General Affairs
Nobel Laureate Kailash Satyarthi Pitches for National Children's Tribunal For Speedy Justice
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Nobel laureate Kailash Satyarthi has advocated setting up a national children's tribunal, on the lines of the National Green Tribunal (NGT), to deal with cases of crime against children in a time-bound and expeditious manner.
Citing recent incidents of sexual abuse of minor girls, the child rights activist said such cases give the country a "bad name".
"Today incidents of rape of minor girls are being reported. In the national capital, an eight-month-old girl was raped. Such incidents give the country a bad name. Besides the government, the society should also think about it," Mr Satyarthi said in an interview to PTI.
The 2014 Nobel Peace Prize winner said, "There are laws, such as the POCSO Act, to deal with child rights violation and sexual abuse of children. The POCSO (Protection of Children from Sexual Offences) Act is a good law. But the problem is, hearing of cases do not happen in a time-bound manner."
"In most cases, completion of trials and conviction take several years. Therefore, a national children's tribunal should be constituted to ensure cases related to children are disposed of in a time-bound manner," he said.
Born in 1954 in Madhya Pradesh, Mr Satyarthi -- as a grassroots activist -- has led the rescue of over 80,000 child slaves and developed a successful model for their education and rehabilitation. He is also the founder of the Bachpan Bachao Andolan (BBA), according to his website.
"It should be ensured that the tribunal for children is as powerful as the NGT. Things related to the environment are changing because the NGT has been given powers. The NGT has instilled fear among those who try to hurt the environment," he said.
"If there is an empowered national children's tribunal, there would be effective and expeditious disposal of cases related to children and child rights would be better protected," the Nobel laureate said.
Expressing concern over the menace of child pornography, the child rights activist emphasised the need for an international convention against it.
Last month, during the "Laureates and Leaders for Children" summit in Jordan, Nobel laureates, including Mr Satyarthi, and world leaders had called for a global convention against child pornography.
"Child pronograhy is a global menace and it is increasing with the expanding reach of the Internet. There is a need for an international law against it.
"Hence, we (at the summit) urged that an international law be formulated through the United Nations so that the spread of child pornography and violation of child rights on the Internet can be checked," he said.
Mr Satyarthi, as a global campaigner, has been the architect of the single largest civil society network for the most exploited children, the Global March Against Child Labor, which is a worldwide coalition of NGOs, teachers' union and trade unions, the website said.
Citing recent incidents of sexual abuse of minor girls, the child rights activist said such cases give the country a "bad name".
"Today incidents of rape of minor girls are being reported. In the national capital, an eight-month-old girl was raped. Such incidents give the country a bad name. Besides the government, the society should also think about it," Mr Satyarthi said in an interview to PTI.
The 2014 Nobel Peace Prize winner said, "There are laws, such as the POCSO Act, to deal with child rights violation and sexual abuse of children. The POCSO (Protection of Children from Sexual Offences) Act is a good law. But the problem is, hearing of cases do not happen in a time-bound manner."
"In most cases, completion of trials and conviction take several years. Therefore, a national children's tribunal should be constituted to ensure cases related to children are disposed of in a time-bound manner," he said.
Born in 1954 in Madhya Pradesh, Mr Satyarthi -- as a grassroots activist -- has led the rescue of over 80,000 child slaves and developed a successful model for their education and rehabilitation. He is also the founder of the Bachpan Bachao Andolan (BBA), according to his website.
"It should be ensured that the tribunal for children is as powerful as the NGT. Things related to the environment are changing because the NGT has been given powers. The NGT has instilled fear among those who try to hurt the environment," he said.
"If there is an empowered national children's tribunal, there would be effective and expeditious disposal of cases related to children and child rights would be better protected," the Nobel laureate said.
Expressing concern over the menace of child pornography, the child rights activist emphasised the need for an international convention against it.
Last month, during the "Laureates and Leaders for Children" summit in Jordan, Nobel laureates, including Mr Satyarthi, and world leaders had called for a global convention against child pornography.
"Child pronograhy is a global menace and it is increasing with the expanding reach of the Internet. There is a need for an international law against it.
"Hence, we (at the summit) urged that an international law be formulated through the United Nations so that the spread of child pornography and violation of child rights on the Internet can be checked," he said.
Mr Satyarthi, as a global campaigner, has been the architect of the single largest civil society network for the most exploited children, the Global March Against Child Labor, which is a worldwide coalition of NGOs, teachers' union and trade unions, the website said.
Don't See BJP Winning In 2019, PM Modi May Lose Varanasi: Rahul Gandhi
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Forget the BJP winning the 2019 polls, even Prime Minister Narendra Modi might lose his Varanasi seat under a united opposition, asserted Congress president Rahul Gandhi today.
Pegging his confidence on opposition unity, Mr Gandhi said far from the BJP winning the 2019 Lok Sabha polls, even PM Modi might lose from Varanasi if his party, the SP and the BSP were united against him.
Exuding confidence over roping in and managing alliance partners despite their varied personal and regional aspirations, Mr Gandhi predicted for the current ruling dispensation, a "collapse" not "seen in many years."
"Frankly, I don't see the BJP winning the next election, so in 2019 we will go back to the normal, I sense," he said in reply to a question on "Dalit anger."
"...because there are two basic things, once opposition unity goes above a certain level, it becomes impossible to win elections. Now the opposition unity has gone to a point. It's simple," Mr Gandhi said at an informal media interaction.
Pointing at the opposition unity efforts in Uttar Pradesh, Bihar and by the DMK, the Trinamool Congress and the Nationalist Congress Party in Tamil Nadu, Gandhi asked, "Where are they (BJP) going to win seats?"
And in Rajasthan, Chhattisgarh, Madhya Pradesh, Gujarat, Haryana, Punjab. We will take it over."
"You are going to see a collapse of the style you haven't seen in many years," he said.
Mr Gandhi was on the sixth leg of campaigning as part of the 'Janashirvada Yatra' ahead of the May 12 polls in Karnataka.
Responding to a question doubting the forging of opposition unity amid varied aspirations of each party and their leaders, Gandhi expressed confidence of overcoming it.
"We will manage it. We in the Congress know how to carry people, we are not egotistical people, we don't crush people and we don't destroy people's lives, so we will manage it," he said.
The basic thing is how to get the country out of the "mess that Mr Modi and RSS has put it in," he said.
The Congress president also ruled out emergence of any third front.
Accusing the RSS of generating anger and hatred, Gandhi alleged that people are being killed for what they are saying and that needs to be put to an end.
"The natural sort of political environment where there is a little bit of acrimony, but not hatred, needs to be restored," he said.
Stating that Modi had a "very good" opportunity after the 2014 election, Gandhi said a lot could have been done for the country.
Terming as "funny" the BJP's confidence of breaking the opposition alliance in Uttar Prdesh and claiming that he understands UP politics, Rahul Gandhi said when the three parties (SP, BSP and Congress) come together, "BJP will win only two seats, that too with luck.
He said even Modi may lose if he stands from Varanasi and the three parties were united against him.
"In fact, I challenge him to stand with three parties united," he added.
The BSP and the SP jointly fought Gorakhpur and Phulpur Lok Sabha seats during the recent bypolls, costing the BJP both the seats, vacated respectively by Uttar Pradesh chief minister and deputy chief minister.
Hitting out at Modi and the BJP, the Congress president said they have lost track of running the country.
"You can't run this country as an individual, you have to run this country by listening to it, by working with it... and now after four years, he (Modi) has suddenly lost it, because now the wheels are running on them. Everybody can see that, you can hear it in his speeches," he said.
Responding to a question, Rahul Gandhi blamed the "mentality" for Modi and BJP losing track.
He said, "...it is the mentality... you stand in front of Basavanna (12th century social reformer from Karnataka) or Ambedkar, praise them, and then you destroy everything that they stood for..."
"Basavanna is an idea, he is the representative of idea of Karnataka, you can go and stand in front of his statue as much as you want, but it won't work if you are destroying the idea... so, it is the mentality..." he said.
Sharing his experience in Gujarat, he said those raising "Modi Modi" slogans were nice to him when he met them and claimed they were "paid" for their sloganeering.
Pegging his confidence on opposition unity, Mr Gandhi said far from the BJP winning the 2019 Lok Sabha polls, even PM Modi might lose from Varanasi if his party, the SP and the BSP were united against him.
Exuding confidence over roping in and managing alliance partners despite their varied personal and regional aspirations, Mr Gandhi predicted for the current ruling dispensation, a "collapse" not "seen in many years."
"Frankly, I don't see the BJP winning the next election, so in 2019 we will go back to the normal, I sense," he said in reply to a question on "Dalit anger."
"...because there are two basic things, once opposition unity goes above a certain level, it becomes impossible to win elections. Now the opposition unity has gone to a point. It's simple," Mr Gandhi said at an informal media interaction.
Pointing at the opposition unity efforts in Uttar Pradesh, Bihar and by the DMK, the Trinamool Congress and the Nationalist Congress Party in Tamil Nadu, Gandhi asked, "Where are they (BJP) going to win seats?"
And in Rajasthan, Chhattisgarh, Madhya Pradesh, Gujarat, Haryana, Punjab. We will take it over."
"You are going to see a collapse of the style you haven't seen in many years," he said.
Mr Gandhi was on the sixth leg of campaigning as part of the 'Janashirvada Yatra' ahead of the May 12 polls in Karnataka.
Responding to a question doubting the forging of opposition unity amid varied aspirations of each party and their leaders, Gandhi expressed confidence of overcoming it.
"We will manage it. We in the Congress know how to carry people, we are not egotistical people, we don't crush people and we don't destroy people's lives, so we will manage it," he said.
The basic thing is how to get the country out of the "mess that Mr Modi and RSS has put it in," he said.
The Congress president also ruled out emergence of any third front.
Accusing the RSS of generating anger and hatred, Gandhi alleged that people are being killed for what they are saying and that needs to be put to an end.
"The natural sort of political environment where there is a little bit of acrimony, but not hatred, needs to be restored," he said.
Stating that Modi had a "very good" opportunity after the 2014 election, Gandhi said a lot could have been done for the country.
Terming as "funny" the BJP's confidence of breaking the opposition alliance in Uttar Prdesh and claiming that he understands UP politics, Rahul Gandhi said when the three parties (SP, BSP and Congress) come together, "BJP will win only two seats, that too with luck.
He said even Modi may lose if he stands from Varanasi and the three parties were united against him.
"In fact, I challenge him to stand with three parties united," he added.
The BSP and the SP jointly fought Gorakhpur and Phulpur Lok Sabha seats during the recent bypolls, costing the BJP both the seats, vacated respectively by Uttar Pradesh chief minister and deputy chief minister.
Hitting out at Modi and the BJP, the Congress president said they have lost track of running the country.
"You can't run this country as an individual, you have to run this country by listening to it, by working with it... and now after four years, he (Modi) has suddenly lost it, because now the wheels are running on them. Everybody can see that, you can hear it in his speeches," he said.
Responding to a question, Rahul Gandhi blamed the "mentality" for Modi and BJP losing track.
He said, "...it is the mentality... you stand in front of Basavanna (12th century social reformer from Karnataka) or Ambedkar, praise them, and then you destroy everything that they stood for..."
"Basavanna is an idea, he is the representative of idea of Karnataka, you can go and stand in front of his statue as much as you want, but it won't work if you are destroying the idea... so, it is the mentality..." he said.
Sharing his experience in Gujarat, he said those raising "Modi Modi" slogans were nice to him when he met them and claimed they were "paid" for their sloganeering.
"Reduce, Reuse, Recycle" Mantra Necessary For Sustainability: PM Modi
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Prime Minister Narendra Modi has said that all stakeholders must adhere to the "golden principle" of the 3Rs -- Reduce, Reuse and Recycle -- which will significantly help in waste management and sustainable development.
The prime minister's message was to participants of the Eighth Regional 3R Forum in Asia and the Pacific, to be held in Indore.
The mantra of 3R - Reduce, Reuse and Recycle- is at the heart of any vision towards the sustainable development of mankind," PM Modi said.
The conference, to end on April 12, will look at how the 3Rs can help make cities and countries "clean, smart, liveable and resilient", an official press release said.
"All stakeholders - producers, consumers and the state alike - must adhere to this golden principle which can contribute significantly in solving the twin challenges of waste management as well as sustainable development," PM Modi said in the message, according to the government release issued in Delhi today.
The theme of the event at Indore is 'Achieving Clean Water, Clean Land and Clean Air through 3R and Resource Efficiency A 21st-Century Vision for Asia-Pacific Communities'.
The forum will start tomorrow with a pre-event ceremony welcoming more than 500 delegates from across India and the world, the release said.
It will be inaugurated by Lok Sabha Speaker Sumitra Mahajan and Housing and Urban Affairs Minister Hardeep Singh Puri on April 10.
Japan's environment minister Tadahiko Ito will also be present at the event.
The forum will see the participation of around 40 mayors of cities from around the world and mayors of more than 100 cities across India.
The highlight of the event will be a series of sessions with mayors focusing on sustainable urban development and forging of inter-municipal partnerships and cooperation at the national and international level.
The conference will end with the signing and subsequent adoption of the Indore 3R Declaration on Achieving Clean Water, Clean Land and Clean Air' in cities by mayors and city authorities.
The Forum will also recognise and reward industries and civil society organisations carrying out exceptional work in the area of 3R for waste management.
The Eighth Regional 3R Forum in Asia and the Pacific will be hosted by the Ministry of Housing and Urban Affairs, government of India, and co-organised by the Environment Ministry, government of Japan, and the United Nations Centre for Regional Development of the Division for Sustainable Development/United Nations Department of Economic and Social Affairs, the release said.
The forum also seeks to engage the public and private sectors in exploring partnership opportunities in areas of 3R and waste management for moving towards a zero-waste society.
The prime minister's message was to participants of the Eighth Regional 3R Forum in Asia and the Pacific, to be held in Indore.
The mantra of 3R - Reduce, Reuse and Recycle- is at the heart of any vision towards the sustainable development of mankind," PM Modi said.
The conference, to end on April 12, will look at how the 3Rs can help make cities and countries "clean, smart, liveable and resilient", an official press release said.
"All stakeholders - producers, consumers and the state alike - must adhere to this golden principle which can contribute significantly in solving the twin challenges of waste management as well as sustainable development," PM Modi said in the message, according to the government release issued in Delhi today.
The theme of the event at Indore is 'Achieving Clean Water, Clean Land and Clean Air through 3R and Resource Efficiency A 21st-Century Vision for Asia-Pacific Communities'.
The forum will start tomorrow with a pre-event ceremony welcoming more than 500 delegates from across India and the world, the release said.
It will be inaugurated by Lok Sabha Speaker Sumitra Mahajan and Housing and Urban Affairs Minister Hardeep Singh Puri on April 10.
Japan's environment minister Tadahiko Ito will also be present at the event.
The forum will see the participation of around 40 mayors of cities from around the world and mayors of more than 100 cities across India.
The highlight of the event will be a series of sessions with mayors focusing on sustainable urban development and forging of inter-municipal partnerships and cooperation at the national and international level.
The conference will end with the signing and subsequent adoption of the Indore 3R Declaration on Achieving Clean Water, Clean Land and Clean Air' in cities by mayors and city authorities.
The Forum will also recognise and reward industries and civil society organisations carrying out exceptional work in the area of 3R for waste management.
The Eighth Regional 3R Forum in Asia and the Pacific will be hosted by the Ministry of Housing and Urban Affairs, government of India, and co-organised by the Environment Ministry, government of Japan, and the United Nations Centre for Regional Development of the Division for Sustainable Development/United Nations Department of Economic and Social Affairs, the release said.
The forum also seeks to engage the public and private sectors in exploring partnership opportunities in areas of 3R and waste management for moving towards a zero-waste society.
Shiv Sena Will Press Ahead With Going Solo In 2019, Says Party Leader
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The Shiv Sena will press ahead with its plan to go it alone in the 2019 general elections and the state assembly polls, a party leader has said.
BJP president Amit Shah on Firday had told reporters that he hoped the Uddhav Thackeray-led party will continue to remain in the NDA fold. "They (Sena) are in the government with us now, and it is our strong desire that they remain with us," Mr Shah had said.
The Shiv Sena is currently part of the BJP-led ruling coalitions in Maharashtra as well as at the centre, but it has often criticised both governments' decisions and policies.
Senior Sena leader Subhash Desai has said the BJP has suddenly changed its tone and is now talking about its allies in the NDA.
"Even in 2019, we will form an NDA government though the BJP will win a majority (on its own in Lok Sabha polls)," Mr Shah had said at the press meet.
"The BJP, which all along said it would come to power on its own, is now remembering its friends. Its tone has changed in the past six months. It now talks about the NDA," Mr Desai said at a public meeting in adjoining Thane on Saturday night.
Mr Thackeray was the "most popular" leader in the state and the party, under his leadership, would capture power on its own strength, Mr Desai said.
"The Sena chief has said we will fight the polls alone and all Sainiks should works towards that aim," he said.
A Sena office-bearer said the party has no intention to change its political line of contesting all future polls independently. He said the BJP has a policy of using its allies for political gains and then discarding them.
"In Goa, they (BJP) used Maharashtrawadi Gomatak Party (MGP) to grow and in Maharashtra, it expanded its base with Shiv Sena's help. But the Shiv Sena is not the MGP," said the officer-bearer, who asked not to be named.
The Sena will also have nothing to do with NCP chief Sharad Pawar and Congress president Rahul Gandhi, the office- bearer claimed.
BJP president Amit Shah on Firday had told reporters that he hoped the Uddhav Thackeray-led party will continue to remain in the NDA fold. "They (Sena) are in the government with us now, and it is our strong desire that they remain with us," Mr Shah had said.
The Shiv Sena is currently part of the BJP-led ruling coalitions in Maharashtra as well as at the centre, but it has often criticised both governments' decisions and policies.
Senior Sena leader Subhash Desai has said the BJP has suddenly changed its tone and is now talking about its allies in the NDA.
"Even in 2019, we will form an NDA government though the BJP will win a majority (on its own in Lok Sabha polls)," Mr Shah had said at the press meet.
"The BJP, which all along said it would come to power on its own, is now remembering its friends. Its tone has changed in the past six months. It now talks about the NDA," Mr Desai said at a public meeting in adjoining Thane on Saturday night.
Mr Thackeray was the "most popular" leader in the state and the party, under his leadership, would capture power on its own strength, Mr Desai said.
"The Sena chief has said we will fight the polls alone and all Sainiks should works towards that aim," he said.
A Sena office-bearer said the party has no intention to change its political line of contesting all future polls independently. He said the BJP has a policy of using its allies for political gains and then discarding them.
"In Goa, they (BJP) used Maharashtrawadi Gomatak Party (MGP) to grow and in Maharashtra, it expanded its base with Shiv Sena's help. But the Shiv Sena is not the MGP," said the officer-bearer, who asked not to be named.
The Sena will also have nothing to do with NCP chief Sharad Pawar and Congress president Rahul Gandhi, the office- bearer claimed.
China Protests India's "Transgression" In Arunachal, India Denies Claim
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The Indian Army has said that it will continue to patrol up to the Line of Actual Control, as the Chinese side called India's patrolling in the area a "transgression".
The Indian Army has objected to the terminology that the Chinese used to refer to its patrols in Arunachal Pradesh's Asaphila.
The issue was raised at a 'Border Personnel Meeting' (BPM) on March 15 in Kibithu, during which the Indian Army said that the area in the upper Subansiri region of Arunachal Pradesh belongs to India and it has regularly been carrying out patrols there.
"China's protest to our patrolling in Asaphila is surprising," said a source, adding there were several instances of Chinese intrusions in the area which had been seriously taken up by the Indian side in the past.
Under the BPM mechanism, both sides can register their protest over any incident of transgressions as there are varying perceptions about the LAC between the two countries.
The delegation of China's Peoples Liberation Army specifically mentioned extensive patrolling in Asaphila by Indian troops, saying such "violations" may escalate tensions between the two sides in the area.
Rejecting the Chinese protest, the Indian side said its troops were aware of the alignment of the Line of Actual Control (LAC) and the Army would continue to carry out patrols up to the LAC, the de facto border between the two countries.
The sources said the Chinese military specifically mentioned large-scale Indian patrolling in Asaphila near Fishtail 1 on December 21, 22 and 23 last.
Indian and Chinese troops hold BPMs to resolve issues triggering tensions along the border. There are five BPM points along the Line of Actual Control (LAC) at Bum La and Kibithu in Arunachal Pradesh, Daulat Beg Oldi and Chushul in Ladakh, and Nathu La in Sikkim.
The BPM on March 15 had taken place at the Daimai post on the Chinese side in the Kibithu area.
At the meeting, the Chinese also accused the Indian side of damaging its road building equipment when a road laying party left its gear in Tuting in December last year following a protest by India.
This allegation was also rejected by the Indian Army, the sources said.
The Chinese road building team had crossed into Indian territory, about one kilometre inside the Line of Actual Control in the Tuting area, in the last week of December.
The road construction team left the area after Indian troops asked them to stop the activity.
The Indian Army has increased war-fighting drills to deal with all possible scenarios along the LAC following the Doklam standoff, the PTI report said.
"We are fully prepared to deal with any situation," said a senior Army official.
Troops of India and China were locked in a 73-day standoff in Doklam from June 16 last year after the Indian side stopped the building of a road in the disputed area by the Chinese Army. The face-off ended on August 28.
Sources said India has deployed more troops and increased patrolling in the mountainous terrains along the borders with China following the Doklam face-off.
India is also strengthening its surveillance mechanism to keep an eye on Chinese activity along the borders in the strategically sensitive Tibetan region and has even been regularly deploying choppers to carry out recce.
The government has been focusing on strengthening its defences along the border with China.
In January, Army Chief General Bipin Rawat had said the time had come for the country to shift its focus from its borders with Pakistan to the frontier with China, reflecting the seriousness of the situation.
The Indian Army has said that it will continue to patrol up to the Line of Actual Control, as the Chinese side called India's patrolling in the area a "transgression".The Indian Army has objected to the terminology that the Chinese used to refer to its patrols in Arunachal Pradesh's Asaphila.
The issue was raised at a 'Border Personnel Meeting' (BPM) on March 15 in Kibithu, during which the Indian Army said that the area in the upper Subansiri region of Arunachal Pradesh belongs to India and it has regularly been carrying out patrols there.
"China's protest to our patrolling in Asaphila is surprising," said a source, adding there were several instances of Chinese intrusions in the area which had been seriously taken up by the Indian side in the past.
Under the BPM mechanism, both sides can register their protest over any incident of transgressions as there are varying perceptions about the LAC between the two countries.
The delegation of China's Peoples Liberation Army specifically mentioned extensive patrolling in Asaphila by Indian troops, saying such "violations" may escalate tensions between the two sides in the area.
Rejecting the Chinese protest, the Indian side said its troops were aware of the alignment of the Line of Actual Control (LAC) and the Army would continue to carry out patrols up to the LAC, the de facto border between the two countries.
The sources said the Chinese military specifically mentioned large-scale Indian patrolling in Asaphila near Fishtail 1 on December 21, 22 and 23 last.
Indian and Chinese troops hold BPMs to resolve issues triggering tensions along the border. There are five BPM points along the Line of Actual Control (LAC) at Bum La and Kibithu in Arunachal Pradesh, Daulat Beg Oldi and Chushul in Ladakh, and Nathu La in Sikkim.
The BPM on March 15 had taken place at the Daimai post on the Chinese side in the Kibithu area.
At the meeting, the Chinese also accused the Indian side of damaging its road building equipment when a road laying party left its gear in Tuting in December last year following a protest by India.
This allegation was also rejected by the Indian Army, the sources said.
The Chinese road building team had crossed into Indian territory, about one kilometre inside the Line of Actual Control in the Tuting area, in the last week of December.
The road construction team left the area after Indian troops asked them to stop the activity.
The Indian Army has increased war-fighting drills to deal with all possible scenarios along the LAC following the Doklam standoff, the PTI report said.
"We are fully prepared to deal with any situation," said a senior Army official.
Troops of India and China were locked in a 73-day standoff in Doklam from June 16 last year after the Indian side stopped the building of a road in the disputed area by the Chinese Army. The face-off ended on August 28.
Sources said India has deployed more troops and increased patrolling in the mountainous terrains along the borders with China following the Doklam face-off.
India is also strengthening its surveillance mechanism to keep an eye on Chinese activity along the borders in the strategically sensitive Tibetan region and has even been regularly deploying choppers to carry out recce.
The government has been focusing on strengthening its defences along the border with China.
In January, Army Chief General Bipin Rawat had said the time had come for the country to shift its focus from its borders with Pakistan to the frontier with China, reflecting the seriousness of the situation.
Business Affairs
Black money SIT asks probe agencies to curb use of Bitcoin-like cyptocurrencies
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The Special Investigation Team (SIT) on black money has asked probe agencies to check and curb the use of cryptocurrencies as it reviewed their operation and circulation in the country and links to shady offshore transactions.
Officials said the SIT recently held a meeting in the national capital during which it was briefed about the overall scenario of the operations of this virtual currency in the country.
The SIT, official sources said, called cryptrocurrencies like bitcoins "illegal" and asked probe agencies such as the Income Tax Department, the Enforcement Directorate (ED) and the Narcotics Control Bureau (NCB) to detect and stop their usage and check transactions being done over the Internet, including those with cross-border ramifications.
The panel, they said, would also prepare a report that would be submitted to the government in sometime.
"The government is the final authority to frame rules and law to regulate these virtual currencies and the SIT would provide its report to it on the subject," a senior official said.
During the meeting, the NCB informed the SIT that about four cryptocurrency-fuelled drugs smuggling transactions have been unearthed in the country in the last over two years time while the tax department informed the panel about the searches it conducted on bitcoin exchanges across the country last year.
A report prepared by the banking regulator Reserve Bank of India (RBI) was also taken up during the meeting, they said.
Finance Minister Arun Jaitley, in his Budget speech on February 1, had said that cryptocurrencies were not legal and affirmed to eliminate their usage.
The RBI, in the past, has come out with three specific warnings to discourage public from investing in the virtual currencies.
A government-appointed panel constituted to study the subject and suggest measures to tackle it had submitted its report to the Union Finance Ministery early this year.
The Supreme Court-appointed SIT on black money was notified by the government in 2014 and is headed by Justice (retd) M B Shah and has multiple central probe, enforcement and regulatory agencies as its member.
Officials said the SIT recently held a meeting in the national capital during which it was briefed about the overall scenario of the operations of this virtual currency in the country.
The SIT, official sources said, called cryptrocurrencies like bitcoins "illegal" and asked probe agencies such as the Income Tax Department, the Enforcement Directorate (ED) and the Narcotics Control Bureau (NCB) to detect and stop their usage and check transactions being done over the Internet, including those with cross-border ramifications.
The panel, they said, would also prepare a report that would be submitted to the government in sometime.
"The government is the final authority to frame rules and law to regulate these virtual currencies and the SIT would provide its report to it on the subject," a senior official said.
During the meeting, the NCB informed the SIT that about four cryptocurrency-fuelled drugs smuggling transactions have been unearthed in the country in the last over two years time while the tax department informed the panel about the searches it conducted on bitcoin exchanges across the country last year.
A report prepared by the banking regulator Reserve Bank of India (RBI) was also taken up during the meeting, they said.
Finance Minister Arun Jaitley, in his Budget speech on February 1, had said that cryptocurrencies were not legal and affirmed to eliminate their usage.
The RBI, in the past, has come out with three specific warnings to discourage public from investing in the virtual currencies.
A government-appointed panel constituted to study the subject and suggest measures to tackle it had submitted its report to the Union Finance Ministery early this year.
The Supreme Court-appointed SIT on black money was notified by the government in 2014 and is headed by Justice (retd) M B Shah and has multiple central probe, enforcement and regulatory agencies as its member.
Dalmia Cement confident of getting NCLT nod to buy Binani Cement
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Dalmia Cement is confident that its Rs 6,350 crore offer to buy Binani Cements Ltd (BCL) will be approved by the NCLT on the back of NCLAT directions to proceed the insolvency resolution as per the IBC, according to a top company official.
Last week, the committee of creditors (CoC) of Binani Cement had decided to stick with the offer from Dalmia Bharat Cement for the debt-ridden firm's sale under the Insolvency and Bankruptcy Code (IBC).
Moreover, the National Company Law Appellate Tribunal (NCLAT) had also asked the adjudicating authority, which is National Company Law Tribunal (NCLT), to proceed with the resolution process of Binani Cement as per the IBC.
"As far as we are concerned, we have a clear cut direction from NCLAT to do the process as per the law and in a timebound manner. That's why we are confident that NCLT will be approving our resolution plan on April 9 and that should pave the way for resolving this asset," Dalmia Cement (Bharat) Ltd group CEO Mahendra Singhi told PTI.
On 5 April, while posting the matter for further hearing on 19 April, the NCLAT had stated that "pendency of the appeal will not come in the way of the adjudicating authority to proceed with the corporate insolvency resolution process in accordance with the provisions of I&B Code, 2016".
NCLAT chairperson Justice S.J. Mukhopadhaya had further observed that the NCLT "may pass order uninfluenced by the impugned order" of 27 March it had passed and NCLAT's order of 3 April, 2018. "It is great development as the whole process of resolution will not get delayed," Singhi said, adding the case would also show the world that India can bring resolution of stressed assets in a time-bound manner.
Last Tuesday, the NCLAT had given Binani Industries and CoC the 'liberty' to reach settlement after the company had submitted before it stating that it had "offered better amount which is approximately 100% of the dues to the committee of creditors".
On 27 March, the Kolkata bench of NCLT had stated that "in the larger interest of all stakeholders, possibility of having a harmonious settlement is to be considered, parties are free to consider it out of Tribunal". The next hearing of the matter will take place at the Kolkata bench of the NCLT on 9 April.
Last month, Dalmia Cement had said its Rs6,350 crore bid to buy Binani Cements Ltd (BCL) through its subsidiary Rajputana Properties was accepted by the lenders. It had also offered 20% equity in Binani to the lenders. However, later, UltraTech Cement entered into an agreement with BIL to buy 98.43% stake in BCL. It had also agreed to issue a comfort letter to provide Rs7,266 crore to Binani Industries Ltd for ending insolvency proceedings against Binani Cement.
Singhi said such a development would have been a breach of contract. "The offer process has ended and we have already given bank guarantee of around Rs630 crore. The whole purpose was to have a transparent process," he said.
Amid the developments, last week Binani Industries Ltd stated that it had filed application for termination of insolvency resolution process of its debt-ridden subsidiary Binani Cement Ltd (BCL).
Last week, the committee of creditors (CoC) of Binani Cement had decided to stick with the offer from Dalmia Bharat Cement for the debt-ridden firm's sale under the Insolvency and Bankruptcy Code (IBC).
Moreover, the National Company Law Appellate Tribunal (NCLAT) had also asked the adjudicating authority, which is National Company Law Tribunal (NCLT), to proceed with the resolution process of Binani Cement as per the IBC.
"As far as we are concerned, we have a clear cut direction from NCLAT to do the process as per the law and in a timebound manner. That's why we are confident that NCLT will be approving our resolution plan on April 9 and that should pave the way for resolving this asset," Dalmia Cement (Bharat) Ltd group CEO Mahendra Singhi told PTI.
On 5 April, while posting the matter for further hearing on 19 April, the NCLAT had stated that "pendency of the appeal will not come in the way of the adjudicating authority to proceed with the corporate insolvency resolution process in accordance with the provisions of I&B Code, 2016".
NCLAT chairperson Justice S.J. Mukhopadhaya had further observed that the NCLT "may pass order uninfluenced by the impugned order" of 27 March it had passed and NCLAT's order of 3 April, 2018. "It is great development as the whole process of resolution will not get delayed," Singhi said, adding the case would also show the world that India can bring resolution of stressed assets in a time-bound manner.
Last Tuesday, the NCLAT had given Binani Industries and CoC the 'liberty' to reach settlement after the company had submitted before it stating that it had "offered better amount which is approximately 100% of the dues to the committee of creditors".
On 27 March, the Kolkata bench of NCLT had stated that "in the larger interest of all stakeholders, possibility of having a harmonious settlement is to be considered, parties are free to consider it out of Tribunal". The next hearing of the matter will take place at the Kolkata bench of the NCLT on 9 April.
Last month, Dalmia Cement had said its Rs6,350 crore bid to buy Binani Cements Ltd (BCL) through its subsidiary Rajputana Properties was accepted by the lenders. It had also offered 20% equity in Binani to the lenders. However, later, UltraTech Cement entered into an agreement with BIL to buy 98.43% stake in BCL. It had also agreed to issue a comfort letter to provide Rs7,266 crore to Binani Industries Ltd for ending insolvency proceedings against Binani Cement.
Singhi said such a development would have been a breach of contract. "The offer process has ended and we have already given bank guarantee of around Rs630 crore. The whole purpose was to have a transparent process," he said.
Amid the developments, last week Binani Industries Ltd stated that it had filed application for termination of insolvency resolution process of its debt-ridden subsidiary Binani Cement Ltd (BCL).
Post office savings account holders can avail full digital banking service by May
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Around 34-crore post office savings account holders will be able to avail a full-fledged digital banking service from May as the government has approved linking such accounts with that of India Post Payments Bank (IPPB).
"The finance ministry has approved linking of savings bank accounts at post offices with IPPB accounts. This will enable post office account holders to transfer money from their account to any bank accounts...," an official source told PTI.
The 34 crore savings accounts comprise 17 crore post office savings bank accounts and rest are those subscribed monthly income scheme, recurring deposits etc.
The move also paves the way for creating of country's largest banking network as India Post has plans to link all 1.55 lakh post office branches with the IPPB.
India Post has has started core banking service but it offers money transfer service within post office savings bank (POSB) accounts.
"IPPB is governed by Reserve Bank of India and banking service of post offices comes under the finance ministry. IPPB customers can use NEFT, RTGS and other money transfer services as available for any banking customers. Once POSB accounts are linked with IPPB, customers will be able to enjoy all money transfer service like other banks," the source said.
He said that by May, India Post will give option to POSB account customers to avail this facility.
"The service will be optional. If post office account holders opt for it, their account will be linked to their IPPB account," the source said.
As per an official statement issued earlier, India Post plans to start functioning of all 650 IPPB branches from this month. All 650 branches will be connected to smaller post offices in the districts.
"IPPB branches and all the access points will be linked to postal network which has 1.55 lakh post offices in total. Out of this, 1.3 lakh branches are in rural area," the source said.
With 1.55 lakh branches, India Post will be able to create country's largest banking network.
"In the second phase, starting September, account holders in post office will have an option to pay for post office products from their IPPB accounts including deposit money for Sukanya Samridhi Yojana, recurring deposits, speed post, etc," he said.
Also, the IPPB will start registering merchants who will accept payment from its customer with help of application.
The IPPB customers will be able to make payments to various merchants like grocery store, tickets etc with help of their app, the source said.
"The finance ministry has approved linking of savings bank accounts at post offices with IPPB accounts. This will enable post office account holders to transfer money from their account to any bank accounts...," an official source told PTI.
The 34 crore savings accounts comprise 17 crore post office savings bank accounts and rest are those subscribed monthly income scheme, recurring deposits etc.
The move also paves the way for creating of country's largest banking network as India Post has plans to link all 1.55 lakh post office branches with the IPPB.
India Post has has started core banking service but it offers money transfer service within post office savings bank (POSB) accounts.
"IPPB is governed by Reserve Bank of India and banking service of post offices comes under the finance ministry. IPPB customers can use NEFT, RTGS and other money transfer services as available for any banking customers. Once POSB accounts are linked with IPPB, customers will be able to enjoy all money transfer service like other banks," the source said.
He said that by May, India Post will give option to POSB account customers to avail this facility.
"The service will be optional. If post office account holders opt for it, their account will be linked to their IPPB account," the source said.
As per an official statement issued earlier, India Post plans to start functioning of all 650 IPPB branches from this month. All 650 branches will be connected to smaller post offices in the districts.
"IPPB branches and all the access points will be linked to postal network which has 1.55 lakh post offices in total. Out of this, 1.3 lakh branches are in rural area," the source said.
With 1.55 lakh branches, India Post will be able to create country's largest banking network.
"In the second phase, starting September, account holders in post office will have an option to pay for post office products from their IPPB accounts including deposit money for Sukanya Samridhi Yojana, recurring deposits, speed post, etc," he said.
Also, the IPPB will start registering merchants who will accept payment from its customer with help of application.
The IPPB customers will be able to make payments to various merchants like grocery store, tickets etc with help of their app, the source said.
Chartered accountants, company secretaries, cost accountants may face penalties from Sebi
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Chartered accountants, company secretaries, cost accountants and valuers may have to forfeit their fees and face penalties if they are found lacking in their dealings with listed firms, according to a new set of norms being considered by Sebi. The role of auditors and valuers has come under the scanner in a number of high-profile cases recently involving PNB, WhatsApp and Fortis as also the Satyam and Kingfisher frauds earlier.
Sebi is looking to enhance the oversight to check such frauds with new regulations for fiduciaries in the securities markets, a senior official said. It will require additional disclosure requirements and greater scrutiny of financial statements by auditors and other third party entities, he said.
Sebi may finalise rules which will put the responsibility on chartered accountants, company secretaries, cost accountants, valuers and monitoring agencies to get firms to comply with securities regulations and act in the interests of shareholders, he added. If such entities are found lacking in their dealings, Sebi may disgorge the wrongful gains, including the fee earned, along with an interest of 12 per cent per annum from the date of default.
Besides, the regulator may ask them not to directly or indirectly issue any certificate or report. Also, it may refer the case Institute of Company Secretaries of India (ICSI) or Institute of Chartered Accountants of India (ICAI) or any other other appropriate authority. Further, Sebi may issue warning, launch adjudication proceedings and initiate prosecution against the entities for any default.
The Securities and Exchange Board of India (Sebi) has prepared a draft consultation paper in this regard and the final regulations would be put in place after taking into account comments from all stakeholders on the consultation paper. Asked about the rationale behind a new set of norms, the official said that investor confidence is fundamental to the successful operation of the securities market and it depends on investors having credible and reliable financial information when making decisions about capital allocation.
"One of the prime objectives of Sebi is to ensure that there should be full, timely and accurate disclosure of financial results and other information that is material to investors' decision," he said, pointing to alleged lapses at various levels in cases like WhatsApp leak of financial results, the PNB scam and the matters concerning Fortis and Satyam-PwC.
Information which has gone through various third-party fiduciaries such as auditors, merchant bankers, rating agencies, cost accountants and valuers are often considered as "basis of most of the investment and financial decisions of the investors", the official said, adding that these entities are seen as "principal gatekeepers or conscience keepers".
Hence, there must not be any lack of efforts in flagging lapses or potential risks, he said. While entities such as merchant bankers, rating agencies, custodians, debenture trustees and registrar to public issues are registered with the capital markets regulator under specific regulations, some other fiduciaries like practising chartered accountants and company secretaries, cost accountants, valuers and monitoring agencies are not registered with Sebi.
Sebi is looking to enhance the oversight to check such frauds with new regulations for fiduciaries in the securities markets, a senior official said. It will require additional disclosure requirements and greater scrutiny of financial statements by auditors and other third party entities, he said.
Sebi may finalise rules which will put the responsibility on chartered accountants, company secretaries, cost accountants, valuers and monitoring agencies to get firms to comply with securities regulations and act in the interests of shareholders, he added. If such entities are found lacking in their dealings, Sebi may disgorge the wrongful gains, including the fee earned, along with an interest of 12 per cent per annum from the date of default.
Besides, the regulator may ask them not to directly or indirectly issue any certificate or report. Also, it may refer the case Institute of Company Secretaries of India (ICSI) or Institute of Chartered Accountants of India (ICAI) or any other other appropriate authority. Further, Sebi may issue warning, launch adjudication proceedings and initiate prosecution against the entities for any default.
The Securities and Exchange Board of India (Sebi) has prepared a draft consultation paper in this regard and the final regulations would be put in place after taking into account comments from all stakeholders on the consultation paper. Asked about the rationale behind a new set of norms, the official said that investor confidence is fundamental to the successful operation of the securities market and it depends on investors having credible and reliable financial information when making decisions about capital allocation.
"One of the prime objectives of Sebi is to ensure that there should be full, timely and accurate disclosure of financial results and other information that is material to investors' decision," he said, pointing to alleged lapses at various levels in cases like WhatsApp leak of financial results, the PNB scam and the matters concerning Fortis and Satyam-PwC.
Information which has gone through various third-party fiduciaries such as auditors, merchant bankers, rating agencies, cost accountants and valuers are often considered as "basis of most of the investment and financial decisions of the investors", the official said, adding that these entities are seen as "principal gatekeepers or conscience keepers".
Hence, there must not be any lack of efforts in flagging lapses or potential risks, he said. While entities such as merchant bankers, rating agencies, custodians, debenture trustees and registrar to public issues are registered with the capital markets regulator under specific regulations, some other fiduciaries like practising chartered accountants and company secretaries, cost accountants, valuers and monitoring agencies are not registered with Sebi.
SBI, PNB put 15 NPAs worth Rs 1,063 cr for sale
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Leading public sector lenders State Bank of India (SBI) and Punjab National Bank (PNB) have put their 15 non-performing assets worth Rs 1,063 crore for sale.
Both the banks said they will conduct the e-auction on 20th of this month.
SBI has put up a total of 12 accounts with total outstanding of Rs 848.54 crore for sale.
"We place these accounts for sale to asset reconstruction companies (ARCs)/banks/NBFCs/financial intuitions," said SBI, the country's largest bank.
Of these accounts, Surat based Garden Silk Mills has the highest outstanding of Rs 225.06 crore, followed by Korba West Power Company (Gurgaon) Rs 124.78 crore, Modern Steels (Chandigarh) Rs 122.61 crore and SNS Starch (Secunderabad) Rs 66.87 crore.
Rest NPA accounts include Leitwind Shriram Manufacturing Pvt Ltd (Rs 64.95 crore), Unijules Life Sciences (Rs 59.25 crore), Scania Steels & Power (Rs 42.42 crore), KSM Spinning Mills (Rs 40.42 crore), Modern Dairies (Rs 39.93 crore), Asmita Papers (Rs 37.23 crore), Forel Labs (Rs 22.86 crore) and Jaipur Metal & Electricals (Rs 2.16 crore).
The second largest public sector lender PNB will offer three NPA accounts with total outstanding of Rs 214.45 crore for sale to ARCs/NBFCs/banks or other financial institutions.
The three accounts are Shree Sidhbali Ispat Ltd (Meerut) with non-performing loans of (Rs 165.30 crore), Sri Guruprabha Power Ltd (Chennai) Rs 31.52 crore and Dharamnath Investment (Mumbai) Rs 17.63 crore.
All the 21 public sector banks had gross bad loans of over Rs 7.33 lakh crore as on December 31, 2017. Of this the SBI had the highest share of Rs 2.01 lakh crore followed by Punjab National Bank Rs 55,200 crore, IDBI Bank Rs 44,542 crore, Union Bank of India Rs 38,047 crore, among others.
Both the banks said they will conduct the e-auction on 20th of this month.
SBI has put up a total of 12 accounts with total outstanding of Rs 848.54 crore for sale.
"We place these accounts for sale to asset reconstruction companies (ARCs)/banks/NBFCs/financial intuitions," said SBI, the country's largest bank.
Of these accounts, Surat based Garden Silk Mills has the highest outstanding of Rs 225.06 crore, followed by Korba West Power Company (Gurgaon) Rs 124.78 crore, Modern Steels (Chandigarh) Rs 122.61 crore and SNS Starch (Secunderabad) Rs 66.87 crore.
Rest NPA accounts include Leitwind Shriram Manufacturing Pvt Ltd (Rs 64.95 crore), Unijules Life Sciences (Rs 59.25 crore), Scania Steels & Power (Rs 42.42 crore), KSM Spinning Mills (Rs 40.42 crore), Modern Dairies (Rs 39.93 crore), Asmita Papers (Rs 37.23 crore), Forel Labs (Rs 22.86 crore) and Jaipur Metal & Electricals (Rs 2.16 crore).
The second largest public sector lender PNB will offer three NPA accounts with total outstanding of Rs 214.45 crore for sale to ARCs/NBFCs/banks or other financial institutions.
The three accounts are Shree Sidhbali Ispat Ltd (Meerut) with non-performing loans of (Rs 165.30 crore), Sri Guruprabha Power Ltd (Chennai) Rs 31.52 crore and Dharamnath Investment (Mumbai) Rs 17.63 crore.
All the 21 public sector banks had gross bad loans of over Rs 7.33 lakh crore as on December 31, 2017. Of this the SBI had the highest share of Rs 2.01 lakh crore followed by Punjab National Bank Rs 55,200 crore, IDBI Bank Rs 44,542 crore, Union Bank of India Rs 38,047 crore, among others.
General Awareness
Facts for Prelims:
-
Gaganshakti-2018:
Context: An all encompassing coordinated and composite exercise named Gaganshakti is being conducted by the IAF.
The aim of this exercise is real time coordination, deployment and employment of Air Power in a short & intense battle scenario. During Gaganshakti IAF will exercise the entire machinery to validate its concept of operations and war waging capability.
‘Chakravat’:
Context: Kochi along with Indian Navy is hosting multi-agency rescue exercise- Chakravat. It is for the first time that the yearly exercise is being conducted in Kochi.
What is it? It is a multi-agency humanitarian assistance and disaster relief (HADR) exercise to review the response mechanism in the event of a cyclonic storm.
Participants: Chakravat’ meaning ‘cyclone’ will see participation by the three Services, the Coast Guard, State administration, State Disaster Management Authority, National Disaster Response Force, Fisheries Department, Coastal Police, and members of the fishing community.
Sahyog – Hyeoblyeog 2018:
What is it? It is a bilateral joint search and rescue exercise between Indian Coast Guard and Korea Coast Guard. The joint exercise is part of a proposed establishment of a MoU between the two Coast Guards to improve maritime security in the Indian Ocean Region.
The recently held exercise included scenarios of the hijacking of a merchant vessel and its subsequent rescue, interdiction of a pirate vessel, cross boarding, external fire fighting and the SAR (search and rescue) demonstration.
Gaganshakti-2018:
Context: An all encompassing coordinated and composite exercise named Gaganshakti is being conducted by the IAF.
The aim of this exercise is real time coordination, deployment and employment of Air Power in a short & intense battle scenario. During Gaganshakti IAF will exercise the entire machinery to validate its concept of operations and war waging capability.
‘Chakravat’:
Context: Kochi along with Indian Navy is hosting multi-agency rescue exercise- Chakravat. It is for the first time that the yearly exercise is being conducted in Kochi.
What is it? It is a multi-agency humanitarian assistance and disaster relief (HADR) exercise to review the response mechanism in the event of a cyclonic storm.
Participants: Chakravat’ meaning ‘cyclone’ will see participation by the three Services, the Coast Guard, State administration, State Disaster Management Authority, National Disaster Response Force, Fisheries Department, Coastal Police, and members of the fishing community.
Sahyog – Hyeoblyeog 2018:
What is it? It is a bilateral joint search and rescue exercise between Indian Coast Guard and Korea Coast Guard. The joint exercise is part of a proposed establishment of a MoU between the two Coast Guards to improve maritime security in the Indian Ocean Region.
The recently held exercise included scenarios of the hijacking of a merchant vessel and its subsequent rescue, interdiction of a pirate vessel, cross boarding, external fire fighting and the SAR (search and rescue) demonstration.
Context: An all encompassing coordinated and composite exercise named Gaganshakti is being conducted by the IAF.
The aim of this exercise is real time coordination, deployment and employment of Air Power in a short & intense battle scenario. During Gaganshakti IAF will exercise the entire machinery to validate its concept of operations and war waging capability.
‘Chakravat’:
Context: Kochi along with Indian Navy is hosting multi-agency rescue exercise- Chakravat. It is for the first time that the yearly exercise is being conducted in Kochi.
What is it? It is a multi-agency humanitarian assistance and disaster relief (HADR) exercise to review the response mechanism in the event of a cyclonic storm.
Participants: Chakravat’ meaning ‘cyclone’ will see participation by the three Services, the Coast Guard, State administration, State Disaster Management Authority, National Disaster Response Force, Fisheries Department, Coastal Police, and members of the fishing community.
Sahyog – Hyeoblyeog 2018:
What is it? It is a bilateral joint search and rescue exercise between Indian Coast Guard and Korea Coast Guard. The joint exercise is part of a proposed establishment of a MoU between the two Coast Guards to improve maritime security in the Indian Ocean Region.
The recently held exercise included scenarios of the hijacking of a merchant vessel and its subsequent rescue, interdiction of a pirate vessel, cross boarding, external fire fighting and the SAR (search and rescue) demonstration.
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