General Affairs
Unable to pay Rs 6,000 loan instalment Madhya Pradesh farmer hangs self
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Hours after Madhya Pradesh Finance Minister Jayant Malaiya presented the state's annual Budget in the Assembly for the fiscal year 2018-19, a 35-year-old debt-ridden farmer committed suicide at his home in Sita Dongri village of Betul district.
Interestingly, Malaiya allocated Rs 37,498 crore to the agriculture sector, of which Rs 3650 crore were reserved for the yet to be defined Krishak Smridhi Yojna.
The deceased, identified as Maniram Salame, hanged himself late Wednesday night. Salame, according to his family members, had failed to pay an instalment of Rs 6000 for his debt when he took the extreme step. The farmer was under a debt of Rs 3 lakh.
According to documents accessed by India Today, Maniram had taken a loan of Rs 1.20 lakh from Land T Finance, Micro Annpoorna and two other finance companies.
Maniram had also taken a loan of Rs 35000 from the local society and Rs 1.5 lakh from local money lenders.
Salame is survived by three minor daughters and a pregnant wife.
Police have registered the suicide case and are investigating possibility of abetment to suicide.
"The family members have told us that he committed suicide debt-ridden, documents recovered from his home show that he indeed was indebted. We are now investigating if anyone was pressurizing him for repayment of his loan and if we find anything conclusive we will register a case of abetment to suicide as well," said the concerned police official.
Family members and fellow villagers confirmed that Maniram was under pressure to repay his loans. They staged a protest on Thursday demanding waiving off his loans and compensation for the family.
Interestingly, Madhya Pradesh Chief Minister Shivraj Singh Chouhan, who has been trying to woo the farmers this election year, had announced a series of sops in the past couple of weeks.
Elections are due in Madhya Pradesh for the end of the year and farmers who constitute a brute majority across all castes in the state are likely to play a crucial role in deciding the fate of Chouhan and his government.
Interestingly, Malaiya allocated Rs 37,498 crore to the agriculture sector, of which Rs 3650 crore were reserved for the yet to be defined Krishak Smridhi Yojna.
The deceased, identified as Maniram Salame, hanged himself late Wednesday night. Salame, according to his family members, had failed to pay an instalment of Rs 6000 for his debt when he took the extreme step. The farmer was under a debt of Rs 3 lakh.
According to documents accessed by India Today, Maniram had taken a loan of Rs 1.20 lakh from Land T Finance, Micro Annpoorna and two other finance companies.
Maniram had also taken a loan of Rs 35000 from the local society and Rs 1.5 lakh from local money lenders.
Salame is survived by three minor daughters and a pregnant wife.
Police have registered the suicide case and are investigating possibility of abetment to suicide.
"The family members have told us that he committed suicide debt-ridden, documents recovered from his home show that he indeed was indebted. We are now investigating if anyone was pressurizing him for repayment of his loan and if we find anything conclusive we will register a case of abetment to suicide as well," said the concerned police official.
Family members and fellow villagers confirmed that Maniram was under pressure to repay his loans. They staged a protest on Thursday demanding waiving off his loans and compensation for the family.
Interestingly, Madhya Pradesh Chief Minister Shivraj Singh Chouhan, who has been trying to woo the farmers this election year, had announced a series of sops in the past couple of weeks.
Elections are due in Madhya Pradesh for the end of the year and farmers who constitute a brute majority across all castes in the state are likely to play a crucial role in deciding the fate of Chouhan and his government.
Jordan King Abdullah, PM Modi pitch for 'moderate Islam'
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Terrorism has no faith or religion', that is the message that both Jordan's King Abdullah II and PM Narendra Modi gave when they addressed a gathering of prominent representatives of various sects of Islam in India.
King Abdullah II on his visit to India wanted to focus on the issue of 'growing extremism' and the need for 'deradicalisation'. During his special address at a conference on "Islamic Heritage: Promoting Understanding and Moderation", the Jordanian king spread the message of 'moderate Islam' and the beauty of 'tolerance'. "Today's global war on terror is not between religions, it is the fight of moderates against extremism and extremist ideology," he said at the event.
Prime Minister Narendra Modi, who also spoke at the event, reminded the rich history of India and the "pluralistic" values it has always followed emphasising that the fight against extremism and radicalisation was not against any one religion saying, "Indian democracy is a celebration of age-old pluralism". He also added that many religions find their roots in India. "Every religion found life here, it grew here.
Every Indian is proud of this virtue, no matter what language he speaks, no matter what religion he practices," he said.
India has welcomed the global initiatives and the leadership role that King Abdullah II has taken in eradicating extremism through the "Aqaba" -- meetings that are aimed at deradicalising and consolidating the global front against terrorism.
King Abdullah II, is a 41st generation descendant of Prophet Muhammad and custodian of the Al-Aqsa mosque, the third holiest site in Islam, located in the Old City of Jerusalem.
Emphasising on the need to contain extremist ideology, King Abdullah said that it was our "shared responsibility" to make a concerted effort to "mute" voices of "hate" so to "build a better future" for the entire world, especially focusing on the future generations. "We need to take back the voices of hatred from airwaves, internet. We need to make youth understand and learn values of religion," he said.
India, Jordan have been working together to ensure that the voice of moderation is spread across the globe. Jordan, a senior official said, had studied how India contained the influence of ISIS and Al-Qaeda from impacting the nation. This was a major part of the bilateral talks between Prime Minister Modi and the Jordanian King.
King Abdullah, who is on a three-day visit to the country, was welcomed warmly by Prime Minister Modi, who in a "special gesture" personally went to receive him at the airport on Tuesday. He also received a ceremonial reception at the Rashtrapati Bhavan by the President of India.
King Abdullah II on his visit to India wanted to focus on the issue of 'growing extremism' and the need for 'deradicalisation'. During his special address at a conference on "Islamic Heritage: Promoting Understanding and Moderation", the Jordanian king spread the message of 'moderate Islam' and the beauty of 'tolerance'. "Today's global war on terror is not between religions, it is the fight of moderates against extremism and extremist ideology," he said at the event.
Prime Minister Narendra Modi, who also spoke at the event, reminded the rich history of India and the "pluralistic" values it has always followed emphasising that the fight against extremism and radicalisation was not against any one religion saying, "Indian democracy is a celebration of age-old pluralism". He also added that many religions find their roots in India. "Every religion found life here, it grew here.
Every Indian is proud of this virtue, no matter what language he speaks, no matter what religion he practices," he said.
India has welcomed the global initiatives and the leadership role that King Abdullah II has taken in eradicating extremism through the "Aqaba" -- meetings that are aimed at deradicalising and consolidating the global front against terrorism.
King Abdullah II, is a 41st generation descendant of Prophet Muhammad and custodian of the Al-Aqsa mosque, the third holiest site in Islam, located in the Old City of Jerusalem.
Emphasising on the need to contain extremist ideology, King Abdullah said that it was our "shared responsibility" to make a concerted effort to "mute" voices of "hate" so to "build a better future" for the entire world, especially focusing on the future generations. "We need to take back the voices of hatred from airwaves, internet. We need to make youth understand and learn values of religion," he said.
India, Jordan have been working together to ensure that the voice of moderation is spread across the globe. Jordan, a senior official said, had studied how India contained the influence of ISIS and Al-Qaeda from impacting the nation. This was a major part of the bilateral talks between Prime Minister Modi and the Jordanian King.
King Abdullah, who is on a three-day visit to the country, was welcomed warmly by Prime Minister Modi, who in a "special gesture" personally went to receive him at the airport on Tuesday. He also received a ceremonial reception at the Rashtrapati Bhavan by the President of India.
We are going by evidence against Karti Chidambaram, no witch hunt or vendetta: CBI to court
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Denying any witch hunt or political vendetta against its opponents, the government today told a Delhi court that the Central Bureau of Investigation (CBI) is only going by evidence against Karti Chidambaram in the INX Media case.
Karti Chidambaram, has been sent to CBI custody for five days. He will be produced again on March 6.
The CBI had sought a 14-day custody of Karti, son of senior Congress leader and former Finance Minister P Chidambaram, who was also present in the court along with his wife, Nalini.
"CBI is going by evidence. This is not a witch hunt or a political vendetta," Additional Solicitor General (ASG) Tushar Mehta told the Patiala House court in the national capital, where Karti was produced today following his arrest in Chennai on Wednesday morning.
"There is material on record to satisfy the conscience of the court," Mehta, who appeared for the CBI as a special public prosecutor, said.The CBI, which was given one-day custody of Karti on Wednesday, has argued that there has been little time for his interrogation.
"Karti did appear for the interrogation, but remained evasive. A custodial interrogation is completely different," the CBI said.
The arrest of Karti came nine months after the CBI registered a FIR against him on charges of criminal conspiracy, cheating, accepting gratification by corrupt or illegal means, influencing public servants and criminal misconduct.
Karti is accused of receiving Rs 3.5 crore from the Mumbai-based INX Media, now known as 9X Media, for helping it get Foreign Investment Promotion Board (FIPB) clearance in 2007, when it was run by Peter and Indrani Mukerjea, both accused in the Sheena Bora murder case.
The CBI FIR does not mention Karti's father, P Chidambaram, though it said the senior Chidambaram had cleared the FIPB approval for Rs 4.62 crore FDI in the firm at a FIPB meeting on May 18, 2007.
Karti's arrest has led to a massive slugfest between the Congress and the BJP. While the Congress has accused the BJP of "political vendetta" and using the arrest as a "tactic" to divert attention from banking and other scams, the saffron party has rejected the charge, saying there was no interference from the government and the law was taking its own course.
Karti Chidambaram, has been sent to CBI custody for five days. He will be produced again on March 6.
The CBI had sought a 14-day custody of Karti, son of senior Congress leader and former Finance Minister P Chidambaram, who was also present in the court along with his wife, Nalini.
"CBI is going by evidence. This is not a witch hunt or a political vendetta," Additional Solicitor General (ASG) Tushar Mehta told the Patiala House court in the national capital, where Karti was produced today following his arrest in Chennai on Wednesday morning.
"There is material on record to satisfy the conscience of the court," Mehta, who appeared for the CBI as a special public prosecutor, said.The CBI, which was given one-day custody of Karti on Wednesday, has argued that there has been little time for his interrogation.
"Karti did appear for the interrogation, but remained evasive. A custodial interrogation is completely different," the CBI said.
The arrest of Karti came nine months after the CBI registered a FIR against him on charges of criminal conspiracy, cheating, accepting gratification by corrupt or illegal means, influencing public servants and criminal misconduct.
Karti is accused of receiving Rs 3.5 crore from the Mumbai-based INX Media, now known as 9X Media, for helping it get Foreign Investment Promotion Board (FIPB) clearance in 2007, when it was run by Peter and Indrani Mukerjea, both accused in the Sheena Bora murder case.
The CBI FIR does not mention Karti's father, P Chidambaram, though it said the senior Chidambaram had cleared the FIPB approval for Rs 4.62 crore FDI in the firm at a FIPB meeting on May 18, 2007.
Karti's arrest has led to a massive slugfest between the Congress and the BJP. While the Congress has accused the BJP of "political vendetta" and using the arrest as a "tactic" to divert attention from banking and other scams, the saffron party has rejected the charge, saying there was no interference from the government and the law was taking its own course.
Come summer, Doklam may erupt again, warns MoS Defence Shubhash Bhamre
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With summer approaching, allowing for easy movement of troops along the Line of Actual Control -- the de facto, undemarcated boundary between India and China -- Union Minister of State for Defence Shubhash Bhamre warned about a possible escalation.
"On the Line of Actual Control the situation is sensitive. And incidents of patrolling, transgression and standoffs have a potential of escalation," the minister said while addressing a seminar on the Army's contribution to nation building.
Indian and Chinese troops were engaged in a 73-day-long eye ball to eye ball standoff at the Doklam Plateau in Bhutan. India deployed troops to prevent the Chinese People's Liberation Army (PLA) from building a road from Doklam Plateau to the Jampheri Ridge that overlooks the Siliguri Corridor.
Siliguri Corridor -- the slender tract of land passing through the northern part of West Bengal -- is strategically important as it connects the Northeast to mainland India.
Both India and China disengaged after Prime Minister Narendra Modi intervened and took up the issue with his Chinese counterpart Xi Jinping during the G-20 summit in Hamburg, Germany last August.
Nonetheless, the Chinese PLA has occupied large tracts of land in North Doklam Plateau and has positioned troops there.
Unlike the Indian Army which physically holds ridges, heights and passes, the PLA is not known to physically dominate areas by positioning troops.
Its decision to station troops in North Doklam Plateau has raised eye brows and increased concern levels in India.
"There are so many things going on...anything can trigger an escalation," Bhamre said explaining his earlier remarks on possible escalation.
Pakistan and Islamic State
On a different note, Bhamre expressed concerns that Pakistan could become a conduit for the Islamic State (IS) ideology to spread to India.
Recently, the Jammu and Kashmir Police chief had warned over the possible influence of IS in parts of the state.
Pakistan was recently put on the Financial Action Task Force grey list -- an international watch list that monitors terror funding -- over concerns that terror organisations continue to survive and raise finances there.
"On the Line of Actual Control the situation is sensitive. And incidents of patrolling, transgression and standoffs have a potential of escalation," the minister said while addressing a seminar on the Army's contribution to nation building.
Indian and Chinese troops were engaged in a 73-day-long eye ball to eye ball standoff at the Doklam Plateau in Bhutan. India deployed troops to prevent the Chinese People's Liberation Army (PLA) from building a road from Doklam Plateau to the Jampheri Ridge that overlooks the Siliguri Corridor.
Siliguri Corridor -- the slender tract of land passing through the northern part of West Bengal -- is strategically important as it connects the Northeast to mainland India.
Both India and China disengaged after Prime Minister Narendra Modi intervened and took up the issue with his Chinese counterpart Xi Jinping during the G-20 summit in Hamburg, Germany last August.
Nonetheless, the Chinese PLA has occupied large tracts of land in North Doklam Plateau and has positioned troops there.
Unlike the Indian Army which physically holds ridges, heights and passes, the PLA is not known to physically dominate areas by positioning troops.
Its decision to station troops in North Doklam Plateau has raised eye brows and increased concern levels in India.
"There are so many things going on...anything can trigger an escalation," Bhamre said explaining his earlier remarks on possible escalation.
Pakistan and Islamic State
On a different note, Bhamre expressed concerns that Pakistan could become a conduit for the Islamic State (IS) ideology to spread to India.
Recently, the Jammu and Kashmir Police chief had warned over the possible influence of IS in parts of the state.
Pakistan was recently put on the Financial Action Task Force grey list -- an international watch list that monitors terror funding -- over concerns that terror organisations continue to survive and raise finances there.
India successfully tests 3rd-gen anti-tank missile NAG in desert conditions
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The Anti Tank Guided Missiles (ATGM) NAG, developed by Defence Research and Development Organisation (DRDO), were successfully flight tested on Wednesday.
The ATGM NAG was tested at Pokhran's field firing range in Jaisalmer district against two tank targets at different ranges and timings.
The ATGM NAG has been developed by Defence Research and Development Organisation (DRDO) and the flight tests have once again proved its capability. With this, the developmental trials of the missile have been completed and it is now ready for induction.
The Fire and Forget 3rd generation ATGM NAG is incorporated with many advanced technologies including the Imaging infrared (IIR) Seeker with integrated avionics, the capability which is possessed by few nations in the world.
Earlier, Imaging Infra Red Seekers were not able to differentiate between the target and surroundings in hot desert temperatures. Now, highly sensitive detectors have been put in the missile for sensing heat or infra red signals.
Director General (Missiles and Strategic Systems) Dr. G Satheesh Reddy said that with the successful test flights, the technologies pertaining to ATGM to engage targets in different conditions have been established.
Department of Defence Research and Development Secretary and DRDO Chairman Dr. S Christopher, congratulated the NAG team for the achievement.
It is known that last trails of Fire and Forget 3rd generation ATGM Nag were conducted on 13 June 2017, in Pokhran field firing range in Jaisalmer in which also missiles successfully hit the targets.
The ATGM NAG was tested at Pokhran's field firing range in Jaisalmer district against two tank targets at different ranges and timings.
The ATGM NAG has been developed by Defence Research and Development Organisation (DRDO) and the flight tests have once again proved its capability. With this, the developmental trials of the missile have been completed and it is now ready for induction.
The Fire and Forget 3rd generation ATGM NAG is incorporated with many advanced technologies including the Imaging infrared (IIR) Seeker with integrated avionics, the capability which is possessed by few nations in the world.
Earlier, Imaging Infra Red Seekers were not able to differentiate between the target and surroundings in hot desert temperatures. Now, highly sensitive detectors have been put in the missile for sensing heat or infra red signals.
Director General (Missiles and Strategic Systems) Dr. G Satheesh Reddy said that with the successful test flights, the technologies pertaining to ATGM to engage targets in different conditions have been established.
Department of Defence Research and Development Secretary and DRDO Chairman Dr. S Christopher, congratulated the NAG team for the achievement.
It is known that last trails of Fire and Forget 3rd generation ATGM Nag were conducted on 13 June 2017, in Pokhran field firing range in Jaisalmer in which also missiles successfully hit the targets.
Business Affairs
SBI hikes key one-year lending rate to 8.15%; PNB, ICICI
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The State Bank of India (SBI) on Thursday raised the key one-year marginal cost of funds based lending rate (MCLR) by 20 basis points to 8.15 per cent from 7.95 per cent. India's largest public sector lender said the new MCLR will be effective from March 1, 2018. Following suit, the Punjab National Bank (PNB) and ICICI Bank also hiked the MCLR rates for loan borrowers.
The revised one-year MCLR comes as dampener for home loan borrowers as EMIs are likely to up. Taking a cue from SBI, country's second-largest private sector lender ICICI Bank also raised the one-year MCLR from 8.2 per cent to 8.3 per cent, Indian Express reported. The PNB, which is at the centre of Nirav Modi fraud also increased one-year MCLR to 8.3 per cent from 8.15 per cent.
In November last year, SBI had slashed its marginal cost lending rates by 5 basis points to 7.95 per cent. In home loans, one-year MCLR or the benchmark lending rate is applicable. This is the first time a bank has raised the benchmark lending rate after the MCLR system came into effect in April 2016.
The SBI has also hiked MCLR across various tenors. For over night tenor, the revised MCLR is 7.80, up 10 basis points from existing 7.70. For one-month and three-month tenor, the MCLR rates have not been changed. For a six month tenor, the MCLR has been revised by 10 basis points to 8 per cent.
For two-year and three-year tenor, the new MCLR is 8.25 per cent and 8.35 per cent, respectively.
MCLR is believed to be more responsive and transparent interest rate regime where the intervals of automatic interest rate resets are pre-defined in the loan agreement. The new lending rate system is applicable on all home loans, car loans, education loans and personal loans taken after April 2016.
All loans sanctioned after April 1, 2016 are priced with reference to the MCLR. The latter includes marginal cost of funds, negative carry due to CRR (cost that banks incur on keeping funds with the RBI as CRR), operating costs and tenure premium (costs arising from loan commitments with a longer tenor). The final lending rate charged to a customer includes spread to the MCLR.
The hike in lending interest rates comes a day after SBI hiked the retail and bulk term deposit rates for various maturities by up to 75 basis points.
The revised one-year MCLR comes as dampener for home loan borrowers as EMIs are likely to up. Taking a cue from SBI, country's second-largest private sector lender ICICI Bank also raised the one-year MCLR from 8.2 per cent to 8.3 per cent, Indian Express reported. The PNB, which is at the centre of Nirav Modi fraud also increased one-year MCLR to 8.3 per cent from 8.15 per cent.
In November last year, SBI had slashed its marginal cost lending rates by 5 basis points to 7.95 per cent. In home loans, one-year MCLR or the benchmark lending rate is applicable. This is the first time a bank has raised the benchmark lending rate after the MCLR system came into effect in April 2016.
The SBI has also hiked MCLR across various tenors. For over night tenor, the revised MCLR is 7.80, up 10 basis points from existing 7.70. For one-month and three-month tenor, the MCLR rates have not been changed. For a six month tenor, the MCLR has been revised by 10 basis points to 8 per cent.
For two-year and three-year tenor, the new MCLR is 8.25 per cent and 8.35 per cent, respectively.
MCLR is believed to be more responsive and transparent interest rate regime where the intervals of automatic interest rate resets are pre-defined in the loan agreement. The new lending rate system is applicable on all home loans, car loans, education loans and personal loans taken after April 2016.
All loans sanctioned after April 1, 2016 are priced with reference to the MCLR. The latter includes marginal cost of funds, negative carry due to CRR (cost that banks incur on keeping funds with the RBI as CRR), operating costs and tenure premium (costs arising from loan commitments with a longer tenor). The final lending rate charged to a customer includes spread to the MCLR.
The hike in lending interest rates comes a day after SBI hiked the retail and bulk term deposit rates for various maturities by up to 75 basis points.
Sensex closes 137 points lower at 34,406 level, Nifty at 10,458 as banking stocks bleed
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The Sensex and Nifty closed lower for the third consecutive session today amid lower global markets even as economic growth rose to a five-quarter high of 7.2 per cent in Q3 of the current fiscal. While Sensex fell 137 points to 34,046 level, Nifty closed 34 points lower at 10,458 points. The indices started the day on a flat note, extended gains for a brief period and closed lower on selling during the last hour of trade.
Metal, banking and consumer durable sector stocks led the fall in key indices.
While the BSE bankex fell 0.85% or 241 points, BSE consumer durables index lost 0.71% or 151 points to close at 21,036 level.
The BSE Metals index was down 0.95%or 143 points to 15030 level.
On the Sensex, ICICI Bank (2.63%), SBI (2.31%) and Infosys (1.19%) were top losers.
Market breadth was negative with 1,169 stocks closing higher compared to 1539 stocks ending in the red.
India's economic growth surged to a five-quarter high of 7.2 per cent in the October-December quarter of the current fiscal, enabling the country to regain the status of the fastest growing economy in the world ahead of China after a year's gap. The Chinese economy recorded a 6.8 per cent growth rate during the same quarter
"Though the GDP data is positive, overall global concerns are still hurting domestic markets. The NSE index is range-bound between 10,300 and 10,650, with concerns on state-bank stocks in the near term," says Aditya Agarwal, head -technical research, Way2Wealth
Meanwhile, a Reuters poll found Indian stocks will recover most of their recent losses, helped by strong corporate earnings, but will close out 2018 a little short of the record high hit at the end of January.
The projected rise in 2018 is the smallest year-ahead expected gain in the last six years of Reuters polls.
The BSE Sensex index is forecast to rise to 34,687 by the middle of the year. It is estimated to rise more than 4 percent to 35,875 by end-2018 from Monday's close of 34,445.75, according to the poll of around 50 strategists taken from February 16-27.
That is an upgrade from consensus forecasts made in a Reuters poll in October.
Global markets
Asian stocks were mostly lower on Thursday after Wall Street marked its worst monthly performance in two years as hawkish-sounding comments from new Federal Reserve Chair Jerome Powell reverberated across the broader risk asset markets.Japan's benchmark Nikkei 225 lost 1.6 percent to finish at 21,724.47. Australia's S&P/ASX 2 00 shed 0.7 percent to 5,973.30. Hong Kong's Hang Seng edged up 0.6 percent to 31,035.98, while the Shanghai Composite edged up 0.4 percent to 3,273.76. South Korean markets were closed for Independence Movement Day, a national holiday.
France's CAC 40 dipped 0.2 percent in early trading to 5,311.47, while Germany's DAX slipped 0.5 percent to 12,379.95. Britain's FTSE 100 was down 0.2 percent at 7,216.16. US shares were set to drift higher with Dow futures adding 0.1 percent at 25,066. S&P 500 futures were up 0.2 percent at 2,719.
WALL STREET: The S&P 500 fell 30.45 points, or 1.1 percent, to 2,713.83, while the Dow Jones industrial average lost 380.83, or 1.5 percent, to 25,029.20 and the Nasdaq composite dropped 57.35, or 0.8 percent, to 7,273.01. The dominant fear for the month was the threat of higher inflation and interest rates, and February was the worst month for the US market in two years.
Metal, banking and consumer durable sector stocks led the fall in key indices.
While the BSE bankex fell 0.85% or 241 points, BSE consumer durables index lost 0.71% or 151 points to close at 21,036 level.
The BSE Metals index was down 0.95%or 143 points to 15030 level.
On the Sensex, ICICI Bank (2.63%), SBI (2.31%) and Infosys (1.19%) were top losers.
Market breadth was negative with 1,169 stocks closing higher compared to 1539 stocks ending in the red.
India's economic growth surged to a five-quarter high of 7.2 per cent in the October-December quarter of the current fiscal, enabling the country to regain the status of the fastest growing economy in the world ahead of China after a year's gap. The Chinese economy recorded a 6.8 per cent growth rate during the same quarter
"Though the GDP data is positive, overall global concerns are still hurting domestic markets. The NSE index is range-bound between 10,300 and 10,650, with concerns on state-bank stocks in the near term," says Aditya Agarwal, head -technical research, Way2Wealth
Meanwhile, a Reuters poll found Indian stocks will recover most of their recent losses, helped by strong corporate earnings, but will close out 2018 a little short of the record high hit at the end of January.
The projected rise in 2018 is the smallest year-ahead expected gain in the last six years of Reuters polls.
The BSE Sensex index is forecast to rise to 34,687 by the middle of the year. It is estimated to rise more than 4 percent to 35,875 by end-2018 from Monday's close of 34,445.75, according to the poll of around 50 strategists taken from February 16-27.
That is an upgrade from consensus forecasts made in a Reuters poll in October.
Global markets
Asian stocks were mostly lower on Thursday after Wall Street marked its worst monthly performance in two years as hawkish-sounding comments from new Federal Reserve Chair Jerome Powell reverberated across the broader risk asset markets.Japan's benchmark Nikkei 225 lost 1.6 percent to finish at 21,724.47. Australia's S&P/ASX 2 00 shed 0.7 percent to 5,973.30. Hong Kong's Hang Seng edged up 0.6 percent to 31,035.98, while the Shanghai Composite edged up 0.4 percent to 3,273.76. South Korean markets were closed for Independence Movement Day, a national holiday.
France's CAC 40 dipped 0.2 percent in early trading to 5,311.47, while Germany's DAX slipped 0.5 percent to 12,379.95. Britain's FTSE 100 was down 0.2 percent at 7,216.16. US shares were set to drift higher with Dow futures adding 0.1 percent at 25,066. S&P 500 futures were up 0.2 percent at 2,719.
WALL STREET: The S&P 500 fell 30.45 points, or 1.1 percent, to 2,713.83, while the Dow Jones industrial average lost 380.83, or 1.5 percent, to 25,029.20 and the Nasdaq composite dropped 57.35, or 0.8 percent, to 7,273.01. The dominant fear for the month was the threat of higher inflation and interest rates, and February was the worst month for the US market in two years.
LPG prices slashed ahead of Holi, domestic cylinder prices down by up to Rs 47
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Oil companies have decreased cooking gas prices by as much as Rs 47 just ahead of Holi. Prices of liquefied petroleum gas (LPG) cylinders, both subsidised and non-subsidised, have been slashed in the latest rate cut. The 19kg cooking gas cylinders used commercially will also get cheaper with the latest cut in prices. The new prices have been put into effect from Thursday.
The non-subsidised domestic LPG cylinder will now cost Rs 689 in Delhi after a price cut of Rs 47, and Rs 711.50 in Kolkata after coming down by Rs 45.50. Prices of the non-subsidised 14.2kg domestic cylinder in Mumbai have reached Rs 661 after coming down by Rs 47, and Rs 699.50 in Chennai after being decreased by Rs 46.50.
Similarly the prices of subsidised cylinders have been cut by around Rs 2.5 in all four metro cities. The subsidised LPG cylinder will now cost Rs 493.09 in Delhi after a price cut of Rs 2.54, Rs 496.07 in Kolkata after coming down by Rs 2.53, Rs 490.80 in Mumbai following a price cut of Rs 2.55, and Rs 481.21 in Chennai after being slashed by Rs 2.48.
Every household in India is eligible for 12 subsidised domestic LPG cylinders weighing 14.2 kg every year. LPG cylinders purchased beyond than limit will have to be purchased at market prices.
The prices of commercial 19kg LPG cylinders used for cooking have also been slashed by up to Rs 80. The 19kg LPG cylinder can now be purchased in Delhi for a price of Rs 1230, Rs 1270.50 in Kolkata, Rs 1181 in Mumbai, and Rs 1307 in Chennai. The prices for the commercial cooking gas cylinder have been slashed by Rs 78.50, Rs 77, Rs 79, and Rs 80 in the four metro cities respectively.
The non-subsidised domestic LPG cylinder will now cost Rs 689 in Delhi after a price cut of Rs 47, and Rs 711.50 in Kolkata after coming down by Rs 45.50. Prices of the non-subsidised 14.2kg domestic cylinder in Mumbai have reached Rs 661 after coming down by Rs 47, and Rs 699.50 in Chennai after being decreased by Rs 46.50.
Similarly the prices of subsidised cylinders have been cut by around Rs 2.5 in all four metro cities. The subsidised LPG cylinder will now cost Rs 493.09 in Delhi after a price cut of Rs 2.54, Rs 496.07 in Kolkata after coming down by Rs 2.53, Rs 490.80 in Mumbai following a price cut of Rs 2.55, and Rs 481.21 in Chennai after being slashed by Rs 2.48.
Every household in India is eligible for 12 subsidised domestic LPG cylinders weighing 14.2 kg every year. LPG cylinders purchased beyond than limit will have to be purchased at market prices.
The prices of commercial 19kg LPG cylinders used for cooking have also been slashed by up to Rs 80. The 19kg LPG cylinder can now be purchased in Delhi for a price of Rs 1230, Rs 1270.50 in Kolkata, Rs 1181 in Mumbai, and Rs 1307 in Chennai. The prices for the commercial cooking gas cylinder have been slashed by Rs 78.50, Rs 77, Rs 79, and Rs 80 in the four metro cities respectively.
Nirav Modi scam fallout: Cabinet okays Fugitive Economic Offenders Bill
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Facing criticism from opposition for not being able to stop the PNB fraud accused Nirav Modi from escaping the country, the Cabinet on Thursday approved the Fugitive Economic Offenders Bill that enables confiscation of assets without conviction in cases where economic offenders flee the country.
The bill, which deals with those fleeing overseas to avoid getting caught, aims to provide an "effective, expeditious and constitutionally permissible deterrent to ensure that such actions are curbed" and steps can be taken against the culprit.
Speaking to media after cabinet's nod to the bill, Finance Minister Arun Jaitley said, "the bill will be introduced in the upcoming session of Parliament."
"The fugitive bill is for the fugitive who escapes the country," Jaitley added.
The provisions of the bill will apply for economic offenders who refuse to return. Persons against whom an arrest warrant has been issued for a scheduled offence as well as wilful bank loan defaulters with outstanding over Rs 100 crore.
It provides for confiscating assets even without conviction and paying off lenders by selling off the fugitive's properties. Such economic offenders will be tried under prevention of money laundering act.
The Bill
The Fugitive Economic Offenders Bill 2017 was first mentioned by Finance Minister Arun Jaitley in his Budget speech in 2017-18, against the backdrop of bringing back Vijay Mallya, who owes over Rs 9,000 crore in the Kingfisher Airlines fraud case.
The minister, while introducing the details of the Bill, had said: "In the recent past, there have been instances of big time offenders, including economic offenders, fleeing the country to escape the reach of law. We have to ensure that the law is allowed to take its own course. Government is therefore considering introduction of legislative changes, or even a new law, to confiscate the assets of such persons located within the country, till they submit to the jurisdiction of the appropriate legal forum."
The Highlights
The Bill primarily empowers the government and investigating agencies to confiscate property and assets of economic offenders and defaulters who flee India.
It covers a wide range of offences, including wilful loan defaults, cheating and forgery, forged or fraudulent document of electronic records, duty evasion, non-repayment of deposits and others.
The Bill also proposes setting up of a "Special Court" under the Prevention of Money Laundering Act, which will declare a person a "fugitive economic offender".
Who is an economic offender
The Bill defines a fugitive economic offender as a person who has an arrest warrant issued regarding a scheduled offence but leaves or has left India so as to avoid criminal prosecution.
Under the Bill, the offenders will get only six weeks to comply. As per the Bill, cases where the total value involved is Rs 100 crore or more will be tried and referred to the court.
"The Bill certainly attempts to take stringent measures to tackle the issue which has been looming large until now. The Bill seeks to become an umbrella legislation incorporating various provisions of existing laws catering to such offences," says Indrani Lahiri, Principal Associate, Kochhar & Co. in Delhi.
Existing laws
The current law framework allows the Enforcement Directorate to seize the property and assets of an accused as per the rules under the Prevention of Money Laundering Act. But the existing laws do not allow complete "non-conviction" based asset attachment without any encumbrances.
The existing laws under which economic offenders are tried include Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, (Sarfaesi), Recovery of Debts Due to Banks and Financial Institutions Act, 1993, and Insolvency and Bankruptcy Code.
The Law
Once both the houses pass the bill, the new legislation will empower investigating agencies to confiscate any property of the absconding offenders without any encumbrances.
Under the Law, the offender will be "disentitled" from bringing forward or defending any civil claim. It will also prevent the offender, if he returns to India, from reclaiming any property.
Talking about the loopholes and gaps in the tabled Bill, Lahiri says, "Section 7(3) of the Bill envisages that an attachment will continue for a period of 180 days from the date of the order of such attachment - which may not be sufficient time frame in such cases."
The bill, which deals with those fleeing overseas to avoid getting caught, aims to provide an "effective, expeditious and constitutionally permissible deterrent to ensure that such actions are curbed" and steps can be taken against the culprit.
Speaking to media after cabinet's nod to the bill, Finance Minister Arun Jaitley said, "the bill will be introduced in the upcoming session of Parliament."
"The fugitive bill is for the fugitive who escapes the country," Jaitley added.
The provisions of the bill will apply for economic offenders who refuse to return. Persons against whom an arrest warrant has been issued for a scheduled offence as well as wilful bank loan defaulters with outstanding over Rs 100 crore.
It provides for confiscating assets even without conviction and paying off lenders by selling off the fugitive's properties. Such economic offenders will be tried under prevention of money laundering act.
The Bill
The Fugitive Economic Offenders Bill 2017 was first mentioned by Finance Minister Arun Jaitley in his Budget speech in 2017-18, against the backdrop of bringing back Vijay Mallya, who owes over Rs 9,000 crore in the Kingfisher Airlines fraud case.
The minister, while introducing the details of the Bill, had said: "In the recent past, there have been instances of big time offenders, including economic offenders, fleeing the country to escape the reach of law. We have to ensure that the law is allowed to take its own course. Government is therefore considering introduction of legislative changes, or even a new law, to confiscate the assets of such persons located within the country, till they submit to the jurisdiction of the appropriate legal forum."
The Highlights
The Bill primarily empowers the government and investigating agencies to confiscate property and assets of economic offenders and defaulters who flee India.
It covers a wide range of offences, including wilful loan defaults, cheating and forgery, forged or fraudulent document of electronic records, duty evasion, non-repayment of deposits and others.
The Bill also proposes setting up of a "Special Court" under the Prevention of Money Laundering Act, which will declare a person a "fugitive economic offender".
Who is an economic offender
The Bill defines a fugitive economic offender as a person who has an arrest warrant issued regarding a scheduled offence but leaves or has left India so as to avoid criminal prosecution.
Under the Bill, the offenders will get only six weeks to comply. As per the Bill, cases where the total value involved is Rs 100 crore or more will be tried and referred to the court.
"The Bill certainly attempts to take stringent measures to tackle the issue which has been looming large until now. The Bill seeks to become an umbrella legislation incorporating various provisions of existing laws catering to such offences," says Indrani Lahiri, Principal Associate, Kochhar & Co. in Delhi.
Existing laws
The current law framework allows the Enforcement Directorate to seize the property and assets of an accused as per the rules under the Prevention of Money Laundering Act. But the existing laws do not allow complete "non-conviction" based asset attachment without any encumbrances.
The existing laws under which economic offenders are tried include Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, (Sarfaesi), Recovery of Debts Due to Banks and Financial Institutions Act, 1993, and Insolvency and Bankruptcy Code.
The Law
Once both the houses pass the bill, the new legislation will empower investigating agencies to confiscate any property of the absconding offenders without any encumbrances.
Under the Law, the offender will be "disentitled" from bringing forward or defending any civil claim. It will also prevent the offender, if he returns to India, from reclaiming any property.
Talking about the loopholes and gaps in the tabled Bill, Lahiri says, "Section 7(3) of the Bill envisages that an attachment will continue for a period of 180 days from the date of the order of such attachment - which may not be sufficient time frame in such cases."
Etihad may exit Jet Airways this year, says CAPA
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Gulf carrier Etihad Airways might sell its entire stake in Jet Airways by the third quarter of next financial year, aviation think tank CAPA said today.
Etihad has been invested in Jet Airways since April 2013 when it acquired 24 per cent equity for around Rs 2,069 crore and there have been speculations that the Abu Dhabi-based carrier is likely to sell the stake.
"CAPA research indicates Etihad may divest its 24 per cent stake in @jetairways, possibly by Q3 of FY2019. This could lead to a rationalisation of capacity between India and the Gulf, particularly Abu Dhabi," CAPA India said in a tweet.
When contacted, a Jet Airways spokesperson said that as a policy, the airline does not comment on speculation.
There was no immediate comment from Etihad.
In September 2017, Jet Airways Chairman Naresh Goyal had scotched rumours about Etihad exiting the airline.
"We have no plans to sell stake to another investor. Also, our partner Etihad has no intention to exit their investment in Jet Airways," Goyal had said.
Later in November while announcing its new enhanced cooperation agreement with the Air France-KLM Group, Goyal had said the partnership with Etihad would not be disturbed.
"We've done well with Etihad and will continue to do so. There are 70-80 lakh Indians in the Gulf. Travel demand between India and the West will be both via the Gulf route and Europe, and also direct to Europe," Goyal had said.
Whether the new partnership could lead to investments in Jet from the European airlines group, Goyal had said, "one does not know what happens in future."
Etihad has been invested in Jet Airways since April 2013 when it acquired 24 per cent equity for around Rs 2,069 crore and there have been speculations that the Abu Dhabi-based carrier is likely to sell the stake.
"CAPA research indicates Etihad may divest its 24 per cent stake in @jetairways, possibly by Q3 of FY2019. This could lead to a rationalisation of capacity between India and the Gulf, particularly Abu Dhabi," CAPA India said in a tweet.
When contacted, a Jet Airways spokesperson said that as a policy, the airline does not comment on speculation.
There was no immediate comment from Etihad.
In September 2017, Jet Airways Chairman Naresh Goyal had scotched rumours about Etihad exiting the airline.
"We have no plans to sell stake to another investor. Also, our partner Etihad has no intention to exit their investment in Jet Airways," Goyal had said.
Later in November while announcing its new enhanced cooperation agreement with the Air France-KLM Group, Goyal had said the partnership with Etihad would not be disturbed.
"We've done well with Etihad and will continue to do so. There are 70-80 lakh Indians in the Gulf. Travel demand between India and the West will be both via the Gulf route and Europe, and also direct to Europe," Goyal had said.
Whether the new partnership could lead to investments in Jet from the European airlines group, Goyal had said, "one does not know what happens in future."
General Awareness
Role of women and women’s organization.
Trafficking of Persons Bill, 2018
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Context: The Union Cabinet has approved the Trafficking of Persons (Prevention, Protection and Rehabilitation) Bill, 2018 for introduction in the Parliament.
Highlights of the Bill:
Forms of trafficking: The Bill identifies various forms of trafficking, including for the purposes of bonded labour and begging. Listing out the ‘aggravated forms of trafficking’, the bill also speaks of offences such as intimidation, inducement, promise of payment of money, deception or coercion. It mentions trafficking after administering any drug or alcohol or for the purpose of marriage or under the pretext of marriage.
Punishment: Whoever commits the offence of aggravated form of trafficking of a person shall be punished with rigorous imprisonment for a term which shall not be less than 10 years, but which may extend to life imprisonment and shall be liable to fine that shall not be less than Rs 1 lakh. For repeat offenders, it suggests imprisonment for life “which shall mean imprisonment for the remainder of that person’s natural life”, apart from a fine that will not be less than Rs 2 lakh.
Anti- trafficking bureau: The bill proposes the establishment of a national anti-trafficking bureau, which shall be entrusted with the gamut of issues aimed at controlling and tackling the menace under various forms. Functions include coordination, monitoring and surveillance of illegal movement of persons and prevention. The bureau will also be entrusted with increasing cooperation with authorities in foreign countries for boosting operational and long-term intelligence for investigation of trafficking cases, and driving in mutual legal assistance.
State level measures: The bill also aims at having state-level anti-trafficking officers who shall also provide relief and rehabilitation services through district units and other civil-society organisations.
Relief and rehabilitation: The bill also spells out measures towards relief and rehabilitation for the victims of trafficking, and seeks the formation of a committee for this purpose. The committee is proposed to be headed by the women & child development secretary and would have members from the ministries of home; external affairs; labour and employment; social justice and empowerment; panchayati raj; and heath and family welfare.
Background:
As per data released by the National Crime Records Bureau (NCRB), human trafficking numbers rose by almost 20% in 2016 against the previous year. NCRB said there were 8,132 human trafficking cases last year against 6,877 in 2015, with the highest number of cases reported in West Bengal (44% of cases), followed by Rajasthan (17%). Of the 15,379 victims who were caught in trafficking, 10,150 were female and 5,229 males.
Currently, there is no single law dealing with human trafficking and the crime is covered under different acts administered by at least half-a-dozen ministries, including WCD, home, labour, health, Indian overseas affairs and external affairs. More often than not, this results in lax enforcement.
Significance of the Bill:
Trafficking in human beings is the third largest organized crime violating basic human rights. However, there is no specific law so far to deal with this crime. The new Bill addresses one of the most pervasive yet invisible crimes affecting the most vulnerable persons especially women and children. The new law will make India a leader among South Asian countries to combat trafficking. Trafficking is a global concern also affecting a number of South Asian nations.
Highlights of the Bill:
Forms of trafficking: The Bill identifies various forms of trafficking, including for the purposes of bonded labour and begging. Listing out the ‘aggravated forms of trafficking’, the bill also speaks of offences such as intimidation, inducement, promise of payment of money, deception or coercion. It mentions trafficking after administering any drug or alcohol or for the purpose of marriage or under the pretext of marriage.
Punishment: Whoever commits the offence of aggravated form of trafficking of a person shall be punished with rigorous imprisonment for a term which shall not be less than 10 years, but which may extend to life imprisonment and shall be liable to fine that shall not be less than Rs 1 lakh. For repeat offenders, it suggests imprisonment for life “which shall mean imprisonment for the remainder of that person’s natural life”, apart from a fine that will not be less than Rs 2 lakh.
Anti- trafficking bureau: The bill proposes the establishment of a national anti-trafficking bureau, which shall be entrusted with the gamut of issues aimed at controlling and tackling the menace under various forms. Functions include coordination, monitoring and surveillance of illegal movement of persons and prevention. The bureau will also be entrusted with increasing cooperation with authorities in foreign countries for boosting operational and long-term intelligence for investigation of trafficking cases, and driving in mutual legal assistance.
State level measures: The bill also aims at having state-level anti-trafficking officers who shall also provide relief and rehabilitation services through district units and other civil-society organisations.
Relief and rehabilitation: The bill also spells out measures towards relief and rehabilitation for the victims of trafficking, and seeks the formation of a committee for this purpose. The committee is proposed to be headed by the women & child development secretary and would have members from the ministries of home; external affairs; labour and employment; social justice and empowerment; panchayati raj; and heath and family welfare.
Background:
As per data released by the National Crime Records Bureau (NCRB), human trafficking numbers rose by almost 20% in 2016 against the previous year. NCRB said there were 8,132 human trafficking cases last year against 6,877 in 2015, with the highest number of cases reported in West Bengal (44% of cases), followed by Rajasthan (17%). Of the 15,379 victims who were caught in trafficking, 10,150 were female and 5,229 males.
Currently, there is no single law dealing with human trafficking and the crime is covered under different acts administered by at least half-a-dozen ministries, including WCD, home, labour, health, Indian overseas affairs and external affairs. More often than not, this results in lax enforcement.
Significance of the Bill:
Trafficking in human beings is the third largest organized crime violating basic human rights. However, there is no specific law so far to deal with this crime. The new Bill addresses one of the most pervasive yet invisible crimes affecting the most vulnerable persons especially women and children. The new law will make India a leader among South Asian countries to combat trafficking. Trafficking is a global concern also affecting a number of South Asian nations.
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