General Affairs
PIL moved in HC to restrain Lok Sabha poll losers from getting into Rajya Sabha
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A PIL was filed on Monday in the Delhi High Court to restrain candidates of all political parties who have been defeated in Lok Sabha election from contesting in polls for Rajya Sabha and from being nominated to the Upper House for five years. The public interest litigation (PIL) came up for hearing before a bench of Chief Justice G Rohini and Justice Sangita Dhingra Sehgal, which posted it for hearing on February 20 before another court as the petitioner-in-person was arguing the matter in Hindi.
Petitioner, Satya Narayan Prasad, who claims himself to be a social activist, has moved the court saying that India being a democratic country and the people being supreme in electing its leaders, it is “misfortune that politicians who are defeated in the general elections are nominated to the Upper House”.
Seeking a direction to the Ministry of Law and Justice and the Election Commission of India (ECI), the petitioner said, “Any candidate who contested Lok Sabha election and has been defeated, he be declared disqualified for being a Member of Parliament (MP).“Such candidates cannot be nominated or allowed to contest in Rajya Sabha election,” the plea said, adding that this is “against the fundamental principle of democracy, wherein mandate/votes on Indian citizen is supreme”.
In his plea, Prasad has said that those leaders who lost in general elections are not “legally entitled” to contest for the Upper House and they should be “banned” from contesting in such polls”.
Pleading for special rules and provisions to ban such leaders, who have lost in Lok Sabha polls, from contesting in Rajya Sabha election, the 51-year-old petitioner said that action be taken against the authorities concerned who have “wrongly nominated such disqualified candidates for membership in Parliament”.
It said that the Constitution of India also does not allow disqualified and defeated people to be nominated as a member of Rajya Sabha.
He said that no reply has been given by the ministry and the poll panel even after repeated attempts were made by him as to why an ordinance be not passed to prevent such candidates from being nominated to the Upper House.
While candidates are elected to Lok Sabha directly by the people, members of Rajya Sabha are elected by the elected members of state Assemblies in accordance with the system of proportional representation by means of single transferable vote.
A PIL was filed on Monday in the Delhi High Court to restrain candidates of all political parties who have been defeated in Lok Sabha election from contesting in polls for Rajya Sabha and from being nominated to the Upper House for five years. The public interest litigation (PIL) came up for hearing before a bench of Chief Justice G Rohini and Justice Sangita Dhingra Sehgal, which posted it for hearing on February 20 before another court as the petitioner-in-person was arguing the matter in Hindi.
Petitioner, Satya Narayan Prasad, who claims himself to be a social activist, has moved the court saying that India being a democratic country and the people being supreme in electing its leaders, it is “misfortune that politicians who are defeated in the general elections are nominated to the Upper House”.
Seeking a direction to the Ministry of Law and Justice and the Election Commission of India (ECI), the petitioner said, “Any candidate who contested Lok Sabha election and has been defeated, he be declared disqualified for being a Member of Parliament (MP).“Such candidates cannot be nominated or allowed to contest in Rajya Sabha election,” the plea said, adding that this is “against the fundamental principle of democracy, wherein mandate/votes on Indian citizen is supreme”.
In his plea, Prasad has said that those leaders who lost in general elections are not “legally entitled” to contest for the Upper House and they should be “banned” from contesting in such polls”.
Pleading for special rules and provisions to ban such leaders, who have lost in Lok Sabha polls, from contesting in Rajya Sabha election, the 51-year-old petitioner said that action be taken against the authorities concerned who have “wrongly nominated such disqualified candidates for membership in Parliament”.
It said that the Constitution of India also does not allow disqualified and defeated people to be nominated as a member of Rajya Sabha.
He said that no reply has been given by the ministry and the poll panel even after repeated attempts were made by him as to why an ordinance be not passed to prevent such candidates from being nominated to the Upper House.
While candidates are elected to Lok Sabha directly by the people, members of Rajya Sabha are elected by the elected members of state Assemblies in accordance with the system of proportional representation by means of single transferable vote.
Bihar CM Nitish Kumar denies making U-turn on demonetisation
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Bihar Chief Minister Nitish Kumar on Monday stuck to his viewpoint that the outcome of the Centre’s demonetisation exercise was disappointing and denied making any “U-turn” on the issue. “It is an interpretation of the media (U-turn)…I have made my stand clear on the subject in my speech on the birth anniversary of veteran socialist leader Karpoori Thakur on January 24 and while reacting to the General Budget on February 1,” he told reporters here while replying to a question on his recent criticism of the Centre on the outcome of demonetisation.
Kumar was also critical of Prime Minister Narendra Modi’s raincoat barb on his predecessor Manmohan Singh. “Language should be of standard and it should be dignified,” he said.
In an apparent recall of the prime minister’s “DNA” jibe at him during the 2015 Bihar Assembly polls, the JD(U) chief said, “Undignified language was used against me also, but I never lowered the language of political discourse.”
Kumar, who had initially supported the demonetisation move, had expressed disappointment over its outcome after 50 days. This was interpreted in the political circles as a U-turn by him on the issue.
The chief minister once again sought to know, “How did the country benefit from demonetisation?”
He reiterated that no drive against black money could yield the desired results without initiating action against ‘benami’ properties and criticised the non-payment of compensation by the Centre to those who faced the immediate brunt of demonetisation.
Bihar Chief Minister Nitish Kumar on Monday stuck to his viewpoint that the outcome of the Centre’s demonetisation exercise was disappointing and denied making any “U-turn” on the issue. “It is an interpretation of the media (U-turn)…I have made my stand clear on the subject in my speech on the birth anniversary of veteran socialist leader Karpoori Thakur on January 24 and while reacting to the General Budget on February 1,” he told reporters here while replying to a question on his recent criticism of the Centre on the outcome of demonetisation.
Kumar was also critical of Prime Minister Narendra Modi’s raincoat barb on his predecessor Manmohan Singh. “Language should be of standard and it should be dignified,” he said.
In an apparent recall of the prime minister’s “DNA” jibe at him during the 2015 Bihar Assembly polls, the JD(U) chief said, “Undignified language was used against me also, but I never lowered the language of political discourse.”
Kumar, who had initially supported the demonetisation move, had expressed disappointment over its outcome after 50 days. This was interpreted in the political circles as a U-turn by him on the issue.
The chief minister once again sought to know, “How did the country benefit from demonetisation?”
He reiterated that no drive against black money could yield the desired results without initiating action against ‘benami’ properties and criticised the non-payment of compensation by the Centre to those who faced the immediate brunt of demonetisation.
Fake Rs 2,000 start seeping in from Pakistan; here’s how to identify the original
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The threat of fake currency is clearly back, just a couple of months after demonetisation of high-value notes which had been targetted by our neighbour earlier. The question now is how to tackle the new threat. It will certainly be tougher as most of India is still not that familiar with the new notes, how they look and feel.
Here is a relook at the security features that can help you figure out if the new Rs 2,000 note in your hand is real or fake.
To start with, the colour of the note is magenta. With a size of 66mm x 166mm, these notes, part of the new Mahatma Gandhi (New) series, have a motif of Mangalyaan, India’s Mars orbiter, on the reverse.
On the front, the numeral 2,000 can be seen when the note is held against light and a latent image of 2,000 can be seen when the note is tilted. There is a Devanagari denomination too on the note, as well as a portrait of Mahatma Gandhi. The micro letters are letters ‘RBI’ and ‘2,000’ just next to the Gandhi portrait. Just beside is the colour shift security thread with ‘RBI’ and ‘2,000’ embossed on it.
Then there is a guarantee clause, Governor’s signature and RBI emblem on the right. There are watermarks of Mahatma Gandhi and electrotype 2,000 numeral in the blank space. There is a number panel with numerals growing from small to big on top left and bottom right sides while in the denominational numeral with Rupee symbol, 2,000 in colour changing ink. Also look for the Ashoka pillar emblem. The visually impaired can identify the note using
The visually impaired can identify the note using a rectangle raised print with Rs 2,000 on the right. Plus, there are seven angular bleed lines in raised print.
The threat of fake currency is clearly back, just a couple of months after demonetisation of high-value notes which had been targetted by our neighbour earlier. The question now is how to tackle the new threat. It will certainly be tougher as most of India is still not that familiar with the new notes, how they look and feel.
Here is a relook at the security features that can help you figure out if the new Rs 2,000 note in your hand is real or fake.
To start with, the colour of the note is magenta. With a size of 66mm x 166mm, these notes, part of the new Mahatma Gandhi (New) series, have a motif of Mangalyaan, India’s Mars orbiter, on the reverse.
On the front, the numeral 2,000 can be seen when the note is held against light and a latent image of 2,000 can be seen when the note is tilted. There is a Devanagari denomination too on the note, as well as a portrait of Mahatma Gandhi. The micro letters are letters ‘RBI’ and ‘2,000’ just next to the Gandhi portrait. Just beside is the colour shift security thread with ‘RBI’ and ‘2,000’ embossed on it.
Then there is a guarantee clause, Governor’s signature and RBI emblem on the right. There are watermarks of Mahatma Gandhi and electrotype 2,000 numeral in the blank space. There is a number panel with numerals growing from small to big on top left and bottom right sides while in the denominational numeral with Rupee symbol, 2,000 in colour changing ink. Also look for the Ashoka pillar emblem. The visually impaired can identify the note using
The visually impaired can identify the note using a rectangle raised print with Rs 2,000 on the right. Plus, there are seven angular bleed lines in raised print.
Uttarakhand elections: Eye on soldiers’ votes, PM Modi speaks of PoK strikes, OROP
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Targeting the votes of servicemen, ex-servicemen and their families in Uttarakhand, Prime Minister Narendra Modi on Sunday criticised the Congress for ignoring their welfare.
Addressing two rallies in Pauri Garhwal and Pithoragarh, Modi once again raised the issue of surgical strikes and said that while it was a “big event in the military history”, the Congress questioned it. “Do you have to ask for the proof of our soldiers’ valour? Yeh faujiyon ka apman hai ki nahi? (Isn’t this an insult to the soldiers)”, he asked.
Beginning his address in the Garhwali language, the Prime Minister listed various initiatives his government has taken for servicemen, including implementing the One Rank One Pension Scheme and increasing the amount given to a retired havildar at the time of his daughter’s wedding from Rs 16,000 to Rs 48,000.
In the four rallies he has addressed over three days in Uttarakhand, Modi has repeatedly spoken on these issues.
He criticised the Congress for delaying the implementation of OROP and said while the Congress said Rs 500 crore was needed to implement it, the amount actually needed was around Rs 12,000 crore.
Modi also raised the issue of migration, and noted that many villages in the hills have been abandoned. Promising various initiatives like yoga tourism to check this migration, he said: “Why Bollywood is going abroad for shooting?…We can inspire the whole of Bollywood to shoot in the lanes of Uttarakhand.”
He once again took on Chief Minister Harish Rawat and questioned his decision to contest from two constituencies in the plains, leaving his present seat of Dharchula in Pithoragarh.
“We have seen youths migrating from here for employment, but what is the reason that forced the CM to migrate from here,” he asked, adding that Rawat migrated from the seat as he was unable to face the anger of the people.
“The man who does not love this state… can he ever do any good for you? Can you trust him?” he asked.
Hitting out at the alliance between the SP and Congress in Uttar Pradesh, Modi said: “In Uttarakhand too, the SP and Congress have joined hands and are playing a game from behind the curtains.” He also criticised Rawat and the Congress over the issue of corruption. Notably, the BJP has given tickets to 13 Congress rebels, many of whom have been accused of corruption in the past by the state BJP.
Targeting the votes of servicemen, ex-servicemen and their families in Uttarakhand, Prime Minister Narendra Modi on Sunday criticised the Congress for ignoring their welfare.
Addressing two rallies in Pauri Garhwal and Pithoragarh, Modi once again raised the issue of surgical strikes and said that while it was a “big event in the military history”, the Congress questioned it. “Do you have to ask for the proof of our soldiers’ valour? Yeh faujiyon ka apman hai ki nahi? (Isn’t this an insult to the soldiers)”, he asked.
Beginning his address in the Garhwali language, the Prime Minister listed various initiatives his government has taken for servicemen, including implementing the One Rank One Pension Scheme and increasing the amount given to a retired havildar at the time of his daughter’s wedding from Rs 16,000 to Rs 48,000.
In the four rallies he has addressed over three days in Uttarakhand, Modi has repeatedly spoken on these issues.
He criticised the Congress for delaying the implementation of OROP and said while the Congress said Rs 500 crore was needed to implement it, the amount actually needed was around Rs 12,000 crore.
Modi also raised the issue of migration, and noted that many villages in the hills have been abandoned. Promising various initiatives like yoga tourism to check this migration, he said: “Why Bollywood is going abroad for shooting?…We can inspire the whole of Bollywood to shoot in the lanes of Uttarakhand.”
He once again took on Chief Minister Harish Rawat and questioned his decision to contest from two constituencies in the plains, leaving his present seat of Dharchula in Pithoragarh.
“We have seen youths migrating from here for employment, but what is the reason that forced the CM to migrate from here,” he asked, adding that Rawat migrated from the seat as he was unable to face the anger of the people.
“The man who does not love this state… can he ever do any good for you? Can you trust him?” he asked.
Hitting out at the alliance between the SP and Congress in Uttar Pradesh, Modi said: “In Uttarakhand too, the SP and Congress have joined hands and are playing a game from behind the curtains.” He also criticised Rawat and the Congress over the issue of corruption. Notably, the BJP has given tickets to 13 Congress rebels, many of whom have been accused of corruption in the past by the state BJP.
Jammu and Kashmir: Curfew imposed in Kulgam, Sophian after Sunday's killings
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Curfew was on Monday imposed in south Kashmir’s Kulgam district and Shopian town after two civilians were killed on Sunday, one in an encounter between militants and security forces and another in the protests that followed. The Valley-wide strike called by the separatist leadership to protest the deaths evoked mixed response.
“Curfew has been imposed in entire Kulgam district and Shopian town to maintain law and order in the wake of the killings yesterday,” a police official said.
However, the movement of people was allowed on the Srinagar-Jammu national highway passing through south Kashmir.
“There is no restriction on the movement of people anywhere else in the Valley but security forces have been deployed in sensitive areas to keep a tight vigil on anti-social elements,” he said.
While one civilian was killed in the gun battle between militants and security personnel, another was killed in clashes that erupted after the encounter ended in Frisal area of Kulgam.
Four local militants and two army men were killed in the encounter that lasted several hours on Sunday.
Meanwhile, the strike called by separatist groups to protest the civilian killings evoked mixed response on Monday.
Though most of the shops, fuel stations and other business establishments were shut across Srinagar, public as well as private transport vehicles were plying in many areas, officials said.
Inter-district transport was also operational on many routes connecting various districts of the Valley to Srinagar. However, less public transport was visible in rural areas of the Valley, they said.
Schools were closed due to the ongoing winter vacations, banks and government offices functioned normally.
Chairmen of both factions of Hurriyat Conference — Syed Ali Geelani and Mirwaiz Umar Farooq — and JKLF chief Mohammad Yasin Malik had called for a complete shutdown on Monday and ‘Kulgam Chalo’ on February 15 to protest the civilian killings.
“Curfew has been imposed in entire Kulgam district and Shopian town to maintain law and order in the wake of the killings yesterday,” a police official said.
However, the movement of people was allowed on the Srinagar-Jammu national highway passing through south Kashmir.
“There is no restriction on the movement of people anywhere else in the Valley but security forces have been deployed in sensitive areas to keep a tight vigil on anti-social elements,” he said.
While one civilian was killed in the gun battle between militants and security personnel, another was killed in clashes that erupted after the encounter ended in Frisal area of Kulgam.
Four local militants and two army men were killed in the encounter that lasted several hours on Sunday.
Meanwhile, the strike called by separatist groups to protest the civilian killings evoked mixed response on Monday.
Though most of the shops, fuel stations and other business establishments were shut across Srinagar, public as well as private transport vehicles were plying in many areas, officials said.
Inter-district transport was also operational on many routes connecting various districts of the Valley to Srinagar. However, less public transport was visible in rural areas of the Valley, they said.
Schools were closed due to the ongoing winter vacations, banks and government offices functioned normally.
Chairmen of both factions of Hurriyat Conference — Syed Ali Geelani and Mirwaiz Umar Farooq — and JKLF chief Mohammad Yasin Malik had called for a complete shutdown on Monday and ‘Kulgam Chalo’ on February 15 to protest the civilian killings.
Business Affairs
Retail inflation cools to lowest in at least five years
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Inflation cooled to its lowest in at least five years in January as food prices fell following the government's cash clampdown, but emerging price pressures mean the Reserve Bank of India (RBI) will probably keep interest rates on hold.
Consumer prices rose by an annual 3.17 percent last month - their slowest pace since January 2012 when the government launched the current index series.
Economists surveyed by Reuters had expected prices to rise by 3.22 percent from a year earlier, compared with December's 3.41 percent increase.
However, core inflation, which excludes volatile food and fuel prices, accelerated to around 5.1 percent last month from 4.9 percent in December, government data showed.
"The RBI will continue to hold, the RBI is seeing upside risks to inflation and one data point is not going to change their view dramatically," said Varun Khandelwal, managing director at Bullero Capital.
"Interest rates will remain on hold in the near term."
Historically, India has paid more attention to wholesale prices than consumer ones, but the RBI now tracks retail inflation for setting its interest rates.
Annual retail food inflation eased to 0.53 percent last month from 1.37 percent in December, helped by lower prices for vegetables and pulses.
Headline inflation has been under 4 percent since November, well below the RBI's 5 percent target for March and medium-term target of 4 percent.
Low inflation led many to believe the central bank would cut the repo rate last week. But a pick-up in global crude prices, a volatile foreign exchange market, and relatively high domestic non-food and non-fuel inflation have fuelled concerns among RBI officials.
Last week, the RBI shocked investors by holding at 6.25 percent and shifting its monetary policy stance to "neutral" from "accommodative".
The shift came as Asia's third-largest economy was still limping back to health after Prime Minister Narendra Modi's Nov. 8 decision to outlaw 500- and 1,000- rupee old banknotes wiped out 86 percent of the currency in circulation overnight.
Industrial production fell 0.4 percent, year on year, in December, government data showed last week. Those figures came days after a gauge for services sector contracted for a third straight month in January, offsetting a rebound in the Nikkei/Markit manufacturing purchasing managers' index.
Inflation cooled to its lowest in at least five years in January as food prices fell following the government's cash clampdown, but emerging price pressures mean the Reserve Bank of India (RBI) will probably keep interest rates on hold.
Consumer prices rose by an annual 3.17 percent last month - their slowest pace since January 2012 when the government launched the current index series.
Economists surveyed by Reuters had expected prices to rise by 3.22 percent from a year earlier, compared with December's 3.41 percent increase.
However, core inflation, which excludes volatile food and fuel prices, accelerated to around 5.1 percent last month from 4.9 percent in December, government data showed.
"The RBI will continue to hold, the RBI is seeing upside risks to inflation and one data point is not going to change their view dramatically," said Varun Khandelwal, managing director at Bullero Capital.
"Interest rates will remain on hold in the near term."
Historically, India has paid more attention to wholesale prices than consumer ones, but the RBI now tracks retail inflation for setting its interest rates.
Annual retail food inflation eased to 0.53 percent last month from 1.37 percent in December, helped by lower prices for vegetables and pulses.
Headline inflation has been under 4 percent since November, well below the RBI's 5 percent target for March and medium-term target of 4 percent.
Low inflation led many to believe the central bank would cut the repo rate last week. But a pick-up in global crude prices, a volatile foreign exchange market, and relatively high domestic non-food and non-fuel inflation have fuelled concerns among RBI officials.
Last week, the RBI shocked investors by holding at 6.25 percent and shifting its monetary policy stance to "neutral" from "accommodative".
The shift came as Asia's third-largest economy was still limping back to health after Prime Minister Narendra Modi's Nov. 8 decision to outlaw 500- and 1,000- rupee old banknotes wiped out 86 percent of the currency in circulation overnight.
Industrial production fell 0.4 percent, year on year, in December, government data showed last week. Those figures came days after a gauge for services sector contracted for a third straight month in January, offsetting a rebound in the Nikkei/Markit manufacturing purchasing managers' index.
PM Narendra Modi's 'Make in India' takes a hit as Navy spurns indigenous Tejas
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India's navy is in the hunt for a new foreign fighter jet after rejecting an indigenously made aircraft as too heavy, the latest sign of the struggle to get Asian militaries to buy locally to grow their defence industries.
The navy last month invited manufacturers to pitch for 57 planes for its aircraft carriers, a multi-billion dollar order the government had hoped would go to the state-run producers of India's Tejas, a combat aircraft 33 years in the making.
India, South Korea, Taiwan and other Asian buyers are expected to intensify efforts this year to develop indigenous warplanes, military officials said, due to anxieties that the United States may be less engaged in the region under President Donald Trump.
But their hopes of manufacturing state-of-the-art warplanes could still be decades away as countries need more time to master the technology, experts said.
"It's been long on ambition short on success," Richard A. Bitzinger, senior fellow at Singapore's S. Rajaratnam School of International Studies, said of the drive.
"These things are being done because of techno-nationalism. They are done because these countries perceive of themselves as rising powers."
As part of Prime Minister Narendra Modi's "Make-in-India" campaign, scientists will showcase the Tejas warplane at an air show opening in Bengaluru on Tuesday. But the jet remains a work in progress, with only three in service with the air force.
South Korea, supported by Indonesia, has multi-billion dollar plans to develop a twin-engined KF-X fighter jet, while Taiwan said this month it plans to build 66 jet trainer aircraft that could eventually help it manufacture a combat plane.
Chang Yeoung-keun, an adviser on the KF-X fighter jet project and a professor at Korea Aerospace University, said full development of the plane and its technologies will take decades.
"South Korea needs to develop core technologies of the jets, not just shells," he said. "I am sceptical. South Korea may be able to develop core technology in 30 to 40 years, but they have to develop them in 10 years, with current fighter jets ageing."
India's struggle
Cleared by the government in 1983, the Indian plane was meant to be the backbone of the air force due for induction in 1994.
Instead, it suffered years of delay with scientists trying to build the world's most modern light combat aircraft from scratch, including the engine.
In December, the navy chief, Admiral Sunil Lanba, said the sea version of the plane was "not up to the mark" and it could not take off from an aircraft carrier once weapons were loaded.
A source in the navy said that the plane for years has failed flight tests when taking off from a 200-metre carrier deck with weapons on board. That prompted the navy to issue a request last month for information for a foreign fighter to fill the gap, the first stage in a long procurement process.
Boeing Co has pitched its F-A/18 Hornet, that the US navy flies from its carriers, to the Indian defence ministry, including an offer to build it locally.
Sweden's Saab AB said on Friday it will offer the naval version of its Gripen fighter to the Indian navy.
India's top defence scientists said they were disappointed by the navy's decision and that fighter aircraft development was a challenge everywhere, including with the US Joint Strike Fighter, the F-35.
"Look at the F-35, with all the might of the multinational effort, is still evolving," said a source in the aeronautical development agency which is spearheading the LCA effort.
India's navy is in the hunt for a new foreign fighter jet after rejecting an indigenously made aircraft as too heavy, the latest sign of the struggle to get Asian militaries to buy locally to grow their defence industries.
The navy last month invited manufacturers to pitch for 57 planes for its aircraft carriers, a multi-billion dollar order the government had hoped would go to the state-run producers of India's Tejas, a combat aircraft 33 years in the making.
India, South Korea, Taiwan and other Asian buyers are expected to intensify efforts this year to develop indigenous warplanes, military officials said, due to anxieties that the United States may be less engaged in the region under President Donald Trump.
But their hopes of manufacturing state-of-the-art warplanes could still be decades away as countries need more time to master the technology, experts said.
"It's been long on ambition short on success," Richard A. Bitzinger, senior fellow at Singapore's S. Rajaratnam School of International Studies, said of the drive.
"These things are being done because of techno-nationalism. They are done because these countries perceive of themselves as rising powers."
As part of Prime Minister Narendra Modi's "Make-in-India" campaign, scientists will showcase the Tejas warplane at an air show opening in Bengaluru on Tuesday. But the jet remains a work in progress, with only three in service with the air force.
South Korea, supported by Indonesia, has multi-billion dollar plans to develop a twin-engined KF-X fighter jet, while Taiwan said this month it plans to build 66 jet trainer aircraft that could eventually help it manufacture a combat plane.
Chang Yeoung-keun, an adviser on the KF-X fighter jet project and a professor at Korea Aerospace University, said full development of the plane and its technologies will take decades.
"South Korea needs to develop core technologies of the jets, not just shells," he said. "I am sceptical. South Korea may be able to develop core technology in 30 to 40 years, but they have to develop them in 10 years, with current fighter jets ageing."
India's struggle
Cleared by the government in 1983, the Indian plane was meant to be the backbone of the air force due for induction in 1994.
Cleared by the government in 1983, the Indian plane was meant to be the backbone of the air force due for induction in 1994.
Instead, it suffered years of delay with scientists trying to build the world's most modern light combat aircraft from scratch, including the engine.
In December, the navy chief, Admiral Sunil Lanba, said the sea version of the plane was "not up to the mark" and it could not take off from an aircraft carrier once weapons were loaded.
A source in the navy said that the plane for years has failed flight tests when taking off from a 200-metre carrier deck with weapons on board. That prompted the navy to issue a request last month for information for a foreign fighter to fill the gap, the first stage in a long procurement process.
Boeing Co has pitched its F-A/18 Hornet, that the US navy flies from its carriers, to the Indian defence ministry, including an offer to build it locally.
Sweden's Saab AB said on Friday it will offer the naval version of its Gripen fighter to the Indian navy.
India's top defence scientists said they were disappointed by the navy's decision and that fighter aircraft development was a challenge everywhere, including with the US Joint Strike Fighter, the F-35.
"Look at the F-35, with all the might of the multinational effort, is still evolving," said a source in the aeronautical development agency which is spearheading the LCA effort.
Corporate insolvency set-up to be fully functional by 31 March
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The corporate insolvency and bankruptcy system would be fully functional by 31 March 2017, says MS Sahoo, chairman of the bankruptcy regulator, Insolvency and Bankruptcy Board of India.
Though the system has started working from 1 December 2016, there are still some parts -- finalising regulations of information utilities and voluntary liquidations -- which are yet to be completed and the board expect to put these things in place by 31 March.
"From 1 December (2016), this process (filing of corporate insolvency cases) has started and NCLT has admitted around 10 such applications by now. That means transactions have started as far as corporate insolvency is concerned. But corporate insolvency and liquidation require another element, which we could not do earlier, which is information utilities for which we have framed the draft regulations, and uploaded them on the website. The deadline for public comment on the regulations has been over," says MS Sahoo.
Public comments on the draft regulations for information utilities would be processed and sent to the advisory committee. The board will have its meeting in the middle of March and it is likely to issue the regulations on information utilities by 31 March.
Information utilities would be store houses of all the information about debt transactions.
The Insolvency and Bankruptcy Code was enacted in 20th May 2016. The Insolvency and Bankruptcy Board of India (IBBI) was set-up in 1 October 2016. From 1 October till 30 November, five regulations were notified -- these were related to insolvency professionals, insolvency professional agencies and corporate insolvency resolution and corporate liquidation.
After notification of these regulations, the board started registering insolvency professional agencies (IPAs) in November.
IPAs would enrol, monitor, educate and train the insolvency professional. So far three IPAs have been registered.
The process of registering insolvency professionals has also started. As many as 977 such insolvency professionals have registered so far.
However, the board is yet to start working on the regulations governing individual bankruptcy. According to Sahoo, the board would start working on the individual bankruptcy system from April.
Though the system has started working from 1 December 2016, there are still some parts -- finalising regulations of information utilities and voluntary liquidations -- which are yet to be completed and the board expect to put these things in place by 31 March.
"From 1 December (2016), this process (filing of corporate insolvency cases) has started and NCLT has admitted around 10 such applications by now. That means transactions have started as far as corporate insolvency is concerned. But corporate insolvency and liquidation require another element, which we could not do earlier, which is information utilities for which we have framed the draft regulations, and uploaded them on the website. The deadline for public comment on the regulations has been over," says MS Sahoo.
Public comments on the draft regulations for information utilities would be processed and sent to the advisory committee. The board will have its meeting in the middle of March and it is likely to issue the regulations on information utilities by 31 March.
Information utilities would be store houses of all the information about debt transactions.
The Insolvency and Bankruptcy Code was enacted in 20th May 2016. The Insolvency and Bankruptcy Board of India (IBBI) was set-up in 1 October 2016. From 1 October till 30 November, five regulations were notified -- these were related to insolvency professionals, insolvency professional agencies and corporate insolvency resolution and corporate liquidation.
After notification of these regulations, the board started registering insolvency professional agencies (IPAs) in November.
IPAs would enrol, monitor, educate and train the insolvency professional. So far three IPAs have been registered.
The process of registering insolvency professionals has also started. As many as 977 such insolvency professionals have registered so far.
However, the board is yet to start working on the regulations governing individual bankruptcy. According to Sahoo, the board would start working on the individual bankruptcy system from April.
Overall deal activity jumped 55 per cent in January: Grant Thornton
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January witnessed around 125 transactions contributing over $3 billion, a 55 per cent in values over the same month last year, according to a report by assurance, tax and advisory firm Grant Thornton.
The primary growth driver continued to be domestic mergers and acquisitions (M&A). The segment contributed over $ 1.6 billion and over four times of the growth.
On the other hand, PE activity continues to slide both from a volume and value perspective. The month of January saw around 80 transactions, contributing just about $650,000. This was a 40 per cent drop in value from last year's level. Cross-border activity seems to be an equal mix between inbound and outbound, contributing around half a million dollars.
In terms of sector trends, the key contributor in M&A was energy & natural resources with $1.3 billion. In PE, it was the start-up sector which continued to lead the activity by contributing $180,000, followed by media & entertainment which contributed $120,000.
The month also witnessed some big ticket deals, valued over $100 million each, in sectors such as pharma, healthcare and biotech, and infrastructure management, the report added.
"With the visibility on GST and demonetisation effect behind us, combined with the pragmatic budget, domestic consumption and growth should see further acceleration. This will increase traction in domestic M&As as well as inbound investments. With specific boost to infrastructure, FDI and more money in the hands of the people, 2017 should be a very exciting year for deal making," said Prashant Mehra - Partner at Grant Thornton India LLP in the report.
January witnessed around 125 transactions contributing over $3 billion, a 55 per cent in values over the same month last year, according to a report by assurance, tax and advisory firm Grant Thornton.
The primary growth driver continued to be domestic mergers and acquisitions (M&A). The segment contributed over $ 1.6 billion and over four times of the growth.
On the other hand, PE activity continues to slide both from a volume and value perspective. The month of January saw around 80 transactions, contributing just about $650,000. This was a 40 per cent drop in value from last year's level. Cross-border activity seems to be an equal mix between inbound and outbound, contributing around half a million dollars.
In terms of sector trends, the key contributor in M&A was energy & natural resources with $1.3 billion. In PE, it was the start-up sector which continued to lead the activity by contributing $180,000, followed by media & entertainment which contributed $120,000.
The month also witnessed some big ticket deals, valued over $100 million each, in sectors such as pharma, healthcare and biotech, and infrastructure management, the report added.
"With the visibility on GST and demonetisation effect behind us, combined with the pragmatic budget, domestic consumption and growth should see further acceleration. This will increase traction in domestic M&As as well as inbound investments. With specific boost to infrastructure, FDI and more money in the hands of the people, 2017 should be a very exciting year for deal making," said Prashant Mehra - Partner at Grant Thornton India LLP in the report.
Sensex gains 125 pts in early trade despite weak economic data
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The benchmark BSE Sensex extended gains for the third straight day by surging about 125 points, and the NSE Nifty again reclaimed the 8,800-level in early trade today despite disappointing macroeconomic data.
The 30-share barometer, which had gained 44.33 points in the previous two straight sessions, was trading higher by 124.55 points, or 0.43 per cent, at 28,458.80, with power, metal, auto and capital goods stocks leading the gains.
On similar lines, the NSE Nifty was up by 33.35 points, or 0.37 per cent, at 8,826.90 points.
Brokers said sentiment remained upbeat despite industrial production contracted to a four-month low of 0.4 per cent in December, with consumer durables output plummeting by over 10 per cent and overall decline in manufacturing, impacted by demonetisation.
They said a firm trend at other Asian markets following another record close at US markets on Friday and capital inflows by foreign funds in the domestic bourses supported the rally.
Globally, Hong Kong's Hang Seng was up 0.61 per cent, Shanghai's Composite index rose 0.45 per cent, while Japan's Nikkei gained 0.54 per cent in their early trade.
The US Dow Jones Industrial Average ended 0.48 per cent higher on Friday.
The benchmark BSE Sensex extended gains for the third straight day by surging about 125 points, and the NSE Nifty again reclaimed the 8,800-level in early trade today despite disappointing macroeconomic data.
The 30-share barometer, which had gained 44.33 points in the previous two straight sessions, was trading higher by 124.55 points, or 0.43 per cent, at 28,458.80, with power, metal, auto and capital goods stocks leading the gains.
On similar lines, the NSE Nifty was up by 33.35 points, or 0.37 per cent, at 8,826.90 points.
Brokers said sentiment remained upbeat despite industrial production contracted to a four-month low of 0.4 per cent in December, with consumer durables output plummeting by over 10 per cent and overall decline in manufacturing, impacted by demonetisation.
They said a firm trend at other Asian markets following another record close at US markets on Friday and capital inflows by foreign funds in the domestic bourses supported the rally.
Globally, Hong Kong's Hang Seng was up 0.61 per cent, Shanghai's Composite index rose 0.45 per cent, while Japan's Nikkei gained 0.54 per cent in their early trade.
The US Dow Jones Industrial Average ended 0.48 per cent higher on Friday.
General Awareness
GENERAL AWARENESS PRACTICE QUESTIONS FOR ALL BANK EXAMS
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1. Who was appointed the Principal Economic Adviser in the Department of Economic Affairs in February 2017?
1) Shaktikantha Das
2) Sanjeev Sanyal
3) Hasmukh Adhia
4) Ashok Lahiri
2. Majuli is India's first island district. It is in which of the following States?
1) Tamil Nadu
2) West Bengal
3) Kerala
4) Assam
3. Indian- origin girl Priyanka Yoshikawa was recently crowned?
1) Miss Philippines
2) Miss South Korea
3) Miss Japan
4) Miss Vietnam
4. White Helmets is a volunteer civil defense organization that operates in?
1) Libya
2) Colombia
3) Lebanon
4) Syria
5. The annual Solung festival of Adi tribe was held in September 2016 in?
1) Assam
2) Himachal Pradesh
3) Arunachal Pradesh
4) Jharkhand
6. Who has been appointed the Chancellor of The Energy Resources Institute (TERI)?
1) Ajay Mathur
2) C.K. Ansani
3) Ashok Chawla
4) Punit Goenka
7. Farooq Khan was appointed the Administrator of which of the following Union Territories in August 2016?
1) Lakshadweep
2) Daman and Diu
3) Chandigarh
4) Dadra and Nagar Haveli
8. Jan Shikshan Sansthan (JSS) bagged the UNESCO Confucius Prize for Literacy in September 2016. JSS is an NGO based in?
1) Uttar Pradesh
2) Tamil Nadu
3) Goa
4) Kerala
9. Where was the first BRICS film festival held in September 2016?
1) Goa
2) Jaipur
3) New Delhi
4) Udaipur
10. Islam Karimov passed away on September 2, 2016. He was the President of which of the following countries from 1991 to 2016?
1) Kazakhstan
2) Tajikistan
3) Kyrgyzstan
4) Uzbekistan
11. Which Indian ecologist and conservation activist became the first Asian to be awarded the prestigious "Heritage Heroes Award" by the International Union for Conservation of Nature (IUCN) in September 2016?
1) Bibhuti Lahkar
2) Surya Deva
3) Manish Sharma
4) Jitendra Jagota
12. Which Indian diplomat has written the book "Perilous Interventions: The Security Council and the Politics of Chaos"?
1) Meera Shankar
2) Hardeep Singh Puri
3) Arun Kumar Singh
4) Nirupama Rao
13. Navtej Singh Sarna is the Indian Ambassador to which of the following countries?
1) China
2) Japan
3) USA
4) France
14. Petrapole Integrated Check Post was jointly inaugurated by the Prime Minister Narendra Modi and?
1) Maithripala Sirisena
2) Sheikh Hasina
3) Tshering Tobgay
4) Prachanda
15. The Maternity Benefit (Amendment) Bill-2016 increased the maternity leave from 12 weeks to?
1) 24 weeks
2) 28 weeks
3) 26 weeks
4) 25 weeks
16. On July 25, 2016 which company announced a deal to buy Yahoo's internet business for $ 4.8 billion?
1) Google
2) Microsoft
3) Salesforce
4) Verizon Communications
17. PRASAD is a scheme started by the Ministry of?
1) Rural Development
2) Tourism
3) Human Resources
Development
4) External Affairs
18. Which Tamil actor was selected for the Knight of the Order of Arts and Letters, a French award in August 2016?
1) Rajini Kanth
2) Vishal
3) Kamal Haasan
4) Ajit
19. Which country won its first men's Olympic football gold medal in August 2016?
1) Germany
2) Brazil
3) Argentina
4) Chile
20. Simone Biles won four gold medals and a bronze medal at the 2016 Rio Olympics. She is an American?
1) Gymnast
2) Swimmer
3) Track and field athlete
4) Tennis player
21. S.R. Nathan passed away on August 22, 2016. He was the President of which of the following countries from 1999 to 2011?
1) Indonesia
2) Sri Lanka
3) Singapore
4) Malaysia
22. Sri Lanka has signed an agreement with which of the following countries to construct a Financial City Centre in Colombo?
1) India
2) Thailand
3) China
4) USA
ANSWERS:
1) 2 2) 4 3) 3 4) 4 5) 3 6) 3 7) 1 8) 4 9) 3 10) 4
11) 1 12) 2 13) 3 14) 2 15) 3 16) 4 17) 2 18) 3 19) 2 20) 1 21) 3 22) 3
1. Who was appointed the Principal Economic Adviser in the Department of Economic Affairs in February 2017?
1) Shaktikantha Das
2) Sanjeev Sanyal
3) Hasmukh Adhia
4) Ashok Lahiri
1) Shaktikantha Das
2) Sanjeev Sanyal
3) Hasmukh Adhia
4) Ashok Lahiri
2. Majuli is India's first island district. It is in which of the following States?
1) Tamil Nadu
2) West Bengal
3) Kerala
3) Kerala
4) Assam
3. Indian- origin girl Priyanka Yoshikawa was recently crowned?
1) Miss Philippines
2) Miss South Korea
3) Miss Japan
4) Miss Vietnam
4. White Helmets is a volunteer civil defense organization that operates in?
1) Libya
2) Colombia
3) Lebanon
3) Lebanon
4) Syria
5. The annual Solung festival of Adi tribe was held in September 2016 in?
1) Assam
2) Himachal Pradesh
3) Arunachal Pradesh
4) Jharkhand
6. Who has been appointed the Chancellor of The Energy Resources Institute (TERI)?
1) Ajay Mathur
2) C.K. Ansani
3) Ashok Chawla
4) Punit Goenka
7. Farooq Khan was appointed the Administrator of which of the following Union Territories in August 2016?
1) Lakshadweep
2) Daman and Diu
3) Chandigarh
4) Dadra and Nagar Haveli
8. Jan Shikshan Sansthan (JSS) bagged the UNESCO Confucius Prize for Literacy in September 2016. JSS is an NGO based in?
1) Uttar Pradesh
3) Goa
4) Kerala
9. Where was the first BRICS film festival held in September 2016?
1) Goa
2) Jaipur
3) New Delhi
4) Udaipur
10. Islam Karimov passed away on September 2, 2016. He was the President of which of the following countries from 1991 to 2016?
1) Kazakhstan
2) Tajikistan
3) Kyrgyzstan
4) Uzbekistan
11. Which Indian ecologist and conservation activist became the first Asian to be awarded the prestigious "Heritage Heroes Award" by the International Union for Conservation of Nature (IUCN) in September 2016?
1) Bibhuti Lahkar
2) Surya Deva
3) Manish Sharma
4) Jitendra Jagota
12. Which Indian diplomat has written the book "Perilous Interventions: The Security Council and the Politics of Chaos"?
1) Meera Shankar
2) Hardeep Singh Puri
3) Arun Kumar Singh
4) Nirupama Rao
13. Navtej Singh Sarna is the Indian Ambassador to which of the following countries?
1) China
2) Japan
3) USA
4) France
14. Petrapole Integrated Check Post was jointly inaugurated by the Prime Minister Narendra Modi and?
1) Maithripala Sirisena
2) Sheikh Hasina
3) Tshering Tobgay
4) Prachanda
15. The Maternity Benefit (Amendment) Bill-2016 increased the maternity leave from 12 weeks to?
1) 24 weeks
2) 28 weeks
3) 26 weeks
4) 25 weeks
16. On July 25, 2016 which company announced a deal to buy Yahoo's internet business for $ 4.8 billion?
1) Google
2) Microsoft
3) Salesforce
4) Verizon Communications
17. PRASAD is a scheme started by the Ministry of?
1) Rural Development
2) Tourism
3) Human Resources
Development
4) External Affairs
18. Which Tamil actor was selected for the Knight of the Order of Arts and Letters, a French award in August 2016?
1) Rajini Kanth
2) Vishal
3) Kamal Haasan
4) Ajit
19. Which country won its first men's Olympic football gold medal in August 2016?
1) Germany
2) Brazil
3) Argentina
4) Chile
20. Simone Biles won four gold medals and a bronze medal at the 2016 Rio Olympics. She is an American?
1) Gymnast
2) Swimmer
3) Track and field athlete
4) Tennis player
21. S.R. Nathan passed away on August 22, 2016. He was the President of which of the following countries from 1999 to 2011?
1) Indonesia
2) Sri Lanka
3) Singapore
4) Malaysia
22. Sri Lanka has signed an agreement with which of the following countries to construct a Financial City Centre in Colombo?
1) India
2) Thailand
3) China
4) USA
ANSWERS:
1) 2 2) 4 3) 3 4) 4 5) 3 6) 3 7) 1 8) 4 9) 3 10) 4
11) 1 12) 2 13) 3 14) 2 15) 3 16) 4 17) 2 18) 3 19) 2 20) 1 21) 3 22) 3
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