General Affairs
Kashmiris Are Our Own People, Plebiscite Is Outdated: Rajnath Singh
-
NEW DELHI: Rejecting 'plebiscite' demands as an "outdated" idea, the government today asserted that Kashmiris are "our own people" who are being "misguided" as it blamed Pakistan for the unrest in the Valley and said all parties will be taken along in dealing with the situation.
The issue of 10-day-old unrest in Kashmir resonated in Rajya Sabha on the opening day of the Monsoon session, with the House taking up urgent discussion during which the Opposition slammed the government and pressed for holding an all-party meet while pitching for a political solution rather than using "barrel of the gun".
The Opposition, while attacking Pakistan for fanning trouble in Kashmir, asked the government to initiate a political process and direct security forces to exercise restraint while dealing with protests.
Replying to the debate, Union Home Minister Rajnath Singh affirmed that while militancy will be dealt with sternly, there should be "no instant" use of bullets while dealing with mobs which should first be tackled by the use of teargas and water cannons. The use of pellet guns, which have been blamed for most civilian injuries, would be looked into, regarding which he will talk to Chief Minister Mehbooba Mufti, he said.
Mr Singh said Prime Minister Narendra Modi and he himself had asked security forces to exercise maximum restraint in dealing with mob violence which started after the killing of Hizbul commander Burhan Wani in an encounter on July 8.
The Home Minister said he had, on Saturday last, expressed desire to visit Kashmir and have a dialogue with the people directly. Ms Mufti, while welcoming the offer, told him that after the situation normalises a bit, she will come to Delhi and have a meeting with him to discuss in what format talks can be held, he said.
"Whatever is happening in Kashmir is Pakistan-sponsored. The name is 'Pakistan', but its acts are 'na-pak' (not pious)," Mr Singh said.
Referring to the demands for 'plebiscite', he ruled it out, saying it is "outdated" and people of Kashmir are being "misguided" on this issue.
"Kashmiris are our own people. We will bring them on the right path... We will make them aware of the reality," he said.
Invoking Atal Bihari Vajpayee's famous remarks of 'Kashmiriyat, Jamhooriyat and Insaniyat' (kashmiriyat, democracy and humanity), he said "If there is any place for Kashmiriyat in 'Jamhooriyat' (democracy), it can be only on the basis of 'Insaniyat' (humanity) and not 'Haivaniyat' (devilish acts). Those believing in Kashmiriyat and Insaniyat, cannot give space to haivaniyat."
The issue of 10-day-old unrest in Kashmir resonated in Rajya Sabha on the opening day of the Monsoon session, with the House taking up urgent discussion during which the Opposition slammed the government and pressed for holding an all-party meet while pitching for a political solution rather than using "barrel of the gun".
Replying to the debate, Union Home Minister Rajnath Singh affirmed that while militancy will be dealt with sternly, there should be "no instant" use of bullets while dealing with mobs which should first be tackled by the use of teargas and water cannons. The use of pellet guns, which have been blamed for most civilian injuries, would be looked into, regarding which he will talk to Chief Minister Mehbooba Mufti, he said.
Mr Singh said Prime Minister Narendra Modi and he himself had asked security forces to exercise maximum restraint in dealing with mob violence which started after the killing of Hizbul commander Burhan Wani in an encounter on July 8.
The Home Minister said he had, on Saturday last, expressed desire to visit Kashmir and have a dialogue with the people directly. Ms Mufti, while welcoming the offer, told him that after the situation normalises a bit, she will come to Delhi and have a meeting with him to discuss in what format talks can be held, he said.
"Whatever is happening in Kashmir is Pakistan-sponsored. The name is 'Pakistan', but its acts are 'na-pak' (not pious)," Mr Singh said.
Referring to the demands for 'plebiscite', he ruled it out, saying it is "outdated" and people of Kashmir are being "misguided" on this issue.
"Kashmiris are our own people. We will bring them on the right path... We will make them aware of the reality," he said.
Invoking Atal Bihari Vajpayee's famous remarks of 'Kashmiriyat, Jamhooriyat and Insaniyat' (kashmiriyat, democracy and humanity), he said "If there is any place for Kashmiriyat in 'Jamhooriyat' (democracy), it can be only on the basis of 'Insaniyat' (humanity) and not 'Haivaniyat' (devilish acts). Those believing in Kashmiriyat and Insaniyat, cannot give space to haivaniyat."
Mehbooba Mufti Convenes All Party Meet In Srinagar On July 21
-
SRINAGAR: Jammu and Kashmir Chief Minister Mehbooba Mufti has convened an All Party Meeting in Srinagar on July 21 to discuss the prevailing law and order situation in the Valley, an official spokesman said today.
"Invitation has been extended to all the political parties including PDP, BJP, National Conference, Congress, CPI(M), CPI, National Panthers Party, Democratic Party Nationalist, Peoples Democratic Front and others to discuss the prevailing situation and the measures to be taken to restore peace and normalcy in the Valley," the spokesman said.
The decision to convene the All Party Meeting comes 10 days after the killing of young Hizbul Mujahideen commander Burhan Wani in an encounter with security forces on July 8, which led to violent clashes between protestors and law enforcing agencies across the Valley, leaving 39 persons dead and over 3400 others injured.
"Invitation has been extended to all the political parties including PDP, BJP, National Conference, Congress, CPI(M), CPI, National Panthers Party, Democratic Party Nationalist, Peoples Democratic Front and others to discuss the prevailing situation and the measures to be taken to restore peace and normalcy in the Valley," the spokesman said.
The decision to convene the All Party Meeting comes 10 days after the killing of young Hizbul Mujahideen commander Burhan Wani in an encounter with security forces on July 8, which led to violent clashes between protestors and law enforcing agencies across the Valley, leaving 39 persons dead and over 3400 others injured.
Union Ministers, Prominent Leaders Take Oath In Rajya Sabha
-
NEW DELHI: Union Ministers Piyush Goyal, Nirmala Sitharaman and M Venkaiah Naidu, former finance Minister P Chidambaram as well as Samajwadi Party leader Amar Singh were among 43 newly-elected and re-elected members of Rajya Sabha who took oath today.
New Environment Minister Anil Madhav Dave, Minister of State for Parliamentary Affairs Mukhtar Abbas Naqvi, former telecom minister Kapil Sibal, former minister and NCP leader Praful Patel, JD-U leader Sharad Yadav and RJD strongman Lalu Prasad's daughter Misa Bharti were the other prominent members who took oath.
Eminent lawyer Ram Jethmalani and former ministers Ambika Soni and Beni Prasad Verma were others who took oath in Rajya Sabha on the first day of the monsoon session of Parliament.
While members thumped desks to welcome those taking oath, Chairman Hamid Ansari greeted the newly elected with a "Welcome" and the re-elected with "Welcome Back."
Visitors galleries were packed with family members, friends and well-wishers of the members taking oath and on a couple of occasions, going against the convention, some even cheered their leaders.
After taking oath, members greeted senior leaders of various political parties including Prime Minister Narendra Modi, who came in midway through the oath taking.
Extending cordial welcome to the newly elected, re-elected and nominated members, Ansari said he eagerly looked forward to their valuable contribution.
Those taking oath included TG Venkatesh (TDP) who was elected to the Upper House from Andhra Pradesh. Ram Jethmalani, Misha Bharti (RJD), Gopal Narayan Singh (BJP), Ram Chandra Prasad Singh, Sharad Yadav (JDU) who were elected from Bihar too took oath.
From Chhattisgarh, Ram Vichar Netam (BJP) and Chhaya Verma (Congress) took oath while Naqvi and Mahesh Poddar (BJP) represented Jharkhand.
Ms Sitharaman, who moved to Karnataka to get re-elected to the Upper House, took oath alongside fellow state member K C Ramamurthy. Giving Dave company from Madhya Pradesh was Vivek K Tankha from Congress.
Mr Chidambaram, who got elected to Rajya Sabha from Maharashtra, took oath in English. Others who took oath from this state were Piyush Goyal, Vikas Mahatme, Praful Patel, Sanjay Raut (BJP) and Vinay P Sahasrabuddhe.
Prasanna Acharya, Bishnu Charan Das and Nekkanti Bhaskar Rao, having being elected to Upper House from Odisha, took oath in Odia. Soni and Balwinder Singh Bhunder (SAD) took oath in Punjabi.
New Environment Minister Anil Madhav Dave, Minister of State for Parliamentary Affairs Mukhtar Abbas Naqvi, former telecom minister Kapil Sibal, former minister and NCP leader Praful Patel, JD-U leader Sharad Yadav and RJD strongman Lalu Prasad's daughter Misa Bharti were the other prominent members who took oath.
While members thumped desks to welcome those taking oath, Chairman Hamid Ansari greeted the newly elected with a "Welcome" and the re-elected with "Welcome Back."
Visitors galleries were packed with family members, friends and well-wishers of the members taking oath and on a couple of occasions, going against the convention, some even cheered their leaders.
After taking oath, members greeted senior leaders of various political parties including Prime Minister Narendra Modi, who came in midway through the oath taking.
Extending cordial welcome to the newly elected, re-elected and nominated members, Ansari said he eagerly looked forward to their valuable contribution.
Those taking oath included TG Venkatesh (TDP) who was elected to the Upper House from Andhra Pradesh. Ram Jethmalani, Misha Bharti (RJD), Gopal Narayan Singh (BJP), Ram Chandra Prasad Singh, Sharad Yadav (JDU) who were elected from Bihar too took oath.
From Chhattisgarh, Ram Vichar Netam (BJP) and Chhaya Verma (Congress) took oath while Naqvi and Mahesh Poddar (BJP) represented Jharkhand.
Ms Sitharaman, who moved to Karnataka to get re-elected to the Upper House, took oath alongside fellow state member K C Ramamurthy. Giving Dave company from Madhya Pradesh was Vivek K Tankha from Congress.
Mr Chidambaram, who got elected to Rajya Sabha from Maharashtra, took oath in English. Others who took oath from this state were Piyush Goyal, Vikas Mahatme, Praful Patel, Sanjay Raut (BJP) and Vinay P Sahasrabuddhe.
Prasanna Acharya, Bishnu Charan Das and Nekkanti Bhaskar Rao, having being elected to Upper House from Odisha, took oath in Odia. Soni and Balwinder Singh Bhunder (SAD) took oath in Punjabi.
India Needs Years Of Strong Growth To Match China: Raghuram Rajan
-
HYDERABAD: Reserve Bank of India Governor Raghuram Rajan today said India has a long way to catch up with China on per capita GDP and will need years of strong growth but cautioned against expanding economy at the cost of environment.
China's per capita GDP is about four times of India's, he said.
"So yes, we have a long way to catch with the level of per capita GDP and that means many years of strong sustainable growth. I want to emphasise here, because a few years of growth will not help. After those few years, we have very slow growth. We need sustainable growth which is why we need systems in place, we need macro-stability in addition to the growth," he added.
Mr Rajan was speaking in Hyderabad at an interactive session at National Institute of Rural Development and Panchayati Raj.
The per capita income in India at current prices is estimated to be Rs. 93,293, as per data on Provisional Estimates of Annual National Income and Quarterly Estimates of Gross Domestic Product 2015-16.
Raghuram Rajan also highlighted that India's credit to GDP is 50 per cent, significantly below when compared to some emerging markets such as China, where the value is 150 per cent.
The Governor further said growth should not happen at the cost of environmental sustainability.
"Now whether just the GDP numbers are not enough to say that we have developed...absolutely not. It is good we reach their level of per capita GDP without the environmental damage that has occurred in some parts of China, that is also occurring in some parts of India.
We have to have an environmental sustainable development path and also we have to have equitable development path," he added.
China's per capita GDP is about four times of India's, he said.
"So yes, we have a long way to catch with the level of per capita GDP and that means many years of strong sustainable growth. I want to emphasise here, because a few years of growth will not help. After those few years, we have very slow growth. We need sustainable growth which is why we need systems in place, we need macro-stability in addition to the growth," he added.
Mr Rajan was speaking in Hyderabad at an interactive session at National Institute of Rural Development and Panchayati Raj.
The per capita income in India at current prices is estimated to be Rs. 93,293, as per data on Provisional Estimates of Annual National Income and Quarterly Estimates of Gross Domestic Product 2015-16.
Raghuram Rajan also highlighted that India's credit to GDP is 50 per cent, significantly below when compared to some emerging markets such as China, where the value is 150 per cent.
The Governor further said growth should not happen at the cost of environmental sustainability.
"Now whether just the GDP numbers are not enough to say that we have developed...absolutely not. It is good we reach their level of per capita GDP without the environmental damage that has occurred in some parts of China, that is also occurring in some parts of India.
We have to have an environmental sustainable development path and also we have to have equitable development path," he added.
Beijing To Hold South China Sea War Games After Ruling
-
BEIJING: Beijing will close off access to part of the South China Sea for military drills, officials said Monday, after an international tribunal ruled against its sweeping claims in the waters.
An area off the east coast of China's island province of Hainan will host military exercises from Tuesday to Thursday, China's maritime administration said on its website, adding that entrance was "prohibited".
The area of sea identified is some distance from the Paracel islands and even further from the Spratlys. Both chains are claimed by Beijing and several other neighbouring states.
The Permanent Court of Arbitration (PCA) in The Hague last week ruled that there was no legal basis for Beijing's claims to much of the sea, embodied in a "nine-dash line" that dates from 1940s maps and stretches close to other countries' coasts.
Manila -- which lodged the suit against Beijing -- welcomed the decision but China dismissed it as a "piece of waste paper".
Despite Chinese objections, the European Union weighed in on the subject at a regional summit last weekend, with President Donald Tusk telling reporters the grouping "will continue to speak out in support of upholding international law", adding that it had "full confidence" in the PCA and its decisions.
China pressured countries in the ASEAN bloc of Southeast Asian nations not to issue a joint statement on the ruling, diplomats said.
Beijing held military drills in the South China Sea just days before the international arbitration court ruling, state media reported.
A combat air patrol was mounted over the Sea recently and these would become a regular practice in future, an air force spokesman said separately.
Bombers, fighters and other aircraft were sent to patrol islands and reefs including Huangyan Dao, spokesman Shen Jinke was quoted by the official Xinhua news agency as saying.
Huangyan Dao, known in English as Scarborough Shoal, is disputed with the Philippines and is seen as a particular flashpoint.
China has rapidly built reefs in the waters into artificial islands capable of military use.
In a separate message on its website, the maritime administration said last week that four out of five lighthouses built atop islands and reefs in the sea have been activated, and a fifth would be put into use soon.
An area off the east coast of China's island province of Hainan will host military exercises from Tuesday to Thursday, China's maritime administration said on its website, adding that entrance was "prohibited".
The Permanent Court of Arbitration (PCA) in The Hague last week ruled that there was no legal basis for Beijing's claims to much of the sea, embodied in a "nine-dash line" that dates from 1940s maps and stretches close to other countries' coasts.
Manila -- which lodged the suit against Beijing -- welcomed the decision but China dismissed it as a "piece of waste paper".
Despite Chinese objections, the European Union weighed in on the subject at a regional summit last weekend, with President Donald Tusk telling reporters the grouping "will continue to speak out in support of upholding international law", adding that it had "full confidence" in the PCA and its decisions.
China pressured countries in the ASEAN bloc of Southeast Asian nations not to issue a joint statement on the ruling, diplomats said.
Beijing held military drills in the South China Sea just days before the international arbitration court ruling, state media reported.
A combat air patrol was mounted over the Sea recently and these would become a regular practice in future, an air force spokesman said separately.
Bombers, fighters and other aircraft were sent to patrol islands and reefs including Huangyan Dao, spokesman Shen Jinke was quoted by the official Xinhua news agency as saying.
Huangyan Dao, known in English as Scarborough Shoal, is disputed with the Philippines and is seen as a particular flashpoint.
China has rapidly built reefs in the waters into artificial islands capable of military use.
In a separate message on its website, the maritime administration said last week that four out of five lighthouses built atop islands and reefs in the sea have been activated, and a fifth would be put into use soon.
Business Affairs
Nalco Inks Pact To Meet Rs 7,100-Crore Revenue Target, Increase Output
-
State-run Nalco on Monday inked a pact with the Union Ministry of Mines to meet revenue target Rs 7,100 crore from operations.
The MoU was formulated as per the new guidelines of Department of Public Enterprises and finalised after discussions with both an Inter-Ministerial Committee as well as Ministry of Mines.
The MoU was signed between Balvinder Kumar, Secretary, Ministry of Mines and Dr Tapan Kumar Chand, CMD of Nalco in New Delhi on Monday, a company release said here.
As per the MoU, the target for revenue from operations, excluding excise duty, has been fixed at Rs 7,100 crore. The MoU has also set higher targets for production of both alumina and aluminium as compared to the previous fiscal, it said.
Nalco has set an annual production target of 21.30 lakh tonnes of alumina and 3.85 lakh tonnes of aluminium. The company had produced 19.53 lakh tonnes of alumina and 3.72 lakh tonnes of aluminium in 2015-16, it said.
Nalco has also set a capex target of Rs 1,021 crore, which includes projects like development of Utkal D&E Coal Blocks, Wind Power Projects of 50 MW each in Maharashtra and Rajasthan, addition of 5th stream in the existing Alumina Refinery at Damanjodi, Koraput, a 20 MW solar power project in Madhya Pradesh and other modernisation activities, the release added.
The MoU was formulated as per the new guidelines of Department of Public Enterprises and finalised after discussions with both an Inter-Ministerial Committee as well as Ministry of Mines.
The MoU was signed between Balvinder Kumar, Secretary, Ministry of Mines and Dr Tapan Kumar Chand, CMD of Nalco in New Delhi on Monday, a company release said here.
As per the MoU, the target for revenue from operations, excluding excise duty, has been fixed at Rs 7,100 crore. The MoU has also set higher targets for production of both alumina and aluminium as compared to the previous fiscal, it said.
Nalco has set an annual production target of 21.30 lakh tonnes of alumina and 3.85 lakh tonnes of aluminium. The company had produced 19.53 lakh tonnes of alumina and 3.72 lakh tonnes of aluminium in 2015-16, it said.
Nalco has also set a capex target of Rs 1,021 crore, which includes projects like development of Utkal D&E Coal Blocks, Wind Power Projects of 50 MW each in Maharashtra and Rajasthan, addition of 5th stream in the existing Alumina Refinery at Damanjodi, Koraput, a 20 MW solar power project in Madhya Pradesh and other modernisation activities, the release added.
No Proposal To Hike EPFO Investment In ETFs: Bandaru Dattatreya
-
Retirement fund body EPFO is not considering any proposal to increase investments in Exchange Trade Funds (ETFs), Parliament was informed on Monday.
"The Central Board of Trustees (CBT), Employees' Provident Fund (EPF) has approved investment of only 5 per cent in ETFs.
At present, there is no proposal under consideration of the government to enhance this limit," Labour Minister Bandaru Dattatreya said in a written reply to Lok Sabha.
As on 30 June, the total amount invested by EPFO in ETFs is Rs 7,468 crore and the absolute return on the investment so far is 7.45 per cent.
Separately, the minister had earlier said: "There will be a CBT meeting before July 22. We may take a decision on the quantum of investments to be made in ETF. We are in discussions with Bombay and National Stock Exchanges also. The investment will certainly increase (over last year).
"The Finance Ministry gave us clearance to invest from 5 to 15 per cent. It is a long term investment. It may be up to 10 to 12 per cent depending upon the market conditions. We expect the markets would be stabilised in the long run. Markets also need money."
EPFO had started investing ETFs in August last year. Trade Unions have been opposing the decision of the EPFO to invest ETFs in view of volatility in the stock markets.
The minister told the House that as per the pattern of Investment notified by Ministry of Labour & Employment on April 23, 2015, investment in equity and related investments is permitted from 5 to 15 per cent.
"The Central Board of Trustees (CBT), Employees' Provident Fund (EPF) has approved investment of only 5 per cent in ETFs.
At present, there is no proposal under consideration of the government to enhance this limit," Labour Minister Bandaru Dattatreya said in a written reply to Lok Sabha.
As on 30 June, the total amount invested by EPFO in ETFs is Rs 7,468 crore and the absolute return on the investment so far is 7.45 per cent.
Separately, the minister had earlier said: "There will be a CBT meeting before July 22. We may take a decision on the quantum of investments to be made in ETF. We are in discussions with Bombay and National Stock Exchanges also. The investment will certainly increase (over last year).
"The Finance Ministry gave us clearance to invest from 5 to 15 per cent. It is a long term investment. It may be up to 10 to 12 per cent depending upon the market conditions. We expect the markets would be stabilised in the long run. Markets also need money."
EPFO had started investing ETFs in August last year. Trade Unions have been opposing the decision of the EPFO to invest ETFs in view of volatility in the stock markets.
The minister told the House that as per the pattern of Investment notified by Ministry of Labour & Employment on April 23, 2015, investment in equity and related investments is permitted from 5 to 15 per cent.
Rupee Ends Lower At 67.20 On Dollar Demand
-
The rupee on Monday depreciated by 13 paise to end at 67.20 against the dollar owing to sustained demand for the American currency from banks and importers.
Sluggish local equities even put more pressure on the domestic unit despite weak dollar overseas.
Trading sentiment was by and large tepid as traders refrained from taking any fresh positions and anxiously awaiting the announcement of the next RBI governor, a forex dealer commented.
The domestic currency opened substantially lower at 67.15 a dollar against last Friday's closing value of 67.07 at the interbank foreign exchange (forex) market here due to increased demand for the American unit.
But it reversed most of its initial losses in late morning deal and rebounded smartly to hit a fresh intraday high of 67.0525 following fresh dollar selling by exporters.
However, the recovery proved shortlived in absence of any positive economic indicators and witnessed a sharp reversal in afternoon session to touch a low of 67.21 before ending at 67.20, revealing a loss of 13 paise, or 0.19 per cent.
The rupee had dropped 16 paise to 67.07 last Friday.
Meanwhile, RBI Governor Raghuram Rajan on Monday said the current level of the rupee is "pretty reasonable" and any attempt to devalue it may lead to a surge in inflationary pressures and "offset any benefits".
He also said that India has to go a long way to reach the per capita GDP level of China and needs many more years of sustainable strong growth.
The RBI fixed the reference rate for the dollar at 67.1015 and the euro at 74.1673.
In cross-currency trades, the rupee rebounded sharply against the pound sterling to finish at 89.06 compared to 89.51 last weekend and also firmed up against the euro to end at 74.28 from 74.65.
The domestic unit, however, declined further against the Japanese yen to settle at 63.56 per 100 yen from 63.34 earlier.
In the meantime, country's exports turned positive after 18 months in June, recording a growth of 1.27 per cent, pushed up by increase in shipments of agri commodities, pharmaceuticals and engineering goods.
The merchandise exports totalled $22.57 billion as against $22.28 billion in the same month last year.
Rising exports and decline in imports also brought down the trade deficit in June to USD 8.11 billion as against $10.82 billion in the year-ago month.
Foreign portfolio investors (FPIs) bought securities worth Rs 4,061.22 crore last week as per market regulator Sebi's record including the provisional figure for July 15.
In worldwide trade, the US dollar traded in a remarkably tight range despite robust macro data outcome and record high for equities, as calm returned to the currency market after a failed weekend coup in Turkey.
The US dollar index, which measures the greenback's strength against a trade-weighted basket of six major currencies, was down 0.06 per cent at 96.64 in early trade.
Crude prices edged lower in Asian trade on easing concerns over supply disruption as investors digested the news that a military coup that broke in Turkey over the weekend has failed.
In the forward market, premium for dollar moved down on mild receivings from exporters.
The benchmark six-month premium for December softened to 181-181.75 paise from 182.5-183.5 paise and forward June 2017 contract also fell to 379.25-379.75 paise as compared to 381.5-382.5 pasie last weekend.
Meanwhile, the flagship benchmark Sensex dropped further by 89.84 points to end at 27,746.66 due to sustained profit-taking ahead of the earnings season. The broader Nifty also lost nearly 33 points to settle at 8,508.70.
Sluggish local equities even put more pressure on the domestic unit despite weak dollar overseas.
Trading sentiment was by and large tepid as traders refrained from taking any fresh positions and anxiously awaiting the announcement of the next RBI governor, a forex dealer commented.
The domestic currency opened substantially lower at 67.15 a dollar against last Friday's closing value of 67.07 at the interbank foreign exchange (forex) market here due to increased demand for the American unit.
But it reversed most of its initial losses in late morning deal and rebounded smartly to hit a fresh intraday high of 67.0525 following fresh dollar selling by exporters.
However, the recovery proved shortlived in absence of any positive economic indicators and witnessed a sharp reversal in afternoon session to touch a low of 67.21 before ending at 67.20, revealing a loss of 13 paise, or 0.19 per cent.
The rupee had dropped 16 paise to 67.07 last Friday.
Meanwhile, RBI Governor Raghuram Rajan on Monday said the current level of the rupee is "pretty reasonable" and any attempt to devalue it may lead to a surge in inflationary pressures and "offset any benefits".
He also said that India has to go a long way to reach the per capita GDP level of China and needs many more years of sustainable strong growth.
The RBI fixed the reference rate for the dollar at 67.1015 and the euro at 74.1673.
In cross-currency trades, the rupee rebounded sharply against the pound sterling to finish at 89.06 compared to 89.51 last weekend and also firmed up against the euro to end at 74.28 from 74.65.
The domestic unit, however, declined further against the Japanese yen to settle at 63.56 per 100 yen from 63.34 earlier.
In the meantime, country's exports turned positive after 18 months in June, recording a growth of 1.27 per cent, pushed up by increase in shipments of agri commodities, pharmaceuticals and engineering goods.
The merchandise exports totalled $22.57 billion as against $22.28 billion in the same month last year.
Rising exports and decline in imports also brought down the trade deficit in June to USD 8.11 billion as against $10.82 billion in the year-ago month.
Foreign portfolio investors (FPIs) bought securities worth Rs 4,061.22 crore last week as per market regulator Sebi's record including the provisional figure for July 15.
In worldwide trade, the US dollar traded in a remarkably tight range despite robust macro data outcome and record high for equities, as calm returned to the currency market after a failed weekend coup in Turkey.
The US dollar index, which measures the greenback's strength against a trade-weighted basket of six major currencies, was down 0.06 per cent at 96.64 in early trade.
Crude prices edged lower in Asian trade on easing concerns over supply disruption as investors digested the news that a military coup that broke in Turkey over the weekend has failed.
In the forward market, premium for dollar moved down on mild receivings from exporters.
The benchmark six-month premium for December softened to 181-181.75 paise from 182.5-183.5 paise and forward June 2017 contract also fell to 379.25-379.75 paise as compared to 381.5-382.5 pasie last weekend.
Meanwhile, the flagship benchmark Sensex dropped further by 89.84 points to end at 27,746.66 due to sustained profit-taking ahead of the earnings season. The broader Nifty also lost nearly 33 points to settle at 8,508.70.
Sebi Issues Draft Paper On REIT To Attract Investors, Realtors
-
With an aim to make REITs more attractive to investors and real estate players, regulator Sebi on Monday proposed relaxed norms for related party transactions and allowed these Trusts to invest more in under-construction assets.
Sebi also proposed removal of restrictions on REITs (Real Estate Investment Trusts) relating to investment in special purpose vehicle (SPV) structures while norms relating to related party transactions would also be eased.
The proposed move would allow up to 20 per cent investment by REITs in under-construction projects, up from a maximum of 10 per cent allowed currently.
Besides, relaxations would be made to provisions relating to compliance of minimum public holding norms as also for investments by associate entities of trustees, as per the consultation paper.
The draft papers have been put in place after Sebi's board last month approved a proposal for issuance of a consultation paper to amend the REIT regulations.
The Securities and Exchange Board of India (Sebi) has sought public comments on the consultation paper till August 7 and final norms will be framed after taking into account suggestion of all the stakeholders.
Sebi had notified the REIT Regulations in 2014, allowing setting up and listing of such Trusts, which are very popular in some advanced markets. However, no single Trust has been set up as yet as investors wanted further measures, including tax breaks, to make these instruments more attractive.
While the government provided for certain tax benefits in the Budget this year, Sebi has now proposed to relax the rules.
India's real estate sector has grown rapidly in recent years and the growing scale of operations of the corporate sector has increased demand for commercial buildings, office spaces, shopping centres, warehouses and conference centres.
For such assets, REITs have been preferred investment vehicles globally and can be so in India too.
One of the major proposals relates to allowing REITs to invest up to 20 per cent in under-construction projects while at least 80 per cent should continue to be invested in completed and rent-generating properties.
"REIT may be permitted to invest up to 20 per cent of value of the REIT assets in under-construction assets, securities of companies or body corporate in real estate sector, government securities, money market instruments etc.
Further, the current requirement of at least 80 per cent investment in completed and rent generating properties shall continue as it is," the draft paper noted.
The proposal would provide greater flexibility to the REIT manager in determining the composition of REIT and also help widen the portfolio and the size of REIT by adding projects that are at various stages of construction.
Sebi also proposed removal of restrictions on REITs (Real Estate Investment Trusts) relating to investment in special purpose vehicle (SPV) structures while norms relating to related party transactions would also be eased.
The proposed move would allow up to 20 per cent investment by REITs in under-construction projects, up from a maximum of 10 per cent allowed currently.
Besides, relaxations would be made to provisions relating to compliance of minimum public holding norms as also for investments by associate entities of trustees, as per the consultation paper.
The draft papers have been put in place after Sebi's board last month approved a proposal for issuance of a consultation paper to amend the REIT regulations.
The Securities and Exchange Board of India (Sebi) has sought public comments on the consultation paper till August 7 and final norms will be framed after taking into account suggestion of all the stakeholders.
Sebi had notified the REIT Regulations in 2014, allowing setting up and listing of such Trusts, which are very popular in some advanced markets. However, no single Trust has been set up as yet as investors wanted further measures, including tax breaks, to make these instruments more attractive.
While the government provided for certain tax benefits in the Budget this year, Sebi has now proposed to relax the rules.
India's real estate sector has grown rapidly in recent years and the growing scale of operations of the corporate sector has increased demand for commercial buildings, office spaces, shopping centres, warehouses and conference centres.
For such assets, REITs have been preferred investment vehicles globally and can be so in India too.
One of the major proposals relates to allowing REITs to invest up to 20 per cent in under-construction projects while at least 80 per cent should continue to be invested in completed and rent-generating properties.
"REIT may be permitted to invest up to 20 per cent of value of the REIT assets in under-construction assets, securities of companies or body corporate in real estate sector, government securities, money market instruments etc.
Further, the current requirement of at least 80 per cent investment in completed and rent generating properties shall continue as it is," the draft paper noted.
The proposal would provide greater flexibility to the REIT manager in determining the composition of REIT and also help widen the portfolio and the size of REIT by adding projects that are at various stages of construction.
Dabur Acquires South African Cosmetic Firm Discaria Trading
-
Homegrown FMCG major Dabur on Monday said it has acquired South Africa-based Discaria Trading (PTY) Ltd, a firm engaged in manufacturing and trading of cosmetics, for an undisclosed amount.
Dabur International, a wholly-owned subsidiary of Dabur has completely acquired Discaria Trading on July 14, 2016, the company informed BSE.
It "has been acquired to do the business of manufacturing and trading of cosmetics products in South Africa," Dabur said.
Without disclosing the amount involved in the transaction, the company said: "Nature of consideration shall be in cash".
Following the acquisition, "Discaria Trading has become a
step down wholly-owned subsidiary company of Dabur India Ltd with effect from July 14, 2016," it said.
It further informed that as the acquired firm is registered in South Africa, hence "no approval is required". Discaria Trading was incorporated in March 2015.
Shares of Dabur on Monday closed 0.55 per cent up at Rs 313.35 ascrip on BSE.
Dabur International, a wholly-owned subsidiary of Dabur has completely acquired Discaria Trading on July 14, 2016, the company informed BSE.
It "has been acquired to do the business of manufacturing and trading of cosmetics products in South Africa," Dabur said.
Without disclosing the amount involved in the transaction, the company said: "Nature of consideration shall be in cash".
Following the acquisition, "Discaria Trading has become a
step down wholly-owned subsidiary company of Dabur India Ltd with effect from July 14, 2016," it said.
It further informed that as the acquired firm is registered in South Africa, hence "no approval is required". Discaria Trading was incorporated in March 2015.
Shares of Dabur on Monday closed 0.55 per cent up at Rs 313.35 ascrip on BSE.
General Awareness
Vice President Hamid Ansari unveils Gandhi’s stone statue in Mongolian monastery
- Indian Vice President Hamid Ansari has unveiled a stone statue of Mahatma Gandhi at Pethub Monastery in the Ulaanbaatar that is seen as symbol of India-Mongolia cultural and spiritual ties.
- After unveiling the statue of the ‘Father of the Nation’, the Vice President also went around the monastery founded by former Indian ambassador Kushok Bakula
- The Pethub Monastery, considered as symbol of India-Mongolia cultural and spiritual ties, was inaugurated in August, 1999 by Indian Vice President Krishan Kant.
- Rinpoche named his monastery as ‘Pethub’, which in Tibetan means a model or exemplary. The name is drawn from the main monastery in Ladakh which is also known as Spituk Monastery and is over 800 years old.
- Ansari also founded the monastery after feeling an urgent need to revive Buddhism and for establishing it, Rinpoche chose a tract of land in the city so that it turn out to be more accessible to the people.
Mongolia:
♦ Capital: Ulaanbaatar
♦ Currency: Mongolian tögrög
♦ President: TsakhiagiinElbegdorj
♦ Prime minister: Chimed Saikhanbileg
- After unveiling the statue of the ‘Father of the Nation’, the Vice President also went around the monastery founded by former Indian ambassador Kushok Bakula
- The Pethub Monastery, considered as symbol of India-Mongolia cultural and spiritual ties, was inaugurated in August, 1999 by Indian Vice President Krishan Kant.
- Rinpoche named his monastery as ‘Pethub’, which in Tibetan means a model or exemplary. The name is drawn from the main monastery in Ladakh which is also known as Spituk Monastery and is over 800 years old.
- Ansari also founded the monastery after feeling an urgent need to revive Buddhism and for establishing it, Rinpoche chose a tract of land in the city so that it turn out to be more accessible to the people.
Mongolia:
♦ Capital: Ulaanbaatar
♦ Currency: Mongolian tögrög
♦ President: TsakhiagiinElbegdorj
♦ Prime minister: Chimed Saikhanbileg
♦ Capital: Ulaanbaatar
♦ Currency: Mongolian tögrög
♦ President: TsakhiagiinElbegdorj
♦ Prime minister: Chimed Saikhanbileg
No comments:
Post a Comment