BW Communities

Articles for Economy

Former Army Chief Threatens To Drag Shinde To Court

Former Army chief Gen VK Singh has issued a legal notice to Home Minister Sushil Kumar Shinde, threatening to drag him to court over alleged "failure" to act upon his complaints of "sedition and treason" against certain individuals. In the notice served to the Home Minister through his lawyer Vishwajeet Singh, the retired General, who joined BJP today, said, "Why judicial intervention should not be sought in the matter against you for dereliction of duty in such a serious matter that has direct implications on India's national security."  The former chief said he had complained to Shinde on "offences of sedition, treason and violations of the official secrets act by certain individuals" referring to some media publications on "attempted military coup" and had sought probe into the matter. Singh has given seven days time to Shinde to respond to his notice, failing which he said he will initiate legal action against him. The alleged offences mentioned by Singh against some media persons and Army officials were related to violations under Official Secrets Act, 1923 and the National Security Act, 1980 as also under various penal provisions of the Indian Penal Code, 1860. Singh said he had issued a reminder to the Home Minister in December seeking response on his previous complaint. Shinde, however, did not respond either to the complaint or to the reminder, the notice said. "You chose to initiate no action whatsoever upon receiving the said complaint. You further chose not to respond to my client or inform him as to the reasons for not taking any action on his complaint," it said. The BJP chief also attacked the government over 'one-rank, one-pension' decision, saying it came too late. He said it was BJP veteran L K Advani who had first raised the demand and the UPA government had accepted it only at the time of the elections. Rajnath Singh also said that the defence forced needed modernisation which was not being done. Stressing the need for indigenous production of weapons, he wondered if India could send a spacecraft to Mars, why could it not produce defence equipment. He said the country does not have a war memorial and promised that the BJP would build it if it comes to power. The BJP chief said that the emotion towards the people towards armed force personnel was such that Bollywood actress Rakhi Sawant came on her own to the BJP headquarters with a wish to tie a 'rakhi' to soldiers. Gen (retd) V K Singh's tenure as the Army Chief was marked by a controversy over his age. He became the first serving chief to drag the government to the court over his age issue which was decided in favour of the government by the Supreme Court. The dispute over his age arose because he had two sets of date of birth -- May 10,1950 and May 10,1951 -- in his official records. Government had recognised 1950 as his official date while he was insisting that it should be 1951, which would give him 10 months more in service. Soon after retirement, Gen Singh had adopted an anti-government stance and blamed the bureaucracy and the Prime Minister's Office for creating troubles for him during his tenure.(PTI) 

Read More
US Assistant Secretary To Visit India Next Week

A senior official of the US State Department will travel to India next week, a visit originally scheduled for January that was postponed due to a dispute over the arrest of Indian diplomat Devyani Khobragade in New York. Nisha Biswal, the US assistant secretary for South and Central Asian Affairs, will visit Bangalore and New Delhi from March 4-6, the State Department said. It will be her first trip to India since taking up her position last year. "During her visit, Assistant Secretary Biswal will seek to further broaden and deepen the US-India relationship, which President Obama has called "one of the defining partnerships of the 21st century," the State Department said in a statement. Biswal would discuss efforts to foster innovation and high-tech ties in Bangalore before traveling to Delhi for talks on defense, security and economic cooperation, it said. "The breadth and quality of our strategic partnership with India attests to the underlying strength and salience of our relations," Biswal said in the statement. Biswal had planned to visit India in January, but her trip was postponed as relations between Washington and Delhi took a dive due to the arrest of Khobragade, India's deputy consul in New York. India was furious about the diplomat's arrest, handcuffing and strip-search in New York after she was accused by US prosecutors of underpaying her nanny and lying on a visa application. The dispute plunged bilateral ties between countries that call each other "strategic partners" to their lowest point in 16 years before a deal was struck and Khobragade returned to India. US Energy Secretary Ernest Moniz also postponed a visit in January, but is now due to visit India from March 10-12. Despite the rescheduled visits, the two countries have clashed in recent days on trade issues, with Prime Minister Manmohan Singh's government reluctant to be seen bowing to US pressure ahead of a May general election. India has decided to block US investigations into its trade policies and patent laws and prepare for a battle at the World Trade Organization (WTO). There are already 14 past or current WTO cases between India and the United States, whose bilateral trade in goods measured Rs 3,93,348 crore  last year. A further complication stems from a US decision in 2005 to deny a visa to Narendra Modi, the Bharatiya Janata Party (BJP) leader widely tipped to become the next prime minister. Modi was chief minister of Gujarat in 2002 when Hindu mobs killed at least 1,000 people, most of them Muslims. Rights groups and political rivals have long alleged he allowed the attacks to occur or actively encouraged them. Modi has denied this and a Supreme Court inquiry found no evidence to prosecute him. Officials and analysts say that if Modi becomes prime minister, the United States is unlikely to uphold the visa ban. The US Ambassador to India, Nancy Powell, met with Modi on February 13 signaling the end of a long estrangement between him and the United States. The 2013 human rights report on India issued by the State Department on Thursday (27 February) dropped a reference to Modi that had been in the 2012 report. 

Read More
Rupee Hits Three-week High

The rupee rises to 60.12/13 from 60.31/32 on Wednesday (30 April), after earlier rising as high as 60.09, a level last seen on April 10.USD/INR was under pressure as month-end dollar buying by oil companies in recent sessions faded and also due to stronger domestic shares.The dollar struggled to make any headway early on Friday, still languishing near a three-week trough against a basket of major currencies as investors stay on the sidelines ahead of a closely watched US employment report.Traders see USD/INR moving in a 60.00 to 60.50 range during the session.(Reuters)

Read More
7th Pay Commission To Benefit 50 Lakh Govt Employees

The Cabinet today gave mandate to the 7th Pay Commission for revising salaries of over 50 lakh central government employees and remuneration of 30 lakh pensioners. The move comes ahead of general elections due in April-May. "The decision will result in the benefit of improved pay and allowances as well as rationalisation of the pay structure in case of Central Government employees and other employees included in the scope of the 7th Central Pay Commission (CPC)," an official statement said after the Cabinet meeting. The Commission will make its recommendations within 18 months of the date of its constitution. "It may consider, if necessary, sending interim reports on any of the matters as and when the recommendations are finalised," said the release on CPC's term of reference. Headed by former Supreme Court Judge Ashok Kumar Mathur, the CPC has been asked to "examine, review, evolve and recommend changes that are desirable and feasible" regarding the principles that should govern the emoluments structure including pay, allowances and other facilities or benefits. The recommendations, as per the terms of reference, have to be made while keeping in view the economic conditions in the country, need for fiscal prudence and the need to ensure that adequate resources are available for developmental expenditures and welfare measures. The CPC's report will be applicable on Central Government employees, All India Services, personnel of the Union Territories, officers and employees of the Indian Audit and Accounts Department, Members of regulatory bodies, officers and employees of the Supreme Court and personnel of Defence Forces. The panel has also been asked to examine the "principles which should govern the structure of pension and other retirement benefits", including revision of pension for those who have retired prior to the date of effect of these recommendations.  The CPC has also been asked to provide the likely impact of the recommendations on the finances of the state governments. In order to reach a fruitful conclusion, it has been told to keep in view the best global practices and their adaptability and relevance in Indian conditions while making the recommendations. Oil Secretary Vivek Rae is full time Member of the Commission, while Rathin Roy (Director, NIPFP) is part-time Member and Meena Agarwal (OSD, Department of Expenditure) is Secretary. Central Pay Commissions are periodically constituted to go into various issues of emoluments, structure, retirement benefits and other service conditions of Central Government employees and to make recommendations on the changes required. The 7th Pay Commission was approved by Prime Minister Manamohan Singh in September 2013. The 6th Pay Commission was implemented with effect from January 1, 2006; the fifth from January 1, 1996 and fourth from January 1, 1986. (PTI) 

Read More
Fiscal Deficit Exceeds Target In 10 Mnths

India's fiscal deficit in the first ten months of the 2013-14 financial year crossed the target for the whole year, putting pressure on the finance minister of Asia's third-largest economy to cut spending ahead of an election. The fiscal deficit touched Rs 5.33 trillion during April-January, or 101.6 per cent of the full year target, compared with 89.4 per cent at the same point a year ago, government data showed on Friday. In his interim budget on February 17, Finance Minister P. Chidambaram said the fiscal deficit would not cross 4.6 per cent of GDP, revising an earlier target of 4.8 per cent. Net tax receipts were at Rs 5.76 trillion in the first ten months of the current fiscal year to March 2014, while total expenditure was Rs 12.7 trillion. Much tax collection happens in the last two months of the fiscal year and a large part of India's revenues come from non-tax sources. Chidambaram is likely to tighten spending in what is left of the year to meet his goal. (Reuters)

Read More
Ex Coal Secy Parakh Appears Before CBI

Former Coal Secretary P C Parakh on Thursday (01 May) appeared before CBI officials for questioning in connection with a case of allegedly abusing his official position to grant a Odisha-based coal block to Hindalco."I have already said what I had to say. Let me see what they want to ask," Parakh told reporters before entering the CBI headquarters here.The CBI had served a fresh summon to the former IAS officer seeking his appearance on Thursday. Parakh had expressed inability to appear before the probe agency officials on April 25.69 year old Parakh, who retired as Coal Secretary in December 2005, has been accused of abusing his official position to grant a coal block to Hindalco, an Aditya Birla Group company, in a CBI FIR.CBI had last year registered a case against Parakh, Birla and unnamed officials of Hindalco and the Coal Ministry.Birla and Hindalco have denied allegations of irregularities.The agency has alleged that during 2005, these persons had entered into a criminal conspiracy and the then public servant (Parakh) abused his position and showed undue favour to the Odisha-based industry in allocation of Talabira II and Talabira III coal blocks.CBI has also quizzed former Minister of State for Coal Dasari Narayan Rao and the Prime Minister's Advisor T K A Nair in the case.According to the FIR, Neyveli Lignite Limited was to be given Talabira II coal block but Parakh allegedly favoured Hindalco and allowed it to share the block with Neyveli leading to notional loss to the exchequer.Parakh has denied any quid pro quo as alleged by CBI in its FIR about his meeting with Kumar Mangalam Birla, Chairman of Aditya Birla group of companies, and also maintained that there was no pressure exerted by the Prime Minister's Office (PMO) in clearing the deal in favour of the Birla group.CBI has also completed examining top executives of the Rs 2.4 lakh crore Birla company in connection with the allocation, sources said, adding.However, no decision to summon the group's chairman has been taken so far.Parakh was in news recently after release of his book on coal blocks allocation in which he had questioned the rationale of the CBI to name him and Kumar Mangalam Birla.(PTI)

Read More
2G Scam: Order On Cognisance On ED's Charge Sheet

A Delhi court on Wednesday (30 April) reserved its order for May 2 on the issue of taking cognisance of the Enforcement Directorate's charge sheet against former Telecom Minister A Raja, DMK MP Kanimozhi and 17 others in connection with a money laundering case relating to the 2G scam.Special CBI Judge O P Saini reserved the order after hearing arguments advanced by ED in which the agency said that prima facie a case of money laundering was made out against the accused - 10 individuals and nine companies.The ED prosecutor told the court that their investigation in the case emanates from the 2G scam and the accused persons allegedly conspired and committed the scheduled offences under the Prevention of Money Laundering Act (PMLA).The prosecutor claimed that the transaction of Rs 200 crore, which was allegedly paid to DMK-run Kalaignar TV, was "not genuine" and it was a "bribe for grant of telecom licences to DB Group companies".On the alleged role of Raja, ED said, being the telecom minister, he was having the principal role in allotment of licences and he "assisted" in the offence of money laundering.It said that DMK supremo M Karunanidhi's wife Dayalu Ammal, who has also been chargesheeted as an accused, was holding 60 per cent shares in Kalaignar TV whereas co-accused Kanimozhi and Sharad Kumar were having a stake of 20 per cent share each.ED also alleged that there was a "reverse trail" of money from Kalaignar TV to Dynamix Realty through Cineyug Films Pvt Ltd (CFPL) and Kusegaon Fruits and Vegetables Pvt Ltd (KFVPL).It said the accused attempted to show that these transactions were genuine but surprisingly the reverse trail of money started when Raja was called by CBI for questioning in connection with the 2G spectrum allocation case."By the time it was speculated that Raja may be arrested, reverse trail of money started," it said, adding, "Prima facie this transaction shows trail of money by subsequent beneficiaries." "If Raja was not summoned by CBI or a case was not being lodged, perhaps the money could have never come back," it said, adding their investigation in the case was still going on. (PTI)

Read More
EC Asks Guj Admin To File Complaint Against Modi

Acting tough, the Election Commission on Thursday (30 April) directed the Gujarat administration to file a complaint or FIR against Narendra Modi for violating electoral laws by displaying BJP's election symbol and making a speech after casting his vote in Gandhinagar."The Commission is of the view that by holding that meeting and also by addressing the same today when the polling is going on in the entire state of Gujarat and in different parts of the country, Narendra Modi has violated the provisions of Sections 126 (1)(a) and 126 (l)(b) of R P Act 1951."Therefore, the Commission directs...that complaint/ FIR as the case may be, should be filed against Narendra Modi and all others who were involved in the convening and holding of the said meeting...," the EC order said.It has asked the Gujarat Chief Secretary and DGP to send a compliance report by 6 PM today.It also said that all the TV channels and other electronic media which carried the proceedings of the meeting and displayed the election matter should also be proceeded against under Section 126 (l) (b) "by filing separate complaints/FlRs against those channels." According to the section 126 (1) (a) and (b), there is a prohibition of public meetings during period of 48 hours ending with hour fixed for conclusion of poll. It states that "no person shall: (a) convene, hold or attend, join or address any public meeting or procession in connection with an election and (b) display to the public any election matter by means of cinematograph, television or other similar apparatus." (More) PTI NABThe EC took the decision after going through the video recording of the address of the BJP's Prime Ministerial pick at a meeting in Gandhinagar after he cast his vote today.It said from the substance, tone and tenor of the address made by Modi and the statements made by him and the manner in which the symbol 'Lotus' was displayed by him, "the said address was in the nature of political speech intended and calculated to influence and affect the result of elections in the constituencies going to polls today, not only in Ahmadabad but also in all other constituencies in the state of Gujarat and elsewhere in the country." Congress had approached the EC today saying on his way out after casting his vote, Modi was campaigning for BJP and delivering speech in a fashion to canvas for his party, himself and also displayed the election symbol to the public.Meanwhile, EC official also referred to an April 9 order issued by the poll panel which said that people cannot enter a polling station with caps, shawls and clothes bearing symbol of any political party.It said section 130 of the Representation of the People Act prohibits any person from canvassing for votes or exhibit any notice or signs relating to the election within the polling station on the day of poll."In view of the above, it is further clarified that wearables like caps, shawl etc with political party's name, symbol or slogan are not allowed inside the polling stations on the poll day. This may be adhered to in the counting centres on the counting day also," the EC directive had said.(PTI)

Read More

Subscribe to our newsletter to get updates on our latest news