General Affairs
Saudi To Send Stranded Indian Workers Back At Its Own Expense
-
NEW DELHI: In a diplomatic victory for India, Saudi Arabia has agreed to give exit visas to hundreds of jobless Indian workers there and will send them back home at its own expense.
Making a suo motu statement in Rajya Sabha, External Affairs Minister Sushma Swaraj said Saudi Arabia has also agreed to provide free medical facility and food to the Indian workers stranded in camps and also allow those eligible to seek re-employment with other companies.
She said her deputy and Minister of State for External Affairs VK Singh was camping in Saudi Arabia since Tuesday evening and will return after formalising the arrangements for the Indian workers.
x
"I am happy to inform that the Saudi ruler has taken note of the plight of Indian workers... Saudi King has instructed the officials to resolve the issue in two days," she said. Saudi Arabia, Ms Swaraj said, has agreed to the Indian government's request to grant exit visas to the stranded worker.
It has also offered to transport the workers to India. "Government of India will not have to spend a penny on that," she said.
The Islamic nation has also permitted workers to take re-employment if other companies find them suitable, she said, adding that before departing, the Indian workers will register their claims of unpaid salaries and other dues with the Labour Office of Saudi Arabia.
Indian Embassy in Riyadh will follow up with the Labour Office of Saudi Arabia to get all the dues of workers cleared, she said.
The Minister said the Saudi ruler has also issued orders to provide free medical and food to Indian workers lodged in the camps apart from all civic amenities.
Thanking the Saudi ruler, she said this was possible because of the personal and diplomatic relationship stuck by Prime Minister Narendra Modi during his recent visit to Islamic nation.
Leader of the Opposition Ghulam Nabi Azad complimented the Indian and the Saudi governments for reaching a solution on the issue.
Making a suo motu statement in Rajya Sabha, External Affairs Minister Sushma Swaraj said Saudi Arabia has also agreed to provide free medical facility and food to the Indian workers stranded in camps and also allow those eligible to seek re-employment with other companies.
x
"I am happy to inform that the Saudi ruler has taken note of the plight of Indian workers... Saudi King has instructed the officials to resolve the issue in two days," she said. Saudi Arabia, Ms Swaraj said, has agreed to the Indian government's request to grant exit visas to the stranded worker.
It has also offered to transport the workers to India. "Government of India will not have to spend a penny on that," she said.
The Islamic nation has also permitted workers to take re-employment if other companies find them suitable, she said, adding that before departing, the Indian workers will register their claims of unpaid salaries and other dues with the Labour Office of Saudi Arabia.
Indian Embassy in Riyadh will follow up with the Labour Office of Saudi Arabia to get all the dues of workers cleared, she said.
The Minister said the Saudi ruler has also issued orders to provide free medical and food to Indian workers lodged in the camps apart from all civic amenities.
Thanking the Saudi ruler, she said this was possible because of the personal and diplomatic relationship stuck by Prime Minister Narendra Modi during his recent visit to Islamic nation.
Leader of the Opposition Ghulam Nabi Azad complimented the Indian and the Saudi governments for reaching a solution on the issue.
Rajnath Singh Briefs PM Narendra Modi On His Pakistan Visit
-
NEW DELHI: On his return from Islamabad, Home Minister Rajnath Singh today briefed Prime Minister Narendra Modi on his visit to attend the seventh conference of Internal Ministers of SAARC countries.
Official sources said Mr Singh rushed to meet PM Modi straight from the airport to "brief" him about the events during his visit to Pakistan.
They said Mr Singh informed PM Modi about the speech he made at the conference, his interactions on the sidelines with the leaders, and deliberations during the official sessions.
x
Mr Singh arrived in Delhi by a BSF plane at around 4.30 pm and cancelled his scheduled press briefing at the airport to meet PM Modi.
In Islamabad, Mr Singh had delivered a stern speech asking Pakistan to stop encouraging terror groups and "glorification" of terrorists and also called for "strongest action" against nations supporting terrorism and their isolation.
Without mincing any words amid the strain in Indo-Pak relations, Mr Singh said mere condemnation of terrorism and terrorists is not enough and that there are "no good terrorists or bad terrorists".
Mr Singh's comments came against the backdrop of Pakistan Prime Minister Nawaz Sharif's praise of terrorist Burhan Wani who was killed in an encounter in Jammu and Kashmir on July 8 and his description of the Hizbul Mujahideen commander as a martyr, much to India's ire.
Official sources said Mr Singh rushed to meet PM Modi straight from the airport to "brief" him about the events during his visit to Pakistan.
They said Mr Singh informed PM Modi about the speech he made at the conference, his interactions on the sidelines with the leaders, and deliberations during the official sessions.
x
Mr Singh arrived in Delhi by a BSF plane at around 4.30 pm and cancelled his scheduled press briefing at the airport to meet PM Modi.
In Islamabad, Mr Singh had delivered a stern speech asking Pakistan to stop encouraging terror groups and "glorification" of terrorists and also called for "strongest action" against nations supporting terrorism and their isolation.
Without mincing any words amid the strain in Indo-Pak relations, Mr Singh said mere condemnation of terrorism and terrorists is not enough and that there are "no good terrorists or bad terrorists".
Mr Singh's comments came against the backdrop of Pakistan Prime Minister Nawaz Sharif's praise of terrorist Burhan Wani who was killed in an encounter in Jammu and Kashmir on July 8 and his description of the Hizbul Mujahideen commander as a martyr, much to India's ire.
Nitish Kumar Phones Finance Minister Jaitley With Special Offer For GST
-
PATNA : The government has to really beat the clock to meet its deadline of implementing the Goods and Services Tax or GST in April next year.
The proposal for the GST, India's biggest ever tax reform, was cleared by the Rajya Sabha yesterday, in what has been described as one of Prime Minister Narendra Modi's biggest wins since he came to power. It's guaranteed an easy passage in the Lok Sabha, where the government has an ample majority. Then, the GST must be cleared by at least 15 of the 29 states - the government today said it wants to get this accomplished within the next 30 days.
Bihar Chief Minister Nitish Kumar, usually not in league with Prime Minister Narendra Modi, has said he's ready to do his bit for the GST, which replaces a messy retinue of tariffs with a national sales tax, making it easier to do business.
x
The Bihar Assembly ended its monsoon session today, but Mr Kumar phoned Finance Minister Arun Jaitley, offering to convene a special sitting to sign off on the proposal. The Chief Minister has earlier said that the GST could add about 8,000 crores to Bihar's revenue every year.
What parliament and then states are in the process of approving is an amendment to the constitution that gives the government new taxation powers. Then, separate legislation will be sent for review on the rate of the new GST, as well as its scope.
State governments widely support the GST because it will boost their share of taxes and make cross-border trade far smoother. Their representatives will collaborate with the Finance Minister on deciding the rate. Though an 18% rate has been proposed by the government's own chief economic adviser, Finance Ministry officials say the tax is likely to be higher. The main opposition Congress party has said it will campaign against the GST if it is not capped at 18%.
States that produce goods have been assured that they will be compensated for five years by the centre for the losses they will incur since the GST is applied on consumption.
Experts warn that the challenge of setting up a new IT system, training up tens of thousands of tax officials and briefing companies on the change could delay the GST launch considerably.
The proposal for the GST, India's biggest ever tax reform, was cleared by the Rajya Sabha yesterday, in what has been described as one of Prime Minister Narendra Modi's biggest wins since he came to power. It's guaranteed an easy passage in the Lok Sabha, where the government has an ample majority. Then, the GST must be cleared by at least 15 of the 29 states - the government today said it wants to get this accomplished within the next 30 days.
x
The Bihar Assembly ended its monsoon session today, but Mr Kumar phoned Finance Minister Arun Jaitley, offering to convene a special sitting to sign off on the proposal. The Chief Minister has earlier said that the GST could add about 8,000 crores to Bihar's revenue every year.
What parliament and then states are in the process of approving is an amendment to the constitution that gives the government new taxation powers. Then, separate legislation will be sent for review on the rate of the new GST, as well as its scope.
State governments widely support the GST because it will boost their share of taxes and make cross-border trade far smoother. Their representatives will collaborate with the Finance Minister on deciding the rate. Though an 18% rate has been proposed by the government's own chief economic adviser, Finance Ministry officials say the tax is likely to be higher. The main opposition Congress party has said it will campaign against the GST if it is not capped at 18%.
States that produce goods have been assured that they will be compensated for five years by the centre for the losses they will incur since the GST is applied on consumption.
Experts warn that the challenge of setting up a new IT system, training up tens of thousands of tax officials and briefing companies on the change could delay the GST launch considerably.
AAP Releases First List Of 19 Candidates For Punjab Assembly Polls
-
NEW DELHI: Senior lawyers HS Phoolka and Himmat Singh Shergill figure in the first list of 19 candidates released by the Aam Aadmi Party (AAP) today for Punjab Assembly elections scheduled early next year.
Former BSP lawmaker Mohan Singh, a Dalit face, who had joined the AAP in June, will contest from Ferozepur rural.
Mr Phoolka, who had unsuccessfully contested Lok Sabha polls from Ludhiana on an AAP ticket, will be party candidate from Dakha.
x
The senior lawyer had led a campaign to get justice for the 1984 anti-Sikh riots victims and could be a strong contender for being projected as the party's chief ministerial face.
Mr Shergill will contest from SAS Nagar Mohali. He had also unsuccessfully contested on an AAP ticket from Anandpur Sahib Lok Sabha constituency.
Interestingly, the list was announced in the absence of Arvind Kejriwal, who is on a vipasana sojourn. AAP's Punjab co-convenor Durgesh Pathak is also away, attending a vipasana course.
The party intends to replicate the Delhi story in Punjab. When it contested its maiden election in the national capital in 2013, AAP had declared candidates way before the polling schedules were announced. According to a party leader, this gives the party an edge over others in terms of campaigning.
Former BSP lawmaker Mohan Singh, a Dalit face, who had joined the AAP in June, will contest from Ferozepur rural.
Mr Phoolka, who had unsuccessfully contested Lok Sabha polls from Ludhiana on an AAP ticket, will be party candidate from Dakha.
x
The senior lawyer had led a campaign to get justice for the 1984 anti-Sikh riots victims and could be a strong contender for being projected as the party's chief ministerial face.
Mr Shergill will contest from SAS Nagar Mohali. He had also unsuccessfully contested on an AAP ticket from Anandpur Sahib Lok Sabha constituency.
Interestingly, the list was announced in the absence of Arvind Kejriwal, who is on a vipasana sojourn. AAP's Punjab co-convenor Durgesh Pathak is also away, attending a vipasana course.
The party intends to replicate the Delhi story in Punjab. When it contested its maiden election in the national capital in 2013, AAP had declared candidates way before the polling schedules were announced. According to a party leader, this gives the party an edge over others in terms of campaigning.
PM Modi To Launch PMO App At Mygov Anniversary Event
-
NEW DELHI: Prime Minister Narendra Modi will on Saturday launch the new PMO app at a function organised by MyGov in Delhi, officials said.
The app would correspond to the website of the Prime Minister's Office (PMO).
"Interestingly, the team that won the contest to develop the app is a team of young engineering students from Delhi," MyGov Chief Executive Officer (CEO) Gaurav Dwivedi said today.
x
The government had launched a two-phased contest in March 2015 on MyGov platform for the development of PMO app. A team of six engineering students from Delhi Technical University won the contest and finally got to develop the app.
"Prime Minister Modi would launch the app during the second anniversary function of MyGov that we are organising here on August 6. The event will feature multiple panel discussions and the first ever 'town hall' to be addressed by the Prime Minister," Mr Dwivedi said.
It would be PM Modi's first 'town hall' address in the country. He had last year answered questions from the audience at a town hall event at the Facebook headquarters in the US.
Those who would get to interact with the Prime Minister in the town hall have been selected from among the regular users of MyGov platform, who have pitched in "quality suggestions" for various government programmes, the official said.
"We are trying to get a fair representation of people from across the country. Those who have been active on MyGov platform and have contributed with quality suggestions are being short-listed. But it is not an easy task given that the number of such participants is quite large," Mr Dwivedi said.
The day-long event will have panel discussions and see participation from union ministers and senior officials, he said.
MyGov was launched by PM Modi in July 2014 to provide opportunity to the people to participate in multiple theme-based discussions and share their thoughts.
The platform has several groups like Clean Ganga, Girl Child Education, Digital India, Food Security and Healthy India.
MyGov has 3.52 million registered members, 1,82,000 submissions in 491 tasks and 3.40 million comments in 590 discussion themes.
The app would correspond to the website of the Prime Minister's Office (PMO).
"Interestingly, the team that won the contest to develop the app is a team of young engineering students from Delhi," MyGov Chief Executive Officer (CEO) Gaurav Dwivedi said today.
x
The government had launched a two-phased contest in March 2015 on MyGov platform for the development of PMO app. A team of six engineering students from Delhi Technical University won the contest and finally got to develop the app.
It would be PM Modi's first 'town hall' address in the country. He had last year answered questions from the audience at a town hall event at the Facebook headquarters in the US.
Those who would get to interact with the Prime Minister in the town hall have been selected from among the regular users of MyGov platform, who have pitched in "quality suggestions" for various government programmes, the official said.
"We are trying to get a fair representation of people from across the country. Those who have been active on MyGov platform and have contributed with quality suggestions are being short-listed. But it is not an easy task given that the number of such participants is quite large," Mr Dwivedi said.
The day-long event will have panel discussions and see participation from union ministers and senior officials, he said.
MyGov was launched by PM Modi in July 2014 to provide opportunity to the people to participate in multiple theme-based discussions and share their thoughts.
The platform has several groups like Clean Ganga, Girl Child Education, Digital India, Food Security and Healthy India.
MyGov has 3.52 million registered members, 1,82,000 submissions in 491 tasks and 3.40 million comments in 590 discussion themes.
Business Affairs
How BofA-ML, CLSA, other foreign brokerages decoded GST Bill
-
Contrary to popular anticipation, the euphoria on the Goods and Services Tax (GST) Bill failed to last longer on the Dalal Street, with benchmark indices Sensex and Nifty turning flat on Thursday soon after the opening bell.
Below is how foreign brokerages decoded the GST Bill:
BofA-ML
While GST appears to be the most desirable measure from a taxation point of view, we think the market over-estimates benefits in calling it a game changer. Studies show that GST will raise GDP by 0.9-1.7 per cent and this benefit will likely accrue over a few years. GST Bill should also prod Reserve Bank of India (RBI) to cut interest rates at least by 25 basis points in its next monetary policy meeting due on August 09.
Nomura
Brokerage Nomura views the passage of GST Constitutional Amendment Bill as a game-changing reform, which it said is a testament to the government's ability to build consensus with the opposition.
It expected the GST will simplify and unify the indirect tax regime in the country, however short-term impact of the same could be mixed but long term positive.
Morgan Stanley
The GST bill will affect all factors of production and economics agents, said Morgan Stanley adding it will subsume other indirect taxes levied at the central and state levels. The brokerage believes implementation of the GST in the near term could bring some upturn in inflation.
JPMorgan
JPMorgan said GST is arguably one of India's most significant and ambitious reforms ever attempted, which will replaces a plethora of taxes - riddled with multiple rates, thresholds and exemptions. It added that GST rate should not pegged too high in the fear of revenue losses.
Citigroup
The impact of GST on CPI could be minimal if standard rate is kept at 18 per cent, said Citigroup adding there could be upward bias to inflation in the initial phase. The brokerage believes that assured compensation to states for revenue loss may pose challenges for the center.
"Over the medium term, the tax base is likely to increase as well as the collection efficiency. Some contentious issues still remain that could delay the rollout," said Citi.
Contrary to popular anticipation, the euphoria on the Goods and Services Tax (GST) Bill failed to last longer on the Dalal Street, with benchmark indices Sensex and Nifty turning flat on Thursday soon after the opening bell.
Below is how foreign brokerages decoded the GST Bill:
BofA-ML
While GST appears to be the most desirable measure from a taxation point of view, we think the market over-estimates benefits in calling it a game changer. Studies show that GST will raise GDP by 0.9-1.7 per cent and this benefit will likely accrue over a few years. GST Bill should also prod Reserve Bank of India (RBI) to cut interest rates at least by 25 basis points in its next monetary policy meeting due on August 09.
Nomura
Brokerage Nomura views the passage of GST Constitutional Amendment Bill as a game-changing reform, which it said is a testament to the government's ability to build consensus with the opposition.
Brokerage Nomura views the passage of GST Constitutional Amendment Bill as a game-changing reform, which it said is a testament to the government's ability to build consensus with the opposition.
It expected the GST will simplify and unify the indirect tax regime in the country, however short-term impact of the same could be mixed but long term positive.
Morgan Stanley
The GST bill will affect all factors of production and economics agents, said Morgan Stanley adding it will subsume other indirect taxes levied at the central and state levels. The brokerage believes implementation of the GST in the near term could bring some upturn in inflation.
The GST bill will affect all factors of production and economics agents, said Morgan Stanley adding it will subsume other indirect taxes levied at the central and state levels. The brokerage believes implementation of the GST in the near term could bring some upturn in inflation.
JPMorgan
JPMorgan said GST is arguably one of India's most significant and ambitious reforms ever attempted, which will replaces a plethora of taxes - riddled with multiple rates, thresholds and exemptions. It added that GST rate should not pegged too high in the fear of revenue losses.
Citigroup
The impact of GST on CPI could be minimal if standard rate is kept at 18 per cent, said Citigroup adding there could be upward bias to inflation in the initial phase. The brokerage believes that assured compensation to states for revenue loss may pose challenges for the center.
"Over the medium term, the tax base is likely to increase as well as the collection efficiency. Some contentious issues still remain that could delay the rollout," said Citi.
Govt working to roll out GST from April 1, 2017
-
Setting a target of April 1, 2017 for rollout of the Goods and Services Tax , the government on Thursday unveiled a detailed roadmap for its implementation and said it is aiming for an optimal rate of taxation though the final decision will be taken by the GST Council.
"What we need is an optimal (GST) rate ," Finance Minister Arun Jaitley said while addressing a press conference a day after the Rajya Sabha approved the historic Constitution Amendment Bill, paving way for a complete overhaul of the indirect tax regime in the country.
Once implemented, the GST will subsume various taxes including excise, services tax, octroi and other levies and the proceeds will be shared between the Centre and states.
On what would be the GST rate, Jaitley said the GST Council, which will comprise representatives of the Centre and states, will take a view and draw a balance taking into account the revenue requirements and the need to keep the tax rates low.
Talking about the roadmap for the GST rollout, Revenue Secretary Hasmukh Adhia said the government is looking at April 1, 2017 as the target date for implementation.
Within the next 30 days, we expect 50 per cent of the states-about 16-to approve the Constitution Amendment Bill, he said. The Bill, which was cleared by the Rajya Sabha last night, is likely to be approved by the Lok Sabha this week after incorporating changes made by the Upper House.
Jaitley said the government is working to roll out the GST as reasonably quick as possible. It is always good to set a stiff target, Jaitley said when asked about the April 2017 deadline.
Setting a target of April 1, 2017 for rollout of the Goods and Services Tax , the government on Thursday unveiled a detailed roadmap for its implementation and said it is aiming for an optimal rate of taxation though the final decision will be taken by the GST Council.
"What we need is an optimal (GST) rate ," Finance Minister Arun Jaitley said while addressing a press conference a day after the Rajya Sabha approved the historic Constitution Amendment Bill, paving way for a complete overhaul of the indirect tax regime in the country.
Once implemented, the GST will subsume various taxes including excise, services tax, octroi and other levies and the proceeds will be shared between the Centre and states.
On what would be the GST rate, Jaitley said the GST Council, which will comprise representatives of the Centre and states, will take a view and draw a balance taking into account the revenue requirements and the need to keep the tax rates low.
Talking about the roadmap for the GST rollout, Revenue Secretary Hasmukh Adhia said the government is looking at April 1, 2017 as the target date for implementation.
Within the next 30 days, we expect 50 per cent of the states-about 16-to approve the Constitution Amendment Bill, he said. The Bill, which was cleared by the Rajya Sabha last night, is likely to be approved by the Lok Sabha this week after incorporating changes made by the Upper House.
Jaitley said the government is working to roll out the GST as reasonably quick as possible. It is always good to set a stiff target, Jaitley said when asked about the April 2017 deadline.
GST may make telecom services costlier
-
It's going to be a tough call for telecom operators. With the GST bill cleared by the Rajya Sabha, the rates at which telecom services are taxed are set to rise.
The GST law, likely to come into force next April, will require consumers to pay more to access data and voice services. The impact is going to be felt by both pre-paid and post-paid users.
The current taxes paid by users are 15 per cent - 14 per cent service tax in addition to 0.5 per cent each on account of Swachh Bharat cess and Krishi Kalyan cess.
The final rate of GST is yet to be decided; it is likely to be around 18-20 per cent. In all cases, the monthly mobile bills are set to rise and talktime for pre-paid recharges will go down.
In case of 18 per cent, the customers will have to pay 3 per cent more. For instance, a monthly spending of Rs 1,000 on telecom services is likely to attract a tax of Rs 180, up from Rs 150 at the moment.
Experts say that telecom operators are expected to pass through the additional tax burden to end consumers.
However, GST is aimed to simplify tax structure and because of it, operators will benefit from cost efficiencies. "Telcos will get input tax credits in the medium term, and they might reduce the overall cost of their services," says an independent tax expert.
Will the rise in cost of telecom services affect consumption? No, says Rohit Chordia, senior telecom analyst at Kotak Institutional Equities.
"In the past four years, the service tax have gone up from 10 per cent to 14 per cent, yet the consumption of telecom services have grown. I think there will be marginal impact. The more important thing to look out for is the GST rate," he says.
Historically, telecom operators have followed a similar pricing strategy. Recently, the reduction in 4G data plans by Bharti Airtel led to Idea Cellular and Vodafone slashing their 4G rates as well.
Some analysts think that telecom operators will be in a dilemma with the impending launch of Reliance Jio which is likely to set unrealistic prices in order to gain market share.
It's going to be a tough call for telecom operators. With the GST bill cleared by the Rajya Sabha, the rates at which telecom services are taxed are set to rise.
The GST law, likely to come into force next April, will require consumers to pay more to access data and voice services. The impact is going to be felt by both pre-paid and post-paid users.
The current taxes paid by users are 15 per cent - 14 per cent service tax in addition to 0.5 per cent each on account of Swachh Bharat cess and Krishi Kalyan cess.
The final rate of GST is yet to be decided; it is likely to be around 18-20 per cent. In all cases, the monthly mobile bills are set to rise and talktime for pre-paid recharges will go down.
In case of 18 per cent, the customers will have to pay 3 per cent more. For instance, a monthly spending of Rs 1,000 on telecom services is likely to attract a tax of Rs 180, up from Rs 150 at the moment.
Experts say that telecom operators are expected to pass through the additional tax burden to end consumers.
However, GST is aimed to simplify tax structure and because of it, operators will benefit from cost efficiencies. "Telcos will get input tax credits in the medium term, and they might reduce the overall cost of their services," says an independent tax expert.
Will the rise in cost of telecom services affect consumption? No, says Rohit Chordia, senior telecom analyst at Kotak Institutional Equities.
"In the past four years, the service tax have gone up from 10 per cent to 14 per cent, yet the consumption of telecom services have grown. I think there will be marginal impact. The more important thing to look out for is the GST rate," he says.
Historically, telecom operators have followed a similar pricing strategy. Recently, the reduction in 4G data plans by Bharti Airtel led to Idea Cellular and Vodafone slashing their 4G rates as well.
Some analysts think that telecom operators will be in a dilemma with the impending launch of Reliance Jio which is likely to set unrealistic prices in order to gain market share.
Rupee recovers 8 paise to end at 66.91 against dollar
-
The rupee on Thursday recovered by 8 paise to close at 66.91 a dollar on foreign capital inflows and selling of the US currency by banks and exporters.
Fresh bout of dollar selling by exporters and persistent foreign capital inflows largely aided the recovery despite high volatility in domestic equities, a forex dealer said.
The passage of the Constitution Amendment bill on GST by the Rajya Sabha boosted hopes of more capital flows.
Meanwhile, FPIs continued to invest in stocks with net inflows of around Rs 560 crore, provisional BSE data showed.
Unveiling the biggest tax reform since Independence, the Rajya Sabha last night approved the GST bill to replace a raft of different state and local taxes with a single unified value added tax system to turn the country into world's biggest single market and boost growth in Asia's third-largest economy.
The rupee resumed firmly higher at 66.85 from Wednesday's closing value of 66.99 at the Interbank Foreign Exchange (Forex) market and gained further to 66.84, tracking firm local equities.
But it failed to maintain early momentum and retreated sharply to hit a low of 67 briefly due to renewed dollar demand from banks and importers.
However, rupee staged a strong come back towards the fag-end trade and ended firmly higher at 66.91, showing a gain of 8 paise, or 0.12 per cent.
It had dropped by 26 paise on Wednesday.
The US dollar index, which hit a more than four-month high on Wednesday, was up by 0.15 per cent at 95.67 in early trade.
Meanwhile, the RBI fixed the reference rate for the dollar at 66.9447 and euro at 74.5965.
In cross-currency trades, the rupee bounced back sharply against the pound sterling to finish at 87.94 as compared to 89.40 and rebounded against the euro to end at 74.42 from 75.02 on Wednesday.
The domestic currency also recouped against the Japanese yen to end at 66.01 per 100 yen from 66.26 earlier.
The rupee on Thursday recovered by 8 paise to close at 66.91 a dollar on foreign capital inflows and selling of the US currency by banks and exporters.
Fresh bout of dollar selling by exporters and persistent foreign capital inflows largely aided the recovery despite high volatility in domestic equities, a forex dealer said.
The passage of the Constitution Amendment bill on GST by the Rajya Sabha boosted hopes of more capital flows.
Meanwhile, FPIs continued to invest in stocks with net inflows of around Rs 560 crore, provisional BSE data showed.
Unveiling the biggest tax reform since Independence, the Rajya Sabha last night approved the GST bill to replace a raft of different state and local taxes with a single unified value added tax system to turn the country into world's biggest single market and boost growth in Asia's third-largest economy.
The rupee resumed firmly higher at 66.85 from Wednesday's closing value of 66.99 at the Interbank Foreign Exchange (Forex) market and gained further to 66.84, tracking firm local equities.
But it failed to maintain early momentum and retreated sharply to hit a low of 67 briefly due to renewed dollar demand from banks and importers.
However, rupee staged a strong come back towards the fag-end trade and ended firmly higher at 66.91, showing a gain of 8 paise, or 0.12 per cent.
It had dropped by 26 paise on Wednesday.
The US dollar index, which hit a more than four-month high on Wednesday, was up by 0.15 per cent at 95.67 in early trade.
Meanwhile, the RBI fixed the reference rate for the dollar at 66.9447 and euro at 74.5965.
In cross-currency trades, the rupee bounced back sharply against the pound sterling to finish at 87.94 as compared to 89.40 and rebounded against the euro to end at 74.42 from 75.02 on Wednesday.
The domestic currency also recouped against the Japanese yen to end at 66.01 per 100 yen from 66.26 earlier.
Govt plans to impart training to 400 mn skilled people in next few yrs
-
The government plans to impart training to 40 crore people in the next few years under the ambitious 'Skill India' initiative to meet its requirement of skilled labour, India's High Commissioner to the UK Navtej Singh Sarna said.
Sarna, who was the chief guest at a function organised by the Bharatiya Vidya Bhavan in New Delhi to celebrate India's Independence Day, said 70 years ago, there were many who questioned India's chances of survival, but it had proved them wrong because of values such as inclusivity, simplicity and truth, it followed.
Noting that 50 per cent of India's population is under the age of 25, a huge amount of energy waiting to propel us forward, he said in the next 7 to 8 years, we are expecting to achieve 99 per cent literacy.
"We are planning to train 400 million skilled people in the next few years under the 'Skill India' initiative to meet our requirement of skilled labour. We have set in motion an economic direction with very clear programmes of development answering these particular challenges," he said.
Similarly, 'Digital India' is the programme for a new age, and several other programmes that are aimed to harness India's huge potential. India is fortunate to have the Constitution that it has. The men and women who gave us a Constitution displayed unparalleled imagination that kept a huge population of incredible diversity together, Sarna said.
The Constitution is not a dead letter but one that kept pace with the changing times. It has been amended nearly a hundred times but has kept its basic structure, to ensure that the vision of India that existed in 1947 remains to this day.
He said today we have to thank all those faceless people who made India the beacon for the world. Despite all that has been achieved and all that remains to be achieved, India is today a leading example. In all of human history, a democratic experiment of this level has never been done or succeeded.
The economic success and prospects of India are now well recognised by most international organisations like the IMF, the World Bank.
"We have huge challenges of poverty, education and disease, but if we can't face them with our resources, and our survival instincts, not many can," he said.
Noting that India's culture and tradition are priceless, the Chairman of the Bhavan Joginder Sangar said that is what it stands for.
Keith Vaz, the longest serving Asian origin MP in the House of Commons described Joginder Sangar as anunofficial Ambassador between India and the UK.
Referring to Britain's vote to leave European Union, he said , "Now we have to look to India as main trading partner. Barry Gardiner the MP said Britain should now forge new relations with Commonwealth Countries, particularly India."
The government plans to impart training to 40 crore people in the next few years under the ambitious 'Skill India' initiative to meet its requirement of skilled labour, India's High Commissioner to the UK Navtej Singh Sarna said.
Sarna, who was the chief guest at a function organised by the Bharatiya Vidya Bhavan in New Delhi to celebrate India's Independence Day, said 70 years ago, there were many who questioned India's chances of survival, but it had proved them wrong because of values such as inclusivity, simplicity and truth, it followed.
Noting that 50 per cent of India's population is under the age of 25, a huge amount of energy waiting to propel us forward, he said in the next 7 to 8 years, we are expecting to achieve 99 per cent literacy.
"We are planning to train 400 million skilled people in the next few years under the 'Skill India' initiative to meet our requirement of skilled labour. We have set in motion an economic direction with very clear programmes of development answering these particular challenges," he said.
Similarly, 'Digital India' is the programme for a new age, and several other programmes that are aimed to harness India's huge potential. India is fortunate to have the Constitution that it has. The men and women who gave us a Constitution displayed unparalleled imagination that kept a huge population of incredible diversity together, Sarna said.
The Constitution is not a dead letter but one that kept pace with the changing times. It has been amended nearly a hundred times but has kept its basic structure, to ensure that the vision of India that existed in 1947 remains to this day.
He said today we have to thank all those faceless people who made India the beacon for the world. Despite all that has been achieved and all that remains to be achieved, India is today a leading example. In all of human history, a democratic experiment of this level has never been done or succeeded.
The economic success and prospects of India are now well recognised by most international organisations like the IMF, the World Bank.
"We have huge challenges of poverty, education and disease, but if we can't face them with our resources, and our survival instincts, not many can," he said.
Noting that India's culture and tradition are priceless, the Chairman of the Bhavan Joginder Sangar said that is what it stands for.
Keith Vaz, the longest serving Asian origin MP in the House of Commons described Joginder Sangar as anunofficial Ambassador between India and the UK.
Referring to Britain's vote to leave European Union, he said , "Now we have to look to India as main trading partner. Barry Gardiner the MP said Britain should now forge new relations with Commonwealth Countries, particularly India."
General Awareness
SAARC Interior Ministers and Immigration Authorities Meeting held in Islamabad, Pakisthan
-
The 7th meeting of SAARC Immigration Authorities was held in Islamabad, Pakistan on August 2. The meeting was chaired by Pakistan’s Director General Immigration and Passports Usman A. Bajwa.
About SAARC,
The South Asian Association for Regional Cooperation (SAARC) is regional intergovernmental organization and geo political union in South Asia. Its member states include Afghanistan, Bangladesh, Bhutan, India, Nepal, the Maldives, Pakistan and Sri Lanka. It was founded in Dhaka in 1985. Its secretariat is based in Kathmandu.
- SAARC compromises 3% of the world’s area, 21% of the world’s population and 9.12% of the global economy in 2015. The organization promotes development of economical and regional integration.
- It launched the South Asian Free Trade Area in 2006. SAARC maintains permanent diplomatic relations at the UN as an observer and has developed links with multilateral entities, including the EU.
- However, the organization continues to face many challenges. Disputes between nuclear rivals India and Pakistan have often clouded the union’s potential and progress.
Immigration Authorities Meeting(August 2-3, 2016):-
Pakistan’s Director General Immigration and Passports Usman A. Bajwa who was unanimously elected as Chairman chaired this meeting. Several Immigration authorities of the member countries presented in this meeting. The meeting emphasized three important factors regarding the immigration facilities of its member countries,
- To coordinate different areas to maximize the potential of visa exemption schemelaunched among the member countries
- To be deliberate on development of security software for SAARC visa exemption scheme and immigration matters.
- To implement Visa exemption scheme among SAARC countries in twenty-four categories including dignitaries, businessmen, journalists and sports persons.
Home Ministers Meeting(August 4-5, 2016):-
- The meeting of South Asian Association for Regional Cooperation (Saarc) interior ministers held in Islamabad with regional affairs, terrorism, prevention of drugs and human trafficking on its agenda.
- Prime Minister Nawaz Sharif inaugurated the two-day SAARC interior ministers meeting, which is attended by interior ministers from all Saarc states except for Bangladesh.
Indian-Occupied Kashmir became the hot topic at dais amid killings of over 50 innocent Kashmiri youth at the hands of Indian forces.
- Pakistan’s Interior Minister Chaudhry Nisar Ali Khan and Indian Counterpart Rajnath Singh indirectly sued each other with words relating to their nation’s morality.
It is noted that Indian Internal Minster put forward many applaudable points such as,
- “No good terrorists or bad terrorists“ ,
- Terrorism remains the biggest challenge and threat to our peace. South Asia continues to be deeply affected by this malady
- One country’s terrorist cannot be a martyr or freedom fighter for anyone. I also speak for the entire humanity.
- He demanded for the Convention includes ensuring effective measures so that those committing terrorist acts do not escape prosecution and punishment and also called for implementation of SAARC Regional Convention on Suppression of Terrorism and its Additional Protocol.
The 7th meeting of SAARC Immigration Authorities was held in Islamabad, Pakistan on August 2. The meeting was chaired by Pakistan’s Director General Immigration and Passports Usman A. Bajwa.
About SAARC,
The South Asian Association for Regional Cooperation (SAARC) is regional intergovernmental organization and geo political union in South Asia. Its member states include Afghanistan, Bangladesh, Bhutan, India, Nepal, the Maldives, Pakistan and Sri Lanka. It was founded in Dhaka in 1985. Its secretariat is based in Kathmandu.
- SAARC compromises 3% of the world’s area, 21% of the world’s population and 9.12% of the global economy in 2015. The organization promotes development of economical and regional integration.
- It launched the South Asian Free Trade Area in 2006. SAARC maintains permanent diplomatic relations at the UN as an observer and has developed links with multilateral entities, including the EU.
- However, the organization continues to face many challenges. Disputes between nuclear rivals India and Pakistan have often clouded the union’s potential and progress.
Immigration Authorities Meeting(August 2-3, 2016):-
Pakistan’s Director General Immigration and Passports Usman A. Bajwa who was unanimously elected as Chairman chaired this meeting. Several Immigration authorities of the member countries presented in this meeting. The meeting emphasized three important factors regarding the immigration facilities of its member countries,
- To coordinate different areas to maximize the potential of visa exemption schemelaunched among the member countries
- To be deliberate on development of security software for SAARC visa exemption scheme and immigration matters.
- To implement Visa exemption scheme among SAARC countries in twenty-four categories including dignitaries, businessmen, journalists and sports persons.
Home Ministers Meeting(August 4-5, 2016):-
- The meeting of South Asian Association for Regional Cooperation (Saarc) interior ministers held in Islamabad with regional affairs, terrorism, prevention of drugs and human trafficking on its agenda.
- Prime Minister Nawaz Sharif inaugurated the two-day SAARC interior ministers meeting, which is attended by interior ministers from all Saarc states except for Bangladesh.
Indian-Occupied Kashmir became the hot topic at dais amid killings of over 50 innocent Kashmiri youth at the hands of Indian forces.
- Pakistan’s Interior Minister Chaudhry Nisar Ali Khan and Indian Counterpart Rajnath Singh indirectly sued each other with words relating to their nation’s morality.
It is noted that Indian Internal Minster put forward many applaudable points such as,
- “No good terrorists or bad terrorists“ ,
- Terrorism remains the biggest challenge and threat to our peace. South Asia continues to be deeply affected by this malady
- One country’s terrorist cannot be a martyr or freedom fighter for anyone. I also speak for the entire humanity.
- He demanded for the Convention includes ensuring effective measures so that those committing terrorist acts do not escape prosecution and punishment and also called for implementation of SAARC Regional Convention on Suppression of Terrorism and its Additional Protocol.
No comments:
Post a Comment