General Affairs
Maharashtra: Congress, NCP Leaders To Meet To Explore Revival Of Alliance
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Congress and NCP leaders in Maharashtra will hold preliminary talks next week to explore the possibility of an alliance ahead of the 2019 Assembly and Lok Sabha polls, a senior Nationalist Congress Party leader said today.
The meeting will take place on Tuesday.
The state leaders of the two parties will also plan the strategy of the opposition parties for the Budget Session of the Maharashtra legislature, which starts on February 26, the NCP leader, who did not wish to be named, said.
The meeting assumes significance after two meetings were held in Delhi. The meetings were chaired by NCP chief Sharad Pawar and former Congress president Sonia Gandhi.
The Congress and the NCP jointly governed Maharashtra for nearly 15 years. Their alliance broke before the 2014 assembly elections.
This year elections are to be held on 21 Legislative Council seats and six Rajya Sabha seats from Maharashtra. This is likely to figure in the discussion, sources in the Congress said.
Bypolls in Bhandara-Gondia and Palghar Lok Sabha were necessitated due to the resignation of BJP MP Nana Patole and the death of BJP's Chintaman Wanaga is also likely to figure in the talks.
Eleven members from Legislative Council from the MLA quota retire in July. The Congress has three and the NCP has four members among the 11 retiring MLCs.
In the Legislative Council, in June six members from local bodies, two from graduate constituencies and two from teachers constituencies will also retire.
Of the total 21, the NCP has eight, while the Congress has four.
There will be six Rajya Sabha vacancies in April, where two members each of the Congress and the NCP will retire.
Given the present strength in the Assembly, both parties can get one member elected.
The meeting will take place on Tuesday.
The state leaders of the two parties will also plan the strategy of the opposition parties for the Budget Session of the Maharashtra legislature, which starts on February 26, the NCP leader, who did not wish to be named, said.
The meeting assumes significance after two meetings were held in Delhi. The meetings were chaired by NCP chief Sharad Pawar and former Congress president Sonia Gandhi.
The Congress and the NCP jointly governed Maharashtra for nearly 15 years. Their alliance broke before the 2014 assembly elections.
This year elections are to be held on 21 Legislative Council seats and six Rajya Sabha seats from Maharashtra. This is likely to figure in the discussion, sources in the Congress said.
Bypolls in Bhandara-Gondia and Palghar Lok Sabha were necessitated due to the resignation of BJP MP Nana Patole and the death of BJP's Chintaman Wanaga is also likely to figure in the talks.
Eleven members from Legislative Council from the MLA quota retire in July. The Congress has three and the NCP has four members among the 11 retiring MLCs.
In the Legislative Council, in June six members from local bodies, two from graduate constituencies and two from teachers constituencies will also retire.
Of the total 21, the NCP has eight, while the Congress has four.
There will be six Rajya Sabha vacancies in April, where two members each of the Congress and the NCP will retire.
Given the present strength in the Assembly, both parties can get one member elected.
Wind Up Arun Jaitley's Cross Examination By February 12: High Court To Arvind Kejriwal
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The Delhi High Court today directed Arvind Kejriwal to wind up on February 12 cross examination of Arun Jaitley in a defamation suit filed by the Union minister against the chief minister and five other AAP leaders.
Joint Registrar Rakesh Pandit said that he went through the records of the suit and found that the Union minister was called on eight different dates and over 250 questions were put to him during his cross examination by the chief minister.
"I feel sufficient opportunities have been granted to the defendant (Kejriwal) to cross examine the plaintiff (Jaitley).
"It is necessary to direct defendant to conclude his evidence on February 12. No further date for future cross examination will be given to Kejriwal," Mr Pandit said.
Mr Kejriwal's counsel Anupam Srivastava told reporters outside the court that he will appeal against this order.
The order came during the cross examination of Mr Jaitley in his Rs. 10 crore defamation suit filed in wake of allegations of financial irregularities against him in the Delhi and District Cricket Association (DDCA) of which he was the President from 1999 to 2013.
Mr Jaitley has filed the defamation suit against Mr Kejriwal and AAP leaders Raghav Chadha, Kumar Vishwas, Ashutosh, Sanjay Singh and Deepak Bajpai for accusing him of the irregularities and has denied all the allegations.
Joint Registrar Rakesh Pandit said that he went through the records of the suit and found that the Union minister was called on eight different dates and over 250 questions were put to him during his cross examination by the chief minister.
"I feel sufficient opportunities have been granted to the defendant (Kejriwal) to cross examine the plaintiff (Jaitley).
"It is necessary to direct defendant to conclude his evidence on February 12. No further date for future cross examination will be given to Kejriwal," Mr Pandit said.
Mr Kejriwal's counsel Anupam Srivastava told reporters outside the court that he will appeal against this order.
The order came during the cross examination of Mr Jaitley in his Rs. 10 crore defamation suit filed in wake of allegations of financial irregularities against him in the Delhi and District Cricket Association (DDCA) of which he was the President from 1999 to 2013.
Mr Jaitley has filed the defamation suit against Mr Kejriwal and AAP leaders Raghav Chadha, Kumar Vishwas, Ashutosh, Sanjay Singh and Deepak Bajpai for accusing him of the irregularities and has denied all the allegations.
3 Soldiers Killed After Avalanche Hits Army Camp In Jammu And Kashmir's Kupwara
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Three soldiers were killed and another injured after an avalanche in the Machil sector in north Kashmir's Kupwara district today. The avalanche hit an army post near the Line of Control around 11:20 am, defence ministry sources told news agency IANS.
Rescue operations were launched immediately, and all four taken to the next nearest post on foot, but three of them - Havaldar Kamlesh Singh, 39, Naik Balveer, 33 and Sepoy Rajinder, 25 - succumbed to their injuries. All three were from Rajasthan.
"In an unfortunate incident of avalanche in Machhil sector, the Army lost three valiant soldiers," an army official said, adding that the bodies have been recovered.
Jammu and Kashmir Chief Minister Mehbooba Mufti expressed deep sorrow over the deaths.
The avalanche struck two days after a 24-hour avalanche warning was issued in several districts of Jammu and Kashmir, including Kupwara, on Wednesday, shortly after a 6.2 magnitude earthquake on the Afghanistan-Tajikistan border region jolted parts of north India.
Last month, 11 people - including a one-year-old baby - were killed after a vehicle they were travelling in was hit by an avalanche in Kupwara. A Border Roads Organisation engineer, who was also hit by an avalanche in the same area, was recovered but could not be revived.
Rescue operations were launched immediately, and all four taken to the next nearest post on foot, but three of them - Havaldar Kamlesh Singh, 39, Naik Balveer, 33 and Sepoy Rajinder, 25 - succumbed to their injuries. All three were from Rajasthan.
"In an unfortunate incident of avalanche in Machhil sector, the Army lost three valiant soldiers," an army official said, adding that the bodies have been recovered.
Jammu and Kashmir Chief Minister Mehbooba Mufti expressed deep sorrow over the deaths.
The avalanche struck two days after a 24-hour avalanche warning was issued in several districts of Jammu and Kashmir, including Kupwara, on Wednesday, shortly after a 6.2 magnitude earthquake on the Afghanistan-Tajikistan border region jolted parts of north India.
Last month, 11 people - including a one-year-old baby - were killed after a vehicle they were travelling in was hit by an avalanche in Kupwara. A Border Roads Organisation engineer, who was also hit by an avalanche in the same area, was recovered but could not be revived.
Budget Shows Government Alarmed By Gujarat Poll Results: Shiv Sena
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The focus on the rural sector in Budget 2018-19 was a clear indication that the BJP-led government was alarmed by the Gujarat poll result and realised that the rural population was moving away from it, the Shiv Sena said today.
The, in an editorial in its mouthpiece 'Saamana', also said Finance Minister Arun Jaitley had merely repackaged old schemes as new in his budget presentation yesterday.
"The government, which came to power by selling dreams to the nation, has once again offered a maze of dreams to the people. The budget presented by the finance minister consists of old dreams and old announcements. It seemed that the FM's speech was full of stress," the Sena said.
In the last three-four years, the party added, India's economy had slowed down and the policies of the government had further crippled it. This stress was visible in the budget speech, it said.
The common man does not understand technical terms such as fiscal deficit, import and export, but only wants to know if inflation will come down or not after the budget, the party said.
"However, the word 'mehengai' (inflation) was not even spoken about. The previous Congress-led government was defeated due to high inflation and people hoped the new government would make their lives better.
"However, nothing as such has happened. On top of it, after ruining the economy through demonetisation, the government has nothing left to offer to the people," it said.
The actual implementation of the budget would be a real test for the government, the Sena said.
"After the Gujarat polls, the ruling dispensation realised that the rural population has started moving away from it. It is clear that Gujarat results set the alarm bells ringing for the government and therefore emphasis was given on the rural population in this budget," it said.
The BJP won the Gujarat Assembly polls with 99 seats, 16 less than 115 in the previous election. The Congress won 77 seats.
According to the budget, the government will spend Rs. 14.34 lakh crore in rural areas in 2018-19 to generate employment of 321 crore person days and develop infrastructure.
While making the proposals in this year's budget, the government was guided by its mission to strengthen agriculture and rural development besides other sectors of the country's economy, Mr Jaitley stressed.
The, in an editorial in its mouthpiece 'Saamana', also said Finance Minister Arun Jaitley had merely repackaged old schemes as new in his budget presentation yesterday.
"The government, which came to power by selling dreams to the nation, has once again offered a maze of dreams to the people. The budget presented by the finance minister consists of old dreams and old announcements. It seemed that the FM's speech was full of stress," the Sena said.
In the last three-four years, the party added, India's economy had slowed down and the policies of the government had further crippled it. This stress was visible in the budget speech, it said.
The common man does not understand technical terms such as fiscal deficit, import and export, but only wants to know if inflation will come down or not after the budget, the party said.
"However, the word 'mehengai' (inflation) was not even spoken about. The previous Congress-led government was defeated due to high inflation and people hoped the new government would make their lives better.
"However, nothing as such has happened. On top of it, after ruining the economy through demonetisation, the government has nothing left to offer to the people," it said.
The actual implementation of the budget would be a real test for the government, the Sena said.
"After the Gujarat polls, the ruling dispensation realised that the rural population has started moving away from it. It is clear that Gujarat results set the alarm bells ringing for the government and therefore emphasis was given on the rural population in this budget," it said.
The BJP won the Gujarat Assembly polls with 99 seats, 16 less than 115 in the previous election. The Congress won 77 seats.
According to the budget, the government will spend Rs. 14.34 lakh crore in rural areas in 2018-19 to generate employment of 321 crore person days and develop infrastructure.
While making the proposals in this year's budget, the government was guided by its mission to strengthen agriculture and rural development besides other sectors of the country's economy, Mr Jaitley stressed.
CBI Moves Supreme Court Against 12-Year-Old Order In Bofors Case
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The CBI has appealed to the Supreme Court against a 12-year-old high court order cancelling charges in the Bofors case against UK-based industrialists, the Hinduja brothers, and the Swedish firm.
The CBI petition comes just days after Attorney General KK Venugopal advised the government against an appeal, saying it was likely to be dismissed only on account of the long delay.
Sources say Mr Venugopal changed his mind and gave CBI the thumbs up after its officials showed him fresh documents.
The top government lawyer had earlier advised the investigating agency to remain a respondent in the case filed by Ajay Kumar Agrawal, a BJP member and advocate, who last year challenged the high court judgment in the Rs. 64-crore Bofors scandal.
Mr Venugopal reasoned in a note that if the CBI’s separate petition was dismissed in the Supreme Court, it would prejudice the case.
But the CBI was reportedly keen to file the appeal and there were reports that its officers had told a group of lawmakers that they had the evidence to back up their petition.
The 1986 Bofors howitzer gun deal devastated the Congress government of Rajiv Gandhi and ruined the party's prospects of returning to power for several years.
The Bofors case revolved around allegations that Swedish defence manufacturer Bofors paid huge kickbacks to former prime minister Rajiv Gandhi and others for the sale of its artillery gun to India.
The High Court said there was no evidence that Rajiv Gandhi had accepted bribes. Rajiv Gandhi - Sonia Gandhi's husband and Rahul Gandhi's father - was assassinated in 1991.
Last October, the CBI had indicated that it was considering an appeal against the High Court decision after Michael Hershman, a private detective from US-based firm Fairfax, alleged that the Rajiv Gandhi government had sabotaged his investigation into the case.
In the first hearing of Ajay Kumar Agarwal's appeal earlier this month, the Supreme Court had wondered why the court should go into it when the appeal hadn’t been filed by the prosecutor in the case, the CBI. The top court was to take up the case today but had to defer the hearing.
The CBI petition comes just days after Attorney General KK Venugopal advised the government against an appeal, saying it was likely to be dismissed only on account of the long delay.
Sources say Mr Venugopal changed his mind and gave CBI the thumbs up after its officials showed him fresh documents.
The top government lawyer had earlier advised the investigating agency to remain a respondent in the case filed by Ajay Kumar Agrawal, a BJP member and advocate, who last year challenged the high court judgment in the Rs. 64-crore Bofors scandal.
Mr Venugopal reasoned in a note that if the CBI’s separate petition was dismissed in the Supreme Court, it would prejudice the case.
But the CBI was reportedly keen to file the appeal and there were reports that its officers had told a group of lawmakers that they had the evidence to back up their petition.
The 1986 Bofors howitzer gun deal devastated the Congress government of Rajiv Gandhi and ruined the party's prospects of returning to power for several years.
The Bofors case revolved around allegations that Swedish defence manufacturer Bofors paid huge kickbacks to former prime minister Rajiv Gandhi and others for the sale of its artillery gun to India.
The High Court said there was no evidence that Rajiv Gandhi had accepted bribes. Rajiv Gandhi - Sonia Gandhi's husband and Rahul Gandhi's father - was assassinated in 1991.
Last October, the CBI had indicated that it was considering an appeal against the High Court decision after Michael Hershman, a private detective from US-based firm Fairfax, alleged that the Rajiv Gandhi government had sabotaged his investigation into the case.
In the first hearing of Ajay Kumar Agarwal's appeal earlier this month, the Supreme Court had wondered why the court should go into it when the appeal hadn’t been filed by the prosecutor in the case, the CBI. The top court was to take up the case today but had to defer the hearing.
Business Affairs
I-T Dept issues notices to 'few lakh' Bitcoin investors as govt plans to ban cryptocurrencies
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While the government is planning to take out cryptocurrencies, taxmen are planning to levy taxes on the benefits collected from them. A few lakh tax notices have been sent to individuals who have invested in bitcoins. The Income Tax Department is working to obtain due taxes on these investments, said CBDT Chairman Sushil Chandra.
The head of Central Board of Direct Taxes (CBDT) told PTI that the Department came to know of cases where Bitcoin investors did not pay advance tax on gains from their investment, or did not mention these investments in their previous tax returns. These cases number in a few lakhs, the CBDT boss said.
"We have issued notices (to investors) and they (many of them) have agreed to pay taxes. We will definitely take taxes as far as the money is concerned which is invested (in bitcoins trade) and is unexplained," Chandra said.
The I-T Department had conducted survey operations at bitcoin exchanges across India in December last year under provisions of Income Tax Act. These surveys were to ascertain the identity of traders and investors involved, transactions made between them, the bank accounts used for this, among others.
The decision to exact taxes on Bicoin investments comes at the heels of the Budget speech by Finance Minister Arun Jaitley where he said bitcoins and all other cryptocurrencies are illegal. The Minister said that the all measures will be taken to eliminate use of cryptocurrencies used in illegal as well as payment practices.
"The government does not consider crypto-currencies legal tender or coin and will take all measures to eliminate use of these crypto-assets in financing illegitimate activities or as part of the payment system," he said.
Jaitley, however, did agree to explore the blockchain technology to give a leg-up to digital economy, an ambitious project of the Modi government. Distributed ledger system or blockchain technology allows organisation of any chain of records or transactions without the need of intermediaries, he said in his Budget speech.
The government in December cautioned investors to be wary of virtual currencies like bitcoin, saying they are like Ponzi schemes with no legal tender and protection.
Meanwhile, experts advised government to regulate cryptocurrencies instead of banning them. "While there could be several risks associated with crypto currencies, the fundamentals of the underlying blockchain technology or distributed ledger system is strong. Blockchain technology will find many good use-cases not only in private businesses but also in governance," Anshuman Verma, CEO of M1L and The Invention Factory was quoted by PTI.
The head of Central Board of Direct Taxes (CBDT) told PTI that the Department came to know of cases where Bitcoin investors did not pay advance tax on gains from their investment, or did not mention these investments in their previous tax returns. These cases number in a few lakhs, the CBDT boss said.
"We have issued notices (to investors) and they (many of them) have agreed to pay taxes. We will definitely take taxes as far as the money is concerned which is invested (in bitcoins trade) and is unexplained," Chandra said.
The I-T Department had conducted survey operations at bitcoin exchanges across India in December last year under provisions of Income Tax Act. These surveys were to ascertain the identity of traders and investors involved, transactions made between them, the bank accounts used for this, among others.
The decision to exact taxes on Bicoin investments comes at the heels of the Budget speech by Finance Minister Arun Jaitley where he said bitcoins and all other cryptocurrencies are illegal. The Minister said that the all measures will be taken to eliminate use of cryptocurrencies used in illegal as well as payment practices.
"The government does not consider crypto-currencies legal tender or coin and will take all measures to eliminate use of these crypto-assets in financing illegitimate activities or as part of the payment system," he said.
Jaitley, however, did agree to explore the blockchain technology to give a leg-up to digital economy, an ambitious project of the Modi government. Distributed ledger system or blockchain technology allows organisation of any chain of records or transactions without the need of intermediaries, he said in his Budget speech.
The government in December cautioned investors to be wary of virtual currencies like bitcoin, saying they are like Ponzi schemes with no legal tender and protection.
Meanwhile, experts advised government to regulate cryptocurrencies instead of banning them. "While there could be several risks associated with crypto currencies, the fundamentals of the underlying blockchain technology or distributed ledger system is strong. Blockchain technology will find many good use-cases not only in private businesses but also in governance," Anshuman Verma, CEO of M1L and The Invention Factory was quoted by PTI.
E-way bill rollout deferred due to technical glitches, trial phase to continue
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The government on Thursday deferred the launch of e-way bill system, citing technical problems in bill generation. The Central Board of Excise and Customs in a tweet said: "In view of difficulties faced by the trade in generating e-way bill due to initial technological glitches, it has been decided to extend the trial phase for generation of e-way bill, both for inter and intra state movement of goods. It'll be applicable from a date to be notified."
The new transportation system was to be in force from yesterday (February 1) after a 15-day trial period that began on January 16 ended on January 31.
During the trial run, 2.84 lakh e-way permits were issued on the GSTN portal. However, on the first day of formal launch of the bill, the system faced technical glitches. According to reports, along with inter-state electronic bill generation by all states, 17 states also started generating e-way bills for intra-state movement of goods, which created pressure on the portal.
The e-way bill system was introduced under GST provision. The new system requires transporters to carry an electronic bill for moving goods. E-way bill was to be implemented last year, but due to lack of technical preparation, the launch was postponed.
Last year in December, the GST Council decided to implement the e-way bill throughout the country from February. In a notification, the GSTN informed the transporters that E-way bill would become mandatory for inter-state movements of goods from February 1, 2018. It further said that the nationwide e-way bill system would be ready to be rolled out on a trial basis by January 16.
E-way bill can be generated from the GSTN portal. It can also be generated or cancelled through SMS. When an e-way bill is generated, a unique e-way bill number (EBN) is allocated and is available to the supplier, recipient, and the transporter.
ALL YOU NEED TO KNOW ABOUT E-WAY BILL
What is e-way bill?
E-way bill is an electronic document generated on the GST portal evidencing movement of goods. Every registered person who causes movement of goods (which may not necessarily be on account of supply) of consignment value more than Rs 50000 is required to furnish the details of GSTIN of recipient, place of delivery, invoice or challan number and date, value of goods, HSN code, transport document number (Goods Receipt Number or Railway Receipt Number or Airway Bill Number or Bill of Lading Number) and reasons for transportation and transporter details (Vehicle number).
Who should generate it and why?
E-way bill can be generated by the consignor or consignee himself if the transportation is being done in own/hired conveyance or by railways by air or by Vessel. If the goods are handed over to a transporter for transportation by road, the bill will be generated by the transporter. Where neither the consignor nor consignee generates the e-way bill and the value of goods is more than Rs.50,000 it shall be the responsibility of the transporter to generate it.
Purpose of e-way bill
E-way bill is a mechanism to ensure that goods being transported comply with the GST Law and is an effective tool to track movement of goods and check tax evasion.
Validity of e-way bill
The validity of e-way bill depends on the distance to be travelled by the goods. For a distance of less than 100 Km the e-way bill will be valid for a day from the relevant date. For every 100 Km thereafter, the validity will be additional one day from the relevant date. The "relevant date" shall mean the date on which the e-way bill has been generated and the period of validity shall be counted from the time at which the e-way bill has been generated and each day shall be counted as twenty-four hours.
What if goods cannot be transported within the period?
In general, the validity of the e-way bill cannot be extended. However, Commissioner may extend the validity period only by way of issue of notification for certain categories of goods. Further, if under circumstances of an exceptional nature, the goods cannot be transported within the validity period of the e-way bill, the transporter may generate another e-way bill after updating the details again.
Cases where e-way bill is not required
According to CBEC, there are some exceptions to e-way bill requirement. It said: "No e-way bill is required to be generated in the cases where goods being transported by a non-motorised conveyance; goods being transported from the port, airport, air cargo complex and land customs station to an inland container depot or a container freight station for clearance by Customs; and when Consignment value is less than Rs 50,000 among others."
The new transportation system was to be in force from yesterday (February 1) after a 15-day trial period that began on January 16 ended on January 31.
During the trial run, 2.84 lakh e-way permits were issued on the GSTN portal. However, on the first day of formal launch of the bill, the system faced technical glitches. According to reports, along with inter-state electronic bill generation by all states, 17 states also started generating e-way bills for intra-state movement of goods, which created pressure on the portal.
The e-way bill system was introduced under GST provision. The new system requires transporters to carry an electronic bill for moving goods. E-way bill was to be implemented last year, but due to lack of technical preparation, the launch was postponed.
Last year in December, the GST Council decided to implement the e-way bill throughout the country from February. In a notification, the GSTN informed the transporters that E-way bill would become mandatory for inter-state movements of goods from February 1, 2018. It further said that the nationwide e-way bill system would be ready to be rolled out on a trial basis by January 16.
E-way bill can be generated from the GSTN portal. It can also be generated or cancelled through SMS. When an e-way bill is generated, a unique e-way bill number (EBN) is allocated and is available to the supplier, recipient, and the transporter.
ALL YOU NEED TO KNOW ABOUT E-WAY BILL
What is e-way bill?
E-way bill is an electronic document generated on the GST portal evidencing movement of goods. Every registered person who causes movement of goods (which may not necessarily be on account of supply) of consignment value more than Rs 50000 is required to furnish the details of GSTIN of recipient, place of delivery, invoice or challan number and date, value of goods, HSN code, transport document number (Goods Receipt Number or Railway Receipt Number or Airway Bill Number or Bill of Lading Number) and reasons for transportation and transporter details (Vehicle number).
Who should generate it and why?
E-way bill can be generated by the consignor or consignee himself if the transportation is being done in own/hired conveyance or by railways by air or by Vessel. If the goods are handed over to a transporter for transportation by road, the bill will be generated by the transporter. Where neither the consignor nor consignee generates the e-way bill and the value of goods is more than Rs.50,000 it shall be the responsibility of the transporter to generate it.
Purpose of e-way bill
E-way bill is a mechanism to ensure that goods being transported comply with the GST Law and is an effective tool to track movement of goods and check tax evasion.
Validity of e-way bill
The validity of e-way bill depends on the distance to be travelled by the goods. For a distance of less than 100 Km the e-way bill will be valid for a day from the relevant date. For every 100 Km thereafter, the validity will be additional one day from the relevant date. The "relevant date" shall mean the date on which the e-way bill has been generated and the period of validity shall be counted from the time at which the e-way bill has been generated and each day shall be counted as twenty-four hours.
What if goods cannot be transported within the period?
In general, the validity of the e-way bill cannot be extended. However, Commissioner may extend the validity period only by way of issue of notification for certain categories of goods. Further, if under circumstances of an exceptional nature, the goods cannot be transported within the validity period of the e-way bill, the transporter may generate another e-way bill after updating the details again.
Cases where e-way bill is not required
According to CBEC, there are some exceptions to e-way bill requirement. It said: "No e-way bill is required to be generated in the cases where goods being transported by a non-motorised conveyance; goods being transported from the port, airport, air cargo complex and land customs station to an inland container depot or a container freight station for clearance by Customs; and when Consignment value is less than Rs 50,000 among others."
Big Basket bags massive $300 million in funding round led by Alibaba
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Eyebrows were raised last December when it was widely speculated that Alibaba, China's largest e-commerce firm, was going to invest big time in BigBasket, the hyperlocal grocery delivery company. There was even news of it seeking approval of the Competition Commission of India. Well, the deal finally fell into place on February 1, when most of India was busy obsessing over the Union Budget, and it is far bigger than what was expected.
The Bangalore-based start-up has raised $300 million Series E funding in a round led by Jack Ma's conglomerate. "This funding from Alibaba will essentially be directed towards growth and consolidation. The funds will be directed towards bettering our technological, analytical, and infrastructural prowess, all of which will enable the company to move up the curve. BigBasket is currently partnering with about 1800 farmers throughout the country and aims to become the 'most preferred partner' for up to 3000 of them. While we already enjoy the appreciation and trust of BigBasketeers, our strategy is to eventually become the one-stop-shop for all customer needs in future," said Hari Menon, the start-up's CEO, and co-founder.
This deal will give BigBasket more muscle to compete against rivals like Grofers and e-tailing giant Amazon. The latter has already received the government's approval for its proposed $500 million investment in food retail and is ramping up its business in the segment with Amazon Pantry and Amazon Now. Flipkart has also said that it will be re-entering the grocery segment, which it had pulled out of nearly two years ago. Given that India's retail market is worth over $900 billion, and grocery shopping accounts for over 66% of that pie, it is not surprising to see competition heating up in this space.
BigBasket already has operations in 14 odd cities, including Hyderabad, Pune, Ahmedabad, Patna, Indore and Punjab apart from the metros. But further expansion is not on the cards at the moment. Along with partnering with farmers and gaining a larger customer base, its third major priority is to become a leading employer for blue-collar workers in the country-presently, the company has about 16,000 employees, including delivery staff.
Founded in December 2011, the company ended the previous fiscal with over $220 million in revenue. In January, when asked about profitability, Menon has said they were already operationally profitable in two cities, Bengaluru and Hyderabad, and added that "In the next two months, three more cities including Kolkata, Chennai and Ahmedabad will be operationally profitable, and in six months all our cities should have broken even on a standalone basis." The company is also aggressively growing its user base, eyeing 20 million customers by 2020, up from 8 million currently.
The last time BigBasket raised funds was back in March 2016, when it closed a $150 Million funding round led by The Abraaj Group. The latest deal is double that amount. So flushed with funds, and armed with Alibaba's experience, BigBasket is sure to grab a bigger share in India's online grocery market, pegged to cross $2.5 billion in the next fiscal.
The Bangalore-based start-up has raised $300 million Series E funding in a round led by Jack Ma's conglomerate. "This funding from Alibaba will essentially be directed towards growth and consolidation. The funds will be directed towards bettering our technological, analytical, and infrastructural prowess, all of which will enable the company to move up the curve. BigBasket is currently partnering with about 1800 farmers throughout the country and aims to become the 'most preferred partner' for up to 3000 of them. While we already enjoy the appreciation and trust of BigBasketeers, our strategy is to eventually become the one-stop-shop for all customer needs in future," said Hari Menon, the start-up's CEO, and co-founder.
This deal will give BigBasket more muscle to compete against rivals like Grofers and e-tailing giant Amazon. The latter has already received the government's approval for its proposed $500 million investment in food retail and is ramping up its business in the segment with Amazon Pantry and Amazon Now. Flipkart has also said that it will be re-entering the grocery segment, which it had pulled out of nearly two years ago. Given that India's retail market is worth over $900 billion, and grocery shopping accounts for over 66% of that pie, it is not surprising to see competition heating up in this space.
BigBasket already has operations in 14 odd cities, including Hyderabad, Pune, Ahmedabad, Patna, Indore and Punjab apart from the metros. But further expansion is not on the cards at the moment. Along with partnering with farmers and gaining a larger customer base, its third major priority is to become a leading employer for blue-collar workers in the country-presently, the company has about 16,000 employees, including delivery staff.
Founded in December 2011, the company ended the previous fiscal with over $220 million in revenue. In January, when asked about profitability, Menon has said they were already operationally profitable in two cities, Bengaluru and Hyderabad, and added that "In the next two months, three more cities including Kolkata, Chennai and Ahmedabad will be operationally profitable, and in six months all our cities should have broken even on a standalone basis." The company is also aggressively growing its user base, eyeing 20 million customers by 2020, up from 8 million currently.
The last time BigBasket raised funds was back in March 2016, when it closed a $150 Million funding round led by The Abraaj Group. The latest deal is double that amount. So flushed with funds, and armed with Alibaba's experience, BigBasket is sure to grab a bigger share in India's online grocery market, pegged to cross $2.5 billion in the next fiscal.
Sensex falls over 500 points, Nifty loses 150 points; PC Jeweller, Just Dial top losers
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The ghost of LTCG tax returned to haunt the market a day after Finance Minister Arun Jaitley announced a 10 percent long term capital gains tax on sale of equity shares/ units of equity oriented fund. While the Sensex fell up to 575 points to 35,331, Nifty fell over 190 points to 10,826 level. At 10:38 am, the Sensex was trading 578 points lower at 35,328 and Nifty was down 179 points to 10,837.
Experts said the market was falling as investors/traders were booking profits to avoid the cut off date of January 31 for imposition of LTCG tax.
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"Long-term capital gains tax on equities is not welcomed by the markets and fiscal slippage is another reason that's driving the markets down," said Neeraj Dewan, director, Quantum Securities.
23 stocks on the Sensex were trading in the red. Top losers were HDFC (2.75%), ONGC (2.64%) and Kotak Bank (2.33%).
PC Jeweller (34%) JustDial (12.14%), Vakrangee (10%) were the top BSE losers .
ITC (1.69%), TCS (1.17%) and Sun Pharma (1.15%) were the top gainers on Sensex.
Anand James, Chief Market Strategist, Geojit Financial Services said, "There has been volatility in Indian bonds as well as rupee on account of fiscal slippage, even global bond market as well as equity market has also seen similar pressure on account of tightening US inflation expectations. So sentiments today has been frayed on account of that, LTCG just looked like a visible reason, but it is certainly not the sole reason."
Bank Nifty was down 573 points at 26,647 level.
Market breadth was negative with 325 stocks rising against 1911 falling on the BSE. 72 stocks were unchanged.
BSE Midcaps and small caps were the market laggards falling 346 points and 461 points, respectively.
BSE Consumer durables (1340 points), bankex (564 points), auto (319 points) and capital goods (446 points) indices led the losses in a falling market.
Of the 19 BSE sectoral indices, 17 were trading in the red.
Global markets
Asian markets are trading negative tracking mixed response from Wall Street and higher bond yields in the stateside. Tech stocks are trading lower.
In Europe, markets closed lower as investors weighed on corporate earnings and monitored losses in stateside. Telecom stocks were the worst performers. Manufacturing PMI came in at 59.6 slightly lower than December high of 60.6.
US markets closed slightly lower as investors seemed worried about rising interest rates. Q4 productivity fell 0.1% which was lower than expected. US non-farm payrolls numbers due today.
Experts said the market was falling as investors/traders were booking profits to avoid the cut off date of January 31 for imposition of LTCG tax.
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"Long-term capital gains tax on equities is not welcomed by the markets and fiscal slippage is another reason that's driving the markets down," said Neeraj Dewan, director, Quantum Securities.
23 stocks on the Sensex were trading in the red. Top losers were HDFC (2.75%), ONGC (2.64%) and Kotak Bank (2.33%).
PC Jeweller (34%) JustDial (12.14%), Vakrangee (10%) were the top BSE losers .
ITC (1.69%), TCS (1.17%) and Sun Pharma (1.15%) were the top gainers on Sensex.
Anand James, Chief Market Strategist, Geojit Financial Services said, "There has been volatility in Indian bonds as well as rupee on account of fiscal slippage, even global bond market as well as equity market has also seen similar pressure on account of tightening US inflation expectations. So sentiments today has been frayed on account of that, LTCG just looked like a visible reason, but it is certainly not the sole reason."
Bank Nifty was down 573 points at 26,647 level.
Market breadth was negative with 325 stocks rising against 1911 falling on the BSE. 72 stocks were unchanged.
BSE Midcaps and small caps were the market laggards falling 346 points and 461 points, respectively.
BSE Consumer durables (1340 points), bankex (564 points), auto (319 points) and capital goods (446 points) indices led the losses in a falling market.
Of the 19 BSE sectoral indices, 17 were trading in the red.
Global markets
Asian markets are trading negative tracking mixed response from Wall Street and higher bond yields in the stateside. Tech stocks are trading lower.
In Europe, markets closed lower as investors weighed on corporate earnings and monitored losses in stateside. Telecom stocks were the worst performers. Manufacturing PMI came in at 59.6 slightly lower than December high of 60.6.
US markets closed slightly lower as investors seemed worried about rising interest rates. Q4 productivity fell 0.1% which was lower than expected. US non-farm payrolls numbers due today.
Railway Ministry rethinking on flexi-fares: Piyush Goyal
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The Ministry of Railways is having a rethink on flexi-fares and bringing in a dynamic pricing system that will help increase occupancy and enhance revenues, Railway Minister Piyush Goyal said today.
Replying to questions in the Rajya Sabha, he also said his ministry was planning a major overhaul of the obsolete signalling system currently being used and to introduce latest technology.
During the Question Hour, some members raised questions about the flexi-fares, with BJP member Ram Vichar Netam saying there were times when the prices rose to a quite high level.
In response, Goyal said a committee has submitted a report on how to dynamically price the train tickets which would also help improving profits.
Under this system, discounts could be given during the off season, the minister said, adding that the fares would automatically adjust themselves through artificial intelligence, algorithms or technology, to help trains have more occupancy, thus maximising revenues.
"We have got a detailed report on how to make it a dynamic fares from flexi fares which will be decided according to the season and demand and supply...Sometimes the consumer may get tickets at cheap rates and sometimes a bit higher," he said.
During the discussion, Congress member Jairam Ramesh asked whether the social obligation costs pertaining to the railways would be borne by the government as the Railway Budget and the General Budget have been combined.
Goyal said the railways needed to increase efficiency which will increase its profits and provide resources to meet social obligations.
Referring to the signalling system, he said 100-year old technology was still being used by railways and this obsolete technology was responsible for delays during situations like fog.
"We are looking at transforming the entire signalling system of 1,10,000 plus line kilometers of the railways in the next five to six years," the minister said.
He said the government was looking at ETS II which is the most modern signalling system.
"The moment I can change the signalling system, I can double the carrying capacity of the railways," he said.
He said once this is done, the railways will be able to meet social obligations by increasing efficiency.
He said the Railways was active in meeting its social duties and added that a train was recently started through a insurgency-affected area in Chhattisgarh.
Replying to another question, Goyal said the Railways were not in losses and several measures were being taken to increase efficiency which will help the Railways to improve its profitability.
"We have not increased fares in last four years, certainly there is stress on the budget of Railways, keeping in view the impact of pay commission," he said.
Replying to questions in the Rajya Sabha, he also said his ministry was planning a major overhaul of the obsolete signalling system currently being used and to introduce latest technology.
During the Question Hour, some members raised questions about the flexi-fares, with BJP member Ram Vichar Netam saying there were times when the prices rose to a quite high level.
In response, Goyal said a committee has submitted a report on how to dynamically price the train tickets which would also help improving profits.
Under this system, discounts could be given during the off season, the minister said, adding that the fares would automatically adjust themselves through artificial intelligence, algorithms or technology, to help trains have more occupancy, thus maximising revenues.
"We have got a detailed report on how to make it a dynamic fares from flexi fares which will be decided according to the season and demand and supply...Sometimes the consumer may get tickets at cheap rates and sometimes a bit higher," he said.
During the discussion, Congress member Jairam Ramesh asked whether the social obligation costs pertaining to the railways would be borne by the government as the Railway Budget and the General Budget have been combined.
Goyal said the railways needed to increase efficiency which will increase its profits and provide resources to meet social obligations.
Referring to the signalling system, he said 100-year old technology was still being used by railways and this obsolete technology was responsible for delays during situations like fog.
"We are looking at transforming the entire signalling system of 1,10,000 plus line kilometers of the railways in the next five to six years," the minister said.
He said the government was looking at ETS II which is the most modern signalling system.
"The moment I can change the signalling system, I can double the carrying capacity of the railways," he said.
He said once this is done, the railways will be able to meet social obligations by increasing efficiency.
He said the Railways was active in meeting its social duties and added that a train was recently started through a insurgency-affected area in Chhattisgarh.
Replying to another question, Goyal said the Railways were not in losses and several measures were being taken to increase efficiency which will help the Railways to improve its profitability.
"We have not increased fares in last four years, certainly there is stress on the budget of Railways, keeping in view the impact of pay commission," he said.
General Awareness
Ayushman Bharat for a new India -2022
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The Government has announced two major initiatives in health sector, as part of Ayushman Bharat programme. These two health sector initiatives under Ayushman Bharat Programme will build a New India 2022 and ensure enhanced productivity, well being and avert wage loss and impoverishment. These Schemes will also generate lakhs of jobs, particularly for women.
The initiatives are as follows:
Health and Wellness Centre: The National Health Policy, 2017 has envisioned Health and Wellness Centres as the foundation of India’s health system. Under this 1.5 lakh centres will bring health care system closer to the homes of people. These centres will provide comprehensive health care, including for non-communicable diseases and maternal and child health services. These centres will also provide free essential drugs and diagnostic services. The Budget has allocated Rs.1200 crore for this flagship programme. Contribution of private sector through CSR and philanthropic institutions in adopting these centres is also envisaged.
National Health Protection Scheme: The second flagship programme under Ayushman Bharat is National Health Protection Scheme, which will cover over 10 crore poor and vulnerable families (approximately 50 crore beneficiaries) providing coverage upto 5 lakh rupees per family per year for secondary and tertiary care hospitalization. This will be the world’s largest government funded health care programme. Adequate funds will be provided for smooth implementation of this programme.
The initiatives are as follows:
Health and Wellness Centre: The National Health Policy, 2017 has envisioned Health and Wellness Centres as the foundation of India’s health system. Under this 1.5 lakh centres will bring health care system closer to the homes of people. These centres will provide comprehensive health care, including for non-communicable diseases and maternal and child health services. These centres will also provide free essential drugs and diagnostic services. The Budget has allocated Rs.1200 crore for this flagship programme. Contribution of private sector through CSR and philanthropic institutions in adopting these centres is also envisaged.
National Health Protection Scheme: The second flagship programme under Ayushman Bharat is National Health Protection Scheme, which will cover over 10 crore poor and vulnerable families (approximately 50 crore beneficiaries) providing coverage upto 5 lakh rupees per family per year for secondary and tertiary care hospitalization. This will be the world’s largest government funded health care programme. Adequate funds will be provided for smooth implementation of this programme.
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