General Affairs
13 Railway Employees Sacked For Utkal Express Derailment
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Services of 13 railway employees were today terminated for gross negligence that led to the August 19 train derailment in which more than 20 people were killed. Among those sacked are 11 gangmen, one ironsmith and a junior engineer, the railway ministry said.
All of them were workers in the Kathauli section where the accident took place when 14 coaches of the train jumped the rails.
"The railways has terminated the services of 13 employees under Section 14 of the discipline and appeal rule," said Northern Railway spokesperson Neeraj Sharma.
Under this section, the services of any rail staff found guilty of gross negligence can be terminated without an enquiry.
The railway had earlier sent on leave, three top officials, including a secretary-level Railway Board officer, suspended four officers and transferred one in connection with the derailment.
All of them were workers in the Kathauli section where the accident took place when 14 coaches of the train jumped the rails.
Under this section, the services of any rail staff found guilty of gross negligence can be terminated without an enquiry.
The railway had earlier sent on leave, three top officials, including a secretary-level Railway Board officer, suspended four officers and transferred one in connection with the derailment.
'Shame On RBI': P Chidambaram On Figures Post Notes Ban
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Former finance minister P Chidambaram today used the Reserve Bank of India figures to lash out at it, saying one per cent of the demonetised notes not coming back to the central bank was a "shame on RBI".
He also questioned the Narendra Modi government whether its demonetisation decision was designed to convert black money into white. The Congress said the government utterly failed and 104 innocent lives were lost during the exercise and demanded an apology from the prime minister.
"99% notes legally exchanged! Was demonetisation a scheme designed to convert black money into white?" Mr Chidambaram said on Twitter.
The Congress leader said that the economists behind the demonetisation move "deserve Nobel prize" as the RBI gained Rs. 16,000 crore, but lost Rs. 21,000 crore in printing new notes.
"Rs. 16000 cr out of demonetised notes of Rs. 1544,000 cr did not come back to RBI. That is 1%. Shame on RBI which 'recommended' demonetisation.
"RBI 'gained' Rs. 16000 crore, but 'lost' Rs. 21000 crore in printing new notes! The economists deserve Nobel Prize," he said in a series of tweets.
All but 1.4 per cent of the old Rs. 1,000 notes have come back into the banking system post demonetisation, the RBI said in its annual report for 2016-17.
Out of 632.6 crore pieces of Rs. 1,000 currency notes in circulation, 8.9 crore have not been returned post the note ban last November, it said.
The government had on November 8, banned old Rs. 500 and Rs. 1,000 notes in an attempt to weed out black money in the country. The old notes were allowed to be deposited in banks, with unusual deposits coming under income tax scrutiny.
Congress in-charge of communication department Randeep Surjewala said demonetisation is nothing but a "disaster" in which 104 innocent people were killed while 'corrupt' made 'windfall gains'.
He also said that the demonetisation scam not only dented institutional sanctity of the RBI, but also credibility of India abroad and demanded an apology from the prime minister.
"Utterly failed #Demonetisation is nothing but a disaster in which 104 innocent people were killed while 'Corrupt' made 'Windfall Gains'.
"Demonetisation Scam, not only dented institutional sanctity of RBI, but also credibility of India abroad.PM should apologise to the nation," he said in a series of tweets. He also said, "Rewind: Modiji's obfuscation exposed once again. On Ind. Day, PM claimed to have unearthed Rs. 3 Lakh crore black money post demonetisation."
The reality, he said, is that the RBI data released today proves only Rs. 16000 crore out of the 15.44 lakh crore money in circulation came back and of this, Rs. 9000 crore is still stuck. "Perspective: This Rs. 16000 crore is just 1 pc of the total notes demonetised," he said.
In another tweet, Mr Surjewala said, "Dr Manmohan Singh predicted that #Demonetisation will reduce GDP by 2% and it did. Only the Economy suffered due to this massive folly!"
He also questioned the Narendra Modi government whether its demonetisation decision was designed to convert black money into white. The Congress said the government utterly failed and 104 innocent lives were lost during the exercise and demanded an apology from the prime minister.
"99% notes legally exchanged! Was demonetisation a scheme designed to convert black money into white?" Mr Chidambaram said on Twitter.
The Congress leader said that the economists behind the demonetisation move "deserve Nobel prize" as the RBI gained Rs. 16,000 crore, but lost Rs. 21,000 crore in printing new notes.
"Rs. 16000 cr out of demonetised notes of Rs. 1544,000 cr did not come back to RBI. That is 1%. Shame on RBI which 'recommended' demonetisation.
"RBI 'gained' Rs. 16000 crore, but 'lost' Rs. 21000 crore in printing new notes! The economists deserve Nobel Prize," he said in a series of tweets.
All but 1.4 per cent of the old Rs. 1,000 notes have come back into the banking system post demonetisation, the RBI said in its annual report for 2016-17.
Out of 632.6 crore pieces of Rs. 1,000 currency notes in circulation, 8.9 crore have not been returned post the note ban last November, it said.
The government had on November 8, banned old Rs. 500 and Rs. 1,000 notes in an attempt to weed out black money in the country. The old notes were allowed to be deposited in banks, with unusual deposits coming under income tax scrutiny.
Congress in-charge of communication department Randeep Surjewala said demonetisation is nothing but a "disaster" in which 104 innocent people were killed while 'corrupt' made 'windfall gains'.
He also said that the demonetisation scam not only dented institutional sanctity of the RBI, but also credibility of India abroad and demanded an apology from the prime minister.
"Utterly failed #Demonetisation is nothing but a disaster in which 104 innocent people were killed while 'Corrupt' made 'Windfall Gains'.
"Demonetisation Scam, not only dented institutional sanctity of RBI, but also credibility of India abroad.PM should apologise to the nation," he said in a series of tweets. He also said, "Rewind: Modiji's obfuscation exposed once again. On Ind. Day, PM claimed to have unearthed Rs. 3 Lakh crore black money post demonetisation."
The reality, he said, is that the RBI data released today proves only Rs. 16000 crore out of the 15.44 lakh crore money in circulation came back and of this, Rs. 9000 crore is still stuck. "Perspective: This Rs. 16000 crore is just 1 pc of the total notes demonetised," he said.
In another tweet, Mr Surjewala said, "Dr Manmohan Singh predicted that #Demonetisation will reduce GDP by 2% and it did. Only the Economy suffered due to this massive folly!"
Air Force Approves Civilian Flights From Hindon Base In Ghaziabad: Official
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The Indian Air Force will allow its Hindon base to be used for flights operating to tier-2 and tier-3 cities under the government's regional connectivity scheme, civil aviation secretary RN Choubey said today.
"This is being done to overcome slot constraints at the Indira Gandhi International Airport," Mr Choubey said at an ASSOCHAM event in New Delhi.
The civilian operations from the Indian Air Force air base in Ghaziabad, on the outskirts of Delhi, are likely to start during the winter schedule, which comes into effect from the last Sunday of October.
The government is in talks with airport operator Delhi International Airport Limited on reworking a rule which disallows two airports within a radius of 150km.
The government's regional connectivity scheme also known as UDAN (Ude Desh Ka Aam Nagrik) aims at making flying affordable for the masses by capping airfares on selected short routes -- such as from Delhi to Shimla -- at Rs. 2500 per hour of flight.
Airlines that are awarded routes under the scheme are offered government subsidy and in return need to set aside 50 per cent of the seating capacity at discounted fares.
"This is being done to overcome slot constraints at the Indira Gandhi International Airport," Mr Choubey said at an ASSOCHAM event in New Delhi.
The civilian operations from the Indian Air Force air base in Ghaziabad, on the outskirts of Delhi, are likely to start during the winter schedule, which comes into effect from the last Sunday of October.
The government is in talks with airport operator Delhi International Airport Limited on reworking a rule which disallows two airports within a radius of 150km.
The government's regional connectivity scheme also known as UDAN (Ude Desh Ka Aam Nagrik) aims at making flying affordable for the masses by capping airfares on selected short routes -- such as from Delhi to Shimla -- at Rs. 2500 per hour of flight.
Airlines that are awarded routes under the scheme are offered government subsidy and in return need to set aside 50 per cent of the seating capacity at discounted fares.
India's Refusal To Budge On Doklam Will Resonate Well: Expert
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India's refusal to back off from Doklam standoff despite heavy pressure from China will have a wider resonance in the region against Beijing's assertive behaviour, former Indian Ambassador to China Ashok Kantha said. India and China ended their standoff in Doklam by withdrawing troops from the area.
Troops of the two countries had been locked in a standoff in Doklam since June 16 after Indian troops stopped the Chinese Army from building a road in the strategically key Doklam region, a disputed area between China and Bhutan.
"The way India dealt with Doklam standoff has wider resonance. Because what the Chinese are trying to do in Doklam is part of a larger pattern," Mr Kantha, who served as India's envoy to Beijing from 2013 to January last year, told PTI.
China is trying to achieve its contested territorial claims though unilateral actions like the South China Sea, where smaller states have accepted Beijing expansive territorial claims as a "new normal".
"But that did not happen in Doklam. India and Bhutan did not follow the script, so China has to back off and revisit their position," Mr Kantha, now Director of a New Delhi-based think-tank Institute of Chinese Studies (ICS), said.
"If India succumbed to Chinese pressure, it would have made it even more difficult for China's smaller neighbours to stand up. It would have undermined India's credibility, first in Bhutan and other South Asian neighbours," he said.
"How we dealt with it definitely has resonance in terms of encouraging greater pushback in the region to China's assertive behaviour. This also may lead to some introspection on the part of China, specially why the rise of China and its behaviour is creating anxieties among its neighbours," he said.
Both India and Bhutan challenged changing facts on the ground catching China by surprise, while showing restraint on the ground, he said.
Also, India "very deliberately and consciously made an effort not to indulge in tit for tat polemics as only through a quiet diplomacy a solution can be found", he said. Also, the assessment on the Indian side is that there was no real risk of war breaking out and war was not an option for either side, including on the Chinese side so that there is space to convey our concerns and interests, he said.
"China also realised that finding resolution by taking recourse through force is really not an option," he added.
"The way India dealt with Doklam standoff has wider resonance. Because what the Chinese are trying to do in Doklam is part of a larger pattern," Mr Kantha, who served as India's envoy to Beijing from 2013 to January last year, told PTI.
China is trying to achieve its contested territorial claims though unilateral actions like the South China Sea, where smaller states have accepted Beijing expansive territorial claims as a "new normal".
"But that did not happen in Doklam. India and Bhutan did not follow the script, so China has to back off and revisit their position," Mr Kantha, now Director of a New Delhi-based think-tank Institute of Chinese Studies (ICS), said.
"If India succumbed to Chinese pressure, it would have made it even more difficult for China's smaller neighbours to stand up. It would have undermined India's credibility, first in Bhutan and other South Asian neighbours," he said.
"How we dealt with it definitely has resonance in terms of encouraging greater pushback in the region to China's assertive behaviour. This also may lead to some introspection on the part of China, specially why the rise of China and its behaviour is creating anxieties among its neighbours," he said.
Both India and Bhutan challenged changing facts on the ground catching China by surprise, while showing restraint on the ground, he said.
Also, India "very deliberately and consciously made an effort not to indulge in tit for tat polemics as only through a quiet diplomacy a solution can be found", he said. Also, the assessment on the Indian side is that there was no real risk of war breaking out and war was not an option for either side, including on the Chinese side so that there is space to convey our concerns and interests, he said.
"China also realised that finding resolution by taking recourse through force is really not an option," he added.
High Court Says Media Misreported Remarks On PM. Here's What Happened
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Remarks made by judges about the Prime Minister being in- charge of the entire country and not just his party were used out of context by the media, the Punjab and Haryana High Court has said. It stressed that its comments were observations and not part of its verdict on the riots that ripped through Haryana after spiritual guru Gurmeet Ram Rahim Singh was convicted of rape last week.
But senior lawyer Anupam Gupta, who was present at the hearing, told today that the remark on the PM was "made consciously and more than once."
On Saturday, the Punjab and Haryana High Court was quoted as saying, "National integration and law and order are above everything. We are one nation, not a party nation. Politicians need to understand that the nation is one. It is the Prime Minister of India, not BJP. It is the Chief Minister of the state, not BJP." The remarks were reported as observations by news organizations. On Sunday, Prime Minister Narendra Modi warned in his "Mann Ki Baat" radio address that those taking the law in their hands "will not be spared", and that violence in the name of faith is unacceptable.
Referring to the remarks on the PM, the judges yesterday said, according to the Indian Express: "Don't misquote our observations. Quote what we write in the orders...rest is the general discussion. They (media) have to do it with responsibility."
Mr Gupta says that he then urged, "My lords must not clarify. Why are you wilting under the public pressure of your own observations? It is a sign of weakness and you are sending a wrong message to the public" Mr Gupta says the judges then responded "We are not wilting under any pressure but, yes, (the) media should report responsibly." The centre's lawyer, Additional Solicitor General of India Satya Pal Jain, told reporters: "The bench said it never uttered any word against the Prime Minister. They said they have been misquoted. It was a general discussion, in which the PM's name was not even mentioned, the bench clarified today." NDTV, like other organizations, did not quote the judges as referring to the PM by name.
38 people were killed and nearly 200 injured in the violence that erupted after Ram Rahim, 50, was found guilty of raping two women devotees in 2002. The Punjab and Haryana High Court had warned the state government that by allowing more than one lakh followers of the "Guru of Bling" to gather in the town where the verdict was due, it was risking a breakdown of law and order. Its ominous warning proved true and the court castigated the Haryana government led by Chief Minister ML Khattar, stating "You let Haryana burn for political motives", apparently referencing the guru's political clout because of the huge following, and therefore votes, that he can deliver.
But senior lawyer Anupam Gupta, who was present at the hearing, told today that the remark on the PM was "made consciously and more than once."
Mr Gupta says that he then urged, "My lords must not clarify. Why are you wilting under the public pressure of your own observations? It is a sign of weakness and you are sending a wrong message to the public" Mr Gupta says the judges then responded "We are not wilting under any pressure but, yes, (the) media should report responsibly." The centre's lawyer, Additional Solicitor General of India Satya Pal Jain, told reporters: "The bench said it never uttered any word against the Prime Minister. They said they have been misquoted. It was a general discussion, in which the PM's name was not even mentioned, the bench clarified today." NDTV, like other organizations, did not quote the judges as referring to the PM by name.
38 people were killed and nearly 200 injured in the violence that erupted after Ram Rahim, 50, was found guilty of raping two women devotees in 2002. The Punjab and Haryana High Court had warned the state government that by allowing more than one lakh followers of the "Guru of Bling" to gather in the town where the verdict was due, it was risking a breakdown of law and order. Its ominous warning proved true and the court castigated the Haryana government led by Chief Minister ML Khattar, stating "You let Haryana burn for political motives", apparently referencing the guru's political clout because of the huge following, and therefore votes, that he can deliver.
Business Affairs
RBI Annual Report: Five key takeaways from central bank's yearly report card
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The Reserve Bank of India released its Annual Report for the financial year 2016-17 which ended on June 30, 2017. The document talked about demonetisation and price levels, along with prospects for the coming year.
Here's few points that the Annual Report stressed on:
Most of the demonetised notes are back
Data in the RBI Annual Report showed that out of the Rs 15.44 lakh crore of notes taken out of circulation in November last year, Rs 15.28 lakh crore has returned to the system and around Rs 16,000 crore is yet to be deposited back to the banks.
Former Attorney General Mukul Rohatgi had told the Supreme Court that only 70 per cent of demonetised notes are expected to come back to the system.
The document also mentioned that around demonetised currency notes of Rs 1,000 worth Rs 8,900 crore have not come back into the system yet. There were 632.6 crore pieces of Rs 1,000 currency notes in circulation on the day of demonetisation.
More counterfeit notes detected
According to the RBI, detection of counterfeit notes was 20.4 per cent higher than the previous year. A total of 762,072 pieces of counterfeit notes were detected in the banking system during financial year 2016-17. Out of these fake notes, 95.7 per cent were detected by commercial banks.
Except Rs 100 currency notes, the detection of counterfeit notes increased across all other denominations - notably, 500 and 1,000 - during 2016-17. As per RBI data, the rate of fake Indian currency notes detected per million pieces of notes was 7.1 pieces for Rs 500 notes and 19.1 pieces for Rs 1000 notes.
Currency notes to have new designs
The RBI Annual Report stated that new design notes in other denominations are due for phased introduction. The central bank has already issued Rs 500 notes with new designs after demonetisation last year, and new design Rs 50 notes earlier this month.
These new notes were issued with serial number from the Mahatma Gandhi new series. RBI also issued Rs 2000 notes after demonetisation and Rs 200 notes recently with serial number from the same series.
People to spend more
Talking of prospects for the coming year, the RBI report speculated that both rural and urban parts of the country are expected to see high demand values on account of several factors.
With normal southwest monsoon likely this year, policy initiatives of the government - for example, hike in maximum support prices (MSP), and increasing crop insurance coverage are likely to help in boosting crop production. The resultant increase in rural income is likely to boost rural consumption demand, said the document.
Purchasing power has increased in urban scenarios too. Implementation of new rates of House Rent Allowance as per recommendations of the Seventh Central Pay Commission for central government employees has contributed to this. Several state governments have also hiked salaries of their employees, or are about to, in accordance to the new pay panel. According to the report, this will again improve urban consumption demand.
Food prices to remain low
With a normal monsoon expected to keep agricultural production up to mark this year, food prices will not rise by much. The increased purchasing power of people is also expected to keep inflation figures under check.
In the previous financial year, inflation rose in the first four months due to an upsurge in food prices. A normal monsoon however brought inflation figures down, starting August 2016, which got accentuated by falling food prices, especially those of vegetables, in the wake of demonetisation in November 2016.
Rapid disinflation in the food group drove down headline inflation month after month - barring February and March - to a low of 1.5 per cent in June 2017. Eventually, the year 2016-17 ended up with a subdued inflation of 3.6 per cent in Q4 falling short of RBI's projection of 5.0 percent.
The Reserve Bank of India released its Annual Report for the financial year 2016-17 which ended on June 30, 2017. The document talked about demonetisation and price levels, along with prospects for the coming year.
Here's few points that the Annual Report stressed on:
Most of the demonetised notes are back
Data in the RBI Annual Report showed that out of the Rs 15.44 lakh crore of notes taken out of circulation in November last year, Rs 15.28 lakh crore has returned to the system and around Rs 16,000 crore is yet to be deposited back to the banks.
Former Attorney General Mukul Rohatgi had told the Supreme Court that only 70 per cent of demonetised notes are expected to come back to the system.
The document also mentioned that around demonetised currency notes of Rs 1,000 worth Rs 8,900 crore have not come back into the system yet. There were 632.6 crore pieces of Rs 1,000 currency notes in circulation on the day of demonetisation.
More counterfeit notes detected
According to the RBI, detection of counterfeit notes was 20.4 per cent higher than the previous year. A total of 762,072 pieces of counterfeit notes were detected in the banking system during financial year 2016-17. Out of these fake notes, 95.7 per cent were detected by commercial banks.
Except Rs 100 currency notes, the detection of counterfeit notes increased across all other denominations - notably, 500 and 1,000 - during 2016-17. As per RBI data, the rate of fake Indian currency notes detected per million pieces of notes was 7.1 pieces for Rs 500 notes and 19.1 pieces for Rs 1000 notes.
Currency notes to have new designs
The RBI Annual Report stated that new design notes in other denominations are due for phased introduction. The central bank has already issued Rs 500 notes with new designs after demonetisation last year, and new design Rs 50 notes earlier this month.
These new notes were issued with serial number from the Mahatma Gandhi new series. RBI also issued Rs 2000 notes after demonetisation and Rs 200 notes recently with serial number from the same series.
People to spend more
Talking of prospects for the coming year, the RBI report speculated that both rural and urban parts of the country are expected to see high demand values on account of several factors.
With normal southwest monsoon likely this year, policy initiatives of the government - for example, hike in maximum support prices (MSP), and increasing crop insurance coverage are likely to help in boosting crop production. The resultant increase in rural income is likely to boost rural consumption demand, said the document.
Purchasing power has increased in urban scenarios too. Implementation of new rates of House Rent Allowance as per recommendations of the Seventh Central Pay Commission for central government employees has contributed to this. Several state governments have also hiked salaries of their employees, or are about to, in accordance to the new pay panel. According to the report, this will again improve urban consumption demand.
Food prices to remain low
With a normal monsoon expected to keep agricultural production up to mark this year, food prices will not rise by much. The increased purchasing power of people is also expected to keep inflation figures under check.
In the previous financial year, inflation rose in the first four months due to an upsurge in food prices. A normal monsoon however brought inflation figures down, starting August 2016, which got accentuated by falling food prices, especially those of vegetables, in the wake of demonetisation in November 2016.
Rapid disinflation in the food group drove down headline inflation month after month - barring February and March - to a low of 1.5 per cent in June 2017. Eventually, the year 2016-17 ended up with a subdued inflation of 3.6 per cent in Q4 falling short of RBI's projection of 5.0 percent.
Cabinet clears reforms in Indian Army, GST compensation ordinance to levy more cess on luxury cars
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The Union Cabinet chaired by Prime Minister Narendra Modi today approved wide ranging reforms in Indian army to enbace its combat capability and efficiency. It also decided to promulgate an Ordinance to enable the levy of up to 25 percent compensation cess on luxury vehicles.
The first phase of the reforms will see redeployment and restructuring of about 57,000 military and civilian posts. It will result in the optimisation of Signals Establishments by including Radio Monitoring Companies, Corps Air Support Signal Regiments, Air Formation Signal Regiments, Composite Signal Regiments and merger of Corps Operating and Engineering Signal Regiments. Restructuring of repair echelons in the Army to include Base Workshops, Advance Base Workshops and Static/Station Workshops in the field Army.
The decision is based on a set of recommendations made by a Committee of Experts under the Chairmanship of Lt Gen (Retd) (Dr.) DB Shekatkar to the defence ministry. The committee's mandate was to recommend measures for enhancing of combat capability and rebalancing defence expenditure of the armed forces with an aim to increase "teeth to tail ratio".
The Committee of experts had submitted its report to the Ministry in December, 2016, which was considered by the Ministry of Defence and 99 recommendations were sent to the armed forces for making an implementation plan. The Cabinet has cleared 65 of these recommendations.
These reforms will be completed in all respects by 31 December 2019.
Meanwhile, the Ordinance to amend the Goods and Services Tax (Compensation to States) Act, 2017 will see the maximum permissible rate at which the Compensation Cess can be levied on luxury cars to go up from 15 percent to 25 percent. The issue regarding the increase in effective rate of Compensation Cess on motor vehicles will be examined by the GST Council in due course.
The Cabinet also approved a Memorandum of Understanding (MoU) between India and Israel on "India-Israel Industrial R&D and Technological Innovation Fund (I4F)". According to the MoU, signed in July, 2017, India and Israel will make an contribution of $ 4 million each for the Fund, both equivalent amount, annually for five years.
The Union Cabinet chaired by Prime Minister Narendra Modi today approved wide ranging reforms in Indian army to enbace its combat capability and efficiency. It also decided to promulgate an Ordinance to enable the levy of up to 25 percent compensation cess on luxury vehicles.
The first phase of the reforms will see redeployment and restructuring of about 57,000 military and civilian posts. It will result in the optimisation of Signals Establishments by including Radio Monitoring Companies, Corps Air Support Signal Regiments, Air Formation Signal Regiments, Composite Signal Regiments and merger of Corps Operating and Engineering Signal Regiments. Restructuring of repair echelons in the Army to include Base Workshops, Advance Base Workshops and Static/Station Workshops in the field Army.
The first phase of the reforms will see redeployment and restructuring of about 57,000 military and civilian posts. It will result in the optimisation of Signals Establishments by including Radio Monitoring Companies, Corps Air Support Signal Regiments, Air Formation Signal Regiments, Composite Signal Regiments and merger of Corps Operating and Engineering Signal Regiments. Restructuring of repair echelons in the Army to include Base Workshops, Advance Base Workshops and Static/Station Workshops in the field Army.
The decision is based on a set of recommendations made by a Committee of Experts under the Chairmanship of Lt Gen (Retd) (Dr.) DB Shekatkar to the defence ministry. The committee's mandate was to recommend measures for enhancing of combat capability and rebalancing defence expenditure of the armed forces with an aim to increase "teeth to tail ratio".
The Committee of experts had submitted its report to the Ministry in December, 2016, which was considered by the Ministry of Defence and 99 recommendations were sent to the armed forces for making an implementation plan. The Cabinet has cleared 65 of these recommendations.
These reforms will be completed in all respects by 31 December 2019.
The Committee of experts had submitted its report to the Ministry in December, 2016, which was considered by the Ministry of Defence and 99 recommendations were sent to the armed forces for making an implementation plan. The Cabinet has cleared 65 of these recommendations.
These reforms will be completed in all respects by 31 December 2019.
Meanwhile, the Ordinance to amend the Goods and Services Tax (Compensation to States) Act, 2017 will see the maximum permissible rate at which the Compensation Cess can be levied on luxury cars to go up from 15 percent to 25 percent. The issue regarding the increase in effective rate of Compensation Cess on motor vehicles will be examined by the GST Council in due course.
The Cabinet also approved a Memorandum of Understanding (MoU) between India and Israel on "India-Israel Industrial R&D and Technological Innovation Fund (I4F)". According to the MoU, signed in July, 2017, India and Israel will make an contribution of $ 4 million each for the Fund, both equivalent amount, annually for five years.
Nifty back to 50 Stocks from September
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As a part of its periodic review, Nifty 50 - the benchmark index of the National Stock Exchange (NSE) will witness key changes in its composition from September 29. Three stocks including ACC, Bank of Baroda and Tata Power and shares of Tata Motors DVR will move out of the index. These entities will be replaced by three firms namely -- Bajaj Finance, Hindustan Petroleum Corporation and UPL Ltd. Besides, changes have been made in sectoral indices such as metal, IT, private bank, PSU bank, realty, commodities, infrastructure and services.
With the changes in its constituents, the index will revert to its 50 stocks status. In April last year, the benchmark index had included DVRs from Tata Motors taking the total number of stocks on the Nifty 50 index to 51.
Tracking things historically reveals that the index underwent a significant overhaul during the three year period between 1996 and 1998 wherein 17 stocks including the likes of Apollo Tyres, Ashok Leyland, Dr. Reddy's of the then Nifty 50 index were replaced by a new net of stocks such as Cipla, Asian Paints. The index has been periodically revised but the churn has never been as noteworthy, as it was during 1996-1998. However, with the latest set of changes, the period between 2015 & 2017 will come closer to the second highest level of exits (15 companies exited) -- witnessed during 1999-2002. India Index Services and Products Ltd (IISL), an arm of the NSE has constituted an Index Policy Committee, which is involved in policy and guidelines for managing the NIFTY Indices. The Index Maintenance Sub-committee takes all decisions on addition/ deletion of companies in any Index. The index is reviewed every six months (on half-yearly basis) and a four weeks' notice is given to the market before making changes to the index set.
To align with the global industry best practices, last week, IISL announced revision in operational guidelines governing index maintenance and index reconstitution. The changes in guidelines governing index reconstitution would be applicable from September this year rebalancing, while revision on maintenance of indices comes into immediate effect. As per the new criteria for the selection of stocks in Nifty 50, the constituents will be from Nifty 100 index universe. Besides, the security will be required to trade at an average impact cost of 0.50 per cent or less during the last six months, for 90 per cent of the observations for portfolio of Rs 10 crore as against Rs 2 crore for selection. Moreover, companies will be included in Nifty 50 if free-float market capitalisation is 1.50 times the free-float market cap of the smallest constituent in respective index. So far, firms needed to have at least twice the free-float market cap of the current smallest index constituent. IISL has also modified the eligible universe for selection of stocks for thematic indices, strategy indices like Nifty Quality 30 as well as Nifty broad market indices including Nifty Free-float Midcap and Nifty Free-float Smallcap 100.
Since June 2009, NIFTY 50 is computed using free float market capitalisation weighted method, wherein the level of index reflects the free float market capitalisation of all stocks in the index.
As a part of its periodic review, Nifty 50 - the benchmark index of the National Stock Exchange (NSE) will witness key changes in its composition from September 29. Three stocks including ACC, Bank of Baroda and Tata Power and shares of Tata Motors DVR will move out of the index. These entities will be replaced by three firms namely -- Bajaj Finance, Hindustan Petroleum Corporation and UPL Ltd. Besides, changes have been made in sectoral indices such as metal, IT, private bank, PSU bank, realty, commodities, infrastructure and services.
With the changes in its constituents, the index will revert to its 50 stocks status. In April last year, the benchmark index had included DVRs from Tata Motors taking the total number of stocks on the Nifty 50 index to 51.
Tracking things historically reveals that the index underwent a significant overhaul during the three year period between 1996 and 1998 wherein 17 stocks including the likes of Apollo Tyres, Ashok Leyland, Dr. Reddy's of the then Nifty 50 index were replaced by a new net of stocks such as Cipla, Asian Paints. The index has been periodically revised but the churn has never been as noteworthy, as it was during 1996-1998. However, with the latest set of changes, the period between 2015 & 2017 will come closer to the second highest level of exits (15 companies exited) -- witnessed during 1999-2002. India Index Services and Products Ltd (IISL), an arm of the NSE has constituted an Index Policy Committee, which is involved in policy and guidelines for managing the NIFTY Indices. The Index Maintenance Sub-committee takes all decisions on addition/ deletion of companies in any Index. The index is reviewed every six months (on half-yearly basis) and a four weeks' notice is given to the market before making changes to the index set.
To align with the global industry best practices, last week, IISL announced revision in operational guidelines governing index maintenance and index reconstitution. The changes in guidelines governing index reconstitution would be applicable from September this year rebalancing, while revision on maintenance of indices comes into immediate effect. As per the new criteria for the selection of stocks in Nifty 50, the constituents will be from Nifty 100 index universe. Besides, the security will be required to trade at an average impact cost of 0.50 per cent or less during the last six months, for 90 per cent of the observations for portfolio of Rs 10 crore as against Rs 2 crore for selection. Moreover, companies will be included in Nifty 50 if free-float market capitalisation is 1.50 times the free-float market cap of the smallest constituent in respective index. So far, firms needed to have at least twice the free-float market cap of the current smallest index constituent. IISL has also modified the eligible universe for selection of stocks for thematic indices, strategy indices like Nifty Quality 30 as well as Nifty broad market indices including Nifty Free-float Midcap and Nifty Free-float Smallcap 100.
Since June 2009, NIFTY 50 is computed using free float market capitalisation weighted method, wherein the level of index reflects the free float market capitalisation of all stocks in the index.
Sensex rises over 200 points, Nifty up 75 pts as North Korea fears recede; Infosys, Reliance Industries gain
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The Sensex and Nifty opened higher on Wednesday as investors across the globe shrugged off geopolitical tensions a day after North Korea fired a missile that flew over northern Japan.
At 9:27 am, the Sensex was trading 206 points or 0.66 percent higher at 31594 level.
The Nifty too rose 0.69 percent or 68 points to reach 9865 level.
Sun Pharma (1.42 percent), Adani Ports (1.37 percent), HDFC (1.15 percent), ICICI Bank (0.95 percent) and Reliance Industries (0.92 percent) were the top gainers on the 30-stock Sensex.
Jaiprakash Associates (7.06 percent), Ujjivan Financial Services ( 5.17 percent) were the top gainers on the BSE.
"What we are seeing is a bounce-back from Tuesday's fall," said Sacchidanand Uttekar, equity technical analyst at Motilal Oswal Securities.
The Infosys stock was trading 0.61 percent higher a day after co-founder NR Narayana Murthy spoke for the first time after the sudden exit of CEO Vishal Sikka.
Murthy said co-founder Nandan Nilekani's taking over as chairman is good for India's number two IT company as he is a "stickler for good corporate governance".
An offer for sale of shares of NTPC India's biggest power producer, was subscribed 1.41 times by non-retail investors on the first day. The government sold 46.35 crore shares in NTPC for about Rs 7,800 crore. The NTPC stock was trading 0.36 percent higher at 169.10 level on the BSE.
On Tuesday, the stock was the top loser on the BSE and NSE.
The Ujjival Financial Services stock was trading 5 percent higher a day after the firm said its subsidiary Ujjivan Small Finance Bank Ltd has been included in the second schedule of the Reserve Bank of India Act 1934. The scheduled bank status opens new avenues of deposits for the bank.
Midcap and small cap indices were the top gainers rising over 1 percent each.
Among sectoral indexes, BSE metal and BSE Consumer durables indexes were the top gainers rising over 1 percent each.
Market breadth was positive with 1337 stocks rising against 251 stocks falling on the BSE
On Tuesday, the Sensex closed 362 points or 1.14 percent lower at 31,388 level, Nifty closed 1.18 percent or 116 points lower at 9,796.
Investor wealth eroded by Rs 1.38 lakh crore amid heavy sell-off in the stock market, with the Sensex recording its worst single-day performance over a month.
Following weakness in stocks, the total market capitalisation of BSE-listed companies slumped by Rs 1,38,726.77 crore to Rs 1,29,77,705 crore. Escalation in tensions following firing of a missile by North Korea over Japan made investors jittery.
Global markets
Japan's Nikkei 225 rose 0.6 percent to 19,468.73 and South Korea's Kospi was up 0.1 percent to 2,366.75. Hong Kong's Hang Seng gained 0.8 percent to 27,976.40 while Shanghai Composite Index edged up 0.1 percent to 3,367.17. Australia's S&P/ASX 200 was flat at 5,667.60. Stocks in Taiwan and Singapore were higher but they were lower in the Philippines.
US stocks pared early losses to finish higher on Tuesday. The Standard & Poor's 500 index rose 0.1 percent to 2,446.30. The Dow Jones industrial average gained 0.3 percent to 21,865.37. The Nasdaq composite added 0.3 percent to 6,301.89. The Russell 2000 index of smaller-company stocks picked up 0.1 percent to 1,383.68.
The Sensex and Nifty opened higher on Wednesday as investors across the globe shrugged off geopolitical tensions a day after North Korea fired a missile that flew over northern Japan.
At 9:27 am, the Sensex was trading 206 points or 0.66 percent higher at 31594 level.
The Nifty too rose 0.69 percent or 68 points to reach 9865 level.
Sun Pharma (1.42 percent), Adani Ports (1.37 percent), HDFC (1.15 percent), ICICI Bank (0.95 percent) and Reliance Industries (0.92 percent) were the top gainers on the 30-stock Sensex.
Jaiprakash Associates (7.06 percent), Ujjivan Financial Services ( 5.17 percent) were the top gainers on the BSE.
"What we are seeing is a bounce-back from Tuesday's fall," said Sacchidanand Uttekar, equity technical analyst at Motilal Oswal Securities.
The Infosys stock was trading 0.61 percent higher a day after co-founder NR Narayana Murthy spoke for the first time after the sudden exit of CEO Vishal Sikka.
Murthy said co-founder Nandan Nilekani's taking over as chairman is good for India's number two IT company as he is a "stickler for good corporate governance".
An offer for sale of shares of NTPC India's biggest power producer, was subscribed 1.41 times by non-retail investors on the first day. The government sold 46.35 crore shares in NTPC for about Rs 7,800 crore. The NTPC stock was trading 0.36 percent higher at 169.10 level on the BSE.
On Tuesday, the stock was the top loser on the BSE and NSE.
The Ujjival Financial Services stock was trading 5 percent higher a day after the firm said its subsidiary Ujjivan Small Finance Bank Ltd has been included in the second schedule of the Reserve Bank of India Act 1934. The scheduled bank status opens new avenues of deposits for the bank.
Midcap and small cap indices were the top gainers rising over 1 percent each.
Among sectoral indexes, BSE metal and BSE Consumer durables indexes were the top gainers rising over 1 percent each.
Market breadth was positive with 1337 stocks rising against 251 stocks falling on the BSE
On Tuesday, the Sensex closed 362 points or 1.14 percent lower at 31,388 level, Nifty closed 1.18 percent or 116 points lower at 9,796.
Investor wealth eroded by Rs 1.38 lakh crore amid heavy sell-off in the stock market, with the Sensex recording its worst single-day performance over a month.
Following weakness in stocks, the total market capitalisation of BSE-listed companies slumped by Rs 1,38,726.77 crore to Rs 1,29,77,705 crore. Escalation in tensions following firing of a missile by North Korea over Japan made investors jittery.
Global markets
Japan's Nikkei 225 rose 0.6 percent to 19,468.73 and South Korea's Kospi was up 0.1 percent to 2,366.75. Hong Kong's Hang Seng gained 0.8 percent to 27,976.40 while Shanghai Composite Index edged up 0.1 percent to 3,367.17. Australia's S&P/ASX 200 was flat at 5,667.60. Stocks in Taiwan and Singapore were higher but they were lower in the Philippines.
Japan's Nikkei 225 rose 0.6 percent to 19,468.73 and South Korea's Kospi was up 0.1 percent to 2,366.75. Hong Kong's Hang Seng gained 0.8 percent to 27,976.40 while Shanghai Composite Index edged up 0.1 percent to 3,367.17. Australia's S&P/ASX 200 was flat at 5,667.60. Stocks in Taiwan and Singapore were higher but they were lower in the Philippines.
US stocks pared early losses to finish higher on Tuesday. The Standard & Poor's 500 index rose 0.1 percent to 2,446.30. The Dow Jones industrial average gained 0.3 percent to 21,865.37. The Nasdaq composite added 0.3 percent to 6,301.89. The Russell 2000 index of smaller-company stocks picked up 0.1 percent to 1,383.68.
RBI annual report: How the central bank is fighting fake notes problem
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The Reserve Bank of India disclosed in its annual report on Wednesday that it had launched a nation-wide survey to estimate the density of fake Indian currency notes (FICNs).
According to the RBI, during 2016-17, 762,072 pieces of counterfeit notes were detected in the banking system, of which 95.7 per cent were detected by commercial banks. Detection of counterfeit notes was 20.4 per cent higher than the previous year.
Barring Rs 100, the detection of counterfeit notes increased across denominations - notably, 500 and 1,000 - during 2016-17. As per the survey, the result showed the rate of FICN detected per million pieces of notes at 7.1 pieces for 500 denomination and 19.1 pieces for 1000 denomination.
"At the Reserve Bank's currency verification and processing system, during 2015-16, there were 2.4 pieces of FICNs of Rs 500 denomination and 5.8 pieces of FICNs of Rs 1000 denomination for every million pieces notes processed; which rose to 5.5 pieces and 12.4 pieces, respectively, during the post-demonetisation period. As compared to 2015-16, 12 clusters for Rs 500 denomination and 14 clusters for Rs 1000 denomination showed statistically significant higher rate of FICN detection during the post-demonetisation period. This implies a signifi cant pick-up in the rate of FICN detection at the Reserve Bank level in the post-demonetisation period as compared to a year ago," the report said.
The RBI is also working with the government to maintain a data on fake notes. It said the National Crime Records Bureau (NCRB) under the Ministry of Home Affairs has designed a uniform proforma for collection of Fake Indian Currency Note (FICN) data.
In fact, a web-enabled software for uploading data on FICN detected by banks and law enforcement agencies has been developed. The Reserve Bank has confirmed it is facilitating implementation of the system in collaboration with NCRB.
The RBI also disclosed that the number of suspicious transaction reports filed by banks and other financial intermediaries with the central government's Financial Intelligence Unit. Interestingly, it has witnessed a massive jump.
The Reserve Bank of India disclosed in its annual report on Wednesday that it had launched a nation-wide survey to estimate the density of fake Indian currency notes (FICNs).
According to the RBI, during 2016-17, 762,072 pieces of counterfeit notes were detected in the banking system, of which 95.7 per cent were detected by commercial banks. Detection of counterfeit notes was 20.4 per cent higher than the previous year.
Barring Rs 100, the detection of counterfeit notes increased across denominations - notably, 500 and 1,000 - during 2016-17. As per the survey, the result showed the rate of FICN detected per million pieces of notes at 7.1 pieces for 500 denomination and 19.1 pieces for 1000 denomination.
"At the Reserve Bank's currency verification and processing system, during 2015-16, there were 2.4 pieces of FICNs of Rs 500 denomination and 5.8 pieces of FICNs of Rs 1000 denomination for every million pieces notes processed; which rose to 5.5 pieces and 12.4 pieces, respectively, during the post-demonetisation period. As compared to 2015-16, 12 clusters for Rs 500 denomination and 14 clusters for Rs 1000 denomination showed statistically significant higher rate of FICN detection during the post-demonetisation period. This implies a signifi cant pick-up in the rate of FICN detection at the Reserve Bank level in the post-demonetisation period as compared to a year ago," the report said.
The RBI is also working with the government to maintain a data on fake notes. It said the National Crime Records Bureau (NCRB) under the Ministry of Home Affairs has designed a uniform proforma for collection of Fake Indian Currency Note (FICN) data.
In fact, a web-enabled software for uploading data on FICN detected by banks and law enforcement agencies has been developed. The Reserve Bank has confirmed it is facilitating implementation of the system in collaboration with NCRB.
The RBI also disclosed that the number of suspicious transaction reports filed by banks and other financial intermediaries with the central government's Financial Intelligence Unit. Interestingly, it has witnessed a massive jump.
General Awareness
14th World Wrestling Championships 2017 at Paris, France
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On August 29,2017, without winning any medal India ended its campaign in 14th World Wrestling Championships (WWC) 2017 held at Paris, France. This is the second successive World Championship that Indian wrestlers have returned empty-handed (previous one was at Budapest, Hungary).
A strong 24-member Indian contingent did not just fail to make it to the podium but everyone lost in the initial rounds of their respective weight categories. None of the wrestlers could win two consecutive bouts in the main round.
The Wrestling Federation of India (WFI) president Brij Bhushan Sharan Singhblamed the organisers saying that the lack of facilities in Paris resulted in wrestlers losing out on 15 days of training ahead of the mega-event.
Indian’s who participated in WWC,2017:
a) Women’s freestyle: Vinesh Phogat , Sakshi Malik ,Sheetal Tyagi, Lalita Sehrawat, Pooja Danda, Shilpi Sheoran, Navjot and Pooja
b) Men’s Greco Roman: Gyanender, Ravinder,Yogesh,Gurpreetsingh, Harpreetsingh, Naveen, Ravinder Khatri.
c) Men’s wrestling squad : Bajrang Punia , Praveen Rana , Deepak , Sumit , Amit Dhankar, Kadiyan, and Satyawart Kadian.
Recent changes in WWC:
On 26th august ,the United World Wrestling has added 79kg and 92kg to the existing Olympic and non-Olympic freestyle weight categories while opting for major changes in almost all the greco-roman weight divisions. The sport’s apex body has released what the 10 weight classes will be in each style moving forward. The Olympic qualification system was also approved, with the World Championships getting six slots, Continental qualifiers (8) and a World Open (2) thereby 10 accounting for the 16 allotments. Continental championships will also be held. The United World Wrestling informed that freestyle will keep all their current Olympic and non-Olympic weight categories and will simply add 79kg and 92kg.
Winners:
1)Men’s freestyle:
a)57 kg – Yuki Takahashi(Japan)
b)61 kg – Haji Aliyev(Azerbaijan)
c)65 kg – Zurabi Iakobishvili (Georgia)
d)70 kg – Frank Chamizo( Italy)
e)74 kg – Jordan Burroughs( United States)
f)86 kg -Hassan Yazdani(Iran)
g)97 kg – Kyle Snyder(US)
h)125 kg -Geno Petriashvili (Georgia)
2) Men’s Greco-Roman:
a)59 kg – Kenichiro Fumita(Japan)
b)66 kg – Ryu Han-su(South Korea)
c)71 kg – Frank Stäbler(Germany)
d)75 kg -Viktor Nemeš(Serbia)
e)80 kg – Maksim Manukyan(Armenia)
f)85 kg – Metehan Başar(Turkey)
g)98 kg – Artur Aleksanyan(Armenia)
h)130 kg – Rıza Kayaalp(Turkey)
3) Women’s freestyle
a)48 kg – Yui Susaki(Japan)
b)53 kg – Vanesa Kaladzinskaya (Belarus)
c)55 kg – Haruna Okuno(Japan)
d)58 kg – Helen Maroulis( United States)
e)60 kg – Risako Kawai (Japan)
f)63 kg – Pürevdorjiin Orkhon (Mongolia)
g)69 kg – Sara Dosho (Japan)
h)75 kg – Yasemin Adar (Turkey)
On August 29,2017, without winning any medal India ended its campaign in 14th World Wrestling Championships (WWC) 2017 held at Paris, France. This is the second successive World Championship that Indian wrestlers have returned empty-handed (previous one was at Budapest, Hungary).
A strong 24-member Indian contingent did not just fail to make it to the podium but everyone lost in the initial rounds of their respective weight categories. None of the wrestlers could win two consecutive bouts in the main round.
The Wrestling Federation of India (WFI) president Brij Bhushan Sharan Singhblamed the organisers saying that the lack of facilities in Paris resulted in wrestlers losing out on 15 days of training ahead of the mega-event.
Indian’s who participated in WWC,2017:
a) Women’s freestyle: Vinesh Phogat , Sakshi Malik ,Sheetal Tyagi, Lalita Sehrawat, Pooja Danda, Shilpi Sheoran, Navjot and Pooja
b) Men’s Greco Roman: Gyanender, Ravinder,Yogesh,Gurpreetsingh, Harpreetsingh, Naveen, Ravinder Khatri.
c) Men’s wrestling squad : Bajrang Punia , Praveen Rana , Deepak , Sumit , Amit Dhankar, Kadiyan, and Satyawart Kadian.
Recent changes in WWC:
On 26th august ,the United World Wrestling has added 79kg and 92kg to the existing Olympic and non-Olympic freestyle weight categories while opting for major changes in almost all the greco-roman weight divisions. The sport’s apex body has released what the 10 weight classes will be in each style moving forward. The Olympic qualification system was also approved, with the World Championships getting six slots, Continental qualifiers (8) and a World Open (2) thereby 10 accounting for the 16 allotments. Continental championships will also be held. The United World Wrestling informed that freestyle will keep all their current Olympic and non-Olympic weight categories and will simply add 79kg and 92kg.
Winners:
1)Men’s freestyle:
a)57 kg – Yuki Takahashi(Japan)
b)61 kg – Haji Aliyev(Azerbaijan)
c)65 kg – Zurabi Iakobishvili (Georgia)
d)70 kg – Frank Chamizo( Italy)
e)74 kg – Jordan Burroughs( United States)
f)86 kg -Hassan Yazdani(Iran)
g)97 kg – Kyle Snyder(US)
h)125 kg -Geno Petriashvili (Georgia)
2) Men’s Greco-Roman:
a)59 kg – Kenichiro Fumita(Japan)
b)66 kg – Ryu Han-su(South Korea)
c)71 kg – Frank Stäbler(Germany)
d)75 kg -Viktor Nemeš(Serbia)
e)80 kg – Maksim Manukyan(Armenia)
f)85 kg – Metehan Başar(Turkey)
g)98 kg – Artur Aleksanyan(Armenia)
h)130 kg – Rıza Kayaalp(Turkey)
3) Women’s freestyle
a)48 kg – Yui Susaki(Japan)
b)53 kg – Vanesa Kaladzinskaya (Belarus)
c)55 kg – Haruna Okuno(Japan)
d)58 kg – Helen Maroulis( United States)
e)60 kg – Risako Kawai (Japan)
f)63 kg – Pürevdorjiin Orkhon (Mongolia)
g)69 kg – Sara Dosho (Japan)
h)75 kg – Yasemin Adar (Turkey)
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