General Affairs
Assam Proposes No Government Jobs For Those With More Than 2 Children
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The Assam government today announced a draft population policy which suggested no government jobs for people with more than two children and making education up to university level free for girls in the state. "This is a draft population policy. We have suggested that those with more than two children will not be eligible for any government jobs," Assam Health Minister Himanta Biswa Sarma said.
Any person who gets a job after meeting this condition will have to maintain it till end of his service, he added. "The two-children norm will be applicable for employment generation schemes like giving tractors, offering homes and others government benefits as well. Besides, all elections such as panchayats, municipal bodies and autonomous councils will also follow this," he said.
Mr Sarma, who is also the Education Minister, said the policy also aims to give free education to all girls up to university level. "We want to make all facilities -- fees, transportation, books and mess dues in hostels-- free. This step will also encourage girls to complete their education," he added.
The proposed population policy will also push for increasing the legal age of marriage from 18 years for girls and 21 years for boys. The policy will also seek stringent laws to prevent violence and sexual abuse of women, he added.
The minister said he will consider including a provision for 50 per cent reservation for women in government jobs and elections. "We will seek public suggestions till July. Then it will go to the assembly for debate and adopting a resolution," Mr Sarma said.
Any person who gets a job after meeting this condition will have to maintain it till end of his service, he added. "The two-children norm will be applicable for employment generation schemes like giving tractors, offering homes and others government benefits as well. Besides, all elections such as panchayats, municipal bodies and autonomous councils will also follow this," he said.
Mr Sarma, who is also the Education Minister, said the policy also aims to give free education to all girls up to university level. "We want to make all facilities -- fees, transportation, books and mess dues in hostels-- free. This step will also encourage girls to complete their education," he added.
The proposed population policy will also push for increasing the legal age of marriage from 18 years for girls and 21 years for boys. The policy will also seek stringent laws to prevent violence and sexual abuse of women, he added.
The minister said he will consider including a provision for 50 per cent reservation for women in government jobs and elections. "We will seek public suggestions till July. Then it will go to the assembly for debate and adopting a resolution," Mr Sarma said.
Violence In Name Of Cow Protection 'Defames Cause': Mohan Bhagwat
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Demanding ban on cow slaughter across the country, RSS chief Mohan Bhagwat today said that any violence in the name of cow protection 'defames cause'.
"We want a law banning cow slaughter across the country," he said at an event to mark the birth anniversary of Lord Mahavir in the national capital.
Mr Bhagwat, however, said that the work of cow protection should be done within the ambit of law. "Any violence in the name of cow slaughter defames the cause and the law must be obeyed," he said.
His statement comes amid uproar over the thrashing of Pehlu Khan, a 55-year-old dairy farmer, in Rajasthan's Alwar district. A video showed Mr Khan and his associates being chased, beaten by cow vigilantes while they were returning to Haryana after buying cows at a Jaipur fair. They were not let off even after they showed a Jaipur civic document as proof that they had bought the cows for milk.
The government faced opposition anger in parliament, with the Congress alleging a "constitutional breakdown" in BJP-ruled Rajasthan.
Last year, condemning self-styled cow protectors, PM Narendra Modi had said, "I get so angry at those who are into the Gau-Rakshak business. A Gau-Bhakt (cow devotee) is different, Gau Seva (cow protection) is different. I have seen that some people are into crimes all night and wear the garb of Gau Rakshaks in the day."
"70-80% will be those who indulge in anti-social activities and try to hide their sins by pretending to be Gau Rakshaks. If they are true protectors, they should realise that most cows die because of plastic, not slaughter. They should stop cows from eating plastic," he had said.
"We want a law banning cow slaughter across the country," he said at an event to mark the birth anniversary of Lord Mahavir in the national capital.
His statement comes amid uproar over the thrashing of Pehlu Khan, a 55-year-old dairy farmer, in Rajasthan's Alwar district. A video showed Mr Khan and his associates being chased, beaten by cow vigilantes while they were returning to Haryana after buying cows at a Jaipur fair. They were not let off even after they showed a Jaipur civic document as proof that they had bought the cows for milk.
The government faced opposition anger in parliament, with the Congress alleging a "constitutional breakdown" in BJP-ruled Rajasthan.
"70-80% will be those who indulge in anti-social activities and try to hide their sins by pretending to be Gau Rakshaks. If they are true protectors, they should realise that most cows die because of plastic, not slaughter. They should stop cows from eating plastic," he had said.
Suicide Attempt By People With Mental Disabilities Not Punishable, Says New Law
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Attempts to commit suicide by people with mental disabilities will not be punishable under a new law that has got assent from President Pranab Mukherjee.
The law also prohibits use of electro-convulsive therapy, referred to as shock therapy, without the use of muscle relaxants and anaesthesia on a patient suffering from mental illness.
Besides this, such patients cannot be chained in any manner as per the Mental Health Care Act, 2017 that got nod from the President on Friday.
The law aims to provide mental healthcare and services to persons with mental illness and to protect their rights.
"Notwithstanding anything contained in section 309 of the Indian Penal Code (IPC) any person who attempts to commit suicide shall be presumed, unless proved otherwise, to have severe stress and shall not be tried and punished under the said Code," it reads.
The IPC section lays down punishment, simple imprisonment for a term which may extend to one year (with or without fine), for whoever attempts to commit suicide.
The appropriate government (the Centre or state) shall have a duty to provide care, treatment and rehabilitation to a person, having severe stress and who attempted to commit suicide, to reduce the risk of recurrence of attempt to commit suicide, the Act says.
The new law bars use of electro-convulsive therapy without the use of muscle relaxants and anaesthesia; electro-convulsive therapy for minors, and sterilisation of men or women, when such sterilisation is intended as a treatment for mental illness.
It also says that the person with mental illness shall not be "chained in any manner or form whatsoever".
The law provides provision for medical insurance for the treatment of mental illness.
"Every insurer shall make provision for medical insurance for treatment of mental illness on the same basis as is available for treatment of physical illness," the Act says.
The new law, which repeals the Mental Health Act, 1987, has been enacted to align and harmonise existing laws with a United Nations Convention on Rights of Persons with Disabilities and its Optional Protocol. India has signed and ratified the Convention.
Psychiatrists have welcomed most of the provisions of the new law.
"The new mental healthcare act decriminalises attempt to suicide by a mentally ill person besides prohibiting doctors from using shock therapy. This is a welcome step and will go a long way in providing medical healthcare to people with mental illnesses," said Satyakant Trivedi, Consultant Psychiatrist.
The law also prohibits use of electro-convulsive therapy, referred to as shock therapy, without the use of muscle relaxants and anaesthesia on a patient suffering from mental illness.
Besides this, such patients cannot be chained in any manner as per the Mental Health Care Act, 2017 that got nod from the President on Friday.
"Notwithstanding anything contained in section 309 of the Indian Penal Code (IPC) any person who attempts to commit suicide shall be presumed, unless proved otherwise, to have severe stress and shall not be tried and punished under the said Code," it reads.
The IPC section lays down punishment, simple imprisonment for a term which may extend to one year (with or without fine), for whoever attempts to commit suicide.
The appropriate government (the Centre or state) shall have a duty to provide care, treatment and rehabilitation to a person, having severe stress and who attempted to commit suicide, to reduce the risk of recurrence of attempt to commit suicide, the Act says.
It also says that the person with mental illness shall not be "chained in any manner or form whatsoever".
The law provides provision for medical insurance for the treatment of mental illness.
"Every insurer shall make provision for medical insurance for treatment of mental illness on the same basis as is available for treatment of physical illness," the Act says.
The new law, which repeals the Mental Health Act, 1987, has been enacted to align and harmonise existing laws with a United Nations Convention on Rights of Persons with Disabilities and its Optional Protocol. India has signed and ratified the Convention.
Psychiatrists have welcomed most of the provisions of the new law.
"The new mental healthcare act decriminalises attempt to suicide by a mentally ill person besides prohibiting doctors from using shock therapy. This is a welcome step and will go a long way in providing medical healthcare to people with mental illnesses," said Satyakant Trivedi, Consultant Psychiatrist.
India, Bangladesh Boost Rail and Road Connectivity As Sheikh Hasina Visits
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Despite lack of development in the crucial water-sharing Teesta agreement between India and Bangladesh, there's one area in which both the nations made considerable progress - rail and road connectivity.
Flagging off a rail link and bus service between India and Bangladesh, through video conferencing on Saturday, Prime Minister Narendra Modi said, "Today, with the West Bengal Chief Minister here, we have added new train and bus links between Kolkata and Khulna."
"Connectivity is crucial for development," Bangladesh Prime Minister Sheikh Hasina said.
The new bus service, which was flagged off from the West Bengal secretariat in Howrah, will ply between Kolkata and Bangladesh capital Dhaka, via Khulna. The bus was decorated with blue and white balloons in colours, as selected by state Chief Minister Mamata Banerjee.
The old rail route between Kolkata and Khulna, which was shut in 1965 when tension escalated with former East Pakistan (now Bangladesh), was also reopened.
The train - Maitree Express - arrived in India from Bangladesh with officials and was welcomed by locals at the new Petrapole Railway Station. Passengers will be able to use its services from July.
Md Abdul Rauf, a Bangladesh Railway Official said, "The train will service passengers of both countries. People from Bangladesh, who travel for education, treatment and pilgrimage will benefit the most."
Abul Hashem, a truck Driver from Bangladesh said, "Connectivity will improve between the two countries and there will be development. Relations will improve and we will live like brothers."
North Bengal Traders, however, say they were expecting something more than the existing Siliguri-Dhaka Bus service. Connecting routes should have been announced for the new Phulbari border, which is ready for passenger traffic, said some traders.
Bapon Das, a boulder supplier for construction projects in Bangladesh said, "We want a train and bus service through this route also as we have a lot of students from Bangladesh coming here to study."
Bangladesh Prime Minister Sheikh Hasina, who is on a four-day visit to India, arrived in Delhi on Friday, received a grand welcome from Prime Minister Narendra Modi at Rashtrapati Bhavan.
Flagging off a rail link and bus service between India and Bangladesh, through video conferencing on Saturday, Prime Minister Narendra Modi said, "Today, with the West Bengal Chief Minister here, we have added new train and bus links between Kolkata and Khulna."
"Connectivity is crucial for development," Bangladesh Prime Minister Sheikh Hasina said.
The new bus service, which was flagged off from the West Bengal secretariat in Howrah, will ply between Kolkata and Bangladesh capital Dhaka, via Khulna. The bus was decorated with blue and white balloons in colours, as selected by state Chief Minister Mamata Banerjee.
The train - Maitree Express - arrived in India from Bangladesh with officials and was welcomed by locals at the new Petrapole Railway Station. Passengers will be able to use its services from July.
Abul Hashem, a truck Driver from Bangladesh said, "Connectivity will improve between the two countries and there will be development. Relations will improve and we will live like brothers."
North Bengal Traders, however, say they were expecting something more than the existing Siliguri-Dhaka Bus service. Connecting routes should have been announced for the new Phulbari border, which is ready for passenger traffic, said some traders.
Bapon Das, a boulder supplier for construction projects in Bangladesh said, "We want a train and bus service through this route also as we have a lot of students from Bangladesh coming here to study."
Bangladesh Prime Minister Sheikh Hasina, who is on a four-day visit to India, arrived in Delhi on Friday, received a grand welcome from Prime Minister Narendra Modi at Rashtrapati Bhavan.
Dispute Over Vande Mataram Reflects 'Narrow Mindedness', Says Yogi Adityanath
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Days after the Meerut municipal corporation proposed to throw out councilors who do not sing Vande Mataram, Uttar Pradesh Yogi Adityanath waded into the controversy on Saturday, insisting that it reflected the "narrow mindedness" of the people opposing the national song.
"Some people are saying that we will not sing Vande Mataram ... we want this country to move ahead in the 21st century and the matter of dispute is that we will sing Vande Mataram or not," the Chief Minister said at a book release function at the state capital Lucknow's Raj Bhavan.
"This is a matter of concern," he said.
At a meeting after the BJP government led by the saffron-robed Adityanath took over, the Meerut Mayor Harikant Ahluwalia had proposed to expel members who do not sing the national song. The move was opposed by seven Muslim members who walked out the next time Vande Mataram was played; Mr Ahluwalia did not allow them to return after the song was over.
A few days later, Allahabad's civic body also decided to introduce a similar rule. It was opposed by Samajwadi Party councillors again. It has been argued that the song contains verses that are in conflict with the beliefs of Islam.
"We will have to find a way out to overcome this narrow mindedness," the Chief Minister said, recalling the 150th anniversary function of the Allahabad High Court earlier this month which started with the rendition of Vande Mataram.
"It was such a good sight," he said in the presence of Governor Ram Naik. As a parliamentarian, Naik had played a key role in introducing the practice of singing of national anthem and "Vande Mataram" on the opening and closing days of every Session of parliament. The practice was started only in 1992.
When a BJP member moved the Supreme Court in February to seek directions to the government to frame a policy on the national flag, national anthem and national song, the top court had made it clear that there was really no concept of a national song in the Constitution.
Last year, Rashtriya Swayamsevak Sangh chief Mohan Bhagwat had called Vande Mataram "the real national anthem" as opposed to the constitutionally-mandated national anthem, Jana Gana Mana.
"Some people are saying that we will not sing Vande Mataram ... we want this country to move ahead in the 21st century and the matter of dispute is that we will sing Vande Mataram or not," the Chief Minister said at a book release function at the state capital Lucknow's Raj Bhavan.
"This is a matter of concern," he said.
A few days later, Allahabad's civic body also decided to introduce a similar rule. It was opposed by Samajwadi Party councillors again. It has been argued that the song contains verses that are in conflict with the beliefs of Islam.
"It was such a good sight," he said in the presence of Governor Ram Naik. As a parliamentarian, Naik had played a key role in introducing the practice of singing of national anthem and "Vande Mataram" on the opening and closing days of every Session of parliament. The practice was started only in 1992.
When a BJP member moved the Supreme Court in February to seek directions to the government to frame a policy on the national flag, national anthem and national song, the top court had made it clear that there was really no concept of a national song in the Constitution.
Last year, Rashtriya Swayamsevak Sangh chief Mohan Bhagwat had called Vande Mataram "the real national anthem" as opposed to the constitutionally-mandated national anthem, Jana Gana Mana.
Business Affairs
FM gets President's pat for finishing budget process by Mar 31
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Finance Minister Arun Jaitley on Sunday received a pat from President Pranab Mukherjee for completing the budget exercise by March 31 and not seeking a the Vote on Account, which happened for the first time in many years.
"I congratulate the Finance Minister for completing the budgetary exercise and seeking the approval of both houses of Parliament, all the expenditure proposals, and all matters relating to the Finance Bill within March 31.
"And after many years, I do not remember of after how many years, no Vote on Account was taken this particular year," the President said.
The Vote on Account is an interim arrangement under which approval of Parliament is obtained to withdraw money from the consolidated fund when the budget for new financial year is not passed.
The President was speaking after the mega draw of Lucky Grahak Yojana and Digi Dhan Vyapar Yojana at the Rashtrapati Bhavan.
Prime Minister Narendra Modi-led government this year advanced the budget presentaion to February 1 from the traditional presentation date of February 28 or the last working day of the month.
The move was aimed at helping the government begin the investment cycle right from the first day of the new financial year, April 1.
The nearly century-long practice of having a separate railway budget was also ended and it was merged with the General Budget.
Referring to the 12 digit unique identity number Aadhaar, the President said it is "a watershed event" in the development story of India.
"Aadhaar enabled payment system has made digital payments possible for even those who do not have mobile phones. The government has enabled development of new modes of digital payments with goal to make their use easy and seamless. The launch of Bhim has demystified the digital payments," he said.
He further said India has a long way to go to become cashless society.
"The initiatives of the government under the dynamic leadership of Prime Minister Narendra Modi is a good beginning and we need to sustain and nurture this with active participation from all segments of the society," the President said.
He stressed it is necessary to reduce cash in circulation and impart greater urgency to promoting secure digital payment methods to ensure greater transparency.
Following demonetisation of old Rs 500/1000 notes on November 9 last year, the government took a slew of measures to promote digital payments in the country.
The government launched the Lucky Grahak Yojana for consumers and Digi Dhan Vyapar Yojana for merchants on December 25, 2016 in order to promote digital transactions.
These schemes are being implemented by the National Payment Corporation of India (NPCI).
Winners selected through the draw on Sunday would be awarded by Prime Minister Modi on April 14 in Nagpur.
Customers and merchants using RuPay Card, BHIM / UPI, USSD and AePS were eligible for wining daily & weekly lucky draw prizes.
As many as 14,000 weekly winners, both consumers and merchants, received a total prize money of over INR 8.3 crore every week.
DigiDhanMelas were also held across India in 100 cities over 100 days and 15,000 consumers qualified everyday for total prize money of INR 1.5 crore.
The Lucky Grahak Yojana rewards INR 1,000 daily to 15,000 customers undertaking digital transactions. Weekly prizes up to INR 1 lakh for consumers and INR 50,000 for merchants are given.
Finance Minister Arun Jaitley on Sunday received a pat from President Pranab Mukherjee for completing the budget exercise by March 31 and not seeking a the Vote on Account, which happened for the first time in many years.
"I congratulate the Finance Minister for completing the budgetary exercise and seeking the approval of both houses of Parliament, all the expenditure proposals, and all matters relating to the Finance Bill within March 31.
"And after many years, I do not remember of after how many years, no Vote on Account was taken this particular year," the President said.
The Vote on Account is an interim arrangement under which approval of Parliament is obtained to withdraw money from the consolidated fund when the budget for new financial year is not passed.
The President was speaking after the mega draw of Lucky Grahak Yojana and Digi Dhan Vyapar Yojana at the Rashtrapati Bhavan.
Prime Minister Narendra Modi-led government this year advanced the budget presentaion to February 1 from the traditional presentation date of February 28 or the last working day of the month.
The move was aimed at helping the government begin the investment cycle right from the first day of the new financial year, April 1.
The nearly century-long practice of having a separate railway budget was also ended and it was merged with the General Budget.
Referring to the 12 digit unique identity number Aadhaar, the President said it is "a watershed event" in the development story of India.
"Aadhaar enabled payment system has made digital payments possible for even those who do not have mobile phones. The government has enabled development of new modes of digital payments with goal to make their use easy and seamless. The launch of Bhim has demystified the digital payments," he said.
He further said India has a long way to go to become cashless society.
"The initiatives of the government under the dynamic leadership of Prime Minister Narendra Modi is a good beginning and we need to sustain and nurture this with active participation from all segments of the society," the President said.
He stressed it is necessary to reduce cash in circulation and impart greater urgency to promoting secure digital payment methods to ensure greater transparency.
Following demonetisation of old Rs 500/1000 notes on November 9 last year, the government took a slew of measures to promote digital payments in the country.
The government launched the Lucky Grahak Yojana for consumers and Digi Dhan Vyapar Yojana for merchants on December 25, 2016 in order to promote digital transactions.
These schemes are being implemented by the National Payment Corporation of India (NPCI).
Winners selected through the draw on Sunday would be awarded by Prime Minister Modi on April 14 in Nagpur.
Customers and merchants using RuPay Card, BHIM / UPI, USSD and AePS were eligible for wining daily & weekly lucky draw prizes.
As many as 14,000 weekly winners, both consumers and merchants, received a total prize money of over INR 8.3 crore every week.
DigiDhanMelas were also held across India in 100 cities over 100 days and 15,000 consumers qualified everyday for total prize money of INR 1.5 crore.
The Lucky Grahak Yojana rewards INR 1,000 daily to 15,000 customers undertaking digital transactions. Weekly prizes up to INR 1 lakh for consumers and INR 50,000 for merchants are given.
Loans, card payments above Rs 2 lakh in cash to be shown in ITR
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All cash payments of over Rs 2 lakh for paying loans and credit card bills during the 50-day period post demonetisation will have to be disclosed in the new one-page Income Tax return form.
The tax department a few days back notified new Income Tax Return (ITR) forms for filing of returns for the Assessment Year 2017-18 (financial year 2016-17).
Besides providing for declaring income, exemption claimed and tax paid, the forms have a new column providing for declaration for any deposit of over Rs 2 lakh in bank accounts made during November 9 and December 30, 2016 after the old 500 and 1,000 rupee notes were demonetised.
This column is also to be used for declaring cash payments in excess of Rs 2 lakh for repayment of any loan or settlement of credit card bills during this 50-day period, a senior official told PTI here.
The column is an attempt to match the cash deposits made post demonetisation with the annual income, he said. While all credit cards are linked to permanent account number (PAN) of the holder, almost all loans by scheduled banks are also provided on furnishing of PAN.
The tax department will collate the data it has of cash payments made in excess of Rs 2 lakh with the returns filed. We want to see if the income profile matches with the cash payments made, he said.
The move comes amid concerns of unaccounted cash or black money being used to settle bills after credit cards were used to make heavy purchases. It could also be that black money could have been used to repay loans.
Post-demonetisation, the government had provided a 50-day window beginning November 9, 2016 to deposit the junked notes in bank accounts.
For those with unaccounted cash, it gave them one last opportunity to come clean by depositing 50 per cent of it as tax and parking another 25 per cent in a zero- interest bearing deposit for four years.
The changes made in ITR are an attempt to catch tax evaders, the official said. Revenue Secretary Hasmukh Adhia had last week told PTI that the new column of cash deposits made during November 9, 2016 and December 30, 2016 was a one-time feature in the ITR and would not be there in the ITR from next year onwards.
The ITR, he had said, would evolve or change every year depending on the need. While coming out with new ITRs, the CBDT had also rationalised them and cut down the number of forms to seven from earlier nine.
While all taxpayers will have to now mandatorily link Aadhaar with their PAN cards, ITR1 (Sahaj) form has been shortened from 7 page to 1 page to enable filing of returns by people with income up to Rs 50 lakh by July 31.
ITR2 is to be filed by individuals and HUFs who do not have income from business or profession and ITR3 is filed by individuals and HUFs having income from a proprietary business or profession.
Also ITR 2 and ITR 3 also have a Schedule AL which require assessees to declare their assets and liabilities at the end of the fiscal. ITR4 (Sugam) is filed by those individuals who have opted for income calculation under presumptive income from business and profession.
All cash payments of over Rs 2 lakh for paying loans and credit card bills during the 50-day period post demonetisation will have to be disclosed in the new one-page Income Tax return form.
The tax department a few days back notified new Income Tax Return (ITR) forms for filing of returns for the Assessment Year 2017-18 (financial year 2016-17).
Besides providing for declaring income, exemption claimed and tax paid, the forms have a new column providing for declaration for any deposit of over Rs 2 lakh in bank accounts made during November 9 and December 30, 2016 after the old 500 and 1,000 rupee notes were demonetised.
This column is also to be used for declaring cash payments in excess of Rs 2 lakh for repayment of any loan or settlement of credit card bills during this 50-day period, a senior official told PTI here.
The column is an attempt to match the cash deposits made post demonetisation with the annual income, he said. While all credit cards are linked to permanent account number (PAN) of the holder, almost all loans by scheduled banks are also provided on furnishing of PAN.
The tax department will collate the data it has of cash payments made in excess of Rs 2 lakh with the returns filed. We want to see if the income profile matches with the cash payments made, he said.
The move comes amid concerns of unaccounted cash or black money being used to settle bills after credit cards were used to make heavy purchases. It could also be that black money could have been used to repay loans.
Post-demonetisation, the government had provided a 50-day window beginning November 9, 2016 to deposit the junked notes in bank accounts.
For those with unaccounted cash, it gave them one last opportunity to come clean by depositing 50 per cent of it as tax and parking another 25 per cent in a zero- interest bearing deposit for four years.
For those with unaccounted cash, it gave them one last opportunity to come clean by depositing 50 per cent of it as tax and parking another 25 per cent in a zero- interest bearing deposit for four years.
The changes made in ITR are an attempt to catch tax evaders, the official said. Revenue Secretary Hasmukh Adhia had last week told PTI that the new column of cash deposits made during November 9, 2016 and December 30, 2016 was a one-time feature in the ITR and would not be there in the ITR from next year onwards.
The ITR, he had said, would evolve or change every year depending on the need. While coming out with new ITRs, the CBDT had also rationalised them and cut down the number of forms to seven from earlier nine.
While all taxpayers will have to now mandatorily link Aadhaar with their PAN cards, ITR1 (Sahaj) form has been shortened from 7 page to 1 page to enable filing of returns by people with income up to Rs 50 lakh by July 31.
ITR2 is to be filed by individuals and HUFs who do not have income from business or profession and ITR3 is filed by individuals and HUFs having income from a proprietary business or profession.
Also ITR 2 and ITR 3 also have a Schedule AL which require assessees to declare their assets and liabilities at the end of the fiscal. ITR4 (Sugam) is filed by those individuals who have opted for income calculation under presumptive income from business and profession.
No deadline for introduction of Sharia banking in India: RBI
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No deadline has been set for introduction of Sharia or interest-free banking in India, the Reserve Bank of India (RBI) has said.
Islamic or Sharia banking is a finance system based on the principles of not charging interest, which is prohibited under Islam.
The RBI had earlier proposed opening of "Islamic window" in conventional banks for gradual introduction of Sharia- compliant banking.
Responding to an RTI application, the RBI said it has not taken any step to introduce Islamic window in banks for gradual introduction of Sharia-compliant interest-free banking in India.
"RBI has not set any deadline for introduction of interest-free banking," the central bank said in response to the RTI query filed by PTI.
However, on the instruction of the central government, an Inter-Departmental Group (IDG) set up in RBI has examined the legal, technical and regulatory issues for introducing interest-free banking in India and has submitted its report to the government, it said.
The RBI had in February last year sent a copy of the IDG to the Finance Ministry.
"In our considered opinion, given the complexities of Islamic finance and various regulatory and supervisory challenges involved in the matter and also due to the fact that Indian banks have no experience in this field, Islamic banking may be introduced in India in a gradual manner," the central bank had told the Ministry in a letter.
In late 2008, a committee on Financial Sector Reforms, headed by former RBI governor Raghuram Rajan, had stressed on the need for a closer look at the issue of interest-free banking in the country.
"Certain faiths prohibit the use of financial instruments that pay interest. The non-availability of interest-free banking products results in some Indians, including those in the economically disadvantaged strata of society, not being able to access banking products and services due to reasons of faith," the committee had said.
No deadline has been set for introduction of Sharia or interest-free banking in India, the Reserve Bank of India (RBI) has said.
Islamic or Sharia banking is a finance system based on the principles of not charging interest, which is prohibited under Islam.
The RBI had earlier proposed opening of "Islamic window" in conventional banks for gradual introduction of Sharia- compliant banking.
Responding to an RTI application, the RBI said it has not taken any step to introduce Islamic window in banks for gradual introduction of Sharia-compliant interest-free banking in India.
"RBI has not set any deadline for introduction of interest-free banking," the central bank said in response to the RTI query filed by PTI.
However, on the instruction of the central government, an Inter-Departmental Group (IDG) set up in RBI has examined the legal, technical and regulatory issues for introducing interest-free banking in India and has submitted its report to the government, it said.
The RBI had in February last year sent a copy of the IDG to the Finance Ministry.
"In our considered opinion, given the complexities of Islamic finance and various regulatory and supervisory challenges involved in the matter and also due to the fact that Indian banks have no experience in this field, Islamic banking may be introduced in India in a gradual manner," the central bank had told the Ministry in a letter.
In late 2008, a committee on Financial Sector Reforms, headed by former RBI governor Raghuram Rajan, had stressed on the need for a closer look at the issue of interest-free banking in the country.
"Certain faiths prohibit the use of financial instruments that pay interest. The non-availability of interest-free banking products results in some Indians, including those in the economically disadvantaged strata of society, not being able to access banking products and services due to reasons of faith," the committee had said.
Gold import shrinks 24 per cent to USD 23 billion in Apr-Feb FY17
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Indias gold import witnessed a fall of about 24 per cent to USD 23.22 billion in April- February period of the last fiscal, which is expected to keep a lid on the current account deficit.
Total import of the precious metal in the corresponding period of 2015-16 stood at USD 30.71 billion.
According to industry experts, softening prices of gold in the domestic and world markets could be the reason for the same.
The contraction in import helped in narrowing the trade deficit to USD 95.2 billion during the 11-month period of 2016-17 as against USD 114.3 billion in the same period of the previous fiscal.
However, on a month-on-month basis, gold import jumped to USD 3.48 billion in February as against USD 1.4 billion in the same month last year, according to the commerce ministry data.
India is one of the largest gold importers in the world, and the imports mainly take care of demand from the jewellery industry.
For the full year 2015-16, CAD stood at USD 22.1 billion, or 1.1 per cent of GDP, as against USD 26.8 billion, or 1.3 per cent, in 2014-15.
In volume terms, India imported 560.32 tonnes of gold during April-January period of the last fiscal.
Gold import aggregated to 968.06 tonnes in the entire 2015-16 fiscal and 915.47 tonnes in 2014-15.
At present, gold import attracts 10 per cent duty. The gems and jewellery industry along with the commerce ministry have time and again urged the Finance Ministry to consider cut in the import duty.
Indias gold import witnessed a fall of about 24 per cent to USD 23.22 billion in April- February period of the last fiscal, which is expected to keep a lid on the current account deficit.
Total import of the precious metal in the corresponding period of 2015-16 stood at USD 30.71 billion.
According to industry experts, softening prices of gold in the domestic and world markets could be the reason for the same.
The contraction in import helped in narrowing the trade deficit to USD 95.2 billion during the 11-month period of 2016-17 as against USD 114.3 billion in the same period of the previous fiscal.
However, on a month-on-month basis, gold import jumped to USD 3.48 billion in February as against USD 1.4 billion in the same month last year, according to the commerce ministry data.
India is one of the largest gold importers in the world, and the imports mainly take care of demand from the jewellery industry.
For the full year 2015-16, CAD stood at USD 22.1 billion, or 1.1 per cent of GDP, as against USD 26.8 billion, or 1.3 per cent, in 2014-15.
In volume terms, India imported 560.32 tonnes of gold during April-January period of the last fiscal.
Gold import aggregated to 968.06 tonnes in the entire 2015-16 fiscal and 915.47 tonnes in 2014-15.
At present, gold import attracts 10 per cent duty. The gems and jewellery industry along with the commerce ministry have time and again urged the Finance Ministry to consider cut in the import duty.
Startups can boost job creation, say IT experts
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Innovation and entrepreneurship are the keys to boost manufacturing and job creation, contrary to fears that automation may stunt jobs, say IT industry experts.
E-commerce is a good example of how technology-driven innovation can give rise to both skilled as well as unskilled jobs over the past three to four years, Persistent Systems Chairman and Managing Director Anand Deshpande said.
"Both skilled and unskilled jobs have to be created in order to have a balanced society," he added addressing a robotics symposium at Indian Institute of Technology (IIT) here over the weekend.
Ashank Desai, the founder and ex-chairman of Mastek chipped in saying "entrepreneurship that leverages technology is the next phase of our growth story and is key to the success of the Make in India mission contrary to the fear that it may lead to job losses."
Deshpande said his company is working on a plan to promote self-employment among 25,000 people in the next five years.
"Our youth can offer cheap and innovative solutions to solving problems. I am working on a plan to ensure over 25,000 people are self employed in the next five years which can lead to further job creation," he said.
On the Smart India Hackathon organised jointly by Nasscom, his company and others last week across 26 cities to solve digital challenges faced by the country, Deshpande said youngsters were coding for 36 hours non-stop to solve problems put forth by government departments.
"They have put forward a total of 598 problem statements that were solved at the hackathon. As many as 1,268 teams having six to eight members each from almost all the states which participated in the hackathon," Deshpande said.
"It is important to channelise young minds for fresh solutions. Such partnerships and initiatives are key to move forward. They are parallel processes along with regulatory push," he stressed.
Desai pointed out that after their failed manufacturing push in the 1950s and 1960s, the ongoing push to increase manufacturing hold scope for a young population.
"We are a late entrant into manufacturing compared to China and other developing countries. But the present push to increase manufacturing has the advantage of young population and the digital push," he said.
Citing example of the IT industry in the 1980s and 1990s, he said growth story was driven the intellectual prowess and several first generation entrepreneurs.
"Both these are present in the current startup wave," Desai said.
Innovation and entrepreneurship are the keys to boost manufacturing and job creation, contrary to fears that automation may stunt jobs, say IT industry experts.
E-commerce is a good example of how technology-driven innovation can give rise to both skilled as well as unskilled jobs over the past three to four years, Persistent Systems Chairman and Managing Director Anand Deshpande said.
"Both skilled and unskilled jobs have to be created in order to have a balanced society," he added addressing a robotics symposium at Indian Institute of Technology (IIT) here over the weekend.
Ashank Desai, the founder and ex-chairman of Mastek chipped in saying "entrepreneurship that leverages technology is the next phase of our growth story and is key to the success of the Make in India mission contrary to the fear that it may lead to job losses."
Deshpande said his company is working on a plan to promote self-employment among 25,000 people in the next five years.
"Our youth can offer cheap and innovative solutions to solving problems. I am working on a plan to ensure over 25,000 people are self employed in the next five years which can lead to further job creation," he said.
On the Smart India Hackathon organised jointly by Nasscom, his company and others last week across 26 cities to solve digital challenges faced by the country, Deshpande said youngsters were coding for 36 hours non-stop to solve problems put forth by government departments.
"They have put forward a total of 598 problem statements that were solved at the hackathon. As many as 1,268 teams having six to eight members each from almost all the states which participated in the hackathon," Deshpande said.
"It is important to channelise young minds for fresh solutions. Such partnerships and initiatives are key to move forward. They are parallel processes along with regulatory push," he stressed.
Desai pointed out that after their failed manufacturing push in the 1950s and 1960s, the ongoing push to increase manufacturing hold scope for a young population.
"We are a late entrant into manufacturing compared to China and other developing countries. But the present push to increase manufacturing has the advantage of young population and the digital push," he said.
Citing example of the IT industry in the 1980s and 1990s, he said growth story was driven the intellectual prowess and several first generation entrepreneurs.
"Both these are present in the current startup wave," Desai said.
General Awareness
Lucky Grahak Yojana, Digi Dhan Vyapar Yojana mega draw at Rashtrapati Bhavan
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On April 9, 2017, President Pranab Mukherjee will draw lots for Lucky Grahak Yojana (3 Mega Prizes for worth Rs. 1 crore, Rs. 50 lakh, Rs. 25 lakh – for consumers) and Digi Dhan Vyapar Yojana (3 Mega Prizes worth Rs 50 lakhs, Rs. 25 lakh, Rs. 12 lakh – for merchants) at a function to be held at Rashtrapati Bahvan.
- These Mega Prize winners will be felicitated by PM Narendra Modi on 14th April 2017 in Nagpur on the occasion of Ambedkar Jayanti.
Overview of NITI Aayog’s Lucky Grahak Yojana and Digi-Dhan Vyapar Yojana:
Objective: To encourage digital payments by incentivising consumers and merchants. These schemes are primarily geared towards including poor, lower middle class masses and small businesses in the digital payments arena.
Lucky Grahak Yojana (for Consumers):
- Starting Date: 25th December 2016
- Daily: Rs. 1000/- each for 15000 lucky winners
- Weekly: 7000+ lucky winners. Prizes worth Rs. 1 lakh, Rs. 10000 and Rs. 5000
- Mega Prize: 3 Mega Prize Winners, Prizes worth Rs. 1 crore, Rs. 50 lakh and Rs. 25 lakh.
Digi Dhan Vyapar Yojana (for Merchants):
- Starting From: 25th December 2016
- Weekly: 7000 lucky winners. Prizes worth Rs. 5000, Rs. 5000 and Rs. 2500
- Mega Prize: 3 Mega Prize Winners, Prizes worth Rs. 50 lakh and Rs. 25 lakh and Rs. 12 lakh.
- For Mega Prizes in both the above schemes, all transactions from 8th November 2016 will be eligible.
- Implementing Agency: National Payment Corporation of India (NPCI)
- Eligibility: Transaction within the range of Rs 50/- and Rs 3000/- done through UPI, USSD, Ru Pay cards and Aadhar Enabled Payment System (AEPS). Transactions through credit cards and e-wallets are not eligible.
- Estimated Expenditure (till 14th April 2017): Rs. 340 crore
- Methodology to Select Winners: Random draw of digital transaction Ids
Till March 30, 2017, 1350000 lucky consumers and 79,519 lucky merchants have received prizes under these schemes.
About Digi Dhan Melas:
In a bid to promote digital payments, DigiDhan Melas were organised by Government in various cities. As on March 30, 2017, 90 DigiDhan Melas have been organised in 26 states and 7 Union Territories. Financial institutions have reached out to 15 lakh people through these melas and at least 16000 institutions have declared cashless
- First Digi Dhan mela was held in Gurugram, Haryana
On April 9, 2017, President Pranab Mukherjee will draw lots for Lucky Grahak Yojana (3 Mega Prizes for worth Rs. 1 crore, Rs. 50 lakh, Rs. 25 lakh – for consumers) and Digi Dhan Vyapar Yojana (3 Mega Prizes worth Rs 50 lakhs, Rs. 25 lakh, Rs. 12 lakh – for merchants) at a function to be held at Rashtrapati Bahvan.
- These Mega Prize winners will be felicitated by PM Narendra Modi on 14th April 2017 in Nagpur on the occasion of Ambedkar Jayanti.
Overview of NITI Aayog’s Lucky Grahak Yojana and Digi-Dhan Vyapar Yojana:
Objective: To encourage digital payments by incentivising consumers and merchants. These schemes are primarily geared towards including poor, lower middle class masses and small businesses in the digital payments arena.
Lucky Grahak Yojana (for Consumers):
- Starting Date: 25th December 2016
- Daily: Rs. 1000/- each for 15000 lucky winners
- Weekly: 7000+ lucky winners. Prizes worth Rs. 1 lakh, Rs. 10000 and Rs. 5000
- Mega Prize: 3 Mega Prize Winners, Prizes worth Rs. 1 crore, Rs. 50 lakh and Rs. 25 lakh.
Digi Dhan Vyapar Yojana (for Merchants):
- Starting From: 25th December 2016
- Weekly: 7000 lucky winners. Prizes worth Rs. 5000, Rs. 5000 and Rs. 2500
- Mega Prize: 3 Mega Prize Winners, Prizes worth Rs. 50 lakh and Rs. 25 lakh and Rs. 12 lakh.
- For Mega Prizes in both the above schemes, all transactions from 8th November 2016 will be eligible.
- Implementing Agency: National Payment Corporation of India (NPCI)
- Eligibility: Transaction within the range of Rs 50/- and Rs 3000/- done through UPI, USSD, Ru Pay cards and Aadhar Enabled Payment System (AEPS). Transactions through credit cards and e-wallets are not eligible.
- Estimated Expenditure (till 14th April 2017): Rs. 340 crore
- Methodology to Select Winners: Random draw of digital transaction Ids
Till March 30, 2017, 1350000 lucky consumers and 79,519 lucky merchants have received prizes under these schemes.
About Digi Dhan Melas:
In a bid to promote digital payments, DigiDhan Melas were organised by Government in various cities. As on March 30, 2017, 90 DigiDhan Melas have been organised in 26 states and 7 Union Territories. Financial institutions have reached out to 15 lakh people through these melas and at least 16000 institutions have declared cashless
- First Digi Dhan mela was held in Gurugram, Haryana
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