General Affairs
Indians Living Abroad Can Now Send Funds Online For Flagship Schemes
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NEW DELHI: Non-Resident Indians (NRIs) and Persons of Indian Origins (PIOs) will now be able to make monetary contributions online for government's flagship programmes 'Swachch Bharat' and Clean Ganga among other social sector projects, External Affairs Minister Sushma Swaraj announced in New Delhi today.
Ms Swaraj said this while chairing a meeting of the India Development Foundation of Overseas Indians (IDF-OI), a not-for-profit trust established by government of India with an aim to supplement country's social development efforts.
"Facilitating diaspora's desire to give back to India. EAM chairs 6th Board Meeting of IDF-OI in Delhi @GivingtoIndia," External Affairs Ministry Spokesperson Vikas Swarup said.The minister also unveiled IDF-OI's Online Payment Gateway at the Meeting. "Glad to inform that NRIs/PIOs will now be able to make contributions online to IDF-OI, by using their credit/debit cards," Ms Swaraj was quoted as saying.
During the meet, the Board Members discussed ways to enhance diaspora engagement with India's social sector.
IDF-OI is presently promoting Government of India's flagship programmes- Swachh Bharat and National Mission for Clean Ganga.
IDF-OI, which leads overseas Indian philanthropy into India, is also partnering with the state governments to select projects identified by the states and seek overseas Indians' engagement with these projects.
Ms Swaraj said this while chairing a meeting of the India Development Foundation of Overseas Indians (IDF-OI), a not-for-profit trust established by government of India with an aim to supplement country's social development efforts.
"Facilitating diaspora's desire to give back to India. EAM chairs 6th Board Meeting of IDF-OI in Delhi @GivingtoIndia," External Affairs Ministry Spokesperson Vikas Swarup said.The minister also unveiled IDF-OI's Online Payment Gateway at the Meeting. "Glad to inform that NRIs/PIOs will now be able to make contributions online to IDF-OI, by using their credit/debit cards," Ms Swaraj was quoted as saying.
IDF-OI is presently promoting Government of India's flagship programmes- Swachh Bharat and National Mission for Clean Ganga.
IDF-OI, which leads overseas Indian philanthropy into India, is also partnering with the state governments to select projects identified by the states and seek overseas Indians' engagement with these projects.
Confident Of Getting GST Bill Passed In Parliament: Rajnath Singh
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BENGALURU: Union Home Minister Rajnath Singh today expressed confidence over getting the long-pending the Goods and Services Tax bill passed in parliament.
"We are getting constitution amended for GST on which discussions have been on since long...since Congress' time. I am confident that we will do those amendments and pass the GST," Mr Singh said.
"Due to lot of structural and procedural changes that we have brought in and due to foreign direct investments, also by integrating certain new things to our economic system we can proudly say that India is today the fastest growing economy in the world," he said, addressing 'Karnataka Raju Kshatriya Samavesha' function.
The proposed GST will subsume most of the indirect taxes. Government has listed the Constitutional Amendment Bill for introduction of GST in the Rajya Sabha for consideration and passage next week.
Praising the administration of Maharaja Krishnadevaraya of Vijayanagara empire, who ruled between 1509-1530, Singh said during his rule the great king had brought in some structural and procedural reforms, like the Prime Minister Narendra Modi-led government is trying to bring in today.
He said Krishnadevaraya for the first time eliminated several old and outdated laws and replaced them with new ones, keeping the welfare of the people in mind.
Highlighting the prosperity of the Vijayanagara Empire, Singh said "For the progress of India there is need for foreign direct investment, you will be surprised that even during Maharaja Krishnadevaraya's reign, foreigners used to come and invest here. That's the reason why his empire was prosperous."
"If you see now, our government also in the same way during the year 2015-16 has got our country USD 52 billion foreign direct investments.."
"Our government has eliminated as many as 1200 old laws in two years and we will replace them with new ones," he added.
"We are getting constitution amended for GST on which discussions have been on since long...since Congress' time. I am confident that we will do those amendments and pass the GST," Mr Singh said.
The proposed GST will subsume most of the indirect taxes. Government has listed the Constitutional Amendment Bill for introduction of GST in the Rajya Sabha for consideration and passage next week.
Praising the administration of Maharaja Krishnadevaraya of Vijayanagara empire, who ruled between 1509-1530, Singh said during his rule the great king had brought in some structural and procedural reforms, like the Prime Minister Narendra Modi-led government is trying to bring in today.
He said Krishnadevaraya for the first time eliminated several old and outdated laws and replaced them with new ones, keeping the welfare of the people in mind.
Highlighting the prosperity of the Vijayanagara Empire, Singh said "For the progress of India there is need for foreign direct investment, you will be surprised that even during Maharaja Krishnadevaraya's reign, foreigners used to come and invest here. That's the reason why his empire was prosperous."
"If you see now, our government also in the same way during the year 2015-16 has got our country USD 52 billion foreign direct investments.."
"Our government has eliminated as many as 1200 old laws in two years and we will replace them with new ones," he added.
Sonia Gandhi To Launch Congress Campaign In UP With Varanasi Roadshow
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VARANASI: Kicking off her poll campaign for the 2017 Uttar Pradesh Assembly election, Congress president Sonia Gandhi will hold a roadshow in Varanasi on August 2.
Thousands of supporters and party workers are likely to participate in Mrs Gandhi's roadshow which would cover nearly 8 km distance, passing through the busy and narrow lanes of the city, Congress District unit president Prajanath Sharma said.
She would also garland statues of Mahatma Gandhi, Rajiv Gandhi and Sardar Patel falling enroute, he said. At the Englishiyaline, Mrs Gandhi is expected to make a five minute speech and also garland the statue of Pandit Kamla Pati Tripathi, a former UP chief minister and union minister, Mr Sharma said.
Congress's UP Chief Ministerial candidate Sheila Dikshit and Ghulam Nabi Azad will also be present in the roadshow, he said.
The Congress chief is expected to take on Prime Minister Narendra Modi in his Loksabha constituency over "lack of development" despite his promise made during the 2014 Loksabha campaign to turn around the holy city. The roadshow is also aimed at rejuvenating her party workers ahead of the crucial Assembly polls.
She would target PM Modi over his much-hyped Clean Ganga initiative, highlighting the river's "plight" in his constituency and also "expose" the Centre's Swachch Bharat Campaign in the temple city, the party district unit chief said.
Poll strategist Prashant Kishor, senior Congress leaders Salman Khurshid, Rana Goswami, Zafar Ali, Rajeshpati Tripathi, Rajesh Mishra, Ajay Rai along with other leaders are holding regular meetings for the success of the show. State president Raj Babbar along with several senior party leaders will arrive in the city this evening. They will camp here till August 2, Mr Sharma added.
Thousands of supporters and party workers are likely to participate in Mrs Gandhi's roadshow which would cover nearly 8 km distance, passing through the busy and narrow lanes of the city, Congress District unit president Prajanath Sharma said.
Congress's UP Chief Ministerial candidate Sheila Dikshit and Ghulam Nabi Azad will also be present in the roadshow, he said.
The Congress chief is expected to take on Prime Minister Narendra Modi in his Loksabha constituency over "lack of development" despite his promise made during the 2014 Loksabha campaign to turn around the holy city. The roadshow is also aimed at rejuvenating her party workers ahead of the crucial Assembly polls.
She would target PM Modi over his much-hyped Clean Ganga initiative, highlighting the river's "plight" in his constituency and also "expose" the Centre's Swachch Bharat Campaign in the temple city, the party district unit chief said.
Poll strategist Prashant Kishor, senior Congress leaders Salman Khurshid, Rana Goswami, Zafar Ali, Rajeshpati Tripathi, Rajesh Mishra, Ajay Rai along with other leaders are holding regular meetings for the success of the show. State president Raj Babbar along with several senior party leaders will arrive in the city this evening. They will camp here till August 2, Mr Sharma added.
PM Narendra Modi Urges People Not To Take Antibiotics Without Prescription
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NEW DELHI: Prime Minister Narendra Modi on Sunday urged people not to take antibiotic medicines without a doctor's prescription.
"The habit of taking antibiotics can create a big problem. It may give relief for some time, but you should never take an antibiotic without doctor's prescription," PM Modi said in his radio programme 'Mann Ki Baat'.
Self-medication in the use of antibiotics can lead to antibiotic resistance, he said.
"Government is committed to stop antibiotic resistance. You must have noticed that antibiotic medicine strips have a red line to warn you," the prime minister said.
He also urged people to be alert and prevent the spread of dengue which usually breaks out in the rainy season.
"Dengue can be prevented. We must be alert about cleanliness," PM Modi said.
"You must be seeing advertisements on TV, but sometimes we are indifferent. Government, hospitals and doctors will do their work, but you must be alert that dengue does not enter your household," he said.
"The habit of taking antibiotics can create a big problem. It may give relief for some time, but you should never take an antibiotic without doctor's prescription," PM Modi said in his radio programme 'Mann Ki Baat'.
Self-medication in the use of antibiotics can lead to antibiotic resistance, he said.
He also urged people to be alert and prevent the spread of dengue which usually breaks out in the rainy season.
"Dengue can be prevented. We must be alert about cleanliness," PM Modi said.
"You must be seeing advertisements on TV, but sometimes we are indifferent. Government, hospitals and doctors will do their work, but you must be alert that dengue does not enter your household," he said.
Government Open To Deliberating On Merger Of Oil Firms: Dharmendra Pradhan
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KOLKATA: Government is open to deliberating on the issue of mega merger of state-owned oil firms for creating a behemoth, Union Minister Dharmendra Pradhan said.
"The government plans to deliberate on the issue of merging the E&P companies and oil marketing firms in the public sector," the Minister for Petroleum and Natural Gas told PTI.
The state-owned oil companies are IOC, BPCL, HPCL, ONGC and OIL.
He said with crude oil prices falling, the profits and margins of state-owned E&P (exploration and production) firms ONGC and Oil India were getting eroded.
"Both ONGC and OIL are taking a hit on profits. The issue had been recently flagged by a director of one of the PSUs that it was in interest of the E&P firms to get merged with the oil marketing companies."
"There is nothing wrong in discussing the issue within the ministry," he said.
Regarding the mega refinery on the west coast, he said the process of land acquisition is yet to begin.
The proposed west coast mega refinery would come up in Maharashtra with a capacity of 60 million tonnes (in two phases).
Mr Pradhan said an SPV involving IOC, BPCL and HPCL has been formed for the project.
"The exact equity pattern, quantum of land required and the total investment required is to be decided by the promoters," Mr Pradhan said.
To a query, the minister said he did not foresee any problem regarding land acquisition for the project.
Asked about the government's response to private sector Reliance seeking subsidy for LPG distribution, Mr Pradhan said, "We are giving subsidised LPG through Public Sector Undertakings (PSUs) only because they are assigned to do that. Subsidy is involved in the issue".
Mr Pradhan said he would be going to the UK for a roadshow in September as the Indian PSUs had bid for small fields (oil and gas) in that country.
"The government plans to deliberate on the issue of merging the E&P companies and oil marketing firms in the public sector," the Minister for Petroleum and Natural Gas told PTI.
The state-owned oil companies are IOC, BPCL, HPCL, ONGC and OIL.
He said with crude oil prices falling, the profits and margins of state-owned E&P (exploration and production) firms ONGC and Oil India were getting eroded.
"Both ONGC and OIL are taking a hit on profits. The issue had been recently flagged by a director of one of the PSUs that it was in interest of the E&P firms to get merged with the oil marketing companies."
Regarding the mega refinery on the west coast, he said the process of land acquisition is yet to begin.
The proposed west coast mega refinery would come up in Maharashtra with a capacity of 60 million tonnes (in two phases).
Mr Pradhan said an SPV involving IOC, BPCL and HPCL has been formed for the project.
"The exact equity pattern, quantum of land required and the total investment required is to be decided by the promoters," Mr Pradhan said.
To a query, the minister said he did not foresee any problem regarding land acquisition for the project.
Asked about the government's response to private sector Reliance seeking subsidy for LPG distribution, Mr Pradhan said, "We are giving subsidised LPG through Public Sector Undertakings (PSUs) only because they are assigned to do that. Subsidy is involved in the issue".
Mr Pradhan said he would be going to the UK for a roadshow in September as the Indian PSUs had bid for small fields (oil and gas) in that country.
Business Affairs
Lok Sabha to take up Debt Recovery Bill On Monday, August 1st
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The government is scheduled to move in the Lok Sabha on Monday an amended bill to strengthen the debt recovery laws with an objective to improve the ease of doing business in the country.
Introduced in the Lok Sabha in May, the bill seeks to amend four legislations -- Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Sarfaesi) Act, 2002, the Recovery of Debts due to Banks and Financial Institutions Act, 1993, the Indian Stamp Act, 1899 and the Depositories Act, 1996.
Following the introduction, the Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions Bill, 2016 was referred to a Parliamentary Joint Committee.
As per the Lok Sabha schedule of legislative business for Monday, the Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Bill, 2016, as Reported by Joint Committee is listed for consideration and passing.
The government has come up with this legislation at a time when there is mounting concerns over loan recovery in view of stressed assets to the tune of over Rs 8 lakh crore in the banking system.
The legislation proposes to give the RBI powers to regulate asset reconstruction companies, prioritise secured creditors in repayment of debts and provide stamp duty exemption on loans assigned by banks and financial institutions to asset reconstruction firms.
Around 70,000 cases involving more than Rs 5 lakh crore are pending in Debt Recovery Tribunals (DRT) and the proposed amendments would facilitate expeditious disposal of recovery applications.
The government is scheduled to move in the Lok Sabha on Monday an amended bill to strengthen the debt recovery laws with an objective to improve the ease of doing business in the country.
Introduced in the Lok Sabha in May, the bill seeks to amend four legislations -- Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Sarfaesi) Act, 2002, the Recovery of Debts due to Banks and Financial Institutions Act, 1993, the Indian Stamp Act, 1899 and the Depositories Act, 1996.
Following the introduction, the Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions Bill, 2016 was referred to a Parliamentary Joint Committee.
As per the Lok Sabha schedule of legislative business for Monday, the Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Bill, 2016, as Reported by Joint Committee is listed for consideration and passing.
The government has come up with this legislation at a time when there is mounting concerns over loan recovery in view of stressed assets to the tune of over Rs 8 lakh crore in the banking system.
The legislation proposes to give the RBI powers to regulate asset reconstruction companies, prioritise secured creditors in repayment of debts and provide stamp duty exemption on loans assigned by banks and financial institutions to asset reconstruction firms.
Around 70,000 cases involving more than Rs 5 lakh crore are pending in Debt Recovery Tribunals (DRT) and the proposed amendments would facilitate expeditious disposal of recovery applications.
India to clock GDP growth of 7.5 % this fiscal: Deutsche
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The Indian economy is expected to grow 7.5 per cent this financial year, a tad lower than the median estimate of 7.6 per cent as the economic fundamentals of the country continue to lag, says a Deutsche Bank report.
According to the global financial services major, growth indicators such as PMI, industrial production, non-oil-non-gold imports, have either remained flat or recorded a sequential slowdown in April-June compared to the January-March levels, while inflation pressure has increased considerably in the second quarter of this year.
As per the latest results of the survey of professional forecasters released by the Reserve Bank, the median expectation for growth (gross value added in real terms) is 7.6 per cent and 7.8 per cent for this fiscal and 2017-18 respectively.
Since the survey was conducted in May this year, the forecasts do not incorporate the likely downward revisions to growth post Brexit.
Deutsche Bank's growth forecast for this fiscal is 7.5 per cent, which is a tad lower than the median estimate of 7.6 per cent.
For 2017-18, the report said "we have reduced our growth forecast post Brexit from 7.8 per cent to 7.6 per cent, factoring in increased uncertainty and weaker global growth in the medium term."
The direct impact from Brexit is unlikely to be material for India. But if it leads to prolonged uncertainty and lower global growth, as is expected, then India's growth should also get affected on the margin, it said.
The IMF, which released its latest World Economic Outlook forecasts post Brexit has indeed revised down India's growth projection to 7.4 per cent for this and next fiscal, factoring in the likely impact of Brexit and a sluggish investment recovery.
Indian economy grew 7.9 per cent in March quarter and recorded a five-year high growth rate of 7.6 per cent for the 2015-16 fiscal on robust manufacturing growth.
The Indian economy is expected to grow 7.5 per cent this financial year, a tad lower than the median estimate of 7.6 per cent as the economic fundamentals of the country continue to lag, says a Deutsche Bank report.
According to the global financial services major, growth indicators such as PMI, industrial production, non-oil-non-gold imports, have either remained flat or recorded a sequential slowdown in April-June compared to the January-March levels, while inflation pressure has increased considerably in the second quarter of this year.
As per the latest results of the survey of professional forecasters released by the Reserve Bank, the median expectation for growth (gross value added in real terms) is 7.6 per cent and 7.8 per cent for this fiscal and 2017-18 respectively.
Since the survey was conducted in May this year, the forecasts do not incorporate the likely downward revisions to growth post Brexit.
Deutsche Bank's growth forecast for this fiscal is 7.5 per cent, which is a tad lower than the median estimate of 7.6 per cent.
For 2017-18, the report said "we have reduced our growth forecast post Brexit from 7.8 per cent to 7.6 per cent, factoring in increased uncertainty and weaker global growth in the medium term."
The direct impact from Brexit is unlikely to be material for India. But if it leads to prolonged uncertainty and lower global growth, as is expected, then India's growth should also get affected on the margin, it said.
The IMF, which released its latest World Economic Outlook forecasts post Brexit has indeed revised down India's growth projection to 7.4 per cent for this and next fiscal, factoring in the likely impact of Brexit and a sluggish investment recovery.
Indian economy grew 7.9 per cent in March quarter and recorded a five-year high growth rate of 7.6 per cent for the 2015-16 fiscal on robust manufacturing growth.
Earnings, progress on GST Bill key for markets this week
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The next batch of quarterly earnings and progress on the much-awaited GST Bill would set the trend for stock market this week, say experts.
"Next batch of June corporate results, progress of monsoon rains, sentiments in global markets will set the market trend this week. Investors will continue to watch developments on the Goods and Services Tax (GST) constitutional amendment bill in Parliament," said Vijay Singhania, Founder-Director, Trade Smart Online.
Also, auto stocks will remain in focus this week. These companies will start unveiling monthly sales volume data for June, he added.
Moreover, on macroeconomic data front, PMI data on manufacturing and services sector would also influence trading.
The next batch of companies scheduled to announce June quarter earnings include HCL Technologies, Tech Mahindra, Indian Bank, Tata Power and GlaxoSmithKline Consumer Healthcare.
"Market movement this week will depend on quarterly result announcement. Along with this activities of foreign portfolio investors is going to be key," said Rohit Gadia, Founder & CEO, CapitalVia Global Research.
The government has listed the much-awaited GST bill for consideration and passage in Rajya Sabha's agenda for this week.
On a weekly basis, the Sensex rose by 248.62 points or 0.89 per cent and NSE Nifty perked up 97.30 points or 1.13 per cent. Both the indexes were up for a fifth straight month.
The next batch of quarterly earnings and progress on the much-awaited GST Bill would set the trend for stock market this week, say experts.
"Next batch of June corporate results, progress of monsoon rains, sentiments in global markets will set the market trend this week. Investors will continue to watch developments on the Goods and Services Tax (GST) constitutional amendment bill in Parliament," said Vijay Singhania, Founder-Director, Trade Smart Online.
Also, auto stocks will remain in focus this week. These companies will start unveiling monthly sales volume data for June, he added.
Moreover, on macroeconomic data front, PMI data on manufacturing and services sector would also influence trading.
The next batch of companies scheduled to announce June quarter earnings include HCL Technologies, Tech Mahindra, Indian Bank, Tata Power and GlaxoSmithKline Consumer Healthcare.
"Market movement this week will depend on quarterly result announcement. Along with this activities of foreign portfolio investors is going to be key," said Rohit Gadia, Founder & CEO, CapitalVia Global Research.
The government has listed the much-awaited GST bill for consideration and passage in Rajya Sabha's agenda for this week.
On a weekly basis, the Sensex rose by 248.62 points or 0.89 per cent and NSE Nifty perked up 97.30 points or 1.13 per cent. Both the indexes were up for a fifth straight month.
Steel imports see steepest decline in over a decade
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Import of steel, which has been a cause of much pain for the domestic industry in the past two years, fell over 30 per cent - the steepest decline in over a decade--in the first quarter of 2016/17 at under 1.8 million tonnes.
The fall was a direct result of a host of measures taken by the Indian government in the past 11 months including imposition of anti dumping duty, increasing import duties on various grades of steel and finally, and levying an import parity price to curb the alleged dumping of the commodity from China, Japan and Korea.
Imports had grown over 20 per cent in 2015/16 following an even more staggering 71 per cent growth in 2014/15. India has been the only major market to post an increase in consumption of steel in the past two years, a position it has retained in the first six months of 2016, and the increased imports meant countries like China and Japan benefited more from the higher demand than domestic companies like Steel Authority of India Ltd, Tata Steel, JSW Steel and Essar.
India was the third largest producer of steel in the first half of 2016 at 46.38 million tonnes, and is closing in on Japan that produced 52.6 mt of steel in the same period.
India's production grew by 2.7 per cent that was higher than all other major countries like China (-1.1 per cent), Japan (-1.1 per cent), US (0.2 per cent), Germany (-1.2 per cent), Russia (-1.3 per cent) and Brazil (-13 per cent).
The Indian government has set a production target of 200 million tonnes by 2020 that, if achieved, would easily see India overtake Japan as the second largest steel producing country in the world. By 2025, production is expected to hit 300 million tonnes.
"Indian steelmakers say they have made investments in new capacity to ramp up steel output this year by 10-12 million metric tonnes and need government policy against imports to protect their investments and the banks that financed them," says Charlotte Rao of Platts, S&P Global. "If Indian steelmakers maintain this level of production for the rest of 2016, India will likely produce 100 million metric tonnes of steel by the end of its current fiscal year in March 2017, and it would only narrowly miss toppling Japan as the world's second largest steelmaker after China."
Import of steel, which has been a cause of much pain for the domestic industry in the past two years, fell over 30 per cent - the steepest decline in over a decade--in the first quarter of 2016/17 at under 1.8 million tonnes.
The fall was a direct result of a host of measures taken by the Indian government in the past 11 months including imposition of anti dumping duty, increasing import duties on various grades of steel and finally, and levying an import parity price to curb the alleged dumping of the commodity from China, Japan and Korea.
Imports had grown over 20 per cent in 2015/16 following an even more staggering 71 per cent growth in 2014/15. India has been the only major market to post an increase in consumption of steel in the past two years, a position it has retained in the first six months of 2016, and the increased imports meant countries like China and Japan benefited more from the higher demand than domestic companies like Steel Authority of India Ltd, Tata Steel, JSW Steel and Essar.
India was the third largest producer of steel in the first half of 2016 at 46.38 million tonnes, and is closing in on Japan that produced 52.6 mt of steel in the same period.
India was the third largest producer of steel in the first half of 2016 at 46.38 million tonnes, and is closing in on Japan that produced 52.6 mt of steel in the same period.
India's production grew by 2.7 per cent that was higher than all other major countries like China (-1.1 per cent), Japan (-1.1 per cent), US (0.2 per cent), Germany (-1.2 per cent), Russia (-1.3 per cent) and Brazil (-13 per cent).
The Indian government has set a production target of 200 million tonnes by 2020 that, if achieved, would easily see India overtake Japan as the second largest steel producing country in the world. By 2025, production is expected to hit 300 million tonnes.
"Indian steelmakers say they have made investments in new capacity to ramp up steel output this year by 10-12 million metric tonnes and need government policy against imports to protect their investments and the banks that financed them," says Charlotte Rao of Platts, S&P Global. "If Indian steelmakers maintain this level of production for the rest of 2016, India will likely produce 100 million metric tonnes of steel by the end of its current fiscal year in March 2017, and it would only narrowly miss toppling Japan as the world's second largest steelmaker after China."
Sebi asks public at large to keep away from PACL properties
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Market regulator Sebi today asked the public at large not to deal with any property where PACL and its promoters have interests, following a Supreme Court order.
PACL, which had raised money from the public in the name of agriculture and real estate businesses, was found by Sebi to have collected these funds through illegal collective investment schemes over a period of 18 years. The watchdog is looking to recover around Rs 60,000 crore for repayment to investors in the case.
In a release today, Sebi said that public at large are advised "not to deal with any of the properties wherein PACL Ltd and/or its directors/promoters/agents/employees/group and/or associate companies directly or indirectly have any interest".
On July 25, the Supreme Court restrained PACL, its "directors/promoters/agents/employees/group and/or associate companies are restrained from in any manner selling/ transferring/alienating any of the properties" wherein the company has an interest, either in within or outside India.
Market regulator Sebi today asked the public at large not to deal with any property where PACL and its promoters have interests, following a Supreme Court order.
PACL, which had raised money from the public in the name of agriculture and real estate businesses, was found by Sebi to have collected these funds through illegal collective investment schemes over a period of 18 years. The watchdog is looking to recover around Rs 60,000 crore for repayment to investors in the case.
In a release today, Sebi said that public at large are advised "not to deal with any of the properties wherein PACL Ltd and/or its directors/promoters/agents/employees/group and/or associate companies directly or indirectly have any interest".
On July 25, the Supreme Court restrained PACL, its "directors/promoters/agents/employees/group and/or associate companies are restrained from in any manner selling/ transferring/alienating any of the properties" wherein the company has an interest, either in within or outside India.
General Awareness
Indian-American Girl Sruthi Palaniappan Becomes Youngest Delegate At Democratic National Convention
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As like icing a cake, Sruthi Palaniappan, 18-year-old Indo-American has become the youngest delegate at the Democratic National Convention which has nominated Hillary Clinton as the party’s presidential candidate.
What is Democratic National Convention:-
The Democratic National Convention (DNC) is a symposium of presidential nominating conventions held every four years since 1832 by the United States Democratic Party.
i. The primary goal of the Democratic National Convention is to nominate and confirm a candidate for president and vice president, adopt a comprehensive party platform and unify the party.
ii. Pledged delegates from all fifty U.S. states and from American dependencies and territories such as Puerto Rico and the Virgin Islands, and super delegates which are unpledged delegates representing the Democratic establishment, attend the convention and cast their votes to choose the Party’s presidential candidate.
iii. They have been administered by the Democratic National Committee since the 1852 national convention. The declarations of DNC for 2016 as follows,
Location Permanent Chairperson Platform
Presidential Nominee
[acceptance speech] Vice Presidential Nominee Wells Fargo center, Philadelphia Marcia Fudge (Ohio) TBD Hilary Clinton (New York) Tim Kaine (Virginia)
Sruthi Palaniappan:-
- This great news is confirmed that Sruthi Palaniappan is the youngest delegate at the DNC and it is also noted that Hilary Clinton is also the first ever Woman Candidate for the US president nominations.
- Sruthi Palaniapan is a student of the prestigious Harvard University and an ardent supporter of Hilary Clinton, to make her as the first ever woman president of the United States.
- She is from Cedar Rapids and his father Palaniappan Addiappan also a member of the Credential Committee and attending the convention meeting.
- Being sruthi as the youngest delegate, on the contrary Jerry Emmett of Arizonais the oldest delegate of the DNC at the age of 102.
- Sruthi made history, when she was given an opportunity to represent Iowa during roll call votes and sruthi was merely impressed by Obama’s speech and popped up that she has been able to immerse herself at every step along the way and witness the political process first-hand.
About AMERICA :
♦ Capital – Washington D.C.
♦ Currency – US Dollar
♦ President – Barack Obama
As like icing a cake, Sruthi Palaniappan, 18-year-old Indo-American has become the youngest delegate at the Democratic National Convention which has nominated Hillary Clinton as the party’s presidential candidate.
What is Democratic National Convention:-
The Democratic National Convention (DNC) is a symposium of presidential nominating conventions held every four years since 1832 by the United States Democratic Party.
i. The primary goal of the Democratic National Convention is to nominate and confirm a candidate for president and vice president, adopt a comprehensive party platform and unify the party.
ii. Pledged delegates from all fifty U.S. states and from American dependencies and territories such as Puerto Rico and the Virgin Islands, and super delegates which are unpledged delegates representing the Democratic establishment, attend the convention and cast their votes to choose the Party’s presidential candidate.
iii. They have been administered by the Democratic National Committee since the 1852 national convention. The declarations of DNC for 2016 as follows,
ii. Pledged delegates from all fifty U.S. states and from American dependencies and territories such as Puerto Rico and the Virgin Islands, and super delegates which are unpledged delegates representing the Democratic establishment, attend the convention and cast their votes to choose the Party’s presidential candidate.
iii. They have been administered by the Democratic National Committee since the 1852 national convention. The declarations of DNC for 2016 as follows,
| Location | Permanent Chairperson | Platform | Presidential Nominee [acceptance speech] | Vice Presidential Nominee |
| Wells Fargo center, Philadelphia | Marcia Fudge (Ohio) | TBD | Hilary Clinton (New York) | Tim Kaine (Virginia) |
Sruthi Palaniappan:-
- This great news is confirmed that Sruthi Palaniappan is the youngest delegate at the DNC and it is also noted that Hilary Clinton is also the first ever Woman Candidate for the US president nominations.
- Sruthi Palaniapan is a student of the prestigious Harvard University and an ardent supporter of Hilary Clinton, to make her as the first ever woman president of the United States.
- She is from Cedar Rapids and his father Palaniappan Addiappan also a member of the Credential Committee and attending the convention meeting.
- Being sruthi as the youngest delegate, on the contrary Jerry Emmett of Arizonais the oldest delegate of the DNC at the age of 102.
- Sruthi made history, when she was given an opportunity to represent Iowa during roll call votes and sruthi was merely impressed by Obama’s speech and popped up that she has been able to immerse herself at every step along the way and witness the political process first-hand.
About AMERICA :
♦ Capital – Washington D.C.
♦ Currency – US Dollar
♦ President – Barack Obama
♦ Capital – Washington D.C.
♦ Currency – US Dollar
♦ President – Barack Obama
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