General Affairs
125 Crore Indians Stand In Solidarity With Flood-Hit Kerala: PM Modi
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Prime Minister Narendra Modi today expressed solidarity with Kerala and said that people from all walks of life across the country have come in support of those whose lives were devastated in the massive floods.
"In today's pressing, hard times, the entire nation is with Kerala. Our sympathies are with those families who lost their loved ones. Loss of lives cannot be compensated, but I assure the grief-stricken families that in this moment of suffering and misery, 125 crore Indians stand by them," PM Modi said in his monthly "Mann Ki Baat" programme.
"I earnestly pray for those injured in this natural disaster to get well soon. I firmly believe that the sheer grit and courage of the people of the state will see Kerala rise again," he added.
PM Modi said that while the monsoon, on one hand, brings a new ray of hope to farmers and provides relief to plants and parched water bodies, on the other hand excessive rainfall causes devastating floods.
"Disasters, unfortunately leave behind a trail of destruction. But one gets to witness facets of humanity, humaneness during disasters," PM Modi said.
"From Kutch to Kamrup, from Kashmir to Kanyakumari, everyone is endeavouring to contribute in some way or the other so that wherever a disaster strikes, be it Kerala or any other part of India, human life returns to normalcy. Irrespective of age group or area of work, people are contributing," he said.
PM Modi also commended the armed forces for their efforts in rescuing those trapped in floods in the state. "I would like to specially mention the arduous endeavours of the National Disaster Response Force daredevils. At this moment of hardship and agony, their service stands out as a shining example," he said.
"In today's pressing, hard times, the entire nation is with Kerala. Our sympathies are with those families who lost their loved ones. Loss of lives cannot be compensated, but I assure the grief-stricken families that in this moment of suffering and misery, 125 crore Indians stand by them," PM Modi said in his monthly "Mann Ki Baat" programme.
"I earnestly pray for those injured in this natural disaster to get well soon. I firmly believe that the sheer grit and courage of the people of the state will see Kerala rise again," he added.
PM Modi said that while the monsoon, on one hand, brings a new ray of hope to farmers and provides relief to plants and parched water bodies, on the other hand excessive rainfall causes devastating floods.
"Disasters, unfortunately leave behind a trail of destruction. But one gets to witness facets of humanity, humaneness during disasters," PM Modi said.
"From Kutch to Kamrup, from Kashmir to Kanyakumari, everyone is endeavouring to contribute in some way or the other so that wherever a disaster strikes, be it Kerala or any other part of India, human life returns to normalcy. Irrespective of age group or area of work, people are contributing," he said.
PM Modi also commended the armed forces for their efforts in rescuing those trapped in floods in the state. "I would like to specially mention the arduous endeavours of the National Disaster Response Force daredevils. At this moment of hardship and agony, their service stands out as a shining example," he said.
Talks On Simultaneous Election Gaining Momentum, Says PM Modi
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Minister Narendra Modi today said the issue of simultaneous polls for Lok Sabha and assembly elections was gaining momentum, days after the Election Commission ruled it out for next year. In his monthly radio address Mann ki Baat, PM Modi, the key mover of the "One nation one election" idea, said the ongoing discussions on the issue signaled a healthy democracy.
"A discussion in the country is gaining momentum for having simultaneous polls in states and Centre. People are sharing their views for and against. It is good sign for healthy democracy," PM Modi said in the 47th edition of "Mann Ki Baat".
Earlier this month, BJP sources had said the government was planning to hold elections in more than a dozen states along with the general elections. No amendment of the Constitution would be needed for it, the sources had said.
But days later, Chief Election Commissioner OP Rawat had ruled it out, saying there is "No chance at all"."
The lawmakers will take at least a year to frame a law that can be enforceable. This process takes time. As soon as the Bill to amend the Constitution is ready, we (the Election Commission) will know that things are now moving," Mr Rawat said.
Many opposition parties, including the Congress, have questioned the feasibility of simultaneous elections and argued that it would be against federal principles, despite the government's efforts to bring everyone on board.
A couple of weeks ago, BJP chief Amit Shah wrote to the Law Commission, contending that opposition to the idea was politically motivated. The government contends that holding polls at the national and state levels will cut down on the cost of elections in terms of both time and money.
PM Modi also said former Prime Minister Atal Bihari Vajpayee brought fundamental reforms in the electoral process and courageously removed shortcomings related to people's representative.
"A discussion in the country is gaining momentum for having simultaneous polls in states and Centre. People are sharing their views for and against. It is good sign for healthy democracy," PM Modi said in the 47th edition of "Mann Ki Baat".
Earlier this month, BJP sources had said the government was planning to hold elections in more than a dozen states along with the general elections. No amendment of the Constitution would be needed for it, the sources had said.
But days later, Chief Election Commissioner OP Rawat had ruled it out, saying there is "No chance at all"."
The lawmakers will take at least a year to frame a law that can be enforceable. This process takes time. As soon as the Bill to amend the Constitution is ready, we (the Election Commission) will know that things are now moving," Mr Rawat said.
Many opposition parties, including the Congress, have questioned the feasibility of simultaneous elections and argued that it would be against federal principles, despite the government's efforts to bring everyone on board.
A couple of weeks ago, BJP chief Amit Shah wrote to the Law Commission, contending that opposition to the idea was politically motivated. The government contends that holding polls at the national and state levels will cut down on the cost of elections in terms of both time and money.
PM Modi also said former Prime Minister Atal Bihari Vajpayee brought fundamental reforms in the electoral process and courageously removed shortcomings related to people's representative.
New Law Will Deter Rapists, Curb Crimes Against Women: PM Modi
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Prime Minister Narendra Modi today said that the Criminal Law (Amendment) Act will act as a deterrent against rape and also play an effective role in curbing crimes against women and young girls. The act was passed earlier this month.
In his monthly "Mann Ki Baat" programme PM Modi said, "No civilised society can tolerate any kind of injustice towards women. The nation will not tolerate those committing rapes. With this point in view, Parliament has made a provision of strictest punishment by passing the Criminal Law (Amendment) Bill."
Under the new Act that will replace the ordinance, that the government had brought in April, those convicted in a rape case will get a minimum sentence of 10 years and those found guilty of raping girls below the age of 12 years will be given death sentence.
Prime Minister Modi also hailed the decision of a court in Mandsaur in Madhya Pradesh to pronounce death penalty to two criminals who were found guilty of raping a minor girl.
In his monthly "Mann Ki Baat" programme PM Modi said, "No civilised society can tolerate any kind of injustice towards women. The nation will not tolerate those committing rapes. With this point in view, Parliament has made a provision of strictest punishment by passing the Criminal Law (Amendment) Bill."
Under the new Act that will replace the ordinance, that the government had brought in April, those convicted in a rape case will get a minimum sentence of 10 years and those found guilty of raping girls below the age of 12 years will be given death sentence.
Prime Minister Modi also hailed the decision of a court in Mandsaur in Madhya Pradesh to pronounce death penalty to two criminals who were found guilty of raping a minor girl.
Four Terrorists Surrendered After Gunfight With Army In Kupwara
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Four terrorists were arrested this morning after a brief gunfight with security forces in the upper reaches Jammu and Kashmir's Kupwara district while they trying to cross across the Line of Control or LoC.
A team of the army and the state police surrounded a group of newly recruited terrorists of the Al Badr group after the gunfight and told them to surrender, the army said in a statement.
While four of them surrendered, three others escaped under the cover of heavy firing at Handwara in the district, about 70 km from state capital Srinagar.
"On receipt of credible information about four newly recruited terrorists being guided by three terrorists of Al Badr for a planned exfiltration, the army in a joint ops with police laid an ambush and trapped the terrorists," the army said in the statement.
"After a brief gunfight, extreme restraint was exercised and opportunity given to the terrorists to surrender," it said.
While, the four new recruits surrendered, the three Al Badr terrorists fled under cover of fire. Search operations are currently underway to trace the terrorists.
The army said the arrested terrorists were carrying "warlike stores", indicating they were preparing for a serious strike.
A team of the army and the state police surrounded a group of newly recruited terrorists of the Al Badr group after the gunfight and told them to surrender, the army said in a statement.
While four of them surrendered, three others escaped under the cover of heavy firing at Handwara in the district, about 70 km from state capital Srinagar.
"On receipt of credible information about four newly recruited terrorists being guided by three terrorists of Al Badr for a planned exfiltration, the army in a joint ops with police laid an ambush and trapped the terrorists," the army said in the statement.
"After a brief gunfight, extreme restraint was exercised and opportunity given to the terrorists to surrender," it said.
While, the four new recruits surrendered, the three Al Badr terrorists fled under cover of fire. Search operations are currently underway to trace the terrorists.
The army said the arrested terrorists were carrying "warlike stores", indicating they were preparing for a serious strike.
In Flood-Hit Kerala, A Sombre Onam In Relief Camps
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The unprecedented floods across Kerala dampened the spirit of the Onam festival across God's own country.
There was no sign of celebration drove from Thrissur to Idukki. There were no floral decorations for which the festival is known. The few roadside flower shops hardly had any customers.
As we crossed Thalakod, we saw a newly married couple - Deepthi and Sunil - returning from a temple and entering their home. Their house had a small floral decoration. Deepthi said, "It's a special day for us, but when the entire state is in grief due to death and destruction, due to floods, how can we celebrate". Her husband Sunil said, "No special Onam food too, only Payasam".
His friend Basil Baby, a teacher, said, "We are making this Onam meaningful by volunteering at homes to clean up places".
Hotels too witnessed a dip in occupancy. Some have even cancelled their usual buffet for want of sufficient occupancy. A manager of a four-star hotel said, "We have moved to Ala Carte".
The worst flood in 90 years displaced around ten lakh people to relief camps. At least seven thousand houses have collapsed, while around fifty thousand houses have been damaged. Around ten thousand kilometers of roads have suffered damage. Forty thousand hectares of crop has been lost.
There was no sign of celebration drove from Thrissur to Idukki. There were no floral decorations for which the festival is known. The few roadside flower shops hardly had any customers.
As we crossed Thalakod, we saw a newly married couple - Deepthi and Sunil - returning from a temple and entering their home. Their house had a small floral decoration. Deepthi said, "It's a special day for us, but when the entire state is in grief due to death and destruction, due to floods, how can we celebrate". Her husband Sunil said, "No special Onam food too, only Payasam".
His friend Basil Baby, a teacher, said, "We are making this Onam meaningful by volunteering at homes to clean up places".
Hotels too witnessed a dip in occupancy. Some have even cancelled their usual buffet for want of sufficient occupancy. A manager of a four-star hotel said, "We have moved to Ala Carte".
The worst flood in 90 years displaced around ten lakh people to relief camps. At least seven thousand houses have collapsed, while around fifty thousand houses have been damaged. Around ten thousand kilometers of roads have suffered damage. Forty thousand hectares of crop has been lost.
Business Affairs
Corporate Affairs Ministry seeks details from crisis-hit Jet Airways
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The corporate affairs ministry has sought details from crisis-hit Jet Airways about certain issues as well as from its auditors on the postponement of quarterly results, a senior official said.
The full service carrier, whose board is scheduled to consider the financial results for the June quarter tomorrow, is exploring ways to reduce costs amid financial woes.
A senior ministry official said the Registrar of Companies (RoC) has asked for details from the airline about certain issues and that the process is going on.
Specific details could not be immediately ascertained.
Query sent to a Jet Airways spokesperson on whether the airline has received queries from the RoC regarding financial issues and delay in announcement of quarterly results remained unanswered.
Information has also been sought from the airline's auditors against the backdrop of the airline deferring the announcement of June quarter results, he added.
With respect to Jet Airways, the RoC has only sought details and things are at a preliminary stage. As of now, there is no decision on whether to carry out inspection of its books or an investigation, the official said.
Last week, sources had said that the ministry is seeking clarifications from the auditors of the airline for the delay in announcement of results.
Markets regulator Sebi is also looking into the airline delaying June quarter results after the carrier's audit committee expressed reservations, sources said earlier this month.
The board of Jet Airways would consider cost reduction initiatives and turnaround plan along with June quarter results at its meeting on August 27.
The airline's board, on August 9, deferred announcement of unaudited financial results for the June quarter.
Amid reports that the ministry has opened a preliminary probe into alleged diversion of funds at Jet Airways, the airline, on August 21, said that it has not received any communication from the ministry in this regard.
Recently, Jet Airways CEO Vinay Dube said that the carrier has been working very diligently and has been implementing for some time a mission plan that looks at every element of structuring from cost perspective, and revenue perspective among others.
"We are looking at costs related to fuel, fleet, sales and distribution. And the return to profitability will come with the execution of these measures," he had told shareholders at the annual general meeting on August 9.
The full service carrier, whose board is scheduled to consider the financial results for the June quarter tomorrow, is exploring ways to reduce costs amid financial woes.
A senior ministry official said the Registrar of Companies (RoC) has asked for details from the airline about certain issues and that the process is going on.
Specific details could not be immediately ascertained.
Query sent to a Jet Airways spokesperson on whether the airline has received queries from the RoC regarding financial issues and delay in announcement of quarterly results remained unanswered.
Information has also been sought from the airline's auditors against the backdrop of the airline deferring the announcement of June quarter results, he added.
With respect to Jet Airways, the RoC has only sought details and things are at a preliminary stage. As of now, there is no decision on whether to carry out inspection of its books or an investigation, the official said.
Last week, sources had said that the ministry is seeking clarifications from the auditors of the airline for the delay in announcement of results.
Markets regulator Sebi is also looking into the airline delaying June quarter results after the carrier's audit committee expressed reservations, sources said earlier this month.
The board of Jet Airways would consider cost reduction initiatives and turnaround plan along with June quarter results at its meeting on August 27.
The airline's board, on August 9, deferred announcement of unaudited financial results for the June quarter.
Amid reports that the ministry has opened a preliminary probe into alleged diversion of funds at Jet Airways, the airline, on August 21, said that it has not received any communication from the ministry in this regard.
Recently, Jet Airways CEO Vinay Dube said that the carrier has been working very diligently and has been implementing for some time a mission plan that looks at every element of structuring from cost perspective, and revenue perspective among others.
"We are looking at costs related to fuel, fleet, sales and distribution. And the return to profitability will come with the execution of these measures," he had told shareholders at the annual general meeting on August 9.
SAIL to cut losses: Steel maker to exit non-performing, non-operational JV firms
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India's largest steel maker SAIL has started process to exit some of its joint ventures that are either non-operational or non-performing, the public sector major has said in a report.
The steel maker is also exploring options to monetise its investment in certain JV companies, the latest report said.
"SAIL has initiated actions for closure/exit from certain joint venture (JV) companies which are either non-operational or non-performing," Steel Authority of India Ltd (SAIL) said in its annual report 2017-18.
SAIL has formed joint venture companies in different areas, namely power generation, rail wagon manufacturing, slag cement production, securing coking coal supplies from overseas sources, among others.
Some of the joint ventures include NTPC-SAIL Power Co Ltd, Bokaro Power Supply Co Pvt Ltd and International Coal Ventures Pvt Ltd (ICVL).
According to sources, some of the non-operating JVs of the PSU include UEC Sail Information Technology Ltd and Romelt SAIL (India) Ltd.
SAIL and ArcelorMittal also signed a pact in May 2015 to explore the possibility of setting up an automotive steel manufacturing plant under a joint venture in the country.
The proposed JV will construct a state-of-the-art cold rolling mill with a capacity of about 1.5 million tonnes per annum (MTPA) and other downstream finishing facilities in the country that will offer technologically advanced steel products to India's rapidly growing automotive sector.
The company's hot metal output was at 15.983 million tonnes (MT) in 2017-18. SAIL's crude steel output was at 15.021 MT and saleable steel output was at 14.071 MT in the last fiscal.
The steel maker is also exploring options to monetise its investment in certain JV companies, the latest report said.
"SAIL has initiated actions for closure/exit from certain joint venture (JV) companies which are either non-operational or non-performing," Steel Authority of India Ltd (SAIL) said in its annual report 2017-18.
SAIL has formed joint venture companies in different areas, namely power generation, rail wagon manufacturing, slag cement production, securing coking coal supplies from overseas sources, among others.
Some of the joint ventures include NTPC-SAIL Power Co Ltd, Bokaro Power Supply Co Pvt Ltd and International Coal Ventures Pvt Ltd (ICVL).
According to sources, some of the non-operating JVs of the PSU include UEC Sail Information Technology Ltd and Romelt SAIL (India) Ltd.
SAIL and ArcelorMittal also signed a pact in May 2015 to explore the possibility of setting up an automotive steel manufacturing plant under a joint venture in the country.
The proposed JV will construct a state-of-the-art cold rolling mill with a capacity of about 1.5 million tonnes per annum (MTPA) and other downstream finishing facilities in the country that will offer technologically advanced steel products to India's rapidly growing automotive sector.
The company's hot metal output was at 15.983 million tonnes (MT) in 2017-18. SAIL's crude steel output was at 15.021 MT and saleable steel output was at 14.071 MT in the last fiscal.
Rafale row: Anil Ambani files Rs 5000-crore defamation lawsuit against National Herald
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Anil Ambani's Reliance Group companies have filed a Rs 5,000 crore defamation suit against Congress-owned National Herald, claiming an article published in the newspaper regarding the Rafale fighter jet deal was "libellous and derogatory".
They also filed a second, similar suit against Gujarat Congress leader Shaktisinh Gohil seeking Rs 5,000 crore in damages for defamation.
The two suits were filed by Reliance Defence, Reliance Infrastructure and Reliance Aerostructure, which belong to Anil Ambani-led Reliance Group.
The first suit is against Associated Journals Limited, the publisher of the National Herald, its editor in-charge Zafar Agha, and author of the article, Vishwadeepak.
The second suit is against Gohil, who as a Congress spokesperson reportedly had made certain allegations about the Rafale fighter jet deal and Anil Ambani's firms.
The suits were filed yesterday in the court of city civil and sessions judge P J Tamakuwala, who issued notices to the respondents and sought replies by 7 September, said advocate P S Champaneri who is representing both the National Herald and Gohil.
The suit against the newspaper alleged that the article titled 'Anil Ambani floated Reliance Defence 10 days before Modi announced Rafale deal' was libellous and defamatory, and it "misleads the general public to believe that undue business favours are being extended to them by the government of the day".
The article conveys a "negative image" and "adversely affects the public perception" of Reliance Group and its chairman Ambani, it said.
It has caused "considerable damage" to reputation and goodwill of plaintiff firms, it said, seeking damages of Rs 5,000 crore.
The plaintiffs "vehemently" deny the content of the article, the petition said.
Earlier, Anil Ambani-led Reliance Group had sent legal notices to several Congress leaders, asking them to "cease and desist" from levelling allegations against the company in connection with Rafale deal.
They also filed a second, similar suit against Gujarat Congress leader Shaktisinh Gohil seeking Rs 5,000 crore in damages for defamation.
The two suits were filed by Reliance Defence, Reliance Infrastructure and Reliance Aerostructure, which belong to Anil Ambani-led Reliance Group.
The first suit is against Associated Journals Limited, the publisher of the National Herald, its editor in-charge Zafar Agha, and author of the article, Vishwadeepak.
The second suit is against Gohil, who as a Congress spokesperson reportedly had made certain allegations about the Rafale fighter jet deal and Anil Ambani's firms.
The suits were filed yesterday in the court of city civil and sessions judge P J Tamakuwala, who issued notices to the respondents and sought replies by 7 September, said advocate P S Champaneri who is representing both the National Herald and Gohil.
The suit against the newspaper alleged that the article titled 'Anil Ambani floated Reliance Defence 10 days before Modi announced Rafale deal' was libellous and defamatory, and it "misleads the general public to believe that undue business favours are being extended to them by the government of the day".
The article conveys a "negative image" and "adversely affects the public perception" of Reliance Group and its chairman Ambani, it said.
It has caused "considerable damage" to reputation and goodwill of plaintiff firms, it said, seeking damages of Rs 5,000 crore.
The plaintiffs "vehemently" deny the content of the article, the petition said.
Earlier, Anil Ambani-led Reliance Group had sent legal notices to several Congress leaders, asking them to "cease and desist" from levelling allegations against the company in connection with Rafale deal.
Vijay Mallya listed to appear before special court under new fugitive law tomorrow
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Beleaguered businessman Vijay Mallya is listed to appear before a special court here tomorrow as part of the first action initiated against an absconding accused under the newly enacted fugitive economic offenders law.
Official sources said while it is certain that Mallya may not appear in person as he is contesting an Indian extradition case in London, it is expected that his authorised legal representative may submit a reply to the court of special PMLA judge M S Azmi as part of his official response to the notice.
The same court, on June 30, had issued notice to Mallya to appear before it on August 27 after the Enforcement Directorate (ED) charged the liquor baron under the new law as it enlarged its money laundering probe against him and others in a RS 9,000 alleged bank fraud case.
The central probe agency has also sought immediate confiscation of assets worth about Rs 12,500 crore of Mallya as part of this latest action.
The next course of legal action under the fugitive economic offender law depends entirely on the decision of the court, they said.
They had earlier indicated that if Mallya does not appear before the court, he runs a risk of being declared a fugitive economic offender, besides orders being issued for properties linked to him being confiscated.
The same court had earlier issued non-bailable warrants against the businessman in two cases filed by the ED.
Mallya, his now defunct venture Kingfisher Airlines Limited and others availed loans from various banks and the outstanding amount, including interest, against him is Rs 9,990.07 crore at present, the officials had said while filing the plea under the new law.
Mallya, in the past, has said that he has become the "poster boy of bank default and a lightning rod for public anger".
I have been accused by politicians and the media alike of having stolen and run away with Rs 9,000 crores that was loaned to Kingfisher Airlines (KFA). Some of the lending banks have also labelled me a wilful defaulter, he said.
The ED has furnished evidences in its two charge sheets, filed under the Prevention of Money Laundering Act (PMLA) in the past, to make a case for seeking a fugitive offender tag for Mallya from the court.
He is currently contesting the money laundering charges in London after India initiated extradition proceedings to bring him back to the country.
Both the ED and the Central Bureau of Investigation (CBI) have filed cases for alleged loan default against him.
Modi government brought the new law as there have been instances of economic offenders fleeing the jurisdiction of Indian courts, anticipating the commencement, or during the pendency, of criminal proceedings .
The law has provisions for special courts under the Prevention of Money Laundering Act, 2002 to declare a person as a fugitive economic offender and order immediate confiscation of assets.
A fugitive economic offender is a person against whom an arrest warrant has been issued in respect of a scheduled offence and who has left India so as to avoid criminal prosecution, or being abroad, refuses to return to India to face criminal prosecution, the government had said.
The cases of frauds, cheque dishonour or loan default of over Rs 100 crore would come under the ambit of the ordinance.
The law offers necessary constitutional safeguards in terms of providing hearing to the person through counsel, allowing him time to file a reply, serving notice of summons to him, whether in India or abroad and appeal before a high court, it had said.
Official sources said while it is certain that Mallya may not appear in person as he is contesting an Indian extradition case in London, it is expected that his authorised legal representative may submit a reply to the court of special PMLA judge M S Azmi as part of his official response to the notice.
The same court, on June 30, had issued notice to Mallya to appear before it on August 27 after the Enforcement Directorate (ED) charged the liquor baron under the new law as it enlarged its money laundering probe against him and others in a RS 9,000 alleged bank fraud case.
The central probe agency has also sought immediate confiscation of assets worth about Rs 12,500 crore of Mallya as part of this latest action.
The next course of legal action under the fugitive economic offender law depends entirely on the decision of the court, they said.
They had earlier indicated that if Mallya does not appear before the court, he runs a risk of being declared a fugitive economic offender, besides orders being issued for properties linked to him being confiscated.
The same court had earlier issued non-bailable warrants against the businessman in two cases filed by the ED.
Mallya, his now defunct venture Kingfisher Airlines Limited and others availed loans from various banks and the outstanding amount, including interest, against him is Rs 9,990.07 crore at present, the officials had said while filing the plea under the new law.
Mallya, in the past, has said that he has become the "poster boy of bank default and a lightning rod for public anger".
I have been accused by politicians and the media alike of having stolen and run away with Rs 9,000 crores that was loaned to Kingfisher Airlines (KFA). Some of the lending banks have also labelled me a wilful defaulter, he said.
The ED has furnished evidences in its two charge sheets, filed under the Prevention of Money Laundering Act (PMLA) in the past, to make a case for seeking a fugitive offender tag for Mallya from the court.
He is currently contesting the money laundering charges in London after India initiated extradition proceedings to bring him back to the country.
Both the ED and the Central Bureau of Investigation (CBI) have filed cases for alleged loan default against him.
Modi government brought the new law as there have been instances of economic offenders fleeing the jurisdiction of Indian courts, anticipating the commencement, or during the pendency, of criminal proceedings .
The law has provisions for special courts under the Prevention of Money Laundering Act, 2002 to declare a person as a fugitive economic offender and order immediate confiscation of assets.
A fugitive economic offender is a person against whom an arrest warrant has been issued in respect of a scheduled offence and who has left India so as to avoid criminal prosecution, or being abroad, refuses to return to India to face criminal prosecution, the government had said.
The cases of frauds, cheque dishonour or loan default of over Rs 100 crore would come under the ambit of the ordinance.
The law offers necessary constitutional safeguards in terms of providing hearing to the person through counsel, allowing him time to file a reply, serving notice of summons to him, whether in India or abroad and appeal before a high court, it had said.
Indian PSU banks plan to close 70 overseas offices this fiscal
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Public sector banks are in the process of closing or rationalising about 70 overseas operations as part of capital conservation exercise.
Unviable foreign operations are being shut while multiple branches in same cities or nearby places are being rationalised with a view to achieving efficiency, sources said.
As part of this exercise, public sector banks plan to close or rationalise about 70 overseas operations during the current fiscal, sources said.
Public sector banks (PSBs) closed down 35 foreign operations last year.
According to the data, 159 branches of PSBs are operating in foreign countries, of which 41 branches were in losses in 2016-17.
The country's largest lender State Bank of India (SBI) led the pack with nine of its overseas branches in the red. It was followed by Bank of India and Bank of Baroda with eight and seven branches, respectively.
As on January 31, 2018, PSBs had about 165 overseas branches, besides subsidiaries, joint ventures and representative offices.
State Bank of India has the largest number of overseas branches (52) followed by Bank of Baroda (50) and Bank of India (29). The state-owned banks have the largest number of branches in the UK (32) followed by Hong Kong and the UAE (13 each) and Singapore (12).
According to the banking sector agenda, approved at the PSB Manthan November last year, banks have to undertake rationalisation of overseas operations for cost efficiencies and synergies in overseas markets, based on competitive strength and viability, and a differentiated banking strategy to leverage bank's competitive advantage, which may include branch network rationalisation for a strong regional connect.
All PSBs such as Allahabad Bank, Bank of Baroda, Bank of India, Canara Bank, IDBI Bank, Indian Overseas Bank, Punjab National Bank, State Bank of India, and Union Bank of India that have foreign branches have jointly taken the initiative to prepare a note in mutual consultation for rationalisation of their foreign branches.
Unviable foreign operations are being shut while multiple branches in same cities or nearby places are being rationalised with a view to achieving efficiency, sources said.
As part of this exercise, public sector banks plan to close or rationalise about 70 overseas operations during the current fiscal, sources said.
Public sector banks (PSBs) closed down 35 foreign operations last year.
According to the data, 159 branches of PSBs are operating in foreign countries, of which 41 branches were in losses in 2016-17.
The country's largest lender State Bank of India (SBI) led the pack with nine of its overseas branches in the red. It was followed by Bank of India and Bank of Baroda with eight and seven branches, respectively.
As on January 31, 2018, PSBs had about 165 overseas branches, besides subsidiaries, joint ventures and representative offices.
State Bank of India has the largest number of overseas branches (52) followed by Bank of Baroda (50) and Bank of India (29). The state-owned banks have the largest number of branches in the UK (32) followed by Hong Kong and the UAE (13 each) and Singapore (12).
According to the banking sector agenda, approved at the PSB Manthan November last year, banks have to undertake rationalisation of overseas operations for cost efficiencies and synergies in overseas markets, based on competitive strength and viability, and a differentiated banking strategy to leverage bank's competitive advantage, which may include branch network rationalisation for a strong regional connect.
All PSBs such as Allahabad Bank, Bank of Baroda, Bank of India, Canara Bank, IDBI Bank, Indian Overseas Bank, Punjab National Bank, State Bank of India, and Union Bank of India that have foreign branches have jointly taken the initiative to prepare a note in mutual consultation for rationalisation of their foreign branches.
General Awareness
SCO Peace Mission Exercise
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What to study?
For Prelims: SCO- objectives, composition and initiatives.
For Mains: Significance of SCO and other such regional groupings.
Context: The 2018 SCO Peace Mission Exercise is being held in Russia.
Key facts:
As part of the SCO initiatives, the SCO Peace Mission Exercise is conducted biennially for the SCO member states.
The exercise will involve tactical level operations in an international counter insurgency or counter-terrorism environment under the SCO Charter.
At least 3,000 soldiers from China, Russia, Kazakhstan, Tajikistan, Kyrgyzstan, India and Pakistan are participating in the drill.
Significance:
The previous SCO counter-terrorism drills were mainly limited to the Central Asian nations. But due to the entry of India and Pakistan, the SCO’s counter-terrorism mission has expanded to South Asia.
The 2018 exercise will be the first for India and Pakistan since becoming full members of the SCO in 2017. It also will be the first time India and Pakistan take part in a military exercise together since their independence, though their militaries have previously worked on United Nations peacekeeping missions.
About SCO:
What is it? The Shanghai Cooperation Organisation, also known as the Shanghai Pact, is a Eurasian political, economic, and military organisation which was founded in 2001 in Shanghai by the leaders of China, Kazakhstan, Kyrgyzstan, Russia, Tajikistan, and Uzbekistan. Apart from Uzbekistan, the other five countries have been a part of the Shanghai 5 since 1996. The cooperation was renamed to Shanghai Cooperation Organisation after Uzbekistan joined the organisation in 2001.
New members: India and Pakistan joined SCO as full members in June 2017 in Astana, Kazakhstan.
The SCO’s main goals are: strengthening mutual trust and neighbourliness among the member states; promoting their effective cooperation in politics, trade, the economy, research, technology and culture, as well as in education, energy, transport, tourism, environmental protection, and other areas; making joint efforts to maintain and ensure peace, security and stability in the region; and moving towards the establishment of a democratic, fair and rational new international political and economic order.
What to study?
For Prelims: SCO- objectives, composition and initiatives.
For Mains: Significance of SCO and other such regional groupings.
Context: The 2018 SCO Peace Mission Exercise is being held in Russia.
Key facts:
As part of the SCO initiatives, the SCO Peace Mission Exercise is conducted biennially for the SCO member states.
The exercise will involve tactical level operations in an international counter insurgency or counter-terrorism environment under the SCO Charter.
At least 3,000 soldiers from China, Russia, Kazakhstan, Tajikistan, Kyrgyzstan, India and Pakistan are participating in the drill.
Significance:
The previous SCO counter-terrorism drills were mainly limited to the Central Asian nations. But due to the entry of India and Pakistan, the SCO’s counter-terrorism mission has expanded to South Asia.
The 2018 exercise will be the first for India and Pakistan since becoming full members of the SCO in 2017. It also will be the first time India and Pakistan take part in a military exercise together since their independence, though their militaries have previously worked on United Nations peacekeeping missions.
About SCO:
What is it? The Shanghai Cooperation Organisation, also known as the Shanghai Pact, is a Eurasian political, economic, and military organisation which was founded in 2001 in Shanghai by the leaders of China, Kazakhstan, Kyrgyzstan, Russia, Tajikistan, and Uzbekistan. Apart from Uzbekistan, the other five countries have been a part of the Shanghai 5 since 1996. The cooperation was renamed to Shanghai Cooperation Organisation after Uzbekistan joined the organisation in 2001.
New members: India and Pakistan joined SCO as full members in June 2017 in Astana, Kazakhstan.
The SCO’s main goals are: strengthening mutual trust and neighbourliness among the member states; promoting their effective cooperation in politics, trade, the economy, research, technology and culture, as well as in education, energy, transport, tourism, environmental protection, and other areas; making joint efforts to maintain and ensure peace, security and stability in the region; and moving towards the establishment of a democratic, fair and rational new international political and economic order.
For Prelims: SCO- objectives, composition and initiatives.
For Mains: Significance of SCO and other such regional groupings.
Context: The 2018 SCO Peace Mission Exercise is being held in Russia.
Key facts:
As part of the SCO initiatives, the SCO Peace Mission Exercise is conducted biennially for the SCO member states.
The exercise will involve tactical level operations in an international counter insurgency or counter-terrorism environment under the SCO Charter.
At least 3,000 soldiers from China, Russia, Kazakhstan, Tajikistan, Kyrgyzstan, India and Pakistan are participating in the drill.
Significance:
The previous SCO counter-terrorism drills were mainly limited to the Central Asian nations. But due to the entry of India and Pakistan, the SCO’s counter-terrorism mission has expanded to South Asia.
The 2018 exercise will be the first for India and Pakistan since becoming full members of the SCO in 2017. It also will be the first time India and Pakistan take part in a military exercise together since their independence, though their militaries have previously worked on United Nations peacekeeping missions.
About SCO:
What is it? The Shanghai Cooperation Organisation, also known as the Shanghai Pact, is a Eurasian political, economic, and military organisation which was founded in 2001 in Shanghai by the leaders of China, Kazakhstan, Kyrgyzstan, Russia, Tajikistan, and Uzbekistan. Apart from Uzbekistan, the other five countries have been a part of the Shanghai 5 since 1996. The cooperation was renamed to Shanghai Cooperation Organisation after Uzbekistan joined the organisation in 2001.
New members: India and Pakistan joined SCO as full members in June 2017 in Astana, Kazakhstan.
The SCO’s main goals are: strengthening mutual trust and neighbourliness among the member states; promoting their effective cooperation in politics, trade, the economy, research, technology and culture, as well as in education, energy, transport, tourism, environmental protection, and other areas; making joint efforts to maintain and ensure peace, security and stability in the region; and moving towards the establishment of a democratic, fair and rational new international political and economic order.
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