General Affairs
At Meeting With Chief Ministers, PM Modi Pitches For 'Team India'
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NEW DELHI: The Narendra Modi government on Saturday assured all states that it wants to promote federalism in India, saying the country will progress well only if the centre and states work as a "Team India".
Prime Minister Narendra Modi, addressing the 11th Inter State Council meeting in Delhi, said cooperation among all states and the centre on sharing intelligence to strengthen the country's internal security is also very important.
"The internal security of the country cannot be strengthened until we focus on intelligence sharing, ensure greater coordination among agencies, and equip our police with modern approach and technology.
While we have come a long way, we need to continuously increase our efficiency and capacity. We must constantly remain alert and updated," he said, terming the ISC the most significant platform for strengthening centre-state and inter-state relations.
In his address, Home Minister Rajnath Singh also dwelt on the importance of cooperative federalism and said the central government was committed to the ideal of centre-state cooperation.
"Our government firmly believes that both the Centre and the states must have important roles to play in development of the country," he said, adding that the Narendra Modi government in the past two years has tried to promote the spirit of federalism.
"In the past two years, our main aim has been to promote federalism, be it cooperative federalism or competitive federalism," he said.
"Constitution of Niti Aayog after abolishing the Planning Commission was also a step forward in the same direction," the Home Minister said, adding that with Niti Aayog coming into being the concept of "one size fits all" followed by the erstwhile Planning Commission has been done away with.
During the meeting, it was decided that the recommendations of the commission on Centre-State relations headed by ex-Chief Justice of India MM Punchhi will be first referred to the Standing Committee and with their recommendations be placed before the council.
Speaking on the Punchhi Commission's recommendations, the Prime Minister said that the deliberations marked a good beginning, and discussions on the subject will continue, and as consensus evolves on the recommendations, the process of implementation will follow thereafter.
Himachal Pradesh Chief Minister Virbhadra Singh urged the central government to grant to green bonus to the hill states in lieu of environmental services provided by them, saying it "will be a big incentive to the hill states as well as a right step towards environment protection and sustainable development".
Tamil Nadu Chief Minister J Jayalalithaa, who did not attend but her speech was circulated, said that co-operative federalism may "degenerate into empty rhetoric" if the states are not given "adequate powers and fiscal resources".
"Co-operative federalism should not become a catchword to impose uniform administrative practises across the country without due regard to the specificities of the socio-economic situation in each state," she said.
The 11th meeting of the Inter-State Council, that took place after a gap of 10 years, was held at the West Hall of Rashtrapati Bhawan, and attended by Union Ministers, Chief Ministers and Administrators of states and Union Territories.
The meeting covered a wide ranging topics of common interest to the centre and the states, an official statement said.
Many chief ministers lauded the Narendra Modi government for convening the meeting and requested that they should be convened more frequently.
Prime Minister Narendra Modi, addressing the 11th Inter State Council meeting in Delhi, said cooperation among all states and the centre on sharing intelligence to strengthen the country's internal security is also very important.
"The internal security of the country cannot be strengthened until we focus on intelligence sharing, ensure greater coordination among agencies, and equip our police with modern approach and technology.
While we have come a long way, we need to continuously increase our efficiency and capacity. We must constantly remain alert and updated," he said, terming the ISC the most significant platform for strengthening centre-state and inter-state relations.
In his address, Home Minister Rajnath Singh also dwelt on the importance of cooperative federalism and said the central government was committed to the ideal of centre-state cooperation.
"Our government firmly believes that both the Centre and the states must have important roles to play in development of the country," he said, adding that the Narendra Modi government in the past two years has tried to promote the spirit of federalism.
"In the past two years, our main aim has been to promote federalism, be it cooperative federalism or competitive federalism," he said.
"Constitution of Niti Aayog after abolishing the Planning Commission was also a step forward in the same direction," the Home Minister said, adding that with Niti Aayog coming into being the concept of "one size fits all" followed by the erstwhile Planning Commission has been done away with.
During the meeting, it was decided that the recommendations of the commission on Centre-State relations headed by ex-Chief Justice of India MM Punchhi will be first referred to the Standing Committee and with their recommendations be placed before the council.
Speaking on the Punchhi Commission's recommendations, the Prime Minister said that the deliberations marked a good beginning, and discussions on the subject will continue, and as consensus evolves on the recommendations, the process of implementation will follow thereafter.
Himachal Pradesh Chief Minister Virbhadra Singh urged the central government to grant to green bonus to the hill states in lieu of environmental services provided by them, saying it "will be a big incentive to the hill states as well as a right step towards environment protection and sustainable development".
Tamil Nadu Chief Minister J Jayalalithaa, who did not attend but her speech was circulated, said that co-operative federalism may "degenerate into empty rhetoric" if the states are not given "adequate powers and fiscal resources".
"Co-operative federalism should not become a catchword to impose uniform administrative practises across the country without due regard to the specificities of the socio-economic situation in each state," she said.
The 11th meeting of the Inter-State Council, that took place after a gap of 10 years, was held at the West Hall of Rashtrapati Bhawan, and attended by Union Ministers, Chief Ministers and Administrators of states and Union Territories.
The meeting covered a wide ranging topics of common interest to the centre and the states, an official statement said.
Many chief ministers lauded the Narendra Modi government for convening the meeting and requested that they should be convened more frequently.
Asia-Europe Meeting Leaders Seek Action Against Perpetrators Of Terror Acts
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ULAANBAATAR:
Leaders from Europe and Asia, including Vice President Hamid Ansari, on Saturday condemned international terrorism in all its forms and manifestations at a summit in the Mongolian capital and pressed for the need to bring to justice those responsible for such attacks.
The leaders gathered at the 11th Asia-Europe Meeting (ASEM), which is celebrating its 20th anniversary, "endorsed a Special Statement on International Terrorism that strongly and unequivocally condemned terrorism in all its forms and manifestations committed by whomever, wherever and for whatever purposes," said an official statement.
They "underlined the need to bring to justice those responsible for the attacks, in accordance with the Charter of the UN and other obligations under international law," it said, referring to the terror strikes in ASEM member states, most recently in the French city of Nice.
Vice President Ansari, who was the lead speaker for the Plenary Session on Promoting ASEM Partnership for Greater Connectivity, made a strong demarche on the need to isolate sponsors and financiers of terror and urged the leaders to go beyond condemnation to practical action.
"Leaders supported his call for strengthening of the international legal regime against terrorism, notably through the early adoption of the Comprehensive Convention on International Terrorism, principally mooted by India in 1996 and currently under negotiation at the UN," the statement said.
At the end of the two-day Summit, the leaders endorsed two main documents - the Ulaanbaatar Declaration and the Chair's Statement.
"The Ulaanbaatar Declaration is a visionary document that underlined the Leaders' commitment towards revitalising ASEM into its third decade and promoting further connectivity, mutually beneficial, tangible partnerships and cooperation between Asia and Europe," the statement said.
It said the Chair's Statement focused on the deepening of Asia Europe inter-connectedness, shaping and forging of multi-layered links, and mutually beneficial cooperation for peace and development, addressing regional and global challenges and promotion of effective multilateralism.
The ASEM meeting also deliberated upon issues arising out of recent developments affecting the Korean Peninsula and maritime security, including preservation of global commons in accordance with the international conventions.
Leaders from Europe and Asia, including Vice President Hamid Ansari, on Saturday condemned international terrorism in all its forms and manifestations at a summit in the Mongolian capital and pressed for the need to bring to justice those responsible for such attacks.
The leaders gathered at the 11th Asia-Europe Meeting (ASEM), which is celebrating its 20th anniversary, "endorsed a Special Statement on International Terrorism that strongly and unequivocally condemned terrorism in all its forms and manifestations committed by whomever, wherever and for whatever purposes," said an official statement.
Vice President Ansari, who was the lead speaker for the Plenary Session on Promoting ASEM Partnership for Greater Connectivity, made a strong demarche on the need to isolate sponsors and financiers of terror and urged the leaders to go beyond condemnation to practical action.
"Leaders supported his call for strengthening of the international legal regime against terrorism, notably through the early adoption of the Comprehensive Convention on International Terrorism, principally mooted by India in 1996 and currently under negotiation at the UN," the statement said.
At the end of the two-day Summit, the leaders endorsed two main documents - the Ulaanbaatar Declaration and the Chair's Statement.
"The Ulaanbaatar Declaration is a visionary document that underlined the Leaders' commitment towards revitalising ASEM into its third decade and promoting further connectivity, mutually beneficial, tangible partnerships and cooperation between Asia and Europe," the statement said.
It said the Chair's Statement focused on the deepening of Asia Europe inter-connectedness, shaping and forging of multi-layered links, and mutually beneficial cooperation for peace and development, addressing regional and global challenges and promotion of effective multilateralism.
The ASEM meeting also deliberated upon issues arising out of recent developments affecting the Korean Peninsula and maritime security, including preservation of global commons in accordance with the international conventions.
Will File Fresh Application In Herald Case, Says Subramanian Swamy To Court
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NEW DELHI:
BJP leader Subramanian Swamy today told a Delhi court that he would file a fresh application for summoning of documents in the National Herald case in which Congress President Sonia Gandhi, her son Rahul Gandhi and others are accused.
He told Metropolitan Magistrate Lovleen that the Delhi High Court has set aside the trial court's orders summoning documents from Ministries of Finance and Urban Development, Department of Corporate Affairs and Income Tax Department and balance sheet of Congress party for 2010-2011 but he has been permitted to file a fresh application.
"There is no way I can be restricted from getting these copies (of document) again. I will file a complete application for summoning of documents. The order (of high court) does not say that these documents should be returned. The high court says I can move fresh application. I will move application for summoning of documents as permitted by high court," he said.
Senior advocates RS Cheema and Rebecca John, who appeared for some of the accused, told the court that documents which were summoned earlier should be returned as the High Court has set aside the trial court's January 11, 2016 and March 11, 2016 orders.
Mr Cheema said that in pursuance to the trial court's order, some documents were summoned and they were taken on record but now after the High Court's order, these documents cannot be kept on record.
They also placed the copy of High Court's order before the court.
Mr Swamy, however, said that these documents should be kept in the court and he would file a fresh application soon. The court has fixed the matter for hearing on August 20.
On July 12, the High Court had set aside the trial court's two orders holding that they were passed without hearing the opposite side and it violated the "principle of natural justice" and right to life and liberty under the Constitution.
Sonia Gandhi, Rahul Gandhi, party leaders Motilal Vora, Oscar Fernandes, Suman Dubey, Sam Pitroda and Young Indian Pvt Ltd (YI) are accused in the case filed by Mr Swamy.
Mr Swamy has accused them of allegedly conspiring to cheat and misappropriate funds by just paying Rs. 50 lakh by which YI obtained the right to recover Rs. 90.25 crore which Associated Journals Pvt Ltd (AJL) owed to the Congress party.
All the accused have denied the allegations levelled against them by Mr Swamy.
BJP leader Subramanian Swamy today told a Delhi court that he would file a fresh application for summoning of documents in the National Herald case in which Congress President Sonia Gandhi, her son Rahul Gandhi and others are accused.
He told Metropolitan Magistrate Lovleen that the Delhi High Court has set aside the trial court's orders summoning documents from Ministries of Finance and Urban Development, Department of Corporate Affairs and Income Tax Department and balance sheet of Congress party for 2010-2011 but he has been permitted to file a fresh application.
Senior advocates RS Cheema and Rebecca John, who appeared for some of the accused, told the court that documents which were summoned earlier should be returned as the High Court has set aside the trial court's January 11, 2016 and March 11, 2016 orders.
Mr Cheema said that in pursuance to the trial court's order, some documents were summoned and they were taken on record but now after the High Court's order, these documents cannot be kept on record.
They also placed the copy of High Court's order before the court.
Mr Swamy, however, said that these documents should be kept in the court and he would file a fresh application soon. The court has fixed the matter for hearing on August 20.
On July 12, the High Court had set aside the trial court's two orders holding that they were passed without hearing the opposite side and it violated the "principle of natural justice" and right to life and liberty under the Constitution.
Sonia Gandhi, Rahul Gandhi, party leaders Motilal Vora, Oscar Fernandes, Suman Dubey, Sam Pitroda and Young Indian Pvt Ltd (YI) are accused in the case filed by Mr Swamy.
Mr Swamy has accused them of allegedly conspiring to cheat and misappropriate funds by just paying Rs. 50 lakh by which YI obtained the right to recover Rs. 90.25 crore which Associated Journals Pvt Ltd (AJL) owed to the Congress party.
All the accused have denied the allegations levelled against them by Mr Swamy.
Smoke Detected On Imphal-Bound Air India Flight With 130 Onboard
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KOLKATA:
Over 130 persons onboard an Imphal-bound Air India aircraft had a narrow escape today after the pilot detected smoke in one of the engines just when the plane was entering the runway.
The incident took place at 12:15 pm when the aircraft, operating Air India flight AI 713, after the push back was about to enter the runway when the smoke was detected in one of the engines of the plane, forcing the pilot to abort the journey.
The Airbus A319 with 125 passengers has been towed away to the secondary runway, where it is being inspected by Air India engineers, a source said.
An Air India spokesperson in New Delhi said all passengers were safe, adding the aircraft has been declared airworthy by its engineers and the flight is expected to take off for its destination soon.
Over 130 persons onboard an Imphal-bound Air India aircraft had a narrow escape today after the pilot detected smoke in one of the engines just when the plane was entering the runway.
The incident took place at 12:15 pm when the aircraft, operating Air India flight AI 713, after the push back was about to enter the runway when the smoke was detected in one of the engines of the plane, forcing the pilot to abort the journey.
An Air India spokesperson in New Delhi said all passengers were safe, adding the aircraft has been declared airworthy by its engineers and the flight is expected to take off for its destination soon.
Turkey Removes More Than 2,700 Judges Following Coup Attempt
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ANKARA: Turkish authorities on Saturday removed 2,745 judges from duty following an attempted coup by a military faction overnight, broadcaster NTV reported, citing a decision by the High Council of Judges and Prosectors (HSYK).
Five members of HSYK, Turkey's highest judiciary board, were also removed, state-run Anadolu Agency reported.
Five members of HSYK, Turkey's highest judiciary board, were also removed, state-run Anadolu Agency reported.
Business Affairs
Bank Union Threatens To Disclose Names Of 7,000 Defaulters
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All-India Bank Employees Association (AIBEA) on Saturday threatened to make public the names of top 7,000 wilful corporate loan defaulters who have defrauded around Rs 70,000 crore.
The union also demanded filing criminal cases against these defaulters.
AIBEA General Secretary C H Venkatachalam also said around 10 lakh employees and officials would go on a one-day strike, called by nine unions on July 29 to oppose what he calls the "anti-people banking reforms being pushed by the government."
"Wilful defaulters have taken loans for some purpose but have diverted and misused the money. There are around 7,000 big companies who are wilful defaulters and they owe Rs 70,000 crore to the system. We will reveal their names in a few days," Mr Venkatachalam said here.
He accused the government of going soft on these big defaulters saying, "we believe the government is soft on wilful defaulters. We want to know why no criminal action is taken against them, but only civil suits are being filed against them?"
He called upon the government to declare wilful defaults as criminal offence and take criminal action and recover the money by confiscating their properties.
"Because the money belongs to the public and not the government or the banks," he said.
Mr Venkatachalam also called for setting up fast-track debt recovery tribunals to resolve the big loan defaults so that the money is recovered fast.
"Restructuring a default loan instead of categorising it as a bad loan is a fraud and cheating the public," he added.
Opposing the entry of private players into banking system, he said encouraging such entities to open banks is a dangerous conspiracy to weaken public sector banks.
The union also demanded filing criminal cases against these defaulters.
AIBEA General Secretary C H Venkatachalam also said around 10 lakh employees and officials would go on a one-day strike, called by nine unions on July 29 to oppose what he calls the "anti-people banking reforms being pushed by the government."
"Wilful defaulters have taken loans for some purpose but have diverted and misused the money. There are around 7,000 big companies who are wilful defaulters and they owe Rs 70,000 crore to the system. We will reveal their names in a few days," Mr Venkatachalam said here.
He accused the government of going soft on these big defaulters saying, "we believe the government is soft on wilful defaulters. We want to know why no criminal action is taken against them, but only civil suits are being filed against them?"
He called upon the government to declare wilful defaults as criminal offence and take criminal action and recover the money by confiscating their properties.
"Because the money belongs to the public and not the government or the banks," he said.
Mr Venkatachalam also called for setting up fast-track debt recovery tribunals to resolve the big loan defaults so that the money is recovered fast.
"Restructuring a default loan instead of categorising it as a bad loan is a fraud and cheating the public," he added.
Opposing the entry of private players into banking system, he said encouraging such entities to open banks is a dangerous conspiracy to weaken public sector banks.
Benefits You Won't Get Unless You File Tax Return On Time
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The deadline for filing tax return is generally July 31. Just three weeks are left for filing the tax return this year. Although tax laws allow late filing of return, you will lose out on certain benefits which are available to those who file returns on time. A person is allowed to file late income-tax return within two years but this rule was changed in this year's Budget and the tenure of filing late return has been reduced to one year. This new rule will be applicable from April 2017.
Here are the benefits of filing tax returns on time:
1) Carry forward of losses: A taxpayer is allowed to carry forward losses to be adjusted with future capital gains for up to eight years. But this is allowed only if you file your tax return on time. In case you file a late return, you will not be allowed to carry forward any losses.
2) Delay in getting refund: If you have a tax demand outstanding, that is if you have paid excess tax, you can only claim it back by filing a tax return. Also, if there is a delay in sending you a refund, the tax department is liable to pay interest on the refund from the day tax refund becomes due. But in case you file the return late, interest will only be paid from the date of filing of tax return, till the refund is paid to you. You will not get any interest for the period of delay.
3) Proof of income: You tax return serves as a proof of your income. When you apply for a loan a bank may ask for your latest return as an income proof or if you are applying for a visa, your income tax returns may be required to ascertain your financial position.
4) Avoid penalties: If you delay filing your tax return, you will have to pay an interest at the rate of 1 per cent per month on the tax due till the date of filing of tax return. Also, if you fail to file your tax return, the tax department may levy a penalty of Rs 5,000. In case of wilful delays, there are provisions of higher penalties and even prosecution in some extreme cases.
Here are the benefits of filing tax returns on time:
1) Carry forward of losses: A taxpayer is allowed to carry forward losses to be adjusted with future capital gains for up to eight years. But this is allowed only if you file your tax return on time. In case you file a late return, you will not be allowed to carry forward any losses.
2) Delay in getting refund: If you have a tax demand outstanding, that is if you have paid excess tax, you can only claim it back by filing a tax return. Also, if there is a delay in sending you a refund, the tax department is liable to pay interest on the refund from the day tax refund becomes due. But in case you file the return late, interest will only be paid from the date of filing of tax return, till the refund is paid to you. You will not get any interest for the period of delay.
3) Proof of income: You tax return serves as a proof of your income. When you apply for a loan a bank may ask for your latest return as an income proof or if you are applying for a visa, your income tax returns may be required to ascertain your financial position.
4) Avoid penalties: If you delay filing your tax return, you will have to pay an interest at the rate of 1 per cent per month on the tax due till the date of filing of tax return. Also, if you fail to file your tax return, the tax department may levy a penalty of Rs 5,000. In case of wilful delays, there are provisions of higher penalties and even prosecution in some extreme cases.
Nitin Gadkari Asks Tesla To Make India Its Asia Manufacturing Hub
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Urging US-based electric car major Tesla to make India its Asia manufacturing hub, Union Minister Nitin Gadkari has offered it land near major Indian ports to facilitate exports to South and South East Asian countries.
Road Transport and Highways Minister Gadkari visited the Tesla factory near San Francisco yesterday and offered to promote joint ventures between the firm and Indian automobile companies with a view to introducing pollution-free road transport in India, especially commercial and public motor vehicles, an official statement said here today.
Mr Gadkari said the Indian government was committed to encouraging alternate pollution-free transport in the country by providing incentives to bio-fuel, CNG, ethanol and electric vehicles.
"He proposed to the Tesla senior executives to make India their Asia manufacturing hub and offered land near major Indian ports to facilitate export of their vehicles to South and South East Asian countries," Ministry of Road Transport and Highways said in the statement.
Tesla senior executive admitted that their manufacturing hub has to be outside the US for markets in rest of the world.
They appreciated the Indian offer of cooperation which they said will certainly be considered at the appropriate time in future, the statement said, adding that the company assured him that India will definitely be a market for its next generation low-cost sustainable Model-3.
"Replying to specific queries from the Transport and Highways Minister regarding manufacturing of electric trucks, buses and two wheelers, the Tesla team said they have future plans for trucks and pick-up vans but not buses and two wheelers," the statement said.
They evinced keen interest in knowing whether there was any subsidy on electric vehicles in India, to which Mr Gadkari asked Tesla executives to outline their proposals for entry into the Indian market.
"Gadkari was informed that 400,000 advance bookings have been done for Tesla’s Model X. There were some bookings from India. Gadkari apprised Tesla executives of the progress Indian automobile manufacturers have made in the field of electric vehicles and exuded confidence that very soon Indian market will become very competitive in this sector," the statement said.
The minister took a round of the sprawling Tesla manufacturing units and saw the cutting edge robotic auto assembly plant.
He enquired about the battery packs that can store energy from the power grid and from solar panels, the statement said, adding Mr Gadkari was told that Tesla was inviting suggestions for locations in India for demonstrations.
Road Transport and Highways Minister Gadkari visited the Tesla factory near San Francisco yesterday and offered to promote joint ventures between the firm and Indian automobile companies with a view to introducing pollution-free road transport in India, especially commercial and public motor vehicles, an official statement said here today.
Mr Gadkari said the Indian government was committed to encouraging alternate pollution-free transport in the country by providing incentives to bio-fuel, CNG, ethanol and electric vehicles.
"He proposed to the Tesla senior executives to make India their Asia manufacturing hub and offered land near major Indian ports to facilitate export of their vehicles to South and South East Asian countries," Ministry of Road Transport and Highways said in the statement.
Tesla senior executive admitted that their manufacturing hub has to be outside the US for markets in rest of the world.
They appreciated the Indian offer of cooperation which they said will certainly be considered at the appropriate time in future, the statement said, adding that the company assured him that India will definitely be a market for its next generation low-cost sustainable Model-3.
"Replying to specific queries from the Transport and Highways Minister regarding manufacturing of electric trucks, buses and two wheelers, the Tesla team said they have future plans for trucks and pick-up vans but not buses and two wheelers," the statement said.
They evinced keen interest in knowing whether there was any subsidy on electric vehicles in India, to which Mr Gadkari asked Tesla executives to outline their proposals for entry into the Indian market.
"Gadkari was informed that 400,000 advance bookings have been done for Tesla’s Model X. There were some bookings from India. Gadkari apprised Tesla executives of the progress Indian automobile manufacturers have made in the field of electric vehicles and exuded confidence that very soon Indian market will become very competitive in this sector," the statement said.
The minister took a round of the sprawling Tesla manufacturing units and saw the cutting edge robotic auto assembly plant.
He enquired about the battery packs that can store energy from the power grid and from solar panels, the statement said, adding Mr Gadkari was told that Tesla was inviting suggestions for locations in India for demonstrations.
34% Of Reliance Industries' Rs 7,113 Crore Net Profit Is From Treasury Gains
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After consistently falling for some quarters, the share of other income in Reliance Industries' total net profit of Rs 7,113 crore in the June quarter has substantially jumped to 34.5 per cent or Rs 2,378 crore.
On year-on-year basis, this was a massive 50.12 per cent spike from Rs 1,584 crore the company reported in June 2015 quarter when its net profit stood at Rs 5,916 crore.
The same stood at Rs 1,953 crore in the March 2016 quarter on a total net profit of Rs 6,925 crore.
When asked whether the company has been increasing its play in the treasury market or has it booked some profits from its massive investments, RIL deputy chief financial officer V Srikanth told PTI that the numbers reflect the higher yields the market has been returning during the quarter.
While refusing to share the specifics of the company's investment in government bonds, Srikanth said RIL for long has been parking its surpluses, which stood at almost Rs 97,000 crore as of end June, in government bonds, mutual funds, fixed deposits and other fixed income instruments. And the same continued in the reporting quarter as well.
RIL, which is one of the biggest players in the treasury markets, was netting over 40 per cent of its total net profit from treasury gains or other income, which started declining after the banking regulator began to frown upon corporates' large influence in the money and government debt markets.
Reliance, which has the highest cash balance, is also one of the highly indebted companies in the country. Its debt rose to Rs 1,86,692 crore as of June from Rs 1,80,388 crore as of March 2016 while the cash balance inched up marginally to Rs 90,812 crore from Rs 89,966 crore from March 2016.
Accordingly, the company's interest payout jumped to Rs 1,206 crore from Rs 915 crore a year ago and from Rs 842 crore from the March quarter.
About the forex components of the debt pile, Srikanth said over 90 per cent of RIL bet is in US dollars while almost the entire Rs 47,000 crore debt of Rel Jio is rupee-denominated.
RIL, which operates the world's largest oil refinery with a 63 mt annual capacity, today reported a hefty 18.1 per cent jump in June quarter net profit at Rs 7,113 crore or Rs 24.1 per share on account of highest refining margin in the past eight years and robust petrochemical earnings.
On year-on-year basis, this was a massive 50.12 per cent spike from Rs 1,584 crore the company reported in June 2015 quarter when its net profit stood at Rs 5,916 crore.
The same stood at Rs 1,953 crore in the March 2016 quarter on a total net profit of Rs 6,925 crore.
When asked whether the company has been increasing its play in the treasury market or has it booked some profits from its massive investments, RIL deputy chief financial officer V Srikanth told PTI that the numbers reflect the higher yields the market has been returning during the quarter.
While refusing to share the specifics of the company's investment in government bonds, Srikanth said RIL for long has been parking its surpluses, which stood at almost Rs 97,000 crore as of end June, in government bonds, mutual funds, fixed deposits and other fixed income instruments. And the same continued in the reporting quarter as well.
RIL, which is one of the biggest players in the treasury markets, was netting over 40 per cent of its total net profit from treasury gains or other income, which started declining after the banking regulator began to frown upon corporates' large influence in the money and government debt markets.
Reliance, which has the highest cash balance, is also one of the highly indebted companies in the country. Its debt rose to Rs 1,86,692 crore as of June from Rs 1,80,388 crore as of March 2016 while the cash balance inched up marginally to Rs 90,812 crore from Rs 89,966 crore from March 2016.
Accordingly, the company's interest payout jumped to Rs 1,206 crore from Rs 915 crore a year ago and from Rs 842 crore from the March quarter.
About the forex components of the debt pile, Srikanth said over 90 per cent of RIL bet is in US dollars while almost the entire Rs 47,000 crore debt of Rel Jio is rupee-denominated.
RIL, which operates the world's largest oil refinery with a 63 mt annual capacity, today reported a hefty 18.1 per cent jump in June quarter net profit at Rs 7,113 crore or Rs 24.1 per share on account of highest refining margin in the past eight years and robust petrochemical earnings.
Raghuram Rajan's Formidable Reputation Helped Stabilise Rupee: Subbarao
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Former Reserve Bank Governor Duvvuri Subbarao has credited his successor Raghuram Rajan's "formidable reputation" for bringing sanity to the forex market when the rupee had lost nearly 25 per cent amid 'taper tantrums' in the summer of 2013.
He has also blamed then then Finance Minister P Chidambaram's reluctance to accept that the rupee was bleeding more because of domestic issues and less due to external factors like the taper tantrums - a reference to the US Fed's gradual withdrawal of stimulus measures for the American economy following the global financial crisis of 2008.
"I had several conversations with Chidambaram on this, but found him reluctant to face up to this inconvenient truth. He is too intelligent not to have seen the point; I suspect he found it politically convenient to point to an external scapegoat rather than call attention to domestic structural factors," Mr Subbarao, the bureaucrat-turned central banker, has written in a book.
He has also blamed Mr Chidambaram who "wholeheartedly supported his appointment" to the Mint Road for undermining the autonomy of RBI and putting pressure on him to cut interest rates.
On the impact of the appointment of Raghuram Rajan as the new Governor on stabilising the rupee, Mr Subbarao says "the scheduled leadership change at the Reserve Bank and the formidable reputation of my successor, Raghuram Rajan, helped restore confidence in the Indian markets".
The book 'Who Moved My Interest Rates- Leading the Reserve Bank of India through Five Turbulent Years', is a tell-tale 352 page memoir by Mr Subbarao. It hit the stands today and will be formally launched next month. It is published by Penguin Random House.
"In fact, as chief economic adviser to the government, Raghu was on board all through the exchange rate turmoil and was more actively involved in all the decisions after he was named in early August as my successor," he notes in the book, which he began penning in the middle of last year.
On the radical measures that Dr Rajan announced on assuming charge, Subbarao says soon after Rajan came to RBI as an OSD, they both had agreed on those steps like raising forex through NRI deposits.
"Raghu was kind enough to offer that I announce these measures before signing off. But I thought that the measures would be more effective if he announced them as the incoming governor. At least on this issue, my judgement worked!" he says in a chapter titled 'Rupee Tantrums 137'.
Blaming the plight of the rupee primarily on structural imbalances like high current account deficit (CAD) driven by non-productive imports like gold, Subbarao says Chidambaram was not ready to accept this.
"My concern was that we would go astray in both the diagnosis and remedy if we did not acknowledge that at the heart of our external economy problem were domestic vulnerabilities," he says in his book.
Mr Chidambaram's reluctance to put the house in order happened, writes Mr Subbarao, "even as we were engaged in a fierce exchange rate defence, one issue that troubled me all through was the narrative that was taking shape about the origin of the problem."
"The government, in particular, was attempting to paint the rupee problem as caused entirely by external factors...But global factors were just the proximate cause for our exchange rate turmoil; the root cause lay in our domestic economy where, for years, we had been heaping pressure on the rupee, an issue that the Reserve Bank consistently raised in its monetary policy statements.
"An implosion was inevitable; it was incidental that the trigger came by way of the taper tantrums," he says.
On whether the RBI Governor is free or not, Mr Subbarao, who in the book admits that both his bosses in the North Block put pressure on him to cut rates, and is also a fan of the great existential philosopher JP Sartre, says every "Reserve Bank governor is a creature of the circumstances in which he is called upon to perform. He has to make choices and decisions based on his own learning and experiences. The governor is condemned to be free!"
He has also blamed then then Finance Minister P Chidambaram's reluctance to accept that the rupee was bleeding more because of domestic issues and less due to external factors like the taper tantrums - a reference to the US Fed's gradual withdrawal of stimulus measures for the American economy following the global financial crisis of 2008.
"I had several conversations with Chidambaram on this, but found him reluctant to face up to this inconvenient truth. He is too intelligent not to have seen the point; I suspect he found it politically convenient to point to an external scapegoat rather than call attention to domestic structural factors," Mr Subbarao, the bureaucrat-turned central banker, has written in a book.
He has also blamed Mr Chidambaram who "wholeheartedly supported his appointment" to the Mint Road for undermining the autonomy of RBI and putting pressure on him to cut interest rates.
On the impact of the appointment of Raghuram Rajan as the new Governor on stabilising the rupee, Mr Subbarao says "the scheduled leadership change at the Reserve Bank and the formidable reputation of my successor, Raghuram Rajan, helped restore confidence in the Indian markets".
The book 'Who Moved My Interest Rates- Leading the Reserve Bank of India through Five Turbulent Years', is a tell-tale 352 page memoir by Mr Subbarao. It hit the stands today and will be formally launched next month. It is published by Penguin Random House.
"In fact, as chief economic adviser to the government, Raghu was on board all through the exchange rate turmoil and was more actively involved in all the decisions after he was named in early August as my successor," he notes in the book, which he began penning in the middle of last year.
On the radical measures that Dr Rajan announced on assuming charge, Subbarao says soon after Rajan came to RBI as an OSD, they both had agreed on those steps like raising forex through NRI deposits.
"Raghu was kind enough to offer that I announce these measures before signing off. But I thought that the measures would be more effective if he announced them as the incoming governor. At least on this issue, my judgement worked!" he says in a chapter titled 'Rupee Tantrums 137'.
Blaming the plight of the rupee primarily on structural imbalances like high current account deficit (CAD) driven by non-productive imports like gold, Subbarao says Chidambaram was not ready to accept this.
"My concern was that we would go astray in both the diagnosis and remedy if we did not acknowledge that at the heart of our external economy problem were domestic vulnerabilities," he says in his book.
Mr Chidambaram's reluctance to put the house in order happened, writes Mr Subbarao, "even as we were engaged in a fierce exchange rate defence, one issue that troubled me all through was the narrative that was taking shape about the origin of the problem."
"The government, in particular, was attempting to paint the rupee problem as caused entirely by external factors...But global factors were just the proximate cause for our exchange rate turmoil; the root cause lay in our domestic economy where, for years, we had been heaping pressure on the rupee, an issue that the Reserve Bank consistently raised in its monetary policy statements.
"An implosion was inevitable; it was incidental that the trigger came by way of the taper tantrums," he says.
On whether the RBI Governor is free or not, Mr Subbarao, who in the book admits that both his bosses in the North Block put pressure on him to cut rates, and is also a fan of the great existential philosopher JP Sartre, says every "Reserve Bank governor is a creature of the circumstances in which he is called upon to perform. He has to make choices and decisions based on his own learning and experiences. The governor is condemned to be free!"
General Awareness
July 15 – World Youth Skills Day
-
Since 2014, 15th July is celebrated as World Youth Skills Day by United Nations. This day is being celebrated in order to highlight the fundamental rights of the youth.
Why this day is being observed?
A report says that, Young people are more likely to be unemployed than adults by three times and continuously open to
- Lower quality of jobs,
- Longer and more insecure school-to-work transitions and
- Greater labor market inequalities.
Apart from this, women are more likely to be underestimated, underemployed and under-paid, and to undertake part-time jobs or to work under short term contract basis jobs.
In order to address all these issues, UN marked July 15 as World Youth Skills Day to promote and develop the youth across the globe.
THEME – 2016
UN marked 2016 special event on the theme of “Skills Development to Improve Youth Employment.” This theme is opted in order to understand the works needed to be given to the today’s and tomorrow’s youth to create a fruitful future for the upcoming youth by 2030.
Adding to the corrective measure, the United Nations Educational, Scientific and Cultural Organization (UNESCO) is also launching the UN’s newly-adopted Strategy forTVET (2016-2021), which focuses on youth skills development in three priority areas:
- Fostering youth employment and entrepreneurship;
- Promoting equity and gender equality;
- Facilitating transition to green economies and sustainable societies.
Aim of this celebration – In order to raise awareness of the importance of learning new skills as a means to address the challenges of unemployment and under-employment and also acts as a way to achieve better socio-economic conditions for all youth.
About UN
♦ Name – United Nations
♦ HQ – New York
♦ Establishment – 1945
♦ Secretary General – Ban Ki Moon
“India Skills Competition” – Exclusive cover of the Inaugural by the President
Lionizing the World Youth Skills Day, President Pranab Mukherjee inaugurated the famous India Skills Competition on July 15 in New Delhi. Ministry of Skill Development and Entrepreneurship & NSDC (National Skill Development Corporation) is hosting this world famous India Skills Competition.
What is India Skills Competition?
India Skills Competition serves as a platform where emerging professionals can display their workplace skills with utmost perfection and make India proud. It also helps the Indian Youth to promote excellence in skills and facilitate through cooperative action of educational institutions, industry and individual experts.
Apart from these, this competition creates a countrywide awareness, ownership and participation across various forms of skills. It helps the Indian Youth population to attain world class standards of competence, economic success and personal fulfillment.
STATS:-
Around 4,820 candidates have registered to participate in the competition. TheMinistry of Skill Development and Entrepreneurship and National Skill Development Corporation organizes ‘India Skills’ to select the best talent, who is going to lead India at the biennial World Skills International Competition, which is set to roll out at Abu Dhabi, Dubai in 2017.
It is noted that during the last event organized at Sao Paulo, Brazil, in 2015, a pool of 29 candidates participated in 27 skills and won 8 medals of excellence for India.
This instance also marks the first anniversary of PM Narendra Modi’s ‘Skill India Mission’. This mission is aimed to train over 40 crore Indian youth in different skillsby 2022.
Since 2014, 15th July is celebrated as World Youth Skills Day by United Nations. This day is being celebrated in order to highlight the fundamental rights of the youth.
Why this day is being observed?
A report says that, Young people are more likely to be unemployed than adults by three times and continuously open to
- Lower quality of jobs,
- Longer and more insecure school-to-work transitions and
- Greater labor market inequalities.
Apart from this, women are more likely to be underestimated, underemployed and under-paid, and to undertake part-time jobs or to work under short term contract basis jobs.
In order to address all these issues, UN marked July 15 as World Youth Skills Day to promote and develop the youth across the globe.
THEME – 2016
UN marked 2016 special event on the theme of “Skills Development to Improve Youth Employment.” This theme is opted in order to understand the works needed to be given to the today’s and tomorrow’s youth to create a fruitful future for the upcoming youth by 2030.
Adding to the corrective measure, the United Nations Educational, Scientific and Cultural Organization (UNESCO) is also launching the UN’s newly-adopted Strategy forTVET (2016-2021), which focuses on youth skills development in three priority areas:
- Fostering youth employment and entrepreneurship;
- Promoting equity and gender equality;
- Facilitating transition to green economies and sustainable societies.
Aim of this celebration – In order to raise awareness of the importance of learning new skills as a means to address the challenges of unemployment and under-employment and also acts as a way to achieve better socio-economic conditions for all youth.
About UN
♦ Name – United Nations
♦ HQ – New York
♦ Establishment – 1945
♦ Secretary General – Ban Ki Moon
♦ Name – United Nations
♦ HQ – New York
♦ Establishment – 1945
♦ Secretary General – Ban Ki Moon
“India Skills Competition” – Exclusive cover of the Inaugural by the President
Lionizing the World Youth Skills Day, President Pranab Mukherjee inaugurated the famous India Skills Competition on July 15 in New Delhi. Ministry of Skill Development and Entrepreneurship & NSDC (National Skill Development Corporation) is hosting this world famous India Skills Competition.
What is India Skills Competition?
India Skills Competition serves as a platform where emerging professionals can display their workplace skills with utmost perfection and make India proud. It also helps the Indian Youth to promote excellence in skills and facilitate through cooperative action of educational institutions, industry and individual experts.
Apart from these, this competition creates a countrywide awareness, ownership and participation across various forms of skills. It helps the Indian Youth population to attain world class standards of competence, economic success and personal fulfillment.
STATS:-
Around 4,820 candidates have registered to participate in the competition. TheMinistry of Skill Development and Entrepreneurship and National Skill Development Corporation organizes ‘India Skills’ to select the best talent, who is going to lead India at the biennial World Skills International Competition, which is set to roll out at Abu Dhabi, Dubai in 2017.
It is noted that during the last event organized at Sao Paulo, Brazil, in 2015, a pool of 29 candidates participated in 27 skills and won 8 medals of excellence for India.
This instance also marks the first anniversary of PM Narendra Modi’s ‘Skill India Mission’. This mission is aimed to train over 40 crore Indian youth in different skillsby 2022.
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