General Affairs
PM Modi, Shinzo Abe Take Ride In Shinkansen Bullet Train To 'Fast-Track' Indo-Japan Relations
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TOKYO: Prime Minister Narendra Modi, who is on a three-day visit to Japan, took a ride on the famous Shinkansen bullet train in Tokyo today.
Accompanied by his Japanese counterpart Shinzo Abe, PM Modi travelled to Kobe by the train.
"Putting #IndiaJapan relations on the fast track! PM @narendramodi and PM @AbeShinzo arrive at Tokyo Station to board the Shinkansen," External Affairs Ministry spokesperson Vikas Swarup tweeted.
"A unique friendship on a unique train journey. PM @narendramodi and PM @AbeShinzo inside the Shinkansen bullet train to Kobe," Mr Swarup said in another tweet accompanied by a picture of the two leaders inside the train.
The same technology will be deployed for the Mumbai-Ahmedabad High-Speed Railway.
Today is the last day of the three-day summit.
PM Modi, who arrived in Tokyo on Thursday, started Friday by calling on Japanese Emperor Akihito.
This is his second visit to Japan in two years
Accompanied by his Japanese counterpart Shinzo Abe, PM Modi travelled to Kobe by the train.
"Putting #IndiaJapan relations on the fast track! PM @narendramodi and PM @AbeShinzo arrive at Tokyo Station to board the Shinkansen," External Affairs Ministry spokesperson Vikas Swarup tweeted.
"A unique friendship on a unique train journey. PM @narendramodi and PM @AbeShinzo inside the Shinkansen bullet train to Kobe," Mr Swarup said in another tweet accompanied by a picture of the two leaders inside the train.
The same technology will be deployed for the Mumbai-Ahmedabad High-Speed Railway.
Today is the last day of the three-day summit.
PM Modi, who arrived in Tokyo on Thursday, started Friday by calling on Japanese Emperor Akihito.
This is his second visit to Japan in two years
Demonetisation Part Of PM Narendra Modi's Swachh Bharat Mission, Says Venkaiah Naidu
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MUMBAI: Prime Minister Narendra Modi was determined to make India 'Swachh Bharat' in terms of "tan (body), man (mind) and dhan (money)" and demonetisation of Rs. 500 and 1,000 notes was a part of this mission, Union Information and Broadcasting Minister Venkaiah Naidu said in Mumbai on Friday.
"The PM wants every citizen to be pure not only in thoughts but in action too, and this is why he has given the mantra of reform, perform and transform," Mr Naidu said, adding that demonetisation would help the country fight corruption, terrorism, smuggling, drug menace and other social ills.
Outlining the initiatives taken by the Modi Government to curb black money, he said, "This decision was not taken overnight. On the first day of his government, Modi constituted an SIT and then made several agreements with other countries including Mauritius and Cyprus which are considered as tax havens (to curb black money)."
Mr Naidu was in Mumbai to pay tribute to the BJP leader Jaywantiben Mehta who recently died.
He termed the demonetisation of high-value currency as "historic and game-changing" measure, aimed at tackling the menace of black money and corruption.
"Economy is expected to grow at 7.5 per cent. Other macro-economic indicators are looking much better now. The FDI inflows have increased by 29 per cent during April 2015-March 2016 to reach USD 40 billion compared to the same period last year. Foreign exchange reserves stood at USD 367.14 billion in the week upto October 2016, while retail inflation was at 4.31 per cent in September, lowest in 13 months. The agriculture is expected to grow at four per cent this fiscal," Mr Naidu said.
The Prime Minister wanted to take advantage of this favourable situation and give the benefit to the poor and ordinary people by taking tough measures to unearth the black money, the minister said, adding that people were happy with his decision.
Mr Naidu admitted that people were facing hassles and long queues (for swapping the old currency), but termed them as "teething problems" which would be streamlined soon.
"The PM wants every citizen to be pure not only in thoughts but in action too, and this is why he has given the mantra of reform, perform and transform," Mr Naidu said, adding that demonetisation would help the country fight corruption, terrorism, smuggling, drug menace and other social ills.
Outlining the initiatives taken by the Modi Government to curb black money, he said, "This decision was not taken overnight. On the first day of his government, Modi constituted an SIT and then made several agreements with other countries including Mauritius and Cyprus which are considered as tax havens (to curb black money)."
He termed the demonetisation of high-value currency as "historic and game-changing" measure, aimed at tackling the menace of black money and corruption.
"Economy is expected to grow at 7.5 per cent. Other macro-economic indicators are looking much better now. The FDI inflows have increased by 29 per cent during April 2015-March 2016 to reach USD 40 billion compared to the same period last year. Foreign exchange reserves stood at USD 367.14 billion in the week upto October 2016, while retail inflation was at 4.31 per cent in September, lowest in 13 months. The agriculture is expected to grow at four per cent this fiscal," Mr Naidu said.
The Prime Minister wanted to take advantage of this favourable situation and give the benefit to the poor and ordinary people by taking tough measures to unearth the black money, the minister said, adding that people were happy with his decision.
Mr Naidu admitted that people were facing hassles and long queues (for swapping the old currency), but termed them as "teething problems" which would be streamlined soon.
Don't Pay Heed To Rumours Of Salt Scarcity, Says Akhilesh Yadav
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LUCKNOW: Amid rumours of scarcity of salt, Uttar Pradesh Chief Minister Akhilesh Yadav on Friday said there is no dearth of the commodity and it was adequately available across the state.
He also appealed to the people not to pay attention to such rumours and avoid panic buying.
The Chief Minister also directed the Chief Secretary, Principal Secretary (Food) and all District Magistrates to take action against those indulge in hoarding, black marketing and creating artificial scarcity of the commodity, and warned strict action against them.
His directions came following rumours of black marketing of essential commodities like salt in the state after shopkeepers refused to provide change when offered with higher denomination notes.
In Moradabad, there were reports of panicked customers flocking to market as rumours flew thick and fast that salt has gone out of shelves and shopkeepers are selling at a premium.
Circle Officer Kotwali area Poonam Mishra said police has been sent to Katra Naj from where reports of black marketing had emanated.
She said complaints will be filed against some shopkeepers for allegedly triggering the rumours of salt shortage and charging premium for providing essential commodities.
In Makbara and Karbula markets also people thronged the area to purchase salt because of rumours of shortage and black marketing. Police force were sent to get the shops closed as people had lined up to buy the essential commodities.
ADM City Arun Kumar Srivastava said magistrates and police would be deputed to check any attempt to black market essential commodities.
In Allahabad, some claimed that shopkeepers in certain parts of the city were refusing to sell the salt.
Zainab Zafar, a resident of the city's Kareli area, "It was shocking that salt was not available in many of the local kiraana shops here, with some of the shopkeepers refusing to sell it saying the prices of salt will escalate tomorrow and will cost around Rs. 300 per kg".
Zoha Rahman, a resident of Bamrauli on the city's outskirts, said kirana shops reopened in the night with people thronging them to buy salt following the news that it will soon go out of stock and its prices will sky-rocket.
He also appealed to the people not to pay attention to such rumours and avoid panic buying.
The Chief Minister also directed the Chief Secretary, Principal Secretary (Food) and all District Magistrates to take action against those indulge in hoarding, black marketing and creating artificial scarcity of the commodity, and warned strict action against them.
His directions came following rumours of black marketing of essential commodities like salt in the state after shopkeepers refused to provide change when offered with higher denomination notes.
In Moradabad, there were reports of panicked customers flocking to market as rumours flew thick and fast that salt has gone out of shelves and shopkeepers are selling at a premium.
She said complaints will be filed against some shopkeepers for allegedly triggering the rumours of salt shortage and charging premium for providing essential commodities.
In Makbara and Karbula markets also people thronged the area to purchase salt because of rumours of shortage and black marketing. Police force were sent to get the shops closed as people had lined up to buy the essential commodities.
ADM City Arun Kumar Srivastava said magistrates and police would be deputed to check any attempt to black market essential commodities.
In Allahabad, some claimed that shopkeepers in certain parts of the city were refusing to sell the salt.
Zainab Zafar, a resident of the city's Kareli area, "It was shocking that salt was not available in many of the local kiraana shops here, with some of the shopkeepers refusing to sell it saying the prices of salt will escalate tomorrow and will cost around Rs. 300 per kg".
Zoha Rahman, a resident of Bamrauli on the city's outskirts, said kirana shops reopened in the night with people thronging them to buy salt following the news that it will soon go out of stock and its prices will sky-rocket.
India To Emerge As Economic Superpower In 15-20 Years: Rajnath Singh
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LUCKNOW: Union Home Minister Rajnath Singh today exuded confidence that India will emerge as economic super power in 15 to 20 years following the steps being undertaken by the Centre to strengthen the economy.
"I cannot speak about a couple of years but on the basis of my limited understanding I can confidently say that no one can stop India from becoming an economic super power in 15 to 20 years if the economy continues to move in the direction it is being taken by the central government," Mr Singh said in Lucknow.
"We can proudly claim that India's economy is progressing the fastest in the world and its GDP growth rate has reached 7.9 per cent ... I have full confidence that it will be in double figures in a couple of years," he said.
Investors from world over are coming to India despite slowdown and the highest investment has taken place in India in 2015-2016, he said.
The country has emerged as a favourite investment destination, he added.
Citing various achievements of the Narendra Modi government on the economic front, Mr Singh said GST will come into force from April 2017 which will start a new taxation system.
The problems arising out of different taxation system in different states will come to an end and tax realisation will go up resulting in increase in government income and GDP growth will also go up by 1.5 to 2 per cent, he said.
Stressing that not a single minister in the Narendra Modi government is facing corruption charge, Mr Singh said that though he cannot claim that the entire administrative structure has been cleaned up but one thing is clear that there is no corruption at the top.
"When the Gangotri has been cleaned, the Ganga coming out from there will automatically be clean ...efforts were on to ensure maximum transparency", he said.
Speaking about foreign trade, Mr Singh said that it is facing slowdown which is being experienced by all the countries and India is no exception.
The Home Minister said that soon after coming to power it was decided that export has to be increased and India's share in world trade should be taken up to some 2.5 per cent from its present 1.6 per cent .
Claiming that ease of doing business will be achieved in a few years because of the steps to change the process and system of doing business, Mr Singh said there is an effort to bring transparency in economy.
Referring to the various schemes such as 'Make in India', 'Start ups and skill development' launched by the Modi government for the youth, he said that while coming to power, the Prime Minister had said that such schemes will help double the income of farmers by 2022.
Terming the contribution of construction sector as insufficient, Mr Singh said that it has to be taken to 25 per cent from the present 14 per cent.
"I cannot speak about a couple of years but on the basis of my limited understanding I can confidently say that no one can stop India from becoming an economic super power in 15 to 20 years if the economy continues to move in the direction it is being taken by the central government," Mr Singh said in Lucknow.
"We can proudly claim that India's economy is progressing the fastest in the world and its GDP growth rate has reached 7.9 per cent ... I have full confidence that it will be in double figures in a couple of years," he said.
The country has emerged as a favourite investment destination, he added.
Citing various achievements of the Narendra Modi government on the economic front, Mr Singh said GST will come into force from April 2017 which will start a new taxation system.
The problems arising out of different taxation system in different states will come to an end and tax realisation will go up resulting in increase in government income and GDP growth will also go up by 1.5 to 2 per cent, he said.
Stressing that not a single minister in the Narendra Modi government is facing corruption charge, Mr Singh said that though he cannot claim that the entire administrative structure has been cleaned up but one thing is clear that there is no corruption at the top.
"When the Gangotri has been cleaned, the Ganga coming out from there will automatically be clean ...efforts were on to ensure maximum transparency", he said.
Speaking about foreign trade, Mr Singh said that it is facing slowdown which is being experienced by all the countries and India is no exception.
The Home Minister said that soon after coming to power it was decided that export has to be increased and India's share in world trade should be taken up to some 2.5 per cent from its present 1.6 per cent .
Claiming that ease of doing business will be achieved in a few years because of the steps to change the process and system of doing business, Mr Singh said there is an effort to bring transparency in economy.
Referring to the various schemes such as 'Make in India', 'Start ups and skill development' launched by the Modi government for the youth, he said that while coming to power, the Prime Minister had said that such schemes will help double the income of farmers by 2022.
Terming the contribution of construction sector as insufficient, Mr Singh said that it has to be taken to 25 per cent from the present 14 per cent.
Care India Urges Free Education For All Children
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NEW DELHI: Education should be free for all children in a safe and secure environment, according to a statement released by leading NGO Care India here on Friday.
"Children between 0-6 years age group and 14-18 years age group should come under the ambit of Right To Education (RTE) and education must be strictly owned by the state," it said.
"In view of the large number of out-of-school children in the country, there is a need to spell out a systematic and clear approach or strategy to address their needs and how they will be mainstreamed into formal schools," the statement added.
Care India demanded a gender transformative approach and emphasis on quality teachers in a safe, secure environment under new National Education Policy 2016.
The National Policy on Education was formulated in 1986 and then underwent modifications in 1992.
Care India recommended a focus on ensuring that children learn in a time-bound manner where classroom processes are equitable and promote learning.
"The new policy must focus on a highlighted use of multilingual resources and pedagogy to help children acquire early literacy and language skills," the statement said.
Noting that more than 50 per cent children who are attending school, Care India recommended to recognise that children are out of school due to social, pedagogical and systemic factors, hence customised and contextualised education needs to be developed, inclusive of an empowering gender, social inclusive curriculum and teacher development programme based on it.
According to Care India, school curriculum should be localised for the diverse country where mother tongue-based education is promoted in both urban and rural areas.
"One of the important focus areas has to be recruitment of quality teachers with adequate resources to implement a complex early literacy and language programme with a strong gender and equity component at all levels."
"Children between 0-6 years age group and 14-18 years age group should come under the ambit of Right To Education (RTE) and education must be strictly owned by the state," it said.
"In view of the large number of out-of-school children in the country, there is a need to spell out a systematic and clear approach or strategy to address their needs and how they will be mainstreamed into formal schools," the statement added.
The National Policy on Education was formulated in 1986 and then underwent modifications in 1992.
Care India recommended a focus on ensuring that children learn in a time-bound manner where classroom processes are equitable and promote learning.
"The new policy must focus on a highlighted use of multilingual resources and pedagogy to help children acquire early literacy and language skills," the statement said.
Noting that more than 50 per cent children who are attending school, Care India recommended to recognise that children are out of school due to social, pedagogical and systemic factors, hence customised and contextualised education needs to be developed, inclusive of an empowering gender, social inclusive curriculum and teacher development programme based on it.
According to Care India, school curriculum should be localised for the diverse country where mother tongue-based education is promoted in both urban and rural areas.
"One of the important focus areas has to be recruitment of quality teachers with adequate resources to implement a complex early literacy and language programme with a strong gender and equity component at all levels."
Business Affairs
Demonetisation effect: No takers for Indian rupee abroad
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Many Indians who are traveling, studying and residing abroad have also been hit by the government's move to demonetise Rs 500 and Rs 1,000 notes.
Business Today Online spoke to Indians from UAE, America and Australia to find out if they were affected.
Some of the Indians living in Dubai said that they wanted to exchange the Indian currency they possess.
Sharmin who works in Dubai wanted to exchange a total of Rs 17,000, consisting of Rs 500 and Rs 1000 notes, but wasn't able to do so.
When she called Bank of Baroda, in which she holds an account, on Thursday to ask if she could exchange her money, she received a negative response.
"They were busy like always when I called. A gentleman over the phone said that they are not accepting the Indian currency at the moment," she said.
She said money exchange centres in Dubai were also not accepting the Rs 500 and Rs 1000 notes. She now hopes to get her notes exchanged when she visits India in December.
According to reports, money exchanges in the UAE have stopped accepting Indian currencies of any denomination soon after Prime Minister Narendra Modi announced the demonitisation of Rs 500 and Rs 1,000 notes on November 8.
However, Sneha Tirodkar, a mother of two and a Sales Support Manager at Emerson in Dubai, didn't sound too worried over the issue.
"We have nothing to worry about as we carry out legal transactions and we have ample amount of time to exchange the currency notes," said Tirodkar.
Mrs Tirodkar also plans to get the currency converted when she comes to India in December to visit her family.
Students studying in America were calm over the issue since many of them would be returning to India in December for their annual winter break.
"I always carry some money in case I need it while travelling to and from India. Right now I have around seven thousand rupees. I'm not going do anything about it. I've heard that you can deposit it until December end, so will probably do that when I come to Delhi," said 22-year-old Uday Chadha studying in California.
Another student studying at the O.P. Jindal University, who is currently in Washington DC for an exchange programme, said she had Rs 5,000 in Indian currencies. She said she will exchange it once she is back.
Jugal Shah, who recently migrated to Australia to join his extended family, said he had converted all his INR to Australian dollars right in time, but other members of his family were not as lucky. But none of them have a huge amount to be worried about.
"Our entire family stays in Australia, and we have barely Rs 5,000 per head so when one of our cousin sister goes for a wedding to India in December, we will be giving it to her to exchange them all. Not much to worry about," said Shah from Melbourne, Australia.
Options for NRIs or Indians traveling abroad:
1. According to the RBI guidelines, if you are an NRI and hold an NRO account, you can deposit these banknotes into the account conveniently.
2. The RBI in its Frequently Asked Questions (FAQs) has said that NRIs who have bank notes in India can authorize, in writing, another person to deposit money into the bank account.
3. If NRIs are not traveling this year, they have time to exchange their bank notes up till March 31st by presenting ID proof.
4. Finally, the government has also said in a statement, "For those who are unable to exchange their Old High Denomination Bank Notes or deposit the same in their bank accounts on or before December 30, 2016, an opportunity will be given to them to do so at specified offices of the RBI on later dates along with necessary documentation as may be specified by the Reserve Bank of India."
Many Indians who are traveling, studying and residing abroad have also been hit by the government's move to demonetise Rs 500 and Rs 1,000 notes.
Business Today Online spoke to Indians from UAE, America and Australia to find out if they were affected.
Some of the Indians living in Dubai said that they wanted to exchange the Indian currency they possess.
Business Today Online spoke to Indians from UAE, America and Australia to find out if they were affected.
Some of the Indians living in Dubai said that they wanted to exchange the Indian currency they possess.
Sharmin who works in Dubai wanted to exchange a total of Rs 17,000, consisting of Rs 500 and Rs 1000 notes, but wasn't able to do so.
When she called Bank of Baroda, in which she holds an account, on Thursday to ask if she could exchange her money, she received a negative response.
"They were busy like always when I called. A gentleman over the phone said that they are not accepting the Indian currency at the moment," she said.
She said money exchange centres in Dubai were also not accepting the Rs 500 and Rs 1000 notes. She now hopes to get her notes exchanged when she visits India in December.
She said money exchange centres in Dubai were also not accepting the Rs 500 and Rs 1000 notes. She now hopes to get her notes exchanged when she visits India in December.
According to reports, money exchanges in the UAE have stopped accepting Indian currencies of any denomination soon after Prime Minister Narendra Modi announced the demonitisation of Rs 500 and Rs 1,000 notes on November 8.
However, Sneha Tirodkar, a mother of two and a Sales Support Manager at Emerson in Dubai, didn't sound too worried over the issue.
"We have nothing to worry about as we carry out legal transactions and we have ample amount of time to exchange the currency notes," said Tirodkar.
"We have nothing to worry about as we carry out legal transactions and we have ample amount of time to exchange the currency notes," said Tirodkar.
Mrs Tirodkar also plans to get the currency converted when she comes to India in December to visit her family.
Students studying in America were calm over the issue since many of them would be returning to India in December for their annual winter break.
"I always carry some money in case I need it while travelling to and from India. Right now I have around seven thousand rupees. I'm not going do anything about it. I've heard that you can deposit it until December end, so will probably do that when I come to Delhi," said 22-year-old Uday Chadha studying in California.
Another student studying at the O.P. Jindal University, who is currently in Washington DC for an exchange programme, said she had Rs 5,000 in Indian currencies. She said she will exchange it once she is back.
Jugal Shah, who recently migrated to Australia to join his extended family, said he had converted all his INR to Australian dollars right in time, but other members of his family were not as lucky. But none of them have a huge amount to be worried about.
"Our entire family stays in Australia, and we have barely Rs 5,000 per head so when one of our cousin sister goes for a wedding to India in December, we will be giving it to her to exchange them all. Not much to worry about," said Shah from Melbourne, Australia.
Options for NRIs or Indians traveling abroad:
Students studying in America were calm over the issue since many of them would be returning to India in December for their annual winter break.
"I always carry some money in case I need it while travelling to and from India. Right now I have around seven thousand rupees. I'm not going do anything about it. I've heard that you can deposit it until December end, so will probably do that when I come to Delhi," said 22-year-old Uday Chadha studying in California.
Another student studying at the O.P. Jindal University, who is currently in Washington DC for an exchange programme, said she had Rs 5,000 in Indian currencies. She said she will exchange it once she is back.
Jugal Shah, who recently migrated to Australia to join his extended family, said he had converted all his INR to Australian dollars right in time, but other members of his family were not as lucky. But none of them have a huge amount to be worried about.
"Our entire family stays in Australia, and we have barely Rs 5,000 per head so when one of our cousin sister goes for a wedding to India in December, we will be giving it to her to exchange them all. Not much to worry about," said Shah from Melbourne, Australia.
Options for NRIs or Indians traveling abroad:
1. According to the RBI guidelines, if you are an NRI and hold an NRO account, you can deposit these banknotes into the account conveniently.
2. The RBI in its Frequently Asked Questions (FAQs) has said that NRIs who have bank notes in India can authorize, in writing, another person to deposit money into the bank account.
3. If NRIs are not traveling this year, they have time to exchange their bank notes up till March 31st by presenting ID proof.
4. Finally, the government has also said in a statement, "For those who are unable to exchange their Old High Denomination Bank Notes or deposit the same in their bank accounts on or before December 30, 2016, an opportunity will be given to them to do so at specified offices of the RBI on later dates along with necessary documentation as may be specified by the Reserve Bank of India."
2. The RBI in its Frequently Asked Questions (FAQs) has said that NRIs who have bank notes in India can authorize, in writing, another person to deposit money into the bank account.
3. If NRIs are not traveling this year, they have time to exchange their bank notes up till March 31st by presenting ID proof.
4. Finally, the government has also said in a statement, "For those who are unable to exchange their Old High Denomination Bank Notes or deposit the same in their bank accounts on or before December 30, 2016, an opportunity will be given to them to do so at specified offices of the RBI on later dates along with necessary documentation as may be specified by the Reserve Bank of India."
RBI says all arrangement made to distribute Rs 2000 notes, urges people to be patient
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The Reserve Bank of India has said it has made all arrangements to to distribute the Rs 2000 notes all over the country.
"There is enough cash available with banks and all arrangements have been made to reach the currency notes all over the country. Bank branches have already started exchanging notes since November 10, 2016," RBI said in a statement today.
The statement also said that it may take a while for the banks to recalibrate their ATMs, but once the ATMs are functional, members of public will be able to withdraw from ATMs upto a maximum of Rs 2,000 per card per day up to November 18.
This amount will be increased to Rs 4000 per day per card.
Several ATMs have started functioning from this morning as the banks could complete recalibration of these machines to allow withdrawals up to ? 2000 to begin with.
The facility for exchanging the withdrawn denominations of Rs 500 and Rs 1000 is available for nearly 50 days.
The Reserve Bank has also urged the public to be patient and exchange their old notes any time before December 30, 2016.
The Reserve Bank of India has said it has made all arrangements to to distribute the Rs 2000 notes all over the country.
"There is enough cash available with banks and all arrangements have been made to reach the currency notes all over the country. Bank branches have already started exchanging notes since November 10, 2016," RBI said in a statement today.
The statement also said that it may take a while for the banks to recalibrate their ATMs, but once the ATMs are functional, members of public will be able to withdraw from ATMs upto a maximum of Rs 2,000 per card per day up to November 18.
This amount will be increased to Rs 4000 per day per card.
Several ATMs have started functioning from this morning as the banks could complete recalibration of these machines to allow withdrawals up to ? 2000 to begin with.
The facility for exchanging the withdrawn denominations of Rs 500 and Rs 1000 is available for nearly 50 days.
The Reserve Bank has also urged the public to be patient and exchange their old notes any time before December 30, 2016.
Sensex closes 698 points lower, Nifty below 8,300 level
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The effect of demonetisation of Rs 500 and 1,000 banknotes and intense selling pressure across the board pulled Indian market down during the last hour of trade on Friday.
The Sensex which opened at 27,344 level was hit by worries US President Donald Trump's policies would be inflationary, leading to higher US interest rates and denting the appeal of emerging markets.
It shed over 1 per cent till noon trade amid weak market sentiment but fell from 26,962 level to end at 26818 level, shedding 2.54 percent through the day.
Th Nifty too, fell 2.69 percent or 229 points to lowest closing level of 8296 since June 30 2016. The Bank Nifty which rose yesterday, anticipating huge deposits from the customers, shed 461 points today to close at 19738 levels.
"The larger cause of worry is with the currency. In global markets, some of the currencies are getting hit very badly against the dollar, resulting in significant amount of economic damage to those countries," said Deven Choksey, managing director at KR Choksey Securities.
The SBI stock fell 3.09 per cent to Rs 272.90 on BSE after the bank reported a 35 per cent fall in Q2 net profit.
The Tata Chemicals stock fell 4.62 per cent amid reports that Bhaskar Bhat, non-executive, non-independent director, has resigned from the board of the company with effect from 10 November, 2016. The firm also announced a marginal increase in second-quarter earnings on Thursday after market hours.
Mahindra & Mahindra reported 27 percent rise in Q2 net profit. Its stock closed 6.02 percent lower on the BSE.
Shares of InterGlobe Aviation, Jet Airways and SpiceJet fell 1.51 percent, 3.44 per cent and 4.14 percent each on media reports the government would impose a new levy on some domestic flights.
The ministry of civil aviation has proposed the levy to help raise money to fund air travel between smaller towns and cities at a subsidised cost, according to the local media reports.
The Delta Corp stock was top loser on the BSE, falling 12.25 per cent. Manappuram Finance fell 12 per cent to Rs 89.90.
Market breadth was negative with 2,223 stocks closing lower against 460 advancing on BSE.
Of 30 Sensex stocks, Sun Pharma was the sole gainer after the world's fifth-biggest generic drug maker on Thursday reported a 90 per cent rise in net profit for the July-September quarter. The stock closed 3.30 per cent higher.
M&M was the top loser falling 6 percent, followed by Adani Ports (5.86 per cent), and ICICI Bank (5.32 percent) on the 30 stock Sensex.
The TCS stock on Friday hit a fresh 52-week low amid former Tata Sons chairman Cyrus Mistry and the Tatas levelling allegations against each other in the public. The stock made a new 52-week low of Rs 2091 level on the BSE after opening at Rs 2145 level and touching an intraday high of Rs 2146.It closed 2.54 percent lower on the BSE.
All nine BSE indexes based on market cap ended in the red. The BSE midcap index fell 3.62 percent or 467 points points to 12464 level.
Among BSE's sectoral indexes, BSE auto and consumer durables fell 976 and 581 points, respectively. The auto and consumer durables were hit, anticipating lower demand for goods in the near future due to the effects of demonetisation. All 19 indexes closed lower.
Sun Pharma was the sole gainer on Nifty 50.
The Nifty IT index fell 2.28 percent, heading for its biggest weekly fall since mid-February, on worries about what Trump's election would meant for the export-dependent sector.
HCL Technologies and Tech Mahindra fell 2.91 percent and 2.60 percent, respectively.
Global markets
On Wall Street, US S&P 500 Index rose 0.2 percent while the Dow Jones industrial average jumped 1.2 percent, smashing through its previous record high set in August by almost 1 percent.
In contrast, the technology-heavy Nasdaq fell 0.8 percent, with Apple dropping 2.8 percent.
However, the US dollar strengthened over bond yields that soared over market expectations that the newly elected president's policies might fuel inflation.
In Asia, Hong Kong's Hang Seng index lost 1.3 percent to 22,538.51 and South Korea's Kospi fell 0.7 percent to 1,989.12. Japan's benchmark Nikkei 225 added 0.2 percent to finish at 17,374.79 after touching a half-year high in early trading as the yen fell against the dollar. Australia's S&P/ASX 200 edged up 0.8 percent to 5,370.70. Shares in Taiwan dropped 2.1 percent and in Indonesia they fell 3 percent. The Shanghai Composite added 0.7 percent at 3,193.72.
The effect of demonetisation of Rs 500 and 1,000 banknotes and intense selling pressure across the board pulled Indian market down during the last hour of trade on Friday.
The Sensex which opened at 27,344 level was hit by worries US President Donald Trump's policies would be inflationary, leading to higher US interest rates and denting the appeal of emerging markets.
It shed over 1 per cent till noon trade amid weak market sentiment but fell from 26,962 level to end at 26818 level, shedding 2.54 percent through the day.
Th Nifty too, fell 2.69 percent or 229 points to lowest closing level of 8296 since June 30 2016. The Bank Nifty which rose yesterday, anticipating huge deposits from the customers, shed 461 points today to close at 19738 levels.
"The larger cause of worry is with the currency. In global markets, some of the currencies are getting hit very badly against the dollar, resulting in significant amount of economic damage to those countries," said Deven Choksey, managing director at KR Choksey Securities.
The SBI stock fell 3.09 per cent to Rs 272.90 on BSE after the bank reported a 35 per cent fall in Q2 net profit.
The Tata Chemicals stock fell 4.62 per cent amid reports that Bhaskar Bhat, non-executive, non-independent director, has resigned from the board of the company with effect from 10 November, 2016. The firm also announced a marginal increase in second-quarter earnings on Thursday after market hours.
Mahindra & Mahindra reported 27 percent rise in Q2 net profit. Its stock closed 6.02 percent lower on the BSE.
Shares of InterGlobe Aviation, Jet Airways and SpiceJet fell 1.51 percent, 3.44 per cent and 4.14 percent each on media reports the government would impose a new levy on some domestic flights.
The ministry of civil aviation has proposed the levy to help raise money to fund air travel between smaller towns and cities at a subsidised cost, according to the local media reports.
The Delta Corp stock was top loser on the BSE, falling 12.25 per cent. Manappuram Finance fell 12 per cent to Rs 89.90.
Market breadth was negative with 2,223 stocks closing lower against 460 advancing on BSE.
Of 30 Sensex stocks, Sun Pharma was the sole gainer after the world's fifth-biggest generic drug maker on Thursday reported a 90 per cent rise in net profit for the July-September quarter. The stock closed 3.30 per cent higher.
M&M was the top loser falling 6 percent, followed by Adani Ports (5.86 per cent), and ICICI Bank (5.32 percent) on the 30 stock Sensex.
The TCS stock on Friday hit a fresh 52-week low amid former Tata Sons chairman Cyrus Mistry and the Tatas levelling allegations against each other in the public. The stock made a new 52-week low of Rs 2091 level on the BSE after opening at Rs 2145 level and touching an intraday high of Rs 2146.It closed 2.54 percent lower on the BSE.
All nine BSE indexes based on market cap ended in the red. The BSE midcap index fell 3.62 percent or 467 points points to 12464 level.
Among BSE's sectoral indexes, BSE auto and consumer durables fell 976 and 581 points, respectively. The auto and consumer durables were hit, anticipating lower demand for goods in the near future due to the effects of demonetisation. All 19 indexes closed lower.
Sun Pharma was the sole gainer on Nifty 50.
The Nifty IT index fell 2.28 percent, heading for its biggest weekly fall since mid-February, on worries about what Trump's election would meant for the export-dependent sector.
HCL Technologies and Tech Mahindra fell 2.91 percent and 2.60 percent, respectively.
Global markets
On Wall Street, US S&P 500 Index rose 0.2 percent while the Dow Jones industrial average jumped 1.2 percent, smashing through its previous record high set in August by almost 1 percent.
On Wall Street, US S&P 500 Index rose 0.2 percent while the Dow Jones industrial average jumped 1.2 percent, smashing through its previous record high set in August by almost 1 percent.
In contrast, the technology-heavy Nasdaq fell 0.8 percent, with Apple dropping 2.8 percent.
However, the US dollar strengthened over bond yields that soared over market expectations that the newly elected president's policies might fuel inflation.
In Asia, Hong Kong's Hang Seng index lost 1.3 percent to 22,538.51 and South Korea's Kospi fell 0.7 percent to 1,989.12. Japan's benchmark Nikkei 225 added 0.2 percent to finish at 17,374.79 after touching a half-year high in early trading as the yen fell against the dollar. Australia's S&P/ASX 200 edged up 0.8 percent to 5,370.70. Shares in Taiwan dropped 2.1 percent and in Indonesia they fell 3 percent. The Shanghai Composite added 0.7 percent at 3,193.72.
Anger, frustration at ATMs as people wait in long queues for hours
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ATMs on Friday reopened two days after the government introduced the demonetisation of Rs 500 and Rs 1000 notes to crack down on black money.
The banks that had been open for cash transactions and to issue the new legal tenders saw a huge rush of cutomers lining up to deposit and exchange notes on Thursday.
After the two day shutdown, ATMs are now dispensing Rs 100, new Rs 500 and Rs 2000 notes.
Customers were seen rushing to ATMs and waiting in long queues since early hours.
Crowds have been getting agitatged as some ATMs were still inactive or not fully equipped with cash.
ATM users can only withdraw Rs 2000 per day per card.
Meanwhile, withdrawal from banks are limited to Rs 10,000 a day.
State Bank of India said that it could easily take over 10 days until ATM servies go back to normal.
"It should be normal in ten days' time because you have to understand that there are two lakh ATMs (of all banks) in the country but there are only three to four vendors in the country," said SBI's chairman Arundhati Bhattacharya.
Surcharges of using ATMs of different banks have been waivered for the ease of customer transactions for now.
Banks will also remain open through the weekend with longer working hours.
ATMs on Friday reopened two days after the government introduced the demonetisation of Rs 500 and Rs 1000 notes to crack down on black money.
The banks that had been open for cash transactions and to issue the new legal tenders saw a huge rush of cutomers lining up to deposit and exchange notes on Thursday.
After the two day shutdown, ATMs are now dispensing Rs 100, new Rs 500 and Rs 2000 notes.
Customers were seen rushing to ATMs and waiting in long queues since early hours.
Crowds have been getting agitatged as some ATMs were still inactive or not fully equipped with cash.ATM users can only withdraw Rs 2000 per day per card.
Meanwhile, withdrawal from banks are limited to Rs 10,000 a day.
State Bank of India said that it could easily take over 10 days until ATM servies go back to normal.
"It should be normal in ten days' time because you have to understand that there are two lakh ATMs (of all banks) in the country but there are only three to four vendors in the country," said SBI's chairman Arundhati Bhattacharya.
Surcharges of using ATMs of different banks have been waivered for the ease of customer transactions for now.
Banks will also remain open through the weekend with longer working hours.
Here's why it is not wise to stay away from your PAN Card
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As India continues to introduce multiple reforms to weed out black money from its economy, every Indian must now realise the growing importance of one document without which you may not be able to do a single high-value transaction in days to come.
Today in India, whether you're looking at buying a home or investing in the stock market or opening a bank account, you will need the Permanent Account Number or PAN card. It is used by the government to track taxable component in financial transactions.
The Finance minister Arun Jaitley made it compulsory this year for customers to produce a PAN Card if they buy jewellery worth over Rs 2 lakh. The cap was earlier at Rs 5 Lakh. The move was taken to curb the illegal money from the mettle industry as gold believed to be a favourite commodity for black money hoarders to invest in.
The Pension fund regulatory body PFRDA started using PAN instead of Aadhaar for validation of new customers who can now be registered online under the National Pension System (NPS) scheme.
In a population of 1.2 billion, the number of PAN card holders in India was more than 24.37 crore till December 2015. And, as the government moves forward to create an economic system with strong resistance against black money, PAN card will be the most crucial document to track tax evaders.
Here are some other transactions that need PAN CARD
- During purchase and sale of immovable property exceeding Rs 10 lakh.
- While making a time deposit with any financial institution like Co-operative banks and Post Office.
- At the time of opening any form of bank account except opening of a no-frills bank account such as Jan Dhan Account.
- For payment of hotel or restaurant bills exceeding Rs 50,000 at any one point through any mode of payment.
- PAN should be quoted for purchase of bank drafts/ pay orders/ banker's cheques exceeding Rs 50,000 on a single day.
- Cash deposit exceeding Rs.50,000/- in a single day.
- For purchase of foreign currency or cash payment related to foreign travel exceeding Rs.50,000.
- Payment in excess of Rs 50,000 for purchase of mutual fund units.
- For opening a demat account.
- Purchase or sale of shares of an unlisted company for an amount exceeding Rs1 lakh per transaction.
- Payment exceeding Rs.50,000 for purchase of Debentures/ bonds.
- Payment exceeding Rs.50,000 for purchase of RBI bonds.
- Payment exceeding Rs.50,000/- in a year as life insurance premium.
- Cash payment aggregating to more than Rs.50,000 in a year towards cash cards/ prepaid instruments issued under Payment & Settlement Act.
All the instances mentioned above come under Rule 114B of the Income-tax Act. According to the Ministry of Finance, "The changes in the rules are expected to be useful in widening the tax net by non-intrusive methods. They are also expected to help in curbing black money and move towards a cashless economy."
As India continues to introduce multiple reforms to weed out black money from its economy, every Indian must now realise the growing importance of one document without which you may not be able to do a single high-value transaction in days to come.
Today in India, whether you're looking at buying a home or investing in the stock market or opening a bank account, you will need the Permanent Account Number or PAN card. It is used by the government to track taxable component in financial transactions.
The Finance minister Arun Jaitley made it compulsory this year for customers to produce a PAN Card if they buy jewellery worth over Rs 2 lakh. The cap was earlier at Rs 5 Lakh. The move was taken to curb the illegal money from the mettle industry as gold believed to be a favourite commodity for black money hoarders to invest in.
The Pension fund regulatory body PFRDA started using PAN instead of Aadhaar for validation of new customers who can now be registered online under the National Pension System (NPS) scheme.
In a population of 1.2 billion, the number of PAN card holders in India was more than 24.37 crore till December 2015. And, as the government moves forward to create an economic system with strong resistance against black money, PAN card will be the most crucial document to track tax evaders.
Here are some other transactions that need PAN CARD
- During purchase and sale of immovable property exceeding Rs 10 lakh.
- While making a time deposit with any financial institution like Co-operative banks and Post Office.
- At the time of opening any form of bank account except opening of a no-frills bank account such as Jan Dhan Account.
- For payment of hotel or restaurant bills exceeding Rs 50,000 at any one point through any mode of payment.
- PAN should be quoted for purchase of bank drafts/ pay orders/ banker's cheques exceeding Rs 50,000 on a single day.
- Cash deposit exceeding Rs.50,000/- in a single day.
- For purchase of foreign currency or cash payment related to foreign travel exceeding Rs.50,000.
- Payment in excess of Rs 50,000 for purchase of mutual fund units.
- For opening a demat account.
- Purchase or sale of shares of an unlisted company for an amount exceeding Rs1 lakh per transaction.
- Payment exceeding Rs.50,000 for purchase of Debentures/ bonds.
- Payment exceeding Rs.50,000 for purchase of RBI bonds.
- Payment exceeding Rs.50,000/- in a year as life insurance premium.
- Cash payment aggregating to more than Rs.50,000 in a year towards cash cards/ prepaid instruments issued under Payment & Settlement Act.
All the instances mentioned above come under Rule 114B of the Income-tax Act. According to the Ministry of Finance, "The changes in the rules are expected to be useful in widening the tax net by non-intrusive methods. They are also expected to help in curbing black money and move towards a cashless economy."
General Awareness
British Prime Minister Theresa May Visit to India
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British Prime Minister Theresa May arrived in Delhi on a three-day visit(November 6-8, 2016) aimed at enhancing Indo-UK ties in the key areas of trade, investment, defense and security.
About Theresa May,
Theresa Mary May is the Prime Minister of the United Kingdom and the Leader of the Conservative Party, in office since July 2016. She has also been the Member of Parliament (MP) for Maidenhead since 1997.
- May identifies as a one-nation conservative and has been characterised as a liberal conservative. May is the second woman to hold the post of British prime minister, following Margaret Thatcher (1979–1990).
- The daughter of avicar, May grew up in Oxfordshire. From 1977 until 1983, she worked for the Bank of England, and from 1985 until 1997 at the Association for Payment Clearing Services, also serving as a councillor for Durnsford in Merton.
- After unsuccessful attempts to be elected to the House of Commons in 1992 and 1994, she was elected as the MP for Maidenhead in the 1997 general election.
- From 1999 to 2010, May served in a number of roles in the Shadow Cabinets of William Hague, Iain Duncan Smith, Michael Howard, and David Cameron, including Shadow Transport Secretary and Shadow Work and Pensions Secretary. She was also Chairman of the Conservative Party from 2002 to 2003.
- After the formation of a coalition government following the 2010 general election, May was appointed Home Secretary and Minister for Women and Equalities, giving up the latter role in 2012.
- Reappointed after the Conservative victory in the 2015 general election,she went on to become the longest-serving Home Secretary since James Chuter Ede over 60 years previously.
- During her tenure she pursued reform of thePolice Federation, implemented a harder line on drugs policy including the banning of khat, oversaw the introduction of elected Police and Crime Commissioners, the deportation of Abu Qatada, the creation of the National Crime Agency and brought in additional restrictions on immigration.
- Following the resignation of David Cameron on 24 June 2016, May announced her candidacy for the leadership of the Conservative Party and quickly emerged as the front-runner.
- She won the first ballot of Conservative MPs on 5 July by a significant margin, and two days later won the votes of 199 MPs, going forward to face a vote of Conservative Party members in a contest with Andrea Leadsom. Leadsom’s withdrawal from the election on 11 July led to May’s appointment as leader the same day.
- She was appointed Prime Minister two days later, the second woman to hold both offices. On becoming Prime Minister, May became the first woman to have held two of theGreat Offices of State.
About her Visit to India :
India and the UK on Monday inked two pacts with British Prime Minister Theresa May arguing for a bilateral free trade arrangement, distinct from New Delhi’s proposed deal with the European Union.
- May and Prime Minister Narendra Modi witnessed the signing of the two Memorandums of Understanding – one on intellectual property (IP) and another for bilateral cooperation on raising ease of doing business.
- The first MoU inked on November 6, 2016 to envisages establishing a mechanism for furthering cooperation between the Intellectual Property Offices of India and the UK in the field of intellectual property and related information technology services.
- The second MoU intends to make expertise from different British government departments, which have led the ease of doing business drive in the UK, available to the relevant departments and agencies of the Government of India.
- India and the United Kingdom have agreed to enhance defence ties with a view to expanding military trade and industrial collaboration.
- The agreement was announced during UK prime minister Theresa May’s three-day visit to the South Asian country. India and the United Kingdom had ambitions in the defence sector to “design, make, exercise, train and co-operate together”.
- It is noted that the two countries have agreed to “encourage and facilitate” opportunities under New Delhi’s ‘Make in India’ campaign, which seeks to encourage co-operation between defence exporters and Indian industry.
- Prime Minister Narendra Modi and British PM Theresa May pledged to extend cooperation in trade and green energy in the India –UK Tech summit, 2016.
- India and the U.K. must help each other break down barriers and Britain is helping India improve its ease of doing business and also determined to go further.
India-U.K. bilateral trade has remained the same in the last five years and India was the third-largest investor in the U.K. Science, technology and innovation have a significant role in India’s bilateral engagement with the U.K and in order to boost entrepreneurship, science and technology is very important and it also has a very significant role in our relationship.
United Kingdom (UK) :
♦ Capital: London
♦ Currency: Pound sterling
British Prime Minister Theresa May arrived in Delhi on a three-day visit(November 6-8, 2016) aimed at enhancing Indo-UK ties in the key areas of trade, investment, defense and security.
About Theresa May,
Theresa Mary May is the Prime Minister of the United Kingdom and the Leader of the Conservative Party, in office since July 2016. She has also been the Member of Parliament (MP) for Maidenhead since 1997.
- May identifies as a one-nation conservative and has been characterised as a liberal conservative. May is the second woman to hold the post of British prime minister, following Margaret Thatcher (1979–1990).
- The daughter of avicar, May grew up in Oxfordshire. From 1977 until 1983, she worked for the Bank of England, and from 1985 until 1997 at the Association for Payment Clearing Services, also serving as a councillor for Durnsford in Merton.
- After unsuccessful attempts to be elected to the House of Commons in 1992 and 1994, she was elected as the MP for Maidenhead in the 1997 general election.
- From 1999 to 2010, May served in a number of roles in the Shadow Cabinets of William Hague, Iain Duncan Smith, Michael Howard, and David Cameron, including Shadow Transport Secretary and Shadow Work and Pensions Secretary. She was also Chairman of the Conservative Party from 2002 to 2003.
- After the formation of a coalition government following the 2010 general election, May was appointed Home Secretary and Minister for Women and Equalities, giving up the latter role in 2012.
- Reappointed after the Conservative victory in the 2015 general election,she went on to become the longest-serving Home Secretary since James Chuter Ede over 60 years previously.
- During her tenure she pursued reform of thePolice Federation, implemented a harder line on drugs policy including the banning of khat, oversaw the introduction of elected Police and Crime Commissioners, the deportation of Abu Qatada, the creation of the National Crime Agency and brought in additional restrictions on immigration.
- Following the resignation of David Cameron on 24 June 2016, May announced her candidacy for the leadership of the Conservative Party and quickly emerged as the front-runner.
- She won the first ballot of Conservative MPs on 5 July by a significant margin, and two days later won the votes of 199 MPs, going forward to face a vote of Conservative Party members in a contest with Andrea Leadsom. Leadsom’s withdrawal from the election on 11 July led to May’s appointment as leader the same day.
- She was appointed Prime Minister two days later, the second woman to hold both offices. On becoming Prime Minister, May became the first woman to have held two of theGreat Offices of State.
About her Visit to India :
India and the UK on Monday inked two pacts with British Prime Minister Theresa May arguing for a bilateral free trade arrangement, distinct from New Delhi’s proposed deal with the European Union.
- May and Prime Minister Narendra Modi witnessed the signing of the two Memorandums of Understanding – one on intellectual property (IP) and another for bilateral cooperation on raising ease of doing business.
- The first MoU inked on November 6, 2016 to envisages establishing a mechanism for furthering cooperation between the Intellectual Property Offices of India and the UK in the field of intellectual property and related information technology services.
- The second MoU intends to make expertise from different British government departments, which have led the ease of doing business drive in the UK, available to the relevant departments and agencies of the Government of India.
- India and the United Kingdom have agreed to enhance defence ties with a view to expanding military trade and industrial collaboration.
- The agreement was announced during UK prime minister Theresa May’s three-day visit to the South Asian country. India and the United Kingdom had ambitions in the defence sector to “design, make, exercise, train and co-operate together”.
- It is noted that the two countries have agreed to “encourage and facilitate” opportunities under New Delhi’s ‘Make in India’ campaign, which seeks to encourage co-operation between defence exporters and Indian industry.
- Prime Minister Narendra Modi and British PM Theresa May pledged to extend cooperation in trade and green energy in the India –UK Tech summit, 2016.
- India and the U.K. must help each other break down barriers and Britain is helping India improve its ease of doing business and also determined to go further.
India-U.K. bilateral trade has remained the same in the last five years and India was the third-largest investor in the U.K. Science, technology and innovation have a significant role in India’s bilateral engagement with the U.K and in order to boost entrepreneurship, science and technology is very important and it also has a very significant role in our relationship.
United Kingdom (UK) :
♦ Capital: London
♦ Currency: Pound sterling
♦ Capital: London
♦ Currency: Pound sterling
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