General Affairs
Spike in terror incidents in 2016, but more terrorists killed in J-K: MHA
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There has been a spike in terror attacks in the strife-torn state of Jammu and Kashmir in 2016, but more terrorists have been gunned down by security forces, the Ministry of Home Affairs informed parliament on Tuesday.
According to figures shared by MHA, 305 incidents of militants were reported up until 27th November -- a significant increase from the past three years. While 208 terror attacks were reported in 2015, the number was 222 for 2014 and only 170 back in 2013.
The MHA further added that security forces gunned down 140 terrorists this year, as compared to 46 in 2015, 52 in 2014 and 28 in 2013. At the same time, there has been a rise in the number of security forces killed in terror attacks as well. 71 security personnel were martyred this year, while the number stood at 39 in 2015, 47 in 2014 and 53 in 2013.
Similar is the case with injuries, which stood at 208 this year, far higher than previous three years, where 103 personnel were injured in 2015, 84 in 2014 and 74 in 2013.
The MHA had earlier informed parliament that 200 terrorists were presently active in Jammu and Kashmir and that the centre was taking all possible measures to deal with Pakistan sponsored terrorism.
There has been a spike in terror attacks in the strife-torn state of Jammu and Kashmir in 2016, but more terrorists have been gunned down by security forces, the Ministry of Home Affairs informed parliament on Tuesday.
According to figures shared by MHA, 305 incidents of militants were reported up until 27th November -- a significant increase from the past three years. While 208 terror attacks were reported in 2015, the number was 222 for 2014 and only 170 back in 2013.
The MHA further added that security forces gunned down 140 terrorists this year, as compared to 46 in 2015, 52 in 2014 and 28 in 2013. At the same time, there has been a rise in the number of security forces killed in terror attacks as well. 71 security personnel were martyred this year, while the number stood at 39 in 2015, 47 in 2014 and 53 in 2013.
Similar is the case with injuries, which stood at 208 this year, far higher than previous three years, where 103 personnel were injured in 2015, 84 in 2014 and 74 in 2013.
The MHA had earlier informed parliament that 200 terrorists were presently active in Jammu and Kashmir and that the centre was taking all possible measures to deal with Pakistan sponsored terrorism.
One in four Indians fear losing home and land, says new Gallup poll
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About a quarter of homeowners in India, and nearly one in five rural landowners, fear losing their property, in most cases because they do not have documents to prove ownership, according to a new poll.
The survey, launched by US polling firm Gallup in London on Tuesday, set out to test how secure people feel about their homes and land.
Conducted over the past six months, the Indian survey is the first of a worldwide, two-year research project looking at perceptions of property ownership and security between different societies.
WHAT RESPONDENTS SAY
The poll found six in 10 said they owned their home, while a third said they lived in a home owned by a family member.
Despite the high incidence of ownership, the Indian survey showed that insecurity of property rights is widespread, with about one in four owners and nearly half of all renters expressing worry about losing their home.
Matters related to land and property make up about two-thirds of all civil cases in India, where tussles over ownership can delay property deals and lead to lengthy court battles.
Insecure land rights leave the urban poor particularly vulnerable as they are often unaware of the rights they do have, cannot afford lawyers and live in fear of being evicted.
The study revealed that those who were worried about ownership also reported a higher incidence of health problems, including saying they sometimes did not have enough food.
Respondents said the main reason for their insecurity was the lack of documentation, including land titles, followed by disagreements with family members over property ownership.
INSECURE RIGHTS
India is in the throes of dramatic demographic and cultural change with the urban population expected to grow from 377 million in 2016 to nearly 600 million by 2030.
Insecure property rights, say analysts, can threaten to undermine the benefits of India's rapid urbanisation.
A lack of formal documentation proving ownership can block access to basic services such as sanitation, water and electricity and limit access to financial services such as raising credit against a home or farm for investment, the report said.
In the developing world, it can also limit access to state help such as food or fertiliser subsidies and services provided by municipal governments such as sanitation and water.
In India, more than 14,000 men and women, both owners and tenants in cities and villages, were interviewed face-to-face. The project covered 14 Indian states, including Odisha, Punjab, Rajasthan and West Bengal.
Nine other countries will be polled over the next year to build up a definitive picture of how different societies relate to - and feel about - land and property ownership.
GENDER GAP
The report showed a clear gender gap with women less likely than men to own their land or home. But men and women were equally likely to be worried about losing their home or land.
Tenants were twice as likely as owners to worry about losing their homes, with landlords - often afraid of permanently losing possession of their homes - preferring short term contracts.
And while about nine out of 10 respondents lived in a home owned by themselves or by a family member, those who owned their own property were more likely to express worry about losing the home than those who lived with other family members.
Thirty percent of city residents expressed insecurity, compared to 26 percent of their rural counterparts.
Owners were more likely to visit government offices to update their records, although only half had done so in the past. Of these, owners of agricultural land were far more likely to update land records than those who owned residential land.
If people are willing to engage with state authorities on ownership, there are potential resolutions to the problem of insecurity, said the report commissioned by Land Alliance, a Washington-based think tank.
"...Government efforts to make it easier, and affordable, for people to register or update property documentation at local levels could have a large impact on reducing people's worry about their property rights," it said.
About a quarter of homeowners in India, and nearly one in five rural landowners, fear losing their property, in most cases because they do not have documents to prove ownership, according to a new poll.
The survey, launched by US polling firm Gallup in London on Tuesday, set out to test how secure people feel about their homes and land.
Conducted over the past six months, the Indian survey is the first of a worldwide, two-year research project looking at perceptions of property ownership and security between different societies.
WHAT RESPONDENTS SAY
The poll found six in 10 said they owned their home, while a third said they lived in a home owned by a family member.
Despite the high incidence of ownership, the Indian survey showed that insecurity of property rights is widespread, with about one in four owners and nearly half of all renters expressing worry about losing their home.
Matters related to land and property make up about two-thirds of all civil cases in India, where tussles over ownership can delay property deals and lead to lengthy court battles.
Insecure land rights leave the urban poor particularly vulnerable as they are often unaware of the rights they do have, cannot afford lawyers and live in fear of being evicted.
The study revealed that those who were worried about ownership also reported a higher incidence of health problems, including saying they sometimes did not have enough food.
Respondents said the main reason for their insecurity was the lack of documentation, including land titles, followed by disagreements with family members over property ownership.
INSECURE RIGHTS
India is in the throes of dramatic demographic and cultural change with the urban population expected to grow from 377 million in 2016 to nearly 600 million by 2030.
Insecure property rights, say analysts, can threaten to undermine the benefits of India's rapid urbanisation.
A lack of formal documentation proving ownership can block access to basic services such as sanitation, water and electricity and limit access to financial services such as raising credit against a home or farm for investment, the report said.
In the developing world, it can also limit access to state help such as food or fertiliser subsidies and services provided by municipal governments such as sanitation and water.
In India, more than 14,000 men and women, both owners and tenants in cities and villages, were interviewed face-to-face. The project covered 14 Indian states, including Odisha, Punjab, Rajasthan and West Bengal.
Nine other countries will be polled over the next year to build up a definitive picture of how different societies relate to - and feel about - land and property ownership.
GENDER GAP
The report showed a clear gender gap with women less likely than men to own their land or home. But men and women were equally likely to be worried about losing their home or land.
Tenants were twice as likely as owners to worry about losing their homes, with landlords - often afraid of permanently losing possession of their homes - preferring short term contracts.
And while about nine out of 10 respondents lived in a home owned by themselves or by a family member, those who owned their own property were more likely to express worry about losing the home than those who lived with other family members.
Thirty percent of city residents expressed insecurity, compared to 26 percent of their rural counterparts.
Owners were more likely to visit government offices to update their records, although only half had done so in the past. Of these, owners of agricultural land were far more likely to update land records than those who owned residential land.
If people are willing to engage with state authorities on ownership, there are potential resolutions to the problem of insecurity, said the report commissioned by Land Alliance, a Washington-based think tank.
"...Government efforts to make it easier, and affordable, for people to register or update property documentation at local levels could have a large impact on reducing people's worry about their property rights," it said.
INS Betwa mishap: Navy orders probe, uneven weight balance suspected to be cause of accident
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Two sailors were killed and a frontline naval warship was put out of action when the INS Betwa capsized in a dry dock in Mumbai yesterday. The INS Betwa, a 3800-tonne Brahmaputra class frigate was being undocked at the naval dockyard at about 1.50 pm on December 5 when it slipped off the dock blocks and keeled over in the dry dock.
REGULAR OCCURRENCE
The incident adds to the Navy's worrying record of losing warships in peacetime accidents. Since 2004, the navy has lost a submarine, a frigate and two corvettes in accidents. The most catastrophic of these was the August 14, 2013 loss of the INS Sindhurakshak which exploded and sank in the naval dockyard killing 18 crew members.
Yesterday's incident is the first of its kind in the Indian Navy's history. A near-miss occurred in 1998 when a Type 1500 submarine INS Shishumar listed during dry docking. The Shishumar did not topple but remained at a 17 degree list till the next high tide when she was refloated. "The incident occurred during a misalignment in the dock plan where two or three sets of the 16-odd dock blocks were displaced," one officer recalls.
A dry dock is a narrow basin which can be flooded and a ship brought in, then drained to allow the vessel to sit on a dry platform. This is called docking. Vessels that are docked are usually brought to rest on a series of 'dock blocks' or keel blocks. Vessels are dry docked to allow their underwater surfaces to be repaired and painted.
Docking and undocking of a ship is a precise plan called the 'dock plan' drawn out well in advance. Blocks are arranged in the dock prior to the docking based on the underwater profile of the ship.
DEDUCING THE REASON BEHIND THE ACCIDENT
"We will need to know the Betwa's dock plan. Also, did it happen when the ship lifted off the blocks and then due to some improper calculation of trim, the ship being heavier on the port side, pivoted off the blocks?" says a warship captain.
Loading and weight balance is a very elaborately done with the warship's Captain certifying its correctness.
"Based on these photographs, it would appear that the warship was unevenly loaded," one naval officer says. "The predominant weight was on the port side resulting in more weight being generated on the dock blocks which would have either shifted or given way, thus leading to the ship to turn turtle."
It is too early to say whether the 126-metre-long warship is a total write-off, naval officials say. That can only be decided after the ship is made upright in a massive salvage exercise. The Betwa will have to be lifted and canted over before the internal damage can be studied. A capsize of this nature could result in heavy internal damage, dislodgement of internal equipment and disturbance of the ship's centre of gravity.
A navy spokesperson said that the technical evaluation for making the ship upright is in progress and an inquiry has been ordered into the incident.
Two sailors were killed and a frontline naval warship was put out of action when the INS Betwa capsized in a dry dock in Mumbai yesterday. The INS Betwa, a 3800-tonne Brahmaputra class frigate was being undocked at the naval dockyard at about 1.50 pm on December 5 when it slipped off the dock blocks and keeled over in the dry dock.
REGULAR OCCURRENCE
The incident adds to the Navy's worrying record of losing warships in peacetime accidents. Since 2004, the navy has lost a submarine, a frigate and two corvettes in accidents. The most catastrophic of these was the August 14, 2013 loss of the INS Sindhurakshak which exploded and sank in the naval dockyard killing 18 crew members.
Yesterday's incident is the first of its kind in the Indian Navy's history. A near-miss occurred in 1998 when a Type 1500 submarine INS Shishumar listed during dry docking. The Shishumar did not topple but remained at a 17 degree list till the next high tide when she was refloated. "The incident occurred during a misalignment in the dock plan where two or three sets of the 16-odd dock blocks were displaced," one officer recalls.
A dry dock is a narrow basin which can be flooded and a ship brought in, then drained to allow the vessel to sit on a dry platform. This is called docking. Vessels that are docked are usually brought to rest on a series of 'dock blocks' or keel blocks. Vessels are dry docked to allow their underwater surfaces to be repaired and painted.
Docking and undocking of a ship is a precise plan called the 'dock plan' drawn out well in advance. Blocks are arranged in the dock prior to the docking based on the underwater profile of the ship.
DEDUCING THE REASON BEHIND THE ACCIDENT
"We will need to know the Betwa's dock plan. Also, did it happen when the ship lifted off the blocks and then due to some improper calculation of trim, the ship being heavier on the port side, pivoted off the blocks?" says a warship captain.
Loading and weight balance is a very elaborately done with the warship's Captain certifying its correctness.
"Based on these photographs, it would appear that the warship was unevenly loaded," one naval officer says. "The predominant weight was on the port side resulting in more weight being generated on the dock blocks which would have either shifted or given way, thus leading to the ship to turn turtle."
It is too early to say whether the 126-metre-long warship is a total write-off, naval officials say. That can only be decided after the ship is made upright in a massive salvage exercise. The Betwa will have to be lifted and canted over before the internal damage can be studied. A capsize of this nature could result in heavy internal damage, dislodgement of internal equipment and disturbance of the ship's centre of gravity.
A navy spokesperson said that the technical evaluation for making the ship upright is in progress and an inquiry has been ordered into the incident.
CRPF personnel in Jammu-Kashmir to get more bullet proof armour
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CRPF which was looking for better bullet proof armour, got a shot in the arm when Ministry of Home Affairs approved additional bullet proof vehicles and jackets for the force in insurgency hit Jammu and Kashmir.
The Union Minister of State for Home Affairs Hansraj Gangaram Ahir informed Lok Sabha that 292 light bullet proof vehicles and 309 medium bullet proof vehicles are available with the units engaged in security and counter terrorism operations in Jammu and Kashmir.
MHA has sanctioned purchase of 210 light bullet proof vehicles and 45 medium bullet proof vehicles.
Also, 30,677 assistant jackets have been provided to CRPF deployed in J-K.
Meanwhile the government has sanctioned procurement of 27,412 light bullet resistant jackets for CRPF however there is no decision to give out of turn promotion to CRPF personnel who displayed gallant action.
CRPF which was looking for better bullet proof armour, got a shot in the arm when Ministry of Home Affairs approved additional bullet proof vehicles and jackets for the force in insurgency hit Jammu and Kashmir.
The Union Minister of State for Home Affairs Hansraj Gangaram Ahir informed Lok Sabha that 292 light bullet proof vehicles and 309 medium bullet proof vehicles are available with the units engaged in security and counter terrorism operations in Jammu and Kashmir.
MHA has sanctioned purchase of 210 light bullet proof vehicles and 45 medium bullet proof vehicles.
Also, 30,677 assistant jackets have been provided to CRPF deployed in J-K.
Meanwhile the government has sanctioned procurement of 27,412 light bullet resistant jackets for CRPF however there is no decision to give out of turn promotion to CRPF personnel who displayed gallant action.
Agra: Potato farmers being forced to throw away their produce post demonetisation
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As the days are passing, the effects of Prime Minister Narendra Modi's demonetisation move ordered on November 8 are beginning to show in both urban and rural areas, especially farmers.
Agra produces over 8 percent of the country's total potato production and the bumper crop this year has created enormous stocks of potatoes on the farms since Diwali.
The farmers had been stocking these potatoes at the farms in hope that post-Diwali, the demand will spike, but the demonetisation move of PM Modi killed those hopes, forcing the farmers to throw their potato instead of stocking in the cold storages.
Ch. Bhagwan Singh of Shamshabad in Agra told India Today that this season, about 70 hectares of farmland was cultivated in Agra district. There are a total of 240 cold storages here that can store 4.5 crore packets of potatoes, but since there are no buyers of potatoes currently and the farmers could not pay the transporters to take the potatoes to other states for selling due to cash crunch, the cold storage owners were dumping the potatoes out of their units as the farmers were unable to pay them, so most farmers were no throwing away their produce.
Agra Cold Storage Owners Association Secretary Rajesh Goyal said that earlier, farmers used to take out their produce by 31st October, but this year, farmers didn't take out their stock till past Diwali hoping that the prices will rise and now they are not even getting paid the transportation costs due to cash crunch. All vegetable prices have fallen due to cash crisis.
Sabzi Mandi Commission Agents Union President Satendra Pal Singh said that most of the bulk trading in vegetables was done on credit and although the traders were facing some difficulty due to currency shortage, but it wasn't too grave and situation had already started normalizing.
He said that so far, about 40 lakh packets of potatoes are in cold storage and they need to be taken out or they will be useless after they start sprouting. The farmers are not in a condition to pay the storage rent and are not picking up their potatoes, which was causing the current crisis.
Social activist Mohammad Arif Advocate said that the anti-Modi lobby could get another chance to blame Modi for the plight of the farmers. Congress leaders are even distributing 5-5 kg potatoes free to the people and warning them against Modi.
As the days are passing, the effects of Prime Minister Narendra Modi's demonetisation move ordered on November 8 are beginning to show in both urban and rural areas, especially farmers.
Agra produces over 8 percent of the country's total potato production and the bumper crop this year has created enormous stocks of potatoes on the farms since Diwali.
The farmers had been stocking these potatoes at the farms in hope that post-Diwali, the demand will spike, but the demonetisation move of PM Modi killed those hopes, forcing the farmers to throw their potato instead of stocking in the cold storages.
Ch. Bhagwan Singh of Shamshabad in Agra told India Today that this season, about 70 hectares of farmland was cultivated in Agra district. There are a total of 240 cold storages here that can store 4.5 crore packets of potatoes, but since there are no buyers of potatoes currently and the farmers could not pay the transporters to take the potatoes to other states for selling due to cash crunch, the cold storage owners were dumping the potatoes out of their units as the farmers were unable to pay them, so most farmers were no throwing away their produce.
Agra Cold Storage Owners Association Secretary Rajesh Goyal said that earlier, farmers used to take out their produce by 31st October, but this year, farmers didn't take out their stock till past Diwali hoping that the prices will rise and now they are not even getting paid the transportation costs due to cash crunch. All vegetable prices have fallen due to cash crisis.
Sabzi Mandi Commission Agents Union President Satendra Pal Singh said that most of the bulk trading in vegetables was done on credit and although the traders were facing some difficulty due to currency shortage, but it wasn't too grave and situation had already started normalizing.
He said that so far, about 40 lakh packets of potatoes are in cold storage and they need to be taken out or they will be useless after they start sprouting. The farmers are not in a condition to pay the storage rent and are not picking up their potatoes, which was causing the current crisis.
Social activist Mohammad Arif Advocate said that the anti-Modi lobby could get another chance to blame Modi for the plight of the farmers. Congress leaders are even distributing 5-5 kg potatoes free to the people and warning them against Modi.
Business Affairs
Why RBI is likely to cut repo rate tomorrow
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The Reserve Bank of India monetary policy committee (MPC) is widely expected to cut repo rate and adopt a growth supportive stance on Wednesday. This will be RBI governor Urjit Patel's second monetary policy. We look at why RBI is expected to cut repo rate by 25 bps to a six-year lowin its bi-monthly monetary policy review.
Low inflation: Wholesale prices inflation fell for the second month in October as food articles, led by vegetables, saw softening of prices.
The WPI inflation fell to 3.39 per cent in October compared with 3.57 per cent in September. In October 2015, WPI inflation was (-) 3.70 per cent.
Retail inflation too eased for a third straight month in October. Retail inflation for the month came at 4.20 per cent, a 14 month-low compared to 4.31 percent on a month-on-month basis.
Demonetisation effect on earnings: The demonetisation move led to cash shortage across sectors of the economy. Analysts estimate that Q3 earnings of India Inc will take a hit due to the move.
Brokerage Motilal Oswal has measured the impcat of note ban move on corporate earnings.
"Against the current backdrop, we expect October-December quarter earnings to be impacted the most," Motilal Oswal said in report titled Demonetisation: Feedback from the Ground Zero.
Noting that with uncertainty surounding the duration of liquidity recalibration, it was difficult to quantify the earnings impact, the brokerage said, "post demonetisation, there were obvious downside risks to 2016-17 earnings estimates".
"We believe autos, FMCG, retail, consumer durables, mid-caps, cement, telecom and NBFCs could see earnings downgrades for 2016-17," it added.
Economic growth: Though the economy reported a healthy 7.3 per cent growth in the second quarter but economists paint a bleak picture of the note ban move on the growth outlook in the near term. According to estimates, the note ban will lead to downside risks to growth at least for the next two quarters. International agencies have lowered the GDP growth forecast on the demonetisation move.
Fitch Ratings lowered India's GDP growth forecast for this fiscal to 6.9 per cent from 7.4 per cent, saying there will be temporary disruptions to economic activity post demonetisation. It said economic activity will be hit in the October- December quarter because of the cash crunch created by withdrawal and replacement of 500 and 1000 rupee notes that accounted for 86 per cent of the value of currency in circulation.
Deutsche Bank in a report said: The country's real GDP growth is expected to slow to 6.5 per cent in the current fiscal on the likely impact of demonetisation, while muted inflation may open room for additional rate cuts. "We expect growth to be impacted adversely in the present and next quarters due to the government's temporary demonetisation initiative," the note said.
Goldman Sachs too slashed its forecast for GDP growth to 6.8% for the current fiscal.
Mumbai-based Ambit Capital has forecasted that GDP would grow only by a meagre 3.5% in the current fiscal. Deutsche Bank, too, cut its GDP growth forecast for India by 100 basis points to 6.5% in the current fiscal.
The note ban move led the services sector to contract in November - that too at sharpest rate in three years - as new orders fell for the first time since June 2015 though subdued inflationary pressure opened up room for RBI to lower rates, a monthly survey showed. The Nikkei India Services Purchasing Managers' Index (PMI), which tracks services sector companies on a monthly basis, stood at 46.7 in November, down from 54.5 in October.
A reading above 50 means the sector is expanding while a score below this mark signals contraction. The index has registered a contraction for the first time since June 2015 and marked the sharpest reduction in output in almost three years.
Low inflation: Wholesale prices inflation fell for the second month in October as food articles, led by vegetables, saw softening of prices.
The WPI inflation fell to 3.39 per cent in October compared with 3.57 per cent in September. In October 2015, WPI inflation was (-) 3.70 per cent.
Retail inflation too eased for a third straight month in October. Retail inflation for the month came at 4.20 per cent, a 14 month-low compared to 4.31 percent on a month-on-month basis.
Demonetisation effect on earnings: The demonetisation move led to cash shortage across sectors of the economy. Analysts estimate that Q3 earnings of India Inc will take a hit due to the move.
Brokerage Motilal Oswal has measured the impcat of note ban move on corporate earnings.
"Against the current backdrop, we expect October-December quarter earnings to be impacted the most," Motilal Oswal said in report titled Demonetisation: Feedback from the Ground Zero.
Noting that with uncertainty surounding the duration of liquidity recalibration, it was difficult to quantify the earnings impact, the brokerage said, "post demonetisation, there were obvious downside risks to 2016-17 earnings estimates".
"We believe autos, FMCG, retail, consumer durables, mid-caps, cement, telecom and NBFCs could see earnings downgrades for 2016-17," it added.
Economic growth: Though the economy reported a healthy 7.3 per cent growth in the second quarter but economists paint a bleak picture of the note ban move on the growth outlook in the near term. According to estimates, the note ban will lead to downside risks to growth at least for the next two quarters. International agencies have lowered the GDP growth forecast on the demonetisation move.
Fitch Ratings lowered India's GDP growth forecast for this fiscal to 6.9 per cent from 7.4 per cent, saying there will be temporary disruptions to economic activity post demonetisation. It said economic activity will be hit in the October- December quarter because of the cash crunch created by withdrawal and replacement of 500 and 1000 rupee notes that accounted for 86 per cent of the value of currency in circulation.
Deutsche Bank in a report said: The country's real GDP growth is expected to slow to 6.5 per cent in the current fiscal on the likely impact of demonetisation, while muted inflation may open room for additional rate cuts. "We expect growth to be impacted adversely in the present and next quarters due to the government's temporary demonetisation initiative," the note said.
Goldman Sachs too slashed its forecast for GDP growth to 6.8% for the current fiscal.
Mumbai-based Ambit Capital has forecasted that GDP would grow only by a meagre 3.5% in the current fiscal. Deutsche Bank, too, cut its GDP growth forecast for India by 100 basis points to 6.5% in the current fiscal.
The note ban move led the services sector to contract in November - that too at sharpest rate in three years - as new orders fell for the first time since June 2015 though subdued inflationary pressure opened up room for RBI to lower rates, a monthly survey showed. The Nikkei India Services Purchasing Managers' Index (PMI), which tracks services sector companies on a monthly basis, stood at 46.7 in November, down from 54.5 in October.
A reading above 50 means the sector is expanding while a score below this mark signals contraction. The index has registered a contraction for the first time since June 2015 and marked the sharpest reduction in output in almost three years.
RBI to issue new Rs 100 notes, old notes to remain legal tender
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The Reserve Bank of India on Tuesday announced that it will shortly issue new notes of Rs 100 denomination in the Mahatma Gandhi Series-2005 bearing the signature of RBI Governor Urjit Patel.
The new notes will be without inset letter in both the numbering panels and the year of printing '2016' will be printed on the reverse of the banknote, RBI said in a release.
"The design of these banknotes to be issued now is similar in all respects to the Rs 100 banknotes in Mahatma Gandhi Series- 2005 issued earlier having ascending size of numerals in the number panels, bleed lines, and enlarged identification mark, on the obverse," it added.
"All the banknotes in the denomination of Rs 100 issued by the Bank in the past will continue to be legal tender," RBI said.
The Reserve Bank of India on Tuesday announced that it will shortly issue new notes of Rs 100 denomination in the Mahatma Gandhi Series-2005 bearing the signature of RBI Governor Urjit Patel.
The new notes will be without inset letter in both the numbering panels and the year of printing '2016' will be printed on the reverse of the banknote, RBI said in a release.
"The design of these banknotes to be issued now is similar in all respects to the Rs 100 banknotes in Mahatma Gandhi Series- 2005 issued earlier having ascending size of numerals in the number panels, bleed lines, and enlarged identification mark, on the obverse," it added.
"All the banknotes in the denomination of Rs 100 issued by the Bank in the past will continue to be legal tender," RBI said.
Jio effect: Aircel offers 90 days free data, calls for Rs 148
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In a bid to match up with Reliance Jio's offers, Aircel on Tuesday launched 3 month unlimited free voice calls, data offer, with prices starting from Rs 148.
"Customers will enjoy free Aircel to Aircel (Local and STD) and also Free Aircel to others (local and STD with a free usage of 15,000 seconds (250 minutes) per month for three months with the first recharge of Rs 148," Aircel said.
The benefits will be available for customers in Delhi-NCR only.
In addition to the calling benefits, customers will get unlimited 2G data for one month with fair usage limited up to 500 megabyte. Besides, the customer will have to recharge for minimum Rs 50 in second and third month for any of the Aircel service to continue including call benefits.
Aircel Regional Manager - North, Harish Sharma, said: "More and more Indians are using mobile for calling (Voice) as well as surfing/sharing online (Internet/data). Aircel recognises the trend of customers becoming a multi-service user hence it becomes imperative to introduce fully loaded combo packs which is a solution to their evolving communication needs."
In a bid to match up with Reliance Jio's offers, Aircel on Tuesday launched 3 month unlimited free voice calls, data offer, with prices starting from Rs 148.
"Customers will enjoy free Aircel to Aircel (Local and STD) and also Free Aircel to others (local and STD with a free usage of 15,000 seconds (250 minutes) per month for three months with the first recharge of Rs 148," Aircel said.
The benefits will be available for customers in Delhi-NCR only.
In addition to the calling benefits, customers will get unlimited 2G data for one month with fair usage limited up to 500 megabyte. Besides, the customer will have to recharge for minimum Rs 50 in second and third month for any of the Aircel service to continue including call benefits.
Aircel Regional Manager - North, Harish Sharma, said: "More and more Indians are using mobile for calling (Voice) as well as surfing/sharing online (Internet/data). Aircel recognises the trend of customers becoming a multi-service user hence it becomes imperative to introduce fully loaded combo packs which is a solution to their evolving communication needs."
Sensex closes higher on global cues; RBI policy tomorrow
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The market closed in green on Tuesday amid Asian stocks closing higher and RBI rate cut hopes aiding sentiment.
While the S&P BSE Sensex ended the day at 26,392.76, up 43.66 points, the broader Nifty closed at 8,143.15, up 14.40 points.
The Sensex traded in a range of 26,356 and 26,502 level through the day.
The index lost almost 100 points during the last hour of trade.
Among the gainers, HDFC and Tata Steel were the top performers up 2.07 per cent and 1.16 per cent respectively.
While Hindustan Unilever and Maruti were the poorest performers of the day losing 1.24 per cent and 1.20 per cent respectively.
The Nifty IT Index rose over 1 per cent today after it fell 2.5 per cent in the last three days.
Asian stocks
The Asian markets posted a two-week rise with the Shanghai Composite closing flat, the Hang Seng Index ending the day 169 points higher and the Japan's Nikkei Index gaining over 85 points.
MSCI's broadest index of Asia-Pacific shares outside Japan bounced 0.7 percent, its biggest daily rise since Nov 22, breaking two days of falls.
The market closed in green on Tuesday amid Asian stocks closing higher and RBI rate cut hopes aiding sentiment.
While the S&P BSE Sensex ended the day at 26,392.76, up 43.66 points, the broader Nifty closed at 8,143.15, up 14.40 points.
The Sensex traded in a range of 26,356 and 26,502 level through the day.
The index lost almost 100 points during the last hour of trade.
Among the gainers, HDFC and Tata Steel were the top performers up 2.07 per cent and 1.16 per cent respectively.
While Hindustan Unilever and Maruti were the poorest performers of the day losing 1.24 per cent and 1.20 per cent respectively.
The Nifty IT Index rose over 1 per cent today after it fell 2.5 per cent in the last three days.
Asian stocks
The Asian markets posted a two-week rise with the Shanghai Composite closing flat, the Hang Seng Index ending the day 169 points higher and the Japan's Nikkei Index gaining over 85 points.
The Asian markets posted a two-week rise with the Shanghai Composite closing flat, the Hang Seng Index ending the day 169 points higher and the Japan's Nikkei Index gaining over 85 points.
MSCI's broadest index of Asia-Pacific shares outside Japan bounced 0.7 percent, its biggest daily rise since Nov 22, breaking two days of falls.
With 67.4 kg gold vanishing from its vaults: Customs asked to sell confiscated gold
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Revenue department has asked Customs to take "urgent steps" to dispose confiscated gold while permitting the department to utilise the services of public sector banks, MMTC and STC, to sell the seized metal.
The government had informed Parliament that 67.4 kg gold was misplaced from the vaults of Customs department at the Indira Gandhi International Airport this fiscal.
"In addition to the SBI, the sale of seized/confiscated gold found ripe for disposal can be routed through all public sector banks (approved by RBI to import and sell gold), MMTC and STC," the Central Board of Customs and Excise (CBEC) said in a communication to its top officials.
The Board also "desired that all Custom Houses should take urgent steps to dispose of seized/ confiscated gold..."
Earlier, the Customs was allowed to sell the confiscated gold only through the banking behemoth State Bank of India.
The guidelines for sale of such gold was revised last in August 2005.
The sale price, irrespective of the form of gold, is based on the closing market price of the previous day. The banks cannot levy any commission on the Customs Department. However, all out of pocket expenses incurred by the banks would be deductible. As per the guidelines, the bank concerned will have to take physical delivery of the gold from the Customs warehouse/ office against a suitable acknowledgement.
Forty-seven cases of disappearance of gold were reported from IGI Airport having a total quantity of 67.40 kg between April and October 2016.
In the last three years (2013-14 to 2015-16), 12 cases of disappearance of gold from vaults of Customs department at New Delhi, Mumbai and Trichy Airports were detected. The total quantity involved in the same was 65.39 kg.
The government had informed Parliament that 67.4 kg gold was misplaced from the vaults of Customs department at the Indira Gandhi International Airport this fiscal.
"In addition to the SBI, the sale of seized/confiscated gold found ripe for disposal can be routed through all public sector banks (approved by RBI to import and sell gold), MMTC and STC," the Central Board of Customs and Excise (CBEC) said in a communication to its top officials.
The Board also "desired that all Custom Houses should take urgent steps to dispose of seized/ confiscated gold..."
Earlier, the Customs was allowed to sell the confiscated gold only through the banking behemoth State Bank of India.
The guidelines for sale of such gold was revised last in August 2005.
The sale price, irrespective of the form of gold, is based on the closing market price of the previous day. The banks cannot levy any commission on the Customs Department. However, all out of pocket expenses incurred by the banks would be deductible. As per the guidelines, the bank concerned will have to take physical delivery of the gold from the Customs warehouse/ office against a suitable acknowledgement.
Forty-seven cases of disappearance of gold were reported from IGI Airport having a total quantity of 67.40 kg between April and October 2016.
In the last three years (2013-14 to 2015-16), 12 cases of disappearance of gold from vaults of Customs department at New Delhi, Mumbai and Trichy Airports were detected. The total quantity involved in the same was 65.39 kg.
General Awareness
6th Heart of Asia Ministerial Conference held in Amristar
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The 6th Heart of Asia Ministerial Conference was jointly inaugurated by the Prime Minister Narendra Modi and Afghan President Ashraf Ghani in Amritsar, Punjab on December 4, 2016.
- The theme for this year’s conference is ‘Addressing Challenges, Achieving Prosperity’.
- Sixth Ministerial Conference of the Heart of Asia — Istanbul Process (HoA-IP)was attended by 14 partner countries and more than 30 supporting countries and international organisations.
- The main focus of the conference was peace, cooperation and economic development in Afghanistan.
1.Peace: Countering terrorism to create stability in Afghanistan,
2.Cooperation: Providing Afghanistan connectivity to strengthen economic activities and
3.Economic Development: The development which is essential for the progress of Afghanistan.
Heart of Asia conference adopts ‘Amritsar Declaration’
The Sixth Ministerial Conference on Heart of Asia- Istanbul process of Afghanistan adopted the Amritsar declaration, on December 4, 2016, which puts focus on the concerned countries to address terrorism and enhancing regional economic cooperation.
Important Highlights of the Declaration
- The declaration recognizes terrorism as the biggest threat to peace and security and demands immediate end to all forms of terrorism and all kinds of financial and security support given to terrorists.
- The conference expressed concern over violence caused in Afghanistan and the region by terrorists groups like Al Qaeda,Daesh, Lashkar-e-Toiba and Jaish-e-Mohammed and the Haqqani Network.
- The declaration states the urgency to respond to the nexus between drug menace and its financial support for terrorist entities in Afghanistan.
- The Amritsar declaration also demanded early Finalisation of the draft comprehensive convention on international terrorism.
- The declaration states the welcoming of the agreements between the international community and Afghanistan for continued financial support to the Afghanistan National Defence and Security Forces (ANDSF) until 2020.
- The Declaration reiterated strong support from Heart of Asia countries for use of Afghanistan’s location to enhance wider and regional economic cooperation.
- Specific initiatives including Iran-India-Afghanistan trilateral agreement on developing Chabahar were acknowledged.
- The declaration welcomes the MOU on Jointly Building the Silk Road Economic Belt and the 21st Century Maritime Silk Road between China and Afghanistan.
About Heart of Asia – Istanbul Process
- The Heart of Asia – Istanbul Process (HoA-IP) was established in 2011 to provide a platform to discuss regional issues, particularly encouraging security, political, and economic cooperation among Afghanistan and its neighbors.
- This region-led dialogue was launched to expand practical coordination between Afghanistan and its neighbors and regional partners in facing common threats, including counterterrorism, counternarcotics, poverty, and extremism.
The 6th Heart of Asia Ministerial Conference was jointly inaugurated by the Prime Minister Narendra Modi and Afghan President Ashraf Ghani in Amritsar, Punjab on December 4, 2016.
- The theme for this year’s conference is ‘Addressing Challenges, Achieving Prosperity’.
- Sixth Ministerial Conference of the Heart of Asia — Istanbul Process (HoA-IP)was attended by 14 partner countries and more than 30 supporting countries and international organisations.
- The main focus of the conference was peace, cooperation and economic development in Afghanistan.
1.Peace: Countering terrorism to create stability in Afghanistan,
2.Cooperation: Providing Afghanistan connectivity to strengthen economic activities and
3.Economic Development: The development which is essential for the progress of Afghanistan.
Heart of Asia conference adopts ‘Amritsar Declaration’
The Sixth Ministerial Conference on Heart of Asia- Istanbul process of Afghanistan adopted the Amritsar declaration, on December 4, 2016, which puts focus on the concerned countries to address terrorism and enhancing regional economic cooperation.
Important Highlights of the Declaration
- The declaration recognizes terrorism as the biggest threat to peace and security and demands immediate end to all forms of terrorism and all kinds of financial and security support given to terrorists.
- The conference expressed concern over violence caused in Afghanistan and the region by terrorists groups like Al Qaeda,Daesh, Lashkar-e-Toiba and Jaish-e-Mohammed and the Haqqani Network.
- The declaration states the urgency to respond to the nexus between drug menace and its financial support for terrorist entities in Afghanistan.
- The Amritsar declaration also demanded early Finalisation of the draft comprehensive convention on international terrorism.
- The declaration states the welcoming of the agreements between the international community and Afghanistan for continued financial support to the Afghanistan National Defence and Security Forces (ANDSF) until 2020.
- The Declaration reiterated strong support from Heart of Asia countries for use of Afghanistan’s location to enhance wider and regional economic cooperation.
- Specific initiatives including Iran-India-Afghanistan trilateral agreement on developing Chabahar were acknowledged.
- The declaration welcomes the MOU on Jointly Building the Silk Road Economic Belt and the 21st Century Maritime Silk Road between China and Afghanistan.
About Heart of Asia – Istanbul Process
- The Heart of Asia – Istanbul Process (HoA-IP) was established in 2011 to provide a platform to discuss regional issues, particularly encouraging security, political, and economic cooperation among Afghanistan and its neighbors.
- This region-led dialogue was launched to expand practical coordination between Afghanistan and its neighbors and regional partners in facing common threats, including counterterrorism, counternarcotics, poverty, and extremism.
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