General Affairs
In Third Phase, Jammu Gives Thumbs Up To Civic Polls, Kashmir Stays Away
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In the third phase of the local body elections in Jammu and Kashmir, voter turnout crossed a little over 16 per cent today. While people in Jammu queued up outside polling booths taking the voting percentage to 81.4, those in the Valley largely stayed away. Just like in the previous phases, around 3.5 per cent votes were cast.
In Jammu's Samba district, 82 per cent voted in the third phase, a repeat of the high voter turnout recorded in the first two phases in the region.
Terror-hit Baramulla in north Kashmir, however, saw 75.3 per cent voter turnout, but in Anantnag in south Kashmir, the percentage nose-dived to 3.2 and 1.8 in Srinagar probably because of the boycott call by two key parties -- Peoples Democratic Party (PDP) and the National Conference (NC).
At the end of the three phases, Jammu division recorded an aggregate voter turnout of 68.4 per cent while Kashmir witnessed only 6.7 per cent turnout. The state's aggregate voter turnout for three phases is 41.9 per cent.
The elections for the fourth and final phase will be held on October 16. As many as 260 candidates will be contesting for 132 wards.
Municipal elections are being held, amid tight security, after a gap of 13 years, covering 79 municipal bodies with an electorate of about 17 lakh electors across the state.
The officials said 3,372 nominations have been filed for 1,145 wards. The counting of votes will be held on October 20.
The PDP and the National Conference - which boycotted the elections citing uncertainty over the Centre's stand on Article 35A of the Constitution -- have called the election a "mockery" of democratic process.
The Article 35A defines permanent residents of the state and excludes outsiders from owning property and getting benefits like government jobs. Passed through a Presidential order in 1954, the Article has been challenged in Supreme Court, which deferred the hearing to January after a request from the centre, which cited the local bodies' elections.
In Jammu's Samba district, 82 per cent voted in the third phase, a repeat of the high voter turnout recorded in the first two phases in the region.
Terror-hit Baramulla in north Kashmir, however, saw 75.3 per cent voter turnout, but in Anantnag in south Kashmir, the percentage nose-dived to 3.2 and 1.8 in Srinagar probably because of the boycott call by two key parties -- Peoples Democratic Party (PDP) and the National Conference (NC).
At the end of the three phases, Jammu division recorded an aggregate voter turnout of 68.4 per cent while Kashmir witnessed only 6.7 per cent turnout. The state's aggregate voter turnout for three phases is 41.9 per cent.
The elections for the fourth and final phase will be held on October 16. As many as 260 candidates will be contesting for 132 wards.
Municipal elections are being held, amid tight security, after a gap of 13 years, covering 79 municipal bodies with an electorate of about 17 lakh electors across the state.
The officials said 3,372 nominations have been filed for 1,145 wards. The counting of votes will be held on October 20.
The PDP and the National Conference - which boycotted the elections citing uncertainty over the Centre's stand on Article 35A of the Constitution -- have called the election a "mockery" of democratic process.
The Article 35A defines permanent residents of the state and excludes outsiders from owning property and getting benefits like government jobs. Passed through a Presidential order in 1954, the Article has been challenged in Supreme Court, which deferred the hearing to January after a request from the centre, which cited the local bodies' elections.
In Rajasthan, Fight Over Party Tickets Could Be A Problem For Congress
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In Rajasthan, where assembly elections are scheduled for December 7, Congress has managed to put up a united face by bringing former chief minister Ashok Gehlot and state Congress chief Sachin Pilot together. But it is still trying to deal with the squabble over tickets.
At a rally in Jaipur in August, Congress president Rahul Gandhi had said no outsider would get a ticket to the assembly election. "I can guarantee you this time that not a single parachute candidate will be able to get the ticket. If any such candidate comes, I will cut the rope," Mr Gandhi told party workers.
The party's state election committee has put the ball in Rahul Gandhi's court for a final decision on distribution of tickets.
Congress leaders claimed a decision on candidates at the local level could backfire at a time when the party has managed to create some political buzz in the state, which usually votes the BJP and the Congress alternately to power.
Mr Gehlot, in his 'Sankalp Rally' speeches, had urged Congress workers and leaders to support the candidates who are picked. He said only one person could get a Congress ticket from a seat and all party men should help that candidate win.
Kumari Selja, who was appointed chairperson of the party's screening committee for the election in Rajasthan in June, has said only "winnable" candidates will get the tickets.
She said a final decision has to be taken at the level of the Congress president but the feedback collected from state will be considered.
At a rally in Jaipur in August, Congress president Rahul Gandhi had said no outsider would get a ticket to the assembly election. "I can guarantee you this time that not a single parachute candidate will be able to get the ticket. If any such candidate comes, I will cut the rope," Mr Gandhi told party workers.
The party's state election committee has put the ball in Rahul Gandhi's court for a final decision on distribution of tickets.
Congress leaders claimed a decision on candidates at the local level could backfire at a time when the party has managed to create some political buzz in the state, which usually votes the BJP and the Congress alternately to power.
Mr Gehlot, in his 'Sankalp Rally' speeches, had urged Congress workers and leaders to support the candidates who are picked. He said only one person could get a Congress ticket from a seat and all party men should help that candidate win.
Kumari Selja, who was appointed chairperson of the party's screening committee for the election in Rajasthan in June, has said only "winnable" candidates will get the tickets.
She said a final decision has to be taken at the level of the Congress president but the feedback collected from state will be considered.
Hospital Where GD Agarwal Died May Sue His Ashram For Defamation
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The All India Institute Of Medical Sciences in Rishikesh, where environmentalist GD Agarwal died after a 110-day fast, has threatened to file a defamation case against the ashram with which he was associated for accusing it of being a part of a "conspiracy" to kill the activist.
But the Matri Sadan ashram reiterated its charge Saturday, saying it would file a complaint against the hospital.
AIIMS director Ravi Kant said the institute would take the Rishikesh ashram to court over the conspiracy allegation. "We have given the green signal to our legal team to go ahead and file a defamation suit against Matri Sadan for levelling an unfounded allegation like this against a premier medical institution like ours," he told news agency PTI on Saturday.
On the other hand, the ashram head Shivanand said he planned to file a complaintagainst those involved in a "conspiracy" to kill the Ganga activist. He said he planned to sit on an indefinite fast for the cause of Ganga and to take Swami Gyanswaroop Sanand's fight to its logical conclusion. The fast is likely to begin on October 20, he said
AIIMS director Ravi Kant said there was no question of the hospital handing over GD Agrawal's body to any other institution since he had himself donated it to the Department of Anatomy for medical education and research.
Swami Avimuketshwaranand had said Friday he will go to court to claim Agarwal's body as the seer was his disciple and the AIIMS had been part of a "conspiracy" to kill him.
Ravi Kant rubbished the conspiracy theory and claimed GD Agarwal was admitted to the hospital twice during his fast and stayed there for about three weeks altogether. He added that activist shared a bond with the doctors and held the institute in high regard.
But the Matri Sadan ashram reiterated its charge Saturday, saying it would file a complaint against the hospital.
AIIMS director Ravi Kant said the institute would take the Rishikesh ashram to court over the conspiracy allegation. "We have given the green signal to our legal team to go ahead and file a defamation suit against Matri Sadan for levelling an unfounded allegation like this against a premier medical institution like ours," he told news agency PTI on Saturday.
On the other hand, the ashram head Shivanand said he planned to file a complaintagainst those involved in a "conspiracy" to kill the Ganga activist. He said he planned to sit on an indefinite fast for the cause of Ganga and to take Swami Gyanswaroop Sanand's fight to its logical conclusion. The fast is likely to begin on October 20, he said
AIIMS director Ravi Kant said there was no question of the hospital handing over GD Agrawal's body to any other institution since he had himself donated it to the Department of Anatomy for medical education and research.
Swami Avimuketshwaranand had said Friday he will go to court to claim Agarwal's body as the seer was his disciple and the AIIMS had been part of a "conspiracy" to kill him.
Ravi Kant rubbished the conspiracy theory and claimed GD Agarwal was admitted to the hospital twice during his fast and stayed there for about three weeks altogether. He added that activist shared a bond with the doctors and held the institute in high regard.
India's Election To UN Human Rights Council Buries Pak Propaganda: BJP
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The Jammu and Kashmir unit of BJP today said India's election to the UN Human Rights Council has permanently buried Pakistan's false propaganda against its eastward neighbour.
BJP state spokesperson Balbir Ram Rattan said, "Our country's selection by overwhelming majority buries Pakistan's false propaganda that India is a violator of human rights."
India was elected to the United Nations' top human rights body yesterday for a period of three years beginning January 1, 2019, getting 188 votes in the Asia-Pacific category, the highest number of votes among all candidates.
"This (the UNHRC seat) signals the world has accepted India's credentials as a sentinel of human rights. It is the upshot of Narendra Modi government's foreign policy, which has defeated the false allegations of Pakistan and united the member countries in support of India," Mr Rattan said.
The BJP leader hoped India would further go on to strengthen its position amongs UNHRC member countries.
BJP state spokesperson Balbir Ram Rattan said, "Our country's selection by overwhelming majority buries Pakistan's false propaganda that India is a violator of human rights."
India was elected to the United Nations' top human rights body yesterday for a period of three years beginning January 1, 2019, getting 188 votes in the Asia-Pacific category, the highest number of votes among all candidates.
"This (the UNHRC seat) signals the world has accepted India's credentials as a sentinel of human rights. It is the upshot of Narendra Modi government's foreign policy, which has defeated the false allegations of Pakistan and united the member countries in support of India," Mr Rattan said.
The BJP leader hoped India would further go on to strengthen its position amongs UNHRC member countries.
Indian Navy Acquires Deep Submarine Rescue Capabilities
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The Indian Navy has inducted its first deep submergence rescue vehicle for downed or disaster-struck submarines at high sea.
Navy Spokesperson Capt DK Sharma said India has joined a select group of countries that have the capability to locate and rescue "distressed submarines".
"Indian Navy joins select league of nations with capability to search, locate and provide rescue to distressed submarines by induction of first Deep Submergence Rescue Vessel (DSRV) and associated kit in fly away configuration," he said.
The DSRVs are also used to lay cables on the sea bed. Some DSRV vessels are air transportable in very large military cargo.
Capt Sharma said it can be mobilised from the naval base in Mumbai to nearest mounting port by air, land and sea.
The second DSRV is expected to be inducted at Visakhapatnam in 2019.
Navy sources said the induction was part of efforts to enhance operational capabilities when China has been ramping up its maritime presence in critical sea lanes which are of strategic importance to India.
Navy Spokesperson Capt DK Sharma said India has joined a select group of countries that have the capability to locate and rescue "distressed submarines".
"Indian Navy joins select league of nations with capability to search, locate and provide rescue to distressed submarines by induction of first Deep Submergence Rescue Vessel (DSRV) and associated kit in fly away configuration," he said.
The DSRVs are also used to lay cables on the sea bed. Some DSRV vessels are air transportable in very large military cargo.
Capt Sharma said it can be mobilised from the naval base in Mumbai to nearest mounting port by air, land and sea.
The second DSRV is expected to be inducted at Visakhapatnam in 2019.
Navy sources said the induction was part of efforts to enhance operational capabilities when China has been ramping up its maritime presence in critical sea lanes which are of strategic importance to India.
Business Affairs
Infosys closes Fluido acquisition deal worth Rs 545 crore
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India's second largest IT services firm Infosys said on Saturday it has completed the acquisition of Finland-based company Fluido.
In September, Infosys had said it will acquire Fluido in a deal worth up to 65 million euros (over Rs 545 crore), including earn-out, management incentives and bonuses.
Through this acquisition, Infosys strengthens its position as a leading Salesforce enterprise cloud services provider, and enhances its ability to provide clients with 'cloud-first' transformation, it said in a regulatory filing on Saturday.
"With offices in Finland, Denmark, Sweden, Norway and Slovakia, Fluido elevates Infosys' presence across the Nordics region with developed assets and deep client relationships, a great team and an effective local culture," it added.
Fluido customers are represented across industries, such as manufacturing, energy, retail and telecommunications sector, it noted.
"Fluido brings to Infosys globally recognised Salesforce expertise, alongside a world-class agile delivery process that simultaneously simplifies and scales digital efforts across channels and touch points," the statement said.
Founded in 2010, Fluido is one of the largest Salesforce (software company) consulting partners in Europe. It was majority-owned by its management team and CapMan private equity with Salesforce having a minority stake.
In September, Infosys had said it will acquire Fluido in a deal worth up to 65 million euros (over Rs 545 crore), including earn-out, management incentives and bonuses.
Through this acquisition, Infosys strengthens its position as a leading Salesforce enterprise cloud services provider, and enhances its ability to provide clients with 'cloud-first' transformation, it said in a regulatory filing on Saturday.
"With offices in Finland, Denmark, Sweden, Norway and Slovakia, Fluido elevates Infosys' presence across the Nordics region with developed assets and deep client relationships, a great team and an effective local culture," it added.
Fluido customers are represented across industries, such as manufacturing, energy, retail and telecommunications sector, it noted.
"Fluido brings to Infosys globally recognised Salesforce expertise, alongside a world-class agile delivery process that simultaneously simplifies and scales digital efforts across channels and touch points," the statement said.
Founded in 2010, Fluido is one of the largest Salesforce (software company) consulting partners in Europe. It was majority-owned by its management team and CapMan private equity with Salesforce having a minority stake.
Half a dozen firms under Sebi's glare after sharp decline in share prices
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Sebi may soon initiate forensic audit against at least half a dozen listed companies which have seen a sharp erosion in their share prices, a report by the Business Standard said. The surveillance department under the market regulator has reportedly raised red flags over some unusual trading patterns in some stocks, which were seen going up before registering a sharp sell-off.
The audit will be carried out by one of the nine firm recently empanelled by the Securities and Exchange Board of India (Sebi), including KPMG, Deloitte Touche and Tohmatsu, Ernst & Young, the report further added. These audit firms have enlisted to closely examine the financial statements of listed companies and detect possible fraud.
Sebi had floated a tender in July earlier this year inviting chartered accountant firms for empanelment relating to forensic audit of companies. This decision was taken in the backdrop of financial irregularities that surfaced at Fortis Healthcare. The Serious Fraud Investigation had pointed out these irregularities in its investigation report.
There are 6-7 companies that have reportedly been picked by Sebi for forensic audit, including Dewan Housing Finance (DHFL), IndiaBulls Housing Finance and Infibeam Avenues, whose shares have fallen steeply in recent weeks. These companies have been shortlisted based on their price movement since September 20. Sebi has reportedly zeroed in on some high-net individuals too who have invested in these shares.
Sebi suspects that some of the companies have been involved in off-market business activities which never appeared in the books. The audit firm will reportedly go through the books for the past three years too.
"The forensic audit is to check whether the assets and liabilities are properly in the books. Also, execution of bank loans, collateral and profit and loss accounts of these firms will be analysed," the report said while quoting a person in the know of the Sebi decision.
"A thorough examination of the financial statement is essential to find out potential discrepancies in the books. The audit would cover business links with group subsidiaries and third-party transactions. Moreover, it will also focus on abuse of tax and securities law," the report further added.
The audit firms empanelled by Sebi will also look into companies by the means of forensic audit which have seen their statutory auditor resigning permanently, the report said. In the past one year, around 30 auditors have stepped down mid-term on the grounds of inadequate information regarding the firm's business, revenues, tax, obligations and such.
Recently, Sebi decided to auction as many as six properties of four companies, including Swar Agrotech, Life Care Infratech, Servehit Housing and Infrastructure India, and Raghav Capital and Infrastructure. The auction of these land parcels spread across Uttar Pradesh and Haryana will be conducted on November 11, Sebi said in a notice issued on Friday.
Out of the six properties being put on the block, two each belong to Swar Agrotech India and Life Care Infratech; and one each of Raghav Capital and Servehit Housing. The reserve price of these properties amounts to Rs 4.74 crore. The auction is meant to recover money these companies have illegally mobilised from their investors.
The audit will be carried out by one of the nine firm recently empanelled by the Securities and Exchange Board of India (Sebi), including KPMG, Deloitte Touche and Tohmatsu, Ernst & Young, the report further added. These audit firms have enlisted to closely examine the financial statements of listed companies and detect possible fraud.
Sebi had floated a tender in July earlier this year inviting chartered accountant firms for empanelment relating to forensic audit of companies. This decision was taken in the backdrop of financial irregularities that surfaced at Fortis Healthcare. The Serious Fraud Investigation had pointed out these irregularities in its investigation report.
There are 6-7 companies that have reportedly been picked by Sebi for forensic audit, including Dewan Housing Finance (DHFL), IndiaBulls Housing Finance and Infibeam Avenues, whose shares have fallen steeply in recent weeks. These companies have been shortlisted based on their price movement since September 20. Sebi has reportedly zeroed in on some high-net individuals too who have invested in these shares.
Sebi suspects that some of the companies have been involved in off-market business activities which never appeared in the books. The audit firm will reportedly go through the books for the past three years too.
"The forensic audit is to check whether the assets and liabilities are properly in the books. Also, execution of bank loans, collateral and profit and loss accounts of these firms will be analysed," the report said while quoting a person in the know of the Sebi decision.
"A thorough examination of the financial statement is essential to find out potential discrepancies in the books. The audit would cover business links with group subsidiaries and third-party transactions. Moreover, it will also focus on abuse of tax and securities law," the report further added.
The audit firms empanelled by Sebi will also look into companies by the means of forensic audit which have seen their statutory auditor resigning permanently, the report said. In the past one year, around 30 auditors have stepped down mid-term on the grounds of inadequate information regarding the firm's business, revenues, tax, obligations and such.
Recently, Sebi decided to auction as many as six properties of four companies, including Swar Agrotech, Life Care Infratech, Servehit Housing and Infrastructure India, and Raghav Capital and Infrastructure. The auction of these land parcels spread across Uttar Pradesh and Haryana will be conducted on November 11, Sebi said in a notice issued on Friday.
Out of the six properties being put on the block, two each belong to Swar Agrotech India and Life Care Infratech; and one each of Raghav Capital and Servehit Housing. The reserve price of these properties amounts to Rs 4.74 crore. The auction is meant to recover money these companies have illegally mobilised from their investors.
SBI net banking services on accounts without registered mobile numbers to be blocked from this date
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The State Bank of India has asked its customers using its internet banking services to register their mobile numbers with the bank by December 1, 2018. Failing to comply will lead to net banking services being blocked on the SBI bank accounts without registered mobile numbers.
In a notice on its website www.onlinesbi.com, the biggest lender in India alerted its clientele to register their mobile numbers with their home branch to continue using the internet banking services.
"Attention INB users, please register your mobile number with us immediately, if not already done, through Branch, failing which the Internet Banking facility may be blocked with effect from 01.12.2018," SBI said on its official website.
The notice by SBI stipulates that customers will have to register their mobile numbers through branch, meaning they will have to visit their home branch to have their mobile numbers registered, if not done already. SBI accounts without registered mobile numbers will not be liable to avail internet banking services from December 1, 2018.
The instruction by SBI comes in the light of a circular by the Reserve Bank of India (RBI) released on July 6, 2017 which mandates that banks must mandatorily ask their customers to register for SMS alerts as well as e-mail alerts, if an e-mail ID is available for banking transactions.
You check whether you have your mobile number registered with your SBI account or not by logging in to your net banking facility. Follows these steps:
Go to www.onlinesbi.com and sign in using your username and password.
After successfully logging in to your account, click on 'My Account and Profile' tab on the homepage.
Under the 'My Account and Profile' tab, click on the 'Profile'.
Under the 'Profile' tab, click on 'Personal Details/Mobile'.
Here you will be prompted to fill in your profile password. Remember, profile password is different from the login password.
Once the profile password is accepted by the SBI online portal, your registered mobile number and e-mail ID will be partially displayed to you, if you have registered them.
In case you do not have your mobile number and e-mail registered, you will have to visit your home branch.
In a notice on its website www.onlinesbi.com, the biggest lender in India alerted its clientele to register their mobile numbers with their home branch to continue using the internet banking services.
"Attention INB users, please register your mobile number with us immediately, if not already done, through Branch, failing which the Internet Banking facility may be blocked with effect from 01.12.2018," SBI said on its official website.
The notice by SBI stipulates that customers will have to register their mobile numbers through branch, meaning they will have to visit their home branch to have their mobile numbers registered, if not done already. SBI accounts without registered mobile numbers will not be liable to avail internet banking services from December 1, 2018.
The instruction by SBI comes in the light of a circular by the Reserve Bank of India (RBI) released on July 6, 2017 which mandates that banks must mandatorily ask their customers to register for SMS alerts as well as e-mail alerts, if an e-mail ID is available for banking transactions.
You check whether you have your mobile number registered with your SBI account or not by logging in to your net banking facility. Follows these steps:
Go to www.onlinesbi.com and sign in using your username and password.
After successfully logging in to your account, click on 'My Account and Profile' tab on the homepage.
Under the 'My Account and Profile' tab, click on the 'Profile'.
Under the 'Profile' tab, click on 'Personal Details/Mobile'.
Here you will be prompted to fill in your profile password. Remember, profile password is different from the login password.
Once the profile password is accepted by the SBI online portal, your registered mobile number and e-mail ID will be partially displayed to you, if you have registered them.
In case you do not have your mobile number and e-mail registered, you will have to visit your home branch.
US against data localisation, says top trade official as RBI deadline draws close
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The United States wants to prohibit data localisation to ensure that there is a free flow of information across borders, a senior Trump administration official has said, amidst reports that major American IT companies are up in arms against the latest Indian directive which kicks off next week.
Data localisation is an act of storing data on any device that is physically present within the borders of a particular country where the data was generated.
The Reserve Bank of India (RBI), in a circular in April, said all system providers will have to ensure that the entire data relating to payment systems operated by them are stored in a system only in India. It gave time till October 15 to comply with the mandate.
"We want to have prohibitions on data localisation to ensure that there's free flow of information, free flow of data across borders, disciplines around countries requiring companies to give up their source code, permanent ban on taxation or duties on digital transmissions," Dennis Shea, Deputy US Trade Representative and US Ambassador to the WTO, told a Washington audience on Friday.
"And by the way, South Africa and India want to rethink the current moratorium on those duties," Shea said in response to a question at the Center for Strategic and International Studies (CSIS), a top American think-tank.
American financial companies are believed to have approached the administration against an RBI directive which, beginning October 15, requires them to store in India any payment-related data from transactions that take place inside the country.
India has rejected their request of mirroring.
"If implemented, this policy will put an unnecessary burden on American companies and hurt consumers, who will endure higher costs and increased cybersecurity risks," Republican Strategist Andy Surabian, who is also a political adviser to Donald Trump Jr, wrote in BreitBart News this week.
"And they are planning to do all of this in spite of the unprecedented level of economic support the US has provided India over the course of decades. The Trump administration should stand up to these reckless actions, just like they have done in other situations when Americans were getting bullied and pushed around," Surabian demanded.
During his CSIS appearance, Shea did not specifically pointed out India on the data localisation issue, but made his views pretty clear where the Trump administration stands on this issue.
Shea said the US is very engaged at the multilateral issue and has a very high-ambition approach to that.
The general view is that the negotiation part of this process may begin early next year, or perhaps a ministerial statement around Davos.
Other members of the WTO, he said, have lower ambitions so "how this works out still remains to be seen," he added.
Mobile messaging platform WhatsApp has said it has built a system that stores payments-related data in India, in line with RBI's data localisation policy.
Data localisation is an act of storing data on any device that is physically present within the borders of a particular country where the data was generated.
The Reserve Bank of India (RBI), in a circular in April, said all system providers will have to ensure that the entire data relating to payment systems operated by them are stored in a system only in India. It gave time till October 15 to comply with the mandate.
"We want to have prohibitions on data localisation to ensure that there's free flow of information, free flow of data across borders, disciplines around countries requiring companies to give up their source code, permanent ban on taxation or duties on digital transmissions," Dennis Shea, Deputy US Trade Representative and US Ambassador to the WTO, told a Washington audience on Friday.
"And by the way, South Africa and India want to rethink the current moratorium on those duties," Shea said in response to a question at the Center for Strategic and International Studies (CSIS), a top American think-tank.
American financial companies are believed to have approached the administration against an RBI directive which, beginning October 15, requires them to store in India any payment-related data from transactions that take place inside the country.
India has rejected their request of mirroring.
"If implemented, this policy will put an unnecessary burden on American companies and hurt consumers, who will endure higher costs and increased cybersecurity risks," Republican Strategist Andy Surabian, who is also a political adviser to Donald Trump Jr, wrote in BreitBart News this week.
"And they are planning to do all of this in spite of the unprecedented level of economic support the US has provided India over the course of decades. The Trump administration should stand up to these reckless actions, just like they have done in other situations when Americans were getting bullied and pushed around," Surabian demanded.
During his CSIS appearance, Shea did not specifically pointed out India on the data localisation issue, but made his views pretty clear where the Trump administration stands on this issue.
Shea said the US is very engaged at the multilateral issue and has a very high-ambition approach to that.
The general view is that the negotiation part of this process may begin early next year, or perhaps a ministerial statement around Davos.
Other members of the WTO, he said, have lower ambitions so "how this works out still remains to be seen," he added.
Mobile messaging platform WhatsApp has said it has built a system that stores payments-related data in India, in line with RBI's data localisation policy.
Financial leaders end IMF-World Bank meetings with call to brace for risks
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Global financial leaders wrapped up an annual meeting of the International Monetary Fund and World Bank on Saturday by urging countries to brace for potential risks from trade disputes and other tensions.
The meetings in Bali, Indonesia, this week were overshadowed by a spate of financial market turmoil and by the threat to global growth from the trade clash between the US and China over Beijing's technology policies.
The International Monetary and Financial Committee, which advises the IMF's board of governors, issued a communique on Saturday urging countries to keep debt under control, engineer policies to ensure credit is available in line with their levels of inflation and ensure sustained economic growth "for the benefit of all."
IMF members also pledged to avoid devaluing currencies to seek a trade advantage by making a country's exports relatively cheaper.
IMF Managing Director Christine Lagarde said that while global growth is still strong, it has levelled off.
The IMF started the meetings in Bali by downgrading its 2018 estimate for global growth to a still robust 3.7 per cent from an earlier forecast of 3.9 per cent.
"I think it's not inconsistent to have a plateaued growth and downside risks that are the clouds on the horizon, some of which have begun to open up," Lagard said.
Adding that given the level of debt around the world, "we've given strong recommendations and in terms of trade: de-escalate and please dialogue."
Countries should seek to ensure their levels of debt are manageable and that policies foster growth for all, she said.
"Sail together and we will be stronger. Focus on your policies. Don't drift and let's cooperate as much as we can because we will be better off together."
China's central bank governor, Yi Gang, joined the chorus of consternation over the trade standoff, which has resulted in Washington imposing penalty tariffs on tens of billions of dollars of imports of Chinese products and Beijing responding in kind.
Protectionism and trade tensions are "major risks" for the world economy, he said in a statement to fellow financial leaders.
US Treasury Secretary Steven Mnuchin downplayed the level of alarm, saying he doesn't lose sleep over the possibility that China might step up its sales of US treasuries in retaliation for pressure from Washington to alter national economic strategies aimed at nurturing Chinese leaders in many advanced technologies.
Mnuchin said it was still not certain if President Donald Trump would meet with his Chinese counterpart Xi Jinping at a Group of 20 summit late next month in Buenos Aires.
Reports that such a meeting was likely raised hopes for progress on the impasse between the world's two largest economies, stilling disquiet on financial markets Friday.
"I don't think any decision has been made in regards to a meeting," he said, saying he favoured one.
"The president will decide."
It's unclear if the two sides can make enough progress before then given the limited room for maneuvering. Apart from chronic US trade deficits, the policies Washington objects to are central to Beijing's strategy for guiding the economy for decades to come.
Stepping up Chinese imports of US goods and commodities such as liquefied natural gas won't cut it, Mnuchin said.
It's "about structural issues," he said.
"This is not about buying more soybeans and buying more LNG."
"There have to be meaningful commitments to create a rebalanced trading relationship," he said.
Yi, the head of China's central bank, said China "stands ready" to cooperate with everyone to support freer trade and investment.
"Countries should jointly take measures against trade protectionism and strive to make economic globalization more open, inclusive, balanced and beneficial to all," he said.
The meetings in Bali, Indonesia, this week were overshadowed by a spate of financial market turmoil and by the threat to global growth from the trade clash between the US and China over Beijing's technology policies.
The International Monetary and Financial Committee, which advises the IMF's board of governors, issued a communique on Saturday urging countries to keep debt under control, engineer policies to ensure credit is available in line with their levels of inflation and ensure sustained economic growth "for the benefit of all."
IMF members also pledged to avoid devaluing currencies to seek a trade advantage by making a country's exports relatively cheaper.
IMF Managing Director Christine Lagarde said that while global growth is still strong, it has levelled off.
The IMF started the meetings in Bali by downgrading its 2018 estimate for global growth to a still robust 3.7 per cent from an earlier forecast of 3.9 per cent.
"I think it's not inconsistent to have a plateaued growth and downside risks that are the clouds on the horizon, some of which have begun to open up," Lagard said.
Adding that given the level of debt around the world, "we've given strong recommendations and in terms of trade: de-escalate and please dialogue."
Countries should seek to ensure their levels of debt are manageable and that policies foster growth for all, she said.
"Sail together and we will be stronger. Focus on your policies. Don't drift and let's cooperate as much as we can because we will be better off together."
China's central bank governor, Yi Gang, joined the chorus of consternation over the trade standoff, which has resulted in Washington imposing penalty tariffs on tens of billions of dollars of imports of Chinese products and Beijing responding in kind.
Protectionism and trade tensions are "major risks" for the world economy, he said in a statement to fellow financial leaders.
US Treasury Secretary Steven Mnuchin downplayed the level of alarm, saying he doesn't lose sleep over the possibility that China might step up its sales of US treasuries in retaliation for pressure from Washington to alter national economic strategies aimed at nurturing Chinese leaders in many advanced technologies.
Mnuchin said it was still not certain if President Donald Trump would meet with his Chinese counterpart Xi Jinping at a Group of 20 summit late next month in Buenos Aires.
Reports that such a meeting was likely raised hopes for progress on the impasse between the world's two largest economies, stilling disquiet on financial markets Friday.
"I don't think any decision has been made in regards to a meeting," he said, saying he favoured one.
"The president will decide."
It's unclear if the two sides can make enough progress before then given the limited room for maneuvering. Apart from chronic US trade deficits, the policies Washington objects to are central to Beijing's strategy for guiding the economy for decades to come.
Stepping up Chinese imports of US goods and commodities such as liquefied natural gas won't cut it, Mnuchin said.
It's "about structural issues," he said.
"This is not about buying more soybeans and buying more LNG."
"There have to be meaningful commitments to create a rebalanced trading relationship," he said.
Yi, the head of China's central bank, said China "stands ready" to cooperate with everyone to support freer trade and investment.
"Countries should jointly take measures against trade protectionism and strive to make economic globalization more open, inclusive, balanced and beneficial to all," he said.
General Awareness
UNHRC
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What to study?
For Prelims and Mains: All about NHRC and its role, objectives and significance.
Context: India has been re-elected to UNHRC for a period of three years beginning January 1, 2019, getting 188 votes in the Asia-Pacific category, the highest number of votes among all candidates.
Background:
Besides India, the 18 new members were elected by absolute majority through a secret ballot. India had previously been elected to the Geneva-based Human Rights Council for the 2011-2014 and 2014-2017 terms.
About UNHRC:
The UN body was established in 2006 with the aim of promoting and protecting human rights around the globe, as well as investigating alleged human rights violations.
It is made up of 47 member states, which are selected by the UN General Assembly on a staggered basis each year for three-year-long terms.
Members meet around three times a year to debate human rights issues and pass non-binding resolutions and recommendations by majority vote.
The council also carries out the Universal Periodic Review of all UN member states, which allows civil society groups to bring accusations of human rights violations in member states to the attention of the UN.
What to study?
For Prelims and Mains: All about NHRC and its role, objectives and significance.
Context: India has been re-elected to UNHRC for a period of three years beginning January 1, 2019, getting 188 votes in the Asia-Pacific category, the highest number of votes among all candidates.
Background:
Besides India, the 18 new members were elected by absolute majority through a secret ballot. India had previously been elected to the Geneva-based Human Rights Council for the 2011-2014 and 2014-2017 terms.
About UNHRC:
The UN body was established in 2006 with the aim of promoting and protecting human rights around the globe, as well as investigating alleged human rights violations.
It is made up of 47 member states, which are selected by the UN General Assembly on a staggered basis each year for three-year-long terms.
Members meet around three times a year to debate human rights issues and pass non-binding resolutions and recommendations by majority vote.
The council also carries out the Universal Periodic Review of all UN member states, which allows civil society groups to bring accusations of human rights violations in member states to the attention of the UN.
For Prelims and Mains: All about NHRC and its role, objectives and significance.
Context: India has been re-elected to UNHRC for a period of three years beginning January 1, 2019, getting 188 votes in the Asia-Pacific category, the highest number of votes among all candidates.
Background:
Besides India, the 18 new members were elected by absolute majority through a secret ballot. India had previously been elected to the Geneva-based Human Rights Council for the 2011-2014 and 2014-2017 terms.
About UNHRC:
The UN body was established in 2006 with the aim of promoting and protecting human rights around the globe, as well as investigating alleged human rights violations.
It is made up of 47 member states, which are selected by the UN General Assembly on a staggered basis each year for three-year-long terms.
Members meet around three times a year to debate human rights issues and pass non-binding resolutions and recommendations by majority vote.
The council also carries out the Universal Periodic Review of all UN member states, which allows civil society groups to bring accusations of human rights violations in member states to the attention of the UN.
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