General Affairs
'Thank You For Historic Participation,' Says PM Modi On Notes Ban Feedback
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NEW DELHI: Prime Minister Narendra Modi said at a cabinet meeting today that his call for feedback on the currency ban had drawn "historic numbers" and most respondents who have logged on to his app since yesterday have backed it.
In just about a day, over five lakh citizens have used the PM's app to respond to the survey, which is "staggering" by any stretch, he said, presenting the results in the meeting.
I thank people for the historic participation in the survey. Its satisfying to read the insightful views & comments. nm-4.com/anmy
On Tuesday, PM Modi asked the people to directly convey their views to him using the Narendra Modi app and tweeted: "I want your first-hand view on the decision taken regarding currency notes. Take part in the survey on the NM App."
It zoomed to the top of Apple's App Store in searches and downloads and was also among the most-downloaded apps.
The survey asks questions such as - "Do you have any suggestions/ideas or insights you would like to share with PM Narendra Modi?", "Do you think black money exists in India?", "Do you think the evil of corruption and black money need to be fought and eliminated?", "What do you think of government's move of banning old Rs. 500 and Rs. 1000 notes?"
More than 90 per cent of the respondents, the Prime Minister said, felt that the government's move to tackle black money is "above four-star rating". 73 per cent gave it a "five-star rating of brilliant."
Only 2 per cent have rated the move as very poor or one star, he said.
In just about a day, over five lakh citizens have used the PM's app to respond to the survey, which is "staggering" by any stretch, he said, presenting the results in the meeting.
I thank people for the historic participation in the survey. Its satisfying to read the insightful views & comments. nm-4.com/anmy
On Tuesday, PM Modi asked the people to directly convey their views to him using the Narendra Modi app and tweeted: "I want your first-hand view on the decision taken regarding currency notes. Take part in the survey on the NM App."
It zoomed to the top of Apple's App Store in searches and downloads and was also among the most-downloaded apps.
The survey asks questions such as - "Do you have any suggestions/ideas or insights you would like to share with PM Narendra Modi?", "Do you think black money exists in India?", "Do you think the evil of corruption and black money need to be fought and eliminated?", "What do you think of government's move of banning old Rs. 500 and Rs. 1000 notes?"
More than 90 per cent of the respondents, the Prime Minister said, felt that the government's move to tackle black money is "above four-star rating". 73 per cent gave it a "five-star rating of brilliant."
Only 2 per cent have rated the move as very poor or one star, he said.
India Will Be Powerful Economy If Swachh Bharat Mission Succeeds: President Pranab Mukherjee
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NEW DELHI: President Pranab Mukherjee has said if the Swachh Bharat programme is implemented successfully, India can become a "powerful modern economy".
"If the innovative government programs like Swachh Bharat Mission and Digital India are implemented successfully, then India will definitely become a powerful modern economy," the Swachh Bharat Mission tweeted quoting the President.
The Ministry for Drinking Water and Sanitation, which is the nodal ministry for implementation of the programme, has been organising Swachh Bharat pakhwada in various government departments.
Swachh Bharat Mission was officially launched on October 2, 2014 by Prime Minister Narendra Modi with an aim to eradicate open defecation by 2019.
The programme is divided into two categories - Swachh Bharat Mission (Gramin) and Swachh Bharat Mission (Urban).
In the rural areas, the scheme requires engagement with community and facilitation -- both of which are picking up slowly.
"If the innovative government programs like Swachh Bharat Mission and Digital India are implemented successfully, then India will definitely become a powerful modern economy," the Swachh Bharat Mission tweeted quoting the President.
The Ministry for Drinking Water and Sanitation, which is the nodal ministry for implementation of the programme, has been organising Swachh Bharat pakhwada in various government departments.
The programme is divided into two categories - Swachh Bharat Mission (Gramin) and Swachh Bharat Mission (Urban).
In the rural areas, the scheme requires engagement with community and facilitation -- both of which are picking up slowly.
Air Force's Upgraded Jaguar DARIN III Aircraft Gets Operation Clearance
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BENGALURU: In a significant milestone for the country's military aviation sector, the upgraded Jaguar DARIN III twin-seat aircraft has received Initial Operation Clearance
(IOC).
Deputy Chief of IAF, Air Marshal RKS Bhadauria, who flew the aircraft at HAL airport in Bengaluru recently, announced the satisfactory completion of IOC.
Test Pilot of Aircraft & Systems Testing Establishment, Wing Commander V Prabhakaran was his co-pilot.
HAL Chairman, T Suvarna Raju said the aircraft is now equipped with world class avionics system.
Congratulating those involved in achieving the milestone, Air Marshal Bhadauria said the DARIN III Upgrade was one of best upgrades in terms of data handling and overall capabilities.
The total design and development covering system requirement capture, specification preparation, software, hardware, electrical and mechanical design and development were carried out indigenously at HAL's Mission and Combat System Research and Design Centre (MCSRDC) and aircraft modification was done at Overhaul Division, added Mr Raju.
Director (Engg and R&D), DK Venkatesh, ASTE Commandant Air Vice Marshal Sandeep Singh, and other senior executives witnessed the flight.
Besides HAL, certification agencies, trial team of ASTE and other agencies were involved in the upgrade programme.
Three DARIN I Standard Jaguars have been upgraded to DARIN III Standard by HAL.The upgrade incorporates new state-of-the-art avionics architecture including the Open System Architecture Mission Computer (OSAMC), Fire Control Radar, Solid State Digital Video Recording System (SSDVRS), Autopilot with Alt Select & HNAV and Identification of Friend or Foe (IFF) and more.
Deputy Chief of IAF, Air Marshal RKS Bhadauria, who flew the aircraft at HAL airport in Bengaluru recently, announced the satisfactory completion of IOC.
Test Pilot of Aircraft & Systems Testing Establishment, Wing Commander V Prabhakaran was his co-pilot.
HAL Chairman, T Suvarna Raju said the aircraft is now equipped with world class avionics system.
The total design and development covering system requirement capture, specification preparation, software, hardware, electrical and mechanical design and development were carried out indigenously at HAL's Mission and Combat System Research and Design Centre (MCSRDC) and aircraft modification was done at Overhaul Division, added Mr Raju.
Director (Engg and R&D), DK Venkatesh, ASTE Commandant Air Vice Marshal Sandeep Singh, and other senior executives witnessed the flight.
Besides HAL, certification agencies, trial team of ASTE and other agencies were involved in the upgrade programme.
Three DARIN I Standard Jaguars have been upgraded to DARIN III Standard by HAL.The upgrade incorporates new state-of-the-art avionics architecture including the Open System Architecture Mission Computer (OSAMC), Fire Control Radar, Solid State Digital Video Recording System (SSDVRS), Autopilot with Alt Select & HNAV and Identification of Friend or Foe (IFF) and more.
Tone Down Praise Of Notes Ban, Allies Warn Nitish Kumar
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PATNA : Nitish Kumar's fast and frequent praise for Prime Minister Narendra Modi's ban on 500 and 1,000-rupee notes has upset both his allies, the Congress and Lalu Yadav.
Earlier this week, Mr Kumar, who is the Bihar Chief Minister, flexed some flourish when he said the PM "is riding a tiger" to crackdown on tax evasion, forgery, and counterfeiting.
Mr Kumar has annexed a disclaimer to his public compliments for the PM's outlawing of old notes, stating that the long lines at banks and the despair in rural India which suddenly finds itself cashless is problematic.
The fine print has not appeased the Congress, which is the most junior of the three parties that compose the Bihar government. Ashok Choudhary, who is a minister and heads the Congress in Bihar, warned today, "Nitish kumar should be more frank on this issue. We are in this government on the basis of the high command's orders. We can also pull out if they order that."
The Congress has hosted several meetings of opposition parties in Delhi to coordinate a combined attack on the government in parliament over PM Modi's decision. All parties say that though they condemn black money, the reform is poorly planned and incompetently executed. The cancelled notes formed 86% of the cash in circulation. New high-denomination bills of Rs. 500 and Rs. 2,000 are in short supply, and less than half of the country's ATMs are able to dispense them.
Sources said that top Congress leaders including Rahul Gandhi and Gulam Nabi Azad who has charged PM Modi with introducing "India's biggest economic decision" without consultation, have conveyed to Mr Kumar that he must employ stronger language to condemn the hardship caused by the notes ban.
More problematic for the Chief Minister is the reported anger of Lalu Yadav, whose party won the most seats for the alliance. Lalu, as he is known, has said the PM's attempt will fail in checking black money, and is upset with Mr Kumar's declaration of his "full support" to Mr Modi.
While the Chief Minister has complimented the PM, his party's top leaders and parliamentarians have participated in the protests in Delhi against demonetization. Sources close to Mr Kumar say that he believes that the PM's move is largely supported by the public, which is why he does not want to attack it. At the same time, he has been careful to say that farmers and the poor must not suffer, allowing him to have all bases covered.
Earlier this week, Mr Kumar, who is the Bihar Chief Minister, flexed some flourish when he said the PM "is riding a tiger" to crackdown on tax evasion, forgery, and counterfeiting.
Mr Kumar has annexed a disclaimer to his public compliments for the PM's outlawing of old notes, stating that the long lines at banks and the despair in rural India which suddenly finds itself cashless is problematic.
Sources said that top Congress leaders including Rahul Gandhi and Gulam Nabi Azad who has charged PM Modi with introducing "India's biggest economic decision" without consultation, have conveyed to Mr Kumar that he must employ stronger language to condemn the hardship caused by the notes ban.
More problematic for the Chief Minister is the reported anger of Lalu Yadav, whose party won the most seats for the alliance. Lalu, as he is known, has said the PM's attempt will fail in checking black money, and is upset with Mr Kumar's declaration of his "full support" to Mr Modi.
While the Chief Minister has complimented the PM, his party's top leaders and parliamentarians have participated in the protests in Delhi against demonetization. Sources close to Mr Kumar say that he believes that the PM's move is largely supported by the public, which is why he does not want to attack it. At the same time, he has been careful to say that farmers and the poor must not suffer, allowing him to have all bases covered.
Chief Election Commissioner Urges Ministries To Revise Electoral Rolls Of Service Voters
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NEW DELHI: Expressing concern over poor revision of electoral rolls of service voters, including armed forces personnel, Chief Election Commissioner Nasim Zaidi today urged ministries to appoint nodal officers so that more and more such personnel can exercise their democratic right.
He also urged all stakeholders, including the Defence and the Home ministries, not to indulge in blame game and work together to ensure that the newly-developed delivery of postal ballots to service voters through electronic means can be improved.
"We are working with an open mind to improve the system," he said.
He said "naysayers" who have raised concerns about the e-ballot system are being addressed by the IT experts so that a fool-proof technology is in place.
Issues like hacking of one-time passwords (OTP) meant for a service voter to download the postal ballot have been raised by people sceptical of the new system.
Mr Zaidi said the e-ballot system will be "escalated" in the coming days ahead of assembly polls in Uttar Pradesh, Uttarakhand, Punjab, Manipur and Goa to be held early next year.
Addressing a seminar of stakeholders on the e-ballot system introduced in October, the Chief Election Commissioner said the electoral rolls relating to service voters is "not satisfactory" and "not updated".
He said out of nearly 25 lakh personnel of armed forces and central and state police organisations, some 14 lakh are service voters.
Service voters consist of armed police forces of the central government, other forces subject to the provisions of the Army Act, armed forces of a state serving outside that state, and those employed under the government of India in a post outside India.
Personnel posted in peace stations can also enrol themselves as regular voters and such people are then not included in electoral rolls meant for service voters.
Mr Zaidi said he has written to External Affairs, Home and Defence ministers requesting them to appoint nodal officers in their respective ministries so that they can regularly interact with the election machinery to help more and more service voters, posted at far off places, cast their vote through postal ballot.
Speaking on the occasion, Army's Adjutant General Lt Gen Rakesh Sharma flagged a variety of issues dealing with practical problems relating to postal ballot.
He said the OTP should be provided at the unit level and not to soldiers because in far-flung areas there are no mobile connections and a service voter will not get it without a proper mobile connection.
He said there are logistical difficulties in sending the envelope prescribed by the EC to the service voter to send his postal ballot to the concerned returning officer.
He said allowing use of locally-procured envelopes is one of the solutions.
He said the Army is working overtime to correct the service voters' electoral rolls from the scratch. Three out of four service voters in Puducherry's Nellithope assembly constituency used the e-ballot to cast their votes in November 19 bypoll. The new system was used as a pilot project in the state.
Accepting a long-pending demand, government has amended electoral rules to allow service voters, including Armed Forces personnel, to get their postal ballot through electronic means to save valuable time.
This would mean that service voters, including personnel from armed forces, can now download the blank post ballot sent to them electronically, mark their preference and post the filled-up ballot back to their respective returning officers.
This would cut short the delay experienced in the present system of two-way transmission of ballot paper by the postal services.
Two-way electronic transmission has not been recommended by the Election Commission for security and secrecy reasons.
He also urged all stakeholders, including the Defence and the Home ministries, not to indulge in blame game and work together to ensure that the newly-developed delivery of postal ballots to service voters through electronic means can be improved.
He said "naysayers" who have raised concerns about the e-ballot system are being addressed by the IT experts so that a fool-proof technology is in place.
Issues like hacking of one-time passwords (OTP) meant for a service voter to download the postal ballot have been raised by people sceptical of the new system.
Mr Zaidi said the e-ballot system will be "escalated" in the coming days ahead of assembly polls in Uttar Pradesh, Uttarakhand, Punjab, Manipur and Goa to be held early next year.
Addressing a seminar of stakeholders on the e-ballot system introduced in October, the Chief Election Commissioner said the electoral rolls relating to service voters is "not satisfactory" and "not updated".
He said out of nearly 25 lakh personnel of armed forces and central and state police organisations, some 14 lakh are service voters.
Service voters consist of armed police forces of the central government, other forces subject to the provisions of the Army Act, armed forces of a state serving outside that state, and those employed under the government of India in a post outside India.
Personnel posted in peace stations can also enrol themselves as regular voters and such people are then not included in electoral rolls meant for service voters.
Mr Zaidi said he has written to External Affairs, Home and Defence ministers requesting them to appoint nodal officers in their respective ministries so that they can regularly interact with the election machinery to help more and more service voters, posted at far off places, cast their vote through postal ballot.
Speaking on the occasion, Army's Adjutant General Lt Gen Rakesh Sharma flagged a variety of issues dealing with practical problems relating to postal ballot.
He said the OTP should be provided at the unit level and not to soldiers because in far-flung areas there are no mobile connections and a service voter will not get it without a proper mobile connection.
He said there are logistical difficulties in sending the envelope prescribed by the EC to the service voter to send his postal ballot to the concerned returning officer.
He said allowing use of locally-procured envelopes is one of the solutions.
He said the Army is working overtime to correct the service voters' electoral rolls from the scratch. Three out of four service voters in Puducherry's Nellithope assembly constituency used the e-ballot to cast their votes in November 19 bypoll. The new system was used as a pilot project in the state.
Accepting a long-pending demand, government has amended electoral rules to allow service voters, including Armed Forces personnel, to get their postal ballot through electronic means to save valuable time.
This would mean that service voters, including personnel from armed forces, can now download the blank post ballot sent to them electronically, mark their preference and post the filled-up ballot back to their respective returning officers.
This would cut short the delay experienced in the present system of two-way transmission of ballot paper by the postal services.
Two-way electronic transmission has not been recommended by the Election Commission for security and secrecy reasons.
Business Affairs
Sensex ends higher for the second day, Nifty holds above 8,000-mark
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The Indian markets saw a second day of gains led by the Pharma and Realty sectors. Lupin was the top gainer on the bourses rising over 5 per cent on Wednesday's trade while Larsen and Toubro also helped pick up the markets with a consolidated net profit of Rs. 27187.40 million for the September quarter.
The S&P BSE Sensex ended the day 26,051, up 91 points while the broader Nifty settled the day 8,033, up 31.00 points.
Follwing Lupin, Asian paints and Tata Steel were the top gainers rising 3.95 per cent and 2.91 per cent respectively.
A positive finish to Wednesday's trade marks the first back-to-back gain for the Indian stock markets since the demonetisation announcement by Prime Minister Modi on November 8.
But traders said they still expected sentiment to remain weak given continued worries about the economic impact from Modi's action, with volatility expected ahead of the expiry of derivatives on Thursday, according to Reuters.
Mahindra & Mahindra and HDFC were the lowest performers of the day losing 2.52 per cent and 1.88 per cent respectively.
The Indian markets saw a second day of gains led by the Pharma and Realty sectors. Lupin was the top gainer on the bourses rising over 5 per cent on Wednesday's trade while Larsen and Toubro also helped pick up the markets with a consolidated net profit of Rs. 27187.40 million for the September quarter.
The S&P BSE Sensex ended the day 26,051, up 91 points while the broader Nifty settled the day 8,033, up 31.00 points.
Follwing Lupin, Asian paints and Tata Steel were the top gainers rising 3.95 per cent and 2.91 per cent respectively.
A positive finish to Wednesday's trade marks the first back-to-back gain for the Indian stock markets since the demonetisation announcement by Prime Minister Modi on November 8.
But traders said they still expected sentiment to remain weak given continued worries about the economic impact from Modi's action, with volatility expected ahead of the expiry of derivatives on Thursday, according to Reuters.
Mahindra & Mahindra and HDFC were the lowest performers of the day losing 2.52 per cent and 1.88 per cent respectively.
In just 13 days, Jan Dhan account deposits swell to Rs 21,000 crore
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Jan Dhan Accounts have seen a huge surge in deposits, with Rs 21,000 crore being parked in such accounts following demonetisation announced earlier this month.
In the last 13 days, banks have been flooded with deposits in Jan Dhan accounts that have touched Rs 21,000 crore, sources said.
On November 8, Prime Minister Narendra Modi in a surprise move announced demonetisation of 500 and 1,000 rupee notes and since then, long queues before banks and post offices are seen to deposit or exchange these currencies.
Mamata Banerjee-ruled West Bengal leads the pack of states which has seen the highest deposits so far followed by Karnataka.
Following the currency withdrawal, the total balance has crossed Rs 65,000 crore to Rs 66,636 crore. As of November 9, the balance in about 25.5 crore such accounts was Rs 45,636.61 crore.
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, Pradhan Mantri Jan Dhan Yojna (PMJDY) was launched on August 28, 2014.
Such accounts have a deposit limit of Rs 50,000.
Earlier, Finance Minister Arun Jaitley had said the government is looking into sudden 'popping up' of money into zero-balance Jan Dhan accounts.
"We are getting some complaints that suddenly monies have popped up in the Jan Dhan accounts, so there is a misuse and that is why the rationing in initial days takes place," he had said.
He had cautioned that the departments concerned will act if anything improper is found in the deposits.
Jan Dhan Accounts have seen a huge surge in deposits, with Rs 21,000 crore being parked in such accounts following demonetisation announced earlier this month.
In the last 13 days, banks have been flooded with deposits in Jan Dhan accounts that have touched Rs 21,000 crore, sources said.
On November 8, Prime Minister Narendra Modi in a surprise move announced demonetisation of 500 and 1,000 rupee notes and since then, long queues before banks and post offices are seen to deposit or exchange these currencies.
Mamata Banerjee-ruled West Bengal leads the pack of states which has seen the highest deposits so far followed by Karnataka.
Following the currency withdrawal, the total balance has crossed Rs 65,000 crore to Rs 66,636 crore. As of November 9, the balance in about 25.5 crore such accounts was Rs 45,636.61 crore.
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, Pradhan Mantri Jan Dhan Yojna (PMJDY) was launched on August 28, 2014.
Such accounts have a deposit limit of Rs 50,000.
Earlier, Finance Minister Arun Jaitley had said the government is looking into sudden 'popping up' of money into zero-balance Jan Dhan accounts.
"We are getting some complaints that suddenly monies have popped up in the Jan Dhan accounts, so there is a misuse and that is why the rationing in initial days takes place," he had said.
He had cautioned that the departments concerned will act if anything improper is found in the deposits.
Zee to acquire TV channels of Reliance Group; 49% in radio business
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Reliance Capital, part of Anil Ambani-led Reliance Group, has entered into a Rs 1,900-crore deal with Subhash Chandra-led Zee group to sell 100 per cent stake in its general entertainment TV channels and 49 per cent stake in radio business as part of measures to reduce debt.
"Zee Entertainment Enterprises Ltd (ZEEL), a separate entity under Zee group, will acquire 100 per cent stake in the Group's General Entertainment TV business," Reliance Capital said in a statement.
The company would transfer 49 per cent of its radio business, to Zee Media Corporation Ltd (ZMCL), which operates 11 news channels and publishes newspaper DNA, it said.
"The transaction pegs the combined Enterprise value of Radio and TV business at approx. Rs 1,900 crore (USD 283 million)," Reliance Capital said.
"These transactions form part of Reliance Capital's stated strategy to reduce leverage and exposure in non-core business of media and entertainment," it said.
The TV broadcasting business, operated under Reliance Broadcast Network Ltd (RBNL), comprises two operational general entertainment channels -- Big Magic and Big Ganga, and four other TV licences.
RBNL also operates 45 FM radio stations. Besides, it has bagged 14 new licences under Phase III auctions.
"Both these transactions have been approved by the boards of respective companies and are expected to be completed by next year, subject to applicable approvals," Reliance Capital said.
"The Board of Directors of Zee Entertainment Enterprises today approved the acquisition of the general entertainment broadcasting business undertaking of Reliance Big Broadcasting Private Limited, Big Magic Limited and Azalia Broadcast Private Limited, all part of Anil Ambani led Reliance Group Entities through a scheme of demerger and execution of definitive agreements in relation to such proposed acquisition," ZEEL said in a statement.
The transaction is expected to close in the second half of calendar year 2017, it added.
As per the agreement, RBNL would transfer its FM radio operations and new licences to two Special Purpose Vehicles, in which the Essel group firm would acquire 49 per cent stake.
"RBNL shall be transferring the 45 operational and 14 new licenses into two SPVs respectively along with the assets and liabilities. ZMCL shall acquire 49 per cent stake in each of these two SPVs," Reliance Capital said.
Moreover, both the companies - ZMCL and RBNL - would have a call/put option to acquire the remaining 51 per cent shares after the mandatory lock-in provisions of the FM radio station licences expire.
Reliance Capital ED and Group CEO Sam Ghosh said: "This transaction is part of our strategy to reduce exposure in non-core businesses and work towards further reducing debt under Reliance Capital."
Big Magic is a comedy channel catering to Hindi speaking markets, while Big Ganga is a Bhojpuri entertainment channel catering to audiences in Bihar, Jharkhand and Purvanchal.
ZEEL Managing Director and Chief Executive Officer Punit Goenka said, "Big Magic gives us access to comedy genre enhancing our customer offerings. BIG Ganga, a leading Bhojpuri channel syncs with our strategy of expanding into the regional markets which offers attractive growth potential."
The proposed transaction remains subject to approval of the shareholders and requisite regulatory approvals including stock exchanges, Ministry of Information and Broadcasting and Bombay High Court, ZEEL said.
Zee Media Corporation (ZMCL) in a statement said that its board today approved acquisition of 49 per cent stake in the radio broadcasting business of Reliance Broadcast Network.
ZMCL operates 11 news channel, which includes Zee News, Zee Business and publishes English daily DNA.
ZMCL COO Rajiv Singh said that with the addition of 59 radio licences
would increase the audience base of the company, which is presently running 11 news and current affair channels
"This acquisition shall bring about the desired business diversity and will help in achieving the sound financial objectives at an accelerated pace," Singh said.
RBNL's FM channels broadcast under the brand 92.7 Big FM, reach 45 cities, 1200 towns and over 200 million people.
It reaches out to around 43 million listeners per week and engages with a large number of national and local advertisers, the statement said.
Reliance Capital, part of Anil Ambani-led Reliance Group, has entered into a Rs 1,900-crore deal with Subhash Chandra-led Zee group to sell 100 per cent stake in its general entertainment TV channels and 49 per cent stake in radio business as part of measures to reduce debt.
"Zee Entertainment Enterprises Ltd (ZEEL), a separate entity under Zee group, will acquire 100 per cent stake in the Group's General Entertainment TV business," Reliance Capital said in a statement.
The company would transfer 49 per cent of its radio business, to Zee Media Corporation Ltd (ZMCL), which operates 11 news channels and publishes newspaper DNA, it said.
"The transaction pegs the combined Enterprise value of Radio and TV business at approx. Rs 1,900 crore (USD 283 million)," Reliance Capital said.
"These transactions form part of Reliance Capital's stated strategy to reduce leverage and exposure in non-core business of media and entertainment," it said.
The TV broadcasting business, operated under Reliance Broadcast Network Ltd (RBNL), comprises two operational general entertainment channels -- Big Magic and Big Ganga, and four other TV licences.
RBNL also operates 45 FM radio stations. Besides, it has bagged 14 new licences under Phase III auctions.
"Both these transactions have been approved by the boards of respective companies and are expected to be completed by next year, subject to applicable approvals," Reliance Capital said.
"The Board of Directors of Zee Entertainment Enterprises today approved the acquisition of the general entertainment broadcasting business undertaking of Reliance Big Broadcasting Private Limited, Big Magic Limited and Azalia Broadcast Private Limited, all part of Anil Ambani led Reliance Group Entities through a scheme of demerger and execution of definitive agreements in relation to such proposed acquisition," ZEEL said in a statement.
The transaction is expected to close in the second half of calendar year 2017, it added.
As per the agreement, RBNL would transfer its FM radio operations and new licences to two Special Purpose Vehicles, in which the Essel group firm would acquire 49 per cent stake.
"RBNL shall be transferring the 45 operational and 14 new licenses into two SPVs respectively along with the assets and liabilities. ZMCL shall acquire 49 per cent stake in each of these two SPVs," Reliance Capital said.
Moreover, both the companies - ZMCL and RBNL - would have a call/put option to acquire the remaining 51 per cent shares after the mandatory lock-in provisions of the FM radio station licences expire.
Reliance Capital ED and Group CEO Sam Ghosh said: "This transaction is part of our strategy to reduce exposure in non-core businesses and work towards further reducing debt under Reliance Capital."
Big Magic is a comedy channel catering to Hindi speaking markets, while Big Ganga is a Bhojpuri entertainment channel catering to audiences in Bihar, Jharkhand and Purvanchal.
ZEEL Managing Director and Chief Executive Officer Punit Goenka said, "Big Magic gives us access to comedy genre enhancing our customer offerings. BIG Ganga, a leading Bhojpuri channel syncs with our strategy of expanding into the regional markets which offers attractive growth potential."
The proposed transaction remains subject to approval of the shareholders and requisite regulatory approvals including stock exchanges, Ministry of Information and Broadcasting and Bombay High Court, ZEEL said.
Zee Media Corporation (ZMCL) in a statement said that its board today approved acquisition of 49 per cent stake in the radio broadcasting business of Reliance Broadcast Network.
ZMCL operates 11 news channel, which includes Zee News, Zee Business and publishes English daily DNA.
ZMCL COO Rajiv Singh said that with the addition of 59 radio licences
would increase the audience base of the company, which is presently running 11 news and current affair channels
"This acquisition shall bring about the desired business diversity and will help in achieving the sound financial objectives at an accelerated pace," Singh said.
RBNL's FM channels broadcast under the brand 92.7 Big FM, reach 45 cities, 1200 towns and over 200 million people.
It reaches out to around 43 million listeners per week and engages with a large number of national and local advertisers, the statement said.
Banks to waive off service charge on debit cards till December 31
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The Indian government is facing a tough time dealing with the cash crunch. Despite a huge shift to digital transactions in the previous two weeks, the cash crunch is still a huge obstacle to be dealt with.
The Economic Affairs Secretary Shaktikanta Das addressed the problems by declaring new provisions to ease the crisis.
Here are the major announcements made by the Economic Affairs Secretary:
- Service tax will not be levied on tickets booked through the IRCTC website from November 23 to December 31, said a senior railway ministry official
- RBI announced certain relaxation yesterday on E-wallets, enhancing the limit from Rs 10k to Rs 20K in respect of individuals
- Some of public and private sector banks and service providers agreed to waive service charges on use of debit cards up to December 31
- More than 82,000 ATMs have been recalibrated, constituting 40 per cent of the total ATMs in the country
- According to Das, public banks have said that there has been a surge in demand for usage of digital financial transactions
- No service charge will be levied on digital financial transactions using feature phones till Dec 31st
- NABARD and RBI have been advised to ensure adequate cash supply to the DCCBs
- NABARD has sanctioned Rs 21,000 crore limit to district central cooperative bank
- Toll plazas are advised to promote digital transactions. RFID (Radio-Frequency Identification devices) facility will be used in new cars that facilitate e-payment at national highways tolls
- All new government organisations and public sector facilities have been asked to use only e-payments - that is via card or digital platforms, AADHAAR enabled payments, etc.
The Economic Affairs Secretary Shaktikanta Das addressed the problems by declaring new provisions to ease the crisis.
Here are the major announcements made by the Economic Affairs Secretary:
- Service tax will not be levied on tickets booked through the IRCTC website from November 23 to December 31, said a senior railway ministry official
- RBI announced certain relaxation yesterday on E-wallets, enhancing the limit from Rs 10k to Rs 20K in respect of individuals
- Some of public and private sector banks and service providers agreed to waive service charges on use of debit cards up to December 31
- More than 82,000 ATMs have been recalibrated, constituting 40 per cent of the total ATMs in the country
- According to Das, public banks have said that there has been a surge in demand for usage of digital financial transactions
- No service charge will be levied on digital financial transactions using feature phones till Dec 31st
- NABARD and RBI have been advised to ensure adequate cash supply to the DCCBs
- NABARD has sanctioned Rs 21,000 crore limit to district central cooperative bank
- Toll plazas are advised to promote digital transactions. RFID (Radio-Frequency Identification devices) facility will be used in new cars that facilitate e-payment at national highways tolls
- All new government organisations and public sector facilities have been asked to use only e-payments - that is via card or digital platforms, AADHAAR enabled payments, etc.
GST Council meet postponed to Dec 2-3
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With several states suggesting changes in the model GST law and compensation formula, the GST Council meeting scheduled for November 25 has been postponed to December 2-3.
The officers' committee of both the Centre and states, however, will meet on November 25 to finalise the three draft legislations -- CGST, IGST and compensation law. These will be placed in public domain for stakeholders' comments.
The Centre proposes to introduce these legislations as money bills to ensure they are not stuck in the Rajya Sabha where the ruling NDA does not have a majority.
Sources said that since the legal changes in the draft laws would take some time, it was decided to postpone the November 25 meeting of the all-powerful GST Council.
"The states have suggested certain changes relating to returns procedures in model GST law. Also, they have asked for changes in wordings in compensation law. We will finalise the three draft laws at the November 25 meeting," a source said.
The source, however, added that Centre is on track to introduce the legislations in the ongoing Winter session of Parliament, which ends on December 16.
The officers committee would not discuss the issue of cross empowerment to avoid dual control as it would be decided at the ministerial level.
Centre had on November 16 circulated the draft legislation among the states. The officers committee in their meeting on November 21-22 discussed the issue, with states giving their views.
The Central GST (CGST) will be framed based on the model GST law. The IGST law would deal with inter-state movement of goods and services.
Also, the states will draft their own State GST (SGST) based on the draft model law with minor variations incorporating state-based exemption.
These laws deal with returns, registration and refund process as well as where GST will be levied.
The compensation law will list out how states will be compensated in the initial five years for revenue loss on account of GST rollout.
The Centre plans to create a Rs 50,000 crore fund for GST compensation by levying cess on demerit and luxury goods.
At its last meeting, the GST Council agreed on a four-slab structure 5, 12, 18 and 28 per cent along with a cess on luxury and 'sin' goods such as tobacco.
The officers' committee of both the Centre and states, however, will meet on November 25 to finalise the three draft legislations -- CGST, IGST and compensation law. These will be placed in public domain for stakeholders' comments.
The Centre proposes to introduce these legislations as money bills to ensure they are not stuck in the Rajya Sabha where the ruling NDA does not have a majority.
Sources said that since the legal changes in the draft laws would take some time, it was decided to postpone the November 25 meeting of the all-powerful GST Council.
"The states have suggested certain changes relating to returns procedures in model GST law. Also, they have asked for changes in wordings in compensation law. We will finalise the three draft laws at the November 25 meeting," a source said.
The source, however, added that Centre is on track to introduce the legislations in the ongoing Winter session of Parliament, which ends on December 16.
The officers committee would not discuss the issue of cross empowerment to avoid dual control as it would be decided at the ministerial level.
Centre had on November 16 circulated the draft legislation among the states. The officers committee in their meeting on November 21-22 discussed the issue, with states giving their views.
The Central GST (CGST) will be framed based on the model GST law. The IGST law would deal with inter-state movement of goods and services.
Also, the states will draft their own State GST (SGST) based on the draft model law with minor variations incorporating state-based exemption.
These laws deal with returns, registration and refund process as well as where GST will be levied.
The compensation law will list out how states will be compensated in the initial five years for revenue loss on account of GST rollout.
The Centre plans to create a Rs 50,000 crore fund for GST compensation by levying cess on demerit and luxury goods.
At its last meeting, the GST Council agreed on a four-slab structure 5, 12, 18 and 28 per cent along with a cess on luxury and 'sin' goods such as tobacco.
General Awareness
India to Become Associate Member State of European Organization for Nuclear Research(CERN)
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India and European Organisation for Nuclear Research (CERN) signed an agreement on November 21, 2016 to make India an Associate Member State of the research organization.
- The agreement was signed between Sekhar Basu, Chairman of the Atomic Energy Commission and Secretary of the Department of Atomic Energy (DAE) in India, and Fabiola Gianotti, General Director at CERN.
- After becoming the associate member of CERN India will have to contribute a certain amount of money for research activities that would involve annual contribution of 11.5 million swiss frank from Indian government to CERN
- Pakistan, Turkey and Ukraine are the current Associate Member States with CERN.
Benefits of agreement :
- The agreement is expected to strengthen the ties between Indian scientists and CERN.
- Being an Associate Member State, India can take part in the CERN council meetings.
- India will play a part in the decision making process of financial and scientific calls by CERN.
- Indian scientists can be appointed as staff at CERN.India will also be able to bid for CERN contracts.
- Young Indian scientists and engineers can participate in various CERN projects and bring back knowledge for deployment in the domestic programmes.
Contribution of India to CERN
Indian scientists have been involved in all outstanding activities at CERN since 1970’s. Indian scientists from the Tata Institute of Fundamental Research(TIFR) have been participating in experiments at CERN.India has contributed hardware and software to CERN.
- Later in 1990’s scientists from the Raja Ramanna Centre for Advanced Technology, Indore joined CERN to build components for the LEP accelerator and the L3, WA93 and WA89 detectors. Their scientists participated in important physics analyses and publications throughout the years.
- India and CERN also signed a Cooperation Agreement in 1991, to set priorities for scientific and technical cooperation, followed by the signature of several Protocols.
- India also played a role in the construction of the Large Hadron Collider in 1992, regarding the design, development and supply of hardware accelerator components/systems and its commissioning and software development and deployment in the machine.
- Indian scientists have played a significant role in the Compact Muon Solenoid (CMS) experiments, which is one of the two large experiments that have led to the discovery of the Higgs Boson.
About CERN
The European Organization for Nuclear Research known as CERN is a European research organization that operates as the largest particle physics laboratory in the world. It was established in 1954 and the organization is based in a northwest suburb of Geneva on the Franco–Swiss border, and has 22 member states.
- CERN’s main function is to provide the particle accelerators and other infrastructure needed for high-energy physics research because of which numerous experiments have been constructed at CERN and also resulting in international collaborations.
- Headquarter: Meyrin, Canton of Geneva, Switzerland
- President: Sijbrand de Jong
India and European Organisation for Nuclear Research (CERN) signed an agreement on November 21, 2016 to make India an Associate Member State of the research organization.
- The agreement was signed between Sekhar Basu, Chairman of the Atomic Energy Commission and Secretary of the Department of Atomic Energy (DAE) in India, and Fabiola Gianotti, General Director at CERN.
- After becoming the associate member of CERN India will have to contribute a certain amount of money for research activities that would involve annual contribution of 11.5 million swiss frank from Indian government to CERN
- Pakistan, Turkey and Ukraine are the current Associate Member States with CERN.
Benefits of agreement :
- The agreement is expected to strengthen the ties between Indian scientists and CERN.
- Being an Associate Member State, India can take part in the CERN council meetings.
- India will play a part in the decision making process of financial and scientific calls by CERN.
- Indian scientists can be appointed as staff at CERN.India will also be able to bid for CERN contracts.
- Young Indian scientists and engineers can participate in various CERN projects and bring back knowledge for deployment in the domestic programmes.
Contribution of India to CERN
Indian scientists have been involved in all outstanding activities at CERN since 1970’s. Indian scientists from the Tata Institute of Fundamental Research(TIFR) have been participating in experiments at CERN.India has contributed hardware and software to CERN.
- Later in 1990’s scientists from the Raja Ramanna Centre for Advanced Technology, Indore joined CERN to build components for the LEP accelerator and the L3, WA93 and WA89 detectors. Their scientists participated in important physics analyses and publications throughout the years.
- India and CERN also signed a Cooperation Agreement in 1991, to set priorities for scientific and technical cooperation, followed by the signature of several Protocols.
- India also played a role in the construction of the Large Hadron Collider in 1992, regarding the design, development and supply of hardware accelerator components/systems and its commissioning and software development and deployment in the machine.
- Indian scientists have played a significant role in the Compact Muon Solenoid (CMS) experiments, which is one of the two large experiments that have led to the discovery of the Higgs Boson.
About CERN
The European Organization for Nuclear Research known as CERN is a European research organization that operates as the largest particle physics laboratory in the world. It was established in 1954 and the organization is based in a northwest suburb of Geneva on the Franco–Swiss border, and has 22 member states.
- CERN’s main function is to provide the particle accelerators and other infrastructure needed for high-energy physics research because of which numerous experiments have been constructed at CERN and also resulting in international collaborations.
- Headquarter: Meyrin, Canton of Geneva, Switzerland
- President: Sijbrand de Jong
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