General Affairs
44 Per Cent People Found ATMs Non-Functional
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NEW DELHI: As difficulties continue in exchanging demonetised notes and withdrawing cash, 44 per cent of respondents in a survey complained that ATMs did not work between November 11 and 13.
With more than 9,000 citizens participating, 14 per cent said they had to wait for up to 2 hours, 8 per cent said they able to get cash in less than 10 minutes while 34 per cent did not visit an ATM, according to a survey conducted by the LocalCircles citizen engagement platform.
Similarly, at the banks, 29 per cent people said they had to wait for over two hours to exchange notes, 21 per cent waited between 30 minutes to two hours, 11 per cent suggested being able to transact in 10 minutes or less while 39 per cent did not visit the bank for currency exchange, it said.
In addition to sharing their experiences with the ATM and banks, citizens also highlighted the negative impacts of the demonetisation plan and the process gaps they have observed.
They said that enough currency notes were not available in small denominations before rolling out the scheme. Citizens have highlighted that since the introduction of the Rs. 2000 note was already announced last month, ATMs could have been upgraded to dispense these while maintaining secrecy.
As per field experiences of LocalCircles members, more than 40 per cent people in bank lines stood for someone else.
Since 80 per cent of the currency is in Rs. 500 and Rs. 1,000 notes, business owners said they are finding footfalls reduced by 50 per cent in malls, local markets and the like. The majority of citizens said they expect these difficulties to continue in the coming months.
With more than 9,000 citizens participating, 14 per cent said they had to wait for up to 2 hours, 8 per cent said they able to get cash in less than 10 minutes while 34 per cent did not visit an ATM, according to a survey conducted by the LocalCircles citizen engagement platform.
Similarly, at the banks, 29 per cent people said they had to wait for over two hours to exchange notes, 21 per cent waited between 30 minutes to two hours, 11 per cent suggested being able to transact in 10 minutes or less while 39 per cent did not visit the bank for currency exchange, it said.
They said that enough currency notes were not available in small denominations before rolling out the scheme. Citizens have highlighted that since the introduction of the Rs. 2000 note was already announced last month, ATMs could have been upgraded to dispense these while maintaining secrecy.
As per field experiences of LocalCircles members, more than 40 per cent people in bank lines stood for someone else.
Since 80 per cent of the currency is in Rs. 500 and Rs. 1,000 notes, business owners said they are finding footfalls reduced by 50 per cent in malls, local markets and the like. The majority of citizens said they expect these difficulties to continue in the coming months.
Nitish Kumar To Call Joint Sitting For Discussion On Liquor Law
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PATNA: Bihar Chief Minister Nitish Kumar today heard opinion of people from different walks of life on the new liquor law in the state and said a joint sitting of the two houses of the state legislature would be called for a wider debate on prohibition.
"After discussion with you all, a joint sitting of the two houses of the Bihar legislature would be called for a wider discussion on the new liquor law," Mr Kumar said at "Lok Samvad" programme where he heard the opinion of 40 select persons from different walks of life.
"We want more discussion on prohibition which has yielded good result," the Chief Minister said.
Deputy Chief Minister Tejaswi Yadav, Excise and Prohibition minister Abdul Jalil Mastan, senior ministers Bijendra Prasad Yadav and Abdul Bari Siddiqui, Chief Secretary Anjani Kumar Singh, state police chief PK Thakur and Principal Secretary of Excise department Amir Subhani were present during the closed-door intercourse.
The 40 select people, including lawyers, journalists, retired police personnel, doctors and professionals expressed their opinion as how to make the new Bihar Excise Act, 2016, which was notified on October 2 last, more effective.
During the discussion, the Chief Minister categorically said there would be no compromise with the ban on liquor, spiced and domestic as well as Indian Made Foreign Liquor.
Mr Kumar said he wanted suggestions from people who had described the prohibition law as "draconian and a Talibani law" and alternative against stringent provisions.
Mr Kumar said that more than 16,000 people had been prosecuted under the liquor law, 80 per cent of whom were involved in illicit trade of alcohol.
"After discussion with you all, a joint sitting of the two houses of the Bihar legislature would be called for a wider discussion on the new liquor law," Mr Kumar said at "Lok Samvad" programme where he heard the opinion of 40 select persons from different walks of life.
Deputy Chief Minister Tejaswi Yadav, Excise and Prohibition minister Abdul Jalil Mastan, senior ministers Bijendra Prasad Yadav and Abdul Bari Siddiqui, Chief Secretary Anjani Kumar Singh, state police chief PK Thakur and Principal Secretary of Excise department Amir Subhani were present during the closed-door intercourse.
During the discussion, the Chief Minister categorically said there would be no compromise with the ban on liquor, spiced and domestic as well as Indian Made Foreign Liquor.
Mr Kumar said he wanted suggestions from people who had described the prohibition law as "draconian and a Talibani law" and alternative against stringent provisions.
Mr Kumar said that more than 16,000 people had been prosecuted under the liquor law, 80 per cent of whom were involved in illicit trade of alcohol.
People With Us On Notes Ban, No Need To Be Defensive, PM Modi Tells Party
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NEW DELHI: With the opposition plotting a united attack on the government over the shock decision to scrap Rs. 500 and Rs. 1,000 notes, Prime Minister Narendra Modi this evening met with BJP parliamentarians and told them "the country is with the government".
Parliament begins its winter session on Wednesday; the opening will likely be taken over by opposition leaders like Mamata Banerjee accusing the government of punishing poor people with the decision to remove old high-denomination notes from circulation.
PM Modi was accompanied at this evening's meeting by BJP President Amit Shah, senior ministers Arun Jaitley and Rajnath Singh, and patriarch LK Advani.
To assuage public anger and concerns over the difficulty in accessing new notes, the government has increased the limit on cash withdrawals from bank accounts. But opposition leaders - eight met at a parallel meeting hosted by the Congress this evening - say that the abrupt move to ban the old notes has left the poor cashless and unable to buy essential commodities like groceries. The banned Rs. 500 and Rs. 1,000 notes made up more than 80 per cent of the currency in circulation. The government has countered that the ban had to be sudden in order to be effective.
Since the old notes were declared invalid, nearly 45 billion dollars have been deposited in banks as people turn in old notes for new ones.
Relaxing earlier restrictions, a bank customer can now withdraw Rs. 24,000 in a week, and a daily limit of Rs. 10,000 has been cancelled. The limit for swapping old notes for new currency has been raised to Rs. 4,500 from Rs. 4,000; at ATMs, the limit on per day per card withdrawal has moved to Rs. 2,500 instead of Rs. 2,000. The government has stressed that these caps will be removed quickly.
The BJP President, advising his party's members to counter the opposition aggressively, said that they must also be prepared to offer informed accounts of the surgical strikes or cross-border raids conducted by India in September in Pakistan-Occupied Kashmir and on One Rank One Pension or OROP, the scheme that seeks to equalize pension payments between army officers who held the same rank for the same amount of time but retired at different points.
Parliament begins its winter session on Wednesday; the opening will likely be taken over by opposition leaders like Mamata Banerjee accusing the government of punishing poor people with the decision to remove old high-denomination notes from circulation.
To assuage public anger and concerns over the difficulty in accessing new notes, the government has increased the limit on cash withdrawals from bank accounts. But opposition leaders - eight met at a parallel meeting hosted by the Congress this evening - say that the abrupt move to ban the old notes has left the poor cashless and unable to buy essential commodities like groceries. The banned Rs. 500 and Rs. 1,000 notes made up more than 80 per cent of the currency in circulation. The government has countered that the ban had to be sudden in order to be effective.
Since the old notes were declared invalid, nearly 45 billion dollars have been deposited in banks as people turn in old notes for new ones.
Relaxing earlier restrictions, a bank customer can now withdraw Rs. 24,000 in a week, and a daily limit of Rs. 10,000 has been cancelled. The limit for swapping old notes for new currency has been raised to Rs. 4,500 from Rs. 4,000; at ATMs, the limit on per day per card withdrawal has moved to Rs. 2,500 instead of Rs. 2,000. The government has stressed that these caps will be removed quickly.
The BJP President, advising his party's members to counter the opposition aggressively, said that they must also be prepared to offer informed accounts of the surgical strikes or cross-border raids conducted by India in September in Pakistan-Occupied Kashmir and on One Rank One Pension or OROP, the scheme that seeks to equalize pension payments between army officers who held the same rank for the same amount of time but retired at different points.
Fears Of 'Fake' New Notes: Some Quick Ways To Identify Authenticity
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MUMBAI: With several complaints and rumours about "fake new notes" of Rs. 2,000 denomination, there is some wariness among the people as the notes come into wider circulation. Notes of Rs. 500 denomination would be circulated soon by banks.
However, the new notes not only have several security features difficult to counterfeit, there are many ways the users can verify if the notes are genuine.
The touch and feel of the notes can be used for this. The seven "bleed lines" on the side of the Rs. 2,000 notes, and five lines on Rs. 500 notes are in raised printing or intaglio. The security thread in both the notes changes colour from green to blue at different angles.
Also, the numeral 500 and 2,000 on the right side also change colour when seen at different angles.
These can be easily identified by any user and are very hard to counterfeit, according to experts.
The new notes have changed colours. While the Rs. 2,000 note's paper is in magenta, the Rs.500 note is in stone gray.
The Rs. 2,000 note is part of the Mahatma Gandhi (New) series, with a motif of Mars orbiter Mangalyaan on the reverse. Size is 66mm x 166 mm.
Other features of the new Rs. 2,000 note are as follows:
Front side features
. See through register where the numeral 2,000 can be seen when note is held up against light
. Latent image of 2,000 can be seen when the note is tilted
. Colour shift security thread with 'RBI' and '2,000'
. Watermarks of Mahatma Gandhi and electrotype 2,000 numeral
. Number panel with numerals growing from small to big on top left and bottom right sides
Reverse side features
. Swachh Bharat logo
. Mangalayan motif and year of printing, 2016
The new Rs. 500 note at 63mm x 150mm is smaller in size than previous one.
Front side features
. See through register in denomination numeral
. Latent image of the denomination numeral
. Orientation of Mahatma Gandhi's portrait changed
. Portrait and electrotype watermarks
. Number panel with numerals growing from small to big on top left and bottom right sides
. Features for visually impaired like circle with Rs. 500 in raised print on the right
Reverse side features
. Swachh Bharat logo
. Red Fort image with the Indian flag
. Circle with Rs. 500 in Devnagari on the right
However, the new notes not only have several security features difficult to counterfeit, there are many ways the users can verify if the notes are genuine.
The touch and feel of the notes can be used for this. The seven "bleed lines" on the side of the Rs. 2,000 notes, and five lines on Rs. 500 notes are in raised printing or intaglio. The security thread in both the notes changes colour from green to blue at different angles.
Also, the numeral 500 and 2,000 on the right side also change colour when seen at different angles.
The new notes have changed colours. While the Rs. 2,000 note's paper is in magenta, the Rs.500 note is in stone gray.
The Rs. 2,000 note is part of the Mahatma Gandhi (New) series, with a motif of Mars orbiter Mangalyaan on the reverse. Size is 66mm x 166 mm.
Other features of the new Rs. 2,000 note are as follows:
Front side features
. See through register where the numeral 2,000 can be seen when note is held up against light
. Latent image of 2,000 can be seen when the note is tilted
. Colour shift security thread with 'RBI' and '2,000'
. Watermarks of Mahatma Gandhi and electrotype 2,000 numeral
. Number panel with numerals growing from small to big on top left and bottom right sides
Reverse side features
. Swachh Bharat logo
. Mangalayan motif and year of printing, 2016
The new Rs. 500 note at 63mm x 150mm is smaller in size than previous one.
Front side features
. See through register in denomination numeral
. Latent image of the denomination numeral
. Orientation of Mahatma Gandhi's portrait changed
. Portrait and electrotype watermarks
. Number panel with numerals growing from small to big on top left and bottom right sides
. Features for visually impaired like circle with Rs. 500 in raised print on the right
Reverse side features
. Swachh Bharat logo
. Red Fort image with the Indian flag
. Circle with Rs. 500 in Devnagari on the right
Devote 1 Day Of Parliament Session On Children's Issues, Says Kailash Satyarthi
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NEW DELHI: Child rights activist and Nobel laureate Kailash Satyarthi today appealed to the political parties to devote at least one full day of the upcoming Parliament session to deliberate on children's issues.
"The fight against child labour, child trafficking and child sexual abuse need higher political will," Mr Satyarthi said in New Delhi today while appealing leaders of political parties to devote a day of the Parliament session for discussion on children's issues.
He also called upon the government and citizen to celebrate Children's Day by pledging to protect the rights of children in the country.
A global 'youth for youth' campaign will be launched by him. Nobel laureates and leaders from abroad will take part in the 'Laureates and Leaders for Children Summit' on December 10-11 at the Rashtrapati Bhavan, said a statement from Kailash Satyarthi Children's Foundation.
November 14 is celebrated as Children's Day in the country.
"The fight against child labour, child trafficking and child sexual abuse need higher political will," Mr Satyarthi said in New Delhi today while appealing leaders of political parties to devote a day of the Parliament session for discussion on children's issues.
A global 'youth for youth' campaign will be launched by him. Nobel laureates and leaders from abroad will take part in the 'Laureates and Leaders for Children Summit' on December 10-11 at the Rashtrapati Bhavan, said a statement from Kailash Satyarthi Children's Foundation.
November 14 is celebrated as Children's Day in the country.
Business Affairs
Demonetisation: RBI sets up task force to oversee ATM recalibrations
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Reserve Bank of India (RBI) said on Monday it will set up a task force under Deputy Governor SS Mundra to oversee the recalibration of ATM machines after the country introduced new banknotes to replace old 500 rupee and 1,000 rupee notes.
The task force will comprise officials from the finance ministry, banks, and the central bank, as well as a representative from the Ministry of Home Affairs and the National Payments Corporation of India, the Reserve Bank of India said.
The panel will provide "direction and guidance" for recalibrating ATM machines to dispense the new notes.
Last week, Prime Minister Narendra Modi declared that 500 rupee and 1,000 rupee bills had ceased to be legal tender for transactions, in a bid to crack down on corruption and the finances of Islamist militants who target India, as well as to bring unaccounted wealth into the mainstream economy.
The sudden measure to withdraw higher value banknotes has sparked public anger as millions of people have lined up at ATM machines across the country to get cash.
Reserve Bank of India (RBI) said on Monday it will set up a task force under Deputy Governor SS Mundra to oversee the recalibration of ATM machines after the country introduced new banknotes to replace old 500 rupee and 1,000 rupee notes.
The task force will comprise officials from the finance ministry, banks, and the central bank, as well as a representative from the Ministry of Home Affairs and the National Payments Corporation of India, the Reserve Bank of India said.
The panel will provide "direction and guidance" for recalibrating ATM machines to dispense the new notes.
Last week, Prime Minister Narendra Modi declared that 500 rupee and 1,000 rupee bills had ceased to be legal tender for transactions, in a bid to crack down on corruption and the finances of Islamist militants who target India, as well as to bring unaccounted wealth into the mainstream economy.
The sudden measure to withdraw higher value banknotes has sparked public anger as millions of people have lined up at ATM machines across the country to get cash.
Centre to install micro cash machines to ease money crunch at ATMs
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The central government on Monday announced new measures to ease the cash crunch faced by millions after the decision to abolish large denomination notes to try and uncover billions of dollars in undeclared wealth.
The government will install new micro cash machines across the country and has asked banks to waive off transaction charges on debit and credit cards, Economic Affairs Secretary Shaktikanta Das told reporters.
During an interaction with media, Das said there is focus on distribution of cash and emphasis on improving convenience. He also said that a special task force has been setup to expedite the entire process of recalibrating ATMs.
The task force will be chaired by the RBI Deputy Governor and it will have representatives of financial services, banks, and Ministry of Home Affairs as its members.
"This task force has been instructed to work out a strategy to expedite whole process of recalibration of the ATMs," Das added.
Das said the government would also raise the cash withdrawal limit of at least three-month old current accounts to 50,000 rupees ($739) per week and said recalibrated cash machines would start dispensing new 2,000 rupee notes within two days.
Large crowds of Indians have gathered outside banks in recent days but struggled to withdraw money or swap the old 500 and 1,000 rupee notes that were banned last week.
The central government on Monday announced new measures to ease the cash crunch faced by millions after the decision to abolish large denomination notes to try and uncover billions of dollars in undeclared wealth.
The government will install new micro cash machines across the country and has asked banks to waive off transaction charges on debit and credit cards, Economic Affairs Secretary Shaktikanta Das told reporters.
During an interaction with media, Das said there is focus on distribution of cash and emphasis on improving convenience. He also said that a special task force has been setup to expedite the entire process of recalibrating ATMs.
The task force will be chaired by the RBI Deputy Governor and it will have representatives of financial services, banks, and Ministry of Home Affairs as its members.
"This task force has been instructed to work out a strategy to expedite whole process of recalibration of the ATMs," Das added.
Das said the government would also raise the cash withdrawal limit of at least three-month old current accounts to 50,000 rupees ($739) per week and said recalibrated cash machines would start dispensing new 2,000 rupee notes within two days.
Large crowds of Indians have gathered outside banks in recent days but struggled to withdraw money or swap the old 500 and 1,000 rupee notes that were banned last week.
Govt to accept old Rs 500, Rs 1000 notes till November 24
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The central government has extended the use of old Rs 500 and Rs 1000 notes under "certain category of transactions".
"The limit for such transactions is being extended from 14th November midnight to 24th November midnight," Economic Affairs Secretary (EAS) Shaktikanta Das reportedly said.
This is the second time government has extended the date as banks continue to struggle to dispense cash, creating problems for people in emergency.
If you are in emergency and need urgent cash for hospitalisation or life saving medicines you can use old banknotes. According to RBI, specified banknotes can be used as under:
1- For making payments in Government hospitals for medical treatment and pharmacies in Government hospitals for buying medicines with doctor's prescription.
2- At railway ticketing counters, ticket counters of Government or Public Sector Undertakings buses and airline ticketing counters at airports for purchase of tickets.
3- For purchases at consumer cooperative stores operated under authorisation of Central or State Governments and the customers shall provide their identity proof.
4- For purchase at milk booths operating under authorisation of the Central or State Governments.
5- For purchase of petrol, diesel and gas at the stations operating under the authorisation of Public Sector Oil Marketing Companies;
6- For payments at crematoria and burial grounds.
7- At international airports, for arriving and departing passengers, who possess specified bank notes, the value of which does not exceed five thousand rupees to exchange them for notes having legal tender character.
8- For foreign tourists to exchange foreign currency or specified bank notes, the value of which does not exceed five thousand rupees to exchange them for notes having legal tender character.
9- For making payments in all pharmacies on production of doctor's prescription and proof of identity.
10- For payments on purchases LPG gas cylinders.
11- For making payments to catering services on board, during travel by rail.
12- For making payments for purchasing tickets for travel by suburban and metro rail services.
13- For making payments for purchase of entry tickets for any monument maintained by the Archaeological Survey of India.
14- For making payments towards any fees, charges, taxes or penalties, payable to the Central or State Governments including Municipal and local bodies.
15- For making payments towards utility charges including water and electricity -which shall be restricted to individuals or households for payment of only arrears or current charges and no advance payments shall be allowed.
Further information visit: www.rbi.org.in and www.finmin.nic.in
You may approach the control room of RBI by email or on Telephone Nos 022 22602201 - 022 22602944
The central government has extended the use of old Rs 500 and Rs 1000 notes under "certain category of transactions".
"The limit for such transactions is being extended from 14th November midnight to 24th November midnight," Economic Affairs Secretary (EAS) Shaktikanta Das reportedly said.
This is the second time government has extended the date as banks continue to struggle to dispense cash, creating problems for people in emergency.
If you are in emergency and need urgent cash for hospitalisation or life saving medicines you can use old banknotes. According to RBI, specified banknotes can be used as under:
1- For making payments in Government hospitals for medical treatment and pharmacies in Government hospitals for buying medicines with doctor's prescription.
2- At railway ticketing counters, ticket counters of Government or Public Sector Undertakings buses and airline ticketing counters at airports for purchase of tickets.
3- For purchases at consumer cooperative stores operated under authorisation of Central or State Governments and the customers shall provide their identity proof.
4- For purchase at milk booths operating under authorisation of the Central or State Governments.
5- For purchase of petrol, diesel and gas at the stations operating under the authorisation of Public Sector Oil Marketing Companies;
6- For payments at crematoria and burial grounds.
7- At international airports, for arriving and departing passengers, who possess specified bank notes, the value of which does not exceed five thousand rupees to exchange them for notes having legal tender character.
8- For foreign tourists to exchange foreign currency or specified bank notes, the value of which does not exceed five thousand rupees to exchange them for notes having legal tender character.
9- For making payments in all pharmacies on production of doctor's prescription and proof of identity.
10- For payments on purchases LPG gas cylinders.
11- For making payments to catering services on board, during travel by rail.
12- For making payments for purchasing tickets for travel by suburban and metro rail services.
13- For making payments for purchase of entry tickets for any monument maintained by the Archaeological Survey of India.
14- For making payments towards any fees, charges, taxes or penalties, payable to the Central or State Governments including Municipal and local bodies.
15- For making payments towards utility charges including water and electricity -which shall be restricted to individuals or households for payment of only arrears or current charges and no advance payments shall be allowed.
Further information visit: www.rbi.org.in and www.finmin.nic.in
You may approach the control room of RBI by email or on Telephone Nos 022 22602201 - 022 22602944
Action against 'benami' property holders next, says PM Modi
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Prime Minister Narendra Modi on Sunday launched a scathing attack on detractors of the demonetisation move, especially the Congress, saying those involved in mega scams were now standing in queues to exchange Rs 4,000 and announcing that more anti-graft measures were on the anvil.
Modi, who got emotional while addressing a function at Panaji over the problems being faced by the people and the long queues in banks, urged them to bear with him till December 30, saying "I will give you the India you desired".
He stressed the need to go cashless and adopt plastic money.
Making a combative but emotional speech, he said he was ready to face the consequences of his moves as certain forces are "up against me" as their 70 years of loot was now in trouble as a result of demonetisation.
"I know that (some) forces are up against me, they may not let me live, they may ruin me because their loot of 70 years is in trouble, but I am prepared," Modi said in the speech which saw him getting emotional a few times.
"This government does not want to bother honest people but doesn't want to spare the dishonest. Bear with me for 50 days. Has India been looted or not? ..... I am not going to stop at this. I will expose the history of corruption of 70 years since Independence," Modi said.
"This (demonetisation) is not an end. I have more projects in mind to make India corruption-free. .... We will take action against 'benami' property. This is major step to eradicate corruption and black money ... If any money that was looted in India and has left Indian shores, it is our duty to find out about it," he said in his speeches, both at Panaji in Goa and Belagavi in Karnataka.
Hitting out at the erstwhile UPA government for not fighting corruption, Modi said "those who were involved in the coal scam, 2G scam and other scams, now have to stand in queues to exchange Rs 4000.
"When Congress stopped 25 paise, did we say anything? You could dare to stop only 25 paise, that's what your power was limited to. But you did not make higher denomination currency notes illegal. ... We did it. People have chosen a government and they expect so much from it."
He said the people had voted against corruption in 2014.
"I am doing what I was asked to do by the people of this country. This had become clear from the very first meeting of my Cabinet when I formed the SIT (on blackmoney). We never kept the people in dark.
Prime Minister Narendra Modi on Sunday launched a scathing attack on detractors of the demonetisation move, especially the Congress, saying those involved in mega scams were now standing in queues to exchange Rs 4,000 and announcing that more anti-graft measures were on the anvil.
Modi, who got emotional while addressing a function at Panaji over the problems being faced by the people and the long queues in banks, urged them to bear with him till December 30, saying "I will give you the India you desired".
He stressed the need to go cashless and adopt plastic money.
Making a combative but emotional speech, he said he was ready to face the consequences of his moves as certain forces are "up against me" as their 70 years of loot was now in trouble as a result of demonetisation.
"I know that (some) forces are up against me, they may not let me live, they may ruin me because their loot of 70 years is in trouble, but I am prepared," Modi said in the speech which saw him getting emotional a few times.
"This government does not want to bother honest people but doesn't want to spare the dishonest. Bear with me for 50 days. Has India been looted or not? ..... I am not going to stop at this. I will expose the history of corruption of 70 years since Independence," Modi said.
"This (demonetisation) is not an end. I have more projects in mind to make India corruption-free. .... We will take action against 'benami' property. This is major step to eradicate corruption and black money ... If any money that was looted in India and has left Indian shores, it is our duty to find out about it," he said in his speeches, both at Panaji in Goa and Belagavi in Karnataka.
Hitting out at the erstwhile UPA government for not fighting corruption, Modi said "those who were involved in the coal scam, 2G scam and other scams, now have to stand in queues to exchange Rs 4000.
"When Congress stopped 25 paise, did we say anything? You could dare to stop only 25 paise, that's what your power was limited to. But you did not make higher denomination currency notes illegal. ... We did it. People have chosen a government and they expect so much from it."
He said the people had voted against corruption in 2014.
"I am doing what I was asked to do by the people of this country. This had become clear from the very first meeting of my Cabinet when I formed the SIT (on blackmoney). We never kept the people in dark.
Tata Sons' criticism of independent directors unfortunate: Cyrus Mistry
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Terming Tata Sons' contention that group companies were "drifting away" under him as "furthest from truth", ousted chairman Cyrus Mistry today hit back at Tata Sons calling its criticism of independent directors, revered names in India Inc, as "truly unfortunate". "To suggest that 'ulterior objectives' and 'clever strategy' can sway these eminent names in undertaking their fiduciary duties and discharging the duties mandated by the statute as independent directors is absolutely astonishing and really speaks to how low Tata Sons has unfortunately stooped in their public statements," a statement from his office said, in a rebuttal to the recent actions of Tata Sons.
Stating that the independent directors whose conduct has been questioned include names like Deepak Parekh, Nusli Wadia and Nadir Godrej, among others, Mistry added that it is "truly unfortunate" that independence of stalwarts of India Inc is being questioned. The statement is a rebuttal to a 9-page open letter issued by Tata Sons in which it had accused Mistry of trying to gain control of Indian Hotels Company, whose independent directors had sided with the former chairman of Tata Sons.
"He (Mistry) has cleverly ensured over these years that he would be the only Tata Sons representative on the board of IHCL in order to frustrate Tata Sons' ability to exercise influence and control on IHCL," the Tata Sons letter had said. Independent directors at Tata Chemicals have also backed Mistry, which has led Tata Sons initiating action to expel Wadia from its company boards. In its letter, Tata Sons had also alleged that Mistry was trying to gain control of the group's main companies and regretted its decision to appoint him as chairman four years ago.
It had said the structure of the group has been "consciously dismantled so that now the operating companies are drifting farther away from the promoter company and their major shareholder". Mistry retorted back at this today, saying these suggestions are "furthest from the truth" and added that changing the board structure was part of a plan to alter the corporate governance practices with an aim to make the salt-to-software group's companies run independently.
"The corporate governance framework that was developed under Mistry's leadership attempted to ensure group companies would adhere to the group values, share best practices, enable movement of talent, exploit win-win synergies, and do all of this without impinging on the independence of the operating companies and the boards that they are ultimately responsible to," he said. This was done to protect the interests of of all stakeholders, employees, and minority shareholders, he said, adding that it was a case of placing responsibility "where it should lie". The Mistry statement also made a veiled but not fully elaborate reference to insider trading while explaining the need to have a new corporate governance framework.
Terming Tata Sons' contention that group companies were "drifting away" under him as "furthest from truth", ousted chairman Cyrus Mistry today hit back at Tata Sons calling its criticism of independent directors, revered names in India Inc, as "truly unfortunate". "To suggest that 'ulterior objectives' and 'clever strategy' can sway these eminent names in undertaking their fiduciary duties and discharging the duties mandated by the statute as independent directors is absolutely astonishing and really speaks to how low Tata Sons has unfortunately stooped in their public statements," a statement from his office said, in a rebuttal to the recent actions of Tata Sons.
Stating that the independent directors whose conduct has been questioned include names like Deepak Parekh, Nusli Wadia and Nadir Godrej, among others, Mistry added that it is "truly unfortunate" that independence of stalwarts of India Inc is being questioned. The statement is a rebuttal to a 9-page open letter issued by Tata Sons in which it had accused Mistry of trying to gain control of Indian Hotels Company, whose independent directors had sided with the former chairman of Tata Sons.
"He (Mistry) has cleverly ensured over these years that he would be the only Tata Sons representative on the board of IHCL in order to frustrate Tata Sons' ability to exercise influence and control on IHCL," the Tata Sons letter had said. Independent directors at Tata Chemicals have also backed Mistry, which has led Tata Sons initiating action to expel Wadia from its company boards. In its letter, Tata Sons had also alleged that Mistry was trying to gain control of the group's main companies and regretted its decision to appoint him as chairman four years ago.
It had said the structure of the group has been "consciously dismantled so that now the operating companies are drifting farther away from the promoter company and their major shareholder". Mistry retorted back at this today, saying these suggestions are "furthest from the truth" and added that changing the board structure was part of a plan to alter the corporate governance practices with an aim to make the salt-to-software group's companies run independently.
"The corporate governance framework that was developed under Mistry's leadership attempted to ensure group companies would adhere to the group values, share best practices, enable movement of talent, exploit win-win synergies, and do all of this without impinging on the independence of the operating companies and the boards that they are ultimately responsible to," he said. This was done to protect the interests of of all stakeholders, employees, and minority shareholders, he said, adding that it was a case of placing responsibility "where it should lie". The Mistry statement also made a veiled but not fully elaborate reference to insider trading while explaining the need to have a new corporate governance framework.
General Awareness
Prime Ministers 3 Days Visit To Japan
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Prime Minister Narendra Modi was on a three-day visit to Japan from November 10 to 12, 2016 to attend the Annual India-Japan Bilateral Summit with Japanese Prime Minister Shinzo Abe in Tokyo to strengthen the bilateral ties between the two states.
- During the visit Prime Minister Modi and Japanese Prime Minister Shinzo Abe inked a Memorandum of Understanding (MoU) in the field of civil nuclear deal and nine other agreements in various fields.
- Modi also attended an India-Japan Business Leaders’ Forum and addressed a formal meeting organised by the Confederation of Indian Industry (CII) and the Japanese Business Federation.
- On November 13, 2016, Mr. Modi, along with Abe, travelled by the Shinkansen high-speed bullet train from Tokyo to Kobe and was received at Hyogo Prefecture guest house by the Governor of Hyogo Toshizo Ido and Mayor of Kobe Kyuzo Hisamaoto.
- He also visited the Kawasaki Heavy Industries plant there to get a brief knowledge of the technology. The Prime Minister interacted with the Indian community both in Tokyo and Kobe.
- This was Modi’s second visit to Japan in two years.
Highlight’s of the Agreements/MoU’s signed:
MoU in the field of civil nuclear deal:
The MoU was signed for bilateral cooperation in the field of Nuclear Energy. It will help to strengthen of energy security of India, through the development of nuclear power projects in India based on Japanese Nuclear Technology. This civil nuclear programme will also help in future collaboration between Indian and Japanese industries.
Memorandum of Cooperation (MOC) on the Manufacturing Skill Transfer Promotion Program:
The MoC was inked between the Union Ministry of Skill Development and Entrepreneurship and Ministry of Economy, Trade and Industry of Japan. It plans to train 30,000 Indian youth in the Japanese styled manufacturing in the next 10 years. The facility will be provided by the Japan-India Institute for Manufacturing (JIM) and the Japanese Endowed Courses (JEC) in select Engineering colleges. It will contribute to ‘Make in India’ and ‘Skill India’.
MoU in the Field of Outer Space:
The MoU signed between ISRO and JAXA aims to provide cooperation in planetary exploration, satellite navigation and space industry promotion, joint use of ground systems, joint missions and studies for mutual support and personnel exchange.
MoU in Marine and Earth Science and Technology:
It was signed between Ministry of Earth Sciences (MoES) and Japan Agency for Marine-Earth Science and Technology (JAMSTEC).
- The main objective was the advancement of academic research in the field of Earth Sciences for the benefit of the peace and human welfare. This MoU aims at promoting cooperation in the areas of joint survey and research, promote an exchange of scientific visits by researchers and experts, joint scientific seminars and workshops and exchange of information, data and studied results.
MoC in the Field of Agriculture and Food Related Industry:
The pact was signed between the Union Ministry of Agriculture and Farmers Welfare and Ministry of Agriculture, Forestry and Fisheries of Japan.
- It aims to deepen the bilateral cooperation in the fields of agriculture and food industries between industries related to food value chain networking and protecting Geographical Indication (GI) of agriculture products.
MoU for Transport and Urban Development:
It was signed between National Investment and Infrastructure Fund (NIIF) Limited and Japan Overseas Infrastructure Investment Corporation (JICA).
- It focuses on promoting investment in infrastructure projects in transportation and railways, port terminals, toll roads, logistics, airport terminals, urban development and any supporting industries for these sectors. The MoU also enables the two countries to explore opportunities to set up an NIIF-JOIN joint fund.
MoU in the Field of Textiles:
It signed between Textiles Committee of Union Ministry of Textiles and Japan Textiles Products Quality and Technology Centre (QTEC).
- It aims to improve quality of Indian Textiles for compliance with Japanese market. It involves capacity building measures for the Textiles Committee and aligns the Indian Quality Control measures in line with Japanese market and technical standards.
Agreement in the Field of Cultural Exchange:
It seeks to promote bilateral cooperation in the field of art & culture between both countries. It includes exchange of exhibitions & personnel in performing and visual arts, exchange of exhibitions and experts from museums, cooperation in preserving the cultural heritage and to promote people-to-people exchanges
MoC on Cooperation in Sports:
It aims to provide a framework for bilateral cooperation in the field of Sports ahead of the forthcoming 2020 Tokyo Olympics and Paralympics.
MOU between Gujarat and Hyogo Prefectural Government:
The agreement was signed signed between the Department of Industries & Mines of Government Gujarat and International Affairs Bureau of Hyogo Prefectural Government.
- It aims to promote mutual cooperation between Hyogo and Gujarat in the fields of business, academics, cultural cooperation, disaster management and environmental protection. As per the agreement, a steering committee will be constituted to oversee the implementation of the MOU. It will also identify the agencies to carry out designated activities.
Agreement for Double taxation Avoidance Convention
A Protocol to amend the Double Taxation Avoidance Convention (DTAC) between India and Japan for the Avoidance of Double Taxation and the Prevention of Fiscal evasion with respect to taxes on income was signed on 11th December, 2015.
- The protocol has been entered into force on 29th October, 2016 on completion of procedural requirements by both the countries.
- The Protocol aims to promote transparency and cooperation between the two countries.
Key Points of Protocol
- It emphasizes on adapting internationally accepted standards for effective exchange of information on tax matters including bank information and information without domestic tax interest.
- It states that the information received from Japan in respect of a resident of India can be shared with other law enforcement agencies with authorization of the Competent Authority of Japan and vice versa.
- It provides for exemption of interest income from taxation in the source country with respect to debt-claims insured by the Government or Government owned financial institutions.
- As per a new article inserted in the protocol, both India and Japan shall assist each other in the collection of revenue claims.
Japan :
♦ Capital: Tokyo
♦ Currency: Japanese yen
♦ Prime minister: Shinzō Abe
Prime Minister Narendra Modi was on a three-day visit to Japan from November 10 to 12, 2016 to attend the Annual India-Japan Bilateral Summit with Japanese Prime Minister Shinzo Abe in Tokyo to strengthen the bilateral ties between the two states.
- During the visit Prime Minister Modi and Japanese Prime Minister Shinzo Abe inked a Memorandum of Understanding (MoU) in the field of civil nuclear deal and nine other agreements in various fields.
- Modi also attended an India-Japan Business Leaders’ Forum and addressed a formal meeting organised by the Confederation of Indian Industry (CII) and the Japanese Business Federation.
- On November 13, 2016, Mr. Modi, along with Abe, travelled by the Shinkansen high-speed bullet train from Tokyo to Kobe and was received at Hyogo Prefecture guest house by the Governor of Hyogo Toshizo Ido and Mayor of Kobe Kyuzo Hisamaoto.
- He also visited the Kawasaki Heavy Industries plant there to get a brief knowledge of the technology. The Prime Minister interacted with the Indian community both in Tokyo and Kobe.
- This was Modi’s second visit to Japan in two years.
Highlight’s of the Agreements/MoU’s signed:
MoU in the field of civil nuclear deal:
The MoU was signed for bilateral cooperation in the field of Nuclear Energy. It will help to strengthen of energy security of India, through the development of nuclear power projects in India based on Japanese Nuclear Technology. This civil nuclear programme will also help in future collaboration between Indian and Japanese industries.
Memorandum of Cooperation (MOC) on the Manufacturing Skill Transfer Promotion Program:
The MoC was inked between the Union Ministry of Skill Development and Entrepreneurship and Ministry of Economy, Trade and Industry of Japan. It plans to train 30,000 Indian youth in the Japanese styled manufacturing in the next 10 years. The facility will be provided by the Japan-India Institute for Manufacturing (JIM) and the Japanese Endowed Courses (JEC) in select Engineering colleges. It will contribute to ‘Make in India’ and ‘Skill India’.
MoU in the Field of Outer Space:
The MoU signed between ISRO and JAXA aims to provide cooperation in planetary exploration, satellite navigation and space industry promotion, joint use of ground systems, joint missions and studies for mutual support and personnel exchange.
MoU in Marine and Earth Science and Technology:
It was signed between Ministry of Earth Sciences (MoES) and Japan Agency for Marine-Earth Science and Technology (JAMSTEC).
- The main objective was the advancement of academic research in the field of Earth Sciences for the benefit of the peace and human welfare. This MoU aims at promoting cooperation in the areas of joint survey and research, promote an exchange of scientific visits by researchers and experts, joint scientific seminars and workshops and exchange of information, data and studied results.
MoC in the Field of Agriculture and Food Related Industry:
The pact was signed between the Union Ministry of Agriculture and Farmers Welfare and Ministry of Agriculture, Forestry and Fisheries of Japan.
- It aims to deepen the bilateral cooperation in the fields of agriculture and food industries between industries related to food value chain networking and protecting Geographical Indication (GI) of agriculture products.
MoU for Transport and Urban Development:
It was signed between National Investment and Infrastructure Fund (NIIF) Limited and Japan Overseas Infrastructure Investment Corporation (JICA).
- It focuses on promoting investment in infrastructure projects in transportation and railways, port terminals, toll roads, logistics, airport terminals, urban development and any supporting industries for these sectors. The MoU also enables the two countries to explore opportunities to set up an NIIF-JOIN joint fund.
MoU in the Field of Textiles:
It signed between Textiles Committee of Union Ministry of Textiles and Japan Textiles Products Quality and Technology Centre (QTEC).
- It aims to improve quality of Indian Textiles for compliance with Japanese market. It involves capacity building measures for the Textiles Committee and aligns the Indian Quality Control measures in line with Japanese market and technical standards.
Agreement in the Field of Cultural Exchange:
It seeks to promote bilateral cooperation in the field of art & culture between both countries. It includes exchange of exhibitions & personnel in performing and visual arts, exchange of exhibitions and experts from museums, cooperation in preserving the cultural heritage and to promote people-to-people exchanges
MoC on Cooperation in Sports:
It aims to provide a framework for bilateral cooperation in the field of Sports ahead of the forthcoming 2020 Tokyo Olympics and Paralympics.
MOU between Gujarat and Hyogo Prefectural Government:
The agreement was signed signed between the Department of Industries & Mines of Government Gujarat and International Affairs Bureau of Hyogo Prefectural Government.
- It aims to promote mutual cooperation between Hyogo and Gujarat in the fields of business, academics, cultural cooperation, disaster management and environmental protection. As per the agreement, a steering committee will be constituted to oversee the implementation of the MOU. It will also identify the agencies to carry out designated activities.
Agreement for Double taxation Avoidance Convention
A Protocol to amend the Double Taxation Avoidance Convention (DTAC) between India and Japan for the Avoidance of Double Taxation and the Prevention of Fiscal evasion with respect to taxes on income was signed on 11th December, 2015.
- The protocol has been entered into force on 29th October, 2016 on completion of procedural requirements by both the countries.
- The Protocol aims to promote transparency and cooperation between the two countries.
Key Points of Protocol
- It emphasizes on adapting internationally accepted standards for effective exchange of information on tax matters including bank information and information without domestic tax interest.
- It states that the information received from Japan in respect of a resident of India can be shared with other law enforcement agencies with authorization of the Competent Authority of Japan and vice versa.
- It provides for exemption of interest income from taxation in the source country with respect to debt-claims insured by the Government or Government owned financial institutions.
- As per a new article inserted in the protocol, both India and Japan shall assist each other in the collection of revenue claims.
Japan :
♦ Capital: Tokyo
♦ Currency: Japanese yen
♦ Prime minister: Shinzō Abe
♦ Capital: Tokyo
♦ Currency: Japanese yen
♦ Prime minister: Shinzō Abe
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