General Affairs
23 dead, over 100 injured; rescue operations underway
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Ten coaches of Puri Utkal Express derailed near Muzaffarnagar of Uttar Pradesh today.
"The incident occurred around 5.45 pm in the evening," Anil Saxena of the Indian Railways said.
Several people are feared to be injured following the incident that took place near Khatauli station. Railway Minister Suresh Prabhu said that he is monitoring the situation personally.
HERE ARE THE LIVE UPDATES:
- Death toll rises to 23.
- Union Health Minister JP Nadda asked central trauma care teams to remain on standby
Sad at train derailment in UP; my thoughts are with deceased & their families. Injured are being rescued & provided relief #PresidentKovind
- President of India (@rashtrapatibhvn) August 19, 2017
- 14 coaches derailed. The cause of derailment is not known, Railway spokesperson Anil Saxena told ANI.
- Railway Minister announces ex gratia of 3.5 lakh for those who lost their lives, Rs.50 thousand for seriously injured
Railways Ministry & UP Government are doing everything possible & providing all assistance required in the wake of the train derailment: PM
- PMO India (@PMOIndia) August 19, 2017
- Prime Minister Narendra Modi tweeted,"Extremely pained by the derailment of the Utkal Express in Muzaffarnagar. My thoughts are with the families of the deceased."
#WATCH: Uttar Pradesh Chief Minister Yogi Adityanath speaks to ANI on #Muzaffarnagar train derailment pic.twitter.com/txefkWoyAf
- ANI UP (@ANINewsUP) August 19, 2017
- Death toll rises to 20.
- No exact numbers on casualties. Our two ministers Satish Mahana and Suresh Rana sent to the spot: Yogi Adityanath
- Four dead in train derailment confirms Indian Railways.
- RJD chief Lalu Prasad Yadav criticises Railway Ministry and Centre, demanded Suresh Prabhu's resignation
- Around 70 people have been injured. Rescue operations to last for four more hours
- Minister of State for Railways, Manoj Sinha to visit the site with seniors officers.
#Muzaffarnagar train derailment: MoS for Railways, Manoj Sinha to visit the accident site with seniors officers, tweets Suresh Prabhu pic.twitter.com/IsqtpiOW0u
- ANI (@ANI) August 19, 2017
- Sources present at the site said that there was a possibility of more coaches being derailed.
- 9 PAC Companies issued orders to immediately reach Khatauli in Muzaffarnagar to extend help in Relief and Rescue operations.
- Ambulances reach train derailment site near Muzaffarnagar.
Ambulances at the #Muzaffarnagar train derailment site in Uttar Pradesh; NDRF teams mobilized, UP ATS has also left for the spot pic.twitter.com/4V8pvZGi28
- ANI UP (@ANINewsUP) August 19, 2017
- Have ordered inquiry to ascertain the cause. Strict action will be taken against any lapse: Railway Minister Suresh Prabhu
- Sad incident, injured passengers will be given complete treatment. Directions issued for all possible assistance: UP CM Adityanath.
- NDRF teams mobilised for rescue operation at Khatauli railway station in Muzaffarnagar.
- Medical vans have been rushed to the site.All efforts being taken to ensure speedy relief and rescue operations.
- Suresh Prabhu (@sureshpprabhu) August 19, 2017
- Have instructed Chairman Rly Board,Member Traffic to oversee rescue and relief operations.I am personally monitoring situation
- Suresh Prabhu (@sureshpprabhu) August 19, 2017
- Police and emergency teams have rushed to the spot and rescue operations are underway. Several locals have also joined the teams to assist the rescue operations. Sources said that train was on its way to Haridwar from Puri.
- There is no confirmation on the number of casualties yet.
"The incident occurred around 5.45 pm in the evening," Anil Saxena of the Indian Railways said.
Several people are feared to be injured following the incident that took place near Khatauli station. Railway Minister Suresh Prabhu said that he is monitoring the situation personally.
HERE ARE THE LIVE UPDATES:
- Death toll rises to 23.
- Union Health Minister JP Nadda asked central trauma care teams to remain on standby
- Sad at train derailment in UP; my thoughts are with deceased & their families. Injured are being rescued & provided relief #PresidentKovind- President of India (@rashtrapatibhvn) August 19, 2017
- 14 coaches derailed. The cause of derailment is not known, Railway spokesperson Anil Saxena told ANI.
- Railway Minister announces ex gratia of 3.5 lakh for those who lost their lives, Rs.50 thousand for seriously injured
- Railways Ministry & UP Government are doing everything possible & providing all assistance required in the wake of the train derailment: PM- PMO India (@PMOIndia) August 19, 2017
- Prime Minister Narendra Modi tweeted,"Extremely pained by the derailment of the Utkal Express in Muzaffarnagar. My thoughts are with the families of the deceased."
- #WATCH: Uttar Pradesh Chief Minister Yogi Adityanath speaks to ANI on #Muzaffarnagar train derailment pic.twitter.com/txefkWoyAf- ANI UP (@ANINewsUP) August 19, 2017
- Death toll rises to 20.
- No exact numbers on casualties. Our two ministers Satish Mahana and Suresh Rana sent to the spot: Yogi Adityanath
- Four dead in train derailment confirms Indian Railways.
- RJD chief Lalu Prasad Yadav criticises Railway Ministry and Centre, demanded Suresh Prabhu's resignation
- Around 70 people have been injured. Rescue operations to last for four more hours
- Minister of State for Railways, Manoj Sinha to visit the site with seniors officers.
- Sources present at the site said that there was a possibility of more coaches being derailed.
- 9 PAC Companies issued orders to immediately reach Khatauli in Muzaffarnagar to extend help in Relief and Rescue operations.
- Ambulances reach train derailment site near Muzaffarnagar.
- Have ordered inquiry to ascertain the cause. Strict action will be taken against any lapse: Railway Minister Suresh Prabhu
- Sad incident, injured passengers will be given complete treatment. Directions issued for all possible assistance: UP CM Adityanath.
- NDRF teams mobilised for rescue operation at Khatauli railway station in Muzaffarnagar.
- Medical vans have been rushed to the site.All efforts being taken to ensure speedy relief and rescue operations.
#Muzaffarnagar train derailment: MoS for Railways, Manoj Sinha to visit the accident site with seniors officers, tweets Suresh Prabhu pic.twitter.com/IsqtpiOW0u- ANI (@ANI) August 19, 2017
Ambulances at the #Muzaffarnagar train derailment site in Uttar Pradesh; NDRF teams mobilized, UP ATS has also left for the spot pic.twitter.com/4V8pvZGi28- ANI UP (@ANINewsUP) August 19, 2017
- Suresh Prabhu (@sureshpprabhu) August 19, 2017
- Have instructed Chairman Rly Board,Member Traffic to oversee rescue and relief operations.I am personally monitoring situation
- Suresh Prabhu (@sureshpprabhu) August 19, 2017
- Police and emergency teams have rushed to the spot and rescue operations are underway. Several locals have also joined the teams to assist the rescue operations. Sources said that train was on its way to Haridwar from Puri.
- There is no confirmation on the number of casualties yet.
Darjeeling unrest: Gorkhaland stir disrupts flow of tourists to Sikkim
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Even after more than two months, the Gorkhaland stir has not yielded any results and has instead caused damage to its neighbouring state Sikkim, which depends on road connectivity through West Bengal for its tourism.
Nestled in the Himalayas, Sikkim's 10 lakh population primarily depends on tourism for its income and revenue, and this year it has taken one of the worst hits.
The losses incurred this year due to the dip in tourists has already reached Rs 600 crore. Till June the number of tourists who arrived in the state was 12 lakh, but since then the numbers have dwindled. There have been more than one lakh cancellations across the state.
Speaking exclusively to India Today, Sikkim Chief Minister Pawan Chamling said, "There are around 3000 hotels amd resorts in Sikkim who have cancelled almost one lakh bookings in two months. The losses have crossed Rs 600 crore already and will keep on increasing if the protests continue in this way."
The only land route to reach Gangtok is from Siliguri in West Bengal where you cross Kalimpong district on the way. Kalimpong is also a part of the Gorkhaland being demanded by the Gorkha Janmukti Morcha leaders, hence it has witnessed widespread protests including attacks on vehicles enroute to Gangtok.
Even perishable goods, including organic items, up to the tune of Rs 100 crores have been destroyed due to no vehicle movement to supply them out of state.
Chamling explained, "Even in first Darjeeling agitation in year 1985 it was Sikkim that suffered, and it has always suffered. We have Rs 60000 crore lost in 33 years. We are the sufferers. Out life line is the National Highway 10 (NH 10) which is closed regularly and we suffer, tourism suffers. We request and appeal to the protestors to find a permanent solution to this crisis."
Even after more than two months, the Gorkhaland stir has not yielded any results and has instead caused damage to its neighbouring state Sikkim, which depends on road connectivity through West Bengal for its tourism.
Nestled in the Himalayas, Sikkim's 10 lakh population primarily depends on tourism for its income and revenue, and this year it has taken one of the worst hits.
The losses incurred this year due to the dip in tourists has already reached Rs 600 crore. Till June the number of tourists who arrived in the state was 12 lakh, but since then the numbers have dwindled. There have been more than one lakh cancellations across the state.
Speaking exclusively to India Today, Sikkim Chief Minister Pawan Chamling said, "There are around 3000 hotels amd resorts in Sikkim who have cancelled almost one lakh bookings in two months. The losses have crossed Rs 600 crore already and will keep on increasing if the protests continue in this way."
The only land route to reach Gangtok is from Siliguri in West Bengal where you cross Kalimpong district on the way. Kalimpong is also a part of the Gorkhaland being demanded by the Gorkha Janmukti Morcha leaders, hence it has witnessed widespread protests including attacks on vehicles enroute to Gangtok.
Even perishable goods, including organic items, up to the tune of Rs 100 crores have been destroyed due to no vehicle movement to supply them out of state.
Chamling explained, "Even in first Darjeeling agitation in year 1985 it was Sikkim that suffered, and it has always suffered. We have Rs 60000 crore lost in 33 years. We are the sufferers. Out life line is the National Highway 10 (NH 10) which is closed regularly and we suffer, tourism suffers. We request and appeal to the protestors to find a permanent solution to this crisis."
Jaypee group home buyers threaten to commit suicide at Jantar Mantar
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Scores of home buyers of Jaypee Infratech affected by delayed possessions staged a protest at Jantar Mantar on Saturday and threatened to commit suicide if the government does not help.
Over 32,000 home buyers of Jaypee Infratech were affected due to the delayed possession.
"During the partition of our country we were robbed and migrated. Now we are again being robbed by the builders, and the government is turning a blind eye," said SK Suri, a senior citizen and a home buyer.
About 100 home buyers gathered at the Jantar Mantar on Saturday morning with placards and started shouting slogans against the builders, government and the Noida and Greater Noida authorities. They had planned to march till the PM's residence but permission was not granted by the police.
"Since nobody is hearing us, we feel like committing suicide like the farmers are doing. I am a retired man and I have invested all my life's saving for a flat. Now I am living in a rented accommodation. Is there any law in this country for us," said SK Sharma, a home buyer.
The bank, which had given loan to the Jaypee group had recently moved a petition for Jaypee Infratech's insolvency, following which a series of protests erupted.
"If the government doesn't listen to us, we will continue our protest and will show them our power in next elections," said Aditya Mann, a home buyer.
Scores of home buyers of Jaypee Infratech affected by delayed possessions staged a protest at Jantar Mantar on Saturday and threatened to commit suicide if the government does not help.
Over 32,000 home buyers of Jaypee Infratech were affected due to the delayed possession.
"During the partition of our country we were robbed and migrated. Now we are again being robbed by the builders, and the government is turning a blind eye," said SK Suri, a senior citizen and a home buyer.
About 100 home buyers gathered at the Jantar Mantar on Saturday morning with placards and started shouting slogans against the builders, government and the Noida and Greater Noida authorities. They had planned to march till the PM's residence but permission was not granted by the police.
"Since nobody is hearing us, we feel like committing suicide like the farmers are doing. I am a retired man and I have invested all my life's saving for a flat. Now I am living in a rented accommodation. Is there any law in this country for us," said SK Sharma, a home buyer.
The bank, which had given loan to the Jaypee group had recently moved a petition for Jaypee Infratech's insolvency, following which a series of protests erupted.
"If the government doesn't listen to us, we will continue our protest and will show them our power in next elections," said Aditya Mann, a home buyer.
Nitish Kumar led-JD(U) joins NDA; supporters of Sharad Yadav, RJD protest outside Bihar CM's residence
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Nitish Kumar-led Janata Dal United (JDU) has made a comeback to the National Democratic Alliance (NDA). A resolution to this effect was adopted by the party's national council which met today at the chief minister's residence in Patna.
The decision was taken even as the rebel JD(U) leader Sharad Yadav held a parallel function to show his strength in the state capital. Sharad camp has been opposing Nitish Kumar's decision to form an alliance government with the BJP.
With the JD-U now having returned to the NDA fold, its MPs will soon be inducted into the Union Council of Ministers. Moreover, the Bihar Chief Minister may even be given a key role in the NDA. He is tipped to become the co-convener of the BJP-led alliance. JDU has 2 MPs in the Lok Sabha and 7 out of its 9 Rajya Sabha MPs are with Nitish Kumar. Meanwhile, a poster war in Patna city between the two JD(U) factions took an ugly turn when about a dozen bikers broke security cordons and managed to reach Rajendra Chowk just outside the chief minister's residence where a meeting of the JD-U national executive committee was underway.
The workers backing Sharad Yadav were raising JD-U flags and shouting slogans against Nitish. The bikers clashed with JD-U workers, who alleged that these were, in fact, RJD workers disguised as Sharad Yadav's supporters.
Talking to the media, Patna city Superintendent of Police Manu Maharaj said that an inquiry had been launched into breach of security and CCTV footages were being examined to ascertain the identity of the bikers and where they came from.
Meanwhile, Rashtriya Janata Dal chief Lalu Prasad Yadav has hit out at Bihar BJP leader Sushil Modi, calling him a cheat and a 'lootera'.
CONDOLENCE MOTION ON GORAKHPUR DEATHS PASSED IN SHARAD YADAY's MEET
Meanwhile, a condolence motion was passed in the meeting of the Sharad Yadav camp to condole deaths of the children killed in Gorakhpur and in the floods in Bihar.
While the meeting of the Sharad Yadav camp had started, JD-U MP Ali Anwar reminded that a motion to condole death of flood victims should ne passed first and then this was done.
"Our target and agenda is not any person (Nitish and PM Modi), but the country is seeing farmers, who predominantly feed the population, commit suicide."
"I appeal to the Muslims. There is fear among Muslims today. Dalits are insecure. There is massive turmoil in the country's universities today. Nitish is looking like a dwarf today who once attained a high stature when he became the chief minister of the Mahagathbandhan in 2015."
Sharad Yadav said, "There is unemployment in the country today. Youths are having no work. PM promised in 2014 that 2 crore people would get jobs but till date nothing has happened. In democracy, what one says and promises is important. Farmers are committing suicide in thousands. In the name of love jihad, people are being killed today."
"Since the split of the Mahagathbandhan, I have been touring the entire country, which is in a difficult situation today. The flood situation in Bihar is also very bad. In the last 70 years, the situation in the country has not changed."
Nitish Kumar-led Janata Dal United (JDU) has made a comeback to the National Democratic Alliance (NDA). A resolution to this effect was adopted by the party's national council which met today at the chief minister's residence in Patna.
The decision was taken even as the rebel JD(U) leader Sharad Yadav held a parallel function to show his strength in the state capital. Sharad camp has been opposing Nitish Kumar's decision to form an alliance government with the BJP.
With the JD-U now having returned to the NDA fold, its MPs will soon be inducted into the Union Council of Ministers. Moreover, the Bihar Chief Minister may even be given a key role in the NDA. He is tipped to become the co-convener of the BJP-led alliance. JDU has 2 MPs in the Lok Sabha and 7 out of its 9 Rajya Sabha MPs are with Nitish Kumar. Meanwhile, a poster war in Patna city between the two JD(U) factions took an ugly turn when about a dozen bikers broke security cordons and managed to reach Rajendra Chowk just outside the chief minister's residence where a meeting of the JD-U national executive committee was underway.
The workers backing Sharad Yadav were raising JD-U flags and shouting slogans against Nitish. The bikers clashed with JD-U workers, who alleged that these were, in fact, RJD workers disguised as Sharad Yadav's supporters.
Talking to the media, Patna city Superintendent of Police Manu Maharaj said that an inquiry had been launched into breach of security and CCTV footages were being examined to ascertain the identity of the bikers and where they came from.
Meanwhile, Rashtriya Janata Dal chief Lalu Prasad Yadav has hit out at Bihar BJP leader Sushil Modi, calling him a cheat and a 'lootera'.
CONDOLENCE MOTION ON GORAKHPUR DEATHS PASSED IN SHARAD YADAY's MEET
Meanwhile, a condolence motion was passed in the meeting of the Sharad Yadav camp to condole deaths of the children killed in Gorakhpur and in the floods in Bihar.
While the meeting of the Sharad Yadav camp had started, JD-U MP Ali Anwar reminded that a motion to condole death of flood victims should ne passed first and then this was done.
"Our target and agenda is not any person (Nitish and PM Modi), but the country is seeing farmers, who predominantly feed the population, commit suicide."
"I appeal to the Muslims. There is fear among Muslims today. Dalits are insecure. There is massive turmoil in the country's universities today. Nitish is looking like a dwarf today who once attained a high stature when he became the chief minister of the Mahagathbandhan in 2015."
Sharad Yadav said, "There is unemployment in the country today. Youths are having no work. PM promised in 2014 that 2 crore people would get jobs but till date nothing has happened. In democracy, what one says and promises is important. Farmers are committing suicide in thousands. In the name of love jihad, people are being killed today."
"Since the split of the Mahagathbandhan, I have been touring the entire country, which is in a difficult situation today. The flood situation in Bihar is also very bad. In the last 70 years, the situation in the country has not changed."
Why Japan lent support to India against China over Doklam standoff
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China is seemingly losing the diplomatic 'war' over Doklam. Japan has become the third influential country in the world to back India's stand on Doklam standoff. In fact, Japan has shed the ambiguity that the US and the UK showed while backing India.
Japan's all out support for India has come about a month after leading Chinese daily the Global Times warned New Delhi against banking on Tokyo in the event of a conflict over Doklam issue.
And, here is Japan extending wholehearted support for India against Chinese aggressive posturing over Doklam. "India should by no means count on support from the US and Japan because their support is illusory," said an editorial in Global Times, a daily controlled by the Chinese government.
GROWING DIPLOMATIC SUPPORT FOR INDIA
Speaking at India Today Conclave in June, Defence Minister Arun Jaitley had said, "India of 2017 is different from India of 1962." The statement had come in the backdrop of Chinese rhetoric over Doklam standoff that India should learn from 1962 military debacle when the two countries fought a war.
China had taken the statement of the Defence Minister only in terms of India's military might but ignored the diplomatic prowess of India.
Though most of the European countries are on "wait and watch" mode over Doklam standoff, support seems to be growing for India. While the US and the UK backed India's stand of resolving the issue through dialogue while China pre-conditioned the talks with prior withdrawal of Indian troops from Doklam.
One US parliamentarian said earlier this month that China had taken certain provocative steps that have escalated into the current standoff on the plateau. The UK explicitly said that Doklam is a bilateral issue between India and China and needed to be resolved through dialogue. This is exactly what External Affairs Minister Sushma Swaraj said in Parliament while giving a statement on Doklam standoff.
But, Japan's move seems to have taken China by surprise. Beijing has slammed Japan saying that Tokyo did not have the facts of Doklam right.
JAPAN'S SUPPORT IS NO SURPRISE
But, Japan's support to India over Doklam standoff is not a surprise. In fact, it was Japan in January 2014 which asked India to forge a team to thwart Chinese expansionist moves in the East China Sea as well as in the Himalayas.
Japan's call for a united opposition to Chinese moves had come in the backdrop of Beijing's unilateral move to change status quo in the East China Sea where it had imposed Air Defence Identification Zone (ADIZ).
Japan's Defence Minister Itsunori Onodera had then said, "Both Japan and India should ask for a dialogue with Chinese side and tell China not to change status quo by force. These issues should be solved through dialogue and following international rules."
This time too, India has asked China to respect 2012-understanding, according to which, no country would alter the status quo unilaterally in the eastern sector of India-China border.
"For both India and Japan, China is an important neighbouring country. Both countries have important economic linkages with China. However, after the recent Chinese provocative actions, entire international community will have to send a message to China," Japan's Defence Minister had then said.
This time around, Japanese ambassador Kenji Hiramatsu has said that no country should try to change the status quo in Doklam. China has been insisting on constructing a highway through Doklam area of Bhutan claiming it to be its own territory.
JAPAN HAS ANOTHER REASON
Japan has another reason for supporting India against China. Beijing lays claim over its islands. In May this year, Japan scrambled its warplanes after four Chinese ships and a drone aircraft entered the Senkaku Islands.
Japan said that it was the first time Beijing has used an unmanned aircraft in Senkaku, which Chinese call as Diaoyu. Japan had then said that China was escalating the situation unilaterally and it was unacceptable to Tokyo. Japan understands that if China is allowed to have it say in Doklam, it may have to pay a price on Senkaku in the East China Sea.
Further, with China growing its might in the India-Pacific region, Japanese trade may be subject to whims and fancies of China.
A huge volume of Japanese trade passes through the Strait of Malacca over which China wants to have influence by luring Indonesia, Singapore and Malaysia. But, India continues to be the dominant naval power in the region. Japan finds a friendly India a profitable proposition than an adversarial China.
China is seemingly losing the diplomatic 'war' over Doklam. Japan has become the third influential country in the world to back India's stand on Doklam standoff. In fact, Japan has shed the ambiguity that the US and the UK showed while backing India.
Japan's all out support for India has come about a month after leading Chinese daily the Global Times warned New Delhi against banking on Tokyo in the event of a conflict over Doklam issue.
And, here is Japan extending wholehearted support for India against Chinese aggressive posturing over Doklam. "India should by no means count on support from the US and Japan because their support is illusory," said an editorial in Global Times, a daily controlled by the Chinese government.
GROWING DIPLOMATIC SUPPORT FOR INDIA
Speaking at India Today Conclave in June, Defence Minister Arun Jaitley had said, "India of 2017 is different from India of 1962." The statement had come in the backdrop of Chinese rhetoric over Doklam standoff that India should learn from 1962 military debacle when the two countries fought a war.
China had taken the statement of the Defence Minister only in terms of India's military might but ignored the diplomatic prowess of India.
Though most of the European countries are on "wait and watch" mode over Doklam standoff, support seems to be growing for India. While the US and the UK backed India's stand of resolving the issue through dialogue while China pre-conditioned the talks with prior withdrawal of Indian troops from Doklam.
One US parliamentarian said earlier this month that China had taken certain provocative steps that have escalated into the current standoff on the plateau. The UK explicitly said that Doklam is a bilateral issue between India and China and needed to be resolved through dialogue. This is exactly what External Affairs Minister Sushma Swaraj said in Parliament while giving a statement on Doklam standoff.
But, Japan's move seems to have taken China by surprise. Beijing has slammed Japan saying that Tokyo did not have the facts of Doklam right.
JAPAN'S SUPPORT IS NO SURPRISE
But, Japan's support to India over Doklam standoff is not a surprise. In fact, it was Japan in January 2014 which asked India to forge a team to thwart Chinese expansionist moves in the East China Sea as well as in the Himalayas.
Japan's call for a united opposition to Chinese moves had come in the backdrop of Beijing's unilateral move to change status quo in the East China Sea where it had imposed Air Defence Identification Zone (ADIZ).
Japan's Defence Minister Itsunori Onodera had then said, "Both Japan and India should ask for a dialogue with Chinese side and tell China not to change status quo by force. These issues should be solved through dialogue and following international rules."
This time too, India has asked China to respect 2012-understanding, according to which, no country would alter the status quo unilaterally in the eastern sector of India-China border.
"For both India and Japan, China is an important neighbouring country. Both countries have important economic linkages with China. However, after the recent Chinese provocative actions, entire international community will have to send a message to China," Japan's Defence Minister had then said.
This time around, Japanese ambassador Kenji Hiramatsu has said that no country should try to change the status quo in Doklam. China has been insisting on constructing a highway through Doklam area of Bhutan claiming it to be its own territory.
JAPAN HAS ANOTHER REASON
Japan has another reason for supporting India against China. Beijing lays claim over its islands. In May this year, Japan scrambled its warplanes after four Chinese ships and a drone aircraft entered the Senkaku Islands.
Japan said that it was the first time Beijing has used an unmanned aircraft in Senkaku, which Chinese call as Diaoyu. Japan had then said that China was escalating the situation unilaterally and it was unacceptable to Tokyo. Japan understands that if China is allowed to have it say in Doklam, it may have to pay a price on Senkaku in the East China Sea.
Further, with China growing its might in the India-Pacific region, Japanese trade may be subject to whims and fancies of China.
A huge volume of Japanese trade passes through the Strait of Malacca over which China wants to have influence by luring Indonesia, Singapore and Malaysia. But, India continues to be the dominant naval power in the region. Japan finds a friendly India a profitable proposition than an adversarial China.
Business Affairs
GST Return: Deadline for payment, return filing extended another five days, pay your GST by August 25
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The GST Implementation Committee has extended the last date for payment of the GST for another five days. Taxayers can now pay their GST and file their returns by August 25.
The decision was taken after several tax payers and the tax practitioners have requested for few more days to file their GST Return for the month of July, based on the fact that it is the first time they will be doing so. Earlier, August 20 was assigned as the last date for payment of taxes and filing GST Return for the month of July in Form 3B.
Moreover, flood-hit states of Eastern and North-Eastern India states have also pleaded to extend the last date for filing of GST Returns. Jammu and Kashmir has also requested for extension in GST Return deadline because of late passing of their GST Ordinance. Some technical glitches are also experienced by Some taxpayers have also faced some technical glitches in the in tyhe eleventh hour of filing their GST Return.
Ministry 0f Fiannce has specified that for tax payers who do not wish to claim transitional credit in TRANS1 this month, the deadline for filing GST return will be 25th August 2017. On the other hand, taxpayers who want to fill up TRANS1 form for the month of July can file their returns by 28th August 2017, as announced earlier.
The Ministry has also urged tax payers to file their return well before the deadlines to avoid any technical glitches or last moment difficulty.
The GST Implementation Committee has extended the last date for payment of the GST for another five days. Taxayers can now pay their GST and file their returns by August 25.
The decision was taken after several tax payers and the tax practitioners have requested for few more days to file their GST Return for the month of July, based on the fact that it is the first time they will be doing so. Earlier, August 20 was assigned as the last date for payment of taxes and filing GST Return for the month of July in Form 3B.
The decision was taken after several tax payers and the tax practitioners have requested for few more days to file their GST Return for the month of July, based on the fact that it is the first time they will be doing so. Earlier, August 20 was assigned as the last date for payment of taxes and filing GST Return for the month of July in Form 3B.
Moreover, flood-hit states of Eastern and North-Eastern India states have also pleaded to extend the last date for filing of GST Returns. Jammu and Kashmir has also requested for extension in GST Return deadline because of late passing of their GST Ordinance. Some technical glitches are also experienced by Some taxpayers have also faced some technical glitches in the in tyhe eleventh hour of filing their GST Return.
Ministry 0f Fiannce has specified that for tax payers who do not wish to claim transitional credit in TRANS1 this month, the deadline for filing GST return will be 25th August 2017. On the other hand, taxpayers who want to fill up TRANS1 form for the month of July can file their returns by 28th August 2017, as announced earlier.
Ministry 0f Fiannce has specified that for tax payers who do not wish to claim transitional credit in TRANS1 this month, the deadline for filing GST return will be 25th August 2017. On the other hand, taxpayers who want to fill up TRANS1 form for the month of July can file their returns by 28th August 2017, as announced earlier.
The Ministry has also urged tax payers to file their return well before the deadlines to avoid any technical glitches or last moment difficulty.
Infosys announces Rs 13,000 crore buyback. Here's all you need to know
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The Infosys board today approved a share buyback program of up to Rs 13,000 crore. The buyback price of Rs 1,150 per share is nearly 25 per cent higher than Friday's closing of Rs 923.10 apiece.
The company has also set up seven-member committee comprising key members like Co-chairman Ravi Venkatesan, Executive Vice-chairman Vishal Sikka, interim CEO and MD UB Pravin Rao, among others to oversee the process of the buyback offer.
The buyback offer approved by the board will comprise up to 11.3 crore equity shares or 4.92 per cent paid-up equity share capital, Infosys said in a regulatory filing.
The process timeline and other details will be announced in due course, Infosys said, adding that the buyback is subject to approval of the shareholders by way of a special resolution.
Infosys Secretary AGS Manikanta earlier this week had made an announcement saying, "The board of directors of Infosys Limited will consider a proposal for buyback of equity shares of the company at its meeting to be held on August 19, 2017." Share buybacks usually improve earnings per share and return surplus cash to shareholders.
WHY IS INFOSYS GOING FOR SHARE BUYBACK?Earlier in April, Infosys had announced that it would pay up to Rs 13,000 crore to shareholders during the current financial year through dividend and/or share buyback. In its announcement it said: "The board has identified an amount of up to Rs 13,000 crore to be paid out to shareholders during financial year 2018, in such a manner (including by way of dividend and/or share buyback), to be decided by the board, subject to applicable laws and requisite approvals, if any."
Infosys' buyback decision has come in the back of massive investors' pressure who wanted the company to utilise its cash reserves of USD 6 billion either through share buyback or generous dividend. The pressure had grown further after other tech companies such as Cognizant and TCS announced their mega buyback offers worth USD 3.4 billion and Rs 16,000 crore, respectively, to return surplus cash to shareholders. HCL Technologies has also approved a buyback of up to 3.50 crore shares worth Rs 3,500 crore.
WHAT IS SHARE BUYBACK?
Share buyback means re-purchase of shares by a company to reduce the number of shares trading in the market. Market experts believe that it usually shows the confidence of promoters in the future of the company. There are a number of reasons why companies go for buybacks. Companies go for buyback in cases where they want to reward investors, increase promoter holding, reduce public float and check the falling stock price, reduce volatility and build investor confidence.
MODES OF SHARE BUYBACK
Some common buyback routes companies take are tender offer and open market purchase. In tender offer, the company makes an offer to buy a certain number of shares at a specific price directly from shareholders. Share buyback ensures all shareholders are treated equally, however small they are. In open market purchase, the company decides to acquire a certain number of shares. It fixes a price cap and can buy for any price up to that. Most companies prefer the open market route. The biggest difference between the two -tender offer and open market purchase- is that the price in the tender route is fixed.
DECLINE IN SHAREHOLDERS' HOLDING VALUEInfosys shareholders have seen the value of their holdings fall about 20 per cent over the past 12 months. The entire Indian IT sector is facing challenges but the fall in the IT sector has been just 11 per cent. The biggest reason for the poor investor interest - apart from the challenges that IT sector is facing - was the apparent lack of confidence shown by founder-promoters in the management.
CHALLENGES AHEAD OF INFOSYSInfosys has been struggling to grow even in high single digits as the global IT services market sees a tectonic shift from IT outsourcing to digital, cloud, artificial intelligence and automation. Then there is the opposition to outsourcing of jobs in big markets such as the US and the UK that is forcing the players to increase spending for hiring more locals. Infosys thinks that Vishal Sikka's goal of USD 20 billion revenue and USD 80,000 revenue per employee by 2020 will have to be postponed. Infosys has also seen a number of high-profile exits of late even as its bets on innovation and higher-value offerings are yet to pay off.
FIGHT AT INFOSYS
The turn of events at Infosys in the last two days has been dramatic with Vishal Sikka announcing his resignation and the Infosys board putting the blame squarely on Narayana Murthy for Sikka's exit. Despite Sikka'a resignation, the fight between the management and the founders may not be over anytime soon.
The board has blamed Murthy for carrying out a campaign against Sikka. Murthy has responded to the allegations. "I am extremely anguished by the allegations, tone and tenor of the statements. I voluntarily left the board in 2014 and am not seeking any money, position for children or power. My concern primarily was the deteriorating standard of corporate governance which I have repeatedly brought to the notice of the Infosys board," Murthy said in a statement. He further added: "Several shareholders who have read the whistle-blower report have told me that it is hard to believe a report produced by a set of lawyers hired by a set of accused, giving a clean chit to the accused, and the accused refusing to disclose why they got the clean chit!"
It all started with Infosys' decision to pay hefty severance pay to two of its employees. That irked the many former board members, including Mohandas Pai. Infosys had paid a package of Rs. 17.38 crore to ex-CFO Rajiv Bansal's severance. Pai said: "CFOs (in past) have left the company and they have not got any separation. There is no case for a special treatment for anybody. And the management cannot be generous with shareholder money because it's not their money. It's a serious lapse which should be looked into by the board."
The founders were also angry over massive pay hike to top Infosys officials, including CEO and MD Sikka. Infosys founders N R Narayana Murthy, Kris Gopalakrishnan and Nandan Nilekani had written to the board expressing their concerns over pay hike to Sikka. Mohandas Pai had said a CEO's pay should be linked to his performance, achievement of the annual plan and increase in shareholder value.
It was reported that Sikka drew an annual pay package - during 2015-16 - of a whopping Rs 49 crore which was much higher than his counterparts in other Indian IT companies. While the then TCS chief N. Chandrasekaran was paid a pay packet of Rs 25.6 crore by the Tata Group for 2015-16, Wipro CEO Abidali Neemuchwala's annual pay was Rs 12 crore.
The Infosys board today approved a share buyback program of up to Rs 13,000 crore. The buyback price of Rs 1,150 per share is nearly 25 per cent higher than Friday's closing of Rs 923.10 apiece.
The company has also set up seven-member committee comprising key members like Co-chairman Ravi Venkatesan, Executive Vice-chairman Vishal Sikka, interim CEO and MD UB Pravin Rao, among others to oversee the process of the buyback offer.
The buyback offer approved by the board will comprise up to 11.3 crore equity shares or 4.92 per cent paid-up equity share capital, Infosys said in a regulatory filing.
The process timeline and other details will be announced in due course, Infosys said, adding that the buyback is subject to approval of the shareholders by way of a special resolution.
Infosys Secretary AGS Manikanta earlier this week had made an announcement saying, "The board of directors of Infosys Limited will consider a proposal for buyback of equity shares of the company at its meeting to be held on August 19, 2017." Share buybacks usually improve earnings per share and return surplus cash to shareholders.
WHY IS INFOSYS GOING FOR SHARE BUYBACK?Earlier in April, Infosys had announced that it would pay up to Rs 13,000 crore to shareholders during the current financial year through dividend and/or share buyback. In its announcement it said: "The board has identified an amount of up to Rs 13,000 crore to be paid out to shareholders during financial year 2018, in such a manner (including by way of dividend and/or share buyback), to be decided by the board, subject to applicable laws and requisite approvals, if any."
Infosys' buyback decision has come in the back of massive investors' pressure who wanted the company to utilise its cash reserves of USD 6 billion either through share buyback or generous dividend. The pressure had grown further after other tech companies such as Cognizant and TCS announced their mega buyback offers worth USD 3.4 billion and Rs 16,000 crore, respectively, to return surplus cash to shareholders. HCL Technologies has also approved a buyback of up to 3.50 crore shares worth Rs 3,500 crore.
WHAT IS SHARE BUYBACK?
Share buyback means re-purchase of shares by a company to reduce the number of shares trading in the market. Market experts believe that it usually shows the confidence of promoters in the future of the company. There are a number of reasons why companies go for buybacks. Companies go for buyback in cases where they want to reward investors, increase promoter holding, reduce public float and check the falling stock price, reduce volatility and build investor confidence.
Share buyback means re-purchase of shares by a company to reduce the number of shares trading in the market. Market experts believe that it usually shows the confidence of promoters in the future of the company. There are a number of reasons why companies go for buybacks. Companies go for buyback in cases where they want to reward investors, increase promoter holding, reduce public float and check the falling stock price, reduce volatility and build investor confidence.
MODES OF SHARE BUYBACK
Some common buyback routes companies take are tender offer and open market purchase. In tender offer, the company makes an offer to buy a certain number of shares at a specific price directly from shareholders. Share buyback ensures all shareholders are treated equally, however small they are. In open market purchase, the company decides to acquire a certain number of shares. It fixes a price cap and can buy for any price up to that. Most companies prefer the open market route. The biggest difference between the two -tender offer and open market purchase- is that the price in the tender route is fixed.
Some common buyback routes companies take are tender offer and open market purchase. In tender offer, the company makes an offer to buy a certain number of shares at a specific price directly from shareholders. Share buyback ensures all shareholders are treated equally, however small they are. In open market purchase, the company decides to acquire a certain number of shares. It fixes a price cap and can buy for any price up to that. Most companies prefer the open market route. The biggest difference between the two -tender offer and open market purchase- is that the price in the tender route is fixed.
DECLINE IN SHAREHOLDERS' HOLDING VALUEInfosys shareholders have seen the value of their holdings fall about 20 per cent over the past 12 months. The entire Indian IT sector is facing challenges but the fall in the IT sector has been just 11 per cent. The biggest reason for the poor investor interest - apart from the challenges that IT sector is facing - was the apparent lack of confidence shown by founder-promoters in the management.
CHALLENGES AHEAD OF INFOSYSInfosys has been struggling to grow even in high single digits as the global IT services market sees a tectonic shift from IT outsourcing to digital, cloud, artificial intelligence and automation. Then there is the opposition to outsourcing of jobs in big markets such as the US and the UK that is forcing the players to increase spending for hiring more locals. Infosys thinks that Vishal Sikka's goal of USD 20 billion revenue and USD 80,000 revenue per employee by 2020 will have to be postponed. Infosys has also seen a number of high-profile exits of late even as its bets on innovation and higher-value offerings are yet to pay off.
FIGHT AT INFOSYS
The turn of events at Infosys in the last two days has been dramatic with Vishal Sikka announcing his resignation and the Infosys board putting the blame squarely on Narayana Murthy for Sikka's exit. Despite Sikka'a resignation, the fight between the management and the founders may not be over anytime soon.
The board has blamed Murthy for carrying out a campaign against Sikka. Murthy has responded to the allegations. "I am extremely anguished by the allegations, tone and tenor of the statements. I voluntarily left the board in 2014 and am not seeking any money, position for children or power. My concern primarily was the deteriorating standard of corporate governance which I have repeatedly brought to the notice of the Infosys board," Murthy said in a statement. He further added: "Several shareholders who have read the whistle-blower report have told me that it is hard to believe a report produced by a set of lawyers hired by a set of accused, giving a clean chit to the accused, and the accused refusing to disclose why they got the clean chit!"
It all started with Infosys' decision to pay hefty severance pay to two of its employees. That irked the many former board members, including Mohandas Pai. Infosys had paid a package of Rs. 17.38 crore to ex-CFO Rajiv Bansal's severance. Pai said: "CFOs (in past) have left the company and they have not got any separation. There is no case for a special treatment for anybody. And the management cannot be generous with shareholder money because it's not their money. It's a serious lapse which should be looked into by the board."
The founders were also angry over massive pay hike to top Infosys officials, including CEO and MD Sikka. Infosys founders N R Narayana Murthy, Kris Gopalakrishnan and Nandan Nilekani had written to the board expressing their concerns over pay hike to Sikka. Mohandas Pai had said a CEO's pay should be linked to his performance, achievement of the annual plan and increase in shareholder value.
It was reported that Sikka drew an annual pay package - during 2015-16 - of a whopping Rs 49 crore which was much higher than his counterparts in other Indian IT companies. While the then TCS chief N. Chandrasekaran was paid a pay packet of Rs 25.6 crore by the Tata Group for 2015-16, Wipro CEO Abidali Neemuchwala's annual pay was Rs 12 crore.
It was reported that Sikka drew an annual pay package - during 2015-16 - of a whopping Rs 49 crore which was much higher than his counterparts in other Indian IT companies. While the then TCS chief N. Chandrasekaran was paid a pay packet of Rs 25.6 crore by the Tata Group for 2015-16, Wipro CEO Abidali Neemuchwala's annual pay was Rs 12 crore.
Why DGCA is wrong in fiddling with employment contract of pilots
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The aviation regulator DGCA (Director General of Civil Aviation) has recently increased the notice period for senior pilots from six months to one year in case they want to quit job. In addition, co-pilots have to give six months prior to leaving an airline. The DGCA says that "pilots are resigning without providing any notice to the airlines... even groups of pilots resign together without notice and as a result airlines are forced to cancel their flights at the last minute. Such resignation by the pilots and the resultant cancellation of flights causes inconvenience and harassment to the passengers."
Such interference from the government in the private job contracts is one of its kind, and shows that authorities are more concerned about airlines than pilots. In an open economy, employment contracts, especially in private sector, and their terms should not come under the purview of the government. The airline and pilots have to mutually decide on notice period requirements based on the other terms of the contract.
The DGCA says that "it takes about eight to nine months to train a pilot to operate an aircraft... as he has to pass technical and performance examinations, undergo simulator and flying training and has to undertake 'skill test' to satisfy license requirements before he is released to fly." But how's that different from other skilled jobs in other sectors? Every organization in the formal sector spends time and resources to hone professionals to perform tasks as per its needs.
More than the diktat itself, the timing of this change as raises questions. In the past, there have been instances of pilots leaving in hordes to join start-up airlines leading to shortage of pilots with incumbent airlines. It happened once in 2005 when three airlines were launched - IndiGo, SpiceJet and GoAir - around the same time. A similar situation was faced by airlines when Vistara and AirAsia India started operations in 2013.
The increase in notice period can be a short-term solution for airlines but each airline has to look beyond. Not just India, there's a huge shortage of pilots in the whole Asia Pacific region. According to International Civil Aviation Organization (ICAO), the region will need 230,000 pilots by 2030, while the current training capacity is just about 5,000 a year.
Currently, airlines hire pilots through three channels - lateral hiring from other airlines (which is mostly for senior pilots), hiring from open market, and tying up with flying schools to keep a steady flow of pilots every year.
Airlines like IndiGo have taken a lead by through its cadet programme with UK-based CTC Aviation and CAE. The airline picks up candidates at young age and trains them. IndiGo is inducting close to 300 cadets every year which is close to its current pilot requirement. That way it's not as much dependent on lateral hiring as other carriers. Other airlines, although they have been in existence for a long time, are still toying with this idea.
The DGCA's decision is also regressive in the sense that it restricts the career growth of pilots who want to work for international airlines or want to fly wide-body aircraft. In India, a large chunk of the current fleet with domestic carriers is narrow-body like A320s and Boeing 737s. Typically, the notice period of pilots across the world varies from one to three months, and nowhere in the world regulator interferes with the employment contracts of pilots. For DGCA to decide on the employment contracts may not be a step in the right direction.
The aviation regulator DGCA (Director General of Civil Aviation) has recently increased the notice period for senior pilots from six months to one year in case they want to quit job. In addition, co-pilots have to give six months prior to leaving an airline. The DGCA says that "pilots are resigning without providing any notice to the airlines... even groups of pilots resign together without notice and as a result airlines are forced to cancel their flights at the last minute. Such resignation by the pilots and the resultant cancellation of flights causes inconvenience and harassment to the passengers."
Such interference from the government in the private job contracts is one of its kind, and shows that authorities are more concerned about airlines than pilots. In an open economy, employment contracts, especially in private sector, and their terms should not come under the purview of the government. The airline and pilots have to mutually decide on notice period requirements based on the other terms of the contract.
The DGCA says that "it takes about eight to nine months to train a pilot to operate an aircraft... as he has to pass technical and performance examinations, undergo simulator and flying training and has to undertake 'skill test' to satisfy license requirements before he is released to fly." But how's that different from other skilled jobs in other sectors? Every organization in the formal sector spends time and resources to hone professionals to perform tasks as per its needs.
More than the diktat itself, the timing of this change as raises questions. In the past, there have been instances of pilots leaving in hordes to join start-up airlines leading to shortage of pilots with incumbent airlines. It happened once in 2005 when three airlines were launched - IndiGo, SpiceJet and GoAir - around the same time. A similar situation was faced by airlines when Vistara and AirAsia India started operations in 2013.
The increase in notice period can be a short-term solution for airlines but each airline has to look beyond. Not just India, there's a huge shortage of pilots in the whole Asia Pacific region. According to International Civil Aviation Organization (ICAO), the region will need 230,000 pilots by 2030, while the current training capacity is just about 5,000 a year.
Currently, airlines hire pilots through three channels - lateral hiring from other airlines (which is mostly for senior pilots), hiring from open market, and tying up with flying schools to keep a steady flow of pilots every year.
Airlines like IndiGo have taken a lead by through its cadet programme with UK-based CTC Aviation and CAE. The airline picks up candidates at young age and trains them. IndiGo is inducting close to 300 cadets every year which is close to its current pilot requirement. That way it's not as much dependent on lateral hiring as other carriers. Other airlines, although they have been in existence for a long time, are still toying with this idea.
The DGCA's decision is also regressive in the sense that it restricts the career growth of pilots who want to work for international airlines or want to fly wide-body aircraft. In India, a large chunk of the current fleet with domestic carriers is narrow-body like A320s and Boeing 737s. Typically, the notice period of pilots across the world varies from one to three months, and nowhere in the world regulator interferes with the employment contracts of pilots. For DGCA to decide on the employment contracts may not be a step in the right direction.
RBI Governor Urjit Patel says state-run banks need more capital to resolve bad loan problems
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State-run banks will need more capital to resolve bad loan problems weighing on their balance sheets, Reserve Bank of India Governor Urjit Patel said on Saturday, adding his voice to calls for increased capital injections into lenders.
More than USD 150 billion of bad debt is crimping credit growth in Asia's third-largest economy and the government and central bank have been trying to ease the burden on state-run lenders.
Patel said that the regulatory challenges of tackling bad loans were compounded by the weak capital position of some banks, particularly those owned by the government.
"The success and credibility of all the resolution efforts would be critically contingent on the strength of public sector bank balance sheets to absorb the costs," Patel told a conference in Mumbai. "The government and the Reserve Bank are in dialogue to prepare a package of measures to shore up capital in a time bound manner."
Extra capital could be raised either by getting funds from the market, through the government diluting its stake in state-run banks, through additional government capital infusions, or the sale of non-core assets and mergers among lenders, he said. "The early signs are encouraging. However we all must realize it will be a long haul before the intended objective are fully achieved," the governor said.
Patel also said that banks would need to take haircuts as they tackle bad loans.
Moody's Investors Service said in June that the 11 Indian state-run banks that it rates could need up to 950 billion rupees (USD14.8 billion) in equity capital by March 2019, far above the 200 billion rupees the government plans to inject into state banks by then.
State-run banks will need more capital to resolve bad loan problems weighing on their balance sheets, Reserve Bank of India Governor Urjit Patel said on Saturday, adding his voice to calls for increased capital injections into lenders.
More than USD 150 billion of bad debt is crimping credit growth in Asia's third-largest economy and the government and central bank have been trying to ease the burden on state-run lenders.
Patel said that the regulatory challenges of tackling bad loans were compounded by the weak capital position of some banks, particularly those owned by the government.
"The success and credibility of all the resolution efforts would be critically contingent on the strength of public sector bank balance sheets to absorb the costs," Patel told a conference in Mumbai. "The government and the Reserve Bank are in dialogue to prepare a package of measures to shore up capital in a time bound manner."
Extra capital could be raised either by getting funds from the market, through the government diluting its stake in state-run banks, through additional government capital infusions, or the sale of non-core assets and mergers among lenders, he said. "The early signs are encouraging. However we all must realize it will be a long haul before the intended objective are fully achieved," the governor said.
Patel also said that banks would need to take haircuts as they tackle bad loans.
Moody's Investors Service said in June that the 11 Indian state-run banks that it rates could need up to 950 billion rupees (USD14.8 billion) in equity capital by March 2019, far above the 200 billion rupees the government plans to inject into state banks by then.
NPA resolution not to liquidate companies, but to help save them: Arun Jaitley
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Assuring balance-sheet stressed firms that key objective of NPA resolution is not liquidation of their businesses but to save them, Finance Minister Arun Jaitley today said, the new insolvency law has significantly reversed defaulting debtor-creditor relationship.
"The ultimate objective really is not liquidation of assets, (but) to save these businesses, get either the existing promoters with or without new partners or new entrepreneurs to come in and make sure that these valuable assets are preserved," Jaitley said. He was addressing an insolvency summit organised by industry lobby Confederation of Indian Industry (CII) here.
Explaining the rationale for the new insolvency and bankruptcy code (IBC), he said, this was necessitated by the failure of debt recovery tribunals to effectively perform their duty after the initial success.
When enacted, the Sarfaesi (Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest) Act had succeeded in getting down NPAs drastically in the initial two-three years, Jaitley said.
But then the debt recovery tribunals began to be less effective as envisaged, the minister noted, which led to the new law.
But the new regime under the IBC has significantly reversed the defaulter-debtor relationship, he noted, adding, "We lived in a system for many years which protected debtors and allowed assets to rust away."
"The old regime by which the creditor would get tired chasing the debtor and end up recovering nothing, is now over. If a debtor has to survive, he will have to service his debt, or he will have to make way for somebody else. I think this is the only correct way by which businesses would now be done and this message has to go loud and clear," Jaitley said.
Calling for speedy and time-bound resolution of the bad loans issue which has become a major regulatory overhang, the FM expressed the hope that the mandated timelines will be adhered to so that implementation is effective. Gross NPAs have crossed 9.6 per cent as of March 2017, while the stressed loans ratio is over 12 per cent.
Following this, the RBI has named 12 of the largest defaulters in June, which together owe more than Rs 2.5 trillion to banks.
Almost all of them are under NCLT (National Company Law Tribunal) now, and may face liquidation if the promoters fail to come up with a sustainable resolution and capital infusion. These 12 companies are from the list of 500 largest defaulters that the RBI has drawn up.
Assuring balance-sheet stressed firms that key objective of NPA resolution is not liquidation of their businesses but to save them, Finance Minister Arun Jaitley today said, the new insolvency law has significantly reversed defaulting debtor-creditor relationship.
"The ultimate objective really is not liquidation of assets, (but) to save these businesses, get either the existing promoters with or without new partners or new entrepreneurs to come in and make sure that these valuable assets are preserved," Jaitley said. He was addressing an insolvency summit organised by industry lobby Confederation of Indian Industry (CII) here.
Explaining the rationale for the new insolvency and bankruptcy code (IBC), he said, this was necessitated by the failure of debt recovery tribunals to effectively perform their duty after the initial success.
When enacted, the Sarfaesi (Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest) Act had succeeded in getting down NPAs drastically in the initial two-three years, Jaitley said.
But then the debt recovery tribunals began to be less effective as envisaged, the minister noted, which led to the new law.
But the new regime under the IBC has significantly reversed the defaulter-debtor relationship, he noted, adding, "We lived in a system for many years which protected debtors and allowed assets to rust away."
"The old regime by which the creditor would get tired chasing the debtor and end up recovering nothing, is now over. If a debtor has to survive, he will have to service his debt, or he will have to make way for somebody else. I think this is the only correct way by which businesses would now be done and this message has to go loud and clear," Jaitley said.
Calling for speedy and time-bound resolution of the bad loans issue which has become a major regulatory overhang, the FM expressed the hope that the mandated timelines will be adhered to so that implementation is effective. Gross NPAs have crossed 9.6 per cent as of March 2017, while the stressed loans ratio is over 12 per cent.
Following this, the RBI has named 12 of the largest defaulters in June, which together owe more than Rs 2.5 trillion to banks.
Almost all of them are under NCLT (National Company Law Tribunal) now, and may face liquidation if the promoters fail to come up with a sustainable resolution and capital infusion. These 12 companies are from the list of 500 largest defaulters that the RBI has drawn up.
General Awareness
UNESCO World Heritage Sites in India
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This list contains the places chosen by the UNESCO as heritage sites in India.UNESCO is a specialized agency of United Nations.UNESCO was created for the conservation and protection of the worlds inheritance of books,works of art and monuments of history and science.As of now there are 36 world Heritage sites in India.28 cultural sites and 8 natural sites and also sites which are on tentative list.
This list contains the places chosen by the UNESCO as heritage sites in India.UNESCO is a specialized agency of United Nations.UNESCO was created for the conservation and protection of the worlds inheritance of books,works of art and monuments of history and science.As of now there are 36 world Heritage sites in India.28 cultural sites and 8 natural sites and also sites which are on tentative list.
List of 25 cultural Heritage Sites.
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Name of the Site Location Year of Inscription Agra Fort Uttar Pradesh 1983 Ajanta Caves Maharashtra 1983 Buddhist Monuments at Sanchi Madhya Pradesh 1989 Champaner-Pavagadh Archaeological Park Gujarat 2004 Chhatrapati Shivaji Terminus (formerly Victoria Terminus) Maharashtra 2004 Churches and Convents of Goa Goa 1986 Elephanta Caves Maharashtra 1987 Ellora Cave Maharashtra 1983 Fatehpur Sikri Uttar Pradesh 1986 Great Living Chola Temples Tamil Nadu 1987 Group of Monuments at Hampi Karnataka 1986 Group of Monuments at Mahabalipuram Tamil Nadu 1984 Group of Monuments at Pattadakal Karnataka 1987 Hill Forts of Rajasthan Rajasthan 2013 Humayun’s Tomb, Delhi Delhi 1993 Khajuraho Group of Monuments Madhya Pradesh 1986 Mahabodhi Temple Complex at Bodh Gaya Bihar 2002 Mountain Railways of India Darjeeling, West Bengal
Nilgiri, Tamil Nadu
Kalka-Shimla, Himachal Pradesh 1999 Qutb Minar and its Monuments, Delhi Delhi 1993 Rani-ki-Vav (the Queen’s Stepwell) Gujarat 2014 Red Fort Complex Delhi 2007 Rock Shelters of Bhimbetka Madhya Pradesh 2003 Sun Temple, Konârak Orissa 1984 Taj Mahal Uttar Pradesh 1983 The Jantar Mantar, Jaipur Rajasthan 2010 The Architectural Work of Le Corbusier Chandigarh 2016 Nalanda Mahavihara (Nalanda University) Bihar 2016 Ahmedabad Gujarat 2017
| Name of the Site | Location | Year of Inscription |
| Agra Fort | Uttar Pradesh | 1983 |
| Ajanta Caves | Maharashtra | 1983 |
| Buddhist Monuments at Sanchi | Madhya Pradesh | 1989 |
| Champaner-Pavagadh Archaeological Park | Gujarat | 2004 |
| Chhatrapati Shivaji Terminus (formerly Victoria Terminus) | Maharashtra | 2004 |
| Churches and Convents of Goa | Goa | 1986 |
| Elephanta Caves | Maharashtra | 1987 |
| Ellora Cave | Maharashtra | 1983 |
| Fatehpur Sikri | Uttar Pradesh | 1986 |
| Great Living Chola Temples | Tamil Nadu | 1987 |
| Group of Monuments at Hampi | Karnataka | 1986 |
| Group of Monuments at Mahabalipuram | Tamil Nadu | 1984 |
| Group of Monuments at Pattadakal | Karnataka | 1987 |
| Hill Forts of Rajasthan | Rajasthan | 2013 |
| Humayun’s Tomb, Delhi | Delhi | 1993 |
| Khajuraho Group of Monuments | Madhya Pradesh | 1986 |
| Mahabodhi Temple Complex at Bodh Gaya | Bihar | 2002 |
| Mountain Railways of India | Darjeeling, West Bengal Nilgiri, Tamil Nadu Kalka-Shimla, Himachal Pradesh | 1999 |
| Qutb Minar and its Monuments, Delhi | Delhi | 1993 |
| Rani-ki-Vav (the Queen’s Stepwell) | Gujarat | 2014 |
| Red Fort Complex | Delhi | 2007 |
| Rock Shelters of Bhimbetka | Madhya Pradesh | 2003 |
| Sun Temple, Konârak | Orissa | 1984 |
| Taj Mahal | Uttar Pradesh | 1983 |
| The Jantar Mantar, Jaipur | Rajasthan | 2010 |
| The Architectural Work of Le Corbusier | Chandigarh | 2016 |
| Nalanda Mahavihara (Nalanda University) | Bihar | 2016 |
| Ahmedabad | Gujarat | 2017 |
List of Seven Natural Heritage Sites
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Name Of the Site Location Year of Inscription Great Himalayan National Park Conservation Area Himachal Pradesh 2014 Kaziranga National Park Assam 1985 Keoladeo National Park Rajasthan 1985 Manas Wildlife Sanctuary Assam 1985 Nanda Devi and Valley of Flowers National Parks Uttarakhand 1988 Sundarbans National Park West Bengal 1987 Western Ghats Covers Four states
(Kerala ,Karnataka,Tamilnadu and Maharashtra) 2012 Khangchendzonga National Park Sikkim 2016
Note: In the case of western ghats a total of thirty nine properties (including national parks, wildlife sanctuaries and reserve forests) were designated as world heritage sites – twenty in the state of Kerala, ten in Karnataka, five in Tamil Nadu and four in Maharashtra
Also there is a tentative list of world heritage sites in India,which is already mentioned in the given below link.
Three new sites added in 2016 : Nalanda Mahavihara (Nalanda University) in Bihar ,The Architectural Work of Le Corbusier in Chandigarh and Khangchendzonga National Park in Sikkim.
In 2017, the Walled City of Ahmedabad, founded by Sultan Ahmed Shah in the 15th century, has been declared India’s first World Heritage City.
| Name Of the Site | Location | Year of Inscription |
| Great Himalayan National Park Conservation Area | Himachal Pradesh | 2014 |
| Kaziranga National Park | Assam | 1985 |
| Keoladeo National Park | Rajasthan | 1985 |
| Manas Wildlife Sanctuary | Assam | 1985 |
| Nanda Devi and Valley of Flowers National Parks | Uttarakhand | 1988 |
| Sundarbans National Park | West Bengal | 1987 |
| Western Ghats | Covers Four states (Kerala ,Karnataka,Tamilnadu and Maharashtra) | 2012 |
| Khangchendzonga National Park | Sikkim | 2016 |
Note: In the case of western ghats a total of thirty nine properties (including national parks, wildlife sanctuaries and reserve forests) were designated as world heritage sites – twenty in the state of Kerala, ten in Karnataka, five in Tamil Nadu and four in Maharashtra
Also there is a tentative list of world heritage sites in India,which is already mentioned in the given below link.
Three new sites added in 2016 : Nalanda Mahavihara (Nalanda University) in Bihar ,The Architectural Work of Le Corbusier in Chandigarh and Khangchendzonga National Park in Sikkim.
In 2017, the Walled City of Ahmedabad, founded by Sultan Ahmed Shah in the 15th century, has been declared India’s first World Heritage City.
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