General Affairs
Central Vigilance Commission To Take Aadhaar Route To Detect Corruption
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The Central Vigilance Commission (CVC) today said since Aadhaar was being made mandatory for numerous financial transactions and property deals, it could be used effectively in tracking the ill-gotten wealth of corrupt bureaucrats.
The anti-corruption watchdog was optimistic that information made available through a person's Permanent Account Number (PAN) and Aadhaar cards could help the CVC check if financial deals carried out by the card holder were within his or her means.
"We have prepared a concept paper. The idea is to prepare some kind of an operational procedure and if possible some kind of software so that once it is decided to investigate X, Y or Z, we can connect in a seamless manner with other departments to get the necessary details (regarding the person) using Aadhaar," Central Vigilance Commissioner KV Chowdary told PTI in an interview.
He said data about financial transactions including those related to immovable properties and shares were available in various domain areas of Income Tax authorities, registration departments or Financial Intelligence Unit (FIU) and other government agencies.
With Aadhaar being made mandatory for some financial transactions, Mr Chowdary said it would be in a position to get data from a few centralised agencies and use the information for the purpose of determining a transaction made by an individual and to probe Disproportionate Assets (DA).
The CVC said CBI and other investigating agencies earlier did not have easy access to such data.
"Now that the data is available and it is very valuable, it needs to be leveraged. This data... will give a much better picture of receipt, expenditure and investments of an officer," Mr Chowdary said, who headed the Income Tax Department before taking over as the chief of the probity watchdog.
Expressing the resolve to take every possible step and route to weed out corruption in line with Prime Minister Narender Modi's vision for a corruption-free nation and war against black money, he said the human aspect -- such as role of individuals and auditors -- in the Punjab National Bank (PNB) loan scam showed that investigation needs to look at the use of technology for misdeeds and for covering them up.
This, Mr Chowdary said, would require some software preparation, Standard Operating Procedures and perhaps some approvals.
The anti-corruption watchdog was optimistic that information made available through a person's Permanent Account Number (PAN) and Aadhaar cards could help the CVC check if financial deals carried out by the card holder were within his or her means.
"We have prepared a concept paper. The idea is to prepare some kind of an operational procedure and if possible some kind of software so that once it is decided to investigate X, Y or Z, we can connect in a seamless manner with other departments to get the necessary details (regarding the person) using Aadhaar," Central Vigilance Commissioner KV Chowdary told PTI in an interview.
He said data about financial transactions including those related to immovable properties and shares were available in various domain areas of Income Tax authorities, registration departments or Financial Intelligence Unit (FIU) and other government agencies.
With Aadhaar being made mandatory for some financial transactions, Mr Chowdary said it would be in a position to get data from a few centralised agencies and use the information for the purpose of determining a transaction made by an individual and to probe Disproportionate Assets (DA).
The CVC said CBI and other investigating agencies earlier did not have easy access to such data.
"Now that the data is available and it is very valuable, it needs to be leveraged. This data... will give a much better picture of receipt, expenditure and investments of an officer," Mr Chowdary said, who headed the Income Tax Department before taking over as the chief of the probity watchdog.
Expressing the resolve to take every possible step and route to weed out corruption in line with Prime Minister Narender Modi's vision for a corruption-free nation and war against black money, he said the human aspect -- such as role of individuals and auditors -- in the Punjab National Bank (PNB) loan scam showed that investigation needs to look at the use of technology for misdeeds and for covering them up.
This, Mr Chowdary said, would require some software preparation, Standard Operating Procedures and perhaps some approvals.
Mamata Banerjee Slams Centre After Fuel Prices Hit Four-Year High
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With petrol and diesel prices sharply shooting up, West Bengal Chief Minister Mamata Banerjee today hit out at the BJP-led central government for doing little to control the surge.
Ms Banerjee said the Centre was only "talking" while the people were suffering due to the surge in fuel prices.
"Diesel/petrol prices are rising and rising and rising. People are suffering. Kitchens are burning. Government is only talking," Ms Banerjee said in a Twitter post.
Petrol prices today hit a four-year high of Rs. 73.73 a litre while diesel rates touched an all-time high of Rs. 64.58 in the national capital, renewing calls for the government to slash excise duty on oil import.
State-owned oil firms, which have been revising auto fuel prices daily since June last year, raised petrol and diesel rates by 18 paise a litre each in Delhi, according to a price notification.
The Oil Ministry had earlier this year sought a reduction in excise duty on petrol and diesel to cushion the impact of rising international oil prices.
Ms Banerjee said the Centre was only "talking" while the people were suffering due to the surge in fuel prices.
"Diesel/petrol prices are rising and rising and rising. People are suffering. Kitchens are burning. Government is only talking," Ms Banerjee said in a Twitter post.
Petrol prices today hit a four-year high of Rs. 73.73 a litre while diesel rates touched an all-time high of Rs. 64.58 in the national capital, renewing calls for the government to slash excise duty on oil import.
State-owned oil firms, which have been revising auto fuel prices daily since June last year, raised petrol and diesel rates by 18 paise a litre each in Delhi, according to a price notification.
The Oil Ministry had earlier this year sought a reduction in excise duty on petrol and diesel to cushion the impact of rising international oil prices.
Centre Likely To File Review Petition In SC-ST Act Order Tomorrow
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The Central government is likely to file a review petition in the Supreme Court on Monday in the top court's recent order diluting certain provisions of the Scheduled Castes and Tribes (Prevention of Atrocities) Act, 1989, sources said on Sunday.
Law Minister Ravi Shankar Prasad had on Thursday said that he had instructed his Ministry officials "to examine the desirability of filing a review petition in the case".
Sources said the government was ready with the papers to file a review petition in the case. This came after pressure from both the NDA allies and the opposition.
On March 28, a delegation of Dalit Ministers and MPs led by Union Minister Ram Vilas Paswan had met Prime Minister Narendra Modi and discussed issues arising out of the Supreme Court's order.
On the same day, leaders of several opposition parties met President Ram Nath Kovind and sought his intervention to press the government to file a review petition before the Supreme Court over its verdict diluting the SC/ST Act.
The delegation included leaders from the Congress, the Communist Party of India-Marxist, the Bahujan Samaj Party, the Samajwadi Party, the DMK and the Nationalist Congress Party.
Talking to reporters later, Congress President Rahul Gandhi said that atrocities against Dalits were increasing but the Act was being weakened.
BSP leader Satish Chandra Misra said they told the President that the government had not fought the case effectively and hence a review petition should be filed and the hearing should take place in open court.
On March 20, the Supreme Court ruled that the arrest of an accused under the Scheduled Castes and the Scheduled Tribes (Prevention of Atrocities) Act is not mandatory and recourse to coercive action would be only after preliminary inquiry and sanction by the competent authority.
Coupled with this, the court said, that there was no "absolute bar against grant of anticipatory bail in cases under the Atrocities Act if no prima facie case is made out or where on judicial scrutiny the complaint is found to be prima facie mala fide".
Law Minister Ravi Shankar Prasad had on Thursday said that he had instructed his Ministry officials "to examine the desirability of filing a review petition in the case".
Sources said the government was ready with the papers to file a review petition in the case. This came after pressure from both the NDA allies and the opposition.
On March 28, a delegation of Dalit Ministers and MPs led by Union Minister Ram Vilas Paswan had met Prime Minister Narendra Modi and discussed issues arising out of the Supreme Court's order.
On the same day, leaders of several opposition parties met President Ram Nath Kovind and sought his intervention to press the government to file a review petition before the Supreme Court over its verdict diluting the SC/ST Act.
The delegation included leaders from the Congress, the Communist Party of India-Marxist, the Bahujan Samaj Party, the Samajwadi Party, the DMK and the Nationalist Congress Party.
Talking to reporters later, Congress President Rahul Gandhi said that atrocities against Dalits were increasing but the Act was being weakened.
BSP leader Satish Chandra Misra said they told the President that the government had not fought the case effectively and hence a review petition should be filed and the hearing should take place in open court.
On March 20, the Supreme Court ruled that the arrest of an accused under the Scheduled Castes and the Scheduled Tribes (Prevention of Atrocities) Act is not mandatory and recourse to coercive action would be only after preliminary inquiry and sanction by the competent authority.
Coupled with this, the court said, that there was no "absolute bar against grant of anticipatory bail in cases under the Atrocities Act if no prima facie case is made out or where on judicial scrutiny the complaint is found to be prima facie mala fide".
After 39 Workers Killed In Iraq, Panel To Discuss Safety Of Indians Abroad
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In wake of 39 Indian workers' death in Iraq, a parliamentary panel has called a meeting tomorrow to deliberate upon "safety and security of Indian workers in conflict zones".
The parliamentary standing committee on external affairs headed by Congress MP Shashi Tharoor will deliberate upon various issues related to Indian migrant workers.
According to the Lok Sabha secretariat, the agenda of the meeting is "issues relating to migrant workers including appropriate legislative framework and skill development initiatives for prospective emigrants with particular emphasis on safety and security of Indian Workers in conflict zones .
The meeting was called after the report of the Indian workers' death in Iraq. The members in the panel feel there is a need to develop a legislative framework to ensure security of Indians working abroad, a source said.
Sources also said that the panel is likely to be briefed by senior officials of the external affairs ministry.
Members of the panel are also likely to raise the issue of Indian workers' death in Iraq during the meeting tomorrow, the source said.
On March 20, External Affairs Minister Sushma Swaraj told Parliament that 39 Indian workers, most of them from Punjab, were killed by the Islamic State in Iraq last year.
Of the 39 people killed, 27 were from Punjab, four from Himachal, two from West Bengal and the remaining were from Bihar.
All the 39 Indians were abducted by the ISIS terror outfit in Mosul in Iraq three years ago.
Swaraj had said it was not immediately known when the Indians were killed, their bodies were recovered from Badosh - a village in northwest of Mosul, and their identities established through DNA testing.
The parliamentary standing committee on external affairs headed by Congress MP Shashi Tharoor will deliberate upon various issues related to Indian migrant workers.
According to the Lok Sabha secretariat, the agenda of the meeting is "issues relating to migrant workers including appropriate legislative framework and skill development initiatives for prospective emigrants with particular emphasis on safety and security of Indian Workers in conflict zones .
The meeting was called after the report of the Indian workers' death in Iraq. The members in the panel feel there is a need to develop a legislative framework to ensure security of Indians working abroad, a source said.
Sources also said that the panel is likely to be briefed by senior officials of the external affairs ministry.
Members of the panel are also likely to raise the issue of Indian workers' death in Iraq during the meeting tomorrow, the source said.
On March 20, External Affairs Minister Sushma Swaraj told Parliament that 39 Indian workers, most of them from Punjab, were killed by the Islamic State in Iraq last year.
Of the 39 people killed, 27 were from Punjab, four from Himachal, two from West Bengal and the remaining were from Bihar.
All the 39 Indians were abducted by the ISIS terror outfit in Mosul in Iraq three years ago.
Swaraj had said it was not immediately known when the Indians were killed, their bodies were recovered from Badosh - a village in northwest of Mosul, and their identities established through DNA testing.
3 Arrested In Paper Leak Case, CBSE Cracks Down On Official
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An official of the central education board CBSE was suspended and three men were arrested today over the leak of Class 12 economics board exam papers. The arrested men included two teachers of a private school in northwest Delhi, who leaked the paper nearly 2 hours before the exam, the police said. A tutor of a coaching centre, to whom they sent images of the solved paper, has been arrested too. The suspended CBSE official was in charge of the exam centre where the leak took place, the government said.
Here are the top 10 updates in the CBSE paper leak case:
KS Rana, the official in charge of the exam centre in outer Delhi's Bawana, was suspended, Union Education Secretary Anil Swarup tweeted this evening.
Mr Swarup's tweet read: "On the direction of the HRD Minister @PrakashJavdekar to take swift action against culprits, the Board has suspended K S Rana, the official found lax in supervising examination centre (0859) with immediate effect. A formal inquiry has been instituted".
The two arrested teachers of Mother Khazani Convent School in Bawana had unsealed the CBSE Class 12 economics papers nearly two hours before the exams on March 26, investigators said. They allegedly photographed it, and sent it to a tutor of a local coaching centre, who then forwarded it to his students.
The students were charged Rs. 2,000-2,500 for accessing the leaked paper. The two teachers -- who taught economics and maths -- kept 50 per cent of the money. The rest went to the coaching centre tutor, sources said.
Investigators say the person who warned the Central Board of Secondary Education or CBSE about the leak in the Class 10 math paper the night before the exam, has also been identified. The Class 10 student mailed 12 images of the leaked paper, which he received on WhatsApp, to CBSE chief Anita Karwal.
The teen had used his father's e-mail id to mail the images to Ms Karwal and the police tracked him after reaching out to Google. The student and his father are being questioned, a police officer said.
Investigators have raided five locations in the National Capital Region or NCR in connection with the paper leak. So far, 53 students and nine teachers have been questioned. Six WhatsApp groups involved in sharing the papers are also being investigated.
The CBSE has cautioned against fake paper leak messages being circulated on social media. A Political Science question paper found on YouTube has been verified as an "earlier year's question paper", the board said in a statement. "A fake question paper of Class 12 Hindi (Elective) is being circulated on social media," the CBSE said.
After the paper leak, the CBSE decided to hold a re-examination in the economics paper for Class 12 students on March 26.
Union minister Prakash Javadekar said a decision on the math paper will be taken later. A re-exam will be held only for students based in Delhi and Haryana only if the investigation points to a "large-scale leak", the minister said.
An official of the central education board CBSE was suspended and three men were arrested today over the leak of Class 12 economics board exam papers. The arrested men included two teachers of a private school in northwest Delhi, who leaked the paper nearly 2 hours before the exam, the police said. A tutor of a coaching centre, to whom they sent images of the solved paper, has been arrested too. The suspended CBSE official was in charge of the exam centre where the leak took place, the government said.Here are the top 10 updates in the CBSE paper leak case:
KS Rana, the official in charge of the exam centre in outer Delhi's Bawana, was suspended, Union Education Secretary Anil Swarup tweeted this evening.
Mr Swarup's tweet read: "On the direction of the HRD Minister @PrakashJavdekar to take swift action against culprits, the Board has suspended K S Rana, the official found lax in supervising examination centre (0859) with immediate effect. A formal inquiry has been instituted".
The two arrested teachers of Mother Khazani Convent School in Bawana had unsealed the CBSE Class 12 economics papers nearly two hours before the exams on March 26, investigators said. They allegedly photographed it, and sent it to a tutor of a local coaching centre, who then forwarded it to his students.
The students were charged Rs. 2,000-2,500 for accessing the leaked paper. The two teachers -- who taught economics and maths -- kept 50 per cent of the money. The rest went to the coaching centre tutor, sources said.
Investigators say the person who warned the Central Board of Secondary Education or CBSE about the leak in the Class 10 math paper the night before the exam, has also been identified. The Class 10 student mailed 12 images of the leaked paper, which he received on WhatsApp, to CBSE chief Anita Karwal.
The teen had used his father's e-mail id to mail the images to Ms Karwal and the police tracked him after reaching out to Google. The student and his father are being questioned, a police officer said.
Investigators have raided five locations in the National Capital Region or NCR in connection with the paper leak. So far, 53 students and nine teachers have been questioned. Six WhatsApp groups involved in sharing the papers are also being investigated.
The CBSE has cautioned against fake paper leak messages being circulated on social media. A Political Science question paper found on YouTube has been verified as an "earlier year's question paper", the board said in a statement. "A fake question paper of Class 12 Hindi (Elective) is being circulated on social media," the CBSE said.
After the paper leak, the CBSE decided to hold a re-examination in the economics paper for Class 12 students on March 26.
Union minister Prakash Javadekar said a decision on the math paper will be taken later. A re-exam will be held only for students based in Delhi and Haryana only if the investigation points to a "large-scale leak", the minister said.
Business Affairs
No quid pro quo, ICICI Bank gave loan on merit, says Videocon chief Venugopal Dhoot
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Videocon Group Chairman Venugopal Dhoot has said loans were sanctioned by ICICI Bank based on the merit of projects in the oil and gas sector, as he sought to reject allegations of quid pro quo in loan received from the lender.
His comments come against the backdrop of reports alleging quid pro quo between the group and the bank's CEO Chanda Kochhar and her family members in giving the loans.
Amid the controversy, the lender has come out in defence of Kochhar, saying it has full faith and confidence in her.
It is alleged that a loan of over Rs 3,000 crore was given to Videocon Group, which in turn pumped money into NuPower Renewables, a firm owned by Deepak Kochhar, husband of ICICI Bank CEO and Managing Director Chanda Kochhar.
"When NuPower Renewables started, I invested around Rs 2.5 lakh worth shares in NuPower Renewables, but, immediately I sold my entire investment of Rs 2.5 lakh worth shares and exited from NuPower Renewables," Dhoot told PTI.
He also denied reports that his group had invested Rs 64 crore in NuPower Renewables.
"This is not correct and we deny as we have not invested Rs 64 crore in FCD (fully convertible debentures) of NuPower Renewables," he said and also denied allegations of transferring around Rs 325 crore from Mauritius route to Deepak Kochhar's company.
On loans given to Videocon group by the bank, he said, "There was no quid pro quo from ICICI Bank to Videocon as ICICI Bank has under the consortium arrangement (with other lenders and leader bank being SBI) and which is less than 10 per cent loan to Videocon group...
"...the sanction by the ICICI Bank has been done on the merit of the projects and therefore, there is no question of any quid pro quo."
Observing that at that time, oil price was above USD 100 a barrel, Dhoot said, "Videocon was a rated company and all the banks were chasing for investment into Videocon. So, investment by ICICI Bank cannot be construed as a favour to Videocon."
The group had "huge quality oil and gas assets in Brazil, Mozambique and Indonesia and other domestic good assets, which were appraised by the two lead banks, SBI and IDBI Bank and thereafter ICICI Bank has sanctioned the above loan (Rs 3,000 crore) to the company", he added.
"We have not transferred any money....It is very unfair to drag Videocon into the so called allegation or controversy about ICICI Bank dealing with Videocon," Dhoot said.
On the Rs 660-crore loan given to Tuskar Overseas Inc, a group company of Videocon, Dhoot said it was given to the company 12 years ago by the previous management of the bank and was paid back without any default.
He also said Videocon was successful in challenging a show cause notice issued by the Enforcement Directorate to Videocon with regard to the Rs 660-crore loan and proved that there was no violation of FEMA by the group.
His comments come against the backdrop of reports alleging quid pro quo between the group and the bank's CEO Chanda Kochhar and her family members in giving the loans.
Amid the controversy, the lender has come out in defence of Kochhar, saying it has full faith and confidence in her.
It is alleged that a loan of over Rs 3,000 crore was given to Videocon Group, which in turn pumped money into NuPower Renewables, a firm owned by Deepak Kochhar, husband of ICICI Bank CEO and Managing Director Chanda Kochhar.
"When NuPower Renewables started, I invested around Rs 2.5 lakh worth shares in NuPower Renewables, but, immediately I sold my entire investment of Rs 2.5 lakh worth shares and exited from NuPower Renewables," Dhoot told PTI.
He also denied reports that his group had invested Rs 64 crore in NuPower Renewables.
"This is not correct and we deny as we have not invested Rs 64 crore in FCD (fully convertible debentures) of NuPower Renewables," he said and also denied allegations of transferring around Rs 325 crore from Mauritius route to Deepak Kochhar's company.
On loans given to Videocon group by the bank, he said, "There was no quid pro quo from ICICI Bank to Videocon as ICICI Bank has under the consortium arrangement (with other lenders and leader bank being SBI) and which is less than 10 per cent loan to Videocon group...
"...the sanction by the ICICI Bank has been done on the merit of the projects and therefore, there is no question of any quid pro quo."
Observing that at that time, oil price was above USD 100 a barrel, Dhoot said, "Videocon was a rated company and all the banks were chasing for investment into Videocon. So, investment by ICICI Bank cannot be construed as a favour to Videocon."
The group had "huge quality oil and gas assets in Brazil, Mozambique and Indonesia and other domestic good assets, which were appraised by the two lead banks, SBI and IDBI Bank and thereafter ICICI Bank has sanctioned the above loan (Rs 3,000 crore) to the company", he added.
"We have not transferred any money....It is very unfair to drag Videocon into the so called allegation or controversy about ICICI Bank dealing with Videocon," Dhoot said.
On the Rs 660-crore loan given to Tuskar Overseas Inc, a group company of Videocon, Dhoot said it was given to the company 12 years ago by the previous management of the bank and was paid back without any default.
He also said Videocon was successful in challenging a show cause notice issued by the Enforcement Directorate to Videocon with regard to the Rs 660-crore loan and proved that there was no violation of FEMA by the group.
E-way bill for inter-state movement of goods rolled out nationwide
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Nationwide electronic or e-way bill system for inter-state movement of goods has been rolled out today, with GSTN officials saying that the platform is working smoothly.
Karnataka is the only state which has implemented the e-way bill system for moving goods within the state. The state has been using the e-way bill platform since September last year for intra-state movement of goods.
From today, businesses and transporters have to produce before a GST inspector e-way bill for moving goods worth over Rs 50,000 from one state to another.
Official at the Goods and Services Tax Network (GSTN), the company which has developed the IT backbone for GST regime, said that the e-way bill platform been working smoothly and Karnataka is also generating e-way bill for Intra-state movement of goods.
Touted as an anti-evasion measure and would help boost tax collections by clamping down on trade that currently happens on cash basis, the e-way bill provision of the goods and services tax (GST) was first introduced on February 1.
However, its implementation was put on hold after the system developed glitches in generating permits. With several states starting to generate intra-state e-way bills on the portal, the system developed a snag.
Since then, the platform has been made more robust, so that it can handle load of as many as 75 lakh inter-state e-way bills daily without any glitch. The system has been designed and developed by National Informatics Centre (NIC).
Till early last week, 11 lakh entities had registered on e-way bill portal.
This compares to 1.05 crore registered businesses under the GST and about 70 lakh filing monthly returns.
The GST Council, last month, had decided on a staggered rollout of the e-way bill starting with inter-state from April 1 and intra-state from April 15.
Karnataka is the only state which has implemented the e-way bill system for moving goods within the state. The state has been using the e-way bill platform since September last year for intra-state movement of goods.
From today, businesses and transporters have to produce before a GST inspector e-way bill for moving goods worth over Rs 50,000 from one state to another.
Official at the Goods and Services Tax Network (GSTN), the company which has developed the IT backbone for GST regime, said that the e-way bill platform been working smoothly and Karnataka is also generating e-way bill for Intra-state movement of goods.
Touted as an anti-evasion measure and would help boost tax collections by clamping down on trade that currently happens on cash basis, the e-way bill provision of the goods and services tax (GST) was first introduced on February 1.
However, its implementation was put on hold after the system developed glitches in generating permits. With several states starting to generate intra-state e-way bills on the portal, the system developed a snag.
Since then, the platform has been made more robust, so that it can handle load of as many as 75 lakh inter-state e-way bills daily without any glitch. The system has been designed and developed by National Informatics Centre (NIC).
Till early last week, 11 lakh entities had registered on e-way bill portal.
This compares to 1.05 crore registered businesses under the GST and about 70 lakh filing monthly returns.
The GST Council, last month, had decided on a staggered rollout of the e-way bill starting with inter-state from April 1 and intra-state from April 15.
RBI likely to maintain status quo as inflation risks weigh
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The RBI is likely to keep interest rates unchanged in its first bi-monthly monetary policy review for 2018-19 to be unveiled this week as hardening global crude oil prices continue to pose a risk to domestic inflation.
This would also be the first monetary policy announcement after the Budget, which has slightly deviated from the fiscal consolidation roadmap.
The six-member Monetary Policy Committee (MPC), headed by RBI Governor Urjit Patel, is to meet on April 4 and 5.
Pressure has been mounting on the Reserve Bank of India (RBI) to cut interest rates in the wake of declining retail inflation and the need to fuel growth momentum.
However, the RBI will have to do a tightrope walk as globally interest rates are inching upwards.
Last month, the US Federal Reserve raised interest rates by a quarter of a percentage point and signalled that it is on track to raise rates twice more in 2018.
Besides, the RBI has to take into consideration the rise in crude oil prices which temporarily touched USD 70 per barrel.
"We expect the MPC to keep policy rates on hold and maintain its neutral stance," analysts at American brokerage Morgan Stanley said in a note.
Bank of America Merill Lynch (BofAML) also echoed the view, but added that it expects a rate cut in the August review if the monsoons are favourable.
"We expect the RBI MPC to strike a balanced tone on April 5, with March quarter inflation set to average 4.6 per cent, 0.50 per cent below their 5.1 per cent forecast," it said.
After surging to a concerning 5.2 per cent in December, the headline inflation cooled off to 5.07 per cent in January and further to 4.4 per cent in February.
Even industry chambers are of the view that the central bank would opt for status quo as the government's budget announcement to provide farmers 1.5-times of minimum support price (MSP) for their produce may jack up inflation.
"This would leave very little leeway for the RBI to cut rates in this monetary policy and hence we expect the RBI to keep the key interest rates unchanged," Assocham said in a statement.
Currently, repo rate -- the short term lending rate at which RBI lends to banks -- stands at 6 per cent. Consequently, the reverse repo rate is 5.75 per cent and the marginal standing facility (MSF) rate and the bank rate stand at 6.25 per cent.
According to Kotak Mahindra Bank, the RBI is expected to be on an extended pause as inflation is likely to remain close to 4.5 per cent during 2018-19.
"We expect the RBI's Monetary Policy Committee (MPC) to maintain status quo as it awaits clarity on monsoon, sustainability of high crude oil prices post the winter squeeze, and global financial conditions," it said in a note.
The Patel-headed MPC has two other representatives from RBI -- Deputy Governor Viral Acharya and Executive Director Michael Debabrata Patra. The three external members are Chetan Ghate, Pami Dua and Ravindra Dholakia.
This would also be the first monetary policy announcement after the Budget, which has slightly deviated from the fiscal consolidation roadmap.
The six-member Monetary Policy Committee (MPC), headed by RBI Governor Urjit Patel, is to meet on April 4 and 5.
Pressure has been mounting on the Reserve Bank of India (RBI) to cut interest rates in the wake of declining retail inflation and the need to fuel growth momentum.
However, the RBI will have to do a tightrope walk as globally interest rates are inching upwards.
Last month, the US Federal Reserve raised interest rates by a quarter of a percentage point and signalled that it is on track to raise rates twice more in 2018.
Besides, the RBI has to take into consideration the rise in crude oil prices which temporarily touched USD 70 per barrel.
"We expect the MPC to keep policy rates on hold and maintain its neutral stance," analysts at American brokerage Morgan Stanley said in a note.
Bank of America Merill Lynch (BofAML) also echoed the view, but added that it expects a rate cut in the August review if the monsoons are favourable.
"We expect the RBI MPC to strike a balanced tone on April 5, with March quarter inflation set to average 4.6 per cent, 0.50 per cent below their 5.1 per cent forecast," it said.
After surging to a concerning 5.2 per cent in December, the headline inflation cooled off to 5.07 per cent in January and further to 4.4 per cent in February.
Even industry chambers are of the view that the central bank would opt for status quo as the government's budget announcement to provide farmers 1.5-times of minimum support price (MSP) for their produce may jack up inflation.
"This would leave very little leeway for the RBI to cut rates in this monetary policy and hence we expect the RBI to keep the key interest rates unchanged," Assocham said in a statement.
Currently, repo rate -- the short term lending rate at which RBI lends to banks -- stands at 6 per cent. Consequently, the reverse repo rate is 5.75 per cent and the marginal standing facility (MSF) rate and the bank rate stand at 6.25 per cent.
According to Kotak Mahindra Bank, the RBI is expected to be on an extended pause as inflation is likely to remain close to 4.5 per cent during 2018-19.
"We expect the RBI's Monetary Policy Committee (MPC) to maintain status quo as it awaits clarity on monsoon, sustainability of high crude oil prices post the winter squeeze, and global financial conditions," it said in a note.
The Patel-headed MPC has two other representatives from RBI -- Deputy Governor Viral Acharya and Executive Director Michael Debabrata Patra. The three external members are Chetan Ghate, Pami Dua and Ravindra Dholakia.
PNB scam under examination for enforcement action, says RBI
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With multiple agencies probing the alleged Rs 13,000-crore fraud at state-run Punjab National Bank, the Reserve Bank of India (RBI) says it has conducted its scrutiny and the matter is currently under examination for "enforcement action".
Replying to an RTI query, the central bank also said it has been issuing necessary instructions to banks from time to time on a variety of issues of prudential supervisory concern, including the management of operational risks inherent in the functioning of banks.
Asked to provide details of action taken by the RBI after receiving input of suspected fraud at PNB and steps being taken to check such recurrences, the banking sector regulator said a confidential circular on time-bound implementation and strengthening of SWIFT related operational controls was issued to public and private banks on February 20.
SWIFT (Society for Worldwide Interbank Financial Telecommunications) is a global messaging network used by financial institutions across the world to securely exchange information and instructions among themselves with the use of pre-assigned codes.
"Further the scrutiny is conducted in the matter and is under examination for supervisory/enforcement action," the RBI said in response to the RTI application filed by this PTI correspondent.
The RBI, however, declined to share further details of the February 20 circular, saying it was "exempt from disclosure under section 8 (1) (a) of the RTI Act, 2005, since its disclosure may prejudicially affect the economic interest of the State."
The PNB initially reported to the RBI on January 29 an incidence of fraud of Rs 280 crore at its Brady House branch in Mumbai. This information was subsequently updated and revised under the fraud reporting platform on multiple dates, the RBI said.
The central bank, however, declined to share details of communication received from the PNB on the alleged fraud.
"In view of the ongoing investigations into the matter by the investigative authorities and third party information involved, the information sought is exempt from disclosure, the RBI said.
Among various agencies, the CBI is looking into the over Rs 13,000 crore alleged fraud in the PNB committed by billionaire jeweller Nirav Modi and his uncle and Gitanjali Gems promoter Mehul Choksi.
The Enforcement Directorate has also filed two money laundering cases against Modi and Choksi to probe the alleged fraud.
It has conducted a total of 251 country-wide searches in the case after it began the criminal probe against the accused in February, resulting in seizure and attachment of diamond, gold, precious and semi-precious stones and other movable and immovable assets.
Replying to an RTI query, the central bank also said it has been issuing necessary instructions to banks from time to time on a variety of issues of prudential supervisory concern, including the management of operational risks inherent in the functioning of banks.
Asked to provide details of action taken by the RBI after receiving input of suspected fraud at PNB and steps being taken to check such recurrences, the banking sector regulator said a confidential circular on time-bound implementation and strengthening of SWIFT related operational controls was issued to public and private banks on February 20.
SWIFT (Society for Worldwide Interbank Financial Telecommunications) is a global messaging network used by financial institutions across the world to securely exchange information and instructions among themselves with the use of pre-assigned codes.
"Further the scrutiny is conducted in the matter and is under examination for supervisory/enforcement action," the RBI said in response to the RTI application filed by this PTI correspondent.
The RBI, however, declined to share further details of the February 20 circular, saying it was "exempt from disclosure under section 8 (1) (a) of the RTI Act, 2005, since its disclosure may prejudicially affect the economic interest of the State."
The PNB initially reported to the RBI on January 29 an incidence of fraud of Rs 280 crore at its Brady House branch in Mumbai. This information was subsequently updated and revised under the fraud reporting platform on multiple dates, the RBI said.
The central bank, however, declined to share details of communication received from the PNB on the alleged fraud.
"In view of the ongoing investigations into the matter by the investigative authorities and third party information involved, the information sought is exempt from disclosure, the RBI said.
Among various agencies, the CBI is looking into the over Rs 13,000 crore alleged fraud in the PNB committed by billionaire jeweller Nirav Modi and his uncle and Gitanjali Gems promoter Mehul Choksi.
The Enforcement Directorate has also filed two money laundering cases against Modi and Choksi to probe the alleged fraud.
It has conducted a total of 251 country-wide searches in the case after it began the criminal probe against the accused in February, resulting in seizure and attachment of diamond, gold, precious and semi-precious stones and other movable and immovable assets.
Soon automakers to deliver cars fitted with number plates: Nitin Gadkari
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Vehicles will soon come fitted with number plates and the cost will be included in the four-wheelers' price, Union Minister Nitin Gadkari said.
At present, a vehicle license plate -- which is attached to vehicles bearing its official registration number, commonly known as "a number plate" -- is procured by various states separately from designated agencies.
"We have taken an important decision. Now, manufacturers will fit the plates and embossing will be done later through machine," Road Transport, Highways, Shipping, Water Resources and Ganga Rejuvenation Minister Gadkari told PTI.
Naturally, the price of the plate will be included in car's cost and the consumer will get some relief, he said.
The minister said the new technology number plates were intended to bring relief not only to consumers but also to bring in uniformity across states as each state used to buy these plates earlier.
The prices for number plates procured by states ranged from Rs 800 to Rs 40,000, he said.
At present, the the licence plate (number plates) number is issued by the district-level Regional Transport Office (RTO) of respective states.
Also, Gadkari said that there would be no compromise in terms of security as far as vehicles were concerned and such norms will be same for all models be it economy or luxury.
"We will not compromise with security.... what security norms we have done for economic models, same is for luxury and SUVs," he said.
The government has recently made it mandatory for all cars manufactured after July 2019 to have air bags for drivers and seat-belt reminders besides speeding alert systems beyond 80 kmph and sensors for reverse parking to avoid accidents.
"Motor vehicles of category M1 (cars), manufactured on and after the 1st day of July, 2019, shall comply with the additional safety features and its requirements stipulated in AIS-145 -2017," the notification issued by the Road Transport and Highways Ministry has said.
The minister also said that there would be no compromise on pollution front as well and a number of initiatives have been taken in this regard.
At present, a vehicle license plate -- which is attached to vehicles bearing its official registration number, commonly known as "a number plate" -- is procured by various states separately from designated agencies.
"We have taken an important decision. Now, manufacturers will fit the plates and embossing will be done later through machine," Road Transport, Highways, Shipping, Water Resources and Ganga Rejuvenation Minister Gadkari told PTI.
Naturally, the price of the plate will be included in car's cost and the consumer will get some relief, he said.
The minister said the new technology number plates were intended to bring relief not only to consumers but also to bring in uniformity across states as each state used to buy these plates earlier.
The prices for number plates procured by states ranged from Rs 800 to Rs 40,000, he said.
At present, the the licence plate (number plates) number is issued by the district-level Regional Transport Office (RTO) of respective states.
Also, Gadkari said that there would be no compromise in terms of security as far as vehicles were concerned and such norms will be same for all models be it economy or luxury.
"We will not compromise with security.... what security norms we have done for economic models, same is for luxury and SUVs," he said.
The government has recently made it mandatory for all cars manufactured after July 2019 to have air bags for drivers and seat-belt reminders besides speeding alert systems beyond 80 kmph and sensors for reverse parking to avoid accidents.
"Motor vehicles of category M1 (cars), manufactured on and after the 1st day of July, 2019, shall comply with the additional safety features and its requirements stipulated in AIS-145 -2017," the notification issued by the Road Transport and Highways Ministry has said.
The minister also said that there would be no compromise on pollution front as well and a number of initiatives have been taken in this regard.
General Awareness
Interstitium: The latest organ discovered in human body
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Context: Scientists have discovered a new organ in the human body which they have dubbed the ‘interstitium’.
About Interstitium:
The new organ is known as the Interstitium and it is found everywhere in our bodies, acting as a shock absorber in all places where tissues are moved or subjected to force.
It lies beneath the top layer of skin, but is also in tissue layers lining the gut, lungs, blood vessels, and muscles. The organ is a network of interconnected, fluid-filled spaces all over the body.
Scientists say, it may even be one of the largest organs in the body. The organ acts like a shock absorber in all places where tissues are moved or subjected to force.
WHAT IS THE ORGAN MADE OF?
The organ is a network of interconnected, fluid-filled spaces all over the body and is made up of both strong (collagen) and flexible (elastin) connective tissue proteins, with interstitial fluid moving throughout.
Functions of the organ:
Interstitial spaces are organized by a collagen “mesh”, can shrink, expand, and “may thus serve as shock absorbers.”
These “dynamically compressible and distensible sinuses” act as thoroughfares to transport critical fluids within organs and around the body.
The Interstitium plays an important role in carrying lymph, the clear fluid that also travels through lymphatic vessels and supports immunity.
Significance of the discovery:
The discovery of the fluid ‘highway’ could help to explain how cancer spreads in the body, and pave the way for new ways to detect and treat the disease.
Context: Scientists have discovered a new organ in the human body which they have dubbed the ‘interstitium’.
About Interstitium:
The new organ is known as the Interstitium and it is found everywhere in our bodies, acting as a shock absorber in all places where tissues are moved or subjected to force.
It lies beneath the top layer of skin, but is also in tissue layers lining the gut, lungs, blood vessels, and muscles. The organ is a network of interconnected, fluid-filled spaces all over the body.
Scientists say, it may even be one of the largest organs in the body. The organ acts like a shock absorber in all places where tissues are moved or subjected to force.
WHAT IS THE ORGAN MADE OF?
The organ is a network of interconnected, fluid-filled spaces all over the body and is made up of both strong (collagen) and flexible (elastin) connective tissue proteins, with interstitial fluid moving throughout.
Functions of the organ:
Interstitial spaces are organized by a collagen “mesh”, can shrink, expand, and “may thus serve as shock absorbers.”
These “dynamically compressible and distensible sinuses” act as thoroughfares to transport critical fluids within organs and around the body.
The Interstitium plays an important role in carrying lymph, the clear fluid that also travels through lymphatic vessels and supports immunity.
Significance of the discovery:
The discovery of the fluid ‘highway’ could help to explain how cancer spreads in the body, and pave the way for new ways to detect and treat the disease.
About Interstitium:
The new organ is known as the Interstitium and it is found everywhere in our bodies, acting as a shock absorber in all places where tissues are moved or subjected to force.
It lies beneath the top layer of skin, but is also in tissue layers lining the gut, lungs, blood vessels, and muscles. The organ is a network of interconnected, fluid-filled spaces all over the body.
Scientists say, it may even be one of the largest organs in the body. The organ acts like a shock absorber in all places where tissues are moved or subjected to force.
WHAT IS THE ORGAN MADE OF?
The organ is a network of interconnected, fluid-filled spaces all over the body and is made up of both strong (collagen) and flexible (elastin) connective tissue proteins, with interstitial fluid moving throughout.
Functions of the organ:
Interstitial spaces are organized by a collagen “mesh”, can shrink, expand, and “may thus serve as shock absorbers.”
These “dynamically compressible and distensible sinuses” act as thoroughfares to transport critical fluids within organs and around the body.
The Interstitium plays an important role in carrying lymph, the clear fluid that also travels through lymphatic vessels and supports immunity.
Significance of the discovery:
The discovery of the fluid ‘highway’ could help to explain how cancer spreads in the body, and pave the way for new ways to detect and treat the disease.
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