General Affairs
Soliciting Votes In Name Of Religion Should Not Be Allowed: Supreme Court
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NEW DELHI: One cannot ask for votes in the name of religion and religion should be separated from the political process, said the Supreme Court, which is taking a re-look at the question of whether using Hindutva or Hinduism amounts during elections to exploitation of religious sentiments.
"The essence, the ethos of our constitutional system is secularism... religion and politics don't mix," said Chief Justice TS Thakur, who is heading the seven judge bench that is re-examining a verdict of 1995. "Religion should be separated from the political process," he added.
The 1995 verdict by former Chief Justice of India JS Verma had held that Hinduism is a way of life and there is no bar on expressing words like Hindutva or Hinduism or to have a Hindu state. So using such words will not amount to seeking votes in the name of religion, which is prohibited by law.
The counsel appearing for former lawmaker Sunderlal Patwa, one of the respondents in the case, argued that the 1995 verdict must be accepted by the seven-judge Bench and it was for the Parliament to change the law.
Chief Justice Thakur observed, "Parliament has done nothing in the last 20 years while the reference was pending. May be it is waiting for us to pronounce the judgment like in the sexual harassment case."
Taking the case of Mr Patwa, the court said he belongs to the Jain community. "But some person acting on his behalf makes an appeal that Mr Patwa, though a Jain, will help in making the Ram Mandir. The appeal is in the name of religion, not a candidate..."
The seven-judge bench is hearing three cases which question the current practice of seeking votes in the name of religion is not a corrupt practice and ask whether candidates who win this way should not be disqualified.
Social activist Teesta Setalvad and a few others, meanwhile, have appealed to the Supreme Court to reverse the 20-year-old "Hindutva" verdict to stop political parties from exploiting religious sentiments.
The petition said for the last two-and-a-half years, articulations of a narrow, supremacist variety have endangered a deep feeling of insecurity for minorities, free thinkers, atheists and those who uphold the Constitutional ideal of an India meant for all.
"The essence, the ethos of our constitutional system is secularism... religion and politics don't mix," said Chief Justice TS Thakur, who is heading the seven judge bench that is re-examining a verdict of 1995. "Religion should be separated from the political process," he added.
The counsel appearing for former lawmaker Sunderlal Patwa, one of the respondents in the case, argued that the 1995 verdict must be accepted by the seven-judge Bench and it was for the Parliament to change the law.
Chief Justice Thakur observed, "Parliament has done nothing in the last 20 years while the reference was pending. May be it is waiting for us to pronounce the judgment like in the sexual harassment case."
Taking the case of Mr Patwa, the court said he belongs to the Jain community. "But some person acting on his behalf makes an appeal that Mr Patwa, though a Jain, will help in making the Ram Mandir. The appeal is in the name of religion, not a candidate..."
The seven-judge bench is hearing three cases which question the current practice of seeking votes in the name of religion is not a corrupt practice and ask whether candidates who win this way should not be disqualified.
Social activist Teesta Setalvad and a few others, meanwhile, have appealed to the Supreme Court to reverse the 20-year-old "Hindutva" verdict to stop political parties from exploiting religious sentiments.
The petition said for the last two-and-a-half years, articulations of a narrow, supremacist variety have endangered a deep feeling of insecurity for minorities, free thinkers, atheists and those who uphold the Constitutional ideal of an India meant for all.
Air Pollutants May Enter Metro Premises, Cars, Rooms: Experts
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NEW DELHI: The seemingly crisp, fresh air inhaled inside the sanitised and cool environs of metro premises or air-conditioned car may actually be teeming with respirable pollutants.
Pollutants may be entering underground metro premises not only through air conditioning ducts but also clinging on to the clothes and shoes of passengers.
According to experts, not only metro stations, air-conditioned cars and rooms sprayed with freshners are equally, and in cases more, polluted as outdoors.
To its credit, the Delhi Metro authorities have actually helped bringing this fact to light by cooperating with a team of IIT-Delhi which collected data in this regard, which is now being analysed.
Professor Mukesh Khare of IIT-Delhi, who led the study, told PTI that the complete report will be out in three to four months.
"Premises of metro stations in Delhi have high concentration of PM 2.5, at places over 600 micrograms per cubic metre. Even level of PM 10 remains high," Mr Khare said.
"Not only the air ducts suck polluted air, but pollutants get carried inside through clothes people wear as well, like on the rough textures of shirts, through shoes," Mr Khare said.
PM 2.5 and PM 10 are respirable pollutants, that can enter the bloodstream and cause harm to the respiratory system on prolonged exposure. Their safe limits are 60 and 100 micrograms per cubic metre in Indian standards.
When contacted, a senior Delhi metro official said that the air conditioning system of the network has in-built provisions to flush out air, but at times respirable pollutants get air-borne and there is a build up.
"That is why we frequently mop the floors of our stations, specially the entry and exit of underground stations. It also depends on the level of outdoor pollution," the official said.
TK Joshi, Director, Centre for Occupational and Environmental Health, said while the focus has largely been on outdoor pollution, the same phenomenon plays out inside our dwellings as well.
"People often spray room freshners, oblivious of the fact that it contains methyl alcohol which is extremely toxic. Practically every air freshner brand uses that. They should be rather called air polluters. People have actually turned blind over prolonged exposure to it," Mr Joshi said.
Pollutants may be entering underground metro premises not only through air conditioning ducts but also clinging on to the clothes and shoes of passengers.
According to experts, not only metro stations, air-conditioned cars and rooms sprayed with freshners are equally, and in cases more, polluted as outdoors.
To its credit, the Delhi Metro authorities have actually helped bringing this fact to light by cooperating with a team of IIT-Delhi which collected data in this regard, which is now being analysed.
Professor Mukesh Khare of IIT-Delhi, who led the study, told PTI that the complete report will be out in three to four months.
"Premises of metro stations in Delhi have high concentration of PM 2.5, at places over 600 micrograms per cubic metre. Even level of PM 10 remains high," Mr Khare said.
"Not only the air ducts suck polluted air, but pollutants get carried inside through clothes people wear as well, like on the rough textures of shirts, through shoes," Mr Khare said.
PM 2.5 and PM 10 are respirable pollutants, that can enter the bloodstream and cause harm to the respiratory system on prolonged exposure. Their safe limits are 60 and 100 micrograms per cubic metre in Indian standards.
When contacted, a senior Delhi metro official said that the air conditioning system of the network has in-built provisions to flush out air, but at times respirable pollutants get air-borne and there is a build up.
"That is why we frequently mop the floors of our stations, specially the entry and exit of underground stations. It also depends on the level of outdoor pollution," the official said.
TK Joshi, Director, Centre for Occupational and Environmental Health, said while the focus has largely been on outdoor pollution, the same phenomenon plays out inside our dwellings as well.
"People often spray room freshners, oblivious of the fact that it contains methyl alcohol which is extremely toxic. Practically every air freshner brand uses that. They should be rather called air polluters. People have actually turned blind over prolonged exposure to it," Mr Joshi said.
Delhi Lawyer Surrenders Rs. 125 Crore To Income Tax Department
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NEW DELHI: A Delhi-based lawyer has declared unaccounted wealth worth Rs 125 crore to the Income Tax department after searches were carried out against him.
Official sources said taxmen conducted raids against the lawyer, based in a posh south Delhi locality, few days back based on some "actionable" inputs about alleged tax evasion by him and his business entities.
They said the trigger of the case included a high-value transaction done by the lawyer few years back when he purchased a costly bungalow in the Lutyens Zone area in Jor Bagh and had allegedly under-reported the deal following which the I-T department built up a case against him.
Officials added that few more crores of unpaid taxes could also come to the revenue kitty as the department is still scrutinising the documents seized from his premises.
I-T sources said the department also found that the lawyer had not disclosed this alleged illegal income under the one-time black money window, also called the Income Declaration Scheme (IDS), that concluded recently and hence the department has decided to slap regular penalties as applicable under regular I-T laws in the case.
The department, as per officials, is in the process of preparing a comprehensive report post the search operations so that the case can be taken to its logical conclusion and demands could be raised, if any.
Official sources said taxmen conducted raids against the lawyer, based in a posh south Delhi locality, few days back based on some "actionable" inputs about alleged tax evasion by him and his business entities.
They said the trigger of the case included a high-value transaction done by the lawyer few years back when he purchased a costly bungalow in the Lutyens Zone area in Jor Bagh and had allegedly under-reported the deal following which the I-T department built up a case against him.
Officials added that few more crores of unpaid taxes could also come to the revenue kitty as the department is still scrutinising the documents seized from his premises.
I-T sources said the department also found that the lawyer had not disclosed this alleged illegal income under the one-time black money window, also called the Income Declaration Scheme (IDS), that concluded recently and hence the department has decided to slap regular penalties as applicable under regular I-T laws in the case.
The department, as per officials, is in the process of preparing a comprehensive report post the search operations so that the case can be taken to its logical conclusion and demands could be raised, if any.
$1 Billion Bid Used Honey-Trapped Ex-Air Force Officer: Note To PM Modi
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NEW DELHI: A letter to Prime Minister Narendra Modi claims that when Abhishek Verma, an arms dealer named in several criminal cases, wanted to help his client win a $1 billion dollar deal for the Indian Air Force, he used the help of BJP leader Varun Gandhi and Air Marshal Harish Masand, a senior officer who had retired six years earlier.
Mr Gandhi, who is a parliamentarian, has emphatically denied the charges levelled by C Edmunds Allen, who is based in the US and whose business relationship with Mr Verma ended in tatters in 2012.
Mr Allen has released copies of letters that he says he has sent to the PM and to National Security Advisor Ajit Doval, alleging that as member of a parliamentary committee on defence, Mr Gandhi had access to vital information that he regularly provided to Mr Verma and arms manufacturers gathered by him. Mr Gandhi, the American writes, was being blackmailed into cooperation because he had been photographed with prostitutes and escorts. Mr Gandhi says that if these pictures exist (Mr Allen claims he has provided them to the PM's Office along with his note), they are morphed. The 36-year-old politician also says he did not attend any sessions of the parliamentary committee referred to in the complaint against him.
Air Marshal Harish Masand, the letter claims, had been similarly photographed with Uzbeki prostitutes, the letter says, along with "a very senior serving Air Force officer" and other former colleagues. Mr Allen says Air Marshal Masand was "hired" in 2010 to "provide inside information" to help an American manufacturer, Hawker Beechcraft Corporation, get a billion dollar contract for supplying trainer planes to the Air Force.
The retired Air Marshal told NDTV that HBC hired him in 2010 and that he told Beechcraft not to do any business with Abhishek Verma. He also indicated that he had a "minor business interaction" with Mr Verma in 2009 (he described it, without elaborating, as a survey) for which no payment was made.
Mr Gandhi said that he met Mr Verma in college and has had no contact with him for nearly 15 years.
Mr Allen has, over the years, been a prolific purveyor of documents to CBI investigators handling cases against his former business partner.
Mr Gandhi, who is a parliamentarian, has emphatically denied the charges levelled by C Edmunds Allen, who is based in the US and whose business relationship with Mr Verma ended in tatters in 2012.
Mr Allen has released copies of letters that he says he has sent to the PM and to National Security Advisor Ajit Doval, alleging that as member of a parliamentary committee on defence, Mr Gandhi had access to vital information that he regularly provided to Mr Verma and arms manufacturers gathered by him. Mr Gandhi, the American writes, was being blackmailed into cooperation because he had been photographed with prostitutes and escorts. Mr Gandhi says that if these pictures exist (Mr Allen claims he has provided them to the PM's Office along with his note), they are morphed. The 36-year-old politician also says he did not attend any sessions of the parliamentary committee referred to in the complaint against him.
Air Marshal Harish Masand, the letter claims, had been similarly photographed with Uzbeki prostitutes, the letter says, along with "a very senior serving Air Force officer" and other former colleagues. Mr Allen says Air Marshal Masand was "hired" in 2010 to "provide inside information" to help an American manufacturer, Hawker Beechcraft Corporation, get a billion dollar contract for supplying trainer planes to the Air Force.
The retired Air Marshal told NDTV that HBC hired him in 2010 and that he told Beechcraft not to do any business with Abhishek Verma. He also indicated that he had a "minor business interaction" with Mr Verma in 2009 (he described it, without elaborating, as a survey) for which no payment was made.
Mr Gandhi said that he met Mr Verma in college and has had no contact with him for nearly 15 years.
Mr Allen has, over the years, been a prolific purveyor of documents to CBI investigators handling cases against his former business partner.
Congress' Rita Bahuguna Joshi Joins BJP With Fierce Parting Shot At Rahul Gandhi
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NEW DELHI: Rita Bahuguna Joshi, a prominent Congress leader from Uttar Pradesh, prefaced her entry into the BJP today with a fierce attack on Rahul Gandhi, alleging that his leadership was acceptable to none.
"The biggest leaders of the Uttar Pradesh Congress have not been able to act under the new leadership. Sonia ji used to listen to us, but that is not happening under the leadership of Rahul Gandhi," alleged Ms Joshi, who joins the BJP just before crucial assembly elections in UP and days after Congress vice president Rahul Gandhi ended a vigorous month-long campaign in the state.
Those efforts will come to naught, predicted Ms Joshi, certain, she said, that UP wants the leadership of Prime Minister Narendra Modi, for whom she had fulsome praise.
"Not just the UP Congress, but the entire nation is unhappy with the leadership of Rahul Gandhi," Ms Joshi said, adding that Mr Gandhi's criticism of PM Modi after the Indian Army's surgical strikes across the Line of Control or LoC and the Congress' demand for proof had made her "angry."
The 67-year-old politician's move is being seen as a BJP counter to the Congress' pitch for Brahmin votes in UP by fielding former Delhi chief minister Sheila Dikshit as the chief ministerial candidate.
But Congress' current UP chief Raj Babbar has dismissed Ms Bahuguna's move, which confirmed rumours that have swirled all week, as insignificant to its prospects in UP.
Ms Joshi has served as the Congress' UP chief and is the daughter of Hemwati Nandan Bahuguna, one of the tallest leaders of the party and a former chief minister.
Her stock in the Congress is said to have plummeted after her older brother and former Uttarkhand chief minister Vijay Bahuguna joined the BJP.
During the last UP election in 2012, as Rahul Gandhi had led the party from the front, Ms Bahuguna was prominently just a step behind him everywhere. After results threw up a Congress debacle she had taken the rap as state party chief and said, "Why should a campaigner accept responsibility? It's the candidate and the organisaton that is responsible. Our campaigner did his job brilliantly."
"The biggest leaders of the Uttar Pradesh Congress have not been able to act under the new leadership. Sonia ji used to listen to us, but that is not happening under the leadership of Rahul Gandhi," alleged Ms Joshi, who joins the BJP just before crucial assembly elections in UP and days after Congress vice president Rahul Gandhi ended a vigorous month-long campaign in the state.
"Not just the UP Congress, but the entire nation is unhappy with the leadership of Rahul Gandhi," Ms Joshi said, adding that Mr Gandhi's criticism of PM Modi after the Indian Army's surgical strikes across the Line of Control or LoC and the Congress' demand for proof had made her "angry."
The 67-year-old politician's move is being seen as a BJP counter to the Congress' pitch for Brahmin votes in UP by fielding former Delhi chief minister Sheila Dikshit as the chief ministerial candidate.
But Congress' current UP chief Raj Babbar has dismissed Ms Bahuguna's move, which confirmed rumours that have swirled all week, as insignificant to its prospects in UP.
Ms Joshi has served as the Congress' UP chief and is the daughter of Hemwati Nandan Bahuguna, one of the tallest leaders of the party and a former chief minister.
Her stock in the Congress is said to have plummeted after her older brother and former Uttarkhand chief minister Vijay Bahuguna joined the BJP.
During the last UP election in 2012, as Rahul Gandhi had led the party from the front, Ms Bahuguna was prominently just a step behind him everywhere. After results threw up a Congress debacle she had taken the rap as state party chief and said, "Why should a campaigner accept responsibility? It's the candidate and the organisaton that is responsible. Our campaigner did his job brilliantly."
Business Affairs
Wipro to acquire Appirio for Rs 3,340 crore
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Country's third largest IT firm Wipro on Thursday said it will acquire cloud services company Appirio for $500 million (around Rs 3,340 crore) in a cash transaction.
"Once completed, Wipro's acquisition of Appirio will create one of the world's largest cloud transformation practices, a game changer in today's as-a-service and digital economy," Wipro said in a statement.
Post acquisition, Wipro will also have access to Topcoder, a crowdsourcing marketplace connecting over a million designers, developers and data scientists around the world with customers, it added.
Wipro will consolidate its existing cloud applications practices of Salesforce and Workday under the Appirio brand and structure.
Chris Barbin, Chief Executive Officer of Appirio, will lead the expanded business, the statement said.
Established in 2006, the US-based Appirio has offices in Jaipur, San Francisco, Dublin, London, and Tokyo and has 1,250 employees worldwide.
It had revenues of USD 196 million in 2015 and its clients include brands like Stryker, Robert Half, Johnson Controls, Cardinal Health, Coca-Cola, eBay, Facebook, Home Depot, and Sony PlayStation.
"In an increasingly digital world, as consumer behaviors and expectations continue to be reshaped by experiences, companies are recognising that they need to transform how they engage with customers and employees by leveraging the power of Cloud," Wipro Chief Executive Officer Abidali Z Neemuchwala said.
The acquisition is expected to be closed in the quarter ending December 31, 2016.
William Blair & Company acted as financial advisor to Appirio during the transaction.
"Once completed, Wipro's acquisition of Appirio will create one of the world's largest cloud transformation practices, a game changer in today's as-a-service and digital economy," Wipro said in a statement.
Post acquisition, Wipro will also have access to Topcoder, a crowdsourcing marketplace connecting over a million designers, developers and data scientists around the world with customers, it added.
Wipro will consolidate its existing cloud applications practices of Salesforce and Workday under the Appirio brand and structure.
Chris Barbin, Chief Executive Officer of Appirio, will lead the expanded business, the statement said.
Established in 2006, the US-based Appirio has offices in Jaipur, San Francisco, Dublin, London, and Tokyo and has 1,250 employees worldwide.
It had revenues of USD 196 million in 2015 and its clients include brands like Stryker, Robert Half, Johnson Controls, Cardinal Health, Coca-Cola, eBay, Facebook, Home Depot, and Sony PlayStation.
"In an increasingly digital world, as consumer behaviors and expectations continue to be reshaped by experiences, companies are recognising that they need to transform how they engage with customers and employees by leveraging the power of Cloud," Wipro Chief Executive Officer Abidali Z Neemuchwala said.
The acquisition is expected to be closed in the quarter ending December 31, 2016.
William Blair & Company acted as financial advisor to Appirio during the transaction.
Reliance Industries posts 23% drop in Q2 net profit
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Oil-to-telecoms conglomerate Reliance Industries Ltd posted a 22.9 per cent drop in its second-quarter net profit, marginally missing analysts' estimates.
Consolidated net profit fell to Rs 72.06 billion ($1.08 billion) for the three months to Sept. 30 from Rs 93.45 billion reported a year earlier, Reliance, controlled by India's richest man Mukesh Ambani, said in a statement on Thursday.
Analysts on average had expected a profit of Rs 72.2 billion, according to data compiled by Thomson Reuters.
Reliance said its gross refining margin, or profit earned on each barrel of crude processed - a key profitability gauge for a refiner - was $10.1 per barrel for the quarter.
Oil-to-telecoms conglomerate Reliance Industries Ltd posted a 22.9 per cent drop in its second-quarter net profit, marginally missing analysts' estimates.
Consolidated net profit fell to Rs 72.06 billion ($1.08 billion) for the three months to Sept. 30 from Rs 93.45 billion reported a year earlier, Reliance, controlled by India's richest man Mukesh Ambani, said in a statement on Thursday.
Analysts on average had expected a profit of Rs 72.2 billion, according to data compiled by Thomson Reuters.
Reliance said its gross refining margin, or profit earned on each barrel of crude processed - a key profitability gauge for a refiner - was $10.1 per barrel for the quarter.
RIL, NBCC among five stocks that buzzed on Dalal Street today
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The S&P BSE Sensex on Thursday added 145 points to end above its crucial 28,000 level, while the broader Nifty50 settled the day just one-point below 8,700-mark.
The headline indices advanced, after ending lower the previous day, with financial stocks such as ICICI Bank contributing most of the gains, while advances in Asian markets underpinned investor sentiment.
{blurb}
Below are five stocks that buzzed in Thursday's trade:
- Reliance Industries: Shares of RIL ended flat ahead of its September quarter results to be announced later in the day. Investors expect the company to snap its six-quarter long rising trend on the growth front by reporting a 4.4 per cent sequential drop in standalone net profit.
- Aptech: Shares of Aptech surged over 6 per cent intraday to hit its fresh 52-week high after the company reported stellar quarterly earnings in the September quarter of fiscal year 2017. The scrip ended 3 per cent higher.
- Quess Corp: Shares of Quess Corp rallied 6 per cent after the business services provider firm said it has entered into agreements to acquire stakes in Singapore-based Comtel Solutions and two domestic firms - Terrier Security Services and Simpliance Technologies - for undisclosed sums.
- KPIT Technologies: Shares of KPIT Tech surged 4.31 per cent after the company posted a net profit of Rs 56 crore for the quarter ended September 30, 2016 as compared to Rs 73.8 crore for the quarter ended September 30, 2015.
- NBCC: Government's 15 per cent stake sale in construction company NBCC on bourses took off on Thursday, with over 50 per cent of the shares reserved for institutional investors getting subscribed in the first hour of trade. The scrip closed the day flat.
The S&P BSE Sensex on Thursday added 145 points to end above its crucial 28,000 level, while the broader Nifty50 settled the day just one-point below 8,700-mark.
The headline indices advanced, after ending lower the previous day, with financial stocks such as ICICI Bank contributing most of the gains, while advances in Asian markets underpinned investor sentiment.
{blurb}
Below are five stocks that buzzed in Thursday's trade:
- Reliance Industries: Shares of RIL ended flat ahead of its September quarter results to be announced later in the day. Investors expect the company to snap its six-quarter long rising trend on the growth front by reporting a 4.4 per cent sequential drop in standalone net profit.
- Aptech: Shares of Aptech surged over 6 per cent intraday to hit its fresh 52-week high after the company reported stellar quarterly earnings in the September quarter of fiscal year 2017. The scrip ended 3 per cent higher.
- Quess Corp: Shares of Quess Corp rallied 6 per cent after the business services provider firm said it has entered into agreements to acquire stakes in Singapore-based Comtel Solutions and two domestic firms - Terrier Security Services and Simpliance Technologies - for undisclosed sums.
- KPIT Technologies: Shares of KPIT Tech surged 4.31 per cent after the company posted a net profit of Rs 56 crore for the quarter ended September 30, 2016 as compared to Rs 73.8 crore for the quarter ended September 30, 2015.
- NBCC: Government's 15 per cent stake sale in construction company NBCC on bourses took off on Thursday, with over 50 per cent of the shares reserved for institutional investors getting subscribed in the first hour of trade. The scrip closed the day flat.
19 banks impacted by the debit card data fraud
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The National Payment Corporation of India (NPCI), an umbrella organization for all retail payments system in India, said on Thursday that there are as many as 19 banks that have reported the fraudulent withdrawal from debit cards.
The total amount involved is Rs 1.3 crore as reported by various affected banks to NPCI. Cards of all these complainants are related to other card schemes. There is no RuPay cardholder who had lodged any complaint for such fraudulent usage," says A P Hota, MD & CEO, NPCI in a statement.
The problem of fraudulent transaction came to light when few banks reported the matter to NPCI that customer's cards were used falsely mainly in China and US while customers were based in India. Realizing that this could be a case of card data compromise, the ATM providers, POS terminal operators and three card networks - Visa, Master Card and RuPay - worked together to find out the data compromise.
NPCI's Hota says that the necessary corrective actions already have been taken and hence there is no reason for bank customers to panic.
There are many layers where a data compromise could happen. In a card transaction, there are merchant acquirers, banks, non bank ATMs, the ATM providers, card processors etc. In the present case, the suspicion is on a third party players which manages ATM for a private bank. A K Viswanathan, partner at Deloitte India says, "this incident along with Feb 2016 swift security breach clearly demonstrates the weakness in the system and that one does not have to compromise a bank's network or data to impact on the entire eco-system."
Currently, the big banks like SBI and ICICI are claiming that the possible breach of information of debit cards has taken place in the ATM network of another bank. There is no clarity or a fix where exactly the breach has taken place as there are so many layers where it could have happened.
Viswanathan adds that this is an awakening call and lays down an imperative for banks to rethink their cyber security strategy and adopt stringent cyber security practices within every aspect of their operations.
As a precautionary measures , all the banks have advised their customers to change the PIN number. "This has been done in order to protect our customers from any potential fraudulent transaction," says a ICICI Bank spokesperson.
The National Payment Corporation of India (NPCI), an umbrella organization for all retail payments system in India, said on Thursday that there are as many as 19 banks that have reported the fraudulent withdrawal from debit cards.
The total amount involved is Rs 1.3 crore as reported by various affected banks to NPCI. Cards of all these complainants are related to other card schemes. There is no RuPay cardholder who had lodged any complaint for such fraudulent usage," says A P Hota, MD & CEO, NPCI in a statement.
The total amount involved is Rs 1.3 crore as reported by various affected banks to NPCI. Cards of all these complainants are related to other card schemes. There is no RuPay cardholder who had lodged any complaint for such fraudulent usage," says A P Hota, MD & CEO, NPCI in a statement.
The problem of fraudulent transaction came to light when few banks reported the matter to NPCI that customer's cards were used falsely mainly in China and US while customers were based in India. Realizing that this could be a case of card data compromise, the ATM providers, POS terminal operators and three card networks - Visa, Master Card and RuPay - worked together to find out the data compromise.
NPCI's Hota says that the necessary corrective actions already have been taken and hence there is no reason for bank customers to panic.
There are many layers where a data compromise could happen. In a card transaction, there are merchant acquirers, banks, non bank ATMs, the ATM providers, card processors etc. In the present case, the suspicion is on a third party players which manages ATM for a private bank. A K Viswanathan, partner at Deloitte India says, "this incident along with Feb 2016 swift security breach clearly demonstrates the weakness in the system and that one does not have to compromise a bank's network or data to impact on the entire eco-system."
Currently, the big banks like SBI and ICICI are claiming that the possible breach of information of debit cards has taken place in the ATM network of another bank. There is no clarity or a fix where exactly the breach has taken place as there are so many layers where it could have happened.
Viswanathan adds that this is an awakening call and lays down an imperative for banks to rethink their cyber security strategy and adopt stringent cyber security practices within every aspect of their operations.
As a precautionary measures , all the banks have advised their customers to change the PIN number. "This has been done in order to protect our customers from any potential fraudulent transaction," says a ICICI Bank spokesperson.
NPCI's Hota says that the necessary corrective actions already have been taken and hence there is no reason for bank customers to panic.
There are many layers where a data compromise could happen. In a card transaction, there are merchant acquirers, banks, non bank ATMs, the ATM providers, card processors etc. In the present case, the suspicion is on a third party players which manages ATM for a private bank. A K Viswanathan, partner at Deloitte India says, "this incident along with Feb 2016 swift security breach clearly demonstrates the weakness in the system and that one does not have to compromise a bank's network or data to impact on the entire eco-system."
Currently, the big banks like SBI and ICICI are claiming that the possible breach of information of debit cards has taken place in the ATM network of another bank. There is no clarity or a fix where exactly the breach has taken place as there are so many layers where it could have happened.
Viswanathan adds that this is an awakening call and lays down an imperative for banks to rethink their cyber security strategy and adopt stringent cyber security practices within every aspect of their operations.
As a precautionary measures , all the banks have advised their customers to change the PIN number. "This has been done in order to protect our customers from any potential fraudulent transaction," says a ICICI Bank spokesperson.
GST may make oil, chicken dearer; TV, air conditioner cheaper
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The proposed 4-tier GST structure may hit the common man as it is likely to result in higher taxes on various items including kitchen staples such as edible oils, spices and chicken.
The prices of certain consumer durables like televisions, air conditioners, fridges and washing machines may however become cheaper with decrease in taxes.
The government plans to roll out the new indirect tax regime, Goods and Services Tax (GST), from April 1, 2017. In its meeting with states this week, the Centre has proposed a four slab GST rate structure.
The lowest rate proposed is 6 per cent, with two standard rates of 12 and 18 per cent. The peak rate, which will mostly apply to FMCG and consumer durables, will be 26 per cent.
Besides, a cess is also likely to be levied on demerit or sin goods and polluting items.
According to the Centre's estimates on impact of the 4-slab rate structure on CPI inflation, items like chicken and coconut oil which currently suffer a tax incidence of 4 per cent will be taxed at 6 per cent under the GST regime.
Similarly, the tax burden on refined oil, mustard oil and groundnut oil will go up from 5 per cent to 6 per cent.
Other kitchen staples too will be taxed at 6 per cent as against 3 per cent in case of turmeric and jeera, 5 per cent in case of dhania, black pepper and oil seeds.
TVs, air conditioners, washing machines, inverters, refrigerators, electric fans and cooking appliances may become cheaper with the incidence of taxes on them declining from 29 per cent to 26 per cent post implementation of the GST.
Perfumes, shaving cream, powder, hair oil, shampoo, soap, and other toiletry items will become cheaper as they too presently are taxed at 29 per cent.
Gas stove, gas burner, mosquito repellent and insecticide may, however, become expensive as they are currently taxed at 25 per cent, lower than the proposed peak rate of 26 per cent under GST.
Under the proposed 4-slab structure, the items which are currently taxed between 3-9 per cent will fall in the 6 per cent bracket; those in 9-15 per cent range will come under 12 per cent rate.
Those products which are currently taxed between 15-21 per cent would attract 18 per cent levy, while those above 21 per cent would be taxed at the peak rate of 26 per cent.
The GST Council, which has Union Finance Minister and his state counterparts, will decide on tax rates next month.
Saying that the four tier rate structure was designed in a way that neither the exchequer lose revenue nor does the common man's tax liability increase significantly, Finance Minister Arun Jaitley had said: "the effort will be to fit the goods in the closest tax bracket under GST".
The proposed 4-tier GST structure may hit the common man as it is likely to result in higher taxes on various items including kitchen staples such as edible oils, spices and chicken.
The prices of certain consumer durables like televisions, air conditioners, fridges and washing machines may however become cheaper with decrease in taxes.
The government plans to roll out the new indirect tax regime, Goods and Services Tax (GST), from April 1, 2017. In its meeting with states this week, the Centre has proposed a four slab GST rate structure.
The lowest rate proposed is 6 per cent, with two standard rates of 12 and 18 per cent. The peak rate, which will mostly apply to FMCG and consumer durables, will be 26 per cent.
Besides, a cess is also likely to be levied on demerit or sin goods and polluting items.
According to the Centre's estimates on impact of the 4-slab rate structure on CPI inflation, items like chicken and coconut oil which currently suffer a tax incidence of 4 per cent will be taxed at 6 per cent under the GST regime.
Similarly, the tax burden on refined oil, mustard oil and groundnut oil will go up from 5 per cent to 6 per cent.
Other kitchen staples too will be taxed at 6 per cent as against 3 per cent in case of turmeric and jeera, 5 per cent in case of dhania, black pepper and oil seeds.
TVs, air conditioners, washing machines, inverters, refrigerators, electric fans and cooking appliances may become cheaper with the incidence of taxes on them declining from 29 per cent to 26 per cent post implementation of the GST.
Perfumes, shaving cream, powder, hair oil, shampoo, soap, and other toiletry items will become cheaper as they too presently are taxed at 29 per cent.
Gas stove, gas burner, mosquito repellent and insecticide may, however, become expensive as they are currently taxed at 25 per cent, lower than the proposed peak rate of 26 per cent under GST.
Under the proposed 4-slab structure, the items which are currently taxed between 3-9 per cent will fall in the 6 per cent bracket; those in 9-15 per cent range will come under 12 per cent rate.
Those products which are currently taxed between 15-21 per cent would attract 18 per cent levy, while those above 21 per cent would be taxed at the peak rate of 26 per cent.
The GST Council, which has Union Finance Minister and his state counterparts, will decide on tax rates next month.
Saying that the four tier rate structure was designed in a way that neither the exchequer lose revenue nor does the common man's tax liability increase significantly, Finance Minister Arun Jaitley had said: "the effort will be to fit the goods in the closest tax bracket under GST".
General Awareness
2016 Noble Prize
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The Nobel Prize is a set of annual international awards bestowed in 6 categories by Swedish and Norwegian institutions in recognition of academic, cultural, and/or scientific advances.
6 Categories :
Medicine, Physics, Chemistry, Economy, Literature and Peace
2016 Winners List
Noble Prize Winners Medicine Yoshinori Ohsumi Physics David Thouless, Duncan Haldane and Michael Kosterlitz Chemistry Jean Pierre Sauvage, Sir J. Fraser Stoddart and Bernard L. Feringa Literature Bob Dylan Economics Oliver Hart and Bengt Holmstrom Peace Prize Colombian President Juan Manuel Santos
The Nobel Prize is a set of annual international awards bestowed in 6 categories by Swedish and Norwegian institutions in recognition of academic, cultural, and/or scientific advances.
6 Categories :
Medicine, Physics, Chemistry, Economy, Literature and Peace
2016 Winners List
| Noble Prize | Winners |
| Medicine | Yoshinori Ohsumi |
| Physics | David Thouless, Duncan Haldane and Michael Kosterlitz |
| Chemistry | Jean Pierre Sauvage, Sir J. Fraser Stoddart and Bernard L. Feringa |
| Literature | Bob Dylan |
| Economics | Oliver Hart and Bengt Holmstrom |
| Peace Prize | Colombian President Juan Manuel Santos |
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