General Affairs
Coming soon: Plastic Rs 10 notes. Last long, cleaner; trial in 5 cities
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Government on Friday informed Parliament that a decision has been taken to print plastic currency notes and procurement of material has started.
"It has been decided to print banknotes based on plastic or polymer substrate. The process of procurement has been initiated," Minister of State for Finance Arjun Ram Meghwal said in a written reply in Lok Sabha to a query whether RBI proposes to print plastic currency notes in place of paper ones.
The Reserve Bank for long has been planning to launch plastic currency note after field trials.
In February 2014, the government had informed Parliament that one billion plastic notes of Rs 10 denomination would be introduced in a field trial in five cities selected for their geographical and climatic diversity. The selected cities were Kochi, Mysore, Jaipur, Shimla and Bhubaneswar.
Plastic notes have an average life span of about five years and are difficult to imitate. Also, currency notes made of plastic are cleaner than paper ones. Such notes were first introduced in Australia to safeguard against counterfeiting.
Replying to another question, Meghwal said it was informed by RBI in December 2015 that they have received some banknotes of Rs 1,000 without having security thread which were printed at Currency Note Press (CNP), Nashik, on paper supplied by Security Paper Mill (SPM), Hoshangabad.
An enquiry has been initiated by Security Printing and Minting Corporation (SPMCIL) and the units involved (SPM and CNP).
"Major penalty chargesheet has been issued to the personnel concerned. Disciplinary proceedings have been initiated as per departmental rules," the minister said.
Meghwal further said action has been taken to strengthen quality procedure and online inspection system in manufacturing process and special training has been given to the persons concerned to avoid such types of mistakes in future.
"It has been decided to print banknotes based on plastic or polymer substrate. The process of procurement has been initiated," Minister of State for Finance Arjun Ram Meghwal said in a written reply in Lok Sabha to a query whether RBI proposes to print plastic currency notes in place of paper ones.
The Reserve Bank for long has been planning to launch plastic currency note after field trials.
In February 2014, the government had informed Parliament that one billion plastic notes of Rs 10 denomination would be introduced in a field trial in five cities selected for their geographical and climatic diversity. The selected cities were Kochi, Mysore, Jaipur, Shimla and Bhubaneswar.
Plastic notes have an average life span of about five years and are difficult to imitate. Also, currency notes made of plastic are cleaner than paper ones. Such notes were first introduced in Australia to safeguard against counterfeiting.
Replying to another question, Meghwal said it was informed by RBI in December 2015 that they have received some banknotes of Rs 1,000 without having security thread which were printed at Currency Note Press (CNP), Nashik, on paper supplied by Security Paper Mill (SPM), Hoshangabad.
An enquiry has been initiated by Security Printing and Minting Corporation (SPMCIL) and the units involved (SPM and CNP).
"Major penalty chargesheet has been issued to the personnel concerned. Disciplinary proceedings have been initiated as per departmental rules," the minister said.
Meghwal further said action has been taken to strengthen quality procedure and online inspection system in manufacturing process and special training has been given to the persons concerned to avoid such types of mistakes in future.
Former Air Force chief SP Tyagi, 2 others arrested by CBI in AgustaWestland VVIP choppers deal case
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Former Indian Air Force chief SP Tyagi has been arrested by the CBI on charges of corruption in the Rs 3600-crore AgustaWestland helicopters deal case.
Delhi-based lawyer Gautam Khaitan and middleman Sanjeev Tyagi alias Julie Tyagi have also been arrested by the central probe agency.
The CBI said all the three have been arrested over allegations of accepting illegal gratification for exercising influence through corrupt and or illegal means.
"All the three accused have been arrested under Section 120B, Section 420 IPC and the Prevention of Corruption Act, 1988. They were called for questioning at the CBI headquarters," the agency said in a statement.
The CBI said its probe revealed that undue favours were shown to AgustaWestland Ltd, which accepted illegal vendors through middlemen including Sanjeev Tyagi, who is a relative of SP Tyagi.
As per the sources, SP Tyagi has been arrested on the charges of entering into criminal conspiracy to tailor the altitude requirements for VVIP choppers with an intention of qualifying AgustaWestland for the bid.
He allegedly conspired with his cousin brothers to alter the altitude from 6,000 to 4,500 meters. This happened when he was slated to become the next Air Chief.
His cousin Sanjeev Tyagi and advocate Gautam Khaitan have been arrested for accepting and channelising funds for illegal gratification in order to win Rs 3,500 crore contract for supplying 12 AW 101 VVIP helicopters.
Tyagi, his cousins Sanjeev, Rajiv and Sandeep and 10 others, including some European middlemen, were named in an FIR which the Central Bureau of Investigation had lodged in March 2013.
WHAT IS AGUSTAWESTLAND CHOPPER CASE?
The Agusta-Westland chopper deal scam refers Rs 360 crore allegedly paid as kickbacks by Finmeccanica, the parent firm of AgustaWestland, to clinch the deal for 12 VVIP helicopters for the Indian Air Force.
The payments were made in the "guise of" transactions for performing multiple work contracts in the country.
Tyagi was the Indian Air Force chief between 2005-07 when the VVIP chopper deal was being processed by the air force headquarters.
The Enforcement Directorate had lodged a case in July 2014 against SP Tyagi, businessman Gautam Khaitan, his wife Ritu, three Italian middlemen -- Christian Michel James, Guido Ralph Haschke and Carlo Gerosa -- and 13 others in the case.
Following the money trail, the agency discovered that Khaitan along with two middlemen Gerosa and Haschke were paid 28 million euro by AgustaWestland through IDS Tunisia.
THE CASE SO FAR
Earlier this year, an Italian court hearing the case had said there was "reasonable belief that corruption took place" in AgustaWestland deal for VVIP choppers in 2010 and that Tyagi was involved in it.
On April 8, the Milan Court of Appeals - equivalent to an Indian High Court - had ruled that the Agusta-Westland contract involved payoffs to Indian officials.
Overturning a lower court judgment that said corruption could not be proved, the court of appeals found Giuseppe Orsi, the powerful former chief of Finmeccanica, and Bruno Spagnolini - who headed chopper division AgustaWestland - guilty of international corruption and money laundering.
In its detailed order, the Italian court said payments in cash as well as through wire transfers were made to the Tyagi family - three of the former air chief's cousins - and a part of them were destined for the officer himself.
Former Indian Air Force chief SP Tyagi has been arrested by the CBI on charges of corruption in the Rs 3600-crore AgustaWestland helicopters deal case.
Delhi-based lawyer Gautam Khaitan and middleman Sanjeev Tyagi alias Julie Tyagi have also been arrested by the central probe agency.
The CBI said all the three have been arrested over allegations of accepting illegal gratification for exercising influence through corrupt and or illegal means.
"All the three accused have been arrested under Section 120B, Section 420 IPC and the Prevention of Corruption Act, 1988. They were called for questioning at the CBI headquarters," the agency said in a statement.
The CBI said its probe revealed that undue favours were shown to AgustaWestland Ltd, which accepted illegal vendors through middlemen including Sanjeev Tyagi, who is a relative of SP Tyagi.
As per the sources, SP Tyagi has been arrested on the charges of entering into criminal conspiracy to tailor the altitude requirements for VVIP choppers with an intention of qualifying AgustaWestland for the bid.
He allegedly conspired with his cousin brothers to alter the altitude from 6,000 to 4,500 meters. This happened when he was slated to become the next Air Chief.
His cousin Sanjeev Tyagi and advocate Gautam Khaitan have been arrested for accepting and channelising funds for illegal gratification in order to win Rs 3,500 crore contract for supplying 12 AW 101 VVIP helicopters.
Tyagi, his cousins Sanjeev, Rajiv and Sandeep and 10 others, including some European middlemen, were named in an FIR which the Central Bureau of Investigation had lodged in March 2013.
WHAT IS AGUSTAWESTLAND CHOPPER CASE?
The Agusta-Westland chopper deal scam refers Rs 360 crore allegedly paid as kickbacks by Finmeccanica, the parent firm of AgustaWestland, to clinch the deal for 12 VVIP helicopters for the Indian Air Force.
The payments were made in the "guise of" transactions for performing multiple work contracts in the country.
Tyagi was the Indian Air Force chief between 2005-07 when the VVIP chopper deal was being processed by the air force headquarters.
The Enforcement Directorate had lodged a case in July 2014 against SP Tyagi, businessman Gautam Khaitan, his wife Ritu, three Italian middlemen -- Christian Michel James, Guido Ralph Haschke and Carlo Gerosa -- and 13 others in the case.
Following the money trail, the agency discovered that Khaitan along with two middlemen Gerosa and Haschke were paid 28 million euro by AgustaWestland through IDS Tunisia.
THE CASE SO FAR
Earlier this year, an Italian court hearing the case had said there was "reasonable belief that corruption took place" in AgustaWestland deal for VVIP choppers in 2010 and that Tyagi was involved in it.
On April 8, the Milan Court of Appeals - equivalent to an Indian High Court - had ruled that the Agusta-Westland contract involved payoffs to Indian officials.
Overturning a lower court judgment that said corruption could not be proved, the court of appeals found Giuseppe Orsi, the powerful former chief of Finmeccanica, and Bruno Spagnolini - who headed chopper division AgustaWestland - guilty of international corruption and money laundering.
In its detailed order, the Italian court said payments in cash as well as through wire transfers were made to the Tyagi family - three of the former air chief's cousins - and a part of them were destined for the officer himself.
Future of GST bill uncertain as Parliament Winter Session nears end
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Parliament today announced a long weekend for its members. Both Houses will now meet only on Wednesday and the session will wrap up by next Friday.
With virtually no business being transacted in either House, since the commencement of the Winter session on November 16, the chances of any legislations being passed in the final three days appear bleak.
Three crucial legislations related to the Goods and Services Tax Bill are currently awaiting Parliament's approval, so that roll-out of the new tax regime can be a reality by April 1, 2017. But before reaching the doorsteps of Parliament, they need a crucial nod from the GST Council. And that is where the glitch is.
The GST Council so far has been unable to move forward on these legislations in the wake of the states and the Centre reaching no consensus on the latter's insistence on a dual tax regime under GST. Five Council meetings have yielded no results. The sixth time the Council is to meet is on December 11 and 12. If the GST related legislations are to become a reality then this meeting has to see a breakthrough. Given the adamant stand of some states like Kerala and West Bengal, that looks highly unlikely.
Even if miraculously, the states and the Centre see eye to eye in this final meeting before close of Parliament session, the government will have to push them through Lok Sabha in the form of Money Bills. With the demonetisation debate holding up work in Parliament for 18 days, and the ego tussle threatening to consume even the last three days, there is a slim chance the government will find that easy.
This will derail the implementation of GST. Given the groundwork that needs to be done ahead of roll-out, a breakthrough in the upcoming budget session next year will only add pressure on the government in terms of a tight deadline.
It is true that a window for implementation exists until September 16, 2017, after which the Constitutional Amendment moved by the Centre and ratified by the states becomes invalid, a missed deadline (April 1, 2017) would still be a loss of face for the Centre and the BJP.
With virtually no business being transacted in either House, since the commencement of the Winter session on November 16, the chances of any legislations being passed in the final three days appear bleak.
Three crucial legislations related to the Goods and Services Tax Bill are currently awaiting Parliament's approval, so that roll-out of the new tax regime can be a reality by April 1, 2017. But before reaching the doorsteps of Parliament, they need a crucial nod from the GST Council. And that is where the glitch is.
The GST Council so far has been unable to move forward on these legislations in the wake of the states and the Centre reaching no consensus on the latter's insistence on a dual tax regime under GST. Five Council meetings have yielded no results. The sixth time the Council is to meet is on December 11 and 12. If the GST related legislations are to become a reality then this meeting has to see a breakthrough. Given the adamant stand of some states like Kerala and West Bengal, that looks highly unlikely.
Even if miraculously, the states and the Centre see eye to eye in this final meeting before close of Parliament session, the government will have to push them through Lok Sabha in the form of Money Bills. With the demonetisation debate holding up work in Parliament for 18 days, and the ego tussle threatening to consume even the last three days, there is a slim chance the government will find that easy.
This will derail the implementation of GST. Given the groundwork that needs to be done ahead of roll-out, a breakthrough in the upcoming budget session next year will only add pressure on the government in terms of a tight deadline.
It is true that a window for implementation exists until September 16, 2017, after which the Constitutional Amendment moved by the Centre and ratified by the states becomes invalid, a missed deadline (April 1, 2017) would still be a loss of face for the Centre and the BJP.
On national anthem verdict, Supreme Court clarifies: Disabled need not stand up
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Ten days after its controversial order mandating the national anthem in cinemas, the Supreme Court today issued a clarification: differently-abled persons need not stand up.
Justice Dipak Misra today said that the differently-abled persons have exemption from standing while the national anthem is played in theatres before the start of a film.
On November 30, the apex court had made it mandatory for patrons in a theatre to stand up when the anthem is played.
It had also asked the cinema halls to display an image of the tricolour on the screen when the anthem is played.
The apex court further clarified that the doors of the theatre should be closed while the anthem plays, but need not be bolted.
A number of safety experts had raised questions over the earlier ruling that mandated closing of doors during the national anthem.
Ten days after its controversial order mandating the national anthem in cinemas, the Supreme Court today issued a clarification: differently-abled persons need not stand up.
Justice Dipak Misra today said that the differently-abled persons have exemption from standing while the national anthem is played in theatres before the start of a film.
On November 30, the apex court had made it mandatory for patrons in a theatre to stand up when the anthem is played.
It had also asked the cinema halls to display an image of the tricolour on the screen when the anthem is played.
The apex court further clarified that the doors of the theatre should be closed while the anthem plays, but need not be bolted.
A number of safety experts had raised questions over the earlier ruling that mandated closing of doors during the national anthem.
7 new districts formed in Manipur amid opposition by Nagas
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Manipur has now become a 16-district state, after 7 new districts were formed by dividing the 9 existing ones.
The newly-created districts are Tengnoupal, bifurcated from Channel district, Kampong from Ukhrul, Pherzawl from Churachandpur, Kangpokpi from Senapati and Jiribam from Imphal East districts. The deputy commissioners and Superintendents of Police of the newly-created districts have also been posted.
The creation of these districts comes in the wake of the ongoing indefinite economic blockade enforced by the United Naga Council (UNC), protesting against the creation of two districts, Sadar and Jiribam, alleging that the new districts would encroach the ancestral land of the Nagas.
The state government denies the charge, stating that the move was purely aimed for administrative convenience and with no ulterior motives.
CM BACKS DECISION
Chief Minister Okram Ibobi Singh has been himself in favour of the decision and at the helm of affairs of all meetings in the past held on the issue.
TN Haokip as Manipur PCC chief "For people residing in Sadar Hills, the news of the creation of Kangpokpi district is a long-cherished dream having come true. The people of Kangpokpi ecstatically danced all night, on the national highway that runs through Kangpokpi," said Kamboi, a Kangpokpi-based journalist.
For the residents of Sadar Hills, the creation of the new district comes after a long struggle and at the cost of 7 lives lost during the agitation for the same.
After the announcement, people remain anxious as they are not ruling out the possibility of repercussions from the UNC that has spearheaded the agitation against the move, on the pretext that new district borders have divided the ancestral Naga areas.
NAGA DOCTOR WELCOMES MOVE
Meanwhile, a Naga doctor working in the state's health directorate has welcomed the government's move and said that it is good for all if it is done for administrative convenience.
"I welcome it. The people of the state will benefit from this. However, people may react adversely if the regions are not demarcated sensitively, even if it's for achieving administrative convenience. Ironically, if seen purely from an administrative point of view, the state needs to reorganise all its districts," said the doctor.
While the masses have accepted the creation of the districts, there are chances that those opposing the move could create problems to the already strife-torn state, which is reeling under the ongoing economic blockade for the past 38 days.
Manipur has now become a 16-district state, after 7 new districts were formed by dividing the 9 existing ones.
The newly-created districts are Tengnoupal, bifurcated from Channel district, Kampong from Ukhrul, Pherzawl from Churachandpur, Kangpokpi from Senapati and Jiribam from Imphal East districts. The deputy commissioners and Superintendents of Police of the newly-created districts have also been posted.
The creation of these districts comes in the wake of the ongoing indefinite economic blockade enforced by the United Naga Council (UNC), protesting against the creation of two districts, Sadar and Jiribam, alleging that the new districts would encroach the ancestral land of the Nagas.
The state government denies the charge, stating that the move was purely aimed for administrative convenience and with no ulterior motives.
The state government denies the charge, stating that the move was purely aimed for administrative convenience and with no ulterior motives.
CM BACKS DECISION
Chief Minister Okram Ibobi Singh has been himself in favour of the decision and at the helm of affairs of all meetings in the past held on the issue.
TN Haokip as Manipur PCC chief "For people residing in Sadar Hills, the news of the creation of Kangpokpi district is a long-cherished dream having come true. The people of Kangpokpi ecstatically danced all night, on the national highway that runs through Kangpokpi," said Kamboi, a Kangpokpi-based journalist.
For the residents of Sadar Hills, the creation of the new district comes after a long struggle and at the cost of 7 lives lost during the agitation for the same.
After the announcement, people remain anxious as they are not ruling out the possibility of repercussions from the UNC that has spearheaded the agitation against the move, on the pretext that new district borders have divided the ancestral Naga areas.
NAGA DOCTOR WELCOMES MOVE
Meanwhile, a Naga doctor working in the state's health directorate has welcomed the government's move and said that it is good for all if it is done for administrative convenience.
"I welcome it. The people of the state will benefit from this. However, people may react adversely if the regions are not demarcated sensitively, even if it's for achieving administrative convenience. Ironically, if seen purely from an administrative point of view, the state needs to reorganise all its districts," said the doctor.
While the masses have accepted the creation of the districts, there are chances that those opposing the move could create problems to the already strife-torn state, which is reeling under the ongoing economic blockade for the past 38 days.
Business Affairs
Here are the most expensive stocks on D-Street
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A motor bike or a single share of a company - take your pick. That's right, a stock can cost you as much as a bike. We conducted a study using data from Ace Equity to find out most expensive stocks among listed companies and picked those with share price over 10,000 rupees. We got six such stocks namely, MRF Ltd, Eicher Motors, Bosch Ltd., Shree Cement, Page Industries and 3M India.
MRF is the most expensive stock in terms of share price. Both MRF Ltd. and Eicher Motors are leaders in their segments. One share of Eicher Ltd. was worth Rs. 377 ten years ago and rose to become the second costliest stock among listed companies today.
Bosch Ltd. has more than tripled its share price in last five years. It is a Bengaluru based supplier of technology and offers services in the areas of mobility solutions, industry, consumer goods and energy. Bosch Ltd. has the highest market cap among these stocks. 3M India is the smallest one with market capitalization of Rs 12,390 crore.
All the six stocks have performed tremendously and created wealth for their investors over long term. Eicher Motors has beaten all others with over 6000 per cent 10 year absolute return.
Page Industries tops the list with highest net profit to revenues figure. Net profit margin shows how much of each rupee collected by the company as revenue turns into profit.
Data for 2016/03
Return on capital employed is a great measure to find out how well the company is utilizing the resources available. Eicher Motors has the highest ROCE among the six costliest stocks.
Data for 2016/03
Shree Cement, the fourth expensive stock stands last both in terms of net profit margin and return on capital employed.
A motor bike or a single share of a company - take your pick. That's right, a stock can cost you as much as a bike. We conducted a study using data from Ace Equity to find out most expensive stocks among listed companies and picked those with share price over 10,000 rupees. We got six such stocks namely, MRF Ltd, Eicher Motors, Bosch Ltd., Shree Cement, Page Industries and 3M India.
MRF is the most expensive stock in terms of share price. Both MRF Ltd. and Eicher Motors are leaders in their segments. One share of Eicher Ltd. was worth Rs. 377 ten years ago and rose to become the second costliest stock among listed companies today.
Bosch Ltd. has more than tripled its share price in last five years. It is a Bengaluru based supplier of technology and offers services in the areas of mobility solutions, industry, consumer goods and energy. Bosch Ltd. has the highest market cap among these stocks. 3M India is the smallest one with market capitalization of Rs 12,390 crore.
All the six stocks have performed tremendously and created wealth for their investors over long term. Eicher Motors has beaten all others with over 6000 per cent 10 year absolute return.
Page Industries tops the list with highest net profit to revenues figure. Net profit margin shows how much of each rupee collected by the company as revenue turns into profit.
Data for 2016/03
Return on capital employed is a great measure to find out how well the company is utilizing the resources available. Eicher Motors has the highest ROCE among the six costliest stocks.
Data for 2016/03
Shree Cement, the fourth expensive stock stands last both in terms of net profit margin and return on capital employed.
I-T raids Axis Bank again; finds Rs 450 crore deposited in 15 fake accounts
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In yet another raid on Axis Bank, the Income Tax department found Rs 450 crore deposited in 15 fake accounts at the bank's Chandi Chowk branch in New Delhi.
According to reports, I-T sleuths identified at least 15 fake bank accounts. "Rs 100 crore in old notes were deposited in these accounts since November 8," an I-T official reportedly said.
A total Rs 450 crores have been deposited in the branch since the demonetisation was announced, the officials said.
After demonetisation, this is the second time Income Tax has conducted a raid on Axis Bank.
Earlier in November, I-T officials had caught two people with Rs 3.5 crore in new currency. These people admitted that they converted money with the help of two of the bank managers.
Last week, Axis Bank had suspended its 19 officials who were allegedly involved in illegal activity post demonetisation.
In yet another raid on Axis Bank, the Income Tax department found Rs 450 crore deposited in 15 fake accounts at the bank's Chandi Chowk branch in New Delhi.
According to reports, I-T sleuths identified at least 15 fake bank accounts. "Rs 100 crore in old notes were deposited in these accounts since November 8," an I-T official reportedly said.
A total Rs 450 crores have been deposited in the branch since the demonetisation was announced, the officials said.
After demonetisation, this is the second time Income Tax has conducted a raid on Axis Bank.
Earlier in November, I-T officials had caught two people with Rs 3.5 crore in new currency. These people admitted that they converted money with the help of two of the bank managers.
Last week, Axis Bank had suspended its 19 officials who were allegedly involved in illegal activity post demonetisation.
Demonetisation: India's scrapped notes can take you from Chandni Chowk to China
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he last 30 days have been a blazing blur of heated debates, economic punditry, winding ATM queues, furious swiping of cards and the fading colour of cash. While the talk around one of the world's most radical financial moves will likely go on for years, Mail Today presents some fascinating numbers & factoids it has thrown up.
- 3,480 km: Roughly the distance between Delhi and Beijing, Chandni Chowk and China. That is what you get when you physically stack up the dead currency - 16.5 billion Rs 500 notes and 6.7 billion Rs 1,000 notes in circulation when demonetisation was announced.
- Rs 13,860 crore: Maximum unaccounted wealth declared by Ahmedabad-based realtor Mahesh Shah who claimed he was just a face for money belonging to others. The 67-year-old said he did not have any black money. The claim by Mumbai's Razzaque family of Rs 2 lakh crore has been prima facie brushed aside by the authorities.
- Rs 31,000 crore: Deposited in Jan Dhan accounts in the first 13 days of demonetisation. This forced the government to announce drastic measures such as bringing misuse of these accounts under Benami Transactions Act, which allows for confiscation of the money and jail up to 7 years. Deposits decelerated to Rs 4,867 crore from November 23-30.
- 30 per cent: Estimated drop in real estate prices. This may reflect the success of the war against black money as the realty sector had become notorious for parking illicit cash.With this black money component being wiped out, homes are expected to get cheaper.
- Rs 400 crore: Estimated counterfeit currency in circulation before November 8 - or just 0.028 per cent of the demonetised currency - according to the Indian Statistical Institute, Kolkata.
- Rs 30L crore: Size of India's black economy, according to World Bank estimates. This is roughly 20 per cent of the country's GDP in 2015.
- 70 per cent: Of the black assets, or Rs 4.8 lakh crore, is estimated to be parked overseas, leaving approximately Rs 2 lakh crore in the country, of which 5 per cent to 6 per cent are held in cash (data compiled from Income Tax raids).
- 400Cases in which the Income Tax department has carried out swift investigation since November 8. Concerted action is being taken by the department, ED and the CBI in detecting mischief.
- 15 per cent: Transactions at Mother Dairy have gone digital, up from the sleepy 5 per cent. As many as 75 per cent of digital transactions are done through Smart Change Card and Rs 10 per month is a nominal charge on the transactions done through SBI smart card. Mother Dairy expects digital transactions will rise to 25-30% next month.
- 50: Number of bank branches under the Enforcement Directorate scanner for suspicious deposits. A special eye has been kept on student accounts, dormant ones and Jan Dhan accounts to detect money laundering and hawala instances through these channels.
- Rs 20 lakh: The amount for which a Rajasthan woman's family wanted to sell her off. She managed to escape as the buyers couldn't arrange so much cash.
- 115 Number of deaths: The Opposition claims because of demonetisation. BJP's rivals say most of these deaths happened when the old, ill and the infirm collapsed while waiting in long queues
he last 30 days have been a blazing blur of heated debates, economic punditry, winding ATM queues, furious swiping of cards and the fading colour of cash. While the talk around one of the world's most radical financial moves will likely go on for years, Mail Today presents some fascinating numbers & factoids it has thrown up.
- 3,480 km: Roughly the distance between Delhi and Beijing, Chandni Chowk and China. That is what you get when you physically stack up the dead currency - 16.5 billion Rs 500 notes and 6.7 billion Rs 1,000 notes in circulation when demonetisation was announced.
- Rs 13,860 crore: Maximum unaccounted wealth declared by Ahmedabad-based realtor Mahesh Shah who claimed he was just a face for money belonging to others. The 67-year-old said he did not have any black money. The claim by Mumbai's Razzaque family of Rs 2 lakh crore has been prima facie brushed aside by the authorities.
- Rs 31,000 crore: Deposited in Jan Dhan accounts in the first 13 days of demonetisation. This forced the government to announce drastic measures such as bringing misuse of these accounts under Benami Transactions Act, which allows for confiscation of the money and jail up to 7 years. Deposits decelerated to Rs 4,867 crore from November 23-30.
- 30 per cent: Estimated drop in real estate prices. This may reflect the success of the war against black money as the realty sector had become notorious for parking illicit cash.With this black money component being wiped out, homes are expected to get cheaper.
- Rs 400 crore: Estimated counterfeit currency in circulation before November 8 - or just 0.028 per cent of the demonetised currency - according to the Indian Statistical Institute, Kolkata.
- Rs 30L crore: Size of India's black economy, according to World Bank estimates. This is roughly 20 per cent of the country's GDP in 2015.
- 70 per cent: Of the black assets, or Rs 4.8 lakh crore, is estimated to be parked overseas, leaving approximately Rs 2 lakh crore in the country, of which 5 per cent to 6 per cent are held in cash (data compiled from Income Tax raids).
- 400Cases in which the Income Tax department has carried out swift investigation since November 8. Concerted action is being taken by the department, ED and the CBI in detecting mischief.
- 15 per cent: Transactions at Mother Dairy have gone digital, up from the sleepy 5 per cent. As many as 75 per cent of digital transactions are done through Smart Change Card and Rs 10 per month is a nominal charge on the transactions done through SBI smart card. Mother Dairy expects digital transactions will rise to 25-30% next month.
- 50: Number of bank branches under the Enforcement Directorate scanner for suspicious deposits. A special eye has been kept on student accounts, dormant ones and Jan Dhan accounts to detect money laundering and hawala instances through these channels.
- Rs 20 lakh: The amount for which a Rajasthan woman's family wanted to sell her off. She managed to escape as the buyers couldn't arrange so much cash.
- 115 Number of deaths: The Opposition claims because of demonetisation. BJP's rivals say most of these deaths happened when the old, ill and the infirm collapsed while waiting in long queues
A train two times faster than bullet train is coming to India
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Indian Railway may soon put on track the next generation Maglev trains that will be two-times faster than the proposed bullet train between Mumbai and Ahmedabad.
The Railway Ministry will be entrusting the task to its engineering wing RITES to explore the feasibility of developing the corridor on PPP model and the possible funding patterns.
Sources said the consultant will be asked to prepare a feasibility report and subsequently work will begin on preparing the detailed project report (DPR).
A railway board official said the mechanical wing of the railways has sent a formal proposal to the finance department to work out the expenditure on the project.
Since, the project would require huge investment, the government has no option but to develop the same on PPP model. An expression of interest was issued by the ministry to which six private companies including two global firms have responded so far.
Top sources in railway ministry said once the project estimate is prepared, the railways may offer its vacant land for the construction purpose and also bear the cost partially.
Since the Maglev train system will be entirely different from the existing railway network, the operation of these trains could be handed over to private agency.
Officials said the DPR will include the tentative routes, cost estimate and the fare structure. As per the plan, the corridor will be developed along congested stretches like Delhi -Howrah, Delhi-Mumbai and Delhi-Chennai so that it receives adequate passenger footfall.
This will help in keeping the fares on the lower side. Earlier, two global companies, American Maglev Technology Inc. and SwissRapide AG, conveyed to the government their interest in developing high-speed trains using magnetic levitation technology for India.
Apart from these two, four Indian applicants-state-owned Bharat Heavy Electricals Ltd (Bhel) and three lesser known entities-had also responded to the expression of interest sought by the ministry for developing high-speed trains.
Maglev stands for magnetic levitation, and is a transport system that uses magnetic levitation to suspend and propel vehicles with magnets without touching the ground.
Globally, only a small number of countries have used the Maglev systems including Germany, China, Japan, South Korea and the US.
Indian Railway may soon put on track the next generation Maglev trains that will be two-times faster than the proposed bullet train between Mumbai and Ahmedabad.
The Railway Ministry will be entrusting the task to its engineering wing RITES to explore the feasibility of developing the corridor on PPP model and the possible funding patterns.
Sources said the consultant will be asked to prepare a feasibility report and subsequently work will begin on preparing the detailed project report (DPR).
A railway board official said the mechanical wing of the railways has sent a formal proposal to the finance department to work out the expenditure on the project.
Since, the project would require huge investment, the government has no option but to develop the same on PPP model. An expression of interest was issued by the ministry to which six private companies including two global firms have responded so far.
Top sources in railway ministry said once the project estimate is prepared, the railways may offer its vacant land for the construction purpose and also bear the cost partially.
Since the Maglev train system will be entirely different from the existing railway network, the operation of these trains could be handed over to private agency.
Officials said the DPR will include the tentative routes, cost estimate and the fare structure. As per the plan, the corridor will be developed along congested stretches like Delhi -Howrah, Delhi-Mumbai and Delhi-Chennai so that it receives adequate passenger footfall.
This will help in keeping the fares on the lower side. Earlier, two global companies, American Maglev Technology Inc. and SwissRapide AG, conveyed to the government their interest in developing high-speed trains using magnetic levitation technology for India.
Apart from these two, four Indian applicants-state-owned Bharat Heavy Electricals Ltd (Bhel) and three lesser known entities-had also responded to the expression of interest sought by the ministry for developing high-speed trains.
Maglev stands for magnetic levitation, and is a transport system that uses magnetic levitation to suspend and propel vehicles with magnets without touching the ground.
Globally, only a small number of countries have used the Maglev systems including Germany, China, Japan, South Korea and the US.
Nikkei rises to highest in a year on Wall St strength, weaker yen
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Japanese stocks rose to their highest level in a year on Friday morning, supported by Wall Street gains and solid buying of exporters on the back of a weaker yen.
The mining sector was the top gainer on the board, rising 2.8 percent after oil prices extended a rally on Friday, buoyed by growing optimism that non-OPEC producers might agree to cut output following a cartel agreement to limit production.
Inpex Corp soared 2.8 percent and Japan Petroleum Exploration Co jumped 4.1 percent.
The benchmark Nikkei gained 1.1 percent to 18,970.98 in midmorning trade, after earlier jumping to 18,983.47, the highest level since December 2015.
For the week, the index is poised to rise 3 percent for its fifth straight weekly gains.
U.S. shares set fresh record highs overnight as a month-long rally following Republican Donald Trump's election win on Nov. 8 rolled on.
"The U.S. market seems to be the only market still enjoying a Trump rally," said Eiji Kinouchi, chief technical analyst at Daiwa Securities. "U.S. market's strength is giving a boost to Japanese shares."
The dollar was firm at 114.070 yen. Bellwether stocks took the cue of a weaker yen and rose sharply, with Sony Corp up 3.2 percent, Nintendo Corp 3.0 percent higher and TDK Corp up 1.7 percent.
Tokyo Electric Power Co, reversed earlier gains and fell 3.7 percent after Japan's trade ministry said it has nearly doubled its projections for costs related to the Fukushima nuclear disaster to 21.5 trillion yen ($188.40 billion).
Japanese stocks rose to their highest level in a year on Friday morning, supported by Wall Street gains and solid buying of exporters on the back of a weaker yen.
The mining sector was the top gainer on the board, rising 2.8 percent after oil prices extended a rally on Friday, buoyed by growing optimism that non-OPEC producers might agree to cut output following a cartel agreement to limit production.
Inpex Corp soared 2.8 percent and Japan Petroleum Exploration Co jumped 4.1 percent.
The benchmark Nikkei gained 1.1 percent to 18,970.98 in midmorning trade, after earlier jumping to 18,983.47, the highest level since December 2015.
For the week, the index is poised to rise 3 percent for its fifth straight weekly gains.
U.S. shares set fresh record highs overnight as a month-long rally following Republican Donald Trump's election win on Nov. 8 rolled on.
"The U.S. market seems to be the only market still enjoying a Trump rally," said Eiji Kinouchi, chief technical analyst at Daiwa Securities. "U.S. market's strength is giving a boost to Japanese shares."
The dollar was firm at 114.070 yen. Bellwether stocks took the cue of a weaker yen and rose sharply, with Sony Corp up 3.2 percent, Nintendo Corp 3.0 percent higher and TDK Corp up 1.7 percent.
Tokyo Electric Power Co, reversed earlier gains and fell 3.7 percent after Japan's trade ministry said it has nearly doubled its projections for costs related to the Fukushima nuclear disaster to 21.5 trillion yen ($188.40 billion).
General Awareness
India ranked 7 in the Global terrorism Index 2016
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According to the Global Terrorism Index (GTI),2016, released by a Sydney-based think-tank, Institute for Economics & Peace, India has been ranked 7th among top 10 countries which were most impacted by terrorism in 2015.The 2016 index features top 50 countries ranked by the global terrorism index.
- According to the report, India experienced about 797 terrorist attacks in 2015 which was almost 4% higher as compared to 2014. 80% of 2015 attacks were non-lethal (death causing purpose). India recorded 289 terrorism-related deaths in 2015, which was 45 per cent less than in 2014.
- As many as 49 terrorist groups were engaged in 2015 attacks; however 31 of them failed in their plan. India experienced 7 per cent of all terrorist attacks around the world.
- The index was topped by Iraq as the worst hit country by terror in 2015. Among 2415 incidents of terrorist attack in 2015, it experienced 6,960 deaths and 11,900 injuries.
List of Top 5 countries most impacted by terrorism in 2016
Rank Country 1 Iraq 2 Afghanistan 3 Nigeria 4 Pakistan 5 Syria
Findings of Report
There was about 10% decrease in the death rate from global terror attacks which was about 29,376 in 2015 as compared to 32,765 in 2014.
- The impact of terrorism on the global economy was recorded to be $635 billionover 16 years, from 2000 to 2015 which is almost equivalent to the annual gross domestic product (GDP) of Egypt and Malaysia
- Iraq accounted to 20% of overall terrorist attack in 2015 all over the world, followed by Afghanistan (14%) and Pakistan (8%).
- Iraq and Nigeria had 32% reduction in terror deaths that led to a global decline in deaths by 41% in 2015. Both countries accounted for 53% of all terrorism-related deaths across the world in 2014.
- Since 2014, the loss has declined from $106 billion to $90 billion in 2015.
- The Organisation for Economic Co-operation and Development (OECD) countries which are the world’s most developed also witnessed a 650% increase in terrorism deaths, from 77 in 2014 to 577 in 2015.
- This was the worst year for the OECD, a 35-nation bloc, since the 2001 September 11 attacks.OECD member, Turkey, witnessed 337 deaths in 2015, the highest among OECD countries.
In 2015, France recorded 161 deaths, making it the second biggest victim of terrorism in the developed world.Over half of all attacks in the OECD countries were by ISIS.
About The Institute for Economics and Peace
The Institute for Economics and Peace (IEP) chaired by technology entrepreneur Steve Killelea, is a global think tank headquartered in Sydney, Australia.
- IEP aims to shift the world’s focus to peace as a positive, achievable, and tangible measure of human well-being and progress.
- IEP works in partnership with a number of think tanks, NGOs and academic institutions.
- It also collaborates with intergovernmental organizations such as the Organisation for Economic Co-operation and Development, the Commonwealth Secretariat, UNDP and UN Peacebuilding Support Office.
The Global Terrorism Index (GTI)
GTI attempts to systematically rank the nations of the world according to terrorist activity.
- The index combines a number of factors associated with terrorist attacks to provide a data series for analysis by researchers and policymakers about the impact of terrorism over a 10-year period.
- The index ranks countries of the world according to their terrorist activity.
- The GTI score for a country is calculated based on weightage assigned to the total number of terrorist incidents, fatalities, injuries and property damage sustained in the year. The index also takes into consideration attacks which took place in the four previous years.
- According to the report, India experienced about 797 terrorist attacks in 2015 which was almost 4% higher as compared to 2014. 80% of 2015 attacks were non-lethal (death causing purpose). India recorded 289 terrorism-related deaths in 2015, which was 45 per cent less than in 2014.
- As many as 49 terrorist groups were engaged in 2015 attacks; however 31 of them failed in their plan. India experienced 7 per cent of all terrorist attacks around the world.
- The index was topped by Iraq as the worst hit country by terror in 2015. Among 2415 incidents of terrorist attack in 2015, it experienced 6,960 deaths and 11,900 injuries.
- The impact of terrorism on the global economy was recorded to be $635 billionover 16 years, from 2000 to 2015 which is almost equivalent to the annual gross domestic product (GDP) of Egypt and Malaysia
- Iraq accounted to 20% of overall terrorist attack in 2015 all over the world, followed by Afghanistan (14%) and Pakistan (8%).
- Iraq and Nigeria had 32% reduction in terror deaths that led to a global decline in deaths by 41% in 2015. Both countries accounted for 53% of all terrorism-related deaths across the world in 2014.
- Since 2014, the loss has declined from $106 billion to $90 billion in 2015.
- The Organisation for Economic Co-operation and Development (OECD) countries which are the world’s most developed also witnessed a 650% increase in terrorism deaths, from 77 in 2014 to 577 in 2015.
- This was the worst year for the OECD, a 35-nation bloc, since the 2001 September 11 attacks.OECD member, Turkey, witnessed 337 deaths in 2015, the highest among OECD countries.
- IEP aims to shift the world’s focus to peace as a positive, achievable, and tangible measure of human well-being and progress.
- IEP works in partnership with a number of think tanks, NGOs and academic institutions.
- It also collaborates with intergovernmental organizations such as the Organisation for Economic Co-operation and Development, the Commonwealth Secretariat, UNDP and UN Peacebuilding Support Office.
- The index combines a number of factors associated with terrorist attacks to provide a data series for analysis by researchers and policymakers about the impact of terrorism over a 10-year period.
- The index ranks countries of the world according to their terrorist activity.
- The GTI score for a country is calculated based on weightage assigned to the total number of terrorist incidents, fatalities, injuries and property damage sustained in the year. The index also takes into consideration attacks which took place in the four previous years.
According to the Global Terrorism Index (GTI),2016, released by a Sydney-based think-tank, Institute for Economics & Peace, India has been ranked 7th among top 10 countries which were most impacted by terrorism in 2015.The 2016 index features top 50 countries ranked by the global terrorism index.
List of Top 5 countries most impacted by terrorism in 2016
| Rank | Country |
| 1 | Iraq |
| 2 | Afghanistan |
| 3 | Nigeria |
| 4 | Pakistan |
| 5 | Syria |
Findings of Report
There was about 10% decrease in the death rate from global terror attacks which was about 29,376 in 2015 as compared to 32,765 in 2014.
In 2015, France recorded 161 deaths, making it the second biggest victim of terrorism in the developed world.Over half of all attacks in the OECD countries were by ISIS.
About The Institute for Economics and Peace
The Institute for Economics and Peace (IEP) chaired by technology entrepreneur Steve Killelea, is a global think tank headquartered in Sydney, Australia.
The Global Terrorism Index (GTI)
GTI attempts to systematically rank the nations of the world according to terrorist activity.
