General Affairs
After Ladakh Face-Off, China Says No 'Unilateral Action' To Change Status Quo
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BEIJING: China today said actions should not be taken by either side that may "unilaterally change" the status quo of the Line of Actual Control (LAC) as it refuted reports that its troops crossed over to the Indian side in Demchok area in Ladakh region to stop the work of a canal.
"I can tell you that the Chinese border troops have been operating on the Chinese side of the LAC. Although the China-India boundary is yet to be delimited the two countries have reached many consensus and agreements on safeguarding peace and stability of the border area," Chinese Foreign Ministry spokesperson Hua Chunying told a media briefing in Beijing.
It was reported that Chinese and Indian troops are locked in a stand-off at the icy heights of Ladakh division since Wednesday after People's Liberation Army (PLA) personnel entered an area where an irrigation canal was being built under the MNREGA scheme and stopped the civilian work.
"This issue is once again published by the Indian media outlets," Ms Hua said while replying to a question over the stand off between Indian and China troops in Demchok.
Apparently referring to the canal work, Ms Hua said, "either side shall not take action that may unilaterally change the statues quo of LAC."
Referring to the talks between both the sides to resolve the issue, she said, "currently the two countries have an effective communication through series of mechanisms. We believe that we can maintain peace and tranquility of the border area".
Around 55 Chinese troops arrived at the scene in Demchok sector, located 250 km east of Leh, and halted the work in an aggressive manner, prompting the army and Indo-Tibetan Border Police personnel to rush to the spot and stop the high-handedness of Chinese troops at the site where the work for linking a village with 'Hot spring' was being undertaken.
"I can tell you that the Chinese border troops have been operating on the Chinese side of the LAC. Although the China-India boundary is yet to be delimited the two countries have reached many consensus and agreements on safeguarding peace and stability of the border area," Chinese Foreign Ministry spokesperson Hua Chunying told a media briefing in Beijing.
"This issue is once again published by the Indian media outlets," Ms Hua said while replying to a question over the stand off between Indian and China troops in Demchok.
Apparently referring to the canal work, Ms Hua said, "either side shall not take action that may unilaterally change the statues quo of LAC."
Referring to the talks between both the sides to resolve the issue, she said, "currently the two countries have an effective communication through series of mechanisms. We believe that we can maintain peace and tranquility of the border area".
Around 55 Chinese troops arrived at the scene in Demchok sector, located 250 km east of Leh, and halted the work in an aggressive manner, prompting the army and Indo-Tibetan Border Police personnel to rush to the spot and stop the high-handedness of Chinese troops at the site where the work for linking a village with 'Hot spring' was being undertaken.
Petrol Pumps May Observe Nationwide Strike On November 15
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HYDERABAD: Petroleum dealers across the country, who are on a two-day no-purchase strike since yesterday, have threatened to go on a full-fledged strike on November 15 to press for their demand to increase commission.
Besides, petrol pumps will be selling fuel for limited hours from tomorrow and will not operate on Sundays or any other government holidays, the Consortium of Indian Petroleum Dealers (CIPD) said.
According to CIPD joint secretary Rajiv Amaram, all the 54,000 petrol pumps across the country will observe one-day strike on November 15 if the oil companies do not heed to their demand.
He said that in Telangana alone, over 1,400 truckloads of petrol and diesel was not lifted yesterday and today by petroleum dealers in the state.
"We have stopped purchasing petroleum products yesterday and today. From tomorrow, we will sell petrol or diesel or any other product according to government office timings like 9 AM to 6 PM. We will also not sell on Sundays or any other government holidays. If the government does not listen to us then we will call for a strike on November 15," Mr Amaram told news agency PTI.
He said petrol pumps will save considerable amounts on electricity bills if they stick to limited hours selling.
The CIPD has demanded implementation of the recommendations made by the Apoorva Chandra Committee in 2011.
The committee recommended commissions of over Rs 4 for petrol and about Rs 3 for diesel per litre.
The then UPA government hiked the commission on petrol to Rs 2.15 and diesel to Rs 1.28 from Rs 1 and Rs 0.70, respectively.
Besides, petrol pumps will be selling fuel for limited hours from tomorrow and will not operate on Sundays or any other government holidays, the Consortium of Indian Petroleum Dealers (CIPD) said.
He said that in Telangana alone, over 1,400 truckloads of petrol and diesel was not lifted yesterday and today by petroleum dealers in the state.
"We have stopped purchasing petroleum products yesterday and today. From tomorrow, we will sell petrol or diesel or any other product according to government office timings like 9 AM to 6 PM. We will also not sell on Sundays or any other government holidays. If the government does not listen to us then we will call for a strike on November 15," Mr Amaram told news agency PTI.
He said petrol pumps will save considerable amounts on electricity bills if they stick to limited hours selling.
The CIPD has demanded implementation of the recommendations made by the Apoorva Chandra Committee in 2011.
The committee recommended commissions of over Rs 4 for petrol and about Rs 3 for diesel per litre.
The then UPA government hiked the commission on petrol to Rs 2.15 and diesel to Rs 1.28 from Rs 1 and Rs 0.70, respectively.
India, Japan Likely To Sign Civil Nuclear Deal During PM Narendra Modi's Visit
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NEW DELHI: India and Japan are likely to sign a civil nuclear cooperation agreement during Prime Minister Narendra Modi's two-day visit to Japan next week as the two sides completed the internal procedures for the much-awaited agreement.
The two countries had sealed a broad agreement for cooperation in civil nuclear energy during Japanese Prime Minister Shiozo Abe's visit to New Delhi last December but the final deal was yet to be signed as certain technical and legal issues were to be sorted out.
External Affairs Ministry Spokesperson Vikas Swarup said both the countries have completed the internal procedures including legal and technical aspects of the text of the pact.
When specifically asked whether the pact will be inked during Prime Minister Modi's two-day visit beginning November 11, he only said, "I cannot pre-judge the outcome of the talks."
There was political resistance in Japan to go ahead with a nuclear deal with India, particularly after the disaster at the Fukushima Nuclear Power Plant in 2011.
Japan is a major player in the nuclear energy market and an atomic deal with it will also make it easier for US-based nuclear plant makers Westinghouse Electric Corporation and GE Energy Inc to set up atomic plants in India as both these conglomerates have Japanese investments.
During his visit, Prime Minister Modi will have an audience with the Emperor of Japan and hold the annual summit meeting with Japanese Prime Minister Shinzo Abe.
Ahead of his trip, a delegation of Japanese parliamentarians called on Prime Minister Modi on Thursday, which was led by Toshihiro Nikai.
Mr Swarup said the Prime Minister recalled his interaction with the Japan-India Parliamentarians' Friendship League in September, and welcomed increased interaction between the legislatures of both countries. He said PM Modi also called for strengthening exchanges between State-level legislatures.
"The Prime Minister welcomed the initiative of Toshihiro Nikai to raise awareness about the threat posed by tsunamis, and sought strengthening of bilateral cooperation in the field of disaster risk reduction and disaster management," he said.
The two countries had sealed a broad agreement for cooperation in civil nuclear energy during Japanese Prime Minister Shiozo Abe's visit to New Delhi last December but the final deal was yet to be signed as certain technical and legal issues were to be sorted out.
When specifically asked whether the pact will be inked during Prime Minister Modi's two-day visit beginning November 11, he only said, "I cannot pre-judge the outcome of the talks."
There was political resistance in Japan to go ahead with a nuclear deal with India, particularly after the disaster at the Fukushima Nuclear Power Plant in 2011.
Japan is a major player in the nuclear energy market and an atomic deal with it will also make it easier for US-based nuclear plant makers Westinghouse Electric Corporation and GE Energy Inc to set up atomic plants in India as both these conglomerates have Japanese investments.
Ahead of his trip, a delegation of Japanese parliamentarians called on Prime Minister Modi on Thursday, which was led by Toshihiro Nikai.
Mr Swarup said the Prime Minister recalled his interaction with the Japan-India Parliamentarians' Friendship League in September, and welcomed increased interaction between the legislatures of both countries. He said PM Modi also called for strengthening exchanges between State-level legislatures.
"The Prime Minister welcomed the initiative of Toshihiro Nikai to raise awareness about the threat posed by tsunamis, and sought strengthening of bilateral cooperation in the field of disaster risk reduction and disaster management," he said.
Pak's Tit-For-Tat Move Has Compromised Security Of 8 Officials, Says India
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India has rubbished as "baseless and unsubstantiated" the allegations of Pakistan that eight Indian High Commission officials in Islamabad are involved in spying and "anti-Pakistan" activities.
External Affairs Ministry Spokesperson Vikas Swarup said the allegations represent an "after-thought" and a "crude attempt" to target them after a Pakistan High Commission staffer was caught red-handed in espionage.
New Delhi has also strongly protested the manner in which names and photos of the eight officials - four hold diplomatic passports - were published, which compromised their security.
"We expelled only one person from India for anti-India activities. After that Pakistan decided to withdraw on its own six of their staffers. And then they decided to put in the public domain details of eight of our diplomats and officials whose safety and security has been completely compromised," Mr Swarup said, adding, "This is against basic norms of diplomatic practice and courtesy."
Pakistan has claimed that the officials were involved in "espionage, subversion and supporting terrorist activities in Balochistan and Sindh, especially Karachi, sabotaging China Pakistan Economic Corridor, and fuelling instability in the two provinces".
Asked whether the Indian officials are being recalled, Mr Swarup said the government will take "necessary steps". Their security, he said, is a priority.
"We expect the government of Pakistan to take all necessary steps to ensure the security and safety of not only these eight diplomats and officials but all other members of the High Commission and their families while they are in Pakistan," he said.
Last week, India expelled Pakistan High Commission official Mehmood Akhtar, who was caught during a rendezvous with two men who were passing on sensitive documents to him. Pakistan then recalled six officials and declared an Indian official, Surjeet Singh, persona non grata. On Thursday, the country put out the names of the eight Indians claiming they are involved in "subversive activities".
Mr Swarup said Pakistan's baseless allegations add to the "risks to peace and security in the region emanating from Pakistan's support to cross-border terrorism against its neighbours".
External Affairs Ministry Spokesperson Vikas Swarup said the allegations represent an "after-thought" and a "crude attempt" to target them after a Pakistan High Commission staffer was caught red-handed in espionage.
New Delhi has also strongly protested the manner in which names and photos of the eight officials - four hold diplomatic passports - were published, which compromised their security.
"We expelled only one person from India for anti-India activities. After that Pakistan decided to withdraw on its own six of their staffers. And then they decided to put in the public domain details of eight of our diplomats and officials whose safety and security has been completely compromised," Mr Swarup said, adding, "This is against basic norms of diplomatic practice and courtesy."
Pakistan has claimed that the officials were involved in "espionage, subversion and supporting terrorist activities in Balochistan and Sindh, especially Karachi, sabotaging China Pakistan Economic Corridor, and fuelling instability in the two provinces".
Asked whether the Indian officials are being recalled, Mr Swarup said the government will take "necessary steps". Their security, he said, is a priority.
"We expect the government of Pakistan to take all necessary steps to ensure the security and safety of not only these eight diplomats and officials but all other members of the High Commission and their families while they are in Pakistan," he said.
Last week, India expelled Pakistan High Commission official Mehmood Akhtar, who was caught during a rendezvous with two men who were passing on sensitive documents to him. Pakistan then recalled six officials and declared an Indian official, Surjeet Singh, persona non grata. On Thursday, the country put out the names of the eight Indians claiming they are involved in "subversive activities".
Mr Swarup said Pakistan's baseless allegations add to the "risks to peace and security in the region emanating from Pakistan's support to cross-border terrorism against its neighbours".
GST Less-Than-Perfect Tax But Still A Game-Changer: Foreign Media
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India has backed a multi-tier national tax regime that even in its not-so-perfect form will be a game-changer for Prime Minister Narendra Modi, who is trying to revive manufacturing and boost foreign investment in the world's fastest growing major economy.
Moving away from the 'one market, one rate' tax model, the Goods and Services Tax Council decided on standard rates of 12 percent and 18 percent and two more rates of five percent and 28 percent for the tax's implementation. Officials are still meeting to finalize details of which goods and services will fall into each bracket.
Finance Minister Arun Jaitley said a zero tax rate would apply to 50 percent of items in the retail inflation basket to protect consumers from price rises on goods such as food grains. Tobacco products will continue to be taxed at 65 percent, he said, adding luxury goods will also be taxed at a higher rate.
The taxes will replace a welter of state levies that imposed heavy burdens on commerce that crossed domestic borders, creating a single market of 1.3 billion people.
And while the ideal single tax rate system is a long way off, a multiple-rate GST was the only way a complex, politically diverse country like India could proceed, Pratik Jain, Indirect Tax Leader, PricewaterhouseCoopers, said by phone.
"It will appear that the Indian government is serious about reforms and that gives confidence to investors," he said, noting many companies had put investment decisions on hold until the path of the GST was clarified.
"While it's not perfect, the government should attempt over a period of time to consolidate those four slabs into two."
The progressive nature of the GST structure should temper any adverse short-term inflationary and growth impacts, said Tamara Henderson, an economist with Bloomberg Intelligence.
"Excluding half of the items in the CPI calculation will protect the spending power of lower income households, which tend to have a higher propensity to consume disposable income than wealthier groups," she said.
Given Modi's earlier promises to reform India's land and labor laws had failed, the success of the GST was even more of a priority, said Michael Kugelman, a senior associate at the Washington, D.C.-based Woodrow Wilson International Center for Scholars.
"This is a big achievement for Modi's economic reform plan," Kugelman said. "Now that it's gone through, it's an important for the government to get it right. And that entails being appropriately pro-business while not penalizing the poor. The stakes are quite high."
The government confirmed it was intent on meeting its self-imposed April 1 deadline for the tax's implementation, close to the crucial elections in the state of Uttar Pradesh.
"Next year, we're going to see elections. At the moment, they made sure that the inflation basket -- one of the key worries -- would be impacted minimally with the implementation of the GST," said Tirthankar Patnaik, India Strategist with Mizuho Bank Ltd.
"Political exigencies have forced the divergence between essential goods and so-called 'sin' goods," he said, adding luxury and 'sin' products such as tobacco subsidize the tax exemptions on basic food, such as grains, for the poor.
However until the government releases the rate structure for the proposed list of goods it will be difficult to say who will gain and who won't, Krishan Arora, Partner, Grant Thornton India LLP, said by phone.
Ultimately, it is a significant reform that will allow India to form one common market, Arora said. "Indirect taxes today lead to multiple administrative burdens. A GST will make India a competitive market for exports globally."
Political bickering had held up the constitutional amendment in India's upper house of parliament for more than a year until it was approved in August. The GST, initially proposed by the main opposition Congress party a decade ago, is expected to lower the cost of doing business in India.
There will inevitably be teething problems, Patnaik said. "The first two years, you'll have mighty chaos. Once those basic troubles are ironed out, I think we should see a significantly easier flow of goods between states."
Moving away from the 'one market, one rate' tax model, the Goods and Services Tax Council decided on standard rates of 12 percent and 18 percent and two more rates of five percent and 28 percent for the tax's implementation. Officials are still meeting to finalize details of which goods and services will fall into each bracket.
Finance Minister Arun Jaitley said a zero tax rate would apply to 50 percent of items in the retail inflation basket to protect consumers from price rises on goods such as food grains. Tobacco products will continue to be taxed at 65 percent, he said, adding luxury goods will also be taxed at a higher rate.
The taxes will replace a welter of state levies that imposed heavy burdens on commerce that crossed domestic borders, creating a single market of 1.3 billion people.
And while the ideal single tax rate system is a long way off, a multiple-rate GST was the only way a complex, politically diverse country like India could proceed, Pratik Jain, Indirect Tax Leader, PricewaterhouseCoopers, said by phone.
"It will appear that the Indian government is serious about reforms and that gives confidence to investors," he said, noting many companies had put investment decisions on hold until the path of the GST was clarified.
"While it's not perfect, the government should attempt over a period of time to consolidate those four slabs into two."
The progressive nature of the GST structure should temper any adverse short-term inflationary and growth impacts, said Tamara Henderson, an economist with Bloomberg Intelligence.
"Excluding half of the items in the CPI calculation will protect the spending power of lower income households, which tend to have a higher propensity to consume disposable income than wealthier groups," she said.
Given Modi's earlier promises to reform India's land and labor laws had failed, the success of the GST was even more of a priority, said Michael Kugelman, a senior associate at the Washington, D.C.-based Woodrow Wilson International Center for Scholars.
"This is a big achievement for Modi's economic reform plan," Kugelman said. "Now that it's gone through, it's an important for the government to get it right. And that entails being appropriately pro-business while not penalizing the poor. The stakes are quite high."
The government confirmed it was intent on meeting its self-imposed April 1 deadline for the tax's implementation, close to the crucial elections in the state of Uttar Pradesh.
"Next year, we're going to see elections. At the moment, they made sure that the inflation basket -- one of the key worries -- would be impacted minimally with the implementation of the GST," said Tirthankar Patnaik, India Strategist with Mizuho Bank Ltd.
"Political exigencies have forced the divergence between essential goods and so-called 'sin' goods," he said, adding luxury and 'sin' products such as tobacco subsidize the tax exemptions on basic food, such as grains, for the poor.
However until the government releases the rate structure for the proposed list of goods it will be difficult to say who will gain and who won't, Krishan Arora, Partner, Grant Thornton India LLP, said by phone.
Political bickering had held up the constitutional amendment in India's upper house of parliament for more than a year until it was approved in August. The GST, initially proposed by the main opposition Congress party a decade ago, is expected to lower the cost of doing business in India.
There will inevitably be teething problems, Patnaik said. "The first two years, you'll have mighty chaos. Once those basic troubles are ironed out, I think we should see a significantly easier flow of goods between states."
Business Affairs
Directors of Tata Group's Indian Hotels express full confidence in Cyrus Mistry
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Cyrus Mistry on Friday received strong support from independent directors on the board of Tata Group's Indian Hotels.
Directors of the Tata Group's Indian Hotels unanimously expressed full confidence in chairman Mistry, praising the "steps taken by him in providing strategic direction and leadership to the company".
Mistry was removed last month as chairman of Tata Sons and Ratan Tata was brought back as interim chairman.
Mistry, however, remains on the boards of about a dozen companies such as Indian Hotels Co, Tata Motors, Tata Communications and Tata Steel.
Indian Hotels, owner of the Taj chain of hotels, was the first to hold a board meeting after Mistry's ouster.
The announcement came on a day Tata Sons put in place a new management team for the $100 billion steel-to-software group.
Ratan Tata, who is temporarily back at the helm as interim chairman, has put together a team of five executives, including two former Mistry advisers, Tata Sons said in a statement on Friday.
Cyrus Mistry on Friday received strong support from independent directors on the board of Tata Group's Indian Hotels.
Directors of the Tata Group's Indian Hotels unanimously expressed full confidence in chairman Mistry, praising the "steps taken by him in providing strategic direction and leadership to the company".
Mistry was removed last month as chairman of Tata Sons and Ratan Tata was brought back as interim chairman.
Mistry, however, remains on the boards of about a dozen companies such as Indian Hotels Co, Tata Motors, Tata Communications and Tata Steel.
Indian Hotels, owner of the Taj chain of hotels, was the first to hold a board meeting after Mistry's ouster.
The announcement came on a day Tata Sons put in place a new management team for the $100 billion steel-to-software group.
Ratan Tata, who is temporarily back at the helm as interim chairman, has put together a team of five executives, including two former Mistry advisers, Tata Sons said in a statement on Friday.
Sensex falls 156 pts amid US poll worries, drug firms hit
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The market fell for a fourth consecutive session and closed at four month lows led by drug makers, after Bloomberg reported that US prosecutors could file charges by year-end in a criminal investigation of generic makers over suspected price collusion.
Indian drug makers, most of which count the United States as their biggest export market, were the top losers on the key indexes on Friday.
The Sensex fell further after the reports of criminal investigation of generic makers over suspected price collusion and closed 156 points lower.
The NSE Nifty too fell 51.20 points or 0.60 per cent to 8433.75 level.
While Sun Pharma stock fell 7.41 per cent or 52.25 points, Dr Reddy's Laboratories fell 5.67 per cent or 184 points on the BSE.
On Friday, a Sun Pharma spokesman said the company continues to cooperate with the DoJ, and has no other details to offer at the moment. A spokesman for Dr Reddy's declined comment.
The falls in shares of the drug makers shares offset gains in consumer goods companies on hopes the government would apply lower tax rates for the sector after announcing on Thursday the four main rate bands for a new Goods and Services Tax (GST).
Though those are steeper than the rates proposed earlier analysts said the consumer goods sector would likely see the lower rates applied.
The ITC stock too rose 4.51 per cent to Rs 251.20 on BSE. While HUL erased gains and closed 0.91 per cent higher, ITC rose 3.64 per cent to Rs 249.10 on the BSE. Colgate Palmolive closed 3.40 per cent higher at Rs 983.85 on the BSE.
The BSE fast moving consumer goods index rose 1.41 per cent in aniticipation of positive effects of the GST tax rates on its constituents.
Sensex heavyweights Infosys and Reliance Industries rose 0.40 percent and fell 1.92 per cent, respectively.
Reports came that government has sought $1.55 billion from Reliance Industries and its partners for drawing natural gas belonging to state-owned ONGC in the KG basin over the last seven years.
Market breadth was negative with 2,224 stocks falling against 681 advancing on the BSE.
Sentiment was also hit by continued uncertainty about the U.S. election on Tuesday, which polls show could be nail-bitingly close.
"There will just be stock specific action today," said Jayant Manglik, President of Retail Distribution at Religare Securities.
"If there is any change in lead position in U.S., then there will be some action."
The market fell for a fourth consecutive session and closed at four month lows led by drug makers, after Bloomberg reported that US prosecutors could file charges by year-end in a criminal investigation of generic makers over suspected price collusion.
Indian drug makers, most of which count the United States as their biggest export market, were the top losers on the key indexes on Friday.
The Sensex fell further after the reports of criminal investigation of generic makers over suspected price collusion and closed 156 points lower.
The NSE Nifty too fell 51.20 points or 0.60 per cent to 8433.75 level.
While Sun Pharma stock fell 7.41 per cent or 52.25 points, Dr Reddy's Laboratories fell 5.67 per cent or 184 points on the BSE.
On Friday, a Sun Pharma spokesman said the company continues to cooperate with the DoJ, and has no other details to offer at the moment. A spokesman for Dr Reddy's declined comment.
The falls in shares of the drug makers shares offset gains in consumer goods companies on hopes the government would apply lower tax rates for the sector after announcing on Thursday the four main rate bands for a new Goods and Services Tax (GST).
Though those are steeper than the rates proposed earlier analysts said the consumer goods sector would likely see the lower rates applied.
The ITC stock too rose 4.51 per cent to Rs 251.20 on BSE. While HUL erased gains and closed 0.91 per cent higher, ITC rose 3.64 per cent to Rs 249.10 on the BSE. Colgate Palmolive closed 3.40 per cent higher at Rs 983.85 on the BSE.
The BSE fast moving consumer goods index rose 1.41 per cent in aniticipation of positive effects of the GST tax rates on its constituents.
Sensex heavyweights Infosys and Reliance Industries rose 0.40 percent and fell 1.92 per cent, respectively.
Reports came that government has sought $1.55 billion from Reliance Industries and its partners for drawing natural gas belonging to state-owned ONGC in the KG basin over the last seven years.
Market breadth was negative with 2,224 stocks falling against 681 advancing on the BSE.
Sentiment was also hit by continued uncertainty about the U.S. election on Tuesday, which polls show could be nail-bitingly close.
"There will just be stock specific action today," said Jayant Manglik, President of Retail Distribution at Religare Securities.
"If there is any change in lead position in U.S., then there will be some action."
UK's new visa crackdown likely to affect Indian IT professionals
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In a crackdown to curb its soaring immigration figures, the UK government has announced changes to its visa policy for non-EU nationals, which will affect a large number of Indians especially IT professionals.
Under the new visa rules announced on Thursday evening by the UK Home Office, anyone applying after November 24 under the Tier 2 intra-company transfer (ICT) category would be required to meet a higher salary threshold requirement of 30,000 pounds from the earlier 20,800 pounds.
The ICT route is largely used by Indian IT companies in Britain and the UK's Migration Advisory Committee (MAC) had found earlier this year that Indian IT workers accounted for nearly 90 per cent of visas issued under this route.
The changes come just days before British Prime Minister Theresa May lands in India on Sunday for her three-day visit.
"The first of two phases of changes to Tier 2, announced by the government in March following a review by the Independent Migration Advisory Committee, will affect applications made on or after November 24 unless stated otherwise," a UK Home Office statement said.
Besides the Tier 2 ICT salary threshold hike, the other changes announced include increasing the Tier 2 (General) salary threshold for experienced workers to 25,000 pounds, with some exemptions; reducing the Tier 2 (ICT) graduate trainee salary threshold to 23,000 pounds and increasing the number of places to 20 per company per year; and closing the Tier 2 (ICT) skills transfer sub-category.
A number of changes have also been announced for the Tier 4 category, which covers maintenance requirements for the Doctorate Extension Scheme.
Nationals outside the European Union, including Indians, will also be affected by new English language requirements when applying for settlement as a family member after two and a half years in the UK on a five-year route to residency settlement in the UK.
The new requirement will apply to partners and parents whose current leave to remain in the UK under the family immigration rules is due to expire on or after May 1, 2017.
The changes follow advice by the MAC earlier this year to curb the Tier 2 ICT route and reduce reliance on foreign workers.
"(Immigration) is not serving to increase the incentive to employers to train and upskill the UK workforce. Ready access to a pool of skilled IT professionals in India is an example of this," the MAC report had said in its findings.
"We did not see any substantive evidence of long-standing reciprocal arrangements whereby UK staff are given the opportunity to gain skills, training and experience from working in India," it noted.
In a crackdown to curb its soaring immigration figures, the UK government has announced changes to its visa policy for non-EU nationals, which will affect a large number of Indians especially IT professionals.
Under the new visa rules announced on Thursday evening by the UK Home Office, anyone applying after November 24 under the Tier 2 intra-company transfer (ICT) category would be required to meet a higher salary threshold requirement of 30,000 pounds from the earlier 20,800 pounds.
The ICT route is largely used by Indian IT companies in Britain and the UK's Migration Advisory Committee (MAC) had found earlier this year that Indian IT workers accounted for nearly 90 per cent of visas issued under this route.
The changes come just days before British Prime Minister Theresa May lands in India on Sunday for her three-day visit.
"The first of two phases of changes to Tier 2, announced by the government in March following a review by the Independent Migration Advisory Committee, will affect applications made on or after November 24 unless stated otherwise," a UK Home Office statement said.
Besides the Tier 2 ICT salary threshold hike, the other changes announced include increasing the Tier 2 (General) salary threshold for experienced workers to 25,000 pounds, with some exemptions; reducing the Tier 2 (ICT) graduate trainee salary threshold to 23,000 pounds and increasing the number of places to 20 per company per year; and closing the Tier 2 (ICT) skills transfer sub-category.
A number of changes have also been announced for the Tier 4 category, which covers maintenance requirements for the Doctorate Extension Scheme.
Nationals outside the European Union, including Indians, will also be affected by new English language requirements when applying for settlement as a family member after two and a half years in the UK on a five-year route to residency settlement in the UK.
The new requirement will apply to partners and parents whose current leave to remain in the UK under the family immigration rules is due to expire on or after May 1, 2017.
The changes follow advice by the MAC earlier this year to curb the Tier 2 ICT route and reduce reliance on foreign workers.
"(Immigration) is not serving to increase the incentive to employers to train and upskill the UK workforce. Ready access to a pool of skilled IT professionals in India is an example of this," the MAC report had said in its findings.
"We did not see any substantive evidence of long-standing reciprocal arrangements whereby UK staff are given the opportunity to gain skills, training and experience from working in India," it noted.
'GST could lead to loss in revenue for some states in the short term'
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The GST council inches one step closer to realising the GST regime as it announced the four-tier tax slab ranging from 5, 12, 18 and 28 per cent with 0 per cent levy on food grains and additional cess on demerits goods.
Business Today Digital talks to Abnish Kumar Sudhanshu, Director & Research Head, Amrapali Aadya Trading & Investments Pvt. Ltd about the multi-layered tax structure:
1. Do analysts welcome the multi-tier tax system unfolded by the GST council? What are the reactions?
Indeed, the proposed GST multi-tier structure has received a warm welcome by the analyst fraternity. Going ahead, markets are expected to take proposed GST slab in a positive manner. As of now, we as a country are not ready for the uniform rate of 18% kind of rate for all the products. So it was the requirement to have multiple layer of taxes and hence to make compliance easy which ultimately lead the way of doing business easily.
2. Will these tax structures increase inflation?
We don't think that the proposed structures are going to increase inflation further since the current tax slab has been decided keeping the inflation and common population in mind. To safeguard the inflationary pressure, 50 per cent of items in Consumer Price Index (CPI) basket like food grains, would not be taxed under Goods and Services Tax, however will be placed in zero-rated tax bracket. Overall, five percent tax will be levied on mass consumption items used by common people. Hence, there is unlikely of inflation hitting on the higher side on the back of proposed GST structure.
3. How will the GST affect the growth?
We are taking the proposed GST optimistically as the structure is constructive and as per expected in the market. Although, beginning could start with the loss in revenue in many states but that will fade away as we move ahead. So far, Indirect taxes in India have driven businesses to restructure and model their supply chain and systems owing to multiplicity of taxes and costs involved. With positive Goods and Services Tax, we expect the way India does business will change, forever. We expect things to become more streamline and decrease in the unorganized players in the market. The GST is likely to bring a qualitative change in the tax system by redistributing the burden of taxation equitably between manufacturing and services. As per the analysis, the impact of GST on economic growth would be through direct cost reduction as well as cost reduction of capital inputs. As per the consensus, it indicates that the growth in GDP could be between 1.5-2% with the implementation of GST.
4. Are over all goods going to be become costlier?
We completely decline the thought that all goods are going to be costly. After considering the proposed GST, Buying house, Biscuits & cakes, batteries, paint, cement and consumer durables items would be on the cheaper side. However, Phone & telephone bills, phones, branded jewellery, small cars along with parcel/ couriers are going to become costly here on.
5. What are the criticisms, if any.
Although, we don't derive any criticism from the proposed structure but we can't boycott the increasing complication arising from four-tier structure.
The GST council inches one step closer to realising the GST regime as it announced the four-tier tax slab ranging from 5, 12, 18 and 28 per cent with 0 per cent levy on food grains and additional cess on demerits goods.
Business Today Digital talks to Abnish Kumar Sudhanshu, Director & Research Head, Amrapali Aadya Trading & Investments Pvt. Ltd about the multi-layered tax structure:
1. Do analysts welcome the multi-tier tax system unfolded by the GST council? What are the reactions?
Indeed, the proposed GST multi-tier structure has received a warm welcome by the analyst fraternity. Going ahead, markets are expected to take proposed GST slab in a positive manner. As of now, we as a country are not ready for the uniform rate of 18% kind of rate for all the products. So it was the requirement to have multiple layer of taxes and hence to make compliance easy which ultimately lead the way of doing business easily.
2. Will these tax structures increase inflation?
We don't think that the proposed structures are going to increase inflation further since the current tax slab has been decided keeping the inflation and common population in mind. To safeguard the inflationary pressure, 50 per cent of items in Consumer Price Index (CPI) basket like food grains, would not be taxed under Goods and Services Tax, however will be placed in zero-rated tax bracket. Overall, five percent tax will be levied on mass consumption items used by common people. Hence, there is unlikely of inflation hitting on the higher side on the back of proposed GST structure.
3. How will the GST affect the growth?
We are taking the proposed GST optimistically as the structure is constructive and as per expected in the market. Although, beginning could start with the loss in revenue in many states but that will fade away as we move ahead. So far, Indirect taxes in India have driven businesses to restructure and model their supply chain and systems owing to multiplicity of taxes and costs involved. With positive Goods and Services Tax, we expect the way India does business will change, forever. We expect things to become more streamline and decrease in the unorganized players in the market. The GST is likely to bring a qualitative change in the tax system by redistributing the burden of taxation equitably between manufacturing and services. As per the analysis, the impact of GST on economic growth would be through direct cost reduction as well as cost reduction of capital inputs. As per the consensus, it indicates that the growth in GDP could be between 1.5-2% with the implementation of GST.
4. Are over all goods going to be become costlier?
We completely decline the thought that all goods are going to be costly. After considering the proposed GST, Buying house, Biscuits & cakes, batteries, paint, cement and consumer durables items would be on the cheaper side. However, Phone & telephone bills, phones, branded jewellery, small cars along with parcel/ couriers are going to become costly here on.
5. What are the criticisms, if any.
Although, we don't derive any criticism from the proposed structure but we can't boycott the increasing complication arising from four-tier structure.
Govt slaps $1.55 bn penalty on Reliance Industries for drawing ONGC's gas in KG basin
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The government has sought $1.55 billion from Reliance Industries and its partners for drawing natural gas belonging to state-owned ONGC in the KG basin over the last seven years.
The Oil Ministry has sent a notice to RIL seeking $1.55 billion compensation, sources privy to the development said.
The Justice A P Shah Committee had in a report presented to the Oil Ministry on August 30 opined that RIL should pay the government for the natural gas it has drawn from an adjacent block of ONGC in the KG basin of the Bay of Bengal in the past seven years.
In its report, the one-member Shah panel said the Mukesh Ambani-run firm should pay for the gas that had migrated or seeped from ONGC blocks into its gas fields.
"RIL's action of producing and selling gas migrated from ONGC block is unjust enrichment," the report said, adding that over 11 billion cubic metres of gas had flowed from the ONGC block to RIL's fields between April 1, 2009 and March 31, 2015. Of this, RIL has already produced about 9 bcm.
The panel, however, said the compensation should go to the government and not ONGC.
The committee said: "The Government of India, and not ONGC, is entitled to claim restitution from RIL for the unjust benefit it received and unfairly retained. ONGC has no locus standi to bring a tortuous claim against RIL for trespass/ conversion since it does not have any ownership rights or possessory interest in the natural gas."
As much as 11.122 billion cubic metres of ONGC gas had migrated from its Godavari-PML and KG-DWN-98/2 blocks to adjoining KG-D6 of RIL between April 1, 2009 and March 31, 2015. At prevailing prices, the gas was worth Rs. 11,000 crore.
While ONGC's reservoirs have almost emptied, RIL continues to produce gas from D1&D3 fields in KG-D6 block, some of it belonging to ONGC.
The Shah committee had relied on the report of independent consultant D&M to make its case.
D&M had in its November 2015 report indicated that as on March 31, 2015, 44.32 per cent of the gas initially in place in Godavari PML and 34.71 per cent in KG-DWN-98/2 (both of ONGC) had migrated to KG-D6 of RIL. The report projected a higher proportion of gas migration and its production through the RIL operated KG-DWN-98/3 (KG-D6) block by the end of 2019
The government has sought $1.55 billion from Reliance Industries and its partners for drawing natural gas belonging to state-owned ONGC in the KG basin over the last seven years.
The Oil Ministry has sent a notice to RIL seeking $1.55 billion compensation, sources privy to the development said.
The Justice A P Shah Committee had in a report presented to the Oil Ministry on August 30 opined that RIL should pay the government for the natural gas it has drawn from an adjacent block of ONGC in the KG basin of the Bay of Bengal in the past seven years.
In its report, the one-member Shah panel said the Mukesh Ambani-run firm should pay for the gas that had migrated or seeped from ONGC blocks into its gas fields.
"RIL's action of producing and selling gas migrated from ONGC block is unjust enrichment," the report said, adding that over 11 billion cubic metres of gas had flowed from the ONGC block to RIL's fields between April 1, 2009 and March 31, 2015. Of this, RIL has already produced about 9 bcm.
The panel, however, said the compensation should go to the government and not ONGC.
The committee said: "The Government of India, and not ONGC, is entitled to claim restitution from RIL for the unjust benefit it received and unfairly retained. ONGC has no locus standi to bring a tortuous claim against RIL for trespass/ conversion since it does not have any ownership rights or possessory interest in the natural gas."
As much as 11.122 billion cubic metres of ONGC gas had migrated from its Godavari-PML and KG-DWN-98/2 blocks to adjoining KG-D6 of RIL between April 1, 2009 and March 31, 2015. At prevailing prices, the gas was worth Rs. 11,000 crore.
While ONGC's reservoirs have almost emptied, RIL continues to produce gas from D1&D3 fields in KG-D6 block, some of it belonging to ONGC.
The Shah committee had relied on the report of independent consultant D&M to make its case.
D&M had in its November 2015 report indicated that as on March 31, 2015, 44.32 per cent of the gas initially in place in Godavari PML and 34.71 per cent in KG-DWN-98/2 (both of ONGC) had migrated to KG-D6 of RIL. The report projected a higher proportion of gas migration and its production through the RIL operated KG-DWN-98/3 (KG-D6) block by the end of 2019
General Awareness
PM gives away Ramnath Goenka Awards for Excellence in Journalism 2016
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The Prime Minister, Shri Narendra Modi awarded the Ramnath Goenka Awards for excellence in journalism on November 3, 2016 in New Delhi.
About Ramnath Goenka :
- Ramnath Goenka(1904–1991) was an Indian newspaper publisher. He launched The Indian Express and created the Indian Express Group with various English and regional language publications. In 2000, India Today magazine, named him amongst their list of “100 People Who Shaped India”.
- In 1932, he had taken over the loss-making Madras edition ofThe Free Press Journal, driving the delivery van himself to dispatch the papers.
- He foundedThe Indian Express in 1936 and in 1941, he was elected President of the National Newspaper Editors’ Conference. Following this, both The Indian Express and Goenka himself openly challenged the British Raj.
- In 1936: Goenka gave Promossory Note of Rs. 500,000 ( Rs.Five Lakhs ) on 1 September 1936 in favour of Raja Mohan Prasad of Hyderabad his Financing Partner. The Promissory note still remains unpaid even after 75 years.
- Goenka also gave a declaration in 1936 that he was a trustee of all the properties purchased in his name including the debentures of Free Press of India (Madras) Ltd. and were purchased out of the monies of Raja Mohan Prasad Murliprasad Mohanprasad of Hyderabad,India.
- In 1948, Daily Tej partnered with Goenka to publishIndian News Chronicle, an English daily, from New Delhi. After the death of Lala Deshbandhu Gupta, Goenka converted it to The Indian Express. Upon independence he was nominated as a member to the Constituent Assembly of India.
- Goenka played a significant role during the “Emergency” in India and challengedIndira Gandhi. His battle with the business tycoon Dhirubhai Ambani is still remembered. His critics believe that his passion for politics was the fire that led the newspapers from Indian Express Group on a blazing trail.
- In the first post-independence elections, held in 1952, Goenka contested from Tindivanam seat (Madras Province) as Congress candidate, but he was defeated by a candidate who favoured Tamil nationalism and who was supported by the Dravida Munnetra Kazhagam.
About the Award :
Ramnath Goenka Award was instituted by the Ramnath Goenka Foundation in 2005 to celebrate the legacy of the founder of The Indian Express Group.
- The awards acknowledge exceptional work across 28 categories in print, broadcast and online journalism in English, Hindi and regional languages.
- The technology poses a challenge to the media, and news that could earlier be disseminated in 24 hours now happens in 24 seconds.
List of Awardee :
Name of the Categories Name of the winners Prakash Rakesh Kardaley Memorial Award for Civic Journalism Christin Mathew Philip (The Times of India) Uncovering India Invisible Print : Ashwaq Masoodi (Mint)
Broadcast : Sarada Lahangir (Kalinga TV) Hindi Print : Santosh Kumar (India Today)
Broadcast : Sanjay Nandan (ABP news), Syeda Afifa Khatoon (NEWS24) Regional Languages Print : Firos Khan M (Madhyamam Daily), Nileena Atholi (Mathrubhumi)
Broadcast : Pramod Shastri G (TV9) Sports Journalism Print : Devendra Pandey (The Indian Express)
Broadcast : Sanjeeb Mukherjea (CNN-IBN) Reporting from J&K and the Northeast Print : Esha Roy (The Indian Express) and Maddipatla Rajshekhar (Scroll.in)
Broadcast: Shubhajit Sengupta (CNN_IBN) Environmental reporting Print : Pritha Chatterjee, Aniruddha Ghoshal (The Indian Express)
Broadcast : Sushil Chandra Bahuguna (NDTV India) Business and Economic Journalism Print : Khushboo Narayan (The Indian Express) and Rajeev Dubey (Business Today)
Broadcast : Archana Shukla (CNBC TV18) Foreign Correspondent covering India Print : Victor John Mallet (Financial Times) Investigative reporting Print : Maneesha Pandey, Sandeep Pai (Newslaundry)
Broadcast : Ganesh Suratchand Thakur (ABP news) On-the-spot reporting Print : Nayantara Narayan (Scroll.in)
Broadcast : Aamir Rafiq Peerzada, Rakesh Solanky (NDTV)
Feature writing : Shamik Bag (Mint), Sreedevi TV (Malayala Manorama) Reporting on Politics and Government Print : Ashutosh Bhardwaj (The Indian Express)
Broadcast : Halimabi Abdul Kureshi (IBN Lokmat) Photo Journalism Burhan Kinu (Hindustan Times) Commentry and interpretative writing Anna MM Vetticad (BLink), Pramit Bhattacharya (Mint) Books Non-fiction : Author: Akshaya Mukul
Book: Gita Press & The Making of Hindu India
Publication: Harper Collins Sanjiv Sinha Memorial Award for Excellence in Reporting Aditi Vatsa (The Indian Express) Priya Chandrashekar Memorial Award for Excellence in Editing Saikat Kumar Bose (The Indian Express)
The Prime Minister, Shri Narendra Modi awarded the Ramnath Goenka Awards for excellence in journalism on November 3, 2016 in New Delhi.
About Ramnath Goenka :
- Ramnath Goenka(1904–1991) was an Indian newspaper publisher. He launched The Indian Express and created the Indian Express Group with various English and regional language publications. In 2000, India Today magazine, named him amongst their list of “100 People Who Shaped India”.
- In 1932, he had taken over the loss-making Madras edition ofThe Free Press Journal, driving the delivery van himself to dispatch the papers.
- He foundedThe Indian Express in 1936 and in 1941, he was elected President of the National Newspaper Editors’ Conference. Following this, both The Indian Express and Goenka himself openly challenged the British Raj.
- In 1936: Goenka gave Promossory Note of Rs. 500,000 ( Rs.Five Lakhs ) on 1 September 1936 in favour of Raja Mohan Prasad of Hyderabad his Financing Partner. The Promissory note still remains unpaid even after 75 years.
- Goenka also gave a declaration in 1936 that he was a trustee of all the properties purchased in his name including the debentures of Free Press of India (Madras) Ltd. and were purchased out of the monies of Raja Mohan Prasad Murliprasad Mohanprasad of Hyderabad,India.
- In 1948, Daily Tej partnered with Goenka to publishIndian News Chronicle, an English daily, from New Delhi. After the death of Lala Deshbandhu Gupta, Goenka converted it to The Indian Express. Upon independence he was nominated as a member to the Constituent Assembly of India.
- Goenka played a significant role during the “Emergency” in India and challengedIndira Gandhi. His battle with the business tycoon Dhirubhai Ambani is still remembered. His critics believe that his passion for politics was the fire that led the newspapers from Indian Express Group on a blazing trail.
- In the first post-independence elections, held in 1952, Goenka contested from Tindivanam seat (Madras Province) as Congress candidate, but he was defeated by a candidate who favoured Tamil nationalism and who was supported by the Dravida Munnetra Kazhagam.
About the Award :
Ramnath Goenka Award was instituted by the Ramnath Goenka Foundation in 2005 to celebrate the legacy of the founder of The Indian Express Group.
- The awards acknowledge exceptional work across 28 categories in print, broadcast and online journalism in English, Hindi and regional languages.
- The technology poses a challenge to the media, and news that could earlier be disseminated in 24 hours now happens in 24 seconds.
List of Awardee :
| Name of the Categories | Name of the winners |
| Prakash Rakesh Kardaley Memorial Award for Civic Journalism | Christin Mathew Philip (The Times of India) |
| Uncovering India Invisible | Print : Ashwaq Masoodi (Mint) Broadcast : Sarada Lahangir (Kalinga TV) |
| Hindi | Print : Santosh Kumar (India Today) Broadcast : Sanjay Nandan (ABP news), Syeda Afifa Khatoon (NEWS24) |
| Regional Languages | Print : Firos Khan M (Madhyamam Daily), Nileena Atholi (Mathrubhumi) Broadcast : Pramod Shastri G (TV9) |
| Sports Journalism | Print : Devendra Pandey (The Indian Express) Broadcast : Sanjeeb Mukherjea (CNN-IBN) |
| Reporting from J&K and the Northeast | Print : Esha Roy (The Indian Express) and Maddipatla Rajshekhar (Scroll.in) Broadcast: Shubhajit Sengupta (CNN_IBN) |
| Environmental reporting | Print : Pritha Chatterjee, Aniruddha Ghoshal (The Indian Express) Broadcast : Sushil Chandra Bahuguna (NDTV India) |
| Business and Economic Journalism | Print : Khushboo Narayan (The Indian Express) and Rajeev Dubey (Business Today) Broadcast : Archana Shukla (CNBC TV18) |
| Foreign Correspondent covering India | Print : Victor John Mallet (Financial Times) |
| Investigative reporting | Print : Maneesha Pandey, Sandeep Pai (Newslaundry) Broadcast : Ganesh Suratchand Thakur (ABP news) |
| On-the-spot reporting | Print : Nayantara Narayan (Scroll.in) Broadcast : Aamir Rafiq Peerzada, Rakesh Solanky (NDTV) Feature writing : Shamik Bag (Mint), Sreedevi TV (Malayala Manorama) |
| Reporting on Politics and Government | Print : Ashutosh Bhardwaj (The Indian Express) Broadcast : Halimabi Abdul Kureshi (IBN Lokmat) |
| Photo Journalism | Burhan Kinu (Hindustan Times) |
| Commentry and interpretative writing | Anna MM Vetticad (BLink), Pramit Bhattacharya (Mint) |
| Books | Non-fiction : Author: Akshaya Mukul Book: Gita Press & The Making of Hindu India Publication: Harper Collins |
| Sanjiv Sinha Memorial Award for Excellence in Reporting | Aditi Vatsa (The Indian Express) |
| Priya Chandrashekar Memorial Award for Excellence in Editing | Saikat Kumar Bose (The Indian Express) |
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