General Affairs
Demonetisation: Supreme Court To Hear Centre's Transfer Plea On Wednesday
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NEW DELHI: The Supreme Court today agreed to hear on November 23 a plea of the Centre seeking transfer of all demonetisation cases to either one high court or the Supreme Court.
A bench of Chief Justice TS Thakur and Justice DY Chandrachud listed the matter after Attorney General Mukul Rohatgi mentioned it and sought an urgent hearing.
Rohatgi said that as directed by the Supreme Court on the last hearing of the case, the Centre has filed the transfer petition.
The Supreme Court had on November 18 dubbed as a "serious issue" the long queues outside banks and post offices and expressed its reservation on the Centre's plea seeking a direction that no other court in the country should entertain petitions challenging the November 8 notification demonetising Rs. 1,000 and Rs. 500 currency notes.
It had made the remarks after the AG submitted that any matter relating to challenge to the demonetisation issue be heard by the Supreme Court only.
However, the bench had said, "People are affected. People are frantic. People have the right to approach the courts," noting that people were facing difficulties.
The bench had questioned the relief measures undertaken by the Centre and asked why it had squeezed the exchange limit to Rs. 2,000.
The AG had then explained the situation by stating that after printing, the currency has to be moved to thousands of centres across the country and ATMs have to be re-calibrated.
He had also said that Rs. 100 notes are in circulation and the ATMs needed to be re-calibrated to issue new currency notes of Rs. 500 and Rs. 2,000.
The Centre had moved the Supreme Court on November 17 seeking a stay on the proceedings before various high courts and other courts except the Supreme Court against demonetisation issue, saying otherwise it will create a lot of confusion.
The Supreme Court had on November 15 refused to stay the government's demonetisation notification, but asked it to spell out the steps taken to minimise public inconvenience.
Prime Minister Narendra Modi, in a televised address to the nation on November 8, had announced that Rs. 500 and Rs. 1000 notes will no longer be legal tender from November 9.
He had said the government has declared a "decisive war" against black money and corruption.
A bench of Chief Justice TS Thakur and Justice DY Chandrachud listed the matter after Attorney General Mukul Rohatgi mentioned it and sought an urgent hearing.
Rohatgi said that as directed by the Supreme Court on the last hearing of the case, the Centre has filed the transfer petition.
It had made the remarks after the AG submitted that any matter relating to challenge to the demonetisation issue be heard by the Supreme Court only.
However, the bench had said, "People are affected. People are frantic. People have the right to approach the courts," noting that people were facing difficulties.
The bench had questioned the relief measures undertaken by the Centre and asked why it had squeezed the exchange limit to Rs. 2,000.
He had also said that Rs. 100 notes are in circulation and the ATMs needed to be re-calibrated to issue new currency notes of Rs. 500 and Rs. 2,000.
The Centre had moved the Supreme Court on November 17 seeking a stay on the proceedings before various high courts and other courts except the Supreme Court against demonetisation issue, saying otherwise it will create a lot of confusion.
The Supreme Court had on November 15 refused to stay the government's demonetisation notification, but asked it to spell out the steps taken to minimise public inconvenience.
Prime Minister Narendra Modi, in a televised address to the nation on November 8, had announced that Rs. 500 and Rs. 1000 notes will no longer be legal tender from November 9.
He had said the government has declared a "decisive war" against black money and corruption.
Armed, Masked Men Leave Kashmir Bank With Rs. 11 lakhs In Old Notes
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SRINAGAR: Four masked and armed men burst into a bank in Kashmir today and left with Rs. 13 lakhs, comprising largely of the outlawed 500- and 1,000-rupee notes.
The robbery took place at a branch of the state-run Jammu and Kashmir branch in Malpora, 100 km from Srinagar.
Rs. 11 of the 13 lakhs that were looted consisted of the banned notes, said police sources who believe terrorists are responsible for the heist in the small village. It's not clear yet if security cameras at the bank were working. 12 people were present when the robbery took place, nobody was injured.
When he announced the ban on 500- and 1,000-rupee notes on November 8, Prime Minister Narendra Modi said that he was targeting tax evasion, corruption and forgery. He stressed that terror attacks including those facilitated by Pakistan often include counterfeit 500-rupee notes.
Since then, nearly 80 billion dollars of the old notes have been deposited in banks.
The new currency of Rs. 500 and Rs. 2,000 notes have been hard to access, with winding lines at banks and ATMs out of service while they are being reconfigured to handle the new bills.
The robbery took place at a branch of the state-run Jammu and Kashmir branch in Malpora, 100 km from Srinagar.
Rs. 11 of the 13 lakhs that were looted consisted of the banned notes, said police sources who believe terrorists are responsible for the heist in the small village. It's not clear yet if security cameras at the bank were working. 12 people were present when the robbery took place, nobody was injured.
Since then, nearly 80 billion dollars of the old notes have been deposited in banks.
The new currency of Rs. 500 and Rs. 2,000 notes have been hard to access, with winding lines at banks and ATMs out of service while they are being reconfigured to handle the new bills.
Volunteers Assist Victims, Rescuers At Mishap Site, Hospitals
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PUKHRAYAN: Amid scenes of tragedy, a number of good samaritans took it upon themselves to provide succour to the traumatised passengers of the Indore-Patna Express that derailed yesterday and help out the rescuers and others on the site and in hospitals by providing food and water.
Volunteers from several NGOs, RSS, Sikh organisations and even from many political outfits remained at the accident site till late in the night as rescuers struggled to pull out passengers trapped in the mangled bogies.
The volunteers visited injured victims and the distraught families in the hospitals and distributed drinking water, tea, snacks and fruits among them.
Rescue workers, policemen as well as journalists who have remained stationed here after the derailment were also provided refreshments.
Nearly a dozen RSS volunteers were seen helping the victims. They transferred the luggage from the train and offered biscuits to the injured and their family members in hospitals.
Some politicians too came forward to help the victims.
Kanpur Dehat Samajwadi Party secretary Anoop Singh distributed biscuits and water bottles at the accident spot.
"It is our duty to help the victims in this crisis. This is the least we could do," Singh said.
Gayatri Pariwar has also extended its support by sending over half dozen of women members to help the victims and provide some assistance to the officials here.
Rama Devi, a member of the Pariwar, said that they have contributed some money and were using donations for tea and snacks that were being distributed.
Other volunteers did not wish to be named saying that they were not doing it for publicity.
"We don't want to disclose our names to gain publicity. We are here simply to help," said one such NGO worker.
J S Arora was leading a group of over a dozen members from a Sikh organisation to help the victims at a hospital here.
Members of the local business community were also helping the injured and their families with food items.
Indian Medical Association's Kanpur unit chief Praveen Katiyar also remained at the spot with a team of doctors till late in the night.
143 people have died after the Indore-Patna Express derailed here in Kanpur rural area just a little after 0300 hrs yesterday.
Volunteers from several NGOs, RSS, Sikh organisations and even from many political outfits remained at the accident site till late in the night as rescuers struggled to pull out passengers trapped in the mangled bogies.
The volunteers visited injured victims and the distraught families in the hospitals and distributed drinking water, tea, snacks and fruits among them.
Nearly a dozen RSS volunteers were seen helping the victims. They transferred the luggage from the train and offered biscuits to the injured and their family members in hospitals.
Some politicians too came forward to help the victims.
Kanpur Dehat Samajwadi Party secretary Anoop Singh distributed biscuits and water bottles at the accident spot.
"It is our duty to help the victims in this crisis. This is the least we could do," Singh said.
Gayatri Pariwar has also extended its support by sending over half dozen of women members to help the victims and provide some assistance to the officials here.
Other volunteers did not wish to be named saying that they were not doing it for publicity.
"We don't want to disclose our names to gain publicity. We are here simply to help," said one such NGO worker.
J S Arora was leading a group of over a dozen members from a Sikh organisation to help the victims at a hospital here.
Members of the local business community were also helping the injured and their families with food items.
Indian Medical Association's Kanpur unit chief Praveen Katiyar also remained at the spot with a team of doctors till late in the night.
143 people have died after the Indore-Patna Express derailed here in Kanpur rural area just a little after 0300 hrs yesterday.
Stray Dog Problem During Jet Landing On New Agra-Lucknow Expressway
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UNNAO: Less than a minute before the first of the Indian Air Force or IAF's Sukhoi 30 fighters was to do a touch and go on the new Agra-Lucknow Expressway, a dog strayed into the meticulously rehearsed event.
The dog strutted down the middle of the air strip like a show horse and very nearly caused the IAF to abort the manoeuvres of its top gun fighters.
The highway, which is expected to reduce travel time between Delhi and Lucknow by more than half, was opened by Uttar Pradesh Chief Minister Akhilesh Yadav and his father Mulayam Singh Yadav, the chief of the Samajwadi Party.
The first Sukhoi was forced to overshoot the runway without actually touching down. The pilots, keen on not letting down the hundreds who had gathered at the event, made a second attempt and, minus any canine interference, nailed it.
Three IAF Mirage 2000 fighters also performed touch and go landings. The exhaust of the first Mirage threw up a lot of dust above the runway and the second and third jets completed their landings with marginal visibility at their touchdown point.
It is not that the organisers were unprepared. Dozens of policemen lined both sides of the runway, crowds were barricaded off and safety personnel of the IAF were deployed to ensure the event went off without a hitch. How the dog managed to get into the landing area remains unclear. Attempts to shoo it away failed since none of the policemen or policewomen were allowed to enter the runway just before the planned landing of the big Sukhoi fighters.
Last week, a dog entered the pitch during the second test match between India and England in Visakhapatnam. The organizers were forced to call an early lunch though both Virat Kohli and Cheteshwar Pujara were both in their nineties.
The dog strutted down the middle of the air strip like a show horse and very nearly caused the IAF to abort the manoeuvres of its top gun fighters.
The first Sukhoi was forced to overshoot the runway without actually touching down. The pilots, keen on not letting down the hundreds who had gathered at the event, made a second attempt and, minus any canine interference, nailed it.
Three IAF Mirage 2000 fighters also performed touch and go landings. The exhaust of the first Mirage threw up a lot of dust above the runway and the second and third jets completed their landings with marginal visibility at their touchdown point.
It is not that the organisers were unprepared. Dozens of policemen lined both sides of the runway, crowds were barricaded off and safety personnel of the IAF were deployed to ensure the event went off without a hitch. How the dog managed to get into the landing area remains unclear. Attempts to shoo it away failed since none of the policemen or policewomen were allowed to enter the runway just before the planned landing of the big Sukhoi fighters.
Last week, a dog entered the pitch during the second test match between India and England in Visakhapatnam. The organizers were forced to call an early lunch though both Virat Kohli and Cheteshwar Pujara were both in their nineties.
India Successfully Conducts Twin Trial Of Prithvi-II Missile
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BALASORE: India today successfully test-fired its indigenously developed nuclear capable Prithvi-II missile twice in quick succession as part of a user trial by the army from a test range at Chandipur in Odisha.
In salvo mode, the two surface-to-surface missiles which have a strike range of 350 km and are capable of carrying 500 kg to 1,000 kg of warheads were successfully test-fired in quick succession from mobile launcher from launch complex-3 of the Integrated Test Range (ITR) at around 9:35 AM, defence sources said.
A similar twin trial had been conducted on October 12, 2009 from the same base where both tests were successful.
The missile is thrusted by liquid propulsion twin engines. It uses advanced inertial guidance system with manoeuvring trajectory to hit its target, they said.
The missiles were randomly chosen from the production stock and the entire launch activities were carried out by the specially formed strategic force command (SFC) and monitored by the scientists of Defence Research and Development Organisation (DRDO) as part of training exercise, a defence scientist said.
The missile trajectory was tracked by the DRDO radars, electro-optical tracking systems and telemetry stations located along the coast of Odisha, sources said. The downrange teams on board the ship deployed near the designated impact point in the Bay of Bengal monitored the terminal events and splashdown.
Inducted into Indian armed forces in 2003, the nine-metre-tall, single-stage liquid-fuelled Prithvi-II is the first missile to be developed by the DRDO under the Integrated Guided Missile Development Programme, defence sources said.
In salvo mode, the two surface-to-surface missiles which have a strike range of 350 km and are capable of carrying 500 kg to 1,000 kg of warheads were successfully test-fired in quick succession from mobile launcher from launch complex-3 of the Integrated Test Range (ITR) at around 9:35 AM, defence sources said.
The missile is thrusted by liquid propulsion twin engines. It uses advanced inertial guidance system with manoeuvring trajectory to hit its target, they said.
The missiles were randomly chosen from the production stock and the entire launch activities were carried out by the specially formed strategic force command (SFC) and monitored by the scientists of Defence Research and Development Organisation (DRDO) as part of training exercise, a defence scientist said.
The missile trajectory was tracked by the DRDO radars, electro-optical tracking systems and telemetry stations located along the coast of Odisha, sources said. The downrange teams on board the ship deployed near the designated impact point in the Bay of Bengal monitored the terminal events and splashdown.
Inducted into Indian armed forces in 2003, the nine-metre-tall, single-stage liquid-fuelled Prithvi-II is the first missile to be developed by the DRDO under the Integrated Guided Missile Development Programme, defence sources said.
Business Affairs
Demonetisation: Borrowers get additional 60 days to repay loans
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In view of cash crunch being faced by borrowers, the RBI today provided additional 60 days for repayment of housing, car, farm and other loans worth up to Rs 1 crore.
This is applicable to loans payable between November 1 and December 31, the RBI said in a notification.
"... it has been decided to provide an additional 60 days beyond what is applicable for the concerned regulated entity for recognition of a loan account as substandard," it said.
The above relaxation is available to entities running working capital accounts with any bank with the sanctioned limit of Rs 1 crore or less.
Term loans, whether business or personal, secured or otherwise, the original sanctioned amount of Rs 1 crore or less, on the books of any bank or any NBFC, including NBFC (MFI) would also get benefit of this relaxation.
This will also include housing loans and agriculture loans, it said.
The apex bank further said that all regulated financial institutions should note that this is a short-term deferment of classification as substandard due to delay in payment of dues arising during the period specified above and does not result in restructuring of the loans.
"Dues payable before November 1 and after December 31, 2016, will be covered by the extant instruction for the respective regulated entity with regard to recognition of NPAs," it said.
The demonetisation of higher value currency notes has affected normal banking activities including clearing of cheques. Besides, borrowers are unable to get payments from their creditors due to various restrictions including cash withdrawal limit of Rs 24,000 per week, limiting their options to repay their dues.
DHFL Chief Executive Officer Harshil Mehta said, "It is a welcome move by the RBI as many customers have expressed their inability to repay dues in time because of ongoing demonetisation drive."
For many of them, EMIs are due in the first half of the month, so the relaxation will help keep account standard even when the payment is not received, he said.
Neither borrowers' credit score is impacted negatively due to non-payment nor financial institutions have to make additional provisions for sub-standard account, he added.
The RBI said it has received representation saying consequent upon withdrawal of the legal tender status of the existing Rs 500 and 1,000 notes, small borrowers may need some more time to repay their loan dues.
The central bank further said the additional time given should only apply to defer the classification of an existing standard asset as substandard and not for delaying the migration of an account across sub-categories of NPA.
Loans sanctioned by banks to NBFC (MFI), NBFCs, Housing Finance Companies, and by State Cooperative Banks to DCCBs, it said, adding, the above guidelines will also be applicable to loans extended by District Cooperative Banks.
In view of cash crunch being faced by borrowers, the RBI today provided additional 60 days for repayment of housing, car, farm and other loans worth up to Rs 1 crore.
This is applicable to loans payable between November 1 and December 31, the RBI said in a notification.
"... it has been decided to provide an additional 60 days beyond what is applicable for the concerned regulated entity for recognition of a loan account as substandard," it said.
The above relaxation is available to entities running working capital accounts with any bank with the sanctioned limit of Rs 1 crore or less.
Term loans, whether business or personal, secured or otherwise, the original sanctioned amount of Rs 1 crore or less, on the books of any bank or any NBFC, including NBFC (MFI) would also get benefit of this relaxation.
This will also include housing loans and agriculture loans, it said.
The apex bank further said that all regulated financial institutions should note that this is a short-term deferment of classification as substandard due to delay in payment of dues arising during the period specified above and does not result in restructuring of the loans.
"Dues payable before November 1 and after December 31, 2016, will be covered by the extant instruction for the respective regulated entity with regard to recognition of NPAs," it said.
The demonetisation of higher value currency notes has affected normal banking activities including clearing of cheques. Besides, borrowers are unable to get payments from their creditors due to various restrictions including cash withdrawal limit of Rs 24,000 per week, limiting their options to repay their dues.
DHFL Chief Executive Officer Harshil Mehta said, "It is a welcome move by the RBI as many customers have expressed their inability to repay dues in time because of ongoing demonetisation drive."
For many of them, EMIs are due in the first half of the month, so the relaxation will help keep account standard even when the payment is not received, he said.
Neither borrowers' credit score is impacted negatively due to non-payment nor financial institutions have to make additional provisions for sub-standard account, he added.
The RBI said it has received representation saying consequent upon withdrawal of the legal tender status of the existing Rs 500 and 1,000 notes, small borrowers may need some more time to repay their loan dues.
The central bank further said the additional time given should only apply to defer the classification of an existing standard asset as substandard and not for delaying the migration of an account across sub-categories of NPA.
Loans sanctioned by banks to NBFC (MFI), NBFCs, Housing Finance Companies, and by State Cooperative Banks to DCCBs, it said, adding, the above guidelines will also be applicable to loans extended by District Cooperative Banks.
Farmers can now use old Rs 500 notes to buy seeds
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The Indian government has allowed farmers to purchase seeds with old 500 rupee banknote from state-run outlets, the finance ministry said in a statement on Monday.
Prime Minister Narendra Modi's shock move to cancel 500 and 1,000 rupee bills as legal tender has left millions of farmers with little cash to buy seeds and fertilisers for winter crops, threatening production of key commodities and hurting rural communities only just recovering after two years of drought.
Modi demonetised the Rs 500 and Rs 1000 notes in an attempt to crack down the black money plaguing the Indian ecomomy.
While the move was highly appreciated by many, the situation started to deteriorate as the banks reopened one day after the announcement. Farmers were among the worst affected. After two years of drought this was the year when they were expecting heavy yields.
The move of allowing farmers to buy seeds using old Rs 500 notes will help maintain the production cycle which could otherwise lead to scarcity of food articles.
The Indian government has allowed farmers to purchase seeds with old 500 rupee banknote from state-run outlets, the finance ministry said in a statement on Monday.
Prime Minister Narendra Modi's shock move to cancel 500 and 1,000 rupee bills as legal tender has left millions of farmers with little cash to buy seeds and fertilisers for winter crops, threatening production of key commodities and hurting rural communities only just recovering after two years of drought.
Modi demonetised the Rs 500 and Rs 1000 notes in an attempt to crack down the black money plaguing the Indian ecomomy.
Prime Minister Narendra Modi's shock move to cancel 500 and 1,000 rupee bills as legal tender has left millions of farmers with little cash to buy seeds and fertilisers for winter crops, threatening production of key commodities and hurting rural communities only just recovering after two years of drought.
Modi demonetised the Rs 500 and Rs 1000 notes in an attempt to crack down the black money plaguing the Indian ecomomy.
While the move was highly appreciated by many, the situation started to deteriorate as the banks reopened one day after the announcement. Farmers were among the worst affected. After two years of drought this was the year when they were expecting heavy yields.
The move of allowing farmers to buy seeds using old Rs 500 notes will help maintain the production cycle which could otherwise lead to scarcity of food articles.
Sensex falls 385 points, Nifty at six-month low amid demonetisation blues
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Markets remained in the red zone on Monday with the Sensex plunging to an intraday low of 25,717 points and the Nifty50 breaching the 8,000-mark cracking to its lowest level since Brexit level of 7,959, recorded on June 24, 2016.
"The markets are likely to remain volatile over the next two weeks and it won't be surprising to see the Nifty fall to 7,700 levels," according to Reuters.
The BSE Sensex closed at 25,765, down 385 points, while the broader Nifty settled the day at 7,929, down 145 points.
Market fell on continued selling by foreign investors, while uncertainty lingered about the economic impact of the government's demonetisation move.
Negative sentiment plagued the market as people have curbed their expenditure due to weak purchasing power amid the demonetisation blues.
The severe cash crunch has engulfed the economy bringing down the demand-led and consumption stocks in the market.
Among the worst hit in today's trade, bank indices and auto indices took a major beating, accounting for two-thirds of the NSE index's fall.
State Bank of India was the top loser down 6.06 per cent on the 30-stock Sensex while HDFC was down 2.05 per cent and ICICI bank fell 1.51 per cent.
Shankar Sharma, VC and MD, FirstGlobal said he does not see a quick recovery in large caps post demonetisation. He sees significant damage to jobs post the Modi government's latest move on black money but expects export-oriented sectors to gain as rupee falls further.
All 13 auto stocks in the auto index closed in the red as auto makers saw a sharp dip in sale enquires due to cash crunch.
The index fell 3.25 per cent with Eicher Motors as the top loser, down 6.83 per cent.
The markets are in a volatile session and buying on dips may not be the best strategy now. Instead, investors should be in a wait-and-watch mode, analysts said.
The rupee fell to an eight-month low of 68.20 against the US dollar.
Market breadth was negative as 2223 stocks fell against 408 closing higher on the Sensex.
ASIAN MARKETS
Asian markets were seen shaky on Monday's trade over fears that the strengthening of the US dollar and rising bond yields since Donald Trump's presidential victory could accelerate fund outflows from the region back to US markets.
China's Shanghai Composite Index ended the day 3,218, up 25 points while the Hang Seng Index closed 22,357, up 13.57 points, both settling the day flat.
However, Japan's Nikkei closed 138 points higher, hitting 10 1/2 month high.
European shares were expected to gain, with spread-betters seeing a rise of 0.2 percent in Germany's and Britain's FTSE.
Markets remained in the red zone on Monday with the Sensex plunging to an intraday low of 25,717 points and the Nifty50 breaching the 8,000-mark cracking to its lowest level since Brexit level of 7,959, recorded on June 24, 2016.
"The markets are likely to remain volatile over the next two weeks and it won't be surprising to see the Nifty fall to 7,700 levels," according to Reuters.
The BSE Sensex closed at 25,765, down 385 points, while the broader Nifty settled the day at 7,929, down 145 points.
Market fell on continued selling by foreign investors, while uncertainty lingered about the economic impact of the government's demonetisation move.
Negative sentiment plagued the market as people have curbed their expenditure due to weak purchasing power amid the demonetisation blues.
The severe cash crunch has engulfed the economy bringing down the demand-led and consumption stocks in the market.
Among the worst hit in today's trade, bank indices and auto indices took a major beating, accounting for two-thirds of the NSE index's fall.
State Bank of India was the top loser down 6.06 per cent on the 30-stock Sensex while HDFC was down 2.05 per cent and ICICI bank fell 1.51 per cent.
Shankar Sharma, VC and MD, FirstGlobal said he does not see a quick recovery in large caps post demonetisation. He sees significant damage to jobs post the Modi government's latest move on black money but expects export-oriented sectors to gain as rupee falls further.
All 13 auto stocks in the auto index closed in the red as auto makers saw a sharp dip in sale enquires due to cash crunch.
The index fell 3.25 per cent with Eicher Motors as the top loser, down 6.83 per cent.
The markets are in a volatile session and buying on dips may not be the best strategy now. Instead, investors should be in a wait-and-watch mode, analysts said.
The rupee fell to an eight-month low of 68.20 against the US dollar.
Market breadth was negative as 2223 stocks fell against 408 closing higher on the Sensex.
ASIAN MARKETS
ASIAN MARKETS
Asian markets were seen shaky on Monday's trade over fears that the strengthening of the US dollar and rising bond yields since Donald Trump's presidential victory could accelerate fund outflows from the region back to US markets.
China's Shanghai Composite Index ended the day 3,218, up 25 points while the Hang Seng Index closed 22,357, up 13.57 points, both settling the day flat.
However, Japan's Nikkei closed 138 points higher, hitting 10 1/2 month high.
European shares were expected to gain, with spread-betters seeing a rise of 0.2 percent in Germany's and Britain's FTSE.
Cash crunch puts brake on India's cotton exports; rivals to gain
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Exports of 1 million bales of cotton from top producer India have been delayed after a government move to ban high-value currency notes prompted farmers, who prefer cash payments, to postpone sales, industry officials told Reuters.
The supply crunch has driven up prices in India to levels higher than in the global market and could force buyers to switch to other producers like the United States, Brazil and African countries. It could also curb India's total exports in the 2016/17 year marketing year that started on Oct. 1.
"Supplies are very limited in the market. Farmers are not selling cotton right now as they need payments in cash and it is not available," said Chirag Patel, chief executive officer of Indian exporter Jaydeep Cotton Fibers.
Earlier this month, Prime Minister Narendra Modi scrapped 500 rupee and 1,000 rupee bills to crack down on corruption. But the move disrupted trading of farm commodities like cotton and soybean as most farmers prefer payments in cash.
"November remains a peak supply month but now supplies have stopped due to the cash crunch. We are ready to give farmers cheque, but they are insisting on cash," said Pradeep Jain, a ginner based in Jalgaon in Maharashtra.
Expecting a bumper crop of 35 million bales, Indian traders had contracted 2 million bales for exports to China, Vietnam, Bangladesh and Pakistan for shipments in November to January. But traders have managed to ship only around 300,000 bales and nearly 1 million bales that were due to ship in November and December are getting delayed, three exporters told Reuters.
India's inability to ship promptly could force buyers to switch to other suppliers like Brazil and the United State, said Keith Brown, principal at cotton brokers Keith Brown and Co in Moultrie, Georgia. "In fact, this may be one reason why U.S. cotton is going higher at harvest time."
New York cotton futures last week touched a high of 72.75 cents per pound, the loftiest since August. They have risen about 5 percent over the past fortnight, versus a 10 percent gain in Indian prices.
The surge in local prices is also making signing new export deals difficult for India as overseas prices are lower than local prices, Jaydeep Cotton's Patel said.
The disruption in exports will have an impact on global prices as it reduces the overall supply, said Rebecca Pandolph, statistician of International Cotton Advisory Committee. "How much of an effect will depend on how long the situation lasts."
However, industry officials say the crunch is temporary and prices will moderate as India is set to harvest a bumper crop. Last year, the country shipped out 6.9 million bales.
"The Indian crop is still very big and if price pressure doesn't come now, then it's only being delayed and that pressure will arrive at some point," said a cotton trader from Britain.
Exports of 1 million bales of cotton from top producer India have been delayed after a government move to ban high-value currency notes prompted farmers, who prefer cash payments, to postpone sales, industry officials told Reuters.
The supply crunch has driven up prices in India to levels higher than in the global market and could force buyers to switch to other producers like the United States, Brazil and African countries. It could also curb India's total exports in the 2016/17 year marketing year that started on Oct. 1.
"Supplies are very limited in the market. Farmers are not selling cotton right now as they need payments in cash and it is not available," said Chirag Patel, chief executive officer of Indian exporter Jaydeep Cotton Fibers.
Earlier this month, Prime Minister Narendra Modi scrapped 500 rupee and 1,000 rupee bills to crack down on corruption. But the move disrupted trading of farm commodities like cotton and soybean as most farmers prefer payments in cash.
"November remains a peak supply month but now supplies have stopped due to the cash crunch. We are ready to give farmers cheque, but they are insisting on cash," said Pradeep Jain, a ginner based in Jalgaon in Maharashtra.
Expecting a bumper crop of 35 million bales, Indian traders had contracted 2 million bales for exports to China, Vietnam, Bangladesh and Pakistan for shipments in November to January. But traders have managed to ship only around 300,000 bales and nearly 1 million bales that were due to ship in November and December are getting delayed, three exporters told Reuters.
India's inability to ship promptly could force buyers to switch to other suppliers like Brazil and the United State, said Keith Brown, principal at cotton brokers Keith Brown and Co in Moultrie, Georgia. "In fact, this may be one reason why U.S. cotton is going higher at harvest time."
New York cotton futures last week touched a high of 72.75 cents per pound, the loftiest since August. They have risen about 5 percent over the past fortnight, versus a 10 percent gain in Indian prices.
The surge in local prices is also making signing new export deals difficult for India as overseas prices are lower than local prices, Jaydeep Cotton's Patel said.
The disruption in exports will have an impact on global prices as it reduces the overall supply, said Rebecca Pandolph, statistician of International Cotton Advisory Committee. "How much of an effect will depend on how long the situation lasts."
However, industry officials say the crunch is temporary and prices will moderate as India is set to harvest a bumper crop. Last year, the country shipped out 6.9 million bales.
"The Indian crop is still very big and if price pressure doesn't come now, then it's only being delayed and that pressure will arrive at some point," said a cotton trader from Britain.
Indian Hotels convenes EGM on December 20 to seek Mistry's removal
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Tata Group's hospitality arm Indian Hotels on Monday decided to convene an extra-ordinary general meeting of shareholders on December 20 to consider removal of Cyrus Mistry as director of the company.
In a statement issued to bourses on Monday, the company said its board, which met on Monday, has "decided to convene an extra-ordinary general meeting to pass an ordinary resolution for removal of C P Mistry as director of the company".
Tata Sons holds 28.01 per cent of share capital of Indian Hotels Co Ltd (IHCL).
"The board of directors of the company, at its meeting held on November 21 has pursuant to the special notice and requisition dated November 9 sent by Tata Sons, shareholder of the company holding 28.01 per cent of the paid-up equity share capital of the company... decided to convene an EGM to consider and if thought fit, to pass an ordinary resolution for removal of C P Mistry as director of the company," IHCL said in a filing to BSE.
The EGM will be held on Tuesday, December 20, 2016 in Mumbai, it added. Mistry continues to be the chairman of IHCL.
The Ratan Tata-led interim management of Tata Sons is seeking to oust Mistry from his positions in the operating group firms, including IHCL and Tata Motors.
The EGM comes after the company's board of directors on November 4 supported Mistry's leadership and continuance as chairman of the company.
In a sudden and dramatic turn of events last month, Mistry was unceremoniously removed as the chairman of Tata Sons and replaced by his predecessor Ratan Tata in the interim, triggering a confrontation between the single-largest shareholder and the Tatas.
After ousting Mistry from Tata Sons, the holding company of 100-odd firms with India's largest conglomerate, promoter Tata Trust is looking at removing him from the operating companies as well.
In the days that followed, Mistry was removed as Chairman of Tata Global Beverages, besides TCS. He continues to be chairman of IHCL, Tata Motors and Tata Chemicals.
Tata Group's hospitality arm Indian Hotels on Monday decided to convene an extra-ordinary general meeting of shareholders on December 20 to consider removal of Cyrus Mistry as director of the company.
In a statement issued to bourses on Monday, the company said its board, which met on Monday, has "decided to convene an extra-ordinary general meeting to pass an ordinary resolution for removal of C P Mistry as director of the company".
Tata Sons holds 28.01 per cent of share capital of Indian Hotels Co Ltd (IHCL).
"The board of directors of the company, at its meeting held on November 21 has pursuant to the special notice and requisition dated November 9 sent by Tata Sons, shareholder of the company holding 28.01 per cent of the paid-up equity share capital of the company... decided to convene an EGM to consider and if thought fit, to pass an ordinary resolution for removal of C P Mistry as director of the company," IHCL said in a filing to BSE.
The EGM will be held on Tuesday, December 20, 2016 in Mumbai, it added. Mistry continues to be the chairman of IHCL.
The Ratan Tata-led interim management of Tata Sons is seeking to oust Mistry from his positions in the operating group firms, including IHCL and Tata Motors.
The EGM comes after the company's board of directors on November 4 supported Mistry's leadership and continuance as chairman of the company.
In a sudden and dramatic turn of events last month, Mistry was unceremoniously removed as the chairman of Tata Sons and replaced by his predecessor Ratan Tata in the interim, triggering a confrontation between the single-largest shareholder and the Tatas.
After ousting Mistry from Tata Sons, the holding company of 100-odd firms with India's largest conglomerate, promoter Tata Trust is looking at removing him from the operating companies as well.
In the days that followed, Mistry was removed as Chairman of Tata Global Beverages, besides TCS. He continues to be chairman of IHCL, Tata Motors and Tata Chemicals.
General Awareness
List of waterfalls in the World
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Dear Readers & Aspirants
We have collected some important waterfalls in the world. Now-a-days GA questions are asking from various section in different views. We hope, it will help you in Competitive exams.
Name of the Waterfall Name of the city Name of the Country Alamere Falls California USA Alfred Creek Falls British Columbia Canada Angel Falls Canaima National Park, BolÃvar Venezuela Augrabies Falls Orange River South Africa Avalanche Basin Falls Montana United States Baatara gorge waterfall Tannourine Lebanon Balaifossen Hordaland Norway Ban Gioc – Detian Falls Guangxi China Barron Falls Queensland Australia Blue Nile Falls Ethiopian platea Ethiopia Browne Falls South Island New Zealand Brufossen Hordaland Norway Cascades de Trou de Fer Cirque de Salazie, Reunion France Chamberlain Falls South Island New Zealand Colonial Creek Falls Washington United States Comet Falls Washington. USA Dettifoss Vatnajökull National Park Iceland Dontefossen Møre og Romsdal Norway Engstligen Falls Adelboden Switzerland. Feather Falls California USA Gavarnie Falls Gavarnie France Gocta Cataracts Amazonas Peru Gullfoss Gullfossi Iceland Haloku Falls Hawaii United States Harrison Basin Falls Montana United States Helmcken Falls Columbia Canada Huangguoshu Waterfall Guizhou China Iguazu Falls Misiones Province Argentina James Bruce Falls British Columbia Canada Johannesburg Falls Washington United States Kaieteur Falls Essequibo Guyana Kalambo Falls – Zambia Tanzania border Kjelfossen Sogn og Fjordane Norway Kjeragfossen Rogaland Norway Kukenaam, Salto BolÃvar Venezuela Lake Unknown Falls South Island New Zealand Mana’wai’nui Falls Hawaii United States Mongefossen Møre og Romsdal Norway Mutarazi Falls Manicaland Zimbabwe Nachi Falls Nachikatsuura Japan Olmaafossen Møre og Romsdal Norway Olo’upena Falls Molokai, Hawaii United States Ouzoud Waterfalls Marrakech Morocco. Pu’uka’oku Falls Hawaii United States Ramnefjellsfossen Sogn og Fjordane Norway Seven Sisters Waterfall Møre og Romsdal Norway Spirefossen Sogn og Fjordane Norway Strupenfossen Sogn og Fjordane Norway Sulphide Creek Falls California USA Sutherland Falls Fiordland National Park New Zealand Tres Hermanas Falls Otishi National Park, Junin Peru Triberg Falls Triberg Germany Tugela Falls KwaZulu-Natal South Africa Vettisfossen Ardal Norway Victoria Falls Zambezi River Zimbabwe Vinnufossen More og Romsdal Norway Waihilau Falls Hawaii United States Wallaman Falls Queensland Australia Yosemite Falls California United States Yumbilla Falls Amazonas Peru Yutaj, Salto Amazonas Venezuela
Dear Readers & Aspirants
We have collected some important waterfalls in the world. Now-a-days GA questions are asking from various section in different views. We hope, it will help you in Competitive exams.
| Name of the Waterfall | Name of the city | Name of the Country |
| Alamere Falls | California | USA |
| Alfred Creek Falls | British Columbia | Canada |
| Angel Falls | Canaima National Park, BolÃvar | Venezuela |
| Augrabies Falls | Orange River | South Africa |
| Avalanche Basin Falls | Montana | United States |
| Baatara gorge waterfall | Tannourine | Lebanon |
| Balaifossen | Hordaland | Norway |
| Ban Gioc – Detian Falls | Guangxi | China |
| Barron Falls | Queensland | Australia |
| Blue Nile Falls | Ethiopian platea | Ethiopia |
| Browne Falls | South Island | New Zealand |
| Brufossen | Hordaland | Norway |
| Cascades de Trou de Fer | Cirque de Salazie, Reunion | France |
| Chamberlain Falls | South Island | New Zealand |
| Colonial Creek Falls | Washington | United States |
| Comet Falls | Washington. | USA |
| Dettifoss | Vatnajökull National Park | Iceland |
| Dontefossen | Møre og Romsdal | Norway |
| Engstligen Falls | Adelboden | Switzerland. |
| Feather Falls | California | USA |
| Gavarnie Falls | Gavarnie | France |
| Gocta Cataracts | Amazonas | Peru |
| Gullfoss | Gullfossi | Iceland |
| Haloku Falls | Hawaii | United States |
| Harrison Basin Falls | Montana | United States |
| Helmcken Falls | Columbia | Canada |
| Huangguoshu Waterfall | Guizhou | China |
| Iguazu Falls | Misiones Province | Argentina |
| James Bruce Falls | British Columbia | Canada |
| Johannesburg Falls | Washington | United States |
| Kaieteur Falls | Essequibo | Guyana |
| Kalambo Falls | – | Zambia Tanzania border |
| Kjelfossen | Sogn og Fjordane | Norway |
| Kjeragfossen | Rogaland | Norway |
| Kukenaam, Salto | BolÃvar | Venezuela |
| Lake Unknown Falls | South Island | New Zealand |
| Mana’wai’nui Falls | Hawaii | United States |
| Mongefossen | Møre og Romsdal | Norway |
| Mutarazi Falls | Manicaland | Zimbabwe |
| Nachi Falls | Nachikatsuura | Japan |
| Olmaafossen | Møre og Romsdal | Norway |
| Olo’upena Falls | Molokai, Hawaii | United States |
| Ouzoud Waterfalls | Marrakech | Morocco. |
| Pu’uka’oku Falls | Hawaii | United States |
| Ramnefjellsfossen | Sogn og Fjordane | Norway |
| Seven Sisters Waterfall | Møre og Romsdal | Norway |
| Spirefossen | Sogn og Fjordane | Norway |
| Strupenfossen | Sogn og Fjordane | Norway |
| Sulphide Creek Falls | California | USA |
| Sutherland Falls | Fiordland National Park | New Zealand |
| Tres Hermanas Falls | Otishi National Park, Junin | Peru |
| Triberg Falls | Triberg | Germany |
| Tugela Falls | KwaZulu-Natal | South Africa |
| Vettisfossen | Ardal | Norway |
| Victoria Falls | Zambezi River | Zimbabwe |
| Vinnufossen | More og Romsdal | Norway |
| Waihilau Falls | Hawaii | United States |
| Wallaman Falls | Queensland | Australia |
| Yosemite Falls | California | United States |
| Yumbilla Falls | Amazonas | Peru |
| Yutaj, Salto | Amazonas | Venezuela |
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