General Affairs
Yogi Adityanath made Braj's Holi celebrations popular globally by participating this year, says Mathura minister
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Senior UP Minister and Mathura MLA Srikant Sharma has said that by participating in the Holi celebrations of Mathura this year, UP Chief Minister Yogi Adityanath not only raised the importance of Mathura in the state, but also made Holi of Braj famous all over the world.
Sharma said that this year, a large number of foreign tourists have arrived in Mathura to enjoy the Holi celebrations that are unique to the Braj region. UP CM has issued special instructions to the local police and administration to ensure the safety of these foreign guests.
Mentioning the Lathmaar Holi of Barsana, Sharma said that this is a special event for which both women and men practice the whole year before participating. He said that the Lathmaar Holi is not play acting and the shields are actually there to protect the men from being hit in the head by sticks wielded by the women of Barsana.
Apart from the Lathmaar Holi, there are other events called 'Phoolon Ki Holi' and 'Ladduon Ki Holi' which are exclusively held in Braj region and with each year, the grandeur of these celebrations is increasing.
Sharma expressed hope that next year, the chief ministers of all neighbouring states will come to view the Lathmaar Holi of Barsana and just like the Diwali of Ayodhya, the Holi of Braj will also become a special event on the festival calendar of UP.
For the first time, arrangements are being made for Holi celebrations at Bateshwar, the ancestral village of former PM and BJP stalwart Atal Bihari Vajpayee and the multitude of Shiva temples in this holy village alongside the Yamuna river have been specially decorated for this occasion.
Asked if the UP CM will make arrangements for the celebration of Christmas and Eid with equal vigor, Sharma said that we are Hindus, so we are celebrating Diwali and Holi, and people of every religion have the right to celebrate their own festivals with as much fervor as they desire.
Talking to India Today, Hindustani Biradari Vice-Chairman Vishal Sharma said that the Holi celebration in Braj is known worldwide since a long time and it won't be the first time when it has attracted the attention of foreign tourists.
Photographers from world over flock to Barsana each year to capture the unique celebration of Lathmaar Holi, which is said to have been played in its present form since the time of Lord Krishna, the principal deity of Braj region.
He said that Lathmaar Holi has also gained the attention of the Bollywood several times, with the latest movie to feature this celebration being Akshay Kumar starrer 'Toilet - Ek Prem Katha', so it may not be correct to present this year's Holi celebrations as something that is being held for the first time.
Srikant Sharma said that the UP CM's efforts to ensure the safety of tourists visiting Mathura during the Holi celebrations is highly appreciable as there have been numerous complaints in the past of female tourists being molested, which earns a bad name for Braj itself.
Sharma said that this year, a large number of foreign tourists have arrived in Mathura to enjoy the Holi celebrations that are unique to the Braj region. UP CM has issued special instructions to the local police and administration to ensure the safety of these foreign guests.
Mentioning the Lathmaar Holi of Barsana, Sharma said that this is a special event for which both women and men practice the whole year before participating. He said that the Lathmaar Holi is not play acting and the shields are actually there to protect the men from being hit in the head by sticks wielded by the women of Barsana.
Apart from the Lathmaar Holi, there are other events called 'Phoolon Ki Holi' and 'Ladduon Ki Holi' which are exclusively held in Braj region and with each year, the grandeur of these celebrations is increasing.
Sharma expressed hope that next year, the chief ministers of all neighbouring states will come to view the Lathmaar Holi of Barsana and just like the Diwali of Ayodhya, the Holi of Braj will also become a special event on the festival calendar of UP.
For the first time, arrangements are being made for Holi celebrations at Bateshwar, the ancestral village of former PM and BJP stalwart Atal Bihari Vajpayee and the multitude of Shiva temples in this holy village alongside the Yamuna river have been specially decorated for this occasion.
Asked if the UP CM will make arrangements for the celebration of Christmas and Eid with equal vigor, Sharma said that we are Hindus, so we are celebrating Diwali and Holi, and people of every religion have the right to celebrate their own festivals with as much fervor as they desire.
Talking to India Today, Hindustani Biradari Vice-Chairman Vishal Sharma said that the Holi celebration in Braj is known worldwide since a long time and it won't be the first time when it has attracted the attention of foreign tourists.
Photographers from world over flock to Barsana each year to capture the unique celebration of Lathmaar Holi, which is said to have been played in its present form since the time of Lord Krishna, the principal deity of Braj region.
He said that Lathmaar Holi has also gained the attention of the Bollywood several times, with the latest movie to feature this celebration being Akshay Kumar starrer 'Toilet - Ek Prem Katha', so it may not be correct to present this year's Holi celebrations as something that is being held for the first time.
Srikant Sharma said that the UP CM's efforts to ensure the safety of tourists visiting Mathura during the Holi celebrations is highly appreciable as there have been numerous complaints in the past of female tourists being molested, which earns a bad name for Braj itself.
Govt tells state banks to check NPAs worth more than Rs 50 cr for fraud
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The Narendra Modi government on Tuesday asked public banks to check all non-performing assets (NPAs) worth more than Rs 50 crore for fraud, as federal investigators continued to probe an alleged multi-crore scam detected by Punjab National Bank (PNB), India's second largest state lender.
The Ministry of Finance has asked the CMDS and heads of public sector banks to first scam every NPA claim of more than Rs 50 crore, identify wilful defaulters and check if fraud has been committed.
Banks have also been directed to refer all cases of fraud to the Central Bureau of Investigation, and keep agencies like the Enforcement Directorate and the DRI informed.
The ministry also set a 15-day deadline for banks to take action to improve their oversight of operational and technological risks.
Last week, Union Finance Minister Arun Jaitley decried a "lack of ethics" among sections of Indian business. He criticised inadequate oversight by auditors and regulators.
However, he did not explicitly mention the PNB case.
SCALE OF FRAUD COULD INCREASE, SAYS PNB
The amount of fraudulent transactions suffered by PNB could rise by $204 million (approximately Rs 1,323 crore), in addition to the $1.77 billion (approximately Rs 11,400 crore) reported earlier, the lender said Monday.
PNB's announcement sent its shares reeling to a 20-month low.
It also sent shares of other state-run lenders lower, reinforcing concerns about the escalating financial cost of the unauthorised loans steered towards billionaire jewellers Nirav Modi and his uncle Mehul Choksi, owner of Gitanjali Gems Ltd.
The Ministry of Finance has asked the CMDS and heads of public sector banks to first scam every NPA claim of more than Rs 50 crore, identify wilful defaulters and check if fraud has been committed.
Banks have also been directed to refer all cases of fraud to the Central Bureau of Investigation, and keep agencies like the Enforcement Directorate and the DRI informed.
The ministry also set a 15-day deadline for banks to take action to improve their oversight of operational and technological risks.
Last week, Union Finance Minister Arun Jaitley decried a "lack of ethics" among sections of Indian business. He criticised inadequate oversight by auditors and regulators.
However, he did not explicitly mention the PNB case.
SCALE OF FRAUD COULD INCREASE, SAYS PNB
The amount of fraudulent transactions suffered by PNB could rise by $204 million (approximately Rs 1,323 crore), in addition to the $1.77 billion (approximately Rs 11,400 crore) reported earlier, the lender said Monday.
PNB's announcement sent its shares reeling to a 20-month low.
It also sent shares of other state-run lenders lower, reinforcing concerns about the escalating financial cost of the unauthorised loans steered towards billionaire jewellers Nirav Modi and his uncle Mehul Choksi, owner of Gitanjali Gems Ltd.
Maharashtra Assembly adjourned twice over Marathi poetry
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World Marathi Language Day was celebrated in the Vidhan Bhawan premises today where a famous poetry 'Marathi Abhimaan Geet' by renowned Marathi poet Suresh Bhat was recited by the members of Maharashtra Legislature.
Nationalist Congress Party (NCP) leader Ajit Pawar raised objections on why only six stanzas of the poem were recited instead of seven.
The opposition demanded an explanation, creating a ruckus. The House was adjourned for 15 minutes.
The last stanza of the poem deals with how Marathi is being suppressed in its own state.
Opposition alleged that the government deliberately dropped the seventh stanza.
Marathi Language Minister Vinod Tawde told the House that though the seventh stanza was not included in the original poem, Suresh Bhat recited it in a programme.
Even the subsequent copies of the poetry collection Roop Ganga did not have the stanza.
The Opposition further upped its ante demanding to make Marathi compulsory in all schools in the state from class 1 to 10.
Nationalist Congress Party (NCP) leader Ajit Pawar raised objections on why only six stanzas of the poem were recited instead of seven.
The opposition demanded an explanation, creating a ruckus. The House was adjourned for 15 minutes.
The last stanza of the poem deals with how Marathi is being suppressed in its own state.
Opposition alleged that the government deliberately dropped the seventh stanza.
Marathi Language Minister Vinod Tawde told the House that though the seventh stanza was not included in the original poem, Suresh Bhat recited it in a programme.
Even the subsequent copies of the poetry collection Roop Ganga did not have the stanza.
The Opposition further upped its ante demanding to make Marathi compulsory in all schools in the state from class 1 to 10.
Kerala: State govt withdraws 2015 Kerala Assembly brawl case, Opposition says clear misuse of power
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The CPIM-led government in Kerala has decided to withdraw the criminal case against former legislators in the infamous 'Kerala Assembly brawl' 2015 case.
During the term of former UDF government, LDF legislators disrupted assembly proceedings while KM Mani tried to present the budget. The LDF agitation was followed by the alleged 'Bar Scam' against then finance minister K M Mani.
On March 13, 2015, as assembly proceedings began, LDF legislators protested in the assembly leading to unruly incidents. The incident became a huge embarrassment for the state as LDF MLA's created chaos inside the assembly.
The opposition MLAs split into 2 groups in the assembly. While one team tried to disrupt the budget speech by KM Mani, another group of MLAs tried to stop Speaker N Shakthan from entering the podium and they destroyed the pieces of equipment in the podium including the speaker's chair.
Following the 3-hour-long standoff, KM Mani managed to present the budget amid tight security provided by the UDF MLAs.
However, a criminal case was registered against 6 LDF MLAs for damaging public property.
After LDF government assumed power in 2016, one of the accused MLAs, V Sivankutty wrote a letter to the CM alleging that the case was politically motivated.
Based on this letter, the home department decided to withdraw this case after consulting with the law department.
The Congress, which is now the prime opposition has hit out against the move. The leader of Opposition, Ramesh Chennithala said that this a clear misuse of power by the state government.
During the term of former UDF government, LDF legislators disrupted assembly proceedings while KM Mani tried to present the budget. The LDF agitation was followed by the alleged 'Bar Scam' against then finance minister K M Mani.
On March 13, 2015, as assembly proceedings began, LDF legislators protested in the assembly leading to unruly incidents. The incident became a huge embarrassment for the state as LDF MLA's created chaos inside the assembly.
The opposition MLAs split into 2 groups in the assembly. While one team tried to disrupt the budget speech by KM Mani, another group of MLAs tried to stop Speaker N Shakthan from entering the podium and they destroyed the pieces of equipment in the podium including the speaker's chair.
Following the 3-hour-long standoff, KM Mani managed to present the budget amid tight security provided by the UDF MLAs.
However, a criminal case was registered against 6 LDF MLAs for damaging public property.
After LDF government assumed power in 2016, one of the accused MLAs, V Sivankutty wrote a letter to the CM alleging that the case was politically motivated.
Based on this letter, the home department decided to withdraw this case after consulting with the law department.
The Congress, which is now the prime opposition has hit out against the move. The leader of Opposition, Ramesh Chennithala said that this a clear misuse of power by the state government.
Rajasthan amends law, vehicles used in bovine smuggling to be seized
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The Rajasthan government on Monday announced amendments in the state Bovine Act, whereby vehicles used in illegal transport of animals will be seized, and culprits arrested.
"The Rajasthan government has made a significant amendment* in the Rajasthan Bovine Animals (Prohibition of Slaughter and Regulation of Temporary Migration or Export) Act of 1995 to provide for seizure of vehicles used in illegal transportation of cows and arrest of culprits," Parliamentary Affairs Minister Rajendra Rathore said after a Cabinet meeting.
Section 6A has been added to allow the seizure of vehicles, and their release (after a penalty is paid).
The amendments come a day after Aas Mohammad, 36, a resident of Nuh in Mewat, was crushed to death under the wheel of a canter carrying cattle. The incident took place near Alwar.
Mohammad and two others were in the vehicle when they were asked to stop at a check post. They ignored the police's orders and kept driving. A chase ensued.
In the exchange of fire that took place, a tyre was deflated. Mohammed is said to have jumped out. He got run over.
His two accomplices escaped.
As many as 23 animals were recovered. Five of them were dead.
Mohammad's death was the third linked to the cow trade in the region - and in the state.
"The Rajasthan government has made a significant amendment* in the Rajasthan Bovine Animals (Prohibition of Slaughter and Regulation of Temporary Migration or Export) Act of 1995 to provide for seizure of vehicles used in illegal transportation of cows and arrest of culprits," Parliamentary Affairs Minister Rajendra Rathore said after a Cabinet meeting.
Section 6A has been added to allow the seizure of vehicles, and their release (after a penalty is paid).
The amendments come a day after Aas Mohammad, 36, a resident of Nuh in Mewat, was crushed to death under the wheel of a canter carrying cattle. The incident took place near Alwar.
Mohammad and two others were in the vehicle when they were asked to stop at a check post. They ignored the police's orders and kept driving. A chase ensued.
In the exchange of fire that took place, a tyre was deflated. Mohammed is said to have jumped out. He got run over.
His two accomplices escaped.
As many as 23 animals were recovered. Five of them were dead.
Mohammad's death was the third linked to the cow trade in the region - and in the state.
Business Affairs
Finance Ministry gives 15-day deadline to PSBs to detect frauds, wilful defaults
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In light of the biggest banking scam in the Punjab National Bank (PNB) that rocked the country this month, the government has started its ambitious reform agenda for timely detection, reporting, and investigation of large value bank frauds. The Department of Financial Services has asked all public sector banks to detect bank frauds and consequential wilful defaults in 15 days and refer cases to the Central Bureau of Investigation (CBI). The department has said all the non-performing assets (NPA) above Rs 50 crore will be examined for possible fraud.
These banks have been asked to involve Enforcement Directorate (ED) or Directorate of Revenue Intelligence (DRI) to inquire cases related to violations under the Prevention of Money Laundering Act and the Foreign Exchange Management Act.
Department of Financial Services Secretary Rajeev Kumar said the banks have been asked to ensure "pre-emptive action and indentify gaps" in addition to make themselves ready for "rising ops (operations) and tech risks". The PSB also need to assign clear the accountability to their senior functionaries to ensure the immediate implementation of the agenda.
Executive directors and chief technology officers of PSBs have been asked to prepare a blueprint to enhance preparedness for combating increasing risks,
Under the government's clean and responsive banking plan, each PSB will form a group comprising EDs and CTOs. The panel will find areas where the respective bank will have to improve and "learn" from best practices.
The government 'bank reform plan' has been launched under its Enhanced Access and Service Excellence (Ease) programme.
On February 14, PNB detected the fraud at its Mumbai branch wherein diamond merchant Nirav Modi and associates allegedly cheated the bank by acquiring fraudulent letters of undertaking (LoUs) from one of its branches for overseas credit from other Indian lenders. In a late night filing to stock exchanges on Monday, the PNB said the total fraud estimate could exceed by over Rs 1300 crore as the probe deepens in the case.
"The quantum of reported unauthorised transactions can increase by Rs 1,300 crore," said the PNB. The hiked-up defrauded amount now stands at over Rs 12,700 crore.
Ever since the PNB scam has unfolded, the investigation agencies have confiscated several properties of Nirav Modi. The fraud revelation that started from Rs 280 crore has reached over Rs 12,700 crore as the agency officials warn of many more skeletons in the closet.
What is Ease programme for banks?
Prompt fraud identification and action within prescribed deadlines.
CVOs (chief vigilance officers) to vet complaint and coordinate with the CBI for frauds exceeding Rs 50 crore.
NPA cases above Rs 50 crore to be examined for fraud.
Reported frauds to be examined for wilful default.
Banks to seek borrower status report from the Central Economic Intelligence Bureau (CEIB) on account turning NPA, CEIB to revert in a week.
Bank to involve the Enforcement Directorate or the Department of Revenue Intelligence if conditions warrant.
These banks have been asked to involve Enforcement Directorate (ED) or Directorate of Revenue Intelligence (DRI) to inquire cases related to violations under the Prevention of Money Laundering Act and the Foreign Exchange Management Act.
Department of Financial Services Secretary Rajeev Kumar said the banks have been asked to ensure "pre-emptive action and indentify gaps" in addition to make themselves ready for "rising ops (operations) and tech risks". The PSB also need to assign clear the accountability to their senior functionaries to ensure the immediate implementation of the agenda.
Executive directors and chief technology officers of PSBs have been asked to prepare a blueprint to enhance preparedness for combating increasing risks,
Under the government's clean and responsive banking plan, each PSB will form a group comprising EDs and CTOs. The panel will find areas where the respective bank will have to improve and "learn" from best practices.
The government 'bank reform plan' has been launched under its Enhanced Access and Service Excellence (Ease) programme.
On February 14, PNB detected the fraud at its Mumbai branch wherein diamond merchant Nirav Modi and associates allegedly cheated the bank by acquiring fraudulent letters of undertaking (LoUs) from one of its branches for overseas credit from other Indian lenders. In a late night filing to stock exchanges on Monday, the PNB said the total fraud estimate could exceed by over Rs 1300 crore as the probe deepens in the case.
"The quantum of reported unauthorised transactions can increase by Rs 1,300 crore," said the PNB. The hiked-up defrauded amount now stands at over Rs 12,700 crore.
Ever since the PNB scam has unfolded, the investigation agencies have confiscated several properties of Nirav Modi. The fraud revelation that started from Rs 280 crore has reached over Rs 12,700 crore as the agency officials warn of many more skeletons in the closet.
What is Ease programme for banks?
Prompt fraud identification and action within prescribed deadlines.
CVOs (chief vigilance officers) to vet complaint and coordinate with the CBI for frauds exceeding Rs 50 crore.
NPA cases above Rs 50 crore to be examined for fraud.
Reported frauds to be examined for wilful default.
Banks to seek borrower status report from the Central Economic Intelligence Bureau (CEIB) on account turning NPA, CEIB to revert in a week.
Bank to involve the Enforcement Directorate or the Department of Revenue Intelligence if conditions warrant.
Linking Aadhaar with Paytm: RBI refuses to extend KYC compliance deadline for prepaid wallets
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Today is the last day for mandatory KYC-compliance by prepaid wallet customers and the Reserve Bank of India (RBI) has refused to extend the deadline a second time saying "sufficient time has already been given to meet the prescribed guidelines". To remind you, the 55 non-banking prepaid payment instrument (PPIs) operational currently, apart from 50 wallets promoted by banks, were initially given time till December 31, 2017, to obtain the KYC-related inputs from their customers, which was extended to February 28 at the behest of a few players.
But there is no reason for users to panic because RBI Deputy Governor BP Kanungo has made it clear that "customers will not lose their money". If you have cash stashed in any PPIs - think Paytm, Ola Money, Google Tez, Sodexo, MobiKwik, Amazon Pay, et al - but are yet to complete the KYC (know-your-customer) formalities, the good news is that you will be able to continue using your available balance for purchases post February 28. Or you could choose to close the PPI account and get the balance money transferred into your bank accounts. However, you will have to rush to fulfil KYC requirements before end of day tomorrow if you want to reload your wallet or continue to remit funds. All you need to do is submit proof like PAN card, voter ID, your Aadhaar number, etc.
Why is the RBI cracking the whip? "The guidelines are designed to strengthen safety and security of transactions and customer protection," explained Kanungo, adding that the KYC requirements are necessary to usher in inter-operability. As per the master directions issued on the matter last October, the RBI wants to allow e-wallets of private firms to interoperate, which means that users of one wallet app will be able to transact with users of a different wallet app. "In the first phase, PPI issuers (both bank and non-bank entities) shall make all KYC-compliant PPIs issued in the form of wallets interoperable amongst themselves through Unified Payments Interface (UPI) within six months from the date of issue of this direction," said the RBI directive, adding that "In subsequent phases, interoperability shall be enabled between wallets and bank accounts through UPI. Similarly, interoperability for PPIs issued in the form of cards shall also be enabled in due course."
This move comes along with other sweeping reforms that the RBI plans on undertaking in order to facilitate a smoother digital payments eco-system, which could influence more businesses and customers to adopt digital transactions. According to RBI data, the volume of PPI transactions in December 2017 stood at 319.85 million, up from 236.16 million the previous month. Interoperability could spur this on further.
However, according to media reports, PPIs have long complained that the KYC requirement was very challenging and that they feared losing business as 90 per cent of their customers had been onboarded using minimum KYC, which is giving the telephone number. "PPI is the entry point for anyone to go digital and if they (the RBI) put so many restrictions, it will create a hindrance among users. There should be a minimum KYC, which validates the name and mobile number and where the user will get an OTP," Vijay Kalantri, Founder of The Mobile Wallet, told the The Hindu Business Line. He added that the move would lead to a massive drop in the number of wallet users, and many do not want to carry out full KYC. The PPI industry also felt that if KYC is done for mobile phones, the same should take care of security concerns.
In any case, RBI's stricter guidelines is seen to have already forced one player to exit the stage-Mumbai-based BookMyShow is reportedly all set to discontinue its wallet service, MyWallet. Will more follow suit?
But there is no reason for users to panic because RBI Deputy Governor BP Kanungo has made it clear that "customers will not lose their money". If you have cash stashed in any PPIs - think Paytm, Ola Money, Google Tez, Sodexo, MobiKwik, Amazon Pay, et al - but are yet to complete the KYC (know-your-customer) formalities, the good news is that you will be able to continue using your available balance for purchases post February 28. Or you could choose to close the PPI account and get the balance money transferred into your bank accounts. However, you will have to rush to fulfil KYC requirements before end of day tomorrow if you want to reload your wallet or continue to remit funds. All you need to do is submit proof like PAN card, voter ID, your Aadhaar number, etc.
Why is the RBI cracking the whip? "The guidelines are designed to strengthen safety and security of transactions and customer protection," explained Kanungo, adding that the KYC requirements are necessary to usher in inter-operability. As per the master directions issued on the matter last October, the RBI wants to allow e-wallets of private firms to interoperate, which means that users of one wallet app will be able to transact with users of a different wallet app. "In the first phase, PPI issuers (both bank and non-bank entities) shall make all KYC-compliant PPIs issued in the form of wallets interoperable amongst themselves through Unified Payments Interface (UPI) within six months from the date of issue of this direction," said the RBI directive, adding that "In subsequent phases, interoperability shall be enabled between wallets and bank accounts through UPI. Similarly, interoperability for PPIs issued in the form of cards shall also be enabled in due course."
This move comes along with other sweeping reforms that the RBI plans on undertaking in order to facilitate a smoother digital payments eco-system, which could influence more businesses and customers to adopt digital transactions. According to RBI data, the volume of PPI transactions in December 2017 stood at 319.85 million, up from 236.16 million the previous month. Interoperability could spur this on further.
However, according to media reports, PPIs have long complained that the KYC requirement was very challenging and that they feared losing business as 90 per cent of their customers had been onboarded using minimum KYC, which is giving the telephone number. "PPI is the entry point for anyone to go digital and if they (the RBI) put so many restrictions, it will create a hindrance among users. There should be a minimum KYC, which validates the name and mobile number and where the user will get an OTP," Vijay Kalantri, Founder of The Mobile Wallet, told the The Hindu Business Line. He added that the move would lead to a massive drop in the number of wallet users, and many do not want to carry out full KYC. The PPI industry also felt that if KYC is done for mobile phones, the same should take care of security concerns.
In any case, RBI's stricter guidelines is seen to have already forced one player to exit the stage-Mumbai-based BookMyShow is reportedly all set to discontinue its wallet service, MyWallet. Will more follow suit?
Developed with Mahindra, Ford Aspire electric vehicle to be company's cheapest globally
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The collaboration between Mahindra & Mahindra and Ford Motor Company to develop electric vehicles has finally started to deliver results. The Indian auto company has reportedly helped in developing electric version of Ford Aspire, which will also be the cheapest electric car by the American car company anywhere in the world.
The Ford Aspire electric sedan is likely to arrive in the markets by next year, according to a report by the Times of India. The two companies are also working together to develop a SUV platform that will underpin vehicles to be included in portfolios of both Mahindra and Ford.
"Ford has gained tremendously from Mahindra's strength in electric vehicles technology. The Aspire will be the first to hit the roads and, unlike its existing petrol/diesel version, which is under four-metre in length, the electric variant will be a longer one. This is being developed jointly, and is an ambitious and bold step. The joint SUV project is at a very advanced stage and while there will be a joint platform, the design will be individual for both the companies in line with their brand philosophies," the report said while quoting a source.
While not much is known about what will go inside the hood of the electric Ford Aspire, nor is there an official confirmation about it from the companies, it is likely to borrow a lot from the Mahindra eVerito. The electric sedan from Mahindra stables sports a 72V induction motor with 200Ah battery, which is good for a range of 110km on a full charge. The battery pack features fast charging that can provide 80 per cent juice for less than two hours of charging time.
Mahindra & Mahindra and Ford Motor had entered into a partnership in September 2017 with the main focus on electric mobility. Both companies will work together for three years.
Mahindra partners with LG Chem for better Li-ion battery
Mahindra & Mahindra has joined hands with Korean battery manufacturer LG Chem for the development of a unique cell, exclusively for India. These new cells will be used in Mahindra and Ssangyong range of electric vehicles.
LG Chem will develop a unique cell for the India application, and will also supply Li-ion (lithium-ion) cells based on NMC (nickel-manganese-cobalt) chemistry with high-energy density, Mahindra and Mahindra (M&M) said in a release.
LG Chem will also design the Li-ion battery modules for Mahindra Electric, which in turn will create battery packs for the Mahindra Group and other consumers. "This association with LG Chem will give Mahindra the requisite access to advanced battery technology and will also enable us to deliver globally competitive products," said Hemant Sikka, President and Chief Purchase Officer, Mahindra & Mahindra.
In light of its investment plan announced in 2017, a battery module plant by Mahindra is also under development. The plant will have a capacity of half a million battery modules per annum and will also house a battery module pack line. The entire facility for both module and pack is expected to go into production in the last quarter of 2019-20.
The Ford Aspire electric sedan is likely to arrive in the markets by next year, according to a report by the Times of India. The two companies are also working together to develop a SUV platform that will underpin vehicles to be included in portfolios of both Mahindra and Ford.
"Ford has gained tremendously from Mahindra's strength in electric vehicles technology. The Aspire will be the first to hit the roads and, unlike its existing petrol/diesel version, which is under four-metre in length, the electric variant will be a longer one. This is being developed jointly, and is an ambitious and bold step. The joint SUV project is at a very advanced stage and while there will be a joint platform, the design will be individual for both the companies in line with their brand philosophies," the report said while quoting a source.
While not much is known about what will go inside the hood of the electric Ford Aspire, nor is there an official confirmation about it from the companies, it is likely to borrow a lot from the Mahindra eVerito. The electric sedan from Mahindra stables sports a 72V induction motor with 200Ah battery, which is good for a range of 110km on a full charge. The battery pack features fast charging that can provide 80 per cent juice for less than two hours of charging time.
Mahindra & Mahindra and Ford Motor had entered into a partnership in September 2017 with the main focus on electric mobility. Both companies will work together for three years.
Mahindra partners with LG Chem for better Li-ion battery
Mahindra & Mahindra has joined hands with Korean battery manufacturer LG Chem for the development of a unique cell, exclusively for India. These new cells will be used in Mahindra and Ssangyong range of electric vehicles.
LG Chem will develop a unique cell for the India application, and will also supply Li-ion (lithium-ion) cells based on NMC (nickel-manganese-cobalt) chemistry with high-energy density, Mahindra and Mahindra (M&M) said in a release.
LG Chem will also design the Li-ion battery modules for Mahindra Electric, which in turn will create battery packs for the Mahindra Group and other consumers. "This association with LG Chem will give Mahindra the requisite access to advanced battery technology and will also enable us to deliver globally competitive products," said Hemant Sikka, President and Chief Purchase Officer, Mahindra & Mahindra.
In light of its investment plan announced in 2017, a battery module plant by Mahindra is also under development. The plant will have a capacity of half a million battery modules per annum and will also house a battery module pack line. The entire facility for both module and pack is expected to go into production in the last quarter of 2019-20.
Sensex closes 99 points lower to 33,346, Nifty at 10,554 level; PNB ends at 20-month low
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The Sensex and Nifty closed lower on Tuesday dragged by financial sector stocks after public sector lender PNB said the amount of fraudulent transactions could be as much as Rs 12,700 crore.
Banking stocks took a plunge with bank Nifty falling 304 points or 1.18% to 25,383 level led by the PNB stock.
On the BSE, bankex was the top loser falling 1.43% or 414 points to 28,587 level.
The sector is the biggest loser of the day.
IT sector stocks bucked the trend with the BSE IT index rising 0.26% or 32.01 points to 12,399 level.
While the Sensex fell 99 points to 34,346 level, the Nifty fell 28 points to 10,554 level.
The market opened in the green but erased its gains on selling in realty, banks, finance and power counters despite higher Asian cues. Market sentiment was bolstered in the morning hours after a Morgan Stanley report said India's economic recovery is expected to have gathered momentum and GDP growth for the December quarter is likely to have accelerated to 7%, brokers said.
PNB, which has taken the maximum hit on the banking fraud, closed 12.11 percent lower at a 20- month low of 98.35 level. Gitanjali Gems, too, cracked nearly 5%.
On the Sensex, Axis Bank (2.68%), SBI (2.53%) and Sun Pharma (2.02%) were the top losers.
Market breadth was negative with 1029 stocks rising against 1705 falling on BSE. 151 stocks were unchanged.
Investors are eyeing October-December GDP data, to be released on Tuesday.
On a net basis, DIIs bought shares worth Rs 1,409.45 crore, while foreign portfolio investors (FPIs) sold shares worth Rs 1,119.51 crore on Monday, provisional data released by stock exchanges showed.
Global stocks
Global stock markets were mixed Tuesday ahead of the Federal Reserve chair's testimony in the U.S. Congress later in the day, his first public appearance as head of the Fed.
Britain's FTSE 100 added 0.1 percent to 7,298.20 and France's CAC 40 inched up 0.1 percent to 5,350.35. Germany's DAX was flat at 12,525.16. Futures augured a lukewarm start on Wall Street. S&P futures dipped 0.2 percent and Dow futures also fell 0.2 percent.
Japan outperformed the region, with its benchmark Nikkei 225 jumping 1.1 percent to 22,389.86. South Korea's Kospi finished 0.1 percent lower at 2,456.14. Hong Kong's Hang Seng index dropped 0.7 percent to 31,268.66, while China's Shanghai Composite Index slumped 1.1 percent to 3,292.07. Australia's S&P/ASX 200 gained 0.2 percent to 6,056.90. Stocks in Taiwan and Singapore turned lower while other Southeast Asian countries were higher.
Banking stocks took a plunge with bank Nifty falling 304 points or 1.18% to 25,383 level led by the PNB stock.
On the BSE, bankex was the top loser falling 1.43% or 414 points to 28,587 level.
The sector is the biggest loser of the day.
IT sector stocks bucked the trend with the BSE IT index rising 0.26% or 32.01 points to 12,399 level.
While the Sensex fell 99 points to 34,346 level, the Nifty fell 28 points to 10,554 level.
The market opened in the green but erased its gains on selling in realty, banks, finance and power counters despite higher Asian cues. Market sentiment was bolstered in the morning hours after a Morgan Stanley report said India's economic recovery is expected to have gathered momentum and GDP growth for the December quarter is likely to have accelerated to 7%, brokers said.
PNB, which has taken the maximum hit on the banking fraud, closed 12.11 percent lower at a 20- month low of 98.35 level. Gitanjali Gems, too, cracked nearly 5%.
On the Sensex, Axis Bank (2.68%), SBI (2.53%) and Sun Pharma (2.02%) were the top losers.
Market breadth was negative with 1029 stocks rising against 1705 falling on BSE. 151 stocks were unchanged.
Investors are eyeing October-December GDP data, to be released on Tuesday.
On a net basis, DIIs bought shares worth Rs 1,409.45 crore, while foreign portfolio investors (FPIs) sold shares worth Rs 1,119.51 crore on Monday, provisional data released by stock exchanges showed.
Global stocks
Global stock markets were mixed Tuesday ahead of the Federal Reserve chair's testimony in the U.S. Congress later in the day, his first public appearance as head of the Fed.
Britain's FTSE 100 added 0.1 percent to 7,298.20 and France's CAC 40 inched up 0.1 percent to 5,350.35. Germany's DAX was flat at 12,525.16. Futures augured a lukewarm start on Wall Street. S&P futures dipped 0.2 percent and Dow futures also fell 0.2 percent.
Japan outperformed the region, with its benchmark Nikkei 225 jumping 1.1 percent to 22,389.86. South Korea's Kospi finished 0.1 percent lower at 2,456.14. Hong Kong's Hang Seng index dropped 0.7 percent to 31,268.66, while China's Shanghai Composite Index slumped 1.1 percent to 3,292.07. Australia's S&P/ASX 200 gained 0.2 percent to 6,056.90. Stocks in Taiwan and Singapore turned lower while other Southeast Asian countries were higher.
GST collection slips marginally in January to Rs 86,318 crore
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Even as questions are being raised over lack of GST compliance, the tax collection under the Goods and Service Tax (GST) fell marginally to Rs 86,318 crore in January, from Rs 86,703 crore in December.
"The total revenue received under GST for the month of January 2018 (received in January/February up to February 25, 2018) has been Rs 86,318 crores," the finance ministry said in a statement.
Total collections under the GST had registered an increase in December 2017 after declining in the two previous months of November and October following the decision of the GST Council to cut rates on more than 200 items.
The ministry said that 1.03 crore taxpayers have been registered under GST till February 25, of which 17.65 lakh are composition dealers who are required to file returns every quarter.
Of the total, 1.23 lakh composition dealers have opted out of scheme and have thus become regular taxpayers, it said, adding that "till February 25 there are 16.42 lakh composition dealers which are required to file returns every quarter and the rest of 87.03 lakh taxpayers are required to file monthly returns."
The ministry further said that as many as 57.78 lakh GSTR 3B returns have been filed for the month of January till February 25, 2018. This is 69 per cent of total taxpayers who are required to file monthly returns, it added.
Of the Rs 86,318 crore collected during the month, Rs 14,233 crore have been collected as CGST, Rs 19,961 crore as SGST, Rs 43,794 crore as IGST and Rs 8,331 as Compensation cess.
The ministry further said that Rs 11,327 crore is being transferred from IGST to CGST account, and Rs 13,479 crore to SGST account by way of settlement of funds on account of cross utilisation of IGST credit for payment of CGST and SGST respectively or due to inter State B2C transactions.
A total amount of Rs 24,806 crore is being transferred from IGST to CGST/SGST account by way of settlement. it added.
"The total revenue received under GST for the month of January 2018 (received in January/February up to February 25, 2018) has been Rs 86,318 crores," the finance ministry said in a statement.
Total collections under the GST had registered an increase in December 2017 after declining in the two previous months of November and October following the decision of the GST Council to cut rates on more than 200 items.
The ministry said that 1.03 crore taxpayers have been registered under GST till February 25, of which 17.65 lakh are composition dealers who are required to file returns every quarter.
Of the total, 1.23 lakh composition dealers have opted out of scheme and have thus become regular taxpayers, it said, adding that "till February 25 there are 16.42 lakh composition dealers which are required to file returns every quarter and the rest of 87.03 lakh taxpayers are required to file monthly returns."
The ministry further said that as many as 57.78 lakh GSTR 3B returns have been filed for the month of January till February 25, 2018. This is 69 per cent of total taxpayers who are required to file monthly returns, it added.
Of the Rs 86,318 crore collected during the month, Rs 14,233 crore have been collected as CGST, Rs 19,961 crore as SGST, Rs 43,794 crore as IGST and Rs 8,331 as Compensation cess.
The ministry further said that Rs 11,327 crore is being transferred from IGST to CGST account, and Rs 13,479 crore to SGST account by way of settlement of funds on account of cross utilisation of IGST credit for payment of CGST and SGST respectively or due to inter State B2C transactions.
A total amount of Rs 24,806 crore is being transferred from IGST to CGST/SGST account by way of settlement. it added.
General Awareness
UNESCO World Heritage Sites In India
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There are 32 World Heritage Sites in India as recognised by United Nations Educational, Scientific and Cultural Organization (UNESCO) World Heritage Convention 1972. Indias first two sites inscribed on the list during 7th Session of World Heritage 1983 were Agra Fort and Ajanta Caves. Over the years, 30 more sites have been inscribed.
Latest entries are Rani ki vav in Gujarat and Great Himalayan National Park from Himachal Pradesh in 2014. Of these 32 sites, 25 are cultural and others are natural sites. A tentative list of further sites/properties submitted by India for recognition includes 51 sites.
Maharashtra is the state with Most number of UNESCO world heritage sites - 4.
Site Name State / Union Territory Remarks Kaziranga Wildlife Sanctuary Assam Kaziranga Wildlife Sanctuary (Assam) is in flood plains of the Brahmaputra Rivers south bank, was declared a World Heritage Site by UNESCO in 1985 for its unique natural environment. It was established as a reserved forest in 1908 to protect species of rhinoceros. It was named as Kaziranga Game Sanctuary in 1916, Kaziranga Wildlife Sanctuary in 1950, and declared a national park in 1974. Manas Wildlife Sanctuary Assam Manas Wildlife Sanctuary is in Assam and covers area of 50,000 hectares. It is on Border with Bhutan and is contiguous with Manas Wildlife Sanctuary in Bhutan. It was inscribed as a World Heritage Site by UNESCO in 1985 for its unique natural environment. Mahabodhi Temple Complex at Bodh Gaya Bihar Added in UNESCO World Heritage Sites List in 2002 Humayuns Tomb Delhi Built in 1570 and was inscribed as a UNESCO World Heritage Monument in 1993 for its cultural importance. Qutb Minar and its Monuments Delhi Added in UNESCO World Heritage Sites List in 1993 Red Fort Complex Delhi Added in UNESCO World Heritage Sites List in 2007 Churches and Convents of Goa Goa Added in UNESCO World Heritage Sites List in 1986 Champaner-Pavagadh Archaeological Park Gujarat Added in UNESCO World Heritage Sites List in 2004 Group of Monuments at Hampi Karnataka Added in UNESCO World Heritage Sites List in 1986 Group of Monuments at Pattadakal Karnataka Added in UNESCO World Heritage Sites List in 1987 Buddhist Monuments at Sanchi Madhya Pradesh Added in UNESCO World Heritage Sites List in 1989 Rock Shelters of Bhimbetka Madhya Pradesh Added in UNESCO World Heritage Sites List in 2003 Khajuraho Group of Monuments Madhya Pradesh Added in UNESCO World Heritage Sites List in 1986 Ajanta Caves Maharashtra Added in UNESCO World Heritage Sites List in 1983 Ellora Caves Maharashtra Added in UNESCO World Heritage Sites List in 1983 Elephanta Caves Maharashtra Added in UNESCO World Heritage Sites List in 1987 Chhatrapati Shivaji Terminus (formerly Victoria Terminus) Maharashtra Added in UNESCO World Heritage Sites List in 2004 Sun Temple, Konarak Odisha Added in UNESCO World Heritage Sites List in 1984 Keoladeo National Park Rajasthan Added in UNESCO World Heritage Sites List in 1985 Jantar Mantar, Jaipur Rajasthan Added in UNESCO World Heritage Sites List in 2010 Great Living Chola Temples Tamilnadu Added in UNESCO World Heritage Sites List in 1987 Group of Monuments at Mahabalipuram Tamilnadu Added in UNESCO World Heritage Sites List in 1984 Agra Fort Uttar Pradesh Added in UNESCO World Heritage Sites List in 1983 Fatehpur Sikri Uttar Pradesh Added in UNESCO World Heritage Sites List in 1986 Taj Mahal Uttar Pradesh Added in UNESCO World Heritage Sites List in 1983 Mountain Railways of India Darjeeling Himalayan Railway (West Bengal) Added in UNESCO World Heritage Sites List in 1999 Nilgiri Mountain Railway (Ooty, Tamil Nadu) Added in UNESCO World Heritage Sites List in 2005 Kalka-Shimla Railway (Himachal Pradesh) Added in UNESCO World Heritage Sites List in 2008 Nanda Devi and Valley of Flowers National Parks Uttarakhand Added in UNESCO World Heritage Sites List in 1988 and Extension in 2005 Sundarbans National Park West Bengal Added in UNESCO World Heritage Sites List in 1987 Western Ghats Added in UNESCO World Heritage Sites List in 2012. Western Ghats (Sahyadri Mountains) are a mountain range along western side of India and one of the worlds ten "Hottest biodiversity hotspots". Total 29 properties (national parks, wildlife sanctuaries and reserve forests) were designated as world heritage sites - 20 in Kerala, 10 in Karnataka, 5 in Tamil Nadu and 4 in Maharashtra. Hill Forts of Rajasthan (Chittorgarh, Kumbhalgarh, Ranthambhore, Amber Sub-Cluster, Jaisalmer, Gagron) Rajasthan Added in UNESCO World Heritage Sites List in 2013 Rani ki vav (The Queen's Stepwell) Gujarat Added in UNESCO World Heritage Sites List in 2014 Great Himalayan National Park Himachal Pradesh Added in UNESCO World Heritage Sites List in 2014
There are 32 World Heritage Sites in India as recognised by United Nations Educational, Scientific and Cultural Organization (UNESCO) World Heritage Convention 1972. Indias first two sites inscribed on the list during 7th Session of World Heritage 1983 were Agra Fort and Ajanta Caves. Over the years, 30 more sites have been inscribed.
Latest entries are Rani ki vav in Gujarat and Great Himalayan National Park from Himachal Pradesh in 2014. Of these 32 sites, 25 are cultural and others are natural sites. A tentative list of further sites/properties submitted by India for recognition includes 51 sites.
Maharashtra is the state with Most number of UNESCO world heritage sites - 4.
| Site Name | State / Union Territory | Remarks |
| Kaziranga Wildlife Sanctuary | Assam | Kaziranga Wildlife Sanctuary (Assam) is in flood plains of the Brahmaputra Rivers south bank, was declared a World Heritage Site by UNESCO in 1985 for its unique natural environment. It was established as a reserved forest in 1908 to protect species of rhinoceros. It was named as Kaziranga Game Sanctuary in 1916, Kaziranga Wildlife Sanctuary in 1950, and declared a national park in 1974. |
| Manas Wildlife Sanctuary | Assam | Manas Wildlife Sanctuary is in Assam and covers area of 50,000 hectares. It is on Border with Bhutan and is contiguous with Manas Wildlife Sanctuary in Bhutan. It was inscribed as a World Heritage Site by UNESCO in 1985 for its unique natural environment. |
| Mahabodhi Temple Complex at Bodh Gaya | Bihar | Added in UNESCO World Heritage Sites List in 2002 |
| Humayuns Tomb | Delhi | Built in 1570 and was inscribed as a UNESCO World Heritage Monument in 1993 for its cultural importance. |
| Qutb Minar and its Monuments | Delhi | Added in UNESCO World Heritage Sites List in 1993 |
| Red Fort Complex | Delhi | Added in UNESCO World Heritage Sites List in 2007 |
| Churches and Convents of Goa | Goa | Added in UNESCO World Heritage Sites List in 1986 |
| Champaner-Pavagadh Archaeological Park | Gujarat | Added in UNESCO World Heritage Sites List in 2004 |
| Group of Monuments at Hampi | Karnataka | Added in UNESCO World Heritage Sites List in 1986 |
| Group of Monuments at Pattadakal | Karnataka | Added in UNESCO World Heritage Sites List in 1987 |
| Buddhist Monuments at Sanchi | Madhya Pradesh | Added in UNESCO World Heritage Sites List in 1989 |
| Rock Shelters of Bhimbetka | Madhya Pradesh | Added in UNESCO World Heritage Sites List in 2003 |
| Khajuraho Group of Monuments | Madhya Pradesh | Added in UNESCO World Heritage Sites List in 1986 |
| Ajanta Caves | Maharashtra | Added in UNESCO World Heritage Sites List in 1983 |
| Ellora Caves | Maharashtra | Added in UNESCO World Heritage Sites List in 1983 |
| Elephanta Caves | Maharashtra | Added in UNESCO World Heritage Sites List in 1987 |
| Chhatrapati Shivaji Terminus (formerly Victoria Terminus) | Maharashtra | Added in UNESCO World Heritage Sites List in 2004 |
| Sun Temple, Konarak | Odisha | Added in UNESCO World Heritage Sites List in 1984 |
| Keoladeo National Park | Rajasthan | Added in UNESCO World Heritage Sites List in 1985 |
| Jantar Mantar, Jaipur | Rajasthan | Added in UNESCO World Heritage Sites List in 2010 |
| Great Living Chola Temples | Tamilnadu | Added in UNESCO World Heritage Sites List in 1987 |
| Group of Monuments at Mahabalipuram | Tamilnadu | Added in UNESCO World Heritage Sites List in 1984 |
| Agra Fort | Uttar Pradesh | Added in UNESCO World Heritage Sites List in 1983 |
| Fatehpur Sikri | Uttar Pradesh | Added in UNESCO World Heritage Sites List in 1986 |
| Taj Mahal | Uttar Pradesh | Added in UNESCO World Heritage Sites List in 1983 |
| Mountain Railways of India | Darjeeling Himalayan Railway (West Bengal) | Added in UNESCO World Heritage Sites List in 1999 |
| Nilgiri Mountain Railway (Ooty, Tamil Nadu) | Added in UNESCO World Heritage Sites List in 2005 | |
| Kalka-Shimla Railway (Himachal Pradesh) | Added in UNESCO World Heritage Sites List in 2008 | |
| Nanda Devi and Valley of Flowers National Parks | Uttarakhand | Added in UNESCO World Heritage Sites List in 1988 and Extension in 2005 |
| Sundarbans National Park | West Bengal | Added in UNESCO World Heritage Sites List in 1987 |
| Western Ghats | Added in UNESCO World Heritage Sites List in 2012. Western Ghats (Sahyadri Mountains) are a mountain range along western side of India and one of the worlds ten "Hottest biodiversity hotspots". Total 29 properties (national parks, wildlife sanctuaries and reserve forests) were designated as world heritage sites - 20 in Kerala, 10 in Karnataka, 5 in Tamil Nadu and 4 in Maharashtra. | |
| Hill Forts of Rajasthan (Chittorgarh, Kumbhalgarh, Ranthambhore, Amber Sub-Cluster, Jaisalmer, Gagron) | Rajasthan | Added in UNESCO World Heritage Sites List in 2013 |
| Rani ki vav (The Queen's Stepwell) | Gujarat | Added in UNESCO World Heritage Sites List in 2014 |
| Great Himalayan National Park | Himachal Pradesh | Added in UNESCO World Heritage Sites List in 2014 |
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