General Affairs
No Entry, Indian Journalists Were Told At SAARC Meet Venue In Pakistan
-
NEW DELHI: Indian journalists, who went to cover the SAARC Home Ministers' conference in Islamabad, had to face hostile Pakistani officials, who not only denied them access to the inaugural function but also barred them from standing at the entrance of the venue where their Interior Minister was to receive dignitaries, leading to tense moments.
The six Indian journalists, who were given visa to travel to Islamabad to cover the event, were flatly refused entry to the inaugural function, which was attended by Pakistan Prime Minister Nawaz Sharif.
The Indian journalists then stood near the entrance of the where Pakistani Interior Minister Chaudhary Nisar Ali Khan was receiving the visiting dignitaries from SAARC countries.
As Pakistani media took position to capture the moment of Home Minister Rajnath Singh's arrival, Indian journalists too joined them. Immediately, Pakistani officials curtly told them to leave the place, saying Indian journalists were not allowed to stand even outside the gate.
When Pakistani officials asked Doordarshan cameraperson R Jayashree Puri and ANI's Ajay Kumar Sharma to remove their cameras, a senior Indian diplomat tried to intervene and protested.
x
The diplomat hotly argued that Indian journalists be allowed to be near the gate to capture Singh's arrival as Pakistani journalists, video and still camerapersons were present and freely taking shots.
The Pakistani officials made it clear that the Indian journalists have to leave the place immediately, leading to a verbal duel between the diplomat and a Pakistani official.
The Pakistani official even directed some of his juniors to block the view of Indian journalists and soon the reporters and camerapersons were surrounded by several persons, apparently policemen in civvies, making it impossible for them to shoot anything.
This resulted the Indian journalists failing to capture the moment when Singh touched the hands of his Pakistani counterpart, a gesture short of a formal handshake, reflecting the growing chill in the ties between the two countries.
As per SAARC protocol, the inaugural statement by the host country is open to the media while the rest of the proceedings are in camera.
The Pakistani establishment was also circulating information in the local media that Indian Home Minister had visited washroom eight times to make calls to New Delhi when the conference was going on.
The fact is that the washroom was outside the conference hall and the Home Minister used it twice -- once before the formal ministers' meet started after he and his SAARC counterparts had made a courtesy call to Pakistan Prime Sharif and again when the meeting got over.
Besides, Home Minister Singh does not carry a cell phone even while he is in India and, whenever necessary, uses those of his aides.
The six Indian journalists, who were given visa to travel to Islamabad to cover the event, were flatly refused entry to the inaugural function, which was attended by Pakistan Prime Minister Nawaz Sharif.
The Indian journalists then stood near the entrance of the where Pakistani Interior Minister Chaudhary Nisar Ali Khan was receiving the visiting dignitaries from SAARC countries.
As Pakistani media took position to capture the moment of Home Minister Rajnath Singh's arrival, Indian journalists too joined them. Immediately, Pakistani officials curtly told them to leave the place, saying Indian journalists were not allowed to stand even outside the gate.
When Pakistani officials asked Doordarshan cameraperson R Jayashree Puri and ANI's Ajay Kumar Sharma to remove their cameras, a senior Indian diplomat tried to intervene and protested.
x
The diplomat hotly argued that Indian journalists be allowed to be near the gate to capture Singh's arrival as Pakistani journalists, video and still camerapersons were present and freely taking shots.
The Pakistani officials made it clear that the Indian journalists have to leave the place immediately, leading to a verbal duel between the diplomat and a Pakistani official.
The Pakistani official even directed some of his juniors to block the view of Indian journalists and soon the reporters and camerapersons were surrounded by several persons, apparently policemen in civvies, making it impossible for them to shoot anything.
This resulted the Indian journalists failing to capture the moment when Singh touched the hands of his Pakistani counterpart, a gesture short of a formal handshake, reflecting the growing chill in the ties between the two countries.
As per SAARC protocol, the inaugural statement by the host country is open to the media while the rest of the proceedings are in camera.
The Pakistani establishment was also circulating information in the local media that Indian Home Minister had visited washroom eight times to make calls to New Delhi when the conference was going on.
The fact is that the washroom was outside the conference hall and the Home Minister used it twice -- once before the formal ministers' meet started after he and his SAARC counterparts had made a courtesy call to Pakistan Prime Sharif and again when the meeting got over.
Besides, Home Minister Singh does not carry a cell phone even while he is in India and, whenever necessary, uses those of his aides.
New Kashmir Outreach? Ram Madhav, Ministers Brainstorm With Civil Society
-
NEW DELHI: Is the Narendra Modi government is exploring the contours of a new Kashmir outreach as the unrest in valley shows no sign of abating even a month after the killing of Hizbul Mujahideen terrorist Burhan Wani? A special "Young Thinkers' Meet" organised by the BJP's national general secretary Ram Madhav in Jammu's Patnitop has led to speculation of an unofficial track-two initiative.
The special conclave, led by Mr Madhav, will bring together the members of the civil society, and some ministers. Sources say this is one way of bringing together like-minded people to discuss the best way forward with the stalled dialogue process and reaching out to the separatists.
The conclave -- being held under the banner of non-profit India Foundation -- is being held in presence of the members of the Rashtriya Swayamsevak Sangh, the ideological mentor of the BJP.
It is being attended by around 80 intellectuals and members of the civil society and some senior ministers. Besides, Shaurya Doval, the son of National Security Adviser Ajit Doval, is also present at the conclave.
While the meet is not an official initiative of the government, the presence of Ram Madhav - who is associated with the non-profit -- is crucial.
The senior BJP leader, along with the late Mufti Mohammad Sayeed of the PDP, was the author of the agenda of alliance agreement between the state's ruling alliance. The agreement commits to talks with Pakistan and sustained dialogue with all stakeholders, including the Hurriyat Conference.
Over a month of continuous protests and clashes, more than 50 people in the Valley have died and over 3,000 have been injured.
Normal life remains hampered as curfew remains in place and mobile internet is shut. The separatists have enforced their own bandh, and there have been reports of terrorist leaders attending several rallies in the state.
The special conclave, led by Mr Madhav, will bring together the members of the civil society, and some ministers. Sources say this is one way of bringing together like-minded people to discuss the best way forward with the stalled dialogue process and reaching out to the separatists.
It is being attended by around 80 intellectuals and members of the civil society and some senior ministers. Besides, Shaurya Doval, the son of National Security Adviser Ajit Doval, is also present at the conclave.
While the meet is not an official initiative of the government, the presence of Ram Madhav - who is associated with the non-profit -- is crucial.
The senior BJP leader, along with the late Mufti Mohammad Sayeed of the PDP, was the author of the agenda of alliance agreement between the state's ruling alliance. The agreement commits to talks with Pakistan and sustained dialogue with all stakeholders, including the Hurriyat Conference.
Over a month of continuous protests and clashes, more than 50 people in the Valley have died and over 3,000 have been injured.
Normal life remains hampered as curfew remains in place and mobile internet is shut. The separatists have enforced their own bandh, and there have been reports of terrorist leaders attending several rallies in the state.
Sarbananda Sonowal Visits Attack Site In Kokrajhar
-
KOKRAJHAR: Assam Chief Minister Sarbananda Sonowal today visited the Friday attack site in Kokrajhar and said strong action would be taken against the perpetrators who killed 14 civilians.
"It is a very unfortuante incident. Our stand is that none will be spared. We have already initiated strong action and operation is going on. We'll find out all those behind this incident," he told reporters in Kokrajhar.
"Our government is comitted to protect the life and property of the people. We'll not compromise on this. Our stand is zero tolerance to terror," Mr Sonowal said.
When asked about the identity of the killers, he said "whatever information and evidence we have collected so far, it is found that NDFB is behind this. We are still conducting our search operation. Whoever is behind this will be brought to book."
Later the chief minister proceeded to hold a high-level meeting with police, army and paramilitary officials to assess the situation.
Meanwhile, an AGP legislative team under the leadership of former Chief Minister Prafulla Kumar Mahanta also visited the spot this morning.
"It's a very unfortutane incident. We hope such incident will never happen again. We have come here to know the actual fact. The ongoing investigation should reveal the truth," Mr Mahanta said.
"Giving security to people is a duty of an elected government and it has to fulfill this," he said.
Atleast 15 people, including a terrorist, were killed and 20 others injured by suspected NDFB(S) militants and retaliatory firing by security forces in Kokrajhar district on Friday.
"It is a very unfortuante incident. Our stand is that none will be spared. We have already initiated strong action and operation is going on. We'll find out all those behind this incident," he told reporters in Kokrajhar.
"Our government is comitted to protect the life and property of the people. We'll not compromise on this. Our stand is zero tolerance to terror," Mr Sonowal said.
Later the chief minister proceeded to hold a high-level meeting with police, army and paramilitary officials to assess the situation.
Meanwhile, an AGP legislative team under the leadership of former Chief Minister Prafulla Kumar Mahanta also visited the spot this morning.
"It's a very unfortutane incident. We hope such incident will never happen again. We have come here to know the actual fact. The ongoing investigation should reveal the truth," Mr Mahanta said.
"Giving security to people is a duty of an elected government and it has to fulfill this," he said.
Atleast 15 people, including a terrorist, were killed and 20 others injured by suspected NDFB(S) militants and retaliatory firing by security forces in Kokrajhar district on Friday.
GST Bill To Be Taken Up In Lok Sabha Tomorrow, PM Likely To Intervene
-
NEW DELHI: Major tax reform - GST bill- will be taken up by Lok Sabha tomorrow, with virtually all political parties backing this legislation.
GST, the biggest economic reform since 1991, is likely to sail through smoothly in the Lower House. It will 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.
Prime Minister Narendra Modi is likely to intervene during the debate on the Bill in Lok Sabha.
The Bill was passed by Lok Sabha last year and now it has to go back to the Lower House for incorporating the amendments approved by Rajya Sabha.
Congress leader Jyotiraditya Scindia today said the party will support GST Constitutional Amendment Bill and has issued whip to all its MPs to be present in the House tomorrow where it is scheduled to be taken up for passage.
Aiming for early implementation of the Goods and Services Tax (GST), senior Union ministers have spoken to chief ministers of NDA-ruled states to ensure that the constitutional amendment is ratified by state assemblies at the earliest.
The chief ministers have assured that, if required, they will call a special session for the passage of the Bill in their state assemblies.
x
The GST Bill has to be ratified by at least 16 states in 30 days after it is passed by Parliament.
After facing fierce opposition over the Bill for almost a year, the government succeeded in bringing all major opposition parties, including Congress, on board and it was passed in the Upper House with an overwhelming majority on August 3.
The Constitution (122nd Amendment) Bill, 2014, that would lay the ground for roll out of GST regime, was passed by the opposition-dominated Upper House after the government moved four amendments.
Once implemented, GST will subsume various taxes, including excise, services tax, octroi and other levies, and the proceeds will be shared between the Centre and the states.
Under the new GST regime goods would be taxed at the point of consumption, instead of the goods being taxed multiple times at different rates.
The GST, which was first proposed a decade back, is seen as potentially transformative for India's economy, adding as much as 2 percentage points to the GDP while also improving the ease of doing business and encourage investment in manufacturing.
GST, the biggest economic reform since 1991, is likely to sail through smoothly in the Lower House. It will 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.
Prime Minister Narendra Modi is likely to intervene during the debate on the Bill in Lok Sabha.
The Bill was passed by Lok Sabha last year and now it has to go back to the Lower House for incorporating the amendments approved by Rajya Sabha.
Congress leader Jyotiraditya Scindia today said the party will support GST Constitutional Amendment Bill and has issued whip to all its MPs to be present in the House tomorrow where it is scheduled to be taken up for passage.
Aiming for early implementation of the Goods and Services Tax (GST), senior Union ministers have spoken to chief ministers of NDA-ruled states to ensure that the constitutional amendment is ratified by state assemblies at the earliest.
The chief ministers have assured that, if required, they will call a special session for the passage of the Bill in their state assemblies.
x
The GST Bill has to be ratified by at least 16 states in 30 days after it is passed by Parliament.
After facing fierce opposition over the Bill for almost a year, the government succeeded in bringing all major opposition parties, including Congress, on board and it was passed in the Upper House with an overwhelming majority on August 3.
The Constitution (122nd Amendment) Bill, 2014, that would lay the ground for roll out of GST regime, was passed by the opposition-dominated Upper House after the government moved four amendments.
Once implemented, GST will subsume various taxes, including excise, services tax, octroi and other levies, and the proceeds will be shared between the Centre and the states.
Under the new GST regime goods would be taxed at the point of consumption, instead of the goods being taxed multiple times at different rates.
The GST, which was first proposed a decade back, is seen as potentially transformative for India's economy, adding as much as 2 percentage points to the GDP while also improving the ease of doing business and encourage investment in manufacturing.
Hillary Clinton Widens Lead Over Donald Trump To 8 Points: Poll
-
WASHINGTON, UNITED STATES: Democrat Hillary Clinton has widened her lead over White House rival Donald Trump to eight points after both parties' nominating conventions, according to a Washington Post-ABC News poll out Sunday.
Clinton led Trump 50 to 42 percent among registered voters, according to the telephone survey carried out August 1-4.
She got a strong bounce in the support from her nomination -- which unlike the fractious Republican convention, showed a united party -- but has also benefitted from major gaffes by Trump.
Ahead of the nominating conventions Clinton had a four-point lead over Trump, according to an Post-ABC News survey.
Among likely voters, Clinton's lead is 51 to 44 percent, and in a race that includes Libertarian Party candidate Gary Johnson and Jill Stein from the Green Party, Clinton leads Trump 45-37 percent, with Johnson at eight percent and Stein at four percent.
Clinton and her running mate, Senator Tim Kaine of Virginia, received the nomination to run for the November 8 presidential election during the July 25-28 Democratic National Convention in Philadelphia, Pennsylvania.
Trump and his vice presidential candidate, Indiana Governor Mike Pence, were nominated in the July 18-21 Republican National Convention in Cleveland, Ohio.
x
Trump has been struggling after a string of gaffes.
These include urging Russia to find and release emails that disappeared from Clinton's private server that she used as secretary of state, though he later said that he was being sarcastic.
He also denigrated the family of a Muslim-American soldier killed in the Iraq war, to the horror of veterans and their supporters.
Satisfaction with both candidates remains low: nearly 6 in 10 registered voters said that they are unhappy with both Clinton and Trump as major party candidates.
Barring campaign or news developments, the next opportunity for the candidates to shift their poll numbers comes in the three presidential debates, scheduled for late September and October.
Seeking to arrest his sinking poll numbers, Trump reversed course Friday and endorsed House Speaker Paul Ryan for re-election, pleaded for Republican unity and pledged to work with the very party leaders he had earlier dismissed as Washington's ineffective establishment figures.
Clinton led Trump 50 to 42 percent among registered voters, according to the telephone survey carried out August 1-4.
She got a strong bounce in the support from her nomination -- which unlike the fractious Republican convention, showed a united party -- but has also benefitted from major gaffes by Trump.
Among likely voters, Clinton's lead is 51 to 44 percent, and in a race that includes Libertarian Party candidate Gary Johnson and Jill Stein from the Green Party, Clinton leads Trump 45-37 percent, with Johnson at eight percent and Stein at four percent.
Clinton and her running mate, Senator Tim Kaine of Virginia, received the nomination to run for the November 8 presidential election during the July 25-28 Democratic National Convention in Philadelphia, Pennsylvania.
Trump and his vice presidential candidate, Indiana Governor Mike Pence, were nominated in the July 18-21 Republican National Convention in Cleveland, Ohio.
x
Trump has been struggling after a string of gaffes.
These include urging Russia to find and release emails that disappeared from Clinton's private server that she used as secretary of state, though he later said that he was being sarcastic.
He also denigrated the family of a Muslim-American soldier killed in the Iraq war, to the horror of veterans and their supporters.
Satisfaction with both candidates remains low: nearly 6 in 10 registered voters said that they are unhappy with both Clinton and Trump as major party candidates.
Barring campaign or news developments, the next opportunity for the candidates to shift their poll numbers comes in the three presidential debates, scheduled for late September and October.
Seeking to arrest his sinking poll numbers, Trump reversed course Friday and endorsed House Speaker Paul Ryan for re-election, pleaded for Republican unity and pledged to work with the very party leaders he had earlier dismissed as Washington's ineffective establishment figures.
Business Affairs
Minimum pension of retired central govt staff goes up by 157%
-
Retired central government employees will now get a minimum pension of Rs 9,000, up 157.14 per cent from the current Rs 3,500, following the implementation of the 7th Pay Commission's recommendations.
The Ministry of Personnel, Public Grievances and Pensions has notified acceptance of pay panel's recommendations for the pensioners.
The ceiling of gratuity has also been enhanced from the existing Rs 10 lakh to Rs 20 lakh. The Commission had also recommended the ceiling on gratuity to be raised by 25 per cent whenever Dearness Allowance rises by 50 per cent, a proposal which has been accepted by the government.
There are about 58 lakh central government pensioners.
The amount of pension shall be subject to a minimum of Rs 9,000 and the maximum pension would be Rs 1,25,000--which is 50 per cent of the highest pay in the government, an order issued by the Ministry said.
The highest pay in the government is Rs 2,50,000 with effect from January 1, 2016.
The maximum limit of retirement gratuity and death gratuity shall be Rs 20 lakh, the order said. The ceiling on gratuity will increase by 25 per cent whenever the dearness allowance rises by 50 per cent of the basic pay, it said.
There has been a substantial increase in payment of ex-gratia lump sum compensation for civil and defence forces personnel, payable to the next of kin.
A payment of Rs 25 lakh, from existing Rs 10 lakh, will be given in case of death occurring due to accidents in course of performance of duties and those attributed to acts of violence by terrorists, anti social elements etc.
Deaths occurring in border skirmishes and action against militants, terrorists, extremists, sea pirates and while on duty in the specified high altitude, unaccessible border posts, on account of natural disasters, extreme weather conditions will now entail a compensation of Rs 35 lakh instead of the earlier Rs 15 lakh.
Instead of Rs 20 lakh, an amount of Rs 45 lakh will be paid as ex-gratia to the kin in case of death of a government employee during enemy action in war or other war-like engagements, and "death occurring during evacuation of Indian nationals from a war-torn zone in foreign country", the Personnel Ministry's order said.
A Committee of Secretaries has been constituted to examine the pay panel's recommendations on fixed medical allowance and constant attendance allowance.
The Commission had not recommended enhancement of fixed medical allowance, which is Rs 500 per month, whereas on constant attendance allowance, it suggested that it may be increased by a factor of 1.5 i.e. to Rs 6,750 per month. The allowance needs further increase by 25 per cent each time DA rises by 50 per cent, it had said.
These recommendations are to be examined by a Committee comprising Finance Secretary and Secretary (Expenditure) as Chairman, and Secretaries of Home Affairs, Defence, Posts, Health & Family Welfare, Personnel & Training and Chairman, Railway Board as Members.
Till a final decision is taken based on the recommendations of the Committee, fixed medical and constant attendance allowances shall be paid at existing rates, the Personnel Ministry has said.
The revised provisions shall apply to government servants who retire or die in harness on or after January 1, 2016.
Retired central government employees will now get a minimum pension of Rs 9,000, up 157.14 per cent from the current Rs 3,500, following the implementation of the 7th Pay Commission's recommendations.
The Ministry of Personnel, Public Grievances and Pensions has notified acceptance of pay panel's recommendations for the pensioners.
The ceiling of gratuity has also been enhanced from the existing Rs 10 lakh to Rs 20 lakh. The Commission had also recommended the ceiling on gratuity to be raised by 25 per cent whenever Dearness Allowance rises by 50 per cent, a proposal which has been accepted by the government.
There are about 58 lakh central government pensioners.
The amount of pension shall be subject to a minimum of Rs 9,000 and the maximum pension would be Rs 1,25,000--which is 50 per cent of the highest pay in the government, an order issued by the Ministry said.
The highest pay in the government is Rs 2,50,000 with effect from January 1, 2016.
The maximum limit of retirement gratuity and death gratuity shall be Rs 20 lakh, the order said. The ceiling on gratuity will increase by 25 per cent whenever the dearness allowance rises by 50 per cent of the basic pay, it said.
There has been a substantial increase in payment of ex-gratia lump sum compensation for civil and defence forces personnel, payable to the next of kin.
A payment of Rs 25 lakh, from existing Rs 10 lakh, will be given in case of death occurring due to accidents in course of performance of duties and those attributed to acts of violence by terrorists, anti social elements etc.
Deaths occurring in border skirmishes and action against militants, terrorists, extremists, sea pirates and while on duty in the specified high altitude, unaccessible border posts, on account of natural disasters, extreme weather conditions will now entail a compensation of Rs 35 lakh instead of the earlier Rs 15 lakh.
Instead of Rs 20 lakh, an amount of Rs 45 lakh will be paid as ex-gratia to the kin in case of death of a government employee during enemy action in war or other war-like engagements, and "death occurring during evacuation of Indian nationals from a war-torn zone in foreign country", the Personnel Ministry's order said.
A Committee of Secretaries has been constituted to examine the pay panel's recommendations on fixed medical allowance and constant attendance allowance.
The Commission had not recommended enhancement of fixed medical allowance, which is Rs 500 per month, whereas on constant attendance allowance, it suggested that it may be increased by a factor of 1.5 i.e. to Rs 6,750 per month. The allowance needs further increase by 25 per cent each time DA rises by 50 per cent, it had said.
These recommendations are to be examined by a Committee comprising Finance Secretary and Secretary (Expenditure) as Chairman, and Secretaries of Home Affairs, Defence, Posts, Health & Family Welfare, Personnel & Training and Chairman, Railway Board as Members.
Till a final decision is taken based on the recommendations of the Committee, fixed medical and constant attendance allowances shall be paid at existing rates, the Personnel Ministry has said.
The revised provisions shall apply to government servants who retire or die in harness on or after January 1, 2016.
RBI likely to maintain status quo on Tuesday
-
Reserve Bank Governor Raghuram Rajan is widely expected to hold the key interest rate in his last monetary policy review on Tuesday as retail inflation continues to be above the comfort zone.
Rajan, whose 3-year term will come to an end on September 4, may prefer that RBI assesses the full impact of monsoon rains before taking a view on the interest rate.
This is going to be the last bi-monthly monetary policy to be decided by the central bank Governor as the broad-based 6-member panel may take over the job before the next review on October 4.
In conjunction with naming its 3 members on the Monetary Policy Committee, the government is also likely to name a successor to Rajan sometime this month.
The government announced last week that it would like the RBI to focus on maintaining retail inflation rate of 4 per cent for the next five years, based on which the new interest rate setting panel would take its monetary policy decisions going forward.
The move, which provides for a margin of plus or minus 2 per cent in this target thus fixing the upper tolerance level at 6 per cent till 2021, is being seen as government putting the seal on Rajan's inflation-first model of monetary policy.
"We are expecting that there will be no change in rate because vegetable prices are on the rise... It will take a few months for the vegetable prices to come down when the kharif crops come into the market," SBI Chairperson Arundhati Bhattacharya said.
Consumer Price Index based retail inflation rose by 5.77 per cent in June, the fastest pace in 22 months and it is expected that the implementation of the new Goods and Services Tax (GST) may push it up further.
However, Yes Bank Managing Director Rana Kapoor believes that macroeconomic conditions augurs well for at least 50 basis point cut in interest rate by the RBI.
He said rates are coming down across geographies including the UK, which has strengthened the case for rate cut by RBI.
"There are lot of favourable developments in the economy -- above average monsoon, low G-Sec rate, high forex reserve, low bond yield, twin deficit well within the range -- augurs well for rate cut of at least 0.5 per cent," he said.
Rajan, criticised for following hawkish monetary policy for too long before starting to lower rates, has reduced the benchmark interest rate by 1.5 per cent since January last year, and has been persuading banks to fully transmit the benefit of the policy rate cut to customers.
Experts say that Cash Reserve Ratio will not be tinkered with either as liquidity is sufficient.
"Nothing is going to change in this policy as CPI has not reduced to the level where the RBI wanted it to be. The market has already discounted that rate is not going to be cut this time," said a treasury head of a state-run bank.
"Even the liquidity condition in the system is sufficient, so CRR will not be altered," he added.
Another senior banker said that there are expectations that nothing is going to change as this is the last policy of the Governor and a rate cut is unlikely.
According to Bank of America Merrill Lynch, however, RBI is expected to cut key interest rates by 25 basis points in its third bi-monthly policy review for 2016-17 on August 9, if good rains damp pulse price inflation.
"With good rains, pulses' sowing for the kharif season has jumped 39 per cent above last year's sowing. This should pull down pulses prices by 20 per cent and cool CPI inflation to 5.1 per cent by March," it said.
DBS said, on the other hand, RBI may keep the key interest rates on hold in the upcoming policy meet as inflation for the second quarter has hastened to 5.7 per cent and July-August prints may also stay high.
The room for further easing by the Reserve Bank is dependent on the inflation path and make-up of the monetary policy committee, it said.
Reserve Bank Governor Raghuram Rajan is widely expected to hold the key interest rate in his last monetary policy review on Tuesday as retail inflation continues to be above the comfort zone.
Rajan, whose 3-year term will come to an end on September 4, may prefer that RBI assesses the full impact of monsoon rains before taking a view on the interest rate.
This is going to be the last bi-monthly monetary policy to be decided by the central bank Governor as the broad-based 6-member panel may take over the job before the next review on October 4.
In conjunction with naming its 3 members on the Monetary Policy Committee, the government is also likely to name a successor to Rajan sometime this month.
The government announced last week that it would like the RBI to focus on maintaining retail inflation rate of 4 per cent for the next five years, based on which the new interest rate setting panel would take its monetary policy decisions going forward.
The move, which provides for a margin of plus or minus 2 per cent in this target thus fixing the upper tolerance level at 6 per cent till 2021, is being seen as government putting the seal on Rajan's inflation-first model of monetary policy.
"We are expecting that there will be no change in rate because vegetable prices are on the rise... It will take a few months for the vegetable prices to come down when the kharif crops come into the market," SBI Chairperson Arundhati Bhattacharya said.
Consumer Price Index based retail inflation rose by 5.77 per cent in June, the fastest pace in 22 months and it is expected that the implementation of the new Goods and Services Tax (GST) may push it up further.
However, Yes Bank Managing Director Rana Kapoor believes that macroeconomic conditions augurs well for at least 50 basis point cut in interest rate by the RBI.
He said rates are coming down across geographies including the UK, which has strengthened the case for rate cut by RBI.
"There are lot of favourable developments in the economy -- above average monsoon, low G-Sec rate, high forex reserve, low bond yield, twin deficit well within the range -- augurs well for rate cut of at least 0.5 per cent," he said.
Rajan, criticised for following hawkish monetary policy for too long before starting to lower rates, has reduced the benchmark interest rate by 1.5 per cent since January last year, and has been persuading banks to fully transmit the benefit of the policy rate cut to customers.
Experts say that Cash Reserve Ratio will not be tinkered with either as liquidity is sufficient.
"Nothing is going to change in this policy as CPI has not reduced to the level where the RBI wanted it to be. The market has already discounted that rate is not going to be cut this time," said a treasury head of a state-run bank.
"Even the liquidity condition in the system is sufficient, so CRR will not be altered," he added.
Another senior banker said that there are expectations that nothing is going to change as this is the last policy of the Governor and a rate cut is unlikely.
According to Bank of America Merrill Lynch, however, RBI is expected to cut key interest rates by 25 basis points in its third bi-monthly policy review for 2016-17 on August 9, if good rains damp pulse price inflation.
"With good rains, pulses' sowing for the kharif season has jumped 39 per cent above last year's sowing. This should pull down pulses prices by 20 per cent and cool CPI inflation to 5.1 per cent by March," it said.
DBS said, on the other hand, RBI may keep the key interest rates on hold in the upcoming policy meet as inflation for the second quarter has hastened to 5.7 per cent and July-August prints may also stay high.
The room for further easing by the Reserve Bank is dependent on the inflation path and make-up of the monetary policy committee, it said.
BSNL extends free roaming service by 1 year
-
State-run telecom firm BSNL has extended its free roaming service by one more year enabling its mobile customers to receive calls at no extra cost while roaming.
"Public sector telecom giant, BSNL, has decided to extend 'Free National Roaming' facility to its mobile customers for another one year," BSNL said in a statement.
"The decision to extend the facility has been taken in view of overwhelming response of its customers in mobile number portability (MNP) and achieving highest growth of the customer in February and March months as per Trai report," BSNL Director for Consumer Mobility RK Mittal said.
State-run telecom firm BSNL has extended its free roaming service by one more year enabling its mobile customers to receive calls at no extra cost while roaming.
"Public sector telecom giant, BSNL, has decided to extend 'Free National Roaming' facility to its mobile customers for another one year," BSNL said in a statement.
"The decision to extend the facility has been taken in view of overwhelming response of its customers in mobile number portability (MNP) and achieving highest growth of the customer in February and March months as per Trai report," BSNL Director for Consumer Mobility RK Mittal said.
ICICI Bank eyes 30 lakh transactions via e-toll plazas by March
-
ICICI Bank is aiming to facilitate 30 lakh transactions through its inter-operable electronic toll collection facility on national highways by March 2017.
Electronic toll collection (ETC) enables vehicles to pay highway tolls electronically without stopping at toll plazas.
The country's largest private sector lender, also the first bank to have rolled out the facility, is also planning to issue 4 lakh tags to motorists to allow them a hassle-free passage through toll plazas on the national highways.
"ICICI Bank aims to issue 4 lakh ETC tags and record three million transactions by March 2017. A vehicle with the 'FASTag' can use the dedicated lanes on either side of the toll plaza to avoid long queues in the cash lanes of the toll plazas," its Managing Director and Chief Executive Officer Chanda Kochhar said.
ETC tags enhance convenience for motorists to avoid congestion at toll booths as drivers don't have to stop and pay the fee, saving their time.
Keeping in view its benefits, this technology will play a crucial role in the growth of cashless payments in India, Kochhar said.
Currently, there are 343 ICICI Bank enabled locations across major national highways that cover about 90 per cent of the tolled national highways network.
Till date, ICICI Bank has issued over 30,000 FASTags which are in use. It began the service first in the country on the Mumbai-Vadodara corridor of NH-8 in 2013.
For making an electronic payment at toll booths, a prepaid Radio Frequency Identification Device (RFID) tag known as FASTag is affixed on the windscreen of a vehicle.
As a vehicle crosses a toll plaza, the information written on the FASTag is captured by a reader installed at the toll plaza.
The information is then passed to the Bank to debit the motorist's tag prepaid account created at the central clearing house set-up by the Bank. Then the toll amount is deducted and transferred to the concessionaire's account electronically.
Customers can recharge their TAG account by making payment through various ways including credit/debit/NEFT/RTGS or net banking.
NHAI also offers 10 per cent cashback to the customers for payment of toll through FASTag.
"We are closely working with Road Transport & Highways Ministry, National Highway Authority of India (NHAI) and Indian Highways Management Company Ltd to cover more highways under ETC in the near future," Kochhar said.
Facilitating more and more payment through electronic mode and thus move towards a less-cash society is RBI's Vision-2018 agenda.
It is aimed at making payment systems in India safe, secure, authorised, efficient and accessible.
ICICI Bank is aiming to facilitate 30 lakh transactions through its inter-operable electronic toll collection facility on national highways by March 2017.
Electronic toll collection (ETC) enables vehicles to pay highway tolls electronically without stopping at toll plazas.
The country's largest private sector lender, also the first bank to have rolled out the facility, is also planning to issue 4 lakh tags to motorists to allow them a hassle-free passage through toll plazas on the national highways.
"ICICI Bank aims to issue 4 lakh ETC tags and record three million transactions by March 2017. A vehicle with the 'FASTag' can use the dedicated lanes on either side of the toll plaza to avoid long queues in the cash lanes of the toll plazas," its Managing Director and Chief Executive Officer Chanda Kochhar said.
ETC tags enhance convenience for motorists to avoid congestion at toll booths as drivers don't have to stop and pay the fee, saving their time.
Keeping in view its benefits, this technology will play a crucial role in the growth of cashless payments in India, Kochhar said.
Currently, there are 343 ICICI Bank enabled locations across major national highways that cover about 90 per cent of the tolled national highways network.
Till date, ICICI Bank has issued over 30,000 FASTags which are in use. It began the service first in the country on the Mumbai-Vadodara corridor of NH-8 in 2013.
For making an electronic payment at toll booths, a prepaid Radio Frequency Identification Device (RFID) tag known as FASTag is affixed on the windscreen of a vehicle.
As a vehicle crosses a toll plaza, the information written on the FASTag is captured by a reader installed at the toll plaza.
The information is then passed to the Bank to debit the motorist's tag prepaid account created at the central clearing house set-up by the Bank. Then the toll amount is deducted and transferred to the concessionaire's account electronically.
Customers can recharge their TAG account by making payment through various ways including credit/debit/NEFT/RTGS or net banking.
NHAI also offers 10 per cent cashback to the customers for payment of toll through FASTag.
"We are closely working with Road Transport & Highways Ministry, National Highway Authority of India (NHAI) and Indian Highways Management Company Ltd to cover more highways under ETC in the near future," Kochhar said.
Facilitating more and more payment through electronic mode and thus move towards a less-cash society is RBI's Vision-2018 agenda.
It is aimed at making payment systems in India safe, secure, authorised, efficient and accessible.
Non-bailable warrant issued against Vijay Mallya
-
In more trouble for Vijay Mallya , a non-bailable warrant was on Saturday issued against him in a 2012 cheque bounce case by a Delhi court which said that coercive steps were required to ensure his appearance.
Metropolitan Magistrate Sumeet Anand passed the order for bringing Mallya in court on November 4, with the direction that the non-bailable warrant be sent to him by Ministry of External Affairs as he is reportedly in London.
The court noted that despite repeated orders, Mallya did not appear in the court and it was inevitable for the state machinery to intervene and ensure his presence.
The trial court had summoned Mallya as accused following a complaint by DIAL, which operates the capital's IGI Airport, claiming that a cheque for Rs one crore issued by Kingfisher Airlines (KFA) on February 22, 2012 was returned to them a month later containing remarks "fund insufficient".
DIAL had filed four cases in June 2012 against Mallya over KFA's cheques totalling Rs 7.5 crore not being honoured.
The grounded airline had issued the cheques towards payment for services availed by them at the IGI airport here.
In more trouble for Vijay Mallya , a non-bailable warrant was on Saturday issued against him in a 2012 cheque bounce case by a Delhi court which said that coercive steps were required to ensure his appearance.
Metropolitan Magistrate Sumeet Anand passed the order for bringing Mallya in court on November 4, with the direction that the non-bailable warrant be sent to him by Ministry of External Affairs as he is reportedly in London.
The court noted that despite repeated orders, Mallya did not appear in the court and it was inevitable for the state machinery to intervene and ensure his presence.
The trial court had summoned Mallya as accused following a complaint by DIAL, which operates the capital's IGI Airport, claiming that a cheque for Rs one crore issued by Kingfisher Airlines (KFA) on February 22, 2012 was returned to them a month later containing remarks "fund insufficient".
DIAL had filed four cases in June 2012 against Mallya over KFA's cheques totalling Rs 7.5 crore not being honoured.
The grounded airline had issued the cheques towards payment for services availed by them at the IGI airport here.
General Awareness
India is riskier for business than Bangladesh, according to this index
-
Verisk Maplecroft has released a list of countries for the business opportunities based on the civil unrest and peace prevalence in the countries called the “Civil Unrest Index“. Pathetidally India ranked 4th in this list preceded by Syria, Yemen and Libya.
The complete List:-
This Civil unrest Index is comprised after a complete survey based on the
- Exposure to protests,
- Mass demonstrations,
- Ethnic or religious violencein the country.
This list determines the ease of business doing in the country. The Top 10 pathetic Rankings are as follows,
RANK COUNTRY CIVIL UNREST STATUS 1 Syria Extreme Civil Unrest 2 Yemen Extreme Civil Unrest 3 Libya Extreme Civil Unrest 4 India Extreme Civil Unrest 5 Burundi Extreme Civil Unrest 6 Bangladesh Extreme Civil Unrest 7 Mexico Extreme Civil Unrest 8 Myanmar Extreme Civil Unrest 9 P.O.T Extreme Civil Unrest 10 Nigeria Extreme Civil Unrest
The report by Maplecroft denotes that it is striking that India, Brazil, France, Mexico and South Africa have all witnessed substantial disorder in the last year, lack adequate structures to avoid grievances escalating into wholesale protests.
- This index determination is a major setback to the Indian Political field, where Modi government has been aggressively projecting the country as an untapped business platform to bring more and more foreign investments, the report stands as a defender for its dreams.
- Even though an assessment by the Department of Industrial Policy and Promotion (DIPP), over 30 steps have been already taken by various ministries and departments to cut down on clearances and improve the business environment, our Indian Business Platform didn’t find much place for the entrepreneurs to propel their business in the Indian markets.
- France is the Only European nation entered in this list at 16th position due to the major terror strikes in the nation and It is noted that Bangladesh is safer when compared to India being placed at 7th position.
Verisk Maplecroft has released a list of countries for the business opportunities based on the civil unrest and peace prevalence in the countries called the “Civil Unrest Index“. Pathetidally India ranked 4th in this list preceded by Syria, Yemen and Libya.
The complete List:-
This Civil unrest Index is comprised after a complete survey based on the
- Exposure to protests,
- Mass demonstrations,
- Ethnic or religious violencein the country.
This list determines the ease of business doing in the country. The Top 10 pathetic Rankings are as follows,
| RANK | COUNTRY | CIVIL UNREST STATUS |
| 1 | Syria | Extreme Civil Unrest |
| 2 | Yemen | Extreme Civil Unrest |
| 3 | Libya | Extreme Civil Unrest |
| 4 | India | Extreme Civil Unrest |
| 5 | Burundi | Extreme Civil Unrest |
| 6 | Bangladesh | Extreme Civil Unrest |
| 7 | Mexico | Extreme Civil Unrest |
| 8 | Myanmar | Extreme Civil Unrest |
| 9 | P.O.T | Extreme Civil Unrest |
| 10 | Nigeria | Extreme Civil Unrest |
The report by Maplecroft denotes that it is striking that India, Brazil, France, Mexico and South Africa have all witnessed substantial disorder in the last year, lack adequate structures to avoid grievances escalating into wholesale protests.
- This index determination is a major setback to the Indian Political field, where Modi government has been aggressively projecting the country as an untapped business platform to bring more and more foreign investments, the report stands as a defender for its dreams.
- Even though an assessment by the Department of Industrial Policy and Promotion (DIPP), over 30 steps have been already taken by various ministries and departments to cut down on clearances and improve the business environment, our Indian Business Platform didn’t find much place for the entrepreneurs to propel their business in the Indian markets.
- France is the Only European nation entered in this list at 16th position due to the major terror strikes in the nation and It is noted that Bangladesh is safer when compared to India being placed at 7th position.
No comments:
Post a Comment