir.
Seven people died due to terror attacks in the country in 2015 while civilian toll due to terrorism in Jammu and Kashmir in 2015 was 17. As many as 168 civilians were killed due to violence in Maoist-hit states in 2015.
The decision to give compensation to the victims of cross-border firing and enhancing the amount from Rs. 3 lakh to Rs. 5 lakh to the victims of terrorism or Maoist violence was taken by Home Minister Rajnath Singh on Friday.
Rs. 5 lakh will also be given to those who receive 50 per cent or more disability or incapacitation due to the same reasons.
The compensation amount will be given subject to the condition that no employment has been provided to any of the family members of the victims by state or central government.
A formal notification in this regard will be issued by the Home Ministry after taking an approval of the Union Cabinet soon, the official said.
More than 50 civilians die every year due to shelling and cross border firing along the Indo-Pak order in Jammu and Kashmir.
Seven people died due to terror attacks in the country in 2015 while civilian toll due to terrorism in Jammu and Kashmir in 2015 was 17. As many as 168 civilians were killed due to violence in Maoist-hit states in 2015.
Business Affairs
Bharti Airtel, Idea stocks fall up to 4% on govt demand for Rs 12,000 crore in payments
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Shares of telecom companies such as Bharti Airtel, Idea Cellular fell up to 4 per cent after the Department of Telecommunication demanded combined fine of Rs 12,000 crore from six operators on account of them understating their revnues between 2006-07 to 2009-10.
The stock of Bharti Airtel dropped as much as 2.9 per cent, Idea Cellular fell as much as 4.06 per cent, Reliance Communications shed as much as 2.6 per cent while Tata Teleservices' listed unit declined as much as 4.14 per cent on the BSE.
The demand notice included Rs 5,000 crore for a shortfall in license fee and spectrum usage charge and Rs 7000 crore for interest.
Demands raised from this exercise will be recovered with due interest and penalty as applicable under license agreements.
Other operators among the six are Vodafone and Aircel.
Shares of telecom companies such as Bharti Airtel, Idea Cellular fell up to 4 per cent after the Department of Telecommunication demanded combined fine of Rs 12,000 crore from six operators on account of them understating their revnues between 2006-07 to 2009-10.
The stock of Bharti Airtel dropped as much as 2.9 per cent, Idea Cellular fell as much as 4.06 per cent, Reliance Communications shed as much as 2.6 per cent while Tata Teleservices' listed unit declined as much as 4.14 per cent on the BSE.
The demand notice included Rs 5,000 crore for a shortfall in license fee and spectrum usage charge and Rs 7000 crore for interest.
Demands raised from this exercise will be recovered with due interest and penalty as applicable under license agreements.
Other operators among the six are Vodafone and Aircel.
Brent prices rebound from 2-month lows, outlook seen volatile
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Oil prices rebounded on Friday, bouncing off two-month lows hit in the previous session when prices fell 5 per cent on news that the US weekly crude draw missed some forecasts.
Traders said that the outlook looked volatile as a refined product glut and slowing economic growth weighed on markets while the risk of supply disruptions could tighten supplies.
Brent crude futures were trading at $46.92 per barrel at 0435 GMT on Friday, up 52 cents, or 1.12 per cent, from their last settlement. US crude was up 43 cents, or 0.95 per cent, at $45.57 a barrel.
The bounce came after a 5 per cent fall in prices the previous sessions, to two-month lows, after the US government reported a weekly draw in crude oil inventories that was lower than many analysts had expected.
US commercial crude stocks fell by 2.22 million barrels to 524.35 million barrels, according to the Energy Information Administration (EIA). This was a lower withdrawal rate than many traders had expected, resulting in a late Thursday sell-off as traders feared the oil glut would remain bigger than anticipated.
Yet on Friday traders said that the price fall in response to the inventory reduction had been an overreaction as crude stocks had now fallen for almost two months straight, and US production is also down again.
US crude oil production has fallen by 12.3 per cent since their 2015 peaks and by 8.74 per cent since January this year to 8.43 million barrels per day, the lowest since June 2014, when the 2014-2016 oil price rout began.
"US shale oil continues to hurt, as many banks are exiting the segment in general," fuel hedging firm Global Risk Management said in its second-half 2016 oil market outlook.
Traders said, however, that the outlook would likely be choppy as the threat of supply reductions could tighten markets.
"The increased unrest and attacks on pipelines among others in Nigeria and Iraq affect the countries' oil output," Global Risk Management said.
However, an ongoing glut in refined products, especially in Asia and North America, as well as slowing economic growth weighed on oil.
"Refining margins were down sharply in all regions over the last week and gasoline cracks went into free fall," US investment bank Jefferies said on Friday.
Asian benchmark Singapore gasoline margins have slumped more than 86 per cent this year to just $2.28 barrels, the lowest since the fourth quarter of 2013.
Oil prices rebounded on Friday, bouncing off two-month lows hit in the previous session when prices fell 5 per cent on news that the US weekly crude draw missed some forecasts.
Traders said that the outlook looked volatile as a refined product glut and slowing economic growth weighed on markets while the risk of supply disruptions could tighten supplies.
Brent crude futures were trading at $46.92 per barrel at 0435 GMT on Friday, up 52 cents, or 1.12 per cent, from their last settlement. US crude was up 43 cents, or 0.95 per cent, at $45.57 a barrel.
The bounce came after a 5 per cent fall in prices the previous sessions, to two-month lows, after the US government reported a weekly draw in crude oil inventories that was lower than many analysts had expected.
US commercial crude stocks fell by 2.22 million barrels to 524.35 million barrels, according to the Energy Information Administration (EIA). This was a lower withdrawal rate than many traders had expected, resulting in a late Thursday sell-off as traders feared the oil glut would remain bigger than anticipated.
Yet on Friday traders said that the price fall in response to the inventory reduction had been an overreaction as crude stocks had now fallen for almost two months straight, and US production is also down again.
US crude oil production has fallen by 12.3 per cent since their 2015 peaks and by 8.74 per cent since January this year to 8.43 million barrels per day, the lowest since June 2014, when the 2014-2016 oil price rout began.
"US shale oil continues to hurt, as many banks are exiting the segment in general," fuel hedging firm Global Risk Management said in its second-half 2016 oil market outlook.
Traders said, however, that the outlook would likely be choppy as the threat of supply reductions could tighten markets.
"The increased unrest and attacks on pipelines among others in Nigeria and Iraq affect the countries' oil output," Global Risk Management said.
However, an ongoing glut in refined products, especially in Asia and North America, as well as slowing economic growth weighed on oil.
"Refining margins were down sharply in all regions over the last week and gasoline cracks went into free fall," US investment bank Jefferies said on Friday.
Asian benchmark Singapore gasoline margins have slumped more than 86 per cent this year to just $2.28 barrels, the lowest since the fourth quarter of 2013.
Reliance Communications promoters pledge 3.8 cr shares worth over Rs 190 crore
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Promoters of Reliance Communications have pledged 3.8 crore shares at an estimated value of Rs 190 crore before private banks.
As per a filing by Axis Trustee, three crore shares of RCom pledged in its favour on July 5 are in connection with loan facilities availed by RCom's subsidiaries-Reliance Big Entertainment, Zapak Digital Entertainment and Reliance Infra Consultancy Services and for NCDs issued by Reliance Communications.
The RCom promoter firm Reliance Wind Turbine Installators Industries Private Limited has pledged three crore RCom shares with HDFC Bank through Axis Trustee on July 5.
Referring to the loan availed by RCom subsidiaries, Axis Trustee said, "In this connection, we refer to additional pledge of 30,000,000 shares of Reliance Communications Limited."
However, the reason for pledging 80 lakh shares by Reliance Communications Enterprises before IndusInd Bank could not be ascertained.
Promoters of Reliance Communications have pledged 3.8 crore shares at an estimated value of Rs 190 crore before private banks.
As per a filing by Axis Trustee, three crore shares of RCom pledged in its favour on July 5 are in connection with loan facilities availed by RCom's subsidiaries-Reliance Big Entertainment, Zapak Digital Entertainment and Reliance Infra Consultancy Services and for NCDs issued by Reliance Communications.
The RCom promoter firm Reliance Wind Turbine Installators Industries Private Limited has pledged three crore RCom shares with HDFC Bank through Axis Trustee on July 5.
Referring to the loan availed by RCom subsidiaries, Axis Trustee said, "In this connection, we refer to additional pledge of 30,000,000 shares of Reliance Communications Limited."
However, the reason for pledging 80 lakh shares by Reliance Communications Enterprises before IndusInd Bank could not be ascertained.
Economy healthier compared to last year Of UPA II: Arvind Panagariya
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NITI Aayog Vice Chairman Arvind Panagariya has said the government has put the economy on the path of reform to achieve a high growth trajectory though there are significant lags between policy decisions and outcomes which need to be addressed.
He said challenges such as restoration of the health of banks and accelerated growth in the manufacturing sector as envisaged by the Centre's Make in India programme to achieve job growth continue to remain.
However, he said the direction of progress is right.
Delivering a lecture on 'The Economy at Two Years under Prime Minister Narendra Modi' at University of Rajasthan on Saturday, Mr Panagariya defended the creation of NITI Aayog in place of Planning Commission and said the role of planning too is poised for a change.
NITI Aayog is now working on a 15-year vision plan complemented by a seven-year strategy and a three-year short-run macro framework plan, he said.
Mr Panagariya said the UPA I government had expanded social schemes but not taken necessary measures to sustain the high growth over a longer period of time.
He claimed that the "policy paralysis" during the UPA II rule had hurt the economy badly and as a result, it descended into what appeared to be a crisis during the last two years of its rule.
"Today, the economy is far healthier compared to the last year of UPA II in all macroeconomic parameters," he said, adding that the current government ended the paralysis by clearing numerous projects.
Vice Chancellor of the university JP Singhal was present on the occasion among others.
NITI Aayog Vice Chairman Arvind Panagariya has said the government has put the economy on the path of reform to achieve a high growth trajectory though there are significant lags between policy decisions and outcomes which need to be addressed.
He said challenges such as restoration of the health of banks and accelerated growth in the manufacturing sector as envisaged by the Centre's Make in India programme to achieve job growth continue to remain.
However, he said the direction of progress is right.
Delivering a lecture on 'The Economy at Two Years under Prime Minister Narendra Modi' at University of Rajasthan on Saturday, Mr Panagariya defended the creation of NITI Aayog in place of Planning Commission and said the role of planning too is poised for a change.
NITI Aayog is now working on a 15-year vision plan complemented by a seven-year strategy and a three-year short-run macro framework plan, he said.
Mr Panagariya said the UPA I government had expanded social schemes but not taken necessary measures to sustain the high growth over a longer period of time.
He claimed that the "policy paralysis" during the UPA II rule had hurt the economy badly and as a result, it descended into what appeared to be a crisis during the last two years of its rule.
"Today, the economy is far healthier compared to the last year of UPA II in all macroeconomic parameters," he said, adding that the current government ended the paralysis by clearing numerous projects.
Vice Chancellor of the university JP Singhal was present on the occasion among others.
Public sector bank employees to go on strike next week
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Banking operations could be hit for two days this week as a section of public sector bank employees have threatened to go on a nationwide strike beginning July 12 to protest against the proposed merger of SBI associates and privatisation of IDBI Bank.
"As the conciliation meeting with the Chief Labour Commissioner failed, we would continue with our strike call," All India Bank Employees' Association General Secretary CH Venkatachalam said.
All India Bank Officers' Association and State Sector Bank Employees' Association will also participate in the strike.
The strike would be observed by five SBI associate banks on July 12, followed by other public sector banks next day on July 13.
Many banks including Bank of Baroda, State Bank of Bikaner and Jaipur and State Bank of Mysore have already informed that if strike materialised it could lead to inconvenience to their customers.
In the event of the strike taking place, the normal banking operations may get affected on July 12 and July 13, State Bank of Mysore said in a statement.
Services like cheque clearances, cash deposit and withdrawal at bank branches and other facilities would affected in case of the strike.
Venkatachalam said unions have explained the issues involved in strike notice in detail as to why the proposed closure of Associate Banks and their merger with SBI, proposed privatisation of IDBI Bank and so on are unwarranted.
He emphasised that effective measures to recover the alarmingly increasing bad loans is the real top priority for banks.
"We stated that instead of taking stringent measures against wilful and deliberate defaulters, the government is diverting the attention of the people by such steps like privatisation and consolidation as a means to improve efficiency and profitability of the banks," he said.
Banking operations could be hit for two days this week as a section of public sector bank employees have threatened to go on a nationwide strike beginning July 12 to protest against the proposed merger of SBI associates and privatisation of IDBI Bank.
"As the conciliation meeting with the Chief Labour Commissioner failed, we would continue with our strike call," All India Bank Employees' Association General Secretary CH Venkatachalam said.
All India Bank Officers' Association and State Sector Bank Employees' Association will also participate in the strike.
The strike would be observed by five SBI associate banks on July 12, followed by other public sector banks next day on July 13.
Many banks including Bank of Baroda, State Bank of Bikaner and Jaipur and State Bank of Mysore have already informed that if strike materialised it could lead to inconvenience to their customers.
In the event of the strike taking place, the normal banking operations may get affected on July 12 and July 13, State Bank of Mysore said in a statement.
Services like cheque clearances, cash deposit and withdrawal at bank branches and other facilities would affected in case of the strike.
Venkatachalam said unions have explained the issues involved in strike notice in detail as to why the proposed closure of Associate Banks and their merger with SBI, proposed privatisation of IDBI Bank and so on are unwarranted.
He emphasised that effective measures to recover the alarmingly increasing bad loans is the real top priority for banks.
"We stated that instead of taking stringent measures against wilful and deliberate defaulters, the government is diverting the attention of the people by such steps like privatisation and consolidation as a means to improve efficiency and profitability of the banks," he said.
General Awareness
SBI Associate General Knowledge Practice Paper
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1) Which country along with
Nepal Pakistan Myanmar Bhutan
Ans 4
2) Which financial organization has decided to setup a $ 2 billion swap facility for SAARC member nations?India India
Ans 4
3) BASEL III norms come into force
Ans 4
4) Which country will host the 2019 cricket world cup?New Zealand Australia India South Africa England
Ans 5
5) Recently, RBI has allowed NBFC’s to open their ATM’s called as
Ans 1
6) Which Airline has been ranked as the World‘s Best Airline for the second Consecutive year?India Qatar
Ans 2
7) Who is the director of the Vikram Sarabhai space centre(VSSC) at Present?
Ans 2
8) Which is the World’s oldest International financial organization?
Ans 3
9) Expand the Term EEFC?
Ans 2
10) on which date did the Parliament of India celebrated the 60th anniversary of the first sitting of Parliament?
Ans 4
11) Which sport category made a debut in the London
Ans 4
12) How much money is being given to people under Indira Gandhi National old Age pension Scheme?
Ans 1
- 1) Which country along with1)2)3) Srilanka4)5) None of theseAns 42) Which financial organization has decided to setup a $ 2 billion swap facility for SAARC member nations?1) World Bank2) International monetary fund3) Asian development Bank4) Reserve bank of5) State Bank ofAns 43) BASEL III norms come into force1) Ist April 20132) Ist March 20133) Ist Feb 20134) Ist January 20135) None of theseAns 44) Which country will host the 2019 cricket world cup?1)2)3)4)5)Ans 55) Recently, RBI has allowed NBFC’s to open their ATM’s called as1) White Level ATM’s2) Any Time Money ATM’s3) All Time Money ATM’s4) Instant cash ATM’s5) Supply Money ATM’sAns 16) Which Airline has been ranked as the World‘s Best Airline for the second Consecutive year?1) Air2)3) Fly Emirates4) Lufthansa5) None of theseAns 27) Who is the director of the Vikram Sarabhai space centre(VSSC) at Present?1) S.P Rao2) P.S Veeraraghavan3) S.D Verma4) L.M Raghavan5) None of theseAns 28) Which is the World’s oldest International financial organization?1) International Monetary Fund2) World Bank3) Bank for International settlements4) International Finance Corporation5) None of theseAns 39) Expand the Term EEFC?1) Exchange Earners Floating Currency2) Exchange Earners Foreign Currency3) Exchange Earners Flexible Currency4) External Earners’ Foreign Currency5) None of theseAns 210) on which date did the Parliament of India celebrated the 60th anniversary of the first sitting of Parliament?1) 21st May2) 9th May3) 26th May4) 13th May5) None of theseAns 411) Which sport category made a debut in the1) Women’s Hockey2) Women’s football3) Women’s Basketball4) Women’s Boxing5) Men’s Beach VolleyballAns 412) How much money is being given to people under Indira Gandhi National old Age pension Scheme?1) Rs 2002) Rs 6003) Rs 3004) Rs 4005) Rs 250Ans 1
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