General Affairs
Road Traffic Affected, Train Services Hit Due To Kolkata Bridge Collapse
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Transport services connecting the vast areas in the south-western part Kolkata and South 24 Parganas district were severely affected owing to collapse of a portion of a road over bridge at Majherhat on the arterial Diamond Harbour Road today.
A Kolkata Traffic Police officer said traffic movement through Diamond Harbour Road in Taratala area has been suspended following the incident.
Traffic from various parts of South 24 Parganas and Behala area in the city were being diverted from Diamond Park area, the officer said.
Movement of traffic towards south-west Kolkata and South 24 Parganas were being diverted from Kidderpore and through Port area and Circular Garden Reach Road, he said.
Train services in Circular Railway and Sealdah-Budge Budge line have been suspended as precautionary measure following the collapse of a portion of the bridge at 4.45 pm, Eastern Railway spokesman R N Mahapatra said.
The collapse of a portion of the bridge over railway tracks occurred in the adjacent areas of Circular Railway line at Majherhat, leading to a signal post on the track being damaged by the debris, Mr Mahapatra said.
Train movement through Majherhat had been suspended temporarily as a precautionary measure, he said.
Train services on the Budge-Sealdah line may be restored after ensuring the safety in train running, he said.
Thousands of people travelling in the peak evening hours were inconvenienced owing to the incident.
Many people are feared trapped underneath the rubble, some still in their vehicles. Nine injured people have been shifted to the hospital. Locals who rushed to the spot said one man died while they were trying to rescue him.
The army, which has its base in the nearby Fort William, has sent its personnel for rescue work.
A Kolkata Traffic Police officer said traffic movement through Diamond Harbour Road in Taratala area has been suspended following the incident.
Traffic from various parts of South 24 Parganas and Behala area in the city were being diverted from Diamond Park area, the officer said.
Movement of traffic towards south-west Kolkata and South 24 Parganas were being diverted from Kidderpore and through Port area and Circular Garden Reach Road, he said.
Train services in Circular Railway and Sealdah-Budge Budge line have been suspended as precautionary measure following the collapse of a portion of the bridge at 4.45 pm, Eastern Railway spokesman R N Mahapatra said.
The collapse of a portion of the bridge over railway tracks occurred in the adjacent areas of Circular Railway line at Majherhat, leading to a signal post on the track being damaged by the debris, Mr Mahapatra said.
Train movement through Majherhat had been suspended temporarily as a precautionary measure, he said.
Train services on the Budge-Sealdah line may be restored after ensuring the safety in train running, he said.
Thousands of people travelling in the peak evening hours were inconvenienced owing to the incident.
Many people are feared trapped underneath the rubble, some still in their vehicles. Nine injured people have been shifted to the hospital. Locals who rushed to the spot said one man died while they were trying to rescue him.
The army, which has its base in the nearby Fort William, has sent its personnel for rescue work.
Sonia Gandhi's National Advisory Council Was For Supporting Naxalism: BJP
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Accusing the Congress of patronising and funding the maoists, the BJP said on Monday that the now-defunct National Advisory Council (NAC), headed by Sonia Gandhi during the previous UPA regime, was the body for "supporting naxalism".
BJP Spokesperson Sambit Patra told the media that Congress mainstreamed maoism during its tenure and suggested that the party should rename itself as "Indian National Congress (Maoist)" or the "Congress Party of Maoists".
"National security is an issue of paramount importance and to play with it only for political opportunism is something which the Congress has always been doing. In this trail we have another letter written to comrade Surendra by comrade Prakash on September 25 which contained a phone number of former Madhya Pradesh Chief Minister Digvijaya Singh," Sambit Patra said.
Apart from the telephone number, there's also a reference in the letter which said "Congress leaders are very much willing to assist in this process and have also agreed to fund for further agitations whenever such opportunity is arrived. In this regard you can contact at our friend the number..."
Sambit Patra claimed that the mobile number mentioned was of Digvijay Singh. "He has not yet denied that this was not his number," he said.
Referring to Digvijay Singh's remarks, which created controversies after the Batla House encounter, 26/11 Mumbai terror attacks and Zakir Naik arrest warrant, Sambit Patra said the Congress has always been at the forefront of manufacturing agitations.
"We can say that confusion, conspiracy and Congress are synonymous. They have always adopted a double standard on the issue of maoism. Manmohan Singh (former prime minister) had said that maoism was a grave threat to internal security. But there were some who have romanticised the maoism within the Congress and the biggest example of it was the coterie closest to then Congress President Sonia Gandhi, called the NAC," he said.
The BJP Spokesperson said that the NAC, which was the brainchild of Sonia Gandhi, "in fact was a ground for supporting Naxalism".
He claimed that A Padma, the wife of a top naxal leader A Hargopal alias Ramakrishna, was made in charge of an orphanage named 'Aman Vedika' of Harsh Mander, an important member of NAC. We all know how close he was to Sonia Gandhi. She was one among the eight maoists, who were freed to save the life of abducted Malkangiri collector in 2011.
He said Binayak Sen, who was convicted for sedition in 2010, was appointed in Planning Commission and in most important body - the steering committee on health.
Sambit Patra claimed former union minister Jairam Ramesh had written a letter to then Maharashtra Chief Minister Prithviraj Chavhan for the release of Mahesh Raut, a maoist, who was arrested due to his maoist links.
"This was mainstreaming of maoism under Congress. Why did Congress have so much love for convicted maoists," he said accusing Congress of compromising with national security.
"Very humbly, we would give an advise to you also. Please rename yourself. Either you call yourself Indian National Congress (Maoist) or Congress Party of Maoists because this is the way you are behaving. You should approach the election commission and ask them that you want to be called INC (M) or CPM," he said.
He also hit out at Digvijay Singh, asking why it is that underground maoists seem to have fusion with Congress.
"Why Digvijay Singh appears to be speaking for maoists. How long the Congress will continue to play with national security," he asked.
BJP Spokesperson Sambit Patra told the media that Congress mainstreamed maoism during its tenure and suggested that the party should rename itself as "Indian National Congress (Maoist)" or the "Congress Party of Maoists".
"National security is an issue of paramount importance and to play with it only for political opportunism is something which the Congress has always been doing. In this trail we have another letter written to comrade Surendra by comrade Prakash on September 25 which contained a phone number of former Madhya Pradesh Chief Minister Digvijaya Singh," Sambit Patra said.
Apart from the telephone number, there's also a reference in the letter which said "Congress leaders are very much willing to assist in this process and have also agreed to fund for further agitations whenever such opportunity is arrived. In this regard you can contact at our friend the number..."
Sambit Patra claimed that the mobile number mentioned was of Digvijay Singh. "He has not yet denied that this was not his number," he said.
Referring to Digvijay Singh's remarks, which created controversies after the Batla House encounter, 26/11 Mumbai terror attacks and Zakir Naik arrest warrant, Sambit Patra said the Congress has always been at the forefront of manufacturing agitations.
"We can say that confusion, conspiracy and Congress are synonymous. They have always adopted a double standard on the issue of maoism. Manmohan Singh (former prime minister) had said that maoism was a grave threat to internal security. But there were some who have romanticised the maoism within the Congress and the biggest example of it was the coterie closest to then Congress President Sonia Gandhi, called the NAC," he said.
The BJP Spokesperson said that the NAC, which was the brainchild of Sonia Gandhi, "in fact was a ground for supporting Naxalism".
He claimed that A Padma, the wife of a top naxal leader A Hargopal alias Ramakrishna, was made in charge of an orphanage named 'Aman Vedika' of Harsh Mander, an important member of NAC. We all know how close he was to Sonia Gandhi. She was one among the eight maoists, who were freed to save the life of abducted Malkangiri collector in 2011.
He said Binayak Sen, who was convicted for sedition in 2010, was appointed in Planning Commission and in most important body - the steering committee on health.
Sambit Patra claimed former union minister Jairam Ramesh had written a letter to then Maharashtra Chief Minister Prithviraj Chavhan for the release of Mahesh Raut, a maoist, who was arrested due to his maoist links.
"This was mainstreaming of maoism under Congress. Why did Congress have so much love for convicted maoists," he said accusing Congress of compromising with national security.
"Very humbly, we would give an advise to you also. Please rename yourself. Either you call yourself Indian National Congress (Maoist) or Congress Party of Maoists because this is the way you are behaving. You should approach the election commission and ask them that you want to be called INC (M) or CPM," he said.
He also hit out at Digvijay Singh, asking why it is that underground maoists seem to have fusion with Congress.
"Why Digvijay Singh appears to be speaking for maoists. How long the Congress will continue to play with national security," he asked.
Congress Boycotts Lokpal Selection Panel Meet For 5th Time In A Year
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The Congress has boycotted the Lokpal Selection Committee meeting for a fifth time this year, asserting that it would continue to do so until the leader of the single largest opposition party is given the status of a full-fledged member in the panel.
The leader of Congress in Lok Sabha, Mallikarjun Kharge, wrote to Prime Minister Narendra Modi, conveying his decision on today's meeting of the panel.
The selection committee will set up a search panel for recommending names for the appointment of the anti-graft ombudsman, the Lokpal, and its members.
"The government continues to invite me as a special invitee to the Selection Committee meeting despite being aware of the fact that there is no provision under section 4 of the Lokpal Act, 2013. Accepting this invitation to attend as a 'Special Invitee' without rights of participation, recording of opinion and voting in the procedure would be violative of both the letter and spirit of the Lokpal Act.
"I am therefore, forced, once again to respectfully decline the invitation to attend the meeting of the Selection Committee until the leader of single largest opposition party is conferred the status of a full-fledged member as envisioned in the Lokpal Act, 2013," Mr Kharge said in his letter to the prime minister.
The Congress is the single largest opposition party in the Lower House.
Mr Kharge has boycotted the previous meetings of the selection committee which is chaired by the prime minister.
He had sent letters to the prime minister rejecting the invitation extended to him to attend the meetings of the Selection Committee held this year on March 1, April 10, July 19 and August 20 as a "special invitee".
The leader of Congress in Lok Sabha, Mallikarjun Kharge, wrote to Prime Minister Narendra Modi, conveying his decision on today's meeting of the panel.
The selection committee will set up a search panel for recommending names for the appointment of the anti-graft ombudsman, the Lokpal, and its members.
"The government continues to invite me as a special invitee to the Selection Committee meeting despite being aware of the fact that there is no provision under section 4 of the Lokpal Act, 2013. Accepting this invitation to attend as a 'Special Invitee' without rights of participation, recording of opinion and voting in the procedure would be violative of both the letter and spirit of the Lokpal Act.
"I am therefore, forced, once again to respectfully decline the invitation to attend the meeting of the Selection Committee until the leader of single largest opposition party is conferred the status of a full-fledged member as envisioned in the Lokpal Act, 2013," Mr Kharge said in his letter to the prime minister.
The Congress is the single largest opposition party in the Lower House.
Mr Kharge has boycotted the previous meetings of the selection committee which is chaired by the prime minister.
He had sent letters to the prime minister rejecting the invitation extended to him to attend the meetings of the Selection Committee held this year on March 1, April 10, July 19 and August 20 as a "special invitee".
Central Forces, Special Police Units To Get 36,000 Modern Assault Rifles
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A stockpile of over 36,000 modern AK-series assault rifles have been recently provided to central paramilitary forces and select state police units, a senior official said Tuesday.
The official, who is part of the security establishment under the Union home ministry, said the weapons have been procured from Bulgaria after a global tender was completed successfully sometime back.
"These AK-47 rifles are now being sent to multiple Central Armed Police Forces (CAPFs) and state police units who were part of the joint tender. A good bulk of these weapons will go to the CRPF and BSF who have to deal with internal security challenges, guard the border and tackle Left-wing extremism and militants and terrorists in Jammu and Kashmir," the official, who requested anonymity, said.
This series of assault rifles are increasingly being preferred by the security forces due to their utility in all-weather conditions, good rate of fire and ease of adaptability in multifarious combat zones, the official said.
These rifles are considered superior to the indigenously made INSAS rifles (Indian Small Arms System) as their fire is accurate, spews quick round of bullets and is better to operate in jungle warfare conditions where moisture and heat affect the performance of a rifle, he said.
Keeping this in mind, the central paramilitary forces and the state police forces had expressed desire to purchase the AK (Avtomat Kalashnikova) series rifles for their jungle warfare and special task units and the Union home ministry had then clubbed their requirements and floated a global tender, he said.
The tender was open for bidding about a year back and the delivery of the assault weapons, which have some enhancement in their basic features, has now begun, he said.
When contacted, a senior CRPF officer told PTI that the weapons will be provided to their combat units in Jammu and Kashmir and anti-Naxal operation areas in a month's time.
The Union government had last year authorised the Central Reserve Police Force (CRPF), the country's largest CAPF with over 3-lakh personnel, to replace almost all of its INSAS weapons with AK assault rifles in the ten Maoist violence-hit states where it is deployed to undertake offensive operations.
The official, who is part of the security establishment under the Union home ministry, said the weapons have been procured from Bulgaria after a global tender was completed successfully sometime back.
"These AK-47 rifles are now being sent to multiple Central Armed Police Forces (CAPFs) and state police units who were part of the joint tender. A good bulk of these weapons will go to the CRPF and BSF who have to deal with internal security challenges, guard the border and tackle Left-wing extremism and militants and terrorists in Jammu and Kashmir," the official, who requested anonymity, said.
This series of assault rifles are increasingly being preferred by the security forces due to their utility in all-weather conditions, good rate of fire and ease of adaptability in multifarious combat zones, the official said.
These rifles are considered superior to the indigenously made INSAS rifles (Indian Small Arms System) as their fire is accurate, spews quick round of bullets and is better to operate in jungle warfare conditions where moisture and heat affect the performance of a rifle, he said.
Keeping this in mind, the central paramilitary forces and the state police forces had expressed desire to purchase the AK (Avtomat Kalashnikova) series rifles for their jungle warfare and special task units and the Union home ministry had then clubbed their requirements and floated a global tender, he said.
The tender was open for bidding about a year back and the delivery of the assault weapons, which have some enhancement in their basic features, has now begun, he said.
When contacted, a senior CRPF officer told PTI that the weapons will be provided to their combat units in Jammu and Kashmir and anti-Naxal operation areas in a month's time.
The Union government had last year authorised the Central Reserve Police Force (CRPF), the country's largest CAPF with over 3-lakh personnel, to replace almost all of its INSAS weapons with AK assault rifles in the ten Maoist violence-hit states where it is deployed to undertake offensive operations.
Lockheed Martin To Build F-16 Fighter Jet Wings In India
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The wings of Lockheed Martin's F-16 fighter jets will be produced in India, the American security and aerospace giant announced on Tuesday, in a major boost to the 'Make in India' initiative.
Maryland-based Lockheed Martin has entered into an agreement with Tata Advanced Systems Limited (TASL) for the production of the wings.
Lockheed officials insisted that the planned F-16 wing production to India is not contingent on India selecting the F-16 for the Indian Air Force. Lockheed has offered to move its entire F-16 manufacturing base to India. India is yet to make a decision on it.
Producing F-16 wings in India will strengthen Lockheed Martin's strategic partnership with Tata Advanced Systems Limited and support the 'Make in India' initiative of the government, officials of the company said.
"Building F-16 wings in India is a natural next step that builds on our successful partnerships with Tata on the C-130J [Super Hercules airlifter] and S-92 [helicopter]," said Vivek Lall, Vice President of Strategy and Business Development for Lockheed Martin Aeronautics.
"This is a strategic business decision that reflects the value of our partnerships with India and the confidence we have in Tata to perform advanced defence manufacturing work and deliver world-class products," Mr Lall said.
Lockheed Martin's broader proposed F-16 partnership with India - to produce F-16s exclusively in India for its Air Force and export customers - stands firm, the company said.
Lockheed recently submitted a comprehensive, fully compliant 600-plus page Request for Information (RFI) response to the Indian Air Force.
Last year, Lockheed Martin and TASL announced their intent to join hands to produce the F-16 Block 70 in India if the aircraft is selected by the Indian Air Force.
The F-16 Block 70 features advanced avionics, a proven Active Electronically Scanned Array (AESA) radar, a modernised cockpit, advanced weapons, conformal fuel tanks, an automatic ground collision avoidance system, an advanced engine and an industry-leading extended structural service life of 12,000 hours.
To date, 4,604 F-16s have been procured by 28 customers around the world. Approximately 3,000 operational F-16s are flying today with 25 leading air forces, including the US Air Force.
Maryland-based Lockheed Martin has entered into an agreement with Tata Advanced Systems Limited (TASL) for the production of the wings.
Lockheed officials insisted that the planned F-16 wing production to India is not contingent on India selecting the F-16 for the Indian Air Force. Lockheed has offered to move its entire F-16 manufacturing base to India. India is yet to make a decision on it.
Producing F-16 wings in India will strengthen Lockheed Martin's strategic partnership with Tata Advanced Systems Limited and support the 'Make in India' initiative of the government, officials of the company said.
"Building F-16 wings in India is a natural next step that builds on our successful partnerships with Tata on the C-130J [Super Hercules airlifter] and S-92 [helicopter]," said Vivek Lall, Vice President of Strategy and Business Development for Lockheed Martin Aeronautics.
"This is a strategic business decision that reflects the value of our partnerships with India and the confidence we have in Tata to perform advanced defence manufacturing work and deliver world-class products," Mr Lall said.
Lockheed Martin's broader proposed F-16 partnership with India - to produce F-16s exclusively in India for its Air Force and export customers - stands firm, the company said.
Lockheed recently submitted a comprehensive, fully compliant 600-plus page Request for Information (RFI) response to the Indian Air Force.
Last year, Lockheed Martin and TASL announced their intent to join hands to produce the F-16 Block 70 in India if the aircraft is selected by the Indian Air Force.
The F-16 Block 70 features advanced avionics, a proven Active Electronically Scanned Array (AESA) radar, a modernised cockpit, advanced weapons, conformal fuel tanks, an automatic ground collision avoidance system, an advanced engine and an industry-leading extended structural service life of 12,000 hours.
To date, 4,604 F-16s have been procured by 28 customers around the world. Approximately 3,000 operational F-16s are flying today with 25 leading air forces, including the US Air Force.
Business Affairs
Reveal names of private individuals who travelled with PM Modi on foreign tours, CIC tells MEA
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The much-delayed launch of the India Post Payments Bank on Saturday has put the spotlight back on payments banks (PBs), the new bank model visualised by the Reserve Bank of India back in 2013-14. India Post Payments Bank is the sixth payments bank to commence operations in the country. The others in the space are two-year-old Airtel Payments Bank, Paytm Payments Bank and Fino Payments Bank - both launched last summer - and recent-entrants Aditya Birla Idea Payments Bank and Jio Payments Bank.
Here are some frequently asked questions about payments banks and a look at how they stack up against each other.
What are payments banks?
They are banks offering most regular banking facilities such as remittance services, cash withdrawal/deposit, net banking, third-party fund transfers and mobile payments/transfers/purchases. However, they operate on a smaller scale compared to the normal banks and don't involve any credit risk. Their raison d'etre is financial inclusion; reaching out to the unbanked masses, which according to a recent Assocham-EY report is over 19% of our population.
How are they different from traditional banks?
The main difference between payments banks and traditional banks is that the former can only receive deposits and remittances. Payments banks cannot offer any financial products, say credit cards, of their own. They have to tie-up with other financial services providers to offer third-party products like loans and insurance to their customers. For instance, India Post Payments Bank has teamed up with financial services providers like Punjab National Bank and Bajaj Allianz Life Insurance for this purpose.
Payments banks can only accept deposits of up to Rs 1 lakh per customer in a savings/current account. Last but not the least, opening an account in a scheduled bank takes time because it requires a lot of documentation and verification. But PBs, being primarily driven by mobile technology, can simplify the process and make it quick and paperless.
Should you open an account with payments banks?
All of the above does not mean that payments banks are good only for low-income households, migrant workers and those living in the boondocks. Even if you already have multiple banking relationships with the likes of HDFC Bank, SBI and HSBC, you might consider opening a payments bank account, too, for the following reasons:
More convenience
A major USP of PBs is their wide distribution network since the model allows retail outlets, fuel stations, post offices, dairy milk collection centres and everything in between to double as a mini bank branch. So there is a good chance that your PB branch will be located a lot closer to you than your regular bank's nearest branch. Moreover, most of these banking points will operate well beyond normal banking hours.
Avail a zero balance account
Unfortunately the days of payments banks offering much higher interest rates than most scheduled commercial banks are over. Till last month, Airtel Payments bank was offering 5.5%, down from over 7% till February 2018. Currently, the interest rate offered by most of the operating payments banks is 4%. No information is available for Jio Payments Bank, but one can hope that parent Reliance Industries will pull its usual tricks - read offer higher The Central Information Commission (CIC) has directed the External Affairs Ministry to reveal the names of private individuals who travelled with Prime Minister Narendra Modi on his foreign trips after an RTI activist alleged he didn't get a satisfactory answer from the Prime Minister's Office. CIC issued the directive after RTI activist Karabi Das approached it saying he was not given complete information regarding Modi's foreign travels, including the names of all private individuals who accompanied him between 2015 and 2017.
The MEA, which had allegedly denied information, told CIC RK Mathur that information regarding people who travelled with Modi can't be given as the ministry only records the data regarding date and time of the PM's visits, and expenses incurred on his flights. Karabi had sought the information from the Prime Minister's office in January. Activist Subhash Agrawal, who represented Karabi, told the CIC that the ministry had even charged Rs 224 for providing information, which he paid but failed to get the reply. The ministry representative assured the CIC that they will look into the issue.
"A list of private persons (not linked with security) who travelled with the Prime Minister of India at government expenditure should be provided to the appellant redacting names of other officials," Mathur ordered, reported news agency PTI. Mathur was hearing two different matters in which applicants were reportedly denied information regarding people who accompanied Modi during his foreign tours.
Minister of State for External Affairs, VK Singh, disclosed to the Rajya Sabha in July that a total of Rs 1,484 crore were spent on Modi's foreign travels, including expenses on chartered flights (Rs 387.26 crore), aircraft maintenance (Rs 1088.42 crore) and hotline facilities ((Rs 9.12 crore), ever since he became Prime Minister in May 2014. The PM has visited a total of 84 countries in his 42 foreign trips since the BJP came to power at the Centre. He had visited 66 countries in the first three years after he became the PM in 2014.
Here are some frequently asked questions about payments banks and a look at how they stack up against each other.
What are payments banks?
They are banks offering most regular banking facilities such as remittance services, cash withdrawal/deposit, net banking, third-party fund transfers and mobile payments/transfers/purchases. However, they operate on a smaller scale compared to the normal banks and don't involve any credit risk. Their raison d'etre is financial inclusion; reaching out to the unbanked masses, which according to a recent Assocham-EY report is over 19% of our population.
How are they different from traditional banks?
The main difference between payments banks and traditional banks is that the former can only receive deposits and remittances. Payments banks cannot offer any financial products, say credit cards, of their own. They have to tie-up with other financial services providers to offer third-party products like loans and insurance to their customers. For instance, India Post Payments Bank has teamed up with financial services providers like Punjab National Bank and Bajaj Allianz Life Insurance for this purpose.
Payments banks can only accept deposits of up to Rs 1 lakh per customer in a savings/current account. Last but not the least, opening an account in a scheduled bank takes time because it requires a lot of documentation and verification. But PBs, being primarily driven by mobile technology, can simplify the process and make it quick and paperless.
Should you open an account with payments banks?
All of the above does not mean that payments banks are good only for low-income households, migrant workers and those living in the boondocks. Even if you already have multiple banking relationships with the likes of HDFC Bank, SBI and HSBC, you might consider opening a payments bank account, too, for the following reasons:
More convenience
A major USP of PBs is their wide distribution network since the model allows retail outlets, fuel stations, post offices, dairy milk collection centres and everything in between to double as a mini bank branch. So there is a good chance that your PB branch will be located a lot closer to you than your regular bank's nearest branch. Moreover, most of these banking points will operate well beyond normal banking hours.
Avail a zero balance account
Unfortunately the days of payments banks offering much higher interest rates than most scheduled commercial banks are over. Till last month, Airtel Payments bank was offering 5.5%, down from over 7% till February 2018. Currently, the interest rate offered by most of the operating payments banks is 4%. No information is available for Jio Payments Bank, but one can hope that parent Reliance Industries will pull its usual tricks - read offer higher The Central Information Commission (CIC) has directed the External Affairs Ministry to reveal the names of private individuals who travelled with Prime Minister Narendra Modi on his foreign trips after an RTI activist alleged he didn't get a satisfactory answer from the Prime Minister's Office. CIC issued the directive after RTI activist Karabi Das approached it saying he was not given complete information regarding Modi's foreign travels, including the names of all private individuals who accompanied him between 2015 and 2017.
The MEA, which had allegedly denied information, told CIC RK Mathur that information regarding people who travelled with Modi can't be given as the ministry only records the data regarding date and time of the PM's visits, and expenses incurred on his flights. Karabi had sought the information from the Prime Minister's office in January. Activist Subhash Agrawal, who represented Karabi, told the CIC that the ministry had even charged Rs 224 for providing information, which he paid but failed to get the reply. The ministry representative assured the CIC that they will look into the issue.
"A list of private persons (not linked with security) who travelled with the Prime Minister of India at government expenditure should be provided to the appellant redacting names of other officials," Mathur ordered, reported news agency PTI. Mathur was hearing two different matters in which applicants were reportedly denied information regarding people who accompanied Modi during his foreign tours.
Minister of State for External Affairs, VK Singh, disclosed to the Rajya Sabha in July that a total of Rs 1,484 crore were spent on Modi's foreign travels, including expenses on chartered flights (Rs 387.26 crore), aircraft maintenance (Rs 1088.42 crore) and hotline facilities ((Rs 9.12 crore), ever since he became Prime Minister in May 2014. The PM has visited a total of 84 countries in his 42 foreign trips since the BJP came to power at the Centre. He had visited 66 countries in the first three years after he became the PM in 2014.
TCS becomes 2nd Indian company to cross Rs 8-lakh crore market cap after Reliance Industries
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Tech giant Tata Consultancy Services (TCS) has become the second Indian company to clock the Rs 8-lakh crore market valuation following a surge in its share price on Tuesday. Mukesh Ambani-led Reliance Industries had touched the Rs 8-lakh crore mark on August 23, becoming the first Indian company to do so.
During the intra-day trading, the TCS share surged 2 per cent to a record high of Rs 2,097 on the Bombay Stock Exchange (BSE), taking its m-cap to Rs 8,01,550.50 crore.
TCS was the first Indian company to cross the Rs 7-lakh crore market cap in June after it crossed the $100 billion milestone in April. Its market valuation had gone past the Rs 6-lakh crore level earlier this year, making it the second company to achieve the milestone after Reliance Industries.
Its stock has gained around 54.6 per cent this year. The stock has seen a continuous rise due to share buyback offer worth over Rs 16,000 crore by the company from September 6 to September 21. Under the offer, TCS has decided to buyback total 76.19 million shares for Rs 2,100 a piece.
While RIL is the first homegrown major to achieve this feat, the aggregate market capitalisation of 15 Tata Group companies comes out to be around Rs 11.32-lakh crore. Also, the collective valuation of Deepak Parekh-led financial services company, HDFC Group, had also crossed Rs 10-lakh crore recently.
Companies offer share buyback when they want to boost the overall share value or to reduce the number of shares in the market or to stop other shareholders from taking control of the company. The process also improves shareholders' earning per share.
In its quarterly results for the quarter ending June, TCS' net profit rose 6.3 per cent sequentially while 23.5 per cent on the Y-o-Y basis to Rs 7,340 crore.
During the intra-day trading, the TCS share surged 2 per cent to a record high of Rs 2,097 on the Bombay Stock Exchange (BSE), taking its m-cap to Rs 8,01,550.50 crore.
TCS was the first Indian company to cross the Rs 7-lakh crore market cap in June after it crossed the $100 billion milestone in April. Its market valuation had gone past the Rs 6-lakh crore level earlier this year, making it the second company to achieve the milestone after Reliance Industries.
Its stock has gained around 54.6 per cent this year. The stock has seen a continuous rise due to share buyback offer worth over Rs 16,000 crore by the company from September 6 to September 21. Under the offer, TCS has decided to buyback total 76.19 million shares for Rs 2,100 a piece.
While RIL is the first homegrown major to achieve this feat, the aggregate market capitalisation of 15 Tata Group companies comes out to be around Rs 11.32-lakh crore. Also, the collective valuation of Deepak Parekh-led financial services company, HDFC Group, had also crossed Rs 10-lakh crore recently.
Companies offer share buyback when they want to boost the overall share value or to reduce the number of shares in the market or to stop other shareholders from taking control of the company. The process also improves shareholders' earning per share.
In its quarterly results for the quarter ending June, TCS' net profit rose 6.3 per cent sequentially while 23.5 per cent on the Y-o-Y basis to Rs 7,340 crore.
Qatar Airways to wait one year before deciding on India venture
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Qatar Airways will wait for 'another 12 months' to decide on setting up an airline in India as it seeks clarity on 'ambiguous' foreign ownership norms, its chief Akbar Al Baker said Tuesday.
The comments come less than three months after Baker said that the Gulf carrier would soon be moving an application to launch a full-service airline in India for domestic operations.
Baker, who has been Qatar Airways' Group Chief Executive Officer for over two decades, said that the rule of allowing foreign entity to own up to 100 per cent stake in Indian carriers is not very clear.
"What we are given to understand is that a foreign airline cannot own 100 per cent but a foreigner can. I don't know what is the difference between a foreigner and an airline," he said.
Speaking at a select media round table here, he said that if Qatar Investment Authority (QIA) owns 51 per cent and Qatar Airways has 49 per cent in an airline that is not allowed. "It is very ambiguous. Really the rule is not clear," he noted. The QIA owns Qatar Airways.
Under Foreign Direct Investment norms, foreign airlines can only have up to 49 per cent stake in an Indian carrier.
On how long Qatar Airways can wait on India venture, Baker said, "We will wait for another 12 months but beyond that we will not be able to... There is always an opportunity to invest in airlines in India. India is a huge aviation market. We will lose interest in time because you know we have a fund we would like to invest. If we don't invest in time, then we would have to invest somewhere else," Baker said.
It was in March 2017 that Baker first mentioned about its plans for a carrier in India. In February this year, he had said it plans to launch an airline in India with at least 100 planes.
According to Baker, the airline is open for partnership provided it gets a good local partner who is credible and financially sound.
Further, he said it does not matter whether it would be a majority or minority stake. "As long as it is a robust entity we don't have any problems to work with them," he added.
Making clear Qatar Airways' strategy, Baker said it does not want to go and invest in an airline just because they need funds.
"We need to invest in an airline that will give us return on investment, efficiently run and that has growth potential," he said.
Noting that Qatar Airways does not want to take 2-3 per cent, Baker also said that it would look for substantial stake of "say 10 to 15 per cent".
The comments come less than three months after Baker said that the Gulf carrier would soon be moving an application to launch a full-service airline in India for domestic operations.
Baker, who has been Qatar Airways' Group Chief Executive Officer for over two decades, said that the rule of allowing foreign entity to own up to 100 per cent stake in Indian carriers is not very clear.
"What we are given to understand is that a foreign airline cannot own 100 per cent but a foreigner can. I don't know what is the difference between a foreigner and an airline," he said.
Speaking at a select media round table here, he said that if Qatar Investment Authority (QIA) owns 51 per cent and Qatar Airways has 49 per cent in an airline that is not allowed. "It is very ambiguous. Really the rule is not clear," he noted. The QIA owns Qatar Airways.
Under Foreign Direct Investment norms, foreign airlines can only have up to 49 per cent stake in an Indian carrier.
On how long Qatar Airways can wait on India venture, Baker said, "We will wait for another 12 months but beyond that we will not be able to... There is always an opportunity to invest in airlines in India. India is a huge aviation market. We will lose interest in time because you know we have a fund we would like to invest. If we don't invest in time, then we would have to invest somewhere else," Baker said.
It was in March 2017 that Baker first mentioned about its plans for a carrier in India. In February this year, he had said it plans to launch an airline in India with at least 100 planes.
According to Baker, the airline is open for partnership provided it gets a good local partner who is credible and financially sound.
Further, he said it does not matter whether it would be a majority or minority stake. "As long as it is a robust entity we don't have any problems to work with them," he added.
Making clear Qatar Airways' strategy, Baker said it does not want to go and invest in an airline just because they need funds.
"We need to invest in an airline that will give us return on investment, efficiently run and that has growth potential," he said.
Noting that Qatar Airways does not want to take 2-3 per cent, Baker also said that it would look for substantial stake of "say 10 to 15 per cent".
Paytm Money app launched for mutual fund investments, SIPs begin at Rs 100
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Paytm Money, a subsidiary of Vijay Shekhar Sharma's One97 Communications Limited, is finally here. The investment and wealth management app offers mutual fund investment products at zero fees and commissions along with up to 1% higher returns. No wonder, it already boasts 8.67 lakh registered users. In fact, the app aims to double the mutual fund investor base in India in the medium term.
"About 50 million investors will be invested in mutual funds by the next three to five years. Of that 50 million, we want to have a majority share, so around 20-25 million people," Pravin Jadhav, whole-time director of Paytm Money told Moneycontrol. Significantly, 65% of the registered users hail from beyond the top 15 cities of the country.
With over 96% early registrations being made from mobile devices, the Bangalore-based company has opted for an app-only approach at its launch. To begin with, Paytm Money has partnered with around 25 asset management companies covering over 90% of the industry's assets under management (AUM) - totalling over Rs 23 lakh crore - to offer direct plans of mutual funds. The latter come with lower expense ratios due to zero distribution fees or commissions. The plan reportedly is to bring all the remaining players on board soon.
Moreover, Paytm Money is offering systematic investment plans (SIPs) for as low as Rs 100 in some of the schemes as it targets individual investors sitting in Tier 2-3 cities. According to Jadhav, customers will be able to buy mutual funds directly from their bank accounts - they don't need to store money in the Paytm wallet. Paytm Money already supports investing from over 190 banks through auto-pay e-mandates, physical mandates and NetBanking.
"Access to wealth creation opportunities till today has been limited to a select few. With Paytm Money we want to democratise and bring mutual fund investments to millions of Indians," Sharma said in a statement, adding that he expects the app to be the catalyst in bringing new incremental investors to this industry.
The icing on the cake? Paytm Money has tied up with leading rating services?such as MorningStar, CRISIL and Value Research to provide users with free analysis of each fund's performance to ease their decision-making process.
Parent One97 has committed an investment of $10 million in Paytm Money, which it plans to invest by the end of this fiscal. The portal added that the funds are being invested in technology, development of products, design, engineering and setting up the entire function.
The Paytm Money app is now available for download on both Android & iOS. The company is initially providing access to around 2,500 users a day and plans to increase this to over 10,000 users daily over the next few weeks after gauzing market reactions.
"We are possibly the only company in investment and wealth management domain that has built the entire technology platform from grounds up. This gives us the capabilities to post transactions in real-time to all AMCs, get faster updates to mutual fund scheme NAVs, show the most updated portfolio value, generate real-time portfolio insights, monitored by real-time reconciliation systems and much more," said Jadhav.
"Our platform is built to handle over a million mutual fund investments per day."
Paytm Money, however, does not have first-mover advantage. It will be vying for eyeballs against the likes of FundsIndia, Sqqrl and Coin by Zerodha.
"About 50 million investors will be invested in mutual funds by the next three to five years. Of that 50 million, we want to have a majority share, so around 20-25 million people," Pravin Jadhav, whole-time director of Paytm Money told Moneycontrol. Significantly, 65% of the registered users hail from beyond the top 15 cities of the country.
With over 96% early registrations being made from mobile devices, the Bangalore-based company has opted for an app-only approach at its launch. To begin with, Paytm Money has partnered with around 25 asset management companies covering over 90% of the industry's assets under management (AUM) - totalling over Rs 23 lakh crore - to offer direct plans of mutual funds. The latter come with lower expense ratios due to zero distribution fees or commissions. The plan reportedly is to bring all the remaining players on board soon.
Moreover, Paytm Money is offering systematic investment plans (SIPs) for as low as Rs 100 in some of the schemes as it targets individual investors sitting in Tier 2-3 cities. According to Jadhav, customers will be able to buy mutual funds directly from their bank accounts - they don't need to store money in the Paytm wallet. Paytm Money already supports investing from over 190 banks through auto-pay e-mandates, physical mandates and NetBanking.
"Access to wealth creation opportunities till today has been limited to a select few. With Paytm Money we want to democratise and bring mutual fund investments to millions of Indians," Sharma said in a statement, adding that he expects the app to be the catalyst in bringing new incremental investors to this industry.
The icing on the cake? Paytm Money has tied up with leading rating services?such as MorningStar, CRISIL and Value Research to provide users with free analysis of each fund's performance to ease their decision-making process.
Parent One97 has committed an investment of $10 million in Paytm Money, which it plans to invest by the end of this fiscal. The portal added that the funds are being invested in technology, development of products, design, engineering and setting up the entire function.
The Paytm Money app is now available for download on both Android & iOS. The company is initially providing access to around 2,500 users a day and plans to increase this to over 10,000 users daily over the next few weeks after gauzing market reactions.
"We are possibly the only company in investment and wealth management domain that has built the entire technology platform from grounds up. This gives us the capabilities to post transactions in real-time to all AMCs, get faster updates to mutual fund scheme NAVs, show the most updated portfolio value, generate real-time portfolio insights, monitored by real-time reconciliation systems and much more," said Jadhav.
"Our platform is built to handle over a million mutual fund investments per day."
Paytm Money, however, does not have first-mover advantage. It will be vying for eyeballs against the likes of FundsIndia, Sqqrl and Coin by Zerodha.
Urban Ladder to raise $40 million in new round of funding
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Online furniture retailer Urban Ladder is planning to raise $35-40 million to expand their offline presence, adding outlets in Mumbai, Chennai and Pune by January. The pioneering company secured a single-brand retail trade licence last year and opened six large-format stores in Bengaluru and Delhi-NCR. These stores currently contribute more than one-third of its total revenue.
Chief executive Ashish Goel said that they spent the last year testing their offline model. He says that now that they know that this works, they are going to expand their offline stores aggressively.
According to a report in The Economic Times, Urban Ladder's earnings before interest, taxes, depreciation and amortization (EBITDA) pulled up by 70% in the past 12 months. He credited the single-brand trade licence for contributing significantly to the company's growth.
The single-brand retail trade licence allows Urban Ladder to get products directly from manufacturers, stock it and eventually sell it directly to consumers. But as an online platform it would only enable other traders to sell their products.
The company also designs products, which are then outsourced for manufacturing.
Goel expects the company to be operationally profitable at the EBITDA level by the first quarter of fiscal year 2019-20. Goel said that they were getting into the zone of single-digit EBITDA and are 7-8 months away from EBITDA zero.
As mentioned in a report in the daily, industry experts estimate Urban Ladder's monthly sales from it Bengaluru stores to be around Rs 7 crore. Its online platform's monthly sale is estimated to have dropped from Rs 22 crore in July last year to Rs 17 crore when it opened its first offline store.
Urban Ladder's aggressive offline plans come as Swedish giant IKEA opened its first Indian store in Hyderabad last month. IKEA's first store has been touted as bad news for online retailers like Urban Ladder and rival, Pepperfry.
Not to be left behind, Pepperfry is also aggressively expanding offline now. In March this year, it raised Rs 250 crore to open outlets in smaller cities and towns.
Chief executive Ashish Goel said that they spent the last year testing their offline model. He says that now that they know that this works, they are going to expand their offline stores aggressively.
According to a report in The Economic Times, Urban Ladder's earnings before interest, taxes, depreciation and amortization (EBITDA) pulled up by 70% in the past 12 months. He credited the single-brand trade licence for contributing significantly to the company's growth.
The single-brand retail trade licence allows Urban Ladder to get products directly from manufacturers, stock it and eventually sell it directly to consumers. But as an online platform it would only enable other traders to sell their products.
The company also designs products, which are then outsourced for manufacturing.
Goel expects the company to be operationally profitable at the EBITDA level by the first quarter of fiscal year 2019-20. Goel said that they were getting into the zone of single-digit EBITDA and are 7-8 months away from EBITDA zero.
As mentioned in a report in the daily, industry experts estimate Urban Ladder's monthly sales from it Bengaluru stores to be around Rs 7 crore. Its online platform's monthly sale is estimated to have dropped from Rs 22 crore in July last year to Rs 17 crore when it opened its first offline store.
Urban Ladder's aggressive offline plans come as Swedish giant IKEA opened its first Indian store in Hyderabad last month. IKEA's first store has been touted as bad news for online retailers like Urban Ladder and rival, Pepperfry.
Not to be left behind, Pepperfry is also aggressively expanding offline now. In March this year, it raised Rs 250 crore to open outlets in smaller cities and towns.
General Awareness
Draft rules for E Pharmacies
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What to study?
For Prelims: Highlights of the Draft.
For Mains: Need for regulation and significance of e pharmacies.
Context: Ministry of health and family welfare has issued a draft notification recently on the sale of drugs by E-Pharmacies. The notification is about the amendment of Drugs and Cosmetics Rules amendment to enable registration of the e pharmacies and monitoring of their functioning.
Significance of these rules:
With this, Rs 3000 crore online pharma business will be regularised from the day of final notification.
These rules have been proposed to ensure accessibility and availability of drugs to the people across India.
After the rules are finalised, people will be able to get genuine drugs through these online pharmacies.
Highlights of the Draft:
All the e-pharmacies have to be registered compulsorily with the Central Drugs Standard control organisation.
Psychotropic substances, habit-forming medicines like cough syrup and sleeping pills, schedule x drugs will not be sold online.
Apart from registration, the e pharmacies have to obtain a license from the State government to sell the medicines online.
The application of registration of e-pharmacy will have to be accompanied by a sum of Rs 50,000 while asserting that an e-pharmacy registration holder will have to comply with provisions of Information Technology Act, 2000 (21 of 2000).
The details of patient shall be kept confidential and shall not be disclosed to any person other than the central government or the state government concerned, as the case may be.
The supply of any drug shall be made against a cash or credit memo generated through the e-pharmacy portal and such memos shall be maintained by the e-pharmacy registration holder as record.
Both state and central drug authorities will be monitoring the data of sales and transactions of e pharmacies. Any violation of rules the registration of e-pharmacies will be suspended, and it can be cancelled too.
The premises from which e-pharmacy is operated regular inspections will be conducted every two years by the central licencing authority.
Significance of the sector:
Patients can order medicines by uploading the prescription, and they will be delivered at home by the e pharmacies. As there are no distribution costs involved and the e pharmacies procured directly from the manufacturers, the price may come down by 20 to 30% han Maximum Retail Price.
All the transaction will be done electronically which will encourage digital payments, and these bills can be tracked online for any misuse.
Each E pharmacy shall appoint pharmacists with customer care which will create the additional jobs in addition to the existing offline pharmacists that are already giving jobs to the pharmacists.
What to study?
For Prelims: Highlights of the Draft.
For Mains: Need for regulation and significance of e pharmacies.
Context: Ministry of health and family welfare has issued a draft notification recently on the sale of drugs by E-Pharmacies. The notification is about the amendment of Drugs and Cosmetics Rules amendment to enable registration of the e pharmacies and monitoring of their functioning.
Significance of these rules:
With this, Rs 3000 crore online pharma business will be regularised from the day of final notification.
These rules have been proposed to ensure accessibility and availability of drugs to the people across India.
After the rules are finalised, people will be able to get genuine drugs through these online pharmacies.
Highlights of the Draft:
All the e-pharmacies have to be registered compulsorily with the Central Drugs Standard control organisation.
Psychotropic substances, habit-forming medicines like cough syrup and sleeping pills, schedule x drugs will not be sold online.
Apart from registration, the e pharmacies have to obtain a license from the State government to sell the medicines online.
The application of registration of e-pharmacy will have to be accompanied by a sum of Rs 50,000 while asserting that an e-pharmacy registration holder will have to comply with provisions of Information Technology Act, 2000 (21 of 2000).
The details of patient shall be kept confidential and shall not be disclosed to any person other than the central government or the state government concerned, as the case may be.
The supply of any drug shall be made against a cash or credit memo generated through the e-pharmacy portal and such memos shall be maintained by the e-pharmacy registration holder as record.
Both state and central drug authorities will be monitoring the data of sales and transactions of e pharmacies. Any violation of rules the registration of e-pharmacies will be suspended, and it can be cancelled too.
The premises from which e-pharmacy is operated regular inspections will be conducted every two years by the central licencing authority.
Significance of the sector:
Patients can order medicines by uploading the prescription, and they will be delivered at home by the e pharmacies. As there are no distribution costs involved and the e pharmacies procured directly from the manufacturers, the price may come down by 20 to 30% han Maximum Retail Price.
All the transaction will be done electronically which will encourage digital payments, and these bills can be tracked online for any misuse.
Each E pharmacy shall appoint pharmacists with customer care which will create the additional jobs in addition to the existing offline pharmacists that are already giving jobs to the pharmacists.
For Prelims: Highlights of the Draft.
For Mains: Need for regulation and significance of e pharmacies.
Context: Ministry of health and family welfare has issued a draft notification recently on the sale of drugs by E-Pharmacies. The notification is about the amendment of Drugs and Cosmetics Rules amendment to enable registration of the e pharmacies and monitoring of their functioning.
Significance of these rules:
With this, Rs 3000 crore online pharma business will be regularised from the day of final notification.
These rules have been proposed to ensure accessibility and availability of drugs to the people across India.
After the rules are finalised, people will be able to get genuine drugs through these online pharmacies.
Highlights of the Draft:
All the e-pharmacies have to be registered compulsorily with the Central Drugs Standard control organisation.
Psychotropic substances, habit-forming medicines like cough syrup and sleeping pills, schedule x drugs will not be sold online.
Apart from registration, the e pharmacies have to obtain a license from the State government to sell the medicines online.
The application of registration of e-pharmacy will have to be accompanied by a sum of Rs 50,000 while asserting that an e-pharmacy registration holder will have to comply with provisions of Information Technology Act, 2000 (21 of 2000).
The details of patient shall be kept confidential and shall not be disclosed to any person other than the central government or the state government concerned, as the case may be.
The supply of any drug shall be made against a cash or credit memo generated through the e-pharmacy portal and such memos shall be maintained by the e-pharmacy registration holder as record.
Both state and central drug authorities will be monitoring the data of sales and transactions of e pharmacies. Any violation of rules the registration of e-pharmacies will be suspended, and it can be cancelled too.
The premises from which e-pharmacy is operated regular inspections will be conducted every two years by the central licencing authority.
Significance of the sector:
Patients can order medicines by uploading the prescription, and they will be delivered at home by the e pharmacies. As there are no distribution costs involved and the e pharmacies procured directly from the manufacturers, the price may come down by 20 to 30% han Maximum Retail Price.
All the transaction will be done electronically which will encourage digital payments, and these bills can be tracked online for any misuse.
Each E pharmacy shall appoint pharmacists with customer care which will create the additional jobs in addition to the existing offline pharmacists that are already giving jobs to the pharmacists.
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