General Affairs
Supreme Court Notice To Centre, WhatsApp Against Payments Service
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The Supreme Court on Monday issued notice to the centre and messaging service provider WhatsApp after a plea sought direction to restrain the app from proceeding with its payments systems unless it fully complies with RBI''s provisions.
A bench of Justice Rohinton Fali Nariman and Justice Indu Malhotra sought response from WhatsApp, Law and Justice Ministry, Finance Ministry and Information Technology Ministry within four weeks.
Advocate Virag Gupta, appearing for the petitioner Centre for Accountability and Systemic Change, contended that the messaging platform does not comply with provision of mandating a Grievance Officer and other laws of India including Know Your Customer (KYC) norms laid down by the Reserve Bank of India (RBI).
The plea said that while companies like Facebook and Google have appointed Grievance Officers for users in India, WhatsApp had not.
In order to make WhatsApp accountable, it must be directed to comply with Indian laws and appoint a Grievance Officer who shall address grievances of the consumers as well as co-ordinate with investigating agencies, it added.
WhatsApp is a foreign company with no office or servers in India and to run payments service here it is obligated to have its office and payments in India, said the plea.
The advocate said WhatsApp was being allowed to continue with its payments and other services without any checks.
WhatsApp has over 200 million users in India and almost one million people are "testing" WhatsApp's payments service in India, which is the largest base for the Facebook-owned company that has over 1.5 billion users globally, according to the petition.
Every user has a number on WhatsApp but the messaging platform does not have a number through which the users can contact the company for grievance redressal, it added.
A bench of Justice Rohinton Fali Nariman and Justice Indu Malhotra sought response from WhatsApp, Law and Justice Ministry, Finance Ministry and Information Technology Ministry within four weeks.
Advocate Virag Gupta, appearing for the petitioner Centre for Accountability and Systemic Change, contended that the messaging platform does not comply with provision of mandating a Grievance Officer and other laws of India including Know Your Customer (KYC) norms laid down by the Reserve Bank of India (RBI).
The plea said that while companies like Facebook and Google have appointed Grievance Officers for users in India, WhatsApp had not.
In order to make WhatsApp accountable, it must be directed to comply with Indian laws and appoint a Grievance Officer who shall address grievances of the consumers as well as co-ordinate with investigating agencies, it added.
WhatsApp is a foreign company with no office or servers in India and to run payments service here it is obligated to have its office and payments in India, said the plea.
The advocate said WhatsApp was being allowed to continue with its payments and other services without any checks.
WhatsApp has over 200 million users in India and almost one million people are "testing" WhatsApp's payments service in India, which is the largest base for the Facebook-owned company that has over 1.5 billion users globally, according to the petition.
Every user has a number on WhatsApp but the messaging platform does not have a number through which the users can contact the company for grievance redressal, it added.
"For Indians Stuck Anywhere, Help Just A Tweet Away," Says Sushma Swaraj
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If an overseas Indian is stuck anywhere in the world, help is just a tweet away, Foreign Minister Sushma Swaraj said today.
Ms Swaraj was speaking in Vietnam, where she arrived on Sunday night for the first part of her two-nation tour. She will also visit Cambodia.
"If a 'Pravasi Bharatiya' gets stuck anywhere in world, they are confident that the government will save them. Relief is just one tweet away," the minister said.
"What was never a priority in embassies, has become top priority now. Prime Minister Narendra Modi has made overseas Indians proud and the MEA (Ministry of External Affairs) made them confident," she added.
Ms Swaraj is extremely popular on social media for her prompt response to SOS posts from across the world, over problems ranging from passports and visas to crises in violence-hit nations. She is among the most followed women politicians on Twitter.
Ms Swaraj's visit to Vietnam and Cambodia is part of New Delhi's plan to "add dynamism to India's Act East policy," foreign ministry spokesperson Raveesh Kumar said.
Last month, Ms Swaraj took note of a tweet from an Indian man saying he lost his passport days before his wedding. In September last year, a 32-year old Indian man's SOS video with a tweet to Ms Swaraj made sure that he was rescued from his employer in Saudi Arabia and brought back home.
Ms Swaraj was speaking in Vietnam, where she arrived on Sunday night for the first part of her two-nation tour. She will also visit Cambodia.
"If a 'Pravasi Bharatiya' gets stuck anywhere in world, they are confident that the government will save them. Relief is just one tweet away," the minister said.
"What was never a priority in embassies, has become top priority now. Prime Minister Narendra Modi has made overseas Indians proud and the MEA (Ministry of External Affairs) made them confident," she added.
Ms Swaraj is extremely popular on social media for her prompt response to SOS posts from across the world, over problems ranging from passports and visas to crises in violence-hit nations. She is among the most followed women politicians on Twitter.
Ms Swaraj's visit to Vietnam and Cambodia is part of New Delhi's plan to "add dynamism to India's Act East policy," foreign ministry spokesperson Raveesh Kumar said.
Last month, Ms Swaraj took note of a tweet from an Indian man saying he lost his passport days before his wedding. In September last year, a 32-year old Indian man's SOS video with a tweet to Ms Swaraj made sure that he was rescued from his employer in Saudi Arabia and brought back home.
Where Do You Repair EVMs, Opposition Asks Election Commission
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At an all-party meeting with the Election Commission today, the Congress and the other opposition parties raised their longtime allegation about tinkering of Electronic Voting Machines, which they say ensures votes in the BJP's favour. The parties questioned how in every case of EVM malfunction, the vote goes to only one party and demanded that the commission hand over the name and address of the firms that repair these.
Besides the ruling BJP, opposition Congress, Trinamool Congress, Mayawati's Bahujan Samaj Party, CPI, CPM and Sharad Pawar's Nationalist Congress Party and 51 state parties were present in the meeting, which was called by the Commission to find political consensus on some electoral reforms.
Since the BJP's sweeping victory in Uttar Pradesh last year, Mayawati, along with Aam Aadmi Party, had been alleging that results were skewed because of manipulation of the Electronic Voting Machines. The allegations had gained momentum after a few instances of EVM malfunction, pushing the Election Commission to finally challenge anyone to hack into an Electronic Voting Machine.
After the meeting, Congress leader Mukul Wasnik told that the EVMs "do not reflect the will of the people".
"There have been a number of times when EVMs malfunction and it (the vote) goes to only one political party. We want to know who is repairing the EVMs and how many of the old ones are being used. We want the VVPAT and the EVMs to be checked," Mr Wasnik told.
Going a step further, Mamata Banerjee's Trinamool Congress demanded a return to ballot boxes. "We have no faith in the EVMs," said party leader Kalyan banerjee
In a couple of elections lately, the Election Commission had used VVPAT or Voter Verified Paper Audit Trail Machines, which also keeps a paper record of every vote cast. This was matched with the result given by EVMs in only some cases.
Former Chief Election Commissioner SY Quraishi, has however, said the commission only matches one per cent of the votes. To dispel doubts, the commission should allow matching results of at least five per cent EVMs and paper trail slips, he said.
The political parties want at least 30% of them to be cross-checked.
Besides the ruling BJP, opposition Congress, Trinamool Congress, Mayawati's Bahujan Samaj Party, CPI, CPM and Sharad Pawar's Nationalist Congress Party and 51 state parties were present in the meeting, which was called by the Commission to find political consensus on some electoral reforms.
Since the BJP's sweeping victory in Uttar Pradesh last year, Mayawati, along with Aam Aadmi Party, had been alleging that results were skewed because of manipulation of the Electronic Voting Machines. The allegations had gained momentum after a few instances of EVM malfunction, pushing the Election Commission to finally challenge anyone to hack into an Electronic Voting Machine.
After the meeting, Congress leader Mukul Wasnik told that the EVMs "do not reflect the will of the people".
"There have been a number of times when EVMs malfunction and it (the vote) goes to only one political party. We want to know who is repairing the EVMs and how many of the old ones are being used. We want the VVPAT and the EVMs to be checked," Mr Wasnik told.
Going a step further, Mamata Banerjee's Trinamool Congress demanded a return to ballot boxes. "We have no faith in the EVMs," said party leader Kalyan banerjee
In a couple of elections lately, the Election Commission had used VVPAT or Voter Verified Paper Audit Trail Machines, which also keeps a paper record of every vote cast. This was matched with the result given by EVMs in only some cases.
Former Chief Election Commissioner SY Quraishi, has however, said the commission only matches one per cent of the votes. To dispel doubts, the commission should allow matching results of at least five per cent EVMs and paper trail slips, he said.
The political parties want at least 30% of them to be cross-checked.
RSS To Invite Rahul Gandhi For Event Next Month, Say Sources
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The Rashtriya Swayamsevak Sangh (RSS) is likely to invite its sharpest critic, Rahul Gandhi, to its event next month, say sources.
The event, a lecture series, will be held between September 17 and 19 at Vigyan Bhawan in Delhi.
Apart from the Congress president, several other opposition leaders, like Sitaram Yechury of the Left, are also likely to be invited.The Sangh wants to invite people representing different ideologies, sources say.
RSS chief Mohan Bhagwat will address the lecture series on the "Future of Bharat: An RSS perspective" and present the Sangh's views on "contemporary views of national importance", said Arun Kumar, an RSS leader.
Asked about the possible invite to Rahul Gandhi, Mr Kumar replied: "It is our prerogative to choose who to invite or not. Leave this to us... But people from all walks of life, including from different political outfits, ideologies and religions, will be invited."
In June, the Congress was extremely upset when former president Pranab Mukherjee, a veteran leader of the party, attended an event at the RSS headquarters in Nagpur and addressed workers.
Though Rahul Gandhi never officially commented on the invite to Pranab Mukherjee, there were multiple tweets from party leaders expressing disappointment with "Pranab da". After the former president's speech, however, the Congress said Mr Mukherjee was able to show a mirror to the RSS.
The RSS is the ideological mentor of the ruling BJP and is a frequent target of attacks from Rahul Gandhi. In his latest comments made in London, the Congress chief said the RSS's idea was "similar to the idea of the Muslim brotherhood in the Arab world" and went on to draw parallels. The comparison provoked a furious response from the BJP, which demanded an immediate apology and called the Congress chief "immature".
Mr Gandhi also accused the RSS of trying to change the nature of India and capture its institutions. At another event in London, the 47-year-old said the RSS had helped him tremendously to develop as a political leader by "relentlessly attacking him".
The event, a lecture series, will be held between September 17 and 19 at Vigyan Bhawan in Delhi.
Apart from the Congress president, several other opposition leaders, like Sitaram Yechury of the Left, are also likely to be invited.The Sangh wants to invite people representing different ideologies, sources say.
RSS chief Mohan Bhagwat will address the lecture series on the "Future of Bharat: An RSS perspective" and present the Sangh's views on "contemporary views of national importance", said Arun Kumar, an RSS leader.
Asked about the possible invite to Rahul Gandhi, Mr Kumar replied: "It is our prerogative to choose who to invite or not. Leave this to us... But people from all walks of life, including from different political outfits, ideologies and religions, will be invited."
In June, the Congress was extremely upset when former president Pranab Mukherjee, a veteran leader of the party, attended an event at the RSS headquarters in Nagpur and addressed workers.
Though Rahul Gandhi never officially commented on the invite to Pranab Mukherjee, there were multiple tweets from party leaders expressing disappointment with "Pranab da". After the former president's speech, however, the Congress said Mr Mukherjee was able to show a mirror to the RSS.
The RSS is the ideological mentor of the ruling BJP and is a frequent target of attacks from Rahul Gandhi. In his latest comments made in London, the Congress chief said the RSS's idea was "similar to the idea of the Muslim brotherhood in the Arab world" and went on to draw parallels. The comparison provoked a furious response from the BJP, which demanded an immediate apology and called the Congress chief "immature".
Mr Gandhi also accused the RSS of trying to change the nature of India and capture its institutions. At another event in London, the 47-year-old said the RSS had helped him tremendously to develop as a political leader by "relentlessly attacking him".
A Plane That Runs On Fuel Made by 500 Families, A First In India
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India's first biofuel-powered flight that aims to reduce costs of air travel by replacing the costly aviation turbine fuel was successfully tested today. A 72-seater SpiceJet aircraft, partially powered by biojet fuel, took off from Dehradun and landed at the Delhi airport.
The biofuel is made partially from renewable resources such as agricultural residues, non-edible oils and bio-degradable fractions of industrial and municipal wastes, SpiceJet said. Biofuel flights could make air travel cleaner and more efficient, thus drastically reducing the cost of airline operations by reducing the dependency on aviation turbine fuel.
The biofuel for today's trial flight, developed by Dehradun-based CSIR-Indian Institute of Petroleum, was rigorously tested to ensure flight safety.
SpiceJet Bombardier Q400 turboprop aircraft that was flagged off by Uttarakhand Chief Minister Trivendra Singh Rawat from Dehradun's Jolly Grant airport. Around 20 people, including officials from aviation regulator DGCA and SpiceJet, were in the test flight. The duration of the flight was around 25 minutes, according to an airline executive.
Union Ministers Nitin Gadkari, Suresh Prabhu, Dharmendra Pradhan, Dr Harsh Vardhan and Jayant Sinha were at the Delhi airport when the flight landed.
SpiceJet's biofuel is a mix of the oil extracted from the seeds of Jatropha plant and aviation turbine fuel, the airline said. Five hundred farmer families in Chhattisgarh are involved in the production of the partially-refined biofuel used in today's flight.
The biofuel-driven flight comes at a time when spiralling aviation fuel price has strained the finances of domestic airlines. The government will make an environment friendly aviation action plan till 2035, Civil Aviation Minister Suresh Prabhu said. "We want to increase the use of biofuel in the country so that there is reduction in green house gas emission and import of petroleum. We will make sure that more and more airlines start the use of biofuel," Mr Prabhu said.
While twenty five per cent of the right engine of the aircraft will have the biofuel mix, the left engine will run on aviation turbine fuel. The efficiency of the engine running on biofuel is expected to be slightly higher than that of the other engine.
"It has the potential to reduce our dependence on traditional aviation fuel by up to 50 per cent on every flight and bring down fares," SpiceJet Chairman and Managing Director Ajay Singh.
If today's test brings success, India could join a select few countries such as USA and Australia who have had biofuel-operated commercial aircraft.
The biofuel is made partially from renewable resources such as agricultural residues, non-edible oils and bio-degradable fractions of industrial and municipal wastes, SpiceJet said. Biofuel flights could make air travel cleaner and more efficient, thus drastically reducing the cost of airline operations by reducing the dependency on aviation turbine fuel.
The biofuel for today's trial flight, developed by Dehradun-based CSIR-Indian Institute of Petroleum, was rigorously tested to ensure flight safety.
SpiceJet Bombardier Q400 turboprop aircraft that was flagged off by Uttarakhand Chief Minister Trivendra Singh Rawat from Dehradun's Jolly Grant airport. Around 20 people, including officials from aviation regulator DGCA and SpiceJet, were in the test flight. The duration of the flight was around 25 minutes, according to an airline executive.
Union Ministers Nitin Gadkari, Suresh Prabhu, Dharmendra Pradhan, Dr Harsh Vardhan and Jayant Sinha were at the Delhi airport when the flight landed.
SpiceJet's biofuel is a mix of the oil extracted from the seeds of Jatropha plant and aviation turbine fuel, the airline said. Five hundred farmer families in Chhattisgarh are involved in the production of the partially-refined biofuel used in today's flight.
The biofuel-driven flight comes at a time when spiralling aviation fuel price has strained the finances of domestic airlines. The government will make an environment friendly aviation action plan till 2035, Civil Aviation Minister Suresh Prabhu said. "We want to increase the use of biofuel in the country so that there is reduction in green house gas emission and import of petroleum. We will make sure that more and more airlines start the use of biofuel," Mr Prabhu said.
While twenty five per cent of the right engine of the aircraft will have the biofuel mix, the left engine will run on aviation turbine fuel. The efficiency of the engine running on biofuel is expected to be slightly higher than that of the other engine.
"It has the potential to reduce our dependence on traditional aviation fuel by up to 50 per cent on every flight and bring down fares," SpiceJet Chairman and Managing Director Ajay Singh.
If today's test brings success, India could join a select few countries such as USA and Australia who have had biofuel-operated commercial aircraft.
Business Affairs
Warren Buffett's Berkshire Hathaway in talks to invest in Paytm at over $10 billion valuation
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Last May, Warren Buffett had made it clear in an interview that he was not going to repeat his PetroChina deal, where he made a 720 per cent return on his 1.3 per cent stake in just five years. He also told ET Now that he would prefer to buy a business wholly, be it in India or elsewhere. It seems that Vijay Shekhar Sharma's Paytm - India's largest digital financial services provider - has managed to change the Oracle of Omaha's mind.
According to The Economic Times, Buffett's Berkshire Hathaway is in talks to invest about Rs 2,000-2,500 crore in Paytm parent One97 Communications - possibly the first direct investment in India by the legendary investor. "Berkshire is in talks to pick up a 3-4 per cent stake in the company and it is being done through a primary subscription of shares," a source in the know told the daily.
The news is making waves because this would reportedly also be Buffett's first investment in a privately-held company that is yet to turn profitable, underlining the potential he sees in India's technology market. Indeed, regulatory documents show that One97 posted a loss of Rs 899.6 crore in the 2016-17 fiscal. However, the company fared significantly better than the previous year, when it had reported a loss of Rs 1,496.7 crore. The Registrar of Companies (RoC) filings also show that the company's total income had jumped over 38 per cent to Rs 828.6 crore in FY 17.
Citing another source the daily added that Berkshire Hathaway was "impressed by the scale that Paytm has been able to build in a short period of time" and recognises that tech firms "go through a cycle of losses" before they start making money.
Though the size of the deal has not been finalised yet, the transaction was reportedly discussed at the Paytm board meeting a few weeks ago and could be clinched in the coming weeks, valuing Paytm at over $10 billion. That's a nearly 43 per cent jump in valuation from $7 billion last year when it raised $1 billion from Japan's Softbank Vision Fund. The digital payments major, which also counts China's Alibaba Group Holdings among its investors, had been valued at around $10 billion during the secondary share sale by employees earlier this year.
Sources added that one of Buffet's key deputies, Todd Combs - who is also seen as a potential chief investment officer at the firm - is leading the transaction. If things go to plan, Buffett's backing will give major fillip to Paytm, allowing it to consolidate its market position against the challengers like Flipkart-owned Phonepe and Google's Tez. Furthermore, Facebook-owned WhatsApp Payments and Reliance Jio also have big plans in this space.
The development comes against the backdrop of a rapid expansion and diversification drive by One97. To begin with it has signed several deals in recent times, including savings management application Balance Technology Pvt. Ltd earlier this month, in an attempt to upgrade user experience.
In addition, it has been diversifying its business across financial services and offline payments after acquiring customers through services such as mobile recharges, rail and air bookings, movie ticketing and utility bill payments. Apart from its thrust on Paytm Payments Bank Ltd, which also manages its digital wallet, One97 is also looking to launch its mutual fund distribution platform under Paytm Money Ltd. It has reportedly set a target of 20 million customers in the next three years.
Meanwhile, Buffett will be hoping to get second-time lucky on his India bet - Berkshire had forayed with a much fan-fare into the Indian non-life insurance sector as a corporate agent of Bajaj Allianz General in 2011 but was compelled to shut shop two years later due to lack of profitability and laws constraining foreign stake in companies.
According to The Economic Times, Buffett's Berkshire Hathaway is in talks to invest about Rs 2,000-2,500 crore in Paytm parent One97 Communications - possibly the first direct investment in India by the legendary investor. "Berkshire is in talks to pick up a 3-4 per cent stake in the company and it is being done through a primary subscription of shares," a source in the know told the daily.
The news is making waves because this would reportedly also be Buffett's first investment in a privately-held company that is yet to turn profitable, underlining the potential he sees in India's technology market. Indeed, regulatory documents show that One97 posted a loss of Rs 899.6 crore in the 2016-17 fiscal. However, the company fared significantly better than the previous year, when it had reported a loss of Rs 1,496.7 crore. The Registrar of Companies (RoC) filings also show that the company's total income had jumped over 38 per cent to Rs 828.6 crore in FY 17.
Citing another source the daily added that Berkshire Hathaway was "impressed by the scale that Paytm has been able to build in a short period of time" and recognises that tech firms "go through a cycle of losses" before they start making money.
Though the size of the deal has not been finalised yet, the transaction was reportedly discussed at the Paytm board meeting a few weeks ago and could be clinched in the coming weeks, valuing Paytm at over $10 billion. That's a nearly 43 per cent jump in valuation from $7 billion last year when it raised $1 billion from Japan's Softbank Vision Fund. The digital payments major, which also counts China's Alibaba Group Holdings among its investors, had been valued at around $10 billion during the secondary share sale by employees earlier this year.
Sources added that one of Buffet's key deputies, Todd Combs - who is also seen as a potential chief investment officer at the firm - is leading the transaction. If things go to plan, Buffett's backing will give major fillip to Paytm, allowing it to consolidate its market position against the challengers like Flipkart-owned Phonepe and Google's Tez. Furthermore, Facebook-owned WhatsApp Payments and Reliance Jio also have big plans in this space.
The development comes against the backdrop of a rapid expansion and diversification drive by One97. To begin with it has signed several deals in recent times, including savings management application Balance Technology Pvt. Ltd earlier this month, in an attempt to upgrade user experience.
In addition, it has been diversifying its business across financial services and offline payments after acquiring customers through services such as mobile recharges, rail and air bookings, movie ticketing and utility bill payments. Apart from its thrust on Paytm Payments Bank Ltd, which also manages its digital wallet, One97 is also looking to launch its mutual fund distribution platform under Paytm Money Ltd. It has reportedly set a target of 20 million customers in the next three years.
Meanwhile, Buffett will be hoping to get second-time lucky on his India bet - Berkshire had forayed with a much fan-fare into the Indian non-life insurance sector as a corporate agent of Bajaj Allianz General in 2011 but was compelled to shut shop two years later due to lack of profitability and laws constraining foreign stake in companies.
Flying drones to be legal in India from December 1
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Flying of Remotely Piloted Aircraft System (RPAS) or in common parlance, drones, will be legal across India from December 1. The Ministry of Civil Aviation has finalised a national drone policy, and has fixed parameters - including height - for drone flights. From the outset the policy outlines a No Drone Zones. The regulation defines "No Drone Zones" as areas around airports, near international border, Vijay Chowk in Delhi, State Secretariat Complex in state capitals, strategic locations, vital military installations and such.
Owners and pilots will have to be registered, and permission will be required for each flight. Users will need to apply for permission on an app and digital permits will be given instantly through an automated process.
During daytime flights, drones can be flown to a height of up to 400 ft. The use of drones by civilians is currently restricted by the Directorate General of Civilian Aviation.
The Ministry of Civil Aviation said that drones are a technology platform that has wide-ranging applications from photography to agriculture, from infrastructure asset maintenance to insurance. A senior ministry official said, "Drones range in size from very small and those that can carry multiple kilograms of payload. It was necessary to develop global standard drone regulations that would permit, with appropriate safeguards, the commercial application of various drone technologies."
Despite pressure from drone operators and law and order matrix in the country the preparation of drone regulations through a Civil Aviation Requirement (CAR) has taken multiple years. The ministry justified the delay by saying that drone technologies have been evolving very rapidly and many countries are still experimenting with their drone regulations and no International Civil Aviation Organization (ICAO) rules have been developed. But police and intelligence agencies have been reiterating that India's security environment necessitates extra precautions.
Minister of Civil Aviation, Suresh Prabhu said, "Today we start an exciting new chapter in India's aviation history by allowing commercial use of drones. I am sure that many new and exciting applications will emerge that will propel India's economy forward. Our progressive regulations will encourage a vast Made in India drone industry."
The new drone policy has a huge digital root. Instead of simply digitizing a paper-based process for registering and operating drones, India has formulated an all-digital process. The Digital Sky Platform is the first-of-its-kind national unmanned traffic management (UTM) platform that implements "no permission, no takeoff" (NPNT).
As per this rule, users will be required to do a one-time registration of their drones, pilots and owners. For every flight (apart for the nano category), users will be required to ask for permission on a mobile app. Once a request is filed on the app an automated process would permit or deny the request instantly.
For flying in controlled Airspace, filing of flight plan and obtaining Air Defence Clearance (ADC) /Flight Information Centre (FIC) number shall be necessary.
Since law and order agencies were worried over unauthorised flights of drones and the threat they pose, the rules have been created to prevent illegal operations and to ensure public safety. Any drone without a digital permit to fly will simply not be able to takeoff. The unmanned traffic management will operate as a traffic regulator in the drone airspace and will coordinate closely with the defense and civilian air traffic controllers (ATCs) to ensure that drones remain on the approved flight paths.
The rules announced today are the first in the series and thus titled Regulations 1.0. These regulations will enable the safe, commercial usage of drones starting early December.
Owners and pilots will have to be registered, and permission will be required for each flight. Users will need to apply for permission on an app and digital permits will be given instantly through an automated process.
During daytime flights, drones can be flown to a height of up to 400 ft. The use of drones by civilians is currently restricted by the Directorate General of Civilian Aviation.
The Ministry of Civil Aviation said that drones are a technology platform that has wide-ranging applications from photography to agriculture, from infrastructure asset maintenance to insurance. A senior ministry official said, "Drones range in size from very small and those that can carry multiple kilograms of payload. It was necessary to develop global standard drone regulations that would permit, with appropriate safeguards, the commercial application of various drone technologies."
Despite pressure from drone operators and law and order matrix in the country the preparation of drone regulations through a Civil Aviation Requirement (CAR) has taken multiple years. The ministry justified the delay by saying that drone technologies have been evolving very rapidly and many countries are still experimenting with their drone regulations and no International Civil Aviation Organization (ICAO) rules have been developed. But police and intelligence agencies have been reiterating that India's security environment necessitates extra precautions.
Minister of Civil Aviation, Suresh Prabhu said, "Today we start an exciting new chapter in India's aviation history by allowing commercial use of drones. I am sure that many new and exciting applications will emerge that will propel India's economy forward. Our progressive regulations will encourage a vast Made in India drone industry."
The new drone policy has a huge digital root. Instead of simply digitizing a paper-based process for registering and operating drones, India has formulated an all-digital process. The Digital Sky Platform is the first-of-its-kind national unmanned traffic management (UTM) platform that implements "no permission, no takeoff" (NPNT).
As per this rule, users will be required to do a one-time registration of their drones, pilots and owners. For every flight (apart for the nano category), users will be required to ask for permission on a mobile app. Once a request is filed on the app an automated process would permit or deny the request instantly.
For flying in controlled Airspace, filing of flight plan and obtaining Air Defence Clearance (ADC) /Flight Information Centre (FIC) number shall be necessary.
Since law and order agencies were worried over unauthorised flights of drones and the threat they pose, the rules have been created to prevent illegal operations and to ensure public safety. Any drone without a digital permit to fly will simply not be able to takeoff. The unmanned traffic management will operate as a traffic regulator in the drone airspace and will coordinate closely with the defense and civilian air traffic controllers (ATCs) to ensure that drones remain on the approved flight paths.
The rules announced today are the first in the series and thus titled Regulations 1.0. These regulations will enable the safe, commercial usage of drones starting early December.
Companies Act overhaul: Panel pitches for decriminalisation of several offences to cut legal wrangle
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A panel set up by the Ministry of Corporate Affairs has recommended virtual "decriminalisation" of several offences under the Companies Act to reduce the legal and court battles companies have to face even if the offence committed is not serious but merely a lapse that is essentially technical or procedural in nature. The panel proposed that such "non serious offences" may be shifted to in-house adjudication process.
Set up by Piyush Goyal when he was the interim finance minister, the panel today submitted a report on the review of penal provisions of Company Act 2013 to Arun Jaitley. The report recommends restructuring of corporate offences to relieve Special Courts from adjudicating routine offences and de-clogging the NCLT among several other proposals related to corporate compliance.
The 10-member committee, which includes Kotak Bank's Uday Kotak and lawyer Shardul S Shroff, was set up with a view to promote better corporate compliance.
The committee undertook a detailed analysis of all penal provisions, and broke them down to eight categories based on the nature of offences. After speaking to different stakeholders it recommended that the existing "stringent" law should not be diluted for serious offences covering six categories.
A corporate ministry source said, "the committee has decided to ensure stringent compliance and punitive action in cases of fraud. For example, the cross-cutting liability under section 447, which deals with corporate fraud, would continue to apply wherever fraud is found. But with a view to reduce the burden on businesses the panel has proposed that lapses which are found not willful acts of commission and omission, falling under two categories may be shifted to in-house adjudication process."
The panel in its report says that the change would promote ease of doing business and better corporate compliance. The panel lays down that special courts currently have a huge backlog of prosecution cases and this has been leading to immense hardships for small companies while they were guilty of "lapses".
The ministry will now study the report to work out a formula for de-clogging the National Company Law Tribunal (NCLT) through significant reduction in compounding cases before the tribunal.
The other significant aspect of the report pertains to corporate governance including declaration of commencement of business, maintenance of a registered office, protection of depositors' interests, registration and management of charges, declaration of significant beneficial ownership, and independence of independent directors.
The main recommendations of the committee include restructuring of corporate offences to relieve special courts from adjudicating routine offences, re-categorisation of 16 out of the 81 compoundable offences by shifting them from the jurisdiction of special courts to an in-house e-adjudication framework. In these cases of adjudication defaults would be subject to levy of penalty by the authorised adjudicating officer (Registrar of Companies). Remaining 65 compoundable offences will continue to remain under the jurisdiction of special courts due to their potential misuse.
In another significant move, the report proposes status quo in case of all non-compoundable offences, which relate to serious corporate offences. If accepted the government would have to set up a transparent online platform for e-adjudication and e-publication of orders.
The recommendations related to corporate compliance and corporate governance include re-introduction of declaration of commencement of business provision to better tackle the menace of 'shell companies' and greater disclosures with respect to public deposits, particularly in respect of transactions exempted from the definition of public deposits under section 76 of the Act to prevent abuse and harming of public interest.
In another tightening of rules, the panel has proposed non-maintenance of registered office to trigger de-registration process, and disqualification of directors who hold directorships beyond permissible limits. To ensure that independent director don't sacrifice their independence due to pecuniary relationship, a cap on remuneration in terms of percentage of income has been proposed.
Set up by Piyush Goyal when he was the interim finance minister, the panel today submitted a report on the review of penal provisions of Company Act 2013 to Arun Jaitley. The report recommends restructuring of corporate offences to relieve Special Courts from adjudicating routine offences and de-clogging the NCLT among several other proposals related to corporate compliance.
The 10-member committee, which includes Kotak Bank's Uday Kotak and lawyer Shardul S Shroff, was set up with a view to promote better corporate compliance.
The committee undertook a detailed analysis of all penal provisions, and broke them down to eight categories based on the nature of offences. After speaking to different stakeholders it recommended that the existing "stringent" law should not be diluted for serious offences covering six categories.
A corporate ministry source said, "the committee has decided to ensure stringent compliance and punitive action in cases of fraud. For example, the cross-cutting liability under section 447, which deals with corporate fraud, would continue to apply wherever fraud is found. But with a view to reduce the burden on businesses the panel has proposed that lapses which are found not willful acts of commission and omission, falling under two categories may be shifted to in-house adjudication process."
The panel in its report says that the change would promote ease of doing business and better corporate compliance. The panel lays down that special courts currently have a huge backlog of prosecution cases and this has been leading to immense hardships for small companies while they were guilty of "lapses".
The ministry will now study the report to work out a formula for de-clogging the National Company Law Tribunal (NCLT) through significant reduction in compounding cases before the tribunal.
The other significant aspect of the report pertains to corporate governance including declaration of commencement of business, maintenance of a registered office, protection of depositors' interests, registration and management of charges, declaration of significant beneficial ownership, and independence of independent directors.
The main recommendations of the committee include restructuring of corporate offences to relieve special courts from adjudicating routine offences, re-categorisation of 16 out of the 81 compoundable offences by shifting them from the jurisdiction of special courts to an in-house e-adjudication framework. In these cases of adjudication defaults would be subject to levy of penalty by the authorised adjudicating officer (Registrar of Companies). Remaining 65 compoundable offences will continue to remain under the jurisdiction of special courts due to their potential misuse.
In another significant move, the report proposes status quo in case of all non-compoundable offences, which relate to serious corporate offences. If accepted the government would have to set up a transparent online platform for e-adjudication and e-publication of orders.
The recommendations related to corporate compliance and corporate governance include re-introduction of declaration of commencement of business provision to better tackle the menace of 'shell companies' and greater disclosures with respect to public deposits, particularly in respect of transactions exempted from the definition of public deposits under section 76 of the Act to prevent abuse and harming of public interest.
In another tightening of rules, the panel has proposed non-maintenance of registered office to trigger de-registration process, and disqualification of directors who hold directorships beyond permissible limits. To ensure that independent director don't sacrifice their independence due to pecuniary relationship, a cap on remuneration in terms of percentage of income has been proposed.
Sensex rises 442 points, Nifty closes shy of 11,700 level; PowerGrid, ICICI Bank, Bharti Airtel top gainers
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The Sensex and Nifty closed at fresh record highs in trade today on positive global markets after US Federal Reserve chief Jerome Powell said a gradual approach to raising rates was best to protect the US economy and job growth.
While the Sensex closed 442 points or 1.16% higher at 38,694 level, the Nifty ended the day at 11,691 level, rising 1.17% or 134 points.
Meanwhile, the Sensex hit an all-time high of 38,736 and Nifty rose to a record 11,700 level intra day. Of 30 Sensex stocks, 29 closed in the green.
PowerGrid (3.64%), ICICI Bank (2.97%) and Bharti Airtel (3.93%) were the top Sensex gainers.
Vinod Nair, Head of research at Geojit said, "Optimism led by earnings growth persuaded the foreign investors to come back to the Indian market after a gap of two to three months. Mutual funds continue to be positive but factors like volatility in oil prices, depreciation of INR and some reduction in retail investment is reducing their net inflows. In overall, continued buying by FIIs and DIIs is adding market's liquidity overriding global headwinds like trade tensions and currency war, sectors under beneficiaries are banks, IT and metals."
Sensex heavyweight Reliance Industries hit an all-time high of 1296 level amid news its telecom venture Jio beat Vodafone to become the second-largest telco by revenue market share, closing the gap with market leader Bharti Airtel on this front.
Mustafa Nadeem, CEO at Epic Research said, "Equity markets marked a fresh all-time high as positive sentiments that were there even before the market opened. The global cues were largely positive with Asian markets up 1% to 2% as China's Hang Seng was leading. This resulted in a positive open and it was a splendid performance by firstly the large caps. ICICI Bank, Infosys, SBI, and Reliance alone garnered half a percent gain for Nifty while TCS, Kotak, and L&T followed suit.
Secondly, we have seen the Nifty Bank which was under performing, the Index and it was seen among leaders today covering its previous week losses adding whopping 430 points. Most sectors were positive adding 1.5% to 3% gain and this is what the market needed after a recent consolidation; Improved breadth. This momentum has kicked in further flow into equities and we may see Nifty extending gains to 11,800 - 11,820."
BSE mid cap and small cap indices gained 177 points and 117 points, respectively.
Banking and consumer durables stocks led the rally with the BSE Bankex rising 530.08 points or 1.69% and BSE consumer durables index gaining 224 points or 1.04%.
Of 19 BSE sectoral indices, 18 closed in the green.
Bank Nifty too rose to 28,264 level gaining nearly 429 points in trade today.
Positive leads from other Asian markets tracking weekend gains on the Wall Street after comments from US Federal Reserve Chairman in support of a gradual approach to raising rates bolstered trading sentiments, brokers said.
Market breadth was positive with 1451 stocks closing higher compared to 1265 stocks ending lower on the BSE. Domestic institutional investors (DIIs) bought shares worth a net of Rs 904.75 crore, while foreign portfolio investors (FPIs) sold shares worth a net of Rs 75.78 crore on Friday, provisional data showed.
While the Sensex closed 442 points or 1.16% higher at 38,694 level, the Nifty ended the day at 11,691 level, rising 1.17% or 134 points.
Meanwhile, the Sensex hit an all-time high of 38,736 and Nifty rose to a record 11,700 level intra day. Of 30 Sensex stocks, 29 closed in the green.
PowerGrid (3.64%), ICICI Bank (2.97%) and Bharti Airtel (3.93%) were the top Sensex gainers.
Vinod Nair, Head of research at Geojit said, "Optimism led by earnings growth persuaded the foreign investors to come back to the Indian market after a gap of two to three months. Mutual funds continue to be positive but factors like volatility in oil prices, depreciation of INR and some reduction in retail investment is reducing their net inflows. In overall, continued buying by FIIs and DIIs is adding market's liquidity overriding global headwinds like trade tensions and currency war, sectors under beneficiaries are banks, IT and metals."
Sensex heavyweight Reliance Industries hit an all-time high of 1296 level amid news its telecom venture Jio beat Vodafone to become the second-largest telco by revenue market share, closing the gap with market leader Bharti Airtel on this front.
Mustafa Nadeem, CEO at Epic Research said, "Equity markets marked a fresh all-time high as positive sentiments that were there even before the market opened. The global cues were largely positive with Asian markets up 1% to 2% as China's Hang Seng was leading. This resulted in a positive open and it was a splendid performance by firstly the large caps. ICICI Bank, Infosys, SBI, and Reliance alone garnered half a percent gain for Nifty while TCS, Kotak, and L&T followed suit.
Secondly, we have seen the Nifty Bank which was under performing, the Index and it was seen among leaders today covering its previous week losses adding whopping 430 points. Most sectors were positive adding 1.5% to 3% gain and this is what the market needed after a recent consolidation; Improved breadth. This momentum has kicked in further flow into equities and we may see Nifty extending gains to 11,800 - 11,820."
BSE mid cap and small cap indices gained 177 points and 117 points, respectively.
Banking and consumer durables stocks led the rally with the BSE Bankex rising 530.08 points or 1.69% and BSE consumer durables index gaining 224 points or 1.04%.
Of 19 BSE sectoral indices, 18 closed in the green.
Bank Nifty too rose to 28,264 level gaining nearly 429 points in trade today.
Positive leads from other Asian markets tracking weekend gains on the Wall Street after comments from US Federal Reserve Chairman in support of a gradual approach to raising rates bolstered trading sentiments, brokers said.
Market breadth was positive with 1451 stocks closing higher compared to 1265 stocks ending lower on the BSE. Domestic institutional investors (DIIs) bought shares worth a net of Rs 904.75 crore, while foreign portfolio investors (FPIs) sold shares worth a net of Rs 75.78 crore on Friday, provisional data showed.
Goldman Sachs appoints former RBI adviser Prachi Mishra as chief India economist
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Global investment bank Goldman Sachs today said it has appointed former RBI adviser, Prachi Mishra, as the Managing Director and chief India economist.
Prior to joining Goldman Sachs, Mishra was the Deputy Division Chief of the Western Hemisphere Department at the International Monetary Fund (IMF). Before that, she headed the strategic research unit at the Reserve Bank of India from February 2016 to May 2017.
She was also a specialist adviser at the RBI between November 2014 and February 2016. Mishra was the first lateral recruit at the RBI.
Prior to her RBI stint, Mishra had worked as a senior economist at both the IMF and the Ministry of Finance.
Prachi Mishra, a Delhi School of Economics alumnus, pursued her PhD and MPhil in Economics from Columbia University.
Goldman Sachs has been operating in India since 2004 when it first opened its office in Bengaluru. However, the company has been serving Indian clients since 1990s and is an active investor in the country.
Prior to joining Goldman Sachs, Mishra was the Deputy Division Chief of the Western Hemisphere Department at the International Monetary Fund (IMF). Before that, she headed the strategic research unit at the Reserve Bank of India from February 2016 to May 2017.
She was also a specialist adviser at the RBI between November 2014 and February 2016. Mishra was the first lateral recruit at the RBI.
Prior to her RBI stint, Mishra had worked as a senior economist at both the IMF and the Ministry of Finance.
Prachi Mishra, a Delhi School of Economics alumnus, pursued her PhD and MPhil in Economics from Columbia University.
Goldman Sachs has been operating in India since 2004 when it first opened its office in Bengaluru. However, the company has been serving Indian clients since 1990s and is an active investor in the country.
General Awareness
Bombay Natural History Society (BNHS)
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What to study?
For Prelims and Mains: Brief overview of BNHS, about Chilika.
Context: The Bombay Natural History Society (BNHS), one of India’s premier avian research institutes, has started operating its first regional centre on the campus of Wetland Research and Training Centre near Chilika Lake.
Key facts:
With opening up its branch in Odisha, the BNHS would be engaged in identifying the air route of the foreign birds flocking the Chilika lake during winter, sample collection, training related to bird census, publishing bird migration atlas books, examining various diseases among the birds and to review the condition of the Nalabana bird sanctuary along with counting the birds.
About Chilika Lagoon:
It is the largest coastal lagoon in India and the second largest lagoon in the world after The New Caledonian barrier reef in New Caledonia.
It is the largest wintering ground for migratory waterfowl found anywhere on the Indian sub-continent.
It is one of the hotspot of biodiversity in the country, and some rare, vulnerable and endangered species listed in the IUCN Red List of threatened Animals inhabit in the lagoon for atleast part of their life cycle.
On account of its rich bio-diversity and ecological significance, Chilika was designated as the 1st “Ramsar Site” of India.
The Nalaban Island within the lagoon is notified as a Bird Sanctuary under Wildlife (Protection) Act, the National Wetlands, mangroves and coral reefs Committee of Ministry of Environment & Forests, Government of India, have also identified the lagoon as a priority site for conservation and management.
Chilika Lagoon lies in the districts of Puri, Khurda and Ganjam of Odisha State along the eastern coast of India. It is well connected to the Chennai and Kolkata through National Highway No 5, and the Chennai Kolkata rail line passes along the western bank of the Lagoon Balugaon, with Balugaon, Chilika and Rambha being the main stations along the Western shoreline of the lagoon.
About BNHS:
The Bombay Natural History Society, founded on 15 September 1883, is one of the largest non-governmental organisations in India engaged in conservation and biodiversity research.
BNHS is the partner of BirdLife International in India. It has been designated as a ‘Scientific and Industrial Research Organisation’ by the Department of Science and Technology.
Logo: The BNHS logo is the great hornbill.
Internet of Birds: IT consultancy firm Accenture and the Bombay Natural History Society have developed Internet of Birds platform that identifies bird species found in India using Artificial Intelligence technology, including machine learning and computer vision, from digital photos that are uploaded by the public.
What to study?
For Prelims and Mains: Brief overview of BNHS, about Chilika.
Context: The Bombay Natural History Society (BNHS), one of India’s premier avian research institutes, has started operating its first regional centre on the campus of Wetland Research and Training Centre near Chilika Lake.
Key facts:
With opening up its branch in Odisha, the BNHS would be engaged in identifying the air route of the foreign birds flocking the Chilika lake during winter, sample collection, training related to bird census, publishing bird migration atlas books, examining various diseases among the birds and to review the condition of the Nalabana bird sanctuary along with counting the birds.
About Chilika Lagoon:
It is the largest coastal lagoon in India and the second largest lagoon in the world after The New Caledonian barrier reef in New Caledonia.
It is the largest wintering ground for migratory waterfowl found anywhere on the Indian sub-continent.
It is one of the hotspot of biodiversity in the country, and some rare, vulnerable and endangered species listed in the IUCN Red List of threatened Animals inhabit in the lagoon for atleast part of their life cycle.
On account of its rich bio-diversity and ecological significance, Chilika was designated as the 1st “Ramsar Site” of India.
The Nalaban Island within the lagoon is notified as a Bird Sanctuary under Wildlife (Protection) Act, the National Wetlands, mangroves and coral reefs Committee of Ministry of Environment & Forests, Government of India, have also identified the lagoon as a priority site for conservation and management.
Chilika Lagoon lies in the districts of Puri, Khurda and Ganjam of Odisha State along the eastern coast of India. It is well connected to the Chennai and Kolkata through National Highway No 5, and the Chennai Kolkata rail line passes along the western bank of the Lagoon Balugaon, with Balugaon, Chilika and Rambha being the main stations along the Western shoreline of the lagoon.
About BNHS:
The Bombay Natural History Society, founded on 15 September 1883, is one of the largest non-governmental organisations in India engaged in conservation and biodiversity research.
BNHS is the partner of BirdLife International in India. It has been designated as a ‘Scientific and Industrial Research Organisation’ by the Department of Science and Technology.
Logo: The BNHS logo is the great hornbill.
Internet of Birds: IT consultancy firm Accenture and the Bombay Natural History Society have developed Internet of Birds platform that identifies bird species found in India using Artificial Intelligence technology, including machine learning and computer vision, from digital photos that are uploaded by the public.
For Prelims and Mains: Brief overview of BNHS, about Chilika.
Context: The Bombay Natural History Society (BNHS), one of India’s premier avian research institutes, has started operating its first regional centre on the campus of Wetland Research and Training Centre near Chilika Lake.
Key facts:
With opening up its branch in Odisha, the BNHS would be engaged in identifying the air route of the foreign birds flocking the Chilika lake during winter, sample collection, training related to bird census, publishing bird migration atlas books, examining various diseases among the birds and to review the condition of the Nalabana bird sanctuary along with counting the birds.
About Chilika Lagoon:
It is the largest coastal lagoon in India and the second largest lagoon in the world after The New Caledonian barrier reef in New Caledonia.
It is the largest wintering ground for migratory waterfowl found anywhere on the Indian sub-continent.
It is one of the hotspot of biodiversity in the country, and some rare, vulnerable and endangered species listed in the IUCN Red List of threatened Animals inhabit in the lagoon for atleast part of their life cycle.
On account of its rich bio-diversity and ecological significance, Chilika was designated as the 1st “Ramsar Site” of India.
The Nalaban Island within the lagoon is notified as a Bird Sanctuary under Wildlife (Protection) Act, the National Wetlands, mangroves and coral reefs Committee of Ministry of Environment & Forests, Government of India, have also identified the lagoon as a priority site for conservation and management.
Chilika Lagoon lies in the districts of Puri, Khurda and Ganjam of Odisha State along the eastern coast of India. It is well connected to the Chennai and Kolkata through National Highway No 5, and the Chennai Kolkata rail line passes along the western bank of the Lagoon Balugaon, with Balugaon, Chilika and Rambha being the main stations along the Western shoreline of the lagoon.
About BNHS:
The Bombay Natural History Society, founded on 15 September 1883, is one of the largest non-governmental organisations in India engaged in conservation and biodiversity research.
BNHS is the partner of BirdLife International in India. It has been designated as a ‘Scientific and Industrial Research Organisation’ by the Department of Science and Technology.
Logo: The BNHS logo is the great hornbill.
Internet of Birds: IT consultancy firm Accenture and the Bombay Natural History Society have developed Internet of Birds platform that identifies bird species found in India using Artificial Intelligence technology, including machine learning and computer vision, from digital photos that are uploaded by the public.
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