General Affairs
CRPF to use 'Make in India' body protectors to counter stone pelting
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After the winter spell of "stone-pelting", the security forces are preparing for second round of unrest. According to the assessment of the intelligence agencies, summers will not just see an increase in cross-LoC infiltration, but also a spike in law and order situations in the Valley.
But coming to their aid are not just their weapons but also indigenously made body protectors.
The usual winter chill is seen as a "lull" period in snowbound Kashmir. But within the first two months of 2017, the Army has lost 12 men, including one officer, while one commandant from para military is battling for life. Two dozen other men in uniform have been injured in various encounters across the Valley. But while some soldiers brace for counter terror operations, the others dealing with law and order situation can heave a sigh of relief.
While Kashmir battles winters, the CRPF is already set for the "bloody summer months." The shopping list of the force includes 20,000 full body protectors, 3,000 poly-carbonate shields, improved helmets, tear-smoke protectors, and pellet guns with modification.
The new helmet is made of toughened metal, with sponge coverage to head with the neck flap and includes perforations near ear for better hearing of crowd and instructions from commander. While, the neck was not earlier protected, the new model has a toughened glass with a mesh to deal with any strike of stone on face.Till last year, the CRPF men only had foam based Chest protector and leg guard weighing one kilo and 700 grams for both legs. A Mumbai-based company Anjali has designed the new body protectors which have shoulder guard with front, back and waist protection, arm and elbow guard, groin guard, leg guard, shin guard, and knee caps. For feet, high ankle boots have been made and along with these materials a poly carbonate shield and a stick (lathi) will also be given. With arms, in total, each soldier carries a weight of 20 kilos compared the previous 5 kgs.
The soldiers are not cowed by the sheer weight of the new body protectors. Spoke to two of the soldiers who have served in Kashmir valley, one posted in Tral says- "the body protectors give us better protection against stones and renewed confidence".
Sweating as he dons the uniform, the soldier said,"the weight is not so much of an issue, as protection is". The other soldier served in Srinagar in 2010 and faced the first bouts of stone pelting. "The body suits will improve our visibility. We have been pelted against. But our response will be better, use of force would be less".
While the force has faced criticism in use of pellet guns, CRPF has faced wrath of the stone pelters as well. Around 2,400 CRPF men were injured in stone pelting incidents last year and the force is going all out to protect its men this summer. Most of the CRPF men got head injuries in stone pelting incidents, as a result this year the force has introduced improved helmets to protect the men. Besides medical treatment to soldiers, the Ministry of Home Affairs will provide Rs 2500 for minor injuries and Rs 7500 for grievous injuries to CRPF personnel injured in incidents of stone pelting in Kashmir.
After the winter spell of "stone-pelting", the security forces are preparing for second round of unrest. According to the assessment of the intelligence agencies, summers will not just see an increase in cross-LoC infiltration, but also a spike in law and order situations in the Valley.
But coming to their aid are not just their weapons but also indigenously made body protectors.
The usual winter chill is seen as a "lull" period in snowbound Kashmir. But within the first two months of 2017, the Army has lost 12 men, including one officer, while one commandant from para military is battling for life. Two dozen other men in uniform have been injured in various encounters across the Valley. But while some soldiers brace for counter terror operations, the others dealing with law and order situation can heave a sigh of relief.
While Kashmir battles winters, the CRPF is already set for the "bloody summer months." The shopping list of the force includes 20,000 full body protectors, 3,000 poly-carbonate shields, improved helmets, tear-smoke protectors, and pellet guns with modification.
While Kashmir battles winters, the CRPF is already set for the "bloody summer months." The shopping list of the force includes 20,000 full body protectors, 3,000 poly-carbonate shields, improved helmets, tear-smoke protectors, and pellet guns with modification.
The new helmet is made of toughened metal, with sponge coverage to head with the neck flap and includes perforations near ear for better hearing of crowd and instructions from commander. While, the neck was not earlier protected, the new model has a toughened glass with a mesh to deal with any strike of stone on face.Till last year, the CRPF men only had foam based Chest protector and leg guard weighing one kilo and 700 grams for both legs. A Mumbai-based company Anjali has designed the new body protectors which have shoulder guard with front, back and waist protection, arm and elbow guard, groin guard, leg guard, shin guard, and knee caps. For feet, high ankle boots have been made and along with these materials a poly carbonate shield and a stick (lathi) will also be given. With arms, in total, each soldier carries a weight of 20 kilos compared the previous 5 kgs.
The soldiers are not cowed by the sheer weight of the new body protectors. Spoke to two of the soldiers who have served in Kashmir valley, one posted in Tral says- "the body protectors give us better protection against stones and renewed confidence".
Sweating as he dons the uniform, the soldier said,"the weight is not so much of an issue, as protection is". The other soldier served in Srinagar in 2010 and faced the first bouts of stone pelting. "The body suits will improve our visibility. We have been pelted against. But our response will be better, use of force would be less".
While the force has faced criticism in use of pellet guns, CRPF has faced wrath of the stone pelters as well. Around 2,400 CRPF men were injured in stone pelting incidents last year and the force is going all out to protect its men this summer. Most of the CRPF men got head injuries in stone pelting incidents, as a result this year the force has introduced improved helmets to protect the men. Besides medical treatment to soldiers, the Ministry of Home Affairs will provide Rs 2500 for minor injuries and Rs 7500 for grievous injuries to CRPF personnel injured in incidents of stone pelting in Kashmir.
The soldiers are not cowed by the sheer weight of the new body protectors. Spoke to two of the soldiers who have served in Kashmir valley, one posted in Tral says- "the body protectors give us better protection against stones and renewed confidence".
Sweating as he dons the uniform, the soldier said,"the weight is not so much of an issue, as protection is". The other soldier served in Srinagar in 2010 and faced the first bouts of stone pelting. "The body suits will improve our visibility. We have been pelted against. But our response will be better, use of force would be less".
While the force has faced criticism in use of pellet guns, CRPF has faced wrath of the stone pelters as well. Around 2,400 CRPF men were injured in stone pelting incidents last year and the force is going all out to protect its men this summer. Most of the CRPF men got head injuries in stone pelting incidents, as a result this year the force has introduced improved helmets to protect the men. Besides medical treatment to soldiers, the Ministry of Home Affairs will provide Rs 2500 for minor injuries and Rs 7500 for grievous injuries to CRPF personnel injured in incidents of stone pelting in Kashmir.
Jammu and Kashmir: Security forces worried as stone-pelting incidents rise in rural areas
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The video of the encounter in Hajin in Bandipora district has been doing the rounds in defence circles. The pictures show a crowd of people running after an Indian Army truck, pelting stones at security forces and letting the militants escape.
Sources in the Central Reserve Police Force (CRPF) said one the biggest worries for the forces dealing with counter-insurgency operations is the rise in stone-pelting incidents in rural areas of Jammu and Kashmir.
Since Hizb-ul Mujahideen commander Burhan Wani's death, stone-pelting, which was limited to Maisuma and some downtown pockets around Srinagar, has now spread to rural areas.
WHAT IS THE SITUATION ON GROUND:
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An officer said the stone-pelting crowd in rural areas is more belligerent. Another officer said four or five-year olds are pelting stones at security forces. "After being caught, many of these children have no idea of what they are up to," the officer said.
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The Jammu and Kashmir Police has appealed to parents to not let their children be dragged into stone-pelting activities by militant groups.
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In 2010, many children were taken into custody for stone-pelting but let out after the Mehbooba Mufti government granted them amnesty.
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The problem of stone-pelting has aggravated in the last few yeas and security forces cite state government's inability to reach out to people as one of the reasons that has infuriated the public. Most of the MLAs are scared of visiting their constituency for fear of being attacked by locals.
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The chief minister did visit some regions in the past months but she is always surrounded by a battery of security personnel, making it difficult for locals to interact with her. An officer said, "since she was elected from Anantnag in 2014, she has not been seen there".
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Many in the security forces feel politicians have spewed mistrust than building bridges between the state and its people.
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Army chief General Bipin Rawat's stern warning to stone pelters has drawn mixed responses, with some saying the remark may come to haunt the security forces in near future.
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The crackdown on stone-pelters may have a temporary effect, some say. "Summers are expected to be unstable," a source said.
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Chances of stone-pelting are higher when a local militant is engaged in an encounter. Intelligence agencies have alerted the Centre and the state government about nearly 100 local Kashmiri youth picking up arms and joining Lashkar-e-Taiba and Hizb-ul Mujahideen after Burhan Wani's death.
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The National Investigation Agency (NIA) in its chargesheet against Bahadur Ali mentions the Lashkar terrorist mingling freely with stone-pelters during the Burhan Wani agitation.
The video of the encounter in Hajin in Bandipora district has been doing the rounds in defence circles. The pictures show a crowd of people running after an Indian Army truck, pelting stones at security forces and letting the militants escape.
Sources in the Central Reserve Police Force (CRPF) said one the biggest worries for the forces dealing with counter-insurgency operations is the rise in stone-pelting incidents in rural areas of Jammu and Kashmir.
Since Hizb-ul Mujahideen commander Burhan Wani's death, stone-pelting, which was limited to Maisuma and some downtown pockets around Srinagar, has now spread to rural areas.
WHAT IS THE SITUATION ON GROUND:
- An officer said the stone-pelting crowd in rural areas is more belligerent. Another officer said four or five-year olds are pelting stones at security forces. "After being caught, many of these children have no idea of what they are up to," the officer said.
- The Jammu and Kashmir Police has appealed to parents to not let their children be dragged into stone-pelting activities by militant groups.
- In 2010, many children were taken into custody for stone-pelting but let out after the Mehbooba Mufti government granted them amnesty.
- The problem of stone-pelting has aggravated in the last few yeas and security forces cite state government's inability to reach out to people as one of the reasons that has infuriated the public. Most of the MLAs are scared of visiting their constituency for fear of being attacked by locals.
- The chief minister did visit some regions in the past months but she is always surrounded by a battery of security personnel, making it difficult for locals to interact with her. An officer said, "since she was elected from Anantnag in 2014, she has not been seen there".
- Many in the security forces feel politicians have spewed mistrust than building bridges between the state and its people.
- Army chief General Bipin Rawat's stern warning to stone pelters has drawn mixed responses, with some saying the remark may come to haunt the security forces in near future.
- The crackdown on stone-pelters may have a temporary effect, some say. "Summers are expected to be unstable," a source said.
- Chances of stone-pelting are higher when a local militant is engaged in an encounter. Intelligence agencies have alerted the Centre and the state government about nearly 100 local Kashmiri youth picking up arms and joining Lashkar-e-Taiba and Hizb-ul Mujahideen after Burhan Wani's death.
- The National Investigation Agency (NIA) in its chargesheet against Bahadur Ali mentions the Lashkar terrorist mingling freely with stone-pelters during the Burhan Wani agitation.
India prepares Israeli SPYDER air defence missile system for Pakistan border
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The Indian Air Force will in the next few weeks finish weaving a security web with the Israeli SPYDER air defence missile system on the western borders in a bid to strengthen its preparedness to strike down any aerial threat from Pakistan.
The induction process was delayed by over three years due to the nonavailability of Czech-made Tatra trucks on which the missiles were to be carried.
"The SPYDER missile system is already in the process of deployment along the western borders where it will help in tackling any aircraft, cruise missile, surveillance plane or drone that tries to violate our airspace," senior defence sources told MAIL TODAY.
WHAT IS SPYDER?
The SPYDER (Surface-to-air PYthon and DERby) is a low-level, quick reaction missile (LLQRM) to neutralise hostile targets up to 15 km away and at heights between 20 and 9,000 metres. The Python-5 is currently the most capable air-to-air missile (AAM) in Israel's inventory, while the Derby is an active radar homing AAM that provides the SPYDER missile system with a fireand-forget option.
"The IAF will use the SPYDER along with the made-in-India Akash surface-to-air missile which has a little longer effective range of 25 km as part of a layered approach to defend vital assets and locations in the country," the sources stated.
DEAL MADE IN 2008
The SPYDER deal was completed by the IAF with Rafael and Israeli Aircraft Industries (IAI) in 2008 and supplies were to begin in three to four years. But the process got delayed due to the unavailability of the Tatra trucks, which got mired in a controversy over bribery allegations.
"Due to the lack of heavy specialised trucks, changes had to be made in the contract with the vendors and a made-in-India truck has been used for carrying the SPYDER system, which has been tested extensively resulting in delays," the sources said.
Both the SPYDER and Akash are all-weather missiles and the process to seek and engage an aggressive aircraft or missile is automatic. Besides aircraft and UAVs, they can also neutralise lowlevel cruise missiles.
The IAF has taken a slew of measures to strengthen its air defence capabilities in the recent past as it is also going to deploy another air defence system called the Medium Range Surface to Air Missile (MRSAM) system from Israel, which can strike down targets at 50-70km.
The force would receive a major boost when it starts getting the S-400 air defence missile system from Russia, which can take out targets at 400 km and can be very effective against enemy AWACS (Airborne Warning And Control System) and cruise missiles at great distances.
The Indian Air Force will in the next few weeks finish weaving a security web with the Israeli SPYDER air defence missile system on the western borders in a bid to strengthen its preparedness to strike down any aerial threat from Pakistan.
The induction process was delayed by over three years due to the nonavailability of Czech-made Tatra trucks on which the missiles were to be carried.
"The SPYDER missile system is already in the process of deployment along the western borders where it will help in tackling any aircraft, cruise missile, surveillance plane or drone that tries to violate our airspace," senior defence sources told MAIL TODAY.
WHAT IS SPYDER?
The SPYDER (Surface-to-air PYthon and DERby) is a low-level, quick reaction missile (LLQRM) to neutralise hostile targets up to 15 km away and at heights between 20 and 9,000 metres. The Python-5 is currently the most capable air-to-air missile (AAM) in Israel's inventory, while the Derby is an active radar homing AAM that provides the SPYDER missile system with a fireand-forget option.
"The IAF will use the SPYDER along with the made-in-India Akash surface-to-air missile which has a little longer effective range of 25 km as part of a layered approach to defend vital assets and locations in the country," the sources stated.
DEAL MADE IN 2008
The SPYDER deal was completed by the IAF with Rafael and Israeli Aircraft Industries (IAI) in 2008 and supplies were to begin in three to four years. But the process got delayed due to the unavailability of the Tatra trucks, which got mired in a controversy over bribery allegations.
"Due to the lack of heavy specialised trucks, changes had to be made in the contract with the vendors and a made-in-India truck has been used for carrying the SPYDER system, which has been tested extensively resulting in delays," the sources said.
Both the SPYDER and Akash are all-weather missiles and the process to seek and engage an aggressive aircraft or missile is automatic. Besides aircraft and UAVs, they can also neutralise lowlevel cruise missiles.
The IAF has taken a slew of measures to strengthen its air defence capabilities in the recent past as it is also going to deploy another air defence system called the Medium Range Surface to Air Missile (MRSAM) system from Israel, which can strike down targets at 50-70km.
The force would receive a major boost when it starts getting the S-400 air defence missile system from Russia, which can take out targets at 400 km and can be very effective against enemy AWACS (Airborne Warning And Control System) and cruise missiles at great distances.
Late Arunachal Pradesh CM Kalikho Pul's wife demands court-monitored SIT probe into his death
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Dangwimsai, wife of late Arunachal Pradesh Chief Minister Kalikho Pul, will meet Vice-President Hamid Ansari on Tuesday, demanding a court-monitored SIT probe into the allegations made in his suicide note.
Dangwimsai, along with Swaraj Abhiyan leaders Prashant Bhushan and Yogendra Yadav and activist Harsh Mander among others will submit their request letter for an SIT-constituted probe by seniormost Supreme Court judges other than the ones named in Pul's 60-page suicide note.
Kalikho's wife had written a letter to the Chief Justice of India, seeking his intervention to grant permission to register an FIR based on the suicide note.
Pul had committed suicide on August 9 last year.
PUL WROTE A 60-PAGE SUICIDE NOTE
In a 60-page note in Hindi, Pul purportedly wrote about his commitment to probity and alleged corruption by a range of public figures. His allegations named former and serving Supreme Court judges, senior law officers, politicians and other people holding high office. One of the charges made in the note was that relatives of two judges had, via some individuals, indicated that they wanted money from Pul in exchange for ensuring that President's rule in Arunachal not be declared illegal.
Dangwimsai released her letter addressed to the CJI and sought an FIR and an independent probe into the accusations. Her letter underlined that prior permission from the CJI or other senior judges was imperative before registration of the FIR and launching an investigation against the members of the higher judiciary.
The Chief Justice treated her letter as a letter petition and posted the same before a two-judge bench comprising Justice Adarsh Kumar Goel and Justice UU Lalit. When the matter came up for hearing on February 23, her lawyer Dushyant Dave objected to the listing of the matter on the judicial side.
"We had filed the plea on the administrative side and not on the judicial side. If your lordships insist on hearing it, we will not participate in it and we wish to withdraw", Dave said, citing the Veeraswamy judgment in his support.
Dangwimsai, wife of late Arunachal Pradesh Chief Minister Kalikho Pul, will meet Vice-President Hamid Ansari on Tuesday, demanding a court-monitored SIT probe into the allegations made in his suicide note.
Dangwimsai, along with Swaraj Abhiyan leaders Prashant Bhushan and Yogendra Yadav and activist Harsh Mander among others will submit their request letter for an SIT-constituted probe by seniormost Supreme Court judges other than the ones named in Pul's 60-page suicide note.
Kalikho's wife had written a letter to the Chief Justice of India, seeking his intervention to grant permission to register an FIR based on the suicide note.
Pul had committed suicide on August 9 last year.
PUL WROTE A 60-PAGE SUICIDE NOTE
In a 60-page note in Hindi, Pul purportedly wrote about his commitment to probity and alleged corruption by a range of public figures. His allegations named former and serving Supreme Court judges, senior law officers, politicians and other people holding high office. One of the charges made in the note was that relatives of two judges had, via some individuals, indicated that they wanted money from Pul in exchange for ensuring that President's rule in Arunachal not be declared illegal.
Dangwimsai released her letter addressed to the CJI and sought an FIR and an independent probe into the accusations. Her letter underlined that prior permission from the CJI or other senior judges was imperative before registration of the FIR and launching an investigation against the members of the higher judiciary.
The Chief Justice treated her letter as a letter petition and posted the same before a two-judge bench comprising Justice Adarsh Kumar Goel and Justice UU Lalit. When the matter came up for hearing on February 23, her lawyer Dushyant Dave objected to the listing of the matter on the judicial side.
"We had filed the plea on the administrative side and not on the judicial side. If your lordships insist on hearing it, we will not participate in it and we wish to withdraw", Dave said, citing the Veeraswamy judgment in his support.
Ramjas violence provoked by outsiders, blame put on us: ABVP
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The RSS-backed Akhil Bharatiya Vidyarthi Parishad (ABVP) today claimed that the recent violence at DU's Ramjas college was provoked by "outsiders" and the blame has been put on them by the "anti-nationals".
The student outfit has called for a protest on March 2 against the entry of outsiders on campus and their alleged attempts to "pollute" the atmosphere.
"There is lot of hue and cry about ABVP's involvement in the violence. We would like to put on record that the violence was provoked by outsiders and the 'anti-nationals' have put the blame on us," Saket Bahuguna, ABVP's National Media Convener said during a press conference.
"The outsiders are not only polluting the academic and peaceful atmosphere of the university but are also provoking violence. We had not gone to attack anybody but only went to calm the situation that day and to ensure that there is no clash of ideologies in our classroom," he added.
Ramjas college had last week witnessed large-scale violence between members of the AISA and the ABVP. The genesis of the clash was an invite to JNU students Umar Khalid and Shehla Rashid to address a seminar on 'Culture of Protests' which was withdrawn by the college authorities following opposition by the ABVP.
"This is for the first time that such widespread violence has been witnessed at Delhi University and it is not because of ABVP. Our organisation has been part of the students union for years, why such violence took place now is because of the involvement of outsiders," Bahuguna said.
"We have called for a massive protest on March 2 to agitate against the presence of outsiders on DU campus and their attempts to vitiate the atmosphere," he added.
Meanwhile, the ABVP had earlier in the day approached police to lodge an FIR against those who have threatened army martyr's daughter Gurmehar Kaur of raping her.
Kaur, who had last week started a social media campaign "I am not afraid of ABVP" which went viral, had claimed that she had received "rape threats" allegedly from members of ABVP.
The RSS-backed Akhil Bharatiya Vidyarthi Parishad (ABVP) today claimed that the recent violence at DU's Ramjas college was provoked by "outsiders" and the blame has been put on them by the "anti-nationals".
The student outfit has called for a protest on March 2 against the entry of outsiders on campus and their alleged attempts to "pollute" the atmosphere.
"There is lot of hue and cry about ABVP's involvement in the violence. We would like to put on record that the violence was provoked by outsiders and the 'anti-nationals' have put the blame on us," Saket Bahuguna, ABVP's National Media Convener said during a press conference.
"The outsiders are not only polluting the academic and peaceful atmosphere of the university but are also provoking violence. We had not gone to attack anybody but only went to calm the situation that day and to ensure that there is no clash of ideologies in our classroom," he added.
Ramjas college had last week witnessed large-scale violence between members of the AISA and the ABVP. The genesis of the clash was an invite to JNU students Umar Khalid and Shehla Rashid to address a seminar on 'Culture of Protests' which was withdrawn by the college authorities following opposition by the ABVP.
"This is for the first time that such widespread violence has been witnessed at Delhi University and it is not because of ABVP. Our organisation has been part of the students union for years, why such violence took place now is because of the involvement of outsiders," Bahuguna said.
"We have called for a massive protest on March 2 to agitate against the presence of outsiders on DU campus and their attempts to vitiate the atmosphere," he added.
Meanwhile, the ABVP had earlier in the day approached police to lodge an FIR against those who have threatened army martyr's daughter Gurmehar Kaur of raping her.
Kaur, who had last week started a social media campaign "I am not afraid of ABVP" which went viral, had claimed that she had received "rape threats" allegedly from members of ABVP.
Business Affairs
Bank strike hits operations; unions claim success
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Banking operations were hit on Tuesday by the day-long, nation-wide strike called by employees of public sector banks. Unions had called for a day-long protest to press for several demands including wage revision and accountability of top executives in view of mounting bad loans in the banking sector.
The All India Bank Employees' Association (AIBEA) claimed success, saying all the branches kept their shutters down.
"People could not go to banks to transact anything, deposit money, withdraw money or do any other transaction. Government treasury transactions could not be done, import and export transactions were hit, money market operations were not possible," AIBEA General Secretary C H Venkatachalam told PTI.
Money transfer and cash remittances were also hit.
Meanwhile, industry body Assocham said that the day-long strike observed by public sector banks today may negatively impact forex and paper clearing transactions worth up to Rs 1.3 lakh crore.
"The all India bank strike might also impact deployment of gross bank credit worth up to Rs 1,600 crore," said DS Rawat, Secretary General of Assocham.
Venkatachalam said clearing operations have been paralysed in a big way despite the Reserve Bank keeping its operations open because employees were not available.
Some private sector banks are also part of the strike called under the aegis of the United Forum of Bank Unions (UFBU) to press their demands including fixing accountability of top officers over increasing bad loans, opposing labour reforms as well as outsourcing of permanent jobs.
Karur Vysya Bank and Federal Bank said Staff Union and Officers Association of the Bank under the banner of UFBU are participating in the strike.
"Regular functioning of the branches of the Bank might be affected on that day. However the Bank's ATMs and digital channels will function to meet customer needs," Federal Bank said.
Private sector banks including ICICI, HDFC, Axis were not part of the strike.
ATMs have gone dry in various places, Venkatachalam said, adding that some banks had limited cash to keep the machines going.
UFBU is an umbrella body of 9 unions. However two of Bharatiya Mazdoor Sangh affiliates -- the National Organisation of Bank Workers and the National Organisation of Bank Officers -- are not part of the strike.
The demands include compensation to employees and officers for extra hours they have put in following demonetisation in November and early initiation of next wage revision.
They have also demanded adequate recruitment in all cadres, stringent measures to recover bad loans and accountability of top executives. Besides, they have pitched for criminal action against wilful defaulters.
The UFBU, which claims membership of nearly 10 lakh across banks, also requested the government for cost reimbursement of demonetisation to banks.
As many as 27 public sector banks control 75 per cent of the total business.
Banking operations were hit on Tuesday by the day-long, nation-wide strike called by employees of public sector banks. Unions had called for a day-long protest to press for several demands including wage revision and accountability of top executives in view of mounting bad loans in the banking sector.
The All India Bank Employees' Association (AIBEA) claimed success, saying all the branches kept their shutters down.
"People could not go to banks to transact anything, deposit money, withdraw money or do any other transaction. Government treasury transactions could not be done, import and export transactions were hit, money market operations were not possible," AIBEA General Secretary C H Venkatachalam told PTI.
Money transfer and cash remittances were also hit.
Meanwhile, industry body Assocham said that the day-long strike observed by public sector banks today may negatively impact forex and paper clearing transactions worth up to Rs 1.3 lakh crore.
"The all India bank strike might also impact deployment of gross bank credit worth up to Rs 1,600 crore," said DS Rawat, Secretary General of Assocham.
Venkatachalam said clearing operations have been paralysed in a big way despite the Reserve Bank keeping its operations open because employees were not available.
Some private sector banks are also part of the strike called under the aegis of the United Forum of Bank Unions (UFBU) to press their demands including fixing accountability of top officers over increasing bad loans, opposing labour reforms as well as outsourcing of permanent jobs.
Karur Vysya Bank and Federal Bank said Staff Union and Officers Association of the Bank under the banner of UFBU are participating in the strike.
"Regular functioning of the branches of the Bank might be affected on that day. However the Bank's ATMs and digital channels will function to meet customer needs," Federal Bank said.
Private sector banks including ICICI, HDFC, Axis were not part of the strike.
ATMs have gone dry in various places, Venkatachalam said, adding that some banks had limited cash to keep the machines going.
UFBU is an umbrella body of 9 unions. However two of Bharatiya Mazdoor Sangh affiliates -- the National Organisation of Bank Workers and the National Organisation of Bank Officers -- are not part of the strike.
The demands include compensation to employees and officers for extra hours they have put in following demonetisation in November and early initiation of next wage revision.
They have also demanded adequate recruitment in all cadres, stringent measures to recover bad loans and accountability of top executives. Besides, they have pitched for criminal action against wilful defaulters.
The UFBU, which claims membership of nearly 10 lakh across banks, also requested the government for cost reimbursement of demonetisation to banks.
As many as 27 public sector banks control 75 per cent of the total business.
Sensex ends 69 pts lower, Nifty falls below 8,900-level
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The Indian benchmark indices snapped a six-session winning streak as investors stepped back to eye the Q3 GDP data that is due to release today.
The S&P BSE Sensex closed the day at 28,743, down 69.56 points while the Nifty50 ended at 8,879, 17.10 points lower.
Economic Affairs Secretary Shaktikanta Das announced that the states have agreed to implement GST on July 1, 2017.
The BSE Bankex was trading flat after snapping six consecutive sessions of gains in the previous session.
Shares of Bharti Airtel Ltd rose as much as 4.9 per cent in intra-day trade after the telecom operator said it would scrap national roaming charges from April 1.
The stock was the top gainer on BSE adding over 2.66 per cent.
Idea Cellular pared losses to end 0.1 per cent higher after the stock declined as much as 4.8 per cent after Providence Equity Partners sold its 3.3 per cent stake in the company.
Coal India was the top loser shedding over 2 per cent.
HPCL tanked over 5 per cent after reports that ONGC may acquire HPCL in an about Rs 44,000 crore deal as part of the government's plan to create an integrated oil giant.
The scrip ended 3.6 per cent lower on the BSE.
BPCL also slipped nearly 3 per cent reacting to the news.
The Indian benchmark indices snapped a six-session winning streak as investors stepped back to eye the Q3 GDP data that is due to release today.
The S&P BSE Sensex closed the day at 28,743, down 69.56 points while the Nifty50 ended at 8,879, 17.10 points lower.
Economic Affairs Secretary Shaktikanta Das announced that the states have agreed to implement GST on July 1, 2017.
The BSE Bankex was trading flat after snapping six consecutive sessions of gains in the previous session.
Shares of Bharti Airtel Ltd rose as much as 4.9 per cent in intra-day trade after the telecom operator said it would scrap national roaming charges from April 1.
The stock was the top gainer on BSE adding over 2.66 per cent.
Idea Cellular pared losses to end 0.1 per cent higher after the stock declined as much as 4.8 per cent after Providence Equity Partners sold its 3.3 per cent stake in the company.
Coal India was the top loser shedding over 2 per cent.
HPCL tanked over 5 per cent after reports that ONGC may acquire HPCL in an about Rs 44,000 crore deal as part of the government's plan to create an integrated oil giant.
HPCL tanked over 5 per cent after reports that ONGC may acquire HPCL in an about Rs 44,000 crore deal as part of the government's plan to create an integrated oil giant.
The scrip ended 3.6 per cent lower on the BSE.
BPCL also slipped nearly 3 per cent reacting to the news.
BPCL also slipped nearly 3 per cent reacting to the news.
SC asks Sahara to deposit Rs 5,092.6 cr to keep Subrata Roy out of jail
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The Supreme Court today directed the Sahara Group to deposit Rs 5092.6 crore by April 7 in the SEBI-Sahara account to keep its chief Subrata Roy out of jail and said the amount will be refunded to the investors.
A bench headed by Justice Dipak Misra refused to give six months time to the group to sell its properties but allowed it to sell assets, mentioned in the list furnished by it, for refund of money.
However, the bench, also comprising Justices Ranjan Gogoi and A K Sikri, observed that in case the group deposits a "substantial amount" out of Rs 5092.6 crore by April 7, the court may extend the time to sell other properties.
The judges said the group can sell 13 out of the 15 properties mentioned in one of the lists to deposit the amount and can also sell the properties, which are unencumbered, and mentioned in the other list given by it.
"In view of the aforesaid, we permit the contemnor to sell the properties mentioned in part A (of the list), barring items 14 and 15, and any other properties mentioned in part B which are unencumbered and to deposit Rs 5092.6 crore on or before April 7. The amount shall be deposited in the SEBI-Sahara refund account," it said.
"In case, a substantial amount is deposited by then, this court may intend to extend the time," they said.
The bench also asked an international real estate firm, which has shown willingness to buy Sahara's stake in New York- based Plaza Hotel for 550 million USD, to deposit Rs 750 crore in the apex court registry before April 10 to show its bonafide.
At the outset, senior advocate Arvind Datar, appearing for the SEBI, told the bench that one of the properties mentioned relates to the stakes or shareholding of the firm in formula one racing team Force India, and it should be excluded from auction.
He said the SEBI had tried to auction some of the properties mentioned in the list but it was unsuccessful and suggested that an e-auction could be done.
Senior lawyer Kapil Sibal, appearing for Sahara, submitted that the court can attach some of their properties as security and the group would give an undertaking that if it does not pay the amount in 22 months, these assets can be sold.
To this, the bench said, "Why cannot e-auction method be followed as is being done in auctioning of spectrum?"
Sibal said that the group has already sold 16 properties and has "brought the money" and it was willing to sell whatever was possible.
"We will sell whatever we can and if we don't comply with it (direction), you can sent me (Roy) to Tihar (jail)," he said, adding, "We will try to sell other properties also which are not mentioned in the lists. My request is that you (court) allow us to sell these ourselves."
When Sibal said e-auction process will take a minimum of six months, the bench asked Datar, "Why six months or one year? What kind of auction you will do?
"Why don't you put these properties for e-auction? You make an effort as to which will be the agency and tell us," it told Datar who referred to the lists of properties given by Sahara.
When the court insisted that the SEBI should go for e-auctioning of these properties, Sibal said, "My request is that allow us to sell these as otherwise the properties would be undervalued. We will lose money."
The bench then told Sibal, "Okay. Do it in 30 days."
The senior counsel said, "It can't be done in 30 days. I am seeking a reasonable time for selling these properties.
There are open lands and it is very difficult to sell such properties without any development given the economic scenario. Give us at least two months time.
"We have sold 16 properties earlier and have brought Rs 12,000 crore on the table," he said.
The bench then gave time till April 7 to the group to sell the assets and deposit the money in the SEBI-Sahara account.
The court also noted Sibal's submissions that the Ghaziabad Development Authority (GDA) has acquired a piece of land from the group, which would get a compensation of around Rs 1112.70 crore from the authority.
It issued notice to the GDA and asked its competent authority to appear before it on the next date of hearing, along with the relevant records.
However, the SEBI's counsel told the bench that earlier, two agencies -- the SBI Cap and the HDFC -- were appointed by a court's order for conducting e-auctioning of some of the properties but these could not be sold.
The Supreme Court today directed the Sahara Group to deposit Rs 5092.6 crore by April 7 in the SEBI-Sahara account to keep its chief Subrata Roy out of jail and said the amount will be refunded to the investors.
A bench headed by Justice Dipak Misra refused to give six months time to the group to sell its properties but allowed it to sell assets, mentioned in the list furnished by it, for refund of money.
However, the bench, also comprising Justices Ranjan Gogoi and A K Sikri, observed that in case the group deposits a "substantial amount" out of Rs 5092.6 crore by April 7, the court may extend the time to sell other properties.
The judges said the group can sell 13 out of the 15 properties mentioned in one of the lists to deposit the amount and can also sell the properties, which are unencumbered, and mentioned in the other list given by it.
"In view of the aforesaid, we permit the contemnor to sell the properties mentioned in part A (of the list), barring items 14 and 15, and any other properties mentioned in part B which are unencumbered and to deposit Rs 5092.6 crore on or before April 7. The amount shall be deposited in the SEBI-Sahara refund account," it said.
"In case, a substantial amount is deposited by then, this court may intend to extend the time," they said.
The bench also asked an international real estate firm, which has shown willingness to buy Sahara's stake in New York- based Plaza Hotel for 550 million USD, to deposit Rs 750 crore in the apex court registry before April 10 to show its bonafide.
At the outset, senior advocate Arvind Datar, appearing for the SEBI, told the bench that one of the properties mentioned relates to the stakes or shareholding of the firm in formula one racing team Force India, and it should be excluded from auction.
He said the SEBI had tried to auction some of the properties mentioned in the list but it was unsuccessful and suggested that an e-auction could be done.
Senior lawyer Kapil Sibal, appearing for Sahara, submitted that the court can attach some of their properties as security and the group would give an undertaking that if it does not pay the amount in 22 months, these assets can be sold.
To this, the bench said, "Why cannot e-auction method be followed as is being done in auctioning of spectrum?"
Sibal said that the group has already sold 16 properties and has "brought the money" and it was willing to sell whatever was possible.
"We will sell whatever we can and if we don't comply with it (direction), you can sent me (Roy) to Tihar (jail)," he said, adding, "We will try to sell other properties also which are not mentioned in the lists. My request is that you (court) allow us to sell these ourselves."
When Sibal said e-auction process will take a minimum of six months, the bench asked Datar, "Why six months or one year? What kind of auction you will do?
"Why don't you put these properties for e-auction? You make an effort as to which will be the agency and tell us," it told Datar who referred to the lists of properties given by Sahara.
When the court insisted that the SEBI should go for e-auctioning of these properties, Sibal said, "My request is that allow us to sell these as otherwise the properties would be undervalued. We will lose money."
The bench then told Sibal, "Okay. Do it in 30 days."
The senior counsel said, "It can't be done in 30 days. I am seeking a reasonable time for selling these properties.
There are open lands and it is very difficult to sell such properties without any development given the economic scenario. Give us at least two months time.
"We have sold 16 properties earlier and have brought Rs 12,000 crore on the table," he said.
The bench then gave time till April 7 to the group to sell the assets and deposit the money in the SEBI-Sahara account.
The court also noted Sibal's submissions that the Ghaziabad Development Authority (GDA) has acquired a piece of land from the group, which would get a compensation of around Rs 1112.70 crore from the authority.
It issued notice to the GDA and asked its competent authority to appear before it on the next date of hearing, along with the relevant records.
However, the SEBI's counsel told the bench that earlier, two agencies -- the SBI Cap and the HDFC -- were appointed by a court's order for conducting e-auctioning of some of the properties but these could not be sold.
Sebi allows FPIs to invest in unlisted corporate bonds, securitised debt
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Regulator Sebi on Tuesday permitted FPIs to invest in unlisted corporate debt securities and securitised debt instruments with a ceiling of Rs 35,000 crore in a bid to deepen capital markets. The decision has been taken in order to enhance the investor base in unlisted debt securities and securitised debt instruments.
"Investment by FPIs in the unlisted corporate debt securities and securitised debt instruments shall not exceed Rs 35,000 crore within the extant corporate debt limit which currently is Rs 2,44,323 crore," Securities and Exchange Board of India (Sebi) said.
The circular would come into force with immediate effect. Sebi said investments in the unlisted corporate debt securities "shall be subject to minimum residual maturity of three years and end use-restriction on investment in real estate business, capital market and purchase of land".
"The expression 'Real Estate Business' shall have the same meaning as assigned to it in Foreign Exchange Management (Transfer or issue of Security by a Person Resident outside India) Regulations," Sebi said.
FPIs have been permitted to invest in the unlisted corporate debt securities in the form of non-convertible debentures (NCDs) or bonds issued by an Indian public or private company. Securitised debt instruments include certificate or instrument issued by a special purpose vehicle (SPV) set up for securitisation of asset with banks and other financial institutions. The permitted avenues also include certificate or instrument issued and listed in compliance of Sebi norms.
Regulator Sebi on Tuesday permitted FPIs to invest in unlisted corporate debt securities and securitised debt instruments with a ceiling of Rs 35,000 crore in a bid to deepen capital markets. The decision has been taken in order to enhance the investor base in unlisted debt securities and securitised debt instruments.
"Investment by FPIs in the unlisted corporate debt securities and securitised debt instruments shall not exceed Rs 35,000 crore within the extant corporate debt limit which currently is Rs 2,44,323 crore," Securities and Exchange Board of India (Sebi) said.
The circular would come into force with immediate effect. Sebi said investments in the unlisted corporate debt securities "shall be subject to minimum residual maturity of three years and end use-restriction on investment in real estate business, capital market and purchase of land".
"The expression 'Real Estate Business' shall have the same meaning as assigned to it in Foreign Exchange Management (Transfer or issue of Security by a Person Resident outside India) Regulations," Sebi said.
FPIs have been permitted to invest in the unlisted corporate debt securities in the form of non-convertible debentures (NCDs) or bonds issued by an Indian public or private company. Securitised debt instruments include certificate or instrument issued by a special purpose vehicle (SPV) set up for securitisation of asset with banks and other financial institutions. The permitted avenues also include certificate or instrument issued and listed in compliance of Sebi norms.
Fake notes problem: How safe are our ATMs?
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With reports of ATMs disbursing fake currency notes across the country, safety and security of ATMs in the country are under serious doubts.
According to a Hindustan Times report, three of five ATMs in India are being run with outdated technology and lack basic security features, making them prime targets for fake currency circulators.
In India, cash loaders don't use the "one-time combination" (OTC) method widely used in developed nations to operate these machines. Your ATM transactions also have large exposure to possibilities of fraud since a majority of 2,20,000 of them are not monitored by working closed-circuit television cameras.
Hence, cash loaders use the ATMs amid poor security situation. This can lead to more instances of fake notes being circulated in the economy through ATMs.
NSG Rao, secretary of Cash Logistics Association told HT they have urged banks several times to install OTC locking system at the ATMs so that monitoring improves, unfortunately most banks do not pay heed. Banks don't keep data on whether the CCTVs installed in ATMs were in working condition, Rao added.
In a bizarre incident, a State Bank of India ATM at South Delhi's Sangam Vihar dispensed 'fake' Rs 2000 notes last week, media reports said. The pink colored notes had 'Children Bank of India' written in place of Reserve Bank of India and the serial number was '000000'. The fake notes had 'churan lable' in place of the latent image and a 'PK' logo at the lower half where bank's seal is seen in the original currency note. The note reads,"I promise to pay the barer two thousand coupens (sic) instead of - I promise to pay the bearer the sum of two thousand rupees."
ATM security has come under the focus after several cases of fake currency have been reported from various parts of the country.
Logistics firms are responsible for transportation of cash from bank currency chests to branches and ATMs. These firms are also responsible for maintenance of these machines.
Under the OTC locking system, one-time combination code is given to the loaders to access the ATMs. Once loading is complete, the code becomes redundant and can't be used anymore.
In a cash van, there are usually five people present. A driver, two security personnel and two cash custodians. Currently, two custodians have different passwords which they use to open the ATM. Also they know each others' passwords.
Hence, these people can return back anytime to carry out mischief without the knowledge of the other and the firm and operate the ATMs, added Rao.
With reports of ATMs disbursing fake currency notes across the country, safety and security of ATMs in the country are under serious doubts.
According to a Hindustan Times report, three of five ATMs in India are being run with outdated technology and lack basic security features, making them prime targets for fake currency circulators.
In India, cash loaders don't use the "one-time combination" (OTC) method widely used in developed nations to operate these machines. Your ATM transactions also have large exposure to possibilities of fraud since a majority of 2,20,000 of them are not monitored by working closed-circuit television cameras.
Hence, cash loaders use the ATMs amid poor security situation. This can lead to more instances of fake notes being circulated in the economy through ATMs.
NSG Rao, secretary of Cash Logistics Association told HT they have urged banks several times to install OTC locking system at the ATMs so that monitoring improves, unfortunately most banks do not pay heed. Banks don't keep data on whether the CCTVs installed in ATMs were in working condition, Rao added.
In a bizarre incident, a State Bank of India ATM at South Delhi's Sangam Vihar dispensed 'fake' Rs 2000 notes last week, media reports said. The pink colored notes had 'Children Bank of India' written in place of Reserve Bank of India and the serial number was '000000'. The fake notes had 'churan lable' in place of the latent image and a 'PK' logo at the lower half where bank's seal is seen in the original currency note. The note reads,"I promise to pay the barer two thousand coupens (sic) instead of - I promise to pay the bearer the sum of two thousand rupees."
ATM security has come under the focus after several cases of fake currency have been reported from various parts of the country.
Logistics firms are responsible for transportation of cash from bank currency chests to branches and ATMs. These firms are also responsible for maintenance of these machines.
Under the OTC locking system, one-time combination code is given to the loaders to access the ATMs. Once loading is complete, the code becomes redundant and can't be used anymore.
In a cash van, there are usually five people present. A driver, two security personnel and two cash custodians. Currently, two custodians have different passwords which they use to open the ATM. Also they know each others' passwords.
Hence, these people can return back anytime to carry out mischief without the knowledge of the other and the firm and operate the ATMs, added Rao.
General Awareness
Complete List of the 89th Academy Award (Oscar Award)
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The 89th Academy Awards commonly referred to as Oscar took place on February 26, 2017, at the Dolby Theatre in Hollywood, Los Angeles.The award presented by the Academy of Motion Picture Arts and Sciences (AMPAS), honored the best films of 2016 in 24 categories.
- La La Land won the most number of awards at the ceremony totaling to six after being nominated into 14 categories.
- It was followed by Arrival and Moonlight with each being nominated in eight categories.
Mahershala Ali becomes first Muslim actor to win an Oscar for role in Moonlight
Mahershala Ali won the Academy Award for best supporting actor for his portrayal of a drug dealer in Moonlight. With this he became the first Muslim to be nominated and awarded a golden statuette for acting.
Complete List of Winners
Award Category Winner Movie Best Picture Moonlight Best Actres Emma Stone La La Land Best Actor Casey Affleck Manchester By The Sea Best Director Damien Chazelle La La Land Best Supporting Actress Viola Davis Fences Best Supporting Actor Mahershala Ali Moonlight Best Original Screenplay Kenneth Lonergan Manchester By The Sea Best Adapted Screenplay Barry Jenkins and Tarell Alvin McCraney Moonlight Best Cinematography Linus Sandgren La La Land Best Original Score Justin Hurwitz La La Land Best Original Song Justin Hurwitz, Benj Pasek and Justin Paul La La Land Best Sound Editing Sylvain Bellemare Arrival Best Foreign Language Film Asghar Farhadi The Salesman Best Film Editing John Gilbert Hacksaw Ridge Best Visual Effects Robert Legato, Adam Valdez, Andrew R. Jones and Dan Lemmon The Jungle Book Best Production Design David Wasco and Sandy Reynolds Wasco La La Land Best Sound Mixing Kevin O’Connell, Andy Wright, Robert Mackenzie and Peter Grace Hacksaw Ridge Best Documentary-Feature Ezra Edelman and Caroline Waterlow O.J.: Made in America Best Animated Feature Film Byron Howard, Rich Moore and Clark Spencer Zootopia Best Animated Short Film Alan Barillaro and Marc Sondheimer Piper Best Documentary-Short Subject Orlando von Einsiedel and Joanna Natasegara The White Helmets Best Live Action Short Film Kristof Deak and Anna Udvardy Sing Best Make-Up and Hairstyling Alessandro Bertolazzi, Giorgio Gregorini and Christopher Nelson Suicide Squad Best Costume Design Colleen Atwood Fantastic Beast and Where To Find Them
About Academy Awards
The Academy Awards, or “Oscars” is a group of twenty-four artistic and technical honors given annually by the Academy of Motion Picture Arts and Sciences (AMPAS) to recognize excellence in cinematic achievements in the United States film industry.
- The various category winners are awarded a copy of a statuette officially called the Academy Award of Merit and famously referred as Oscar Award.
- The award was first presented in 1929. A total of 3,048 Oscars have been awarded since the inception of the award till the 88th Academy Award.
The 89th Academy Awards commonly referred to as Oscar took place on February 26, 2017, at the Dolby Theatre in Hollywood, Los Angeles.The award presented by the Academy of Motion Picture Arts and Sciences (AMPAS), honored the best films of 2016 in 24 categories.
- La La Land won the most number of awards at the ceremony totaling to six after being nominated into 14 categories.
- It was followed by Arrival and Moonlight with each being nominated in eight categories.
Mahershala Ali becomes first Muslim actor to win an Oscar for role in Moonlight
Mahershala Ali won the Academy Award for best supporting actor for his portrayal of a drug dealer in Moonlight. With this he became the first Muslim to be nominated and awarded a golden statuette for acting.
Complete List of Winners
| Award Category | Winner | Movie |
| Best Picture | Moonlight | |
| Best Actres | Emma Stone | La La Land |
| Best Actor | Casey Affleck | Manchester By The Sea |
| Best Director | Damien Chazelle | La La Land |
| Best Supporting Actress | Viola Davis | Fences |
| Best Supporting Actor | Mahershala Ali | Moonlight |
| Best Original Screenplay | Kenneth Lonergan | Manchester By The Sea |
| Best Adapted Screenplay | Barry Jenkins and Tarell Alvin McCraney | Moonlight |
| Best Cinematography | Linus Sandgren | La La Land |
| Best Original Score | Justin Hurwitz | La La Land |
| Best Original Song | Justin Hurwitz, Benj Pasek and Justin Paul | La La Land |
| Best Sound Editing | Sylvain Bellemare | Arrival |
| Best Foreign Language Film | Asghar Farhadi | The Salesman |
| Best Film Editing | John Gilbert | Hacksaw Ridge |
| Best Visual Effects | Robert Legato, Adam Valdez, Andrew R. Jones and Dan Lemmon | The Jungle Book |
| Best Production Design | David Wasco and Sandy Reynolds Wasco | La La Land |
| Best Sound Mixing | Kevin O’Connell, Andy Wright, Robert Mackenzie and Peter Grace | Hacksaw Ridge |
| Best Documentary-Feature | Ezra Edelman and Caroline Waterlow | O.J.: Made in America |
| Best Animated Feature Film | Byron Howard, Rich Moore and Clark Spencer | Zootopia |
| Best Animated Short Film | Alan Barillaro and Marc Sondheimer | Piper |
| Best Documentary-Short Subject | Orlando von Einsiedel and Joanna Natasegara | The White Helmets |
| Best Live Action Short Film | Kristof Deak and Anna Udvardy | Sing |
| Best Make-Up and Hairstyling | Alessandro Bertolazzi, Giorgio Gregorini and Christopher Nelson | Suicide Squad |
| Best Costume Design | Colleen Atwood | Fantastic Beast and Where To Find Them |
About Academy Awards
The Academy Awards, or “Oscars” is a group of twenty-four artistic and technical honors given annually by the Academy of Motion Picture Arts and Sciences (AMPAS) to recognize excellence in cinematic achievements in the United States film industry.
- The various category winners are awarded a copy of a statuette officially called the Academy Award of Merit and famously referred as Oscar Award.
- The award was first presented in 1929. A total of 3,048 Oscars have been awarded since the inception of the award till the 88th Academy Award.
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