General Affairs
Army To Get Over 1 Lakh Lightweight Helmets: Government
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The government today said it is procuring 1.58 lakh lightweight and safer ballistic helmets for the Indian Army. "A contract for procurement of 1,58,279 ballistic helmets through capital routes has been concluded in December 2016," Minister of State for Defence Subhash Bhamre told the Rajya Sabha in a written reply to a question.
The helmets are being manufactured by Kanpur-based company MKU limited, army sources said, adding they will be lightweight and have better safety features. "There is no shortage of quality protective material for soldiers of the Indian Army fighting terrorists in Jammu and Kashmir," Mr Bhamre said.
To a separate query on whether the interim verdict of the International Court of Justice on Indian national Kulbhushan Jadhav has brought out glaring deficiencies in the military legal system of Pakistan, Mr Bhamre did not comment.
On whether there was a need for major changes in the military justice system in India, Mr Bhamre said the existing laws are up-to-date and in sync with human rights, humanitarian laws and criminal and service jurisprudence.
To another question, Mr Bhamre said a committee headed by Lt. Gen. DB Shekatkar (retd.) has recommended closure of the Army Education Corps. "The recommendations of the committee are under consideration of the government," he said.
The helmets are being manufactured by Kanpur-based company MKU limited, army sources said, adding they will be lightweight and have better safety features. "There is no shortage of quality protective material for soldiers of the Indian Army fighting terrorists in Jammu and Kashmir," Mr Bhamre said.
To a separate query on whether the interim verdict of the International Court of Justice on Indian national Kulbhushan Jadhav has brought out glaring deficiencies in the military legal system of Pakistan, Mr Bhamre did not comment.
On whether there was a need for major changes in the military justice system in India, Mr Bhamre said the existing laws are up-to-date and in sync with human rights, humanitarian laws and criminal and service jurisprudence.
To another question, Mr Bhamre said a committee headed by Lt. Gen. DB Shekatkar (retd.) has recommended closure of the Army Education Corps. "The recommendations of the committee are under consideration of the government," he said.
In 'Historic' Step, Odisha To Give Property Rights To Slum Dwellers
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Odisha will give land rights to slum dwellers in small towns and property rights to those living in city settlements in a "historic" step officials said would benefit tens of thousands in the state.
The state cabinet has approved two ordinances to assign land and property rights to about two lakh slum dwelling households that will enable redevelopment, Chief Minister Naveen Patnaik said today.
"The urban poor in slums will get land rights for residential use that are heritable, mortgageable and non-transferable," he told reporters in state capital Bhubaneswar.
"As far as is practicable, efforts will be made to provide these rights on an in situ basis," he said, adding that the "historic" decision will help remove residents' constant fear of eviction and harassment.
The 2011 census data shows 65 million people live in slums across the country. That number is rising quickly as tens of thousands of migrants leave villages to seek better prospects in urban areas. Many end up in overcrowded slums, lacking even basic facilities and with no claim on the land or the property.
Evictions from slums and the demolition of settlements have risen as cities expand and are spruced up under programmes such as the Smart Cities plan that aims to create centres with living standards comparable to Europe.
Slum dwellers have long opposed efforts to relocate them to distant suburbs which limit their access to jobs and amenities. Instead, they favour development with upgrading of facilities and secure tenancy.
While Odisha and other states have programmes to give land to the landless poor in rural areas, a similar effort has not been undertaken in cities before, said G Mathi Vathanan, Commissioner at the Department of Housing and Urban Development.
In small towns, slum dwellers will get rights over up to 600 square feet of land, while in the cities, they will get rights over up to 450 square feet, he said.
The initiative "will improve the living conditions of the urban poor", he told the Thomson Reuters Foundation.
Mahendra Parida of the slum dwellers' rights group Bhubaneswar Basti Basinda Mahasangha said the move was a welcome first step, but many uncertainties remained. "The government has yet to properly identify all slum dwellers... so not all the urban poor will benefit," he said.
"The urban poor in slums will get land rights for residential use that are heritable, mortgageable and non-transferable," he told reporters in state capital Bhubaneswar.
"As far as is practicable, efforts will be made to provide these rights on an in situ basis," he said, adding that the "historic" decision will help remove residents' constant fear of eviction and harassment.
The 2011 census data shows 65 million people live in slums across the country. That number is rising quickly as tens of thousands of migrants leave villages to seek better prospects in urban areas. Many end up in overcrowded slums, lacking even basic facilities and with no claim on the land or the property.
Evictions from slums and the demolition of settlements have risen as cities expand and are spruced up under programmes such as the Smart Cities plan that aims to create centres with living standards comparable to Europe.
Slum dwellers have long opposed efforts to relocate them to distant suburbs which limit their access to jobs and amenities. Instead, they favour development with upgrading of facilities and secure tenancy.
While Odisha and other states have programmes to give land to the landless poor in rural areas, a similar effort has not been undertaken in cities before, said G Mathi Vathanan, Commissioner at the Department of Housing and Urban Development.
In small towns, slum dwellers will get rights over up to 600 square feet of land, while in the cities, they will get rights over up to 450 square feet, he said.
The initiative "will improve the living conditions of the urban poor", he told the Thomson Reuters Foundation.
Mahendra Parida of the slum dwellers' rights group Bhubaneswar Basti Basinda Mahasangha said the move was a welcome first step, but many uncertainties remained. "The government has yet to properly identify all slum dwellers... so not all the urban poor will benefit," he said.
Army Jawan Killed In Pak Firing In Jammu And Kashmir's Poonch
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An army jawan was killed by sniper fire that came from across the Line of Control in Jammu and Kashmir's Poonch district today. Army sources said the Pakistani Army violated the ceasefire and targeted a forward post at Mankote-Balnoie sector in the district.
Sepoy Pawan Singh Sugra, who was injured in the sniper attack, died during treatment, the army said.
Yesterday, another jawan was injured in ceasefire violation by Pakistani troops along the Line of Control in Baramulla district's Uri sector. On Monday, the Pakistani Army had also targeted forward posts on the Indian side at Baba Khori area in Rajouri district's Naushera sector.
The army has said the Pakistani military has violated the border ceasefire 285 times till August 1 since the beginning of the year. The number of ceasefire violation by Pakistan in 2016 was 228, the army said.
Sepoy Pawan Singh Sugra, who was injured in the sniper attack, died during treatment, the army said.
The army has said the Pakistani military has violated the border ceasefire 285 times till August 1 since the beginning of the year. The number of ceasefire violation by Pakistan in 2016 was 228, the army said.
Ban Sale Of Junk Food Near Schools: Child Rights Body Tells Uttarakhand
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The State Commission for Protection of Child Rights (SCPCR) today asked the Uttarakhand government to ban the sale of junk food within 200 metres of schools.
In a letter to Chief Secretary S Ramaswamy, SCPCR Chairman Yogendra Khanduri spoke on the harmful effects of junk food and asked him to ensure its sale was banned within 200 metres of schools.
He also asked the chief secretary to ban school and hostels canteens from selling junk food.
"Consumption of junk food does not just lead to obesity among children, but can also cause... high blood pressure and diabetes," Mr Khanduri said.
The ban will be implemented keeping in mind the recommendations of the Food Safety and Standards Authority of India, he said.
Mr Khanduri said a panel constituted under the Hyderabad- based National Institute of Nutrition by the Union Ministry of Women and Child Development had also recommended a ban on sale of junk food to school children.
"Now that schools have reopened after the summer vacations, you (the government) should strictly implement an 'effective' ban on sale of junk food around them and apprise the Commission on actions taken in the interest of children," the SCPCR chairman said.
In a letter to Chief Secretary S Ramaswamy, SCPCR Chairman Yogendra Khanduri spoke on the harmful effects of junk food and asked him to ensure its sale was banned within 200 metres of schools.
He also asked the chief secretary to ban school and hostels canteens from selling junk food.
"Consumption of junk food does not just lead to obesity among children, but can also cause... high blood pressure and diabetes," Mr Khanduri said.
The ban will be implemented keeping in mind the recommendations of the Food Safety and Standards Authority of India, he said.
"Now that schools have reopened after the summer vacations, you (the government) should strictly implement an 'effective' ban on sale of junk food around them and apprise the Commission on actions taken in the interest of children," the SCPCR chairman said.
Babri Masjid Case: Mosque Can Be Built At A Distance, Says Shia Board
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In the Ayodhya case, the Supreme Court was told today by the Shia board that a mosque can be built in a Muslim area at a reasonable distance from the site of the temple-mosque dispute.
"If the Ram temple and mosque co-exist it will lead to conflicts," the Shia Waqf Board told the court, asserting that the Babri mosque site was its property and it was entitled to hold negotiations.
"The masjid can be located in a Muslim-dominated area at a reasonable distance from the most revered place of birth of Maryada Purushottam Sri Ram," it said.
It has suggested that a panel headed by a retired Supreme Court judge and all stake-holders should find an amicable solution to the decades-old dispute. The group should also include nominees from the Prime Minister's Office and the Uttar Pradesh Chief Minister's Office, it said.
The court will hear the land dispute on August 11.
On December 6, 1992, hundreds of right wing activists razed the 16th-century Babri mosque claiming it was built on a temple marking the birthplace of Lord Ram. The mosque demolition changed the face of Indian politics, and the dispute is still being heard in courts.
In 2010, the Lucknow bench of the Allahabad High Court divided the disputed land into three parts - one designated for the Ram Lalla (or the birthplace of Ram), the second to the Nirmohi Akhada and the third to the Sunni Waqf board.
But the Shia Waqf board argued today that the part of the disputed land given to the Sunni board belonged to it.
UP's Shia Central Waqf Board had told the Supreme Court that Babri Masjid was its property and only it was entitled to negotiate an amicable settlement of the dispute.
"If the Ram temple and mosque co-exist it will lead to conflicts," the Shia Waqf Board told the court, asserting that the Babri mosque site was its property and it was entitled to hold negotiations.
"The masjid can be located in a Muslim-dominated area at a reasonable distance from the most revered place of birth of Maryada Purushottam Sri Ram," it said.
It has suggested that a panel headed by a retired Supreme Court judge and all stake-holders should find an amicable solution to the decades-old dispute. The group should also include nominees from the Prime Minister's Office and the Uttar Pradesh Chief Minister's Office, it said.
The court will hear the land dispute on August 11.
In 2010, the Lucknow bench of the Allahabad High Court divided the disputed land into three parts - one designated for the Ram Lalla (or the birthplace of Ram), the second to the Nirmohi Akhada and the third to the Sunni Waqf board.
But the Shia Waqf board argued today that the part of the disputed land given to the Sunni board belonged to it.
UP's Shia Central Waqf Board had told the Supreme Court that Babri Masjid was its property and only it was entitled to negotiate an amicable settlement of the dispute.
Business Affairs
Provident Fund: Here's how to submit EPF transfer, withdrawal claims online
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The Employees' Provident Fund Organisation (EPFO) has floated an online system for submitting claims regarding transfer, withdrawal or settlement of provident funds. The system is meant to facilitate transfer of provident fund (EPF) balance from previous employer to a new employer. Employees can also withdraw some or entire of their EPF balance through this online system.
This online service can be availed by employees who have authenticated Aadhar and bank account details seeded against their Universal Account Number (UAN). They can also check their passbook of the EPF account which has been tagged with their UAN. The facility of passbook, however, is not available to members working with establishments that have been exempted under the EPF Scheme 1952.
While requesting for transfer of EPF balance, employees will have the choice to have their claims attested by either the previous or current employer. After submitting the transfer claim, the employer will verify or correct their member details before approving and submitting their claims though the EPFO online portal.
The EPFO portal can also be used to apply for PF final settlement, pension withdrawal benefit or PF partial withdrawal. However, EPFO members must have activated their UAN and mobile number used for activating the same functional. Apart from this, the Aadhar details, bank account details with IFSC code should also be seeded in the EPFO database. In case of PF final settlement, employees' Permanent Account Number (PAN) should also be seeded in the EPFO database if their service period is less than five years.
Here's how you can submit transfer or withdrawal claims online through the EPFO portal:
Transferring EPF online
1. Go to EPFO members' portal and log in using your UAN and password.
2. After reaching the home page, go to 'Online Services' tab and select 'Transfer Request' to generate an online transfer claim.
3. On selecting 'Transfer Request', a page will open showing your personal details like EPF number, date of joining, date of birth, etc. Verify that the details shown on this page are accurate or the transfer claim will not be processed.
4. After verifying personal details, revert to Step 1 where you will have to fill in the details of your previous employer. But before that you will have to choose whether you want your transfer claim form to be attested by your previous employer or current employer.
5. An OTP will be sent to your registered mobile number once you fill in the details of your previous employer.
6. After you authenticate you enter the OTP in relevant field, an online filled-in form will be generated which you need to sign and send to your previous or current employer.
7. The employer will also receive a notification online regarding your EPF transfer request. After correcting, if needed, and verifying your details, the employer will forward it online to EPFO where it will be processed.
Withdrawing EFP online
1. Go to EPFO members' portal and log in using your UAN and password.
2. Check your KYC details like Aadhar, PAN and bank details available under the 'Manage' tab.
3. Once satisfied that the required details are correct, select 'Claim' from 'Online Services' tab.
4. Click on 'Proceed For Online Claim' tab on the 'Claims' screen.
5. Choose from PF Withdrawal, PF Advance, or Pension Withdrawal from the drop-down menu under 'I Want To Apply For' tab.
6. Fill in the form that comes up after selecting one of the options from previous step and authenticate it using Aadhar OTP to finish online claim submission.
The Employees' Provident Fund Organisation (EPFO) has floated an online system for submitting claims regarding transfer, withdrawal or settlement of provident funds. The system is meant to facilitate transfer of provident fund (EPF) balance from previous employer to a new employer. Employees can also withdraw some or entire of their EPF balance through this online system.
This online service can be availed by employees who have authenticated Aadhar and bank account details seeded against their Universal Account Number (UAN). They can also check their passbook of the EPF account which has been tagged with their UAN. The facility of passbook, however, is not available to members working with establishments that have been exempted under the EPF Scheme 1952.
While requesting for transfer of EPF balance, employees will have the choice to have their claims attested by either the previous or current employer. After submitting the transfer claim, the employer will verify or correct their member details before approving and submitting their claims though the EPFO online portal.
The EPFO portal can also be used to apply for PF final settlement, pension withdrawal benefit or PF partial withdrawal. However, EPFO members must have activated their UAN and mobile number used for activating the same functional. Apart from this, the Aadhar details, bank account details with IFSC code should also be seeded in the EPFO database. In case of PF final settlement, employees' Permanent Account Number (PAN) should also be seeded in the EPFO database if their service period is less than five years.
Here's how you can submit transfer or withdrawal claims online through the EPFO portal:
Transferring EPF online
1. Go to EPFO members' portal and log in using your UAN and password.
2. After reaching the home page, go to 'Online Services' tab and select 'Transfer Request' to generate an online transfer claim.
3. On selecting 'Transfer Request', a page will open showing your personal details like EPF number, date of joining, date of birth, etc. Verify that the details shown on this page are accurate or the transfer claim will not be processed.
4. After verifying personal details, revert to Step 1 where you will have to fill in the details of your previous employer. But before that you will have to choose whether you want your transfer claim form to be attested by your previous employer or current employer.
5. An OTP will be sent to your registered mobile number once you fill in the details of your previous employer.
6. After you authenticate you enter the OTP in relevant field, an online filled-in form will be generated which you need to sign and send to your previous or current employer.
7. The employer will also receive a notification online regarding your EPF transfer request. After correcting, if needed, and verifying your details, the employer will forward it online to EPFO where it will be processed.
2. After reaching the home page, go to 'Online Services' tab and select 'Transfer Request' to generate an online transfer claim.
3. On selecting 'Transfer Request', a page will open showing your personal details like EPF number, date of joining, date of birth, etc. Verify that the details shown on this page are accurate or the transfer claim will not be processed.
4. After verifying personal details, revert to Step 1 where you will have to fill in the details of your previous employer. But before that you will have to choose whether you want your transfer claim form to be attested by your previous employer or current employer.
5. An OTP will be sent to your registered mobile number once you fill in the details of your previous employer.
6. After you authenticate you enter the OTP in relevant field, an online filled-in form will be generated which you need to sign and send to your previous or current employer.
7. The employer will also receive a notification online regarding your EPF transfer request. After correcting, if needed, and verifying your details, the employer will forward it online to EPFO where it will be processed.
Withdrawing EFP online
1. Go to EPFO members' portal and log in using your UAN and password.
2. Check your KYC details like Aadhar, PAN and bank details available under the 'Manage' tab.
3. Once satisfied that the required details are correct, select 'Claim' from 'Online Services' tab.
4. Click on 'Proceed For Online Claim' tab on the 'Claims' screen.
5. Choose from PF Withdrawal, PF Advance, or Pension Withdrawal from the drop-down menu under 'I Want To Apply For' tab.
6. Fill in the form that comes up after selecting one of the options from previous step and authenticate it using Aadhar OTP to finish online claim submission.
2. Check your KYC details like Aadhar, PAN and bank details available under the 'Manage' tab.
3. Once satisfied that the required details are correct, select 'Claim' from 'Online Services' tab.
4. Click on 'Proceed For Online Claim' tab on the 'Claims' screen.
5. Choose from PF Withdrawal, PF Advance, or Pension Withdrawal from the drop-down menu under 'I Want To Apply For' tab.
6. Fill in the form that comes up after selecting one of the options from previous step and authenticate it using Aadhar OTP to finish online claim submission.
Axis Bank follows SBI's footsteps, cuts interest rate on savings account to 3.5%
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Private sector lender Axis Bank on Tuesday reduced interest rate on savings bank accounts by 50 basis points to 3.5 per cent for deposits up to Rs 50 lakh.
However, the bank will continue to pay 4 per cent interest on deposits of above Rs 50 lakh.
Axis Bank is the fourth lender to reduce the interest rate after market leader State Bank of India (SBI) begun the process of reducing interest rate on savings bank account.
"the bank has revised the interest rate downward on Savings Account balance by 50 bps to 3.50 per cent per annum on balance of up to Rs 50 lakh," Axis Bank said in a regulatory filing.
The new interest rates will be effective from today, it added.
On July 31, SBI slashed interest rate on savings account deposits by 50 basis points to 3.5 per cent on balance of Rs 1 crore and below.
Axis Bank shares closed at Rs 499.30 apiece on BSE, down 1.32 per cent.
Another PSU lender Bank of Baroda had cut the rate to 3.5 per cent on deposits of up to Rs 50 lakh. Karnataka Bank too had tweaked the interest rate on savings bank accounts.
Putting an end to the huge speculation of Shikha Sharma leaving the Axis Bank, the bank last month reappointed her as CEO and MD for another three years.
Axis Bank also acquired digital wallet firm Freecharge for Rs 385 corore.
Private sector lender Axis Bank on Tuesday reduced interest rate on savings bank accounts by 50 basis points to 3.5 per cent for deposits up to Rs 50 lakh.
However, the bank will continue to pay 4 per cent interest on deposits of above Rs 50 lakh.
Axis Bank is the fourth lender to reduce the interest rate after market leader State Bank of India (SBI) begun the process of reducing interest rate on savings bank account.
"the bank has revised the interest rate downward on Savings Account balance by 50 bps to 3.50 per cent per annum on balance of up to Rs 50 lakh," Axis Bank said in a regulatory filing.
The new interest rates will be effective from today, it added.
On July 31, SBI slashed interest rate on savings account deposits by 50 basis points to 3.5 per cent on balance of Rs 1 crore and below.
Axis Bank shares closed at Rs 499.30 apiece on BSE, down 1.32 per cent.
Another PSU lender Bank of Baroda had cut the rate to 3.5 per cent on deposits of up to Rs 50 lakh. Karnataka Bank too had tweaked the interest rate on savings bank accounts.
Putting an end to the huge speculation of Shikha Sharma leaving the Axis Bank, the bank last month reappointed her as CEO and MD for another three years.
Axis Bank also acquired digital wallet firm Freecharge for Rs 385 corore.
Airtel sells 6.7 crore Bharti Infratel shares for Rs 2,570 cr
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Telecom major Airtel today said it has sold 6.7 crore shares in its subsidiary Bharti Infratel for over Rs 2,570 crore.
The sale was done for Rs 380.6 per share, a 4 per cent discount to previous day's closing price.
"Bharti Airtel will primarily use the proceeds from this sale to reduce its debt," the company said in a statement.
Bharti Airtel via its wholly owned subsidiary Nettle Infrastructure Investments divested 67.53 million shares of its subsidiary Bharti Infratel through a secondary share sale in the stock market.
"Following the closure of this transaction, Bharti Airtel and its wholly owned subsidiaries together have an equity holding of 58 per cent in Bharti Infratel," the statement said.
UBS and JP Morgan were joint placement agents for the transaction.
Telecom major Airtel today said it has sold 6.7 crore shares in its subsidiary Bharti Infratel for over Rs 2,570 crore.
The sale was done for Rs 380.6 per share, a 4 per cent discount to previous day's closing price.
"Bharti Airtel will primarily use the proceeds from this sale to reduce its debt," the company said in a statement.
Bharti Airtel via its wholly owned subsidiary Nettle Infrastructure Investments divested 67.53 million shares of its subsidiary Bharti Infratel through a secondary share sale in the stock market.
"Following the closure of this transaction, Bharti Airtel and its wholly owned subsidiaries together have an equity holding of 58 per cent in Bharti Infratel," the statement said.
UBS and JP Morgan were joint placement agents for the transaction.
Govt plans to attract 40 lakh cruise tourists in 5 years: Nitin Gadkari
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The government wants to increase the number of cruise tourists to 40 lakh in five years from last year's 1.80 lakh, Union minister Nitin Gadkari said today
Given the right impetus, the number of tourist ships visiting India can go up from the present 158 to about 955 per year, the ports and shipping minister said at a special event on cruise tourism here.
Gadkari said the revenue benefit will shoot up to Rs 35,500 crore in 2022 from the over Rs 700 crore last year.
Speaking on the occasion, David Dingle, the chairman of Carnival UK, that controls 42 per cent of the global cruise tourism market, flagged a slew of concerns on taxation and port charges, which he said are higher by 50 per cent when compared to the developed world.
"Anything to do with cruising in this country must not attract any GST whatsoever. Not only it is about money, (but) in principle, the cruise industry would not come to a part of the world where it has to pay GST on the ticket price and on the sales made onboard. That does not happen," Dingle said.
"We need to think about it as an industry operating in international waters. The place of consumption is really important. The place of consumption is almost entirely on the high seas. And for that reason alone, GST should not apply," he said.
Calling for a withdrawal of the GST, Dingle said, "We would not bring our ships here in any significant numbers if cruising attracts any GST."
Speaking after Dingle, Gadkari said the ministry had not thought about GST, but assured that it will represent the case to the Ministry of Finance along with the Tourism Ministry.
It can be noted that the Shipping Ministry has already moved the GST Council, the highest decision making body under the recently introduced indirect tax regime, to exempt the cruise tourism sector from GST at par with other nations.
At present, cruise tourism is not taxed and the Shipping Ministry wants to keep it out of the GST regime in order to boost the industry.
"Major cruising nations like the UK, the US and Germany have zero rate domestic cruises. India should also have zero rating for cruise tourism as it is in nascent stage in the country and such steps will provide it a much-needed boost," it said in a proposal sent to the GST Council.
Dingle also flagged issues with income tax.
"We have to have the right to repatriate our profits through double tax treaties. And that means that domestic profits have to be repatriated to our fiscal bases through double tax treaties," he said, underlining that India is not yet so big a destination to host its own companies.
Dingle also said that while Mumbai Port Trust has reduced its tariffs, the transit charges are very high.
Docking at a smaller port like Goa results in charges of up to Euro 50,000 as against Euro 15,000 for developed ports in the Mediterranean Sea, he said, adding, "port costs must reduce by 50 per cent to be competitive."
"The opportunity is enormous, you are doing a fabulous job, ports are on side. But let us also encourage your Finance Ministry here also to recognise the enormous economic benefits cruise industry can bring to this country and help us with those tax issues so we bring many ships to India," Dingle said.
Earlier, citing estimates presented by an international consultant which seem to have been used to fix the targets, Mumbai Port Trust Chairman Sanjay Bhatia had said the number of ships will go up to 955 from the present 158 ships.
The size of the vessels which call will also increase, with a single ship expected to carry 4,200 passengers as against the present 1,250.
Gadkari said 80 per cent of the traffic will be concentrated in Mumbai and announced that construction of a Rs 300-crore dedicated terminal will begin in 15 days.
Each of the tourist will spend USD 100 per day while the ship is anchored in a city like Mumbai, Gadkari said, adding there will be enormous benefit to downstream sectors like hospitality, car rentals, and food and beverages.
The government wants to increase the number of cruise tourists to 40 lakh in five years from last year's 1.80 lakh, Union minister Nitin Gadkari said today
Given the right impetus, the number of tourist ships visiting India can go up from the present 158 to about 955 per year, the ports and shipping minister said at a special event on cruise tourism here.
Gadkari said the revenue benefit will shoot up to Rs 35,500 crore in 2022 from the over Rs 700 crore last year.
Speaking on the occasion, David Dingle, the chairman of Carnival UK, that controls 42 per cent of the global cruise tourism market, flagged a slew of concerns on taxation and port charges, which he said are higher by 50 per cent when compared to the developed world.
"Anything to do with cruising in this country must not attract any GST whatsoever. Not only it is about money, (but) in principle, the cruise industry would not come to a part of the world where it has to pay GST on the ticket price and on the sales made onboard. That does not happen," Dingle said.
"We need to think about it as an industry operating in international waters. The place of consumption is really important. The place of consumption is almost entirely on the high seas. And for that reason alone, GST should not apply," he said.
Calling for a withdrawal of the GST, Dingle said, "We would not bring our ships here in any significant numbers if cruising attracts any GST."
Speaking after Dingle, Gadkari said the ministry had not thought about GST, but assured that it will represent the case to the Ministry of Finance along with the Tourism Ministry.
It can be noted that the Shipping Ministry has already moved the GST Council, the highest decision making body under the recently introduced indirect tax regime, to exempt the cruise tourism sector from GST at par with other nations.
At present, cruise tourism is not taxed and the Shipping Ministry wants to keep it out of the GST regime in order to boost the industry.
"Major cruising nations like the UK, the US and Germany have zero rate domestic cruises. India should also have zero rating for cruise tourism as it is in nascent stage in the country and such steps will provide it a much-needed boost," it said in a proposal sent to the GST Council.
Dingle also flagged issues with income tax.
"We have to have the right to repatriate our profits through double tax treaties. And that means that domestic profits have to be repatriated to our fiscal bases through double tax treaties," he said, underlining that India is not yet so big a destination to host its own companies.
Dingle also said that while Mumbai Port Trust has reduced its tariffs, the transit charges are very high.
Docking at a smaller port like Goa results in charges of up to Euro 50,000 as against Euro 15,000 for developed ports in the Mediterranean Sea, he said, adding, "port costs must reduce by 50 per cent to be competitive."
"The opportunity is enormous, you are doing a fabulous job, ports are on side. But let us also encourage your Finance Ministry here also to recognise the enormous economic benefits cruise industry can bring to this country and help us with those tax issues so we bring many ships to India," Dingle said.
Earlier, citing estimates presented by an international consultant which seem to have been used to fix the targets, Mumbai Port Trust Chairman Sanjay Bhatia had said the number of ships will go up to 955 from the present 158 ships.
The size of the vessels which call will also increase, with a single ship expected to carry 4,200 passengers as against the present 1,250.
Gadkari said 80 per cent of the traffic will be concentrated in Mumbai and announced that construction of a Rs 300-crore dedicated terminal will begin in 15 days.
Each of the tourist will spend USD 100 per day while the ship is anchored in a city like Mumbai, Gadkari said, adding there will be enormous benefit to downstream sectors like hospitality, car rentals, and food and beverages.
Tata Steel stock closes higher on better-than-expected Q1 earnings
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The Tata Steel stock rose in early trade today after the firm reported a consolidated net profit of Rs 921.09 crore for the quarter ended June 30, 2017 on the back of higher revenue from operations.
The company had posted consolidated net loss of Rs 3,183 crore in the year-ago period, Tata Steel said in a filing to BSE.
At 11:57 am, the stock was trading 3.67 percent or 22 points higher on the BSE.
The stock is up almost 59.27 percent or 231 points since the beginning of this year.
On an year-on-year basis, the stock has rose 64 percent or 242 points.
Around 1.03 million shares of the firm traded on the BSE.
The stock closed 2.63 percent or 15.75 points higher on the BSE.
Tata Steel's listed competitors include Usha Martin Limited, Tata Power Company, Tata Motors Ltd, Tai Industries, Jindal Stainless, Panchmahal Steel, Sarda Energy & Minerals Limited, Stelco Strips Ltd, and Visa Steel Ltd.
The consolidated revenue from operations during April-June quarter was at Rs 30,973 crore, registering an increase of 19 per cent.
However, consolidated total expenses increased to Rs 28,844 crore, over Rs 25,003.7 crore in the year-ago period.
The Tata Steel stock rose in early trade today after the firm reported a consolidated net profit of Rs 921.09 crore for the quarter ended June 30, 2017 on the back of higher revenue from operations.
The company had posted consolidated net loss of Rs 3,183 crore in the year-ago period, Tata Steel said in a filing to BSE.
At 11:57 am, the stock was trading 3.67 percent or 22 points higher on the BSE.
The stock is up almost 59.27 percent or 231 points since the beginning of this year.
On an year-on-year basis, the stock has rose 64 percent or 242 points.
Around 1.03 million shares of the firm traded on the BSE.
The stock closed 2.63 percent or 15.75 points higher on the BSE.
Tata Steel's listed competitors include Usha Martin Limited, Tata Power Company, Tata Motors Ltd, Tai Industries, Jindal Stainless, Panchmahal Steel, Sarda Energy & Minerals Limited, Stelco Strips Ltd, and Visa Steel Ltd.
The consolidated revenue from operations during April-June quarter was at Rs 30,973 crore, registering an increase of 19 per cent.
However, consolidated total expenses increased to Rs 28,844 crore, over Rs 25,003.7 crore in the year-ago period.
General Awareness
BANKING AWARENESS PRACTICE QUESTIONS FOR ALL BANK EXAMS
-
1. Which of the following institutions provides secured depository services?
a) NSE
b) NSDL
c) RBI
d) BSE
e) NPCI
2. While dealing with Foreign Exchange transactions "Multicurrency basket" means:
a) A number of international currencies to which the value of SDRs is linked
b) Selected international currencies to which the value of Asian Monetary Unit is linked
c) Number of major international currencies to which the external value of the Indian rupee is linked
d) The name given to a group of West European currencies
e) None of the above
3. Name of the Bank and CMD is given below. Which pair is not a correct one?
a) Allahabad Bank - Usha Anantha Subramanian
b) Andhra Bank - Suresh N Patel
c) Bank of India - Rajeev Rishi
d) Bank of Baroda - PS Jayakumar
e) Bank of Maharashtra - Ravindra Prabhakar Marathe
4. In banking parlance when a negotiable instrument is endorsed with notation "Sans recourse", it means:
a) Without liability to payment bank
b) Without physical touch
c) Without liability to me
d) Without liability to payee
e) None of the above
5. When the holder of an order cheque signs on the back of it , without specifying the person to
whom the amount is to be paid, it is called:
a) Full endorsement
b) Partial endorsement
c) Conditional endorsement
d) Restrictive endorsement
e) Bank endorsement
6. Mandate is an/a:
a) Stamped agreement
b) Unstamped agreement
c) Memorandum of agreement
d) Letter of consent for agreement
e) None of the above
7. Earlier Form 15G/15H submitted by the depositors to their bankers for not deducting TDS. These
forms so collected had to be sent to Income Tax Department. However as per revised procedure, banks will not send copy of form 15G/15 H to Income Tax Department but will retain the same with them for:
a) 2 years
b) 3 Years
c) 6 years
d) 7 years
e) 8 Years
8. Merchant bankers are:
a) Financial Brokers
b) Financial Intermediaries
c) Credit Appraisers
d) Underwriters
e) All of the above
9. Name the Chairman of Insolvency Bankruptcy Board of India?
a) Romesh Sobti
b) Madhusudan Sahoo
c) P. JayaRama Bhat
d) P. Mukherjee
e) V.G. Mathew
10. In which years RBI and SBI are nationalized respectively?
a) 1955, 1949
b) 1969, 1955
c) 1949, 1955
d) 1955, 1969
e) 1949, 1969
11. Non-profit organizations are categorized in which risk category as per new KYC(Know Your
Customer) and AML (Anti-Money Laundering) guidelines:
a) Low Risk
b) Medium Risk
c) Little Risk
d) High Risk
e) Very High Risk
12. As per Section 138 of N.I. Act, there is a provision of penalty:
a) If cheque given as gift is dishonoured
b) If signature of drawer do not tally with that is one on record
c) If cheque issued in discharge of a liability is dishonoured due to insufficient funds in the account
d) If the cheque has been presented to the paying banker within a period of 3 months from date written on it & is not honoured due to insufficient funds
e) c & d both
13. The reserve which is created out of the capital profit is known as capital reserve. Which of the
following items for part of Capital reserve?
a) Profit on revaluation of assets and liabilities
b) Profit on sale of assets & sale of shares and debentures
c) Profit on forfeiture of shares & redemption of debentures
d) Profit on purchasing running business
e) All the above
14. Kisan credit Cards are issued to farmer____:
a) To withdraw money from ATM
b) To purchase farm equipments
c) To purchase agricultural implements on credit from dealers
d) To meet their cultivation needs and non-farm requirements, including purchase of inputs and other short-term requirements and working capital requirements for allied activities
e) None of the above
15. At present lending rate is calculated on the basis of MCLR. In MCLR 'M' Stands for:
a) Marginal
b) Macro
c) Micro
d) Market
e) Margin
16. Holders of 'Basic Savings Bank Deposit Account' will not be eligible for opening any other
savings account in that bank. If a customer has any other existing savings account in that bank, he will be required to close it within:
a) 30 days from the date of opening a 'Basic Savings Bank Deposit Account'
b) 45 days from the date of opening a 'Basic Savings Bank Deposit Account'
c) 60 days from the date of opening a 'Basic Savings Bank Deposit Account
d) 90 days from the date of opening a 'Basic Savings Bank Deposit Account'
e) 120 days from the date of opening a 'Basic Savings Bank Deposit Account'
17. Credit Rating Agencies in India are regulated by:
a) RBI
b) CRISIL
c) Central Government
d) IDRBT
e) SEBI
18. What is the main objective of setting up of CERSAI?
a) Increasing revenue of Central Govt.
b) Preventing frauds
c) To compile statistics relating to total immovable properties in the country
d) To ensure whether a Company has registered with ROC properly or not
e) None of the above
19. Consequent upon merger of 5 subsidiaries and Bharatiya Mahila Bank into State Bank of India.
which of the following statement is correct?
a) This merger has catapulted SBI into one of the top 50 global banks (up from 55th position in 2016)
b) SBI's balance sheet size is Rs.33 lakh crore
c) The total number of branches and ATMs of SBI has become 24,017 and 59,263 respectively
d) The customer base of SBI is now over 42 crore
e) All the above
20. Google global CEO Sundar Pichai has launched training programme called ________ for
Small and Medium Businesses (SMBs) and startups to go digital in India in partnership with Ministry of Information and Technology and the Federation of Indian Chambers of Commerce and Industry.
a) "Digital Unlocked"
b) "Wallet Unlocked"
c) "SME unlocked"
d) " Unlocking SME Potential"
e) None of the above
21. Which Bank's MD and CEO has been awarded the 'Woodrow Wilson Award' by the Woodrow Wilson Centre in Washington DC:
a) HDFC
b) YES bank
C) ICICI
d) SBI
e) Punjab National Bank
22. Match the following mergers of banks.
List I
A. Centurion Bank of Punjab
B. Bank of Rajasthan
C. Global Trust Bank
D. Nedungadi Bank
List II
1. ICICI Bank
2. Punjab National Bank
3. HDFC Bank
4. Oriental Bank of Commerce
a) A - 4; B - 1; C - 2; D - 3
b) A - 3; B - 4; C - 1; D - 2
c) A - 2; B - 1; C - 4; D - 3
d) A - 3; B - 1; C - 4; D - 2
e) None of the above
23. Which document stipulates internal rules of a company?
a) Memorandum of Association
b) Prospectus
c) Articles of Association
d) Declaration
e) Special Resolution
24. Banks Board Bureau (BBB) has recommended to the government names of 15 general managers of various public sector banks for appointment as executive directors. Who is the chairman of Banks Board Bureau?
a) Vinod Rai
b) Chandrashekhar Ghosh
c) Mukesh Sharma
d) K.B. Nagendra Murthy
e) Arvind Panagariya
25. "Aapka Bhala, Sabki Bhalai"is the slogan of:
a) Allahabad Bank
b) Federal Bank
c) ICIC
d) HDFC
e ) Bandhan Bank
26. Which of the following statements are correct regarding NRO Non Resident Ordinary Rupee Account?
a) Mainly used for local transactions in India
b) If a citizen becomes an NRI, the existing account will be converted into NRO
c) Can be opened in the form of Savings, Current, Recurring or Fixed Deposit account
d) Can be opened jointly with Resident Indian
e) All the above
27) A scheme named ___ offers a long term subscription to Pradhan Mantri Suraksha Bima Yojana with attached Fixed Deposit.
a) Suraksha Deposit Scheme
b) Suraksha Insurance Cover
c) Jeevan Suraksha Yojana
d) Suraksha Cover
e) Suraksha Plus Scheme
28. The Maximum number of members in a Private limited company is:
a) 50
b) 20
c) 10
d) 200
e) No limit
29. With which of the following is SARFAESI Act 2002 related?
a) Recovery of bad loans
b) Regulation of Foreign Exchange
c) Fixation of interest rates
d) Acquisition of small banks
e) None of the above
30. ________ is money whose face value exceeds its cost of production.
a) Production Money
b) Token Money
c) Paper Money
d) Black Money
e) Call Money
ANSWERS:
1) b 2) c 3) c 4) c 5) e 6) b 7) d 8) b 9) b 10) c
11) d 12) e 13) e 14) d 15) a 16) a 17) e 18) b 19) e 20) a
21) c 22) d 23) c 24) a 25) e 26) e 27) a 28) d 29) a 30) b
1. Which of the following institutions provides secured depository services?
a) NSE
b) NSDL
c) RBI
d) BSE
e) NPCI
2. While dealing with Foreign Exchange transactions "Multicurrency basket" means:
a) A number of international currencies to which the value of SDRs is linked
b) Selected international currencies to which the value of Asian Monetary Unit is linked
c) Number of major international currencies to which the external value of the Indian rupee is linked
d) The name given to a group of West European currencies
e) None of the above
3. Name of the Bank and CMD is given below. Which pair is not a correct one?
a) Allahabad Bank - Usha Anantha Subramanian
b) Andhra Bank - Suresh N Patel
c) Bank of India - Rajeev Rishi
d) Bank of Baroda - PS Jayakumar
e) Bank of Maharashtra - Ravindra Prabhakar Marathe
4. In banking parlance when a negotiable instrument is endorsed with notation "Sans recourse", it means:
a) Without liability to payment banka) NSE
b) NSDL
c) RBI
d) BSE
e) NPCI
2. While dealing with Foreign Exchange transactions "Multicurrency basket" means:
a) A number of international currencies to which the value of SDRs is linked
b) Selected international currencies to which the value of Asian Monetary Unit is linked
c) Number of major international currencies to which the external value of the Indian rupee is linked
d) The name given to a group of West European currencies
e) None of the above
3. Name of the Bank and CMD is given below. Which pair is not a correct one?
a) Allahabad Bank - Usha Anantha Subramanian
b) Andhra Bank - Suresh N Patel
c) Bank of India - Rajeev Rishi
d) Bank of Baroda - PS Jayakumar
e) Bank of Maharashtra - Ravindra Prabhakar Marathe
4. In banking parlance when a negotiable instrument is endorsed with notation "Sans recourse", it means:
b) Without physical touch
c) Without liability to me
d) Without liability to payee
e) None of the above
5. When the holder of an order cheque signs on the back of it , without specifying the person to
whom the amount is to be paid, it is called:
a) Full endorsement
b) Partial endorsement
c) Conditional endorsement
d) Restrictive endorsement
e) Bank endorsement
6. Mandate is an/a:
a) Stamped agreement
b) Unstamped agreement
c) Memorandum of agreement
d) Letter of consent for agreement
e) None of the above
7. Earlier Form 15G/15H submitted by the depositors to their bankers for not deducting TDS. These
forms so collected had to be sent to Income Tax Department. However as per revised procedure, banks will not send copy of form 15G/15 H to Income Tax Department but will retain the same with them for:
a) 2 years
b) 3 Years
c) 6 years
d) 7 years
e) 8 Years
8. Merchant bankers are:
a) Financial Brokers
b) Financial Intermediaries
c) Credit Appraisers
d) Underwriters
e) All of the above
9. Name the Chairman of Insolvency Bankruptcy Board of India?
a) Romesh Sobti
b) Madhusudan Sahoo
c) P. JayaRama Bhat
d) P. Mukherjee
e) V.G. Mathew
10. In which years RBI and SBI are nationalized respectively?
a) 1955, 1949
b) 1969, 1955
c) 1949, 1955
d) 1955, 1969
e) 1949, 1969
11. Non-profit organizations are categorized in which risk category as per new KYC(Know Your
Customer) and AML (Anti-Money Laundering) guidelines:
a) Low Risk
b) Medium Risk
c) Little Risk
d) High Risk
e) Very High Risk
12. As per Section 138 of N.I. Act, there is a provision of penalty:
a) If cheque given as gift is dishonoured
b) If signature of drawer do not tally with that is one on record
c) If cheque issued in discharge of a liability is dishonoured due to insufficient funds in the account
d) If the cheque has been presented to the paying banker within a period of 3 months from date written on it & is not honoured due to insufficient funds
e) c & d both
13. The reserve which is created out of the capital profit is known as capital reserve. Which of the
following items for part of Capital reserve?
a) Profit on revaluation of assets and liabilities
b) Profit on sale of assets & sale of shares and debentures
c) Profit on forfeiture of shares & redemption of debentures
d) Profit on purchasing running business
e) All the above
14. Kisan credit Cards are issued to farmer____:
a) To withdraw money from ATM
b) To purchase farm equipments
c) To purchase agricultural implements on credit from dealers
d) To meet their cultivation needs and non-farm requirements, including purchase of inputs and other short-term requirements and working capital requirements for allied activities
e) None of the above
15. At present lending rate is calculated on the basis of MCLR. In MCLR 'M' Stands for:
a) Marginal
b) Macro
c) Micro
d) Market
e) Margin
16. Holders of 'Basic Savings Bank Deposit Account' will not be eligible for opening any other
savings account in that bank. If a customer has any other existing savings account in that bank, he will be required to close it within:
a) 30 days from the date of opening a 'Basic Savings Bank Deposit Account'
b) 45 days from the date of opening a 'Basic Savings Bank Deposit Account'
c) 60 days from the date of opening a 'Basic Savings Bank Deposit Account
d) 90 days from the date of opening a 'Basic Savings Bank Deposit Account'
e) 120 days from the date of opening a 'Basic Savings Bank Deposit Account'
17. Credit Rating Agencies in India are regulated by:
a) RBI
b) CRISIL
c) Central Government
d) IDRBT
e) SEBI
18. What is the main objective of setting up of CERSAI?
a) Increasing revenue of Central Govt.
b) Preventing frauds
c) To compile statistics relating to total immovable properties in the country
d) To ensure whether a Company has registered with ROC properly or not
e) None of the above
19. Consequent upon merger of 5 subsidiaries and Bharatiya Mahila Bank into State Bank of India.
which of the following statement is correct?
a) This merger has catapulted SBI into one of the top 50 global banks (up from 55th position in 2016)
b) SBI's balance sheet size is Rs.33 lakh crore
c) The total number of branches and ATMs of SBI has become 24,017 and 59,263 respectively
d) The customer base of SBI is now over 42 crore
e) All the above
20. Google global CEO Sundar Pichai has launched training programme called ________ for
Small and Medium Businesses (SMBs) and startups to go digital in India in partnership with Ministry of Information and Technology and the Federation of Indian Chambers of Commerce and Industry.
a) "Digital Unlocked"
b) "Wallet Unlocked"
c) "SME unlocked"
d) " Unlocking SME Potential"
e) None of the above
21. Which Bank's MD and CEO has been awarded the 'Woodrow Wilson Award' by the Woodrow Wilson Centre in Washington DC:
a) HDFC
b) YES bank
C) ICICI
d) SBI
e) Punjab National Bank
22. Match the following mergers of banks.
List I
A. Centurion Bank of Punjab
B. Bank of Rajasthan
C. Global Trust Bank
D. Nedungadi Bank
List II
1. ICICI Bank
2. Punjab National Bank
3. HDFC Bank
4. Oriental Bank of Commerce
a) A - 4; B - 1; C - 2; D - 3
b) A - 3; B - 4; C - 1; D - 2
c) A - 2; B - 1; C - 4; D - 3
d) A - 3; B - 1; C - 4; D - 2
e) None of the above
23. Which document stipulates internal rules of a company?
a) Memorandum of Association
b) Prospectus
c) Articles of Association
d) Declaration
e) Special Resolution
24. Banks Board Bureau (BBB) has recommended to the government names of 15 general managers of various public sector banks for appointment as executive directors. Who is the chairman of Banks Board Bureau?
a) Vinod Rai
b) Chandrashekhar Ghosh
c) Mukesh Sharma
d) K.B. Nagendra Murthy
e) Arvind Panagariya
25. "Aapka Bhala, Sabki Bhalai"is the slogan of:
a) Allahabad Bank
b) Federal Bank
c) ICIC
d) HDFC
e ) Bandhan Bank
26. Which of the following statements are correct regarding NRO Non Resident Ordinary Rupee Account?
a) Mainly used for local transactions in India
b) If a citizen becomes an NRI, the existing account will be converted into NRO
c) Can be opened in the form of Savings, Current, Recurring or Fixed Deposit account
d) Can be opened jointly with Resident Indian
e) All the above
27) A scheme named ___ offers a long term subscription to Pradhan Mantri Suraksha Bima Yojana with attached Fixed Deposit.
a) Suraksha Deposit Scheme
b) Suraksha Insurance Cover
c) Jeevan Suraksha Yojana
d) Suraksha Cover
e) Suraksha Plus Scheme
28. The Maximum number of members in a Private limited company is:
a) 50
b) 20
c) 10
d) 200
e) No limit
29. With which of the following is SARFAESI Act 2002 related?
a) Recovery of bad loans
b) Regulation of Foreign Exchange
c) Fixation of interest rates
d) Acquisition of small banks
e) None of the above
30. ________ is money whose face value exceeds its cost of production.
a) Production Money
b) Token Money
c) Paper Money
d) Black Money
e) Call Money
ANSWERS:
1) b 2) c 3) c 4) c 5) e 6) b 7) d 8) b 9) b 10) c
11) d 12) e 13) e 14) d 15) a 16) a 17) e 18) b 19) e 20) a
21) c 22) d 23) c 24) a 25) e 26) e 27) a 28) d 29) a 30) b
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