General Affairs
Toll Mounts To 148 In Indore-Patna Express Derailment, Rail Services Resumes
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PUKHRAYAN: The death toll today mounted to 148 in the Indore-Patna Express derailment here even as railway services resumed on Jhansi-Kanpur section after damaged tracks were replaced between Pukhrayan and Malasa stations.
"The death toll has risen to 148 after fresh casualties were reported from the hospital. The deceased have not been identified yet," Kanpur IG Zaki Ahmed said.
Some of the injured are still in a critical situation, he said.
The Railway official said that besides replacing rails, electrical works were completed to ensure train operation on the busy route.
After conducting the trial run, train services resumed today, the official said.
"The route became operational last night after the damaged tracks were removed from the site. A trial run was conducted on the tracks before the resumption of train services," he said.
A government helpline has been set up for the victim's families in Kanpur.
Earlier, four trains were cancelled and 14 diverted after 14 coaches of the Indore-Patna Express derailed due to suspected rail fracture, disrupting traffic on the route.
Officials had said that prima facie the cause of the accident could be due to a track fracture.
A high-level probe was ordered by Railway Minister Suresh Prabhu, who promised "strictest possible action" against the guilty.
Suresh Prabhu also said in a statement in the Lok Sabha that a separate investigation will be held aided by latest technical and forensic analysis.
"The death toll has risen to 148 after fresh casualties were reported from the hospital. The deceased have not been identified yet," Kanpur IG Zaki Ahmed said.
Some of the injured are still in a critical situation, he said.
After conducting the trial run, train services resumed today, the official said.
"The route became operational last night after the damaged tracks were removed from the site. A trial run was conducted on the tracks before the resumption of train services," he said.
A government helpline has been set up for the victim's families in Kanpur.
Earlier, four trains were cancelled and 14 diverted after 14 coaches of the Indore-Patna Express derailed due to suspected rail fracture, disrupting traffic on the route.
Officials had said that prima facie the cause of the accident could be due to a track fracture.
A high-level probe was ordered by Railway Minister Suresh Prabhu, who promised "strictest possible action" against the guilty.
Suresh Prabhu also said in a statement in the Lok Sabha that a separate investigation will be held aided by latest technical and forensic analysis.
Soldier Beheaded, 2 Killed In Kashmir; Second Mutilation By Pak In Weeks
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JAMMU : An Indian soldier in Kashmir was beheaded and two others killed by Pakistani commandos who crossed the Line of Control at Machil. Just three weeks ago, Sepoy Mandeep Singh was beheaded not far from the spot; the army has, just like then, vowed revenge. "Retribution will be heavy for this cowardly act," the army said in a statement.
The intruders, believed to be from the Border Action Team of the Pakistan army, have allegedly escaped. In the Machil sector, Indian posts are closer to Pakistan and the rugged terrain and thicker forests gives infiltrators an advantage. Last month, terrorists mutilated the body of 27-year-old Mandeep Singh before running back into Pakistan Occupied Kashmir, under cover fire provided by the Pakistan army.
The army said the incident reflected barbarism in official and unofficial organisations in Pakistan and asserted, "the incident will be responded to appropriately."
Eighteen soldiers, including five from the Border Security Force, have died in firing from Pakistan since the September surgical strikes, when Indian soldiers crossed over the Line of Control and destroyed staging areas for terrorists who were getting ready to enter India to carry out a series of attacks. The Indian Army has claimed to have killed at least 29 Pakistani troops since then.
The strikes were seen as India's response to the Uri attack in which 19 soldiers were killed by terrorists from Pakistan.
The intruders, believed to be from the Border Action Team of the Pakistan army, have allegedly escaped. In the Machil sector, Indian posts are closer to Pakistan and the rugged terrain and thicker forests gives infiltrators an advantage. Last month, terrorists mutilated the body of 27-year-old Mandeep Singh before running back into Pakistan Occupied Kashmir, under cover fire provided by the Pakistan army.
The army said the incident reflected barbarism in official and unofficial organisations in Pakistan and asserted, "the incident will be responded to appropriately."
Eighteen soldiers, including five from the Border Security Force, have died in firing from Pakistan since the September surgical strikes, when Indian soldiers crossed over the Line of Control and destroyed staging areas for terrorists who were getting ready to enter India to carry out a series of attacks. The Indian Army has claimed to have killed at least 29 Pakistani troops since then.
The strikes were seen as India's response to the Uri attack in which 19 soldiers were killed by terrorists from Pakistan.
CPI(M) Considering Contempt Notice Against PM Modi
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NEW DELHI: CPI(M) is seeking legal opinion on moving a contempt notice against Prime Minister Narendra Modi for announcing policy matters like demonetisation outside Parliament but not coming to the House to explain them.
"If the Prime Minister makes a major policy announcement outside Parliament, particularly when it has been summoned by the President, it is incumbent that he comes to both Houses to explain the issue. This has not been done," party General Secretary Sitaram Yechury told a press conference in New Delhi.
"We are examining the issue and we would like to move contempt notice against PM after discussing with other Opposition parties," Mr Yechury said, criticising Modi for his "arrogancy and obduracy" in not facing Parliament.
He posed whether the Prime Minister can make a policy statement outside Parliament when the House has already been summoned by the President. "According to us, he cannot. But that has been done."
Mr Yechury said the Prime Minister was making statements after statements outside Parliament when it was in session but not inside and this "amounts to utter contempt of Parliament.
We are examining the possibility of moving contempt proceedings against him and are seeking legal opinion. We will hold consultations with all opposition parties."
In a democracy, people are supreme as they elect representatives to Parliament and the government is answerable to Parliament. "Since the PM is not coming to Parliament, it is a breakdown of the parliamentary system," he said.
He also asked why the government was not giving out the names of bank defaulters, alleging that over Rs. 11 lakh crore have been siphoned off from the banks and termed non-performing assets as "the biggest scam".
On the demonetisation issue, Mr Yechury said people are facing serious problems and till date about 74 have died due to problems faced post the demonetisation move and the government refusing to condole their deaths in the House.
He also chided the media for "not seeming to recognise that there is an Opposition in the country and carrying only what the ruling party says. Myth is being generated that the people are hailing the (demonetisation) move."
"It is an abnormal situation where the people cannot use their own money. It is violation of their fundamental right to property. How can you deny me from using my own property," the CPI(M) leader said, adding that now "new routes to exchange old currency" have been provided via Nepal, Bhutan, Dubai and Singapore.
He said all Opposition parties will meet tomorrow to chart out the future course of action amid the logjam in Parliament.
"If the Prime Minister makes a major policy announcement outside Parliament, particularly when it has been summoned by the President, it is incumbent that he comes to both Houses to explain the issue. This has not been done," party General Secretary Sitaram Yechury told a press conference in New Delhi.
He posed whether the Prime Minister can make a policy statement outside Parliament when the House has already been summoned by the President. "According to us, he cannot. But that has been done."
Mr Yechury said the Prime Minister was making statements after statements outside Parliament when it was in session but not inside and this "amounts to utter contempt of Parliament.
We are examining the possibility of moving contempt proceedings against him and are seeking legal opinion. We will hold consultations with all opposition parties."
In a democracy, people are supreme as they elect representatives to Parliament and the government is answerable to Parliament. "Since the PM is not coming to Parliament, it is a breakdown of the parliamentary system," he said.
He also asked why the government was not giving out the names of bank defaulters, alleging that over Rs. 11 lakh crore have been siphoned off from the banks and termed non-performing assets as "the biggest scam".
On the demonetisation issue, Mr Yechury said people are facing serious problems and till date about 74 have died due to problems faced post the demonetisation move and the government refusing to condole their deaths in the House.
He also chided the media for "not seeming to recognise that there is an Opposition in the country and carrying only what the ruling party says. Myth is being generated that the people are hailing the (demonetisation) move."
"It is an abnormal situation where the people cannot use their own money. It is violation of their fundamental right to property. How can you deny me from using my own property," the CPI(M) leader said, adding that now "new routes to exchange old currency" have been provided via Nepal, Bhutan, Dubai and Singapore.
He said all Opposition parties will meet tomorrow to chart out the future course of action amid the logjam in Parliament.
Demonetisation Issue: Opposition Parties To Protest Outside Parliament Tomorrow
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NEW DELHI: A united opposition today decided to escalate the attack on the government over the demonetisation issue by holding a 'dharna' outside Parliament tomorrow, as well as meeting the President, and holding street protests in the coming days.
"We will hold a dharna in front of the Gandhi statue (outside Parliament building) tomorrow at 9:45 AM on the demonetisation issue.
"It was decided to meet the President. But the date will be decided. We will go step by step," Congress leader Jyotiraditya Scindia said after the strategy meeting of opposition parties in New Delhi.
While the principal issue would be demonetisation, issues like plight of the common man, farmers, reported deaths of people standing in bank and ATM queues, leakage of information on demonetisation before it was announced would also be highlighted at the sit in.
Mohd Salim of the CPI-M said street protests and demand for a JPC to look into the leak of information about the demonetisation decision to certain corporates are also on the agenda.
Meanwhile, Opposition will continue to press for calling the Prime Minister in the Rajya Sabha and holding of the debate on demonetisation through an adjournment motion in the Lok Sabha.
Leaders of various parties, including those from Congress, Trinamool Congress, JD(U), CPI(M), CPI, NCP and RJD attended the meeting to further their joint strategy to corner the government in the ongoing Winter session.
"We will hold a dharna in front of the Gandhi statue (outside Parliament building) tomorrow at 9:45 AM on the demonetisation issue.
While the principal issue would be demonetisation, issues like plight of the common man, farmers, reported deaths of people standing in bank and ATM queues, leakage of information on demonetisation before it was announced would also be highlighted at the sit in.
Mohd Salim of the CPI-M said street protests and demand for a JPC to look into the leak of information about the demonetisation decision to certain corporates are also on the agenda.
Meanwhile, Opposition will continue to press for calling the Prime Minister in the Rajya Sabha and holding of the debate on demonetisation through an adjournment motion in the Lok Sabha.
Leaders of various parties, including those from Congress, Trinamool Congress, JD(U), CPI(M), CPI, NCP and RJD attended the meeting to further their joint strategy to corner the government in the ongoing Winter session.
India Should Rethink Its Submarine Building Plan: Manohar Parrikar
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NEW DELHI: Calling for a rethink of its submarine building programme, Defence Minister Manohar Parrikar said today that India should look for greater numbers than the existing plan of constructing 24 such vessels.
Referring to the existing 30-year submarine building plan that envisages construction of 24 submarines, including both nuclear and conventional, Mr Parrikar said India needed a longer term plan till 2050. The existing plan ends in 2030.
He also said that the strategic partnership model is in the last stage and once brought out, the ministry will fast-track the P75 India project under which six more conventional submarines are to be built.
He rued that unlike the ongoing nuclear submarine project, the indigenisation on the Scorpene projects is very low (30-40 per cent).
Mr Parrikar emphasised on the need to retain skill and skilled people engaged in submarine construction and said the focus should also be on maintenance.
"We need to rethink about the real requirement based on our projection... We also need to assure that the skilled manpower and skills developed need to be retained," he said.
The minister noted that prime contractors are chosen through stringent criteria and are nurtured through award of contracts on sustained basis so as to retain the industrial base skills, capabilities and technology.
He said that Russia has built 595 submarines till date while the US has constructed 285 submarines.
On startegic partnership, he said, "It has already been approved and the drafting of the chapters is underway.
Approval is needed by the Defence Acquisition Council (DAC) and probably by the Cabinet as well as it has financial implications," he said.
Mr Parrikar also called for a higher level of indigenisation in submarine-building.
"Indigenisation in Scorpenes is not up to the mark, but in the Advanced Technology Vessel (ATV) programme (nuclear submarines) it is over 70 per cent," he said.
Referring to the existing 30-year submarine building plan that envisages construction of 24 submarines, including both nuclear and conventional, Mr Parrikar said India needed a longer term plan till 2050. The existing plan ends in 2030.
He rued that unlike the ongoing nuclear submarine project, the indigenisation on the Scorpene projects is very low (30-40 per cent).
Mr Parrikar emphasised on the need to retain skill and skilled people engaged in submarine construction and said the focus should also be on maintenance.
"We need to rethink about the real requirement based on our projection... We also need to assure that the skilled manpower and skills developed need to be retained," he said.
The minister noted that prime contractors are chosen through stringent criteria and are nurtured through award of contracts on sustained basis so as to retain the industrial base skills, capabilities and technology.
He said that Russia has built 595 submarines till date while the US has constructed 285 submarines.
On startegic partnership, he said, "It has already been approved and the drafting of the chapters is underway.
Approval is needed by the Defence Acquisition Council (DAC) and probably by the Cabinet as well as it has financial implications," he said.
Mr Parrikar also called for a higher level of indigenisation in submarine-building.
"Indigenisation in Scorpenes is not up to the mark, but in the Advanced Technology Vessel (ATV) programme (nuclear submarines) it is over 70 per cent," he said.
Business Affairs
This is what Narendra Modi will do next to crack down on black money
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Prime Minister Narendra Modi's decision to demonetise Rs 500 and Rs 1000 notes came as a shock to many political parties who seem to be divided on the move but have been highly critical of the poor execution.
The decision was bound to create some disruptions as old Rs 500 and Rs 1000 notes together accounted for Rs 14.2 lakh crore, which was 86.4 percent of the total value as of 31 March 2016.
Demonetisation of high value currencies brought almost all smaller economic activities to a halt as it took off 86 per cent currency out of the economic system in one go.
Political parties have questioned the abrupt move and asked the government to bring back black money stashed in foreign countries instead of harassing poor people here in India.
The central government has so far not responded to the demands of opposition on black money stashed in foreign countries or Swiss bank.
However, senior BJP leader Dr Subramanian Swamy has given a hint of the ways through which the Prime Minster could bring back black money from foreign countries.
Dr Swamy was speaking at the Foreign Correspondents' Club in Hong Kong where he talked about 'four ways'. During the speech, Dr Swamy first explained the 'fourth way' which he also called 'legalistic' way and three more 'known ways' that will help India bring back black money.
If we go by Swamy's assurance, Prime Minister will further crackdown on black money with at least four options available to him.
Prime Minister's options in his further crackdown on black money
Legalistic way:
"The fourth way is the legalistic way. And that is the 2005 UN resolution which says that if a country passes a law saying that in secret banking countries, which is about 17 in number, all accounts by Indian citizens are nationalised, then the UN will assist to get all these accounts credited to India. It is a process, so we have to pass that law. This is something which has attracted the Prime Minister's attention. I have talked to him and I am expecting that this he will do," Dr Swamy explained.
He further said: "It may take a couple of years because there will be a lot of litigation. We will have a proviso that if any of the account holders have proof that they have opened their account legally and money there was accountable, then they would be returned."
Three other known ways
1- Bilateral agreements
"With Switzerland, we (India) have mutual assistance pact. But then we have to specify the details of the account and who owns it. And, have a case registered in India. But that's a painful process," Dr Swamy Said.
2- The German and the French way
Dr Swamy explained how German Chancellor secured black money hoarders name from a top Liechtenstein bank officials. "When Chancellor Merkel (of Germany) found that Lichenstein Bank had many Germans having accounts, she asked the governors of Liechtenstein to give the list. They declined saying 'no this is our business and we will be finished. So, secrecy is important.' The German government then bribed the senior most official of the Liechtenstein bank. They gave him half-a-billion dollars, a US citizenship and passport and plastic surgery to change his face. And he is now living in the US with a new face and he downloaded the whole list, even Indian names are in it," Dr Swamy said.
"After Supreme Court of India asked the government to get those names, those names have arrived. They are still in the sealed envelope. The French repeated this in the Hongkong-Shanghai Bank in Geneva. That gave us 887 names. Germans gave us only 24 names. Hongkong-Shanghai Bank's 887 names have not been prosecuted vigorously. But given the new mood of the PM, this will also be pursued," Dr Swamy assured.
3- The American way
Explaining the American way Dr Swamy said: "When they (the US government) found that the Americans had bank accounts with Credit Suisse and Union Bank of Switzerland, they arrested the Branch officials of the banks in Washington and the next day, they gave the entire list of names."
One could expect some action on these names as well.
Prime Minister Narendra Modi's decision to demonetise Rs 500 and Rs 1000 notes came as a shock to many political parties who seem to be divided on the move but have been highly critical of the poor execution.
The decision was bound to create some disruptions as old Rs 500 and Rs 1000 notes together accounted for Rs 14.2 lakh crore, which was 86.4 percent of the total value as of 31 March 2016.
Demonetisation of high value currencies brought almost all smaller economic activities to a halt as it took off 86 per cent currency out of the economic system in one go.
Political parties have questioned the abrupt move and asked the government to bring back black money stashed in foreign countries instead of harassing poor people here in India.
The central government has so far not responded to the demands of opposition on black money stashed in foreign countries or Swiss bank.
However, senior BJP leader Dr Subramanian Swamy has given a hint of the ways through which the Prime Minster could bring back black money from foreign countries.
Dr Swamy was speaking at the Foreign Correspondents' Club in Hong Kong where he talked about 'four ways'. During the speech, Dr Swamy first explained the 'fourth way' which he also called 'legalistic' way and three more 'known ways' that will help India bring back black money.
If we go by Swamy's assurance, Prime Minister will further crackdown on black money with at least four options available to him.
Prime Minister's options in his further crackdown on black money
Legalistic way:
"The fourth way is the legalistic way. And that is the 2005 UN resolution which says that if a country passes a law saying that in secret banking countries, which is about 17 in number, all accounts by Indian citizens are nationalised, then the UN will assist to get all these accounts credited to India. It is a process, so we have to pass that law. This is something which has attracted the Prime Minister's attention. I have talked to him and I am expecting that this he will do," Dr Swamy explained.
He further said: "It may take a couple of years because there will be a lot of litigation. We will have a proviso that if any of the account holders have proof that they have opened their account legally and money there was accountable, then they would be returned."
Three other known ways
1- Bilateral agreements
"With Switzerland, we (India) have mutual assistance pact. But then we have to specify the details of the account and who owns it. And, have a case registered in India. But that's a painful process," Dr Swamy Said.
2- The German and the French way
Dr Swamy explained how German Chancellor secured black money hoarders name from a top Liechtenstein bank officials. "When Chancellor Merkel (of Germany) found that Lichenstein Bank had many Germans having accounts, she asked the governors of Liechtenstein to give the list. They declined saying 'no this is our business and we will be finished. So, secrecy is important.' The German government then bribed the senior most official of the Liechtenstein bank. They gave him half-a-billion dollars, a US citizenship and passport and plastic surgery to change his face. And he is now living in the US with a new face and he downloaded the whole list, even Indian names are in it," Dr Swamy said.
"After Supreme Court of India asked the government to get those names, those names have arrived. They are still in the sealed envelope. The French repeated this in the Hongkong-Shanghai Bank in Geneva. That gave us 887 names. Germans gave us only 24 names. Hongkong-Shanghai Bank's 887 names have not been prosecuted vigorously. But given the new mood of the PM, this will also be pursued," Dr Swamy assured.
3- The American way
Explaining the American way Dr Swamy said: "When they (the US government) found that the Americans had bank accounts with Credit Suisse and Union Bank of Switzerland, they arrested the Branch officials of the banks in Washington and the next day, they gave the entire list of names."
One could expect some action on these names as well.
Green signal for 18 new airports expected to ease congestion
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The government today gave the green signal for 18 new airports in the country. The greenfield airports, cleared by the Ministry of Civil Aviation (MoCA), is likely to ease the growing congestion at airports, especially in metro cities.
The growing passenger traffic and inability of airports to expand has led to severe delays and poor on-time performance of airlines in the past two years.
Mumbai is likely to be the key benefactor as a new airport at Navi Mumbai has been given approval. In terms of number of new airports proposed, Karnataka will be the biggest beneficiary followed by Andhra Pradesh and Maharashtra.
Surprisingly, the list has no names for projects proposed in Delhi NCR - Jewar and Hisar. The ministry, however, has given 'site clearance' approval to Bhiwadi project (in Rajasthan).
"As per the Greenfield Airports Policy-2008, MoCA accords two stages clearances - 'site clearance' followed by 'in-principle' approval for greenfield airports. MoCA has granted 'in principle' approval for setting up of 18 greenfield airports across the country," says a ministry statement.
While the airport project at Sikkim belongs to AAI (Airports Authority of India), the three projects at Durgapur, Gwalior and Karaikal will be developed by private developers. The remaining 14 airports were proposed by respective state governments.
The combined cost of these project is estimated to be Rs 31,376.45 crore, out of which over 53 per cent (Rs 16,704 crore) will go into building the Navi Mumbai airport. As per the MoCA, the airport projects at Durgapur and Kannur have been completed.
The new airport locations include Pakyong (in Sikkim), Navi Mumbai (Maharashtra), Sindhudurg (Maharashtra), Shirdi (Maharashtra), Mopa (Goa), Bijapur (Karnataka), Gulbarga (Karnataka), Hasan (Karntaka), Shimoga (Karnataka), Kannur (Kerala), Kushinagar (UP), Dholera (Gujarat), Dagadarthi (AP), Bhogapuram (AP), Oravakallu (AP), Durgapur (West Bengal), Gwalior (MP), and Karaikal (in Puducherry).
In the past two years, the ministry has received 14 proposals to set up airports. Out of these proposals, the ministry has given 'in-principle' approval to three projects while airport projects at Bhiwadi and Kothagudem are given 'site clearance' approval.
The inadequate infrastructure has particularly affected passengers in Delhi and Mumbai. For example, Delhi has just three runways. The airlines have been demanding one more airport for a long time. It is expected that the fourth runway will be ready by 2020.
The situation in Mumbai is worse, as per DGCA data. For instance, one in every three IndiGo flights in Mumbai were delayed. The situation is almost similar for most other carriers. The proposal to build an airport in Navi Mumbai is pending since 1997.
In general, flight delays are getting common. In October, for instance, Air India's flight delays of more than two hours affected 27,284 passengers - over two in every 100 it flew last month. The key reason of delays was reactionary (63 per cent). A reactionary delay is when an aircraft delays one flight, it delays all other flights on that particular day. The most telling problem is inadequate infrastructure.
The government today gave the green signal for 18 new airports in the country. The greenfield airports, cleared by the Ministry of Civil Aviation (MoCA), is likely to ease the growing congestion at airports, especially in metro cities.
The growing passenger traffic and inability of airports to expand has led to severe delays and poor on-time performance of airlines in the past two years.
Mumbai is likely to be the key benefactor as a new airport at Navi Mumbai has been given approval. In terms of number of new airports proposed, Karnataka will be the biggest beneficiary followed by Andhra Pradesh and Maharashtra.
Surprisingly, the list has no names for projects proposed in Delhi NCR - Jewar and Hisar. The ministry, however, has given 'site clearance' approval to Bhiwadi project (in Rajasthan).
"As per the Greenfield Airports Policy-2008, MoCA accords two stages clearances - 'site clearance' followed by 'in-principle' approval for greenfield airports. MoCA has granted 'in principle' approval for setting up of 18 greenfield airports across the country," says a ministry statement.
While the airport project at Sikkim belongs to AAI (Airports Authority of India), the three projects at Durgapur, Gwalior and Karaikal will be developed by private developers. The remaining 14 airports were proposed by respective state governments.
The combined cost of these project is estimated to be Rs 31,376.45 crore, out of which over 53 per cent (Rs 16,704 crore) will go into building the Navi Mumbai airport. As per the MoCA, the airport projects at Durgapur and Kannur have been completed.
The new airport locations include Pakyong (in Sikkim), Navi Mumbai (Maharashtra), Sindhudurg (Maharashtra), Shirdi (Maharashtra), Mopa (Goa), Bijapur (Karnataka), Gulbarga (Karnataka), Hasan (Karntaka), Shimoga (Karnataka), Kannur (Kerala), Kushinagar (UP), Dholera (Gujarat), Dagadarthi (AP), Bhogapuram (AP), Oravakallu (AP), Durgapur (West Bengal), Gwalior (MP), and Karaikal (in Puducherry).
In the past two years, the ministry has received 14 proposals to set up airports. Out of these proposals, the ministry has given 'in-principle' approval to three projects while airport projects at Bhiwadi and Kothagudem are given 'site clearance' approval.
The inadequate infrastructure has particularly affected passengers in Delhi and Mumbai. For example, Delhi has just three runways. The airlines have been demanding one more airport for a long time. It is expected that the fourth runway will be ready by 2020.
The situation in Mumbai is worse, as per DGCA data. For instance, one in every three IndiGo flights in Mumbai were delayed. The situation is almost similar for most other carriers. The proposal to build an airport in Navi Mumbai is pending since 1997.
In general, flight delays are getting common. In October, for instance, Air India's flight delays of more than two hours affected 27,284 passengers - over two in every 100 it flew last month. The key reason of delays was reactionary (63 per cent). A reactionary delay is when an aircraft delays one flight, it delays all other flights on that particular day. The most telling problem is inadequate infrastructure.
India to get Swiss bank account data from September 2018 onwards
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In a big step towards fighting black money stashed overseas, Switzerland on Tuesday agreed to automatic sharing of information with India on Swiss bank accounts of Indians as of September 2018 and onwards.
They will not share details about accounts held prior to that period, while the first such exchange will happen in September 2019.
The 'Joint Declaration' for implementation of AEOI signed on Tuesday between India and Switzerland provides that both countries will start collecting data in accordance with the global standards in 2018 and exchange it from 2019 onwards.
While Switzerland has conformed to the global standards on automatic exchange of information with the signing of the declaration, India, on its part, has promised to safeguard the confidentiality of the data.
"It will now be possible for India to receive from September, 2019 onwards, the financial information of accounts held by Indian residents in Switzerland for 2018 and subsequent years, on an automatic basis," said a Finance Ministry statement.
Describing the signing of declaration as a "big step", Revenue Secretary Hasmukh Adhia tweeted: "The income tax department will be able to obtain information from accounts of all Indians stashed in Switzerland from 2018 onwards."
The Swiss Federal Department of Finance said in a statement that the signing of the joint declaration with India confirms Switzerland's international commitment to implementing the automatic exchange of Information (AEOI) standard.
"Switzerland is thus strengthening its network of AEOI partner states. India meets in particular the high demands in terms of adherence to the principle of speciality and the safeguarding of confidentiality for the data delivered, which are prerequisites for the introduction of the AEOI," it said.
Switzerland, which has always been at the centre of the debate on black money allegedly stashed by Indians abroad, used to be known for very strong secrecy walls till a few years ago around its banking practices.
A huge global pressure has resulted in Switzerland relenting on the tough secrecy clauses its local laws gave to the banks. Several information requests on details about Indians who had accounts in Swiss banks are still pending.
Tuesday's declaration, however, does not talk about exchange of information based on stolen data or pending requests from India.
Following the government's demonetisation of high value currency notes earlier this month as a crack down on domestic black money, some opposition parties have been demanding that the government take action to bring back the unaccounted Indian money stashed abroad, particularly in Swiss banks.
They will not share details about accounts held prior to that period, while the first such exchange will happen in September 2019.
The 'Joint Declaration' for implementation of AEOI signed on Tuesday between India and Switzerland provides that both countries will start collecting data in accordance with the global standards in 2018 and exchange it from 2019 onwards.
While Switzerland has conformed to the global standards on automatic exchange of information with the signing of the declaration, India, on its part, has promised to safeguard the confidentiality of the data.
"It will now be possible for India to receive from September, 2019 onwards, the financial information of accounts held by Indian residents in Switzerland for 2018 and subsequent years, on an automatic basis," said a Finance Ministry statement.
Describing the signing of declaration as a "big step", Revenue Secretary Hasmukh Adhia tweeted: "The income tax department will be able to obtain information from accounts of all Indians stashed in Switzerland from 2018 onwards."
The Swiss Federal Department of Finance said in a statement that the signing of the joint declaration with India confirms Switzerland's international commitment to implementing the automatic exchange of Information (AEOI) standard.
"Switzerland is thus strengthening its network of AEOI partner states. India meets in particular the high demands in terms of adherence to the principle of speciality and the safeguarding of confidentiality for the data delivered, which are prerequisites for the introduction of the AEOI," it said.
Switzerland, which has always been at the centre of the debate on black money allegedly stashed by Indians abroad, used to be known for very strong secrecy walls till a few years ago around its banking practices.
A huge global pressure has resulted in Switzerland relenting on the tough secrecy clauses its local laws gave to the banks. Several information requests on details about Indians who had accounts in Swiss banks are still pending.
Tuesday's declaration, however, does not talk about exchange of information based on stolen data or pending requests from India.
Following the government's demonetisation of high value currency notes earlier this month as a crack down on domestic black money, some opposition parties have been demanding that the government take action to bring back the unaccounted Indian money stashed abroad, particularly in Swiss banks.
2071 industrialists owe Rs 3.89 lakh crore to banks: MoS Finance
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There are as many as 2,071 industrialists whose loan accounts with an exposure of Rs 3.89 lakh crore have turned into NPAs, Parliament was informed today.
All these industrialists had taken loan of Rs 50 crore or more.
As of June 30, 2016, NPA accounts above Rs 50 crore were 2,071 with outstanding amount of 3,88,919 crore, Minister of State for Finance Santosh Kumar Gangwar said in a written reply to the Rajya Sabha.
"In terms of instructions of RBI, every bank has to have its own recovery policy, including the manner and procedure of write-offs," he said.
Loans are written off after appropriate provisions have been made to take advantage of tax benefits and capital optimisation, he said.
In respect of technical write-offs, RBI has permitted write-offs at the head office level while recovery efforts are still continued at the branch level, he added.
In reply to another question, Gangwar said the government has not ordered any enquiry against any bank for allegedly depositing Re 1 in large number of Jan Dhan accounts purportedly to minimise zero balance account.
As many has 25.45 crore Pradhan Mantri Jan Dhan Yojna (PMJDY) accounts have been opened till November 2.
With a view to increasing banking penetration and promoting financial inclusion and with the main objective of covering all households with at least one bank account per household across the country, PMJDY was formally launched on August 28, 2014.
To another question, Gangwar said NITI Aayog has not moved any proposal to create a bad bank to hold the stresses and non-productive assets and loan recovery of banks.
There are as many as 2,071 industrialists whose loan accounts with an exposure of Rs 3.89 lakh crore have turned into NPAs, Parliament was informed today.
All these industrialists had taken loan of Rs 50 crore or more.
As of June 30, 2016, NPA accounts above Rs 50 crore were 2,071 with outstanding amount of 3,88,919 crore, Minister of State for Finance Santosh Kumar Gangwar said in a written reply to the Rajya Sabha.
"In terms of instructions of RBI, every bank has to have its own recovery policy, including the manner and procedure of write-offs," he said.
Loans are written off after appropriate provisions have been made to take advantage of tax benefits and capital optimisation, he said.
In respect of technical write-offs, RBI has permitted write-offs at the head office level while recovery efforts are still continued at the branch level, he added.
In reply to another question, Gangwar said the government has not ordered any enquiry against any bank for allegedly depositing Re 1 in large number of Jan Dhan accounts purportedly to minimise zero balance account.
As many has 25.45 crore Pradhan Mantri Jan Dhan Yojna (PMJDY) accounts have been opened till November 2.
With a view to increasing banking penetration and promoting financial inclusion and with the main objective of covering all households with at least one bank account per household across the country, PMJDY was formally launched on August 28, 2014.
To another question, Gangwar said NITI Aayog has not moved any proposal to create a bad bank to hold the stresses and non-productive assets and loan recovery of banks.
Sensex snaps six-day losing streak, Nifty above 8,000 level
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The Sensex on Tuesday snapped six-day losing streak after US markets posted solid gains overnight.
The Sensex which opened in green today, hit an intraday-high of 26,039 level and remained in positive territory for the major part of the day.
While the Sensex rose 195 points to 25,960 level, the Nifty rose 73 points to close above the 8,000 level at 8,002 points.
MRPL and Sobha Ltd were the top gainers on the BSE rising 7.95 percent and 7.70 percent, respectively.
Reliance Communications and IRB Infrastructure fell 3.96 percent and 3.64 percent on the BSE.
All market cap-based indexes closed higher on the BSE, with BSE midcap and BSE small cap rising the most 163 points and 133 points,respectively.
Among sectoral indexes, BSE auto rose 362 points, the most, recovering some losses suffered due to demonetisation move of the Modi government.
The BSE metal index too gained 266 points to close at 1,00,11 points.
Market breadth was positive with 1,459 stocks rising against 1,098 declining on the BSE.
Global markets
France's CAC 40 added 0.8 percent to 4,566.17 in early trading, while Germany DAX was up 0.7 percent at 10,755.64. Britain's FTSE 100 was nearly flat at 6,777.96. U.S. shares were also set to drift higher, with Dow futures adding 0.4 percent to 18,981. S&P 500 futures were also up 0.4 percent at 2,201.10.
Japan's Nikkei 225 stock index added 0.3 percent to finish at 18,162.94 after dipping briefly following a powerful earthquake in northern Japan that set off a small tsunami but caused minor damage and injuries. South Korea's Kospi rose 0.9 percent to 1,983.47 and the Hang Seng in Hong Kong gained 1.4 percent to 22,678.07. Australia's S&P ASX/200 added 1.2 percent to 5,413.30 and the Shanghai Composite Index climbed 0.9 percent to 3,248.35. Shares in Southeast Asia and Taiwan also gained.
All three major US stock indexes set record closing highs on Monday, extending their post-election rally as energy and other commodity-related shares gained and Facebook led a jump in technology. The Dow Jones industrial average .DJI ended up 88.76 points, or 0.47 percent, at 18,956.69, while the S&P 500 gained 16.28 points, or 0.75 percent, to 2,198.18 and the Nasdaq Composite added 47.35 points, or 0.89 percent, to 5,368.86.
The Sensex on Tuesday snapped six-day losing streak after US markets posted solid gains overnight.
The Sensex which opened in green today, hit an intraday-high of 26,039 level and remained in positive territory for the major part of the day.
While the Sensex rose 195 points to 25,960 level, the Nifty rose 73 points to close above the 8,000 level at 8,002 points.
MRPL and Sobha Ltd were the top gainers on the BSE rising 7.95 percent and 7.70 percent, respectively.
Reliance Communications and IRB Infrastructure fell 3.96 percent and 3.64 percent on the BSE.
All market cap-based indexes closed higher on the BSE, with BSE midcap and BSE small cap rising the most 163 points and 133 points,respectively.
Among sectoral indexes, BSE auto rose 362 points, the most, recovering some losses suffered due to demonetisation move of the Modi government.
The BSE metal index too gained 266 points to close at 1,00,11 points.
Market breadth was positive with 1,459 stocks rising against 1,098 declining on the BSE.
Global markets
Global markets
France's CAC 40 added 0.8 percent to 4,566.17 in early trading, while Germany DAX was up 0.7 percent at 10,755.64. Britain's FTSE 100 was nearly flat at 6,777.96. U.S. shares were also set to drift higher, with Dow futures adding 0.4 percent to 18,981. S&P 500 futures were also up 0.4 percent at 2,201.10.
Japan's Nikkei 225 stock index added 0.3 percent to finish at 18,162.94 after dipping briefly following a powerful earthquake in northern Japan that set off a small tsunami but caused minor damage and injuries. South Korea's Kospi rose 0.9 percent to 1,983.47 and the Hang Seng in Hong Kong gained 1.4 percent to 22,678.07. Australia's S&P ASX/200 added 1.2 percent to 5,413.30 and the Shanghai Composite Index climbed 0.9 percent to 3,248.35. Shares in Southeast Asia and Taiwan also gained.
All three major US stock indexes set record closing highs on Monday, extending their post-election rally as energy and other commodity-related shares gained and Facebook led a jump in technology. The Dow Jones industrial average .DJI ended up 88.76 points, or 0.47 percent, at 18,956.69, while the S&P 500 gained 16.28 points, or 0.75 percent, to 2,198.18 and the Nasdaq Composite added 47.35 points, or 0.89 percent, to 5,368.86.
General Awareness
India conducted Twin Trail of Prithvi-II missile in Odisha
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A successful test firing of two nuclear capable Prithvi-II medium-range ballistic missiles, was conducted by the Indian Armed Forces on November 21, 2016, back-to-back in quick succession, as part of training exercise, from a defence test center Chandipur in Odisha.
- The two surface-to-surface missiles were mounted on two Mobile Tatra Transporter-erector Launchers (MTL) and launched from the launching complex-III (LC-III) of the Integrated Test Range (ITR) at Chandipur.
- The first missile was fired at about 9.37 AM and the second one at 9.38 AM.Both the medium-range ballistic missiles (MRBMs) have a strike range of around 350 km and a tendency to carry about 500 kg to 1,000 kg of weapons.
- The missiles have been randomly chosen from the production stock and the 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.
- The missile flights were tracked by the DRDO radars, electro-optical tracking systems and remote stations located along the coast of Odisha.
- A similar twin trial was conducted on October 12, 2009 from the same centre where both tests were successful but the test was not in quick succession.
- This was the first test fire in a range of three nuclear missile tests that have been lined up in a row. Along with Prithvi-II, the other two missiles include the most sophisticated Advanced Air Defence (AAD) interceptor which is capable of destroying incoming enemy missiles of more than 2,000 km range and the Agni-I with a 700 km range.
Agni-I and AAD interceptor will be launched from LC-IV in the Abdul Kalam Island in full operational configuration on November 22 and November 23 respectively.
About Prithvi
- Prithvi is a tactical surface-to-surface short-range ballistic missile (SRBM) developed by DRDO of India under the Integrated Guided Missile Development Program (IGMDP). It is deployed by India’s Strategic Forces Command.
The Prithvi missile project have three variants for use by the Indian Army, Indian Air Force and the Indian Navy.
- Prithvi I: Indian Army
- Prithvi II: Indian Air Force
- Prithvi III: Indian Navy
About Prithvi II :
Prithvi II is the first missile to be made under the Integrated Guided Missile Development Program (IGMDP) by the Defence Research and Development Organization (DRDO). The first test fire of this missile was carried out in 1996 and and inducted in the Armed forces in 2002.
Features of Prithvi-II Missile
- Type : Surface-to-Surface
- Length : Nine meters
- Diameter : One meter
- Strike range : 350 km
- Launch weight : 4.6 tonne
- Propellant Used : Liquid
- Warhead : Both conventional and nuclear weapon
A successful test firing of two nuclear capable Prithvi-II medium-range ballistic missiles, was conducted by the Indian Armed Forces on November 21, 2016, back-to-back in quick succession, as part of training exercise, from a defence test center Chandipur in Odisha.
- The two surface-to-surface missiles were mounted on two Mobile Tatra Transporter-erector Launchers (MTL) and launched from the launching complex-III (LC-III) of the Integrated Test Range (ITR) at Chandipur.
- The first missile was fired at about 9.37 AM and the second one at 9.38 AM.Both the medium-range ballistic missiles (MRBMs) have a strike range of around 350 km and a tendency to carry about 500 kg to 1,000 kg of weapons.
- The missiles have been randomly chosen from the production stock and the 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.
- The missile flights were tracked by the DRDO radars, electro-optical tracking systems and remote stations located along the coast of Odisha.
- A similar twin trial was conducted on October 12, 2009 from the same centre where both tests were successful but the test was not in quick succession.
- This was the first test fire in a range of three nuclear missile tests that have been lined up in a row. Along with Prithvi-II, the other two missiles include the most sophisticated Advanced Air Defence (AAD) interceptor which is capable of destroying incoming enemy missiles of more than 2,000 km range and the Agni-I with a 700 km range.
Agni-I and AAD interceptor will be launched from LC-IV in the Abdul Kalam Island in full operational configuration on November 22 and November 23 respectively.
About Prithvi
- Prithvi is a tactical surface-to-surface short-range ballistic missile (SRBM) developed by DRDO of India under the Integrated Guided Missile Development Program (IGMDP). It is deployed by India’s Strategic Forces Command.
The Prithvi missile project have three variants for use by the Indian Army, Indian Air Force and the Indian Navy.
- Prithvi I: Indian Army
- Prithvi II: Indian Air Force
- Prithvi III: Indian Navy
About Prithvi II :
Prithvi II is the first missile to be made under the Integrated Guided Missile Development Program (IGMDP) by the Defence Research and Development Organization (DRDO). The first test fire of this missile was carried out in 1996 and and inducted in the Armed forces in 2002.
Features of Prithvi-II Missile
- Type : Surface-to-Surface
- Length : Nine meters
- Diameter : One meter
- Strike range : 350 km
- Launch weight : 4.6 tonne
- Propellant Used : Liquid
- Warhead : Both conventional and nuclear weapon
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