22:31 That's all for today, readers. Thanks for staying on with our coverage of the day's action. Your enthusiasm encourages us to better our coverage every day. Do come back tomorrow for more news, views and insights.
10:28 Intra-state network constraints affecting power supply in India: Power Secretary
India is a power surplus country but electricity does not reach all regions due to network constraints in some states, Power Secretary A K Bhalla said, reports PTI. "The installed power generation capacity is 330 GW. The available power is 220 GW. The peak rated requirement is about 155 GW. In term of power capacity and requirement, yes (India is a power surplus country)," the official said during a panel discussion here when asked whether it is an illusion that India is a power surplus state.
He said that the existing legal framework provides that the power cuts should be done only in case of technical faults or natural calamity. There is penal provision for unscheduled power cuts. But power regulators have rarely invoked that provision and penalised discoms.
10:03 Madhya Pradesh agriculture production dips in 2018 fiscal: Economic Survey
At a time when Shivraj Singh Chouhan government is claiming to have prepared a roadmap to double farmers' income by 2022, the agriculture production in Madhya Pradesh has recorded a dip in 2017-18 compared to the previous year, as per the state economic survey, reports PTI. Notably, Madhya Pradesh has been a recipient of the Krishi Karman Award for five successive years for the record agriculture production.
The state government on Tuesday released the Economic Survey 2017-18 data on the eve of the presentation of the Budget 2018-19.
21:46 BSNL to roll out 4G service across India by year-end
State-run telecom firm BSNL plans to roll out 4G services across India by the end of this year with an investment of about Rs 25,000 crore. "We are awaiting spectrum allocation from the government in 2100 MHz band to launch 4G VOLTE service. By the end of this year, we will roll out 4G services across the country where we operate," BSNL Chairman and Managing Director Anupam Shrivastava told PTI.
He said that BSNL has already started 4G services in parts of Kerala. BSNL has requested government for 5Mhz slot of 3G or spectrum in 2100 MHz band for deploying 4G services through equity investment route in the company. The company has awarded telecom network contract to Nokia Networks in 10 circles and to ZTE for the rest of 10 circles where it operates.
21:17 PNB fraud: Banks seek forensic audit of Gitanjali Gems
More than two dozen banks have decided to seek a forensic audit to establish if Mehul Choksi-led Gitanjali Gems has indulged in fraud or not, bank officials said. A consortium of 31 lenders led by ICICI Bank, has an over Rs 6,000 crore exposure to the company and appointed TR Chadha & Co to determine if Gitanjali had indulged in any financial fraud, sources told PTI. Results of the audit will help these lenders in deciding on how to treat the account--either as standard or otherwise, they added.
As of now, Punjab National Bank has flagged its exposure to Gitanjali at under Rs 1,000 crore, a close associate of Nirav Modi-led companies as fraud, they said. The state-run bank has exposure of around Rs 13,000 crore to the three Nirav Modi held companies in the scam, though.
21:03 Court issues warrant against Nirav Modi in tax evasion case
A magistrate's court on Tuesday issued a bailable arrest warrant against diamond trader Nirav Modi in connection with a case of alleged tax evasion in the purchase of a property which turned out to be "benami", an Income Tax department official said.
Benami properties are those that are not bought and registered in the name of their real owner. Holding benami properties is an offence. Modi is also a key accused in the Rs 12,717 crore Punjab National Bank fraud case. "The court has issued a bailable warrant against Modi," the official said. He said the department was investigating the matter against Modi since 2017 but declined to disclose the details of the property. The Income Tax department had recorded the statements of Modi, who is said to be in the US and some of his employees. The official said the probe revealed that Modi had given a false statement to the department.— PTI
20:46 Will form social enterprise to bid for Rhythm House: Mahindra
Enthused by Twitterati's reaction over his proposal to crowd-fund the acquisition and restoration of the Nirav Modi-owned Rhythm House, Mahindra Group chairman Anand Mahindra said a social enterprise would be created to bid for the iconic facility in the city, reports PTI. "Let's use Twitter as the Townhall where ideas can be contributed and progress shared. A special handle will be created for this. Requesting my colleague Jay Shah, head, cultural outreach at the Mahindra Group along with his colleague to be the initial secretariat for this project. They will draw up a sequence of actions to be taken towards the goal of creating a social enterprise and bid for the facility," Mahindra said in a tweet.
20:04 PNB fraud: ED moves court for NBW against Nirav Modi
The Enforcement Directorate (ED) on Tuesday moved a special court here, seeking issuance of a non-bailable warrant (NBW) against diamond trader Nirav Modi, a key accused in the over Rs 11,000-crore PNB fraud case. On Monday, the court, set up under the Prevention of Money Laundering Act, had allowed the central agency's plea seeking issuance of Letters Rogatory (LRs) to six countries for obtaining information about the overseas businesses and assets of the diamantaire. Special PMLA Court Judge M S Azmi heard the arguments of ED's special counsel Hiten Venegoankar on the agency's plea seeking issuance of the NBW against Nirav Modi, who is believed to be in the US.
The judge will hear on Wednesday, Modi's lawyer Ashul Agarwal on the issue of his locus standi to address the court in the absence of his client. Venegoankar told the court that the ED registered a case against Nirav Modi on February 15 and from that time issued three summonses to him to appear before the agency.— PTI
19:28 After Finance Ministry’s nod, New Delhi’s Vehicle Scrapping Policy to go to GST Council
The finance ministry has approved the much-awaited policy to scrap vehicles that are more than 15 years old and the document will now go to the GST Council, a source said told PTI on Tuesday. The development comes barely a fortnight after Road, Transport and Highways Minister Nitin Gadkari has announced that Vehicles Scrapping Policy, aimed at curbing rising vehicular pollution in the country, has almost been finalised.
The Goods and Services Tax (GST) Council will decide the amount of concession that GoI and state governments will offer, the source said. The Road Transport and Highways Ministry is keen on implementing the Voluntary Vehicle Fleet Modernisation Programme (V-VMP) policy that aims at scrapping 15-year-old commercial vehicles in the first phase.
18:26 Sebi imposes Rs 9 lakh fine on Inventure Growth and Securities
Sebi has imposed a penalty of Rs 9 lakh on Inventure Growth and Securities for violating capital market norms with regard to a transaction in the shares of GFL Financials. The Securities and Exchange Board of India (Sebi) had conducted an investigation in the matter of trading activities of certain entities in the scrip of GFL for the period from September 3, 2012, to May 15, 2013.
As per Sebi's findings, there were 17 off-market transactions between 12 suspected entities including Inventure. Inventure had received 8 lakh shares of GFL from one Naresh Shah in off-market transactions on March 25, 2013. For the said transactions, no consideration was paid, as required to be done as per spot delivery contract prescribed under the Securities Contracts (Regulation) Act (SCRA).— PTI
18:08 GST collection dips marginally in January to Rs 86,318 crore
The collection of Goods and Services Tax (GST) slipped marginally to Rs 86,318 crore in January, from Rs 86,703 crore in December. Total collections under the GST had registered an increase in December 2017 after declining in the two previous months of November and October following the decision of the GST Council to cut rates on more than 200 items.
The ministry said that 1.03 crore taxpayers have been registered under GST till February 25, of which 17.65 lakh are composition dealers who are required to file returns every quarter. Of the total, 1.23 lakh composition dealers have opted out of the scheme and have thus become regular taxpayers, it said, adding that "till February 25 there are 16.42 lakh composition dealers which are required to file returns every quarter and the rest of 87.03 lakh taxpayers are required to file monthly returns."— PTI
17:29 Bharat Forge exits power equipment JV
Auto components major Bharat Forge said on Tuesday that it has completed the divestment of balance 26 percent stake in power equipment JV with GE, Alstom Bharat Forge Power Pvt Ltd. The consideration received from the disposal was USD 35 million, which was received in March last year, the company said. Bharat Forge shares closed 0.58 percent up at Rs 772.55 on BSE.— PTI
16:50 Karnataka govt runs more on 'Seedha Rupaiyya' than CM Siddaramaiah: PM Modi
More than Chief Minister Siddaramaiah, it is 'Seedha Rupaiyya' that drives the working of the government in Karnataka. Everything seems to be happening at a price here. Karnataka needs freedom from such corruption, says PM Modi addressing a public rally in Davanagere, Karnataka.
16:40 JUST IN | Prime Minister Narendra Modi is speaking at a public rally in Davanagere , Karnataka now.
The Prime Minister is sharp in his attack on the Congress party. The Congress government in Karnataka will certainly be defeated, he says.
Their misdeeds have made the government unpopular. As seen in the past few years, election after election, what have people done? They are removing Congress. When Congress goes, the harmful Congress culture also goes, he adds.
As Gujarat Chief Minister, I took oath that I'll create tallest statue of Sardar Vallabhbhai Patel, PM Modi says. He terms the monument meant to celebrate Patel as Statue of Unity and says it will be twice taller than Statue of Liberty situated in the US.
15:46 The Finance Ministry on Tuesday directed to public sector bank managing directors (MDs) to detect frauds and refer cases to CBI examining all non-performing assets (NPAs) over Rs 50 crore for possible fraud. The government has also given a 15-day deadline to the banks to take pre-emptive action and identify and address operational and technological risks.
16:20 Norway's wealth fund doubles return in 2017 as stock mkt booms
Norway’s $1 trillion sovereign wealth fund, the world’s largest, doubled its return on investment in 2017, beating its benchmark, as strong global stock markets boosted the value of the portfolio, reports Reuters. The fund earned a return of 13.7% in 2017, up from 6.9% in 2016. “The fund’s cumulative return since inception has passed 4,000 billion Norwegian crowns ($511 billion). One out of four crowns of return was generated in 2017, after a very strong year for the fund,” CEO Yngve Slyngstad said in a statement.
16:15 AIIB approves $1.5bn in loans for infra projects
Beijing-based Asian Infrastructure Investment Bank (AIIB) has approved $1.5 billion in loans to India for infrastructure-related projects in 2018, reports Reuters. The funds would be used for investment in energy, roads and urban development projects, and the bank will examine allotting more funds for such projects next year, DJ Pandian, AIIB’s Chief Investment Officer, said.
16:10 Sridevi's body handed over to family, Dubai Police give clean chit to Boney Kapoor
Three days after Sridevi's demise, the actor's mortal remains has been handed over to the family. The same was claimed by Sridevi's nephew Mohit Marwah. It will now be sent to the embalming centre. Dubai police has closed Sridevi's case giving Boney Kapoor a clean chit, laying to rest all conspiracy theories.
16:00 Sensex down 99 points, Nifty below 10,600
A sharp fall in banks, especially state-run entities, along with weakness in metals as well as midcaps ensured that the market ended the day on a lower note, despite a strong start. The Sensex has ended around 99 points lower and the Nifty managed to close well below 10,600.
Sell-off in PSU banks was seen after Punjab National Bank fell around 14% as it clarified that the estimated amount of the scam could go up by another Rs 1,300 crore. Other banks such as Oriental Bank of Commerce, State Bank of India and Bank of India fell around 2-8%. Select auto names were in focus despite an overall downtrend day. Hero MotoCorp ended as an index gainer at 2%.
15:44 India Inc's avg salary hike to be 9.4% this yr, says survey
Employees in India are likely to get an average salary hike of just 9.4% this year, same as last year, while key talent are expected to get appraisals of as much as 15.4% as companies increase focus on performance. HR consultancy Aon Hewitt's annual Salary Increase Survey, that analysed data across more than 1,000 companies from over 20 industries, said the average salary for India Inc stands at 9.4% this year.
Aon believes average pay increases in India will remain between 9.4-9.6%. As per the survey, companies in India gave an average pay increase of 9.3% during 2017, marking a departure from the double digit increments given by organisations since the inception of this study. Even as salary hike remained at the same level on a year-on-year basis, India continues to lead the Asia-Pacific region.
China is expected to dole out a salary raise of 6.7%, Philippines 5.8%, Malaysia 5.1%, Singapore 4%, Australia 3.2% and Japan 2.5%. The survey noted that the focus on performance is getting sharper YoY. A top performer is getting an average salary hike of 15.4%, approximately 1.9 times the pay increase for an average performer.
14:58 Rahul Gandhi says Sohrabuddin case has claimed yet another judge
Congress President Rahul Gandhi raked up the Sohrabuddin Sheikh case saying it has claimed yet another judge, after the pleas in the matter were assigned to a new single-judge bench of the Bombay High Court, reports PTI. He also cited media reports that the judge hearing the case has been replaced, and tagged on Twitter the report entitled "Sohrabuddin Sheikh case: Fresh questions as judge who lifted media gag and slammed CBI is replaced".
He also referred to the issue of death of CBI judge BG Loya, who was earlier hearing the case and used the hashtag "#HowDidLoyaDie?" with his tweet. "The Sohrabuddin case claims yet another Judge. Justice Revati Dere, who challenged the CBI, has been removed. Judge JT Utpat, asked Amit Shah to appear, and was removed. Judge Loya asked tough questions. He died. #HowDidLoyaDie?," Gandhi said on Twitter.
14:53 Scooters India gets board nod to hive off non-core land
Scooters India said its board has approved to hive off 89.69 acres of its non-core land, reports PTI. Considering the strategic disinvestment process initiated by the government of India, the board at its meeting held on February 26, 2018, has accorded consent to hive off its 89.69 acres of non-core land, Scooters India said in a filing to BSE. Incorporated in 1972, Scooters India is engaged in designing, developing, manufacturing and marketing a broad spectrum of conventional and non-conventional fuel driven three-wheelers.
14:42 Trai to issue direction to Aircel to maintain service quality; to grant codes for port outs
Telecom regulator Trai will soon issue direction to troubled Aircel to keep service quality in check through intra circle roaming pacts, and grant it additional time and porting codes to enable its customers opt out to other networks.
Trai sources told PTI that the company wrote to the regulator late last week saying it is undergoing "deep financial stress" and the recent reports that it may file for bankruptcy have created a "chaotic situation" with its subscribers, distributors and retailers and partners, with whom the company has had a long standing relationship.
Aircel has approached the regulator for extending the validity of additional port out codes to enable subscribers to move on to other networks without changing their number under mobile number portability. Trai is expected to issue suitable direction in the matter shortly asking the company to ensure service quality by improving network and working out roaming pacts - counter measures that have been mentioned by Aircel in its letter. To ensure subscriber convenience, Trai is also likely to grant additional port out codes to Aircel with extended validity of 45 days instead of 15 days, which is the norm.
14:34 Replaced CVs under Vehicle Scrappage policy expected to be taxed at 18%
Purchasing new goods’ carrier could soon become cheaper as Union Ministry of Road Transport and Highways is expected to pitch for a lower Goods and Services Tax (GST) rate of 18% under the ‘Scrappage Policy'. Sources from the Ministry told Moneycontrol News’ Nikita Vashisht that the final issue that needs to be ironed out before presenting the policy draft for voluntary vehicle modernisation programme, or simply scrappage policy, relates to levying of a lower GST rate.
“The policy is ready… Only tax rate has to be decided on the replaced commercial vehicle,” a source said, adding, “The government is in talks with the GST Council to reduce rate on the replaced vehicle… (We need to look) whether we can tax them at 18% rather than 28%.” The move could be a breather for commercial vehicle owners who have been requesting for a lower GST rate.
14:21 Self-proclaimed bitcoin inventor accused of swindling $5bn of cryptocurrency
Craig Wright, the self-proclaimed inventor of bitcoin, is accused of swindling more than $5 billion worth of cryptocurrency and other assets from the estate of a computer-security expert, reports Bloomberg. Wright, who claimed in 2016 that he created the computer-based currency under the pseudonym Satoshi Nakamoto, allegedly schemed to use phony contracts and signatures to lay claim to bitcoins mined by colleague Dave Kleiman, another cryptocurrency adherent, who died in 2013, according to a lawsuit filed by Kleiman’s brother.
Kleiman’s family contends they own the rights to more than 1 million Bitcoins and blockchain technologies Kleiman mined and developed during his lifetime and that the assets’ value exceeds $5 billion, according to the February 14 filing in federal court in West Palm Beach, Florida. “Craig forged a series of contracts that purported to transfer Dave’s assets to Craig and/or companies controlled by him,’’ lawyers for Kleiman’s family said in the complaint. “Craig backdated these contracts and forged Dave’s signature on them.’’
13:18 Essar Steel auction: Increasing questions on eligibility of bids by ArcelorMittal,Numetal
Ahead of the crucial March 5 meeting between the resolution professional (RP) and Committee of Creditors on Essar Steel’s auction, murmurs of a possible delay in the process are getting louder, reports Moneycontrol News’ Prince Mathews Thomas. This follows increasing correspondence between the bidders and consultancy firm Grant Thornton and legal firm Cyril Amarchand Mangaldas, both of whom are evaluating the bids. The resolution professional has to present the eligible bids to the Committee on March 5. The Committee, which consists of lenders, then approves one of the bids.
13:02 RBI's full KYC rule for online wallets could put business worth Rs 12,000 crore at risk
Almost Rs 12,000 crore, or 80%, of online wallet transactions in the country are at risk of going back to cash, as online wallet players fear losing customers because of the Reserve Bank of India’s KYC rule, reports Moneycontrol News’ Beena Parmar. An RBI directive requires wallet companies like Paytm, Mobikwik, Ola Money, Amazon Pay and Sodexo to meet full KYC (know your customer) norms for all their customers on or before February 28. Minimum KYC comes with certain restrictions where the customer will not be able to send money to other wallets or bank accounts, or keep more than Rs 10,000 in their wallet.
12:42 Cadila Healthcare plans to file biosimilar Neulasta in US by 2019-end Cadila Healthcare, part of Zydus Cadila group, said it is planning to file its first biosimilar Pegfilgrastim for approval in the US by 2019 end. If everything goes well, the company expects a possible approval from the US FDA a year after filing.
The management said the drug is currently undergoing Phase-I clinical trial, where it will be tested on healthy volunteers for safety. Pegfilgrastim is the biosimilar version of US biotech giant Amgen's blockbuster drug Neulasta. The drug raked in about $4.5 billion globally last year, of which four fifths came from the US alone.
12:33 BlackRock says get ready to 'stomach complete losses' in cryptocurrencies
Investors should only consider cryptocurrencies such as bitcoin if they are prepared to lose everything, BlackRock Investment Institute said in its weekly report Monday, reports CNBC. "We see cryptocurrencies potentially becoming more widely used in the future as the markets mature. Yet for now we believe they should only be considered by those who can stomach potentially complete losses," Richard Turnill, BlackRock's Global Chief Investment Strategist, said in the note.
Turnill noted cryptocurrencies' high volatility, fragmented markets and lack of regulation. "We don't see them becoming part of mainstream investment portfolios soon," he said, adding that their volatility makes US stock market turbulence during the financial crisis "almost look placid."
12:29 Reliance Jio to cover 99% population by Diwali Mukesh Ambani-led Reliance Jio is aiming to cover 99% of the country's population by this Diwali, reports PTI. As part of its expansion plans, Jio has announced the roll-out of Internet of Things (IoT) services in association with Samsung, which will help consumers and enterprises. "We are deploying around 8,000 to 10,000 towers every month," said Reliance Jio Infocomm President Jyotindra Thacker. He is hopeful that by September or October (Diwali), the company would reach a coverage of 99%.
12:24 Pak army shells forward areas along LoC in Rajouri, Poonch
The Pakistan Army violated the ceasefire and resorted to shelling on forward posts and civilian areas along the Line of Control (LoC) in Poonch and Rajouri districts of Jammu & Kashmir, reports PTI. "The Pakistan Army initiated an unprovoked and indiscriminate firing of small arms, automatics and mortar bombs from 0850 hours today in the Bhimbher Gali (BG) sector along the LoC (in Poonch district)," a defence spokesperson said.
The Indian Army was retaliating strongly and effectively, he added. The Pakistani troops also resorted to shelling of mortars along the LoC in the Tarkundi Gali, Lambi Bari, Khorinar, Dhar and Panjgrian areas of the Manjakote sector in Rajouri since morning, Deputy Commissioner (DC), Rajouri, Shahid Iqbal Choudhary said. The schools in the affected areas in Rajouri district were closed as a precautionary measure, he added
12:20 Around 41% and 37% voter turnout have been recorded at 11 am for the 60-member Meghalaya and Nagaland Assembly, respectively.
12:03 Elphinstone foot-over bridge opened for public use
The foot-over bridge (FOB) at Elphinstone Road in Mumbai will be open to public access from Tuesday, according to media reports.
The bridge has been built by the Army's Bombay Sappers. It cost Rs 10.44 crore, according to a Mumbai Mirror report. The Elphinstone FOB will connect Parel station on the East side and Phool Wali Gali outside the Elphinstone Road station on the West side.
The FOBs constructed at Currey Road and Ambivli will also be opened for public access, a senior railway official told the Times of India. Railway Protection Force (RPF) personnel will be posted on the new FOBs to manage the crowd, the report adds.
An inauguration function is likely to be held, which will be attended by Union Railway minister Piyush Goyal, Defence Minister Nirmala Sitharaman and Maharashtra Chief Minister Devendra Fadnavis.
11:33 Kalyan Jewellers may file IPO papers by March, to raise Rs 2,500cr
Kalyan Jewellers India, the Warburg Pincus-backed chain of jewellery stores, is planning to file its draft papers for an initial public offering within a month with the market regulator Sebi, sources told Mint. The company is looking to raise around Rs 2,500 crore, sources added.
“The IPO is a mix of primary fundraise that the company will use to fund expansion of its domestic and new overseas markets and a secondary share sale, primarily by private equity investor Warburg Pincus, which will be selling part of its stake in the company,” sources said.
11:25 Around 22% and 17% voter turnout have been recorded till 9 am for the 60-member Meghalaya and Nagaland Assembly, respectively.
10:52 CBDT notifies new communication scheme for serving I-T e-notices
The Central Board of Direct Taxes (CBDT) has notified a new centralised communication scheme for serving e-notices to income tax-payers as part of the government's ambitious plan to usher in a countrywide paperless system of interface between the taxman and the assessee.
The scheme stipulates that an internet-based independent centralised communication centre (CCC) will be established in the Income Tax department that will "issue notice" to any person (under section 133C of the Income Tax Act), who is required to furnish information or documents, for the purpose of verification, to the taxman.
The CBDT, the policy-making body of the tax department, said in the notification, which was issued on February 22, that the scheme would ensure that "no person shall be required to appear personally or through authorised representative before the designated authority (of the I-T department) at the centralised communication centre in connection with any proceedings."
The notification, a copy of which is with PTI, stipulates that such notices will be issued by the designated tax department officials, who would only use their digital signature and send them to the assessees through e-mail, followed by an intimation through a text message. A machine-readable device kept at the CCC will receive the responses from the taxpayers.
The CCC has also been tasked with running a "sustained campaign" to ensure compliance (by the taxpayer) by sending emails, SMSes, reminders, letters and phone calls. It will also host a call centre to answer the queries and grievances of the taxpayers.
10:44 South Korea holds rates, resists turning hawkish in the face of Fed risks
Bank of Korea Governor Lee Ju-yeol ran his term’s last monetary meeting on Tuesday, keeping interest rates on hold and talking up the health of South Korea’s economy but warning of the cost of US protectionism to Korea’s car and steel industries, reports Reuters. Lee said the Bank of Korea was not obliged to follow a global withdrawal of stimulus measures, further cementing a consensus view that the bank’s monetary tightening will be gradual after its last hike to 1.5% in November.
10:29 P-Note investments dip to 8-yr low at Rs 1.19 lakh cr in Jan
Investments in the domestic capital market through participatory notes (P-Notes) plunged to a nearly eight-and-a-half-year low of Rs 1.19 lakh crore in January-end amid stringent norms put in place by regulator Sebi to check misuse. P-Notes are issued by registered foreign portfolio investors to overseas investors who wish to be part of Indian stock markets without registering themselves directly. They, however, need to go through a proper due diligence process.
According to Sebi data, the total value of P-Note investments in Indian markets - equity, debt, and derivatives - slumped to Rs 1,19,556 crore at January-end from Rs 1,24,810 crore at the end of the preceding month. This is the lowest level since August 2009, when the cumulative value of such investments stood at Rs 1,10,355 crore. Of the total investments in November, P-note holdings in equities were at Rs 84,278 crore and the remaining in debt and derivatives markets.
10:19 Creditors okay Aion-JSW Steel offer for Monnet Ispat, says report
The first of the 12 big non-performing loans referred by the Reserve Bank for resolution under the Insolvency and Bankruptcy Code (IBC) last year has reached closure with the committee of creditors approving the offer made by a consortium of Aion Capital and JSW Steel for Monnet Ispat.
The committee approved the offer on Monday morning, sources told The Economic Times. The offer entails a payment of Rs 2,450 crore to the lenders and equity funding of Rs 1,050 crore. The company owes Rs 10,237 crore. The remaining debt has been acquired by the consortium for Rs 200 crore.
09:22 Disclose bills of Air India charter plane for PM's travel abroad: CIC to MEA
The Central Information Commission has directed the External Affairs Ministry to disclose records related to the expenses incurred on chartering Air India aircraft for abroad visits of the Prime Minister from 2013 to 2017, reports PTI.
Chief Information Commissioner RK Mathur rejected the contention of the ministry that details of the amount, reference numbers, dates of bills raised by Indian Air Force and Air India for the foreign visits undertaken by the Prime Minister are scattered across various records and files and collation of information in the manner sought by the appellant would involve searching of voluminous records by a significant number of officials.
The case pertains to Commodore Lokesh Batra (Retd) who had sought to know details of bills, invoices and other records related to abroad visits of Prime Minister between Financial Years 2013-14 and 2016-17. During the hearing, Batra said he was provided incomplete information by the ministry after which he approached the Commission which is the top appellate authority in matters pertaining to the Right to Information Act.
09:45 EC may announce Karnataka poll schedule in 2nd week of April
The Election Commission is likely to announce the schedule for Karnataka Assembly elections in the second week of April, after the school board examinations are over, sources told PTI. They said the Election Commission will visit the state sometime in the end of March or early April to decide the date on which the election schedule for the state will be announced.
The term of the 224-member Karnataka Assembly ends on May 28 this year. The BJP is seeking to wrest control of the southern state from the Congress and has already declared former chief minister BS Yeddyurappa as its chief ministerial candidate.
09:29 Would have resigned if I were in Jaitley's place, says Chidambaram
Former Union Minister P Chidambaram said he would have resigned had he been in the shoes of Finance Minister Arun Jaitley, who was in an "unenviable" position while presenting this year's budget, reports PTI. "If I was in Jaitley's position, what I would have done? I would have resigned," Chidambaram said. He was speaking about fiscal consolidation in the context of the Union Budget for 2018-19.
"Jaitley must have been in an unenviable position to read out a Budget speech written by others," he said. Criticising the Budget, Chidambaram said the government was a total failure in terms of fiscal consolidation, the consequences of which were "frightening" in the sense that it would cause inflation and borrowing plans to go haywire. "In such a situation, they might resort to savage taxation by hiking fuel prices as it is the biggest cash cow for any government," the senior Congress leader said.
09:22 ACC, Ambuja Cements not proceeding with merger plan; stocks down 1-2% ACC and Ambuja Cements, the two Indian units of LafargeHolcim, said they are not proceeding with the merger at this juncture. Shares of ACC are down close to a percent and that of Ambuja Cements is down 2%.
"On the basis of a comprehensive evaluation carried out by both the special committee and Board of Directors of the company, the board is of the opinion that there are at present certain constraints in implementing a merger between the company and Ambuja Cements (ACL)," ACC said in a filing to BSE.
The company is therefore not proceeding with the merger at this juncture, though this remains the ultimate objective, it added. In a filing to the bourses, Ambuja Cements also said it was not pursuing a merger with ACC at this point of time, though it remains the ultimate goal.
09:12 Rotomac case: I-T Dept files 6 chargesheets against Vikram Kothari
The Income Tax Department has filed six charge sheets against Rotomac owner Vikram Kothari for alleged tax evasion, reports PTI. The prosecution complaints were filed in a special court in Lucknow under various sections of the Income Tax Act, they said. The Kanpur-based group is being probed by the CBI and the Enforcement Directorate (ED) in connection with the alleged swindling of Rs 3,695 crore of loan funds advanced by a consortium of seven banks.
09:03 Simbhaoli Sugars says committed to clear all dues
Faced with a CBI probe for alleged loan fraud, the Simbhaoli Sugars said it is committed to clear its outstanding dues to the Oriental Bank of Commerce in "due course of time" in consultation with all the lenders. The CBI has registered a case against the company, its Chairman Gurmit Singh Mann, Deputy MD Gurpal Singh and others in connection with the alleged bank loan fraud of Rs 97.85 crore.
In a filing to the stock exchanges close to midnight on Monday, the company said it had taken finance from banks, for which it has been regular in repayments but for periodical adverse cycles in sugar industry. Recently, the Oriental Bank of Commerce (OBC) - one of the banks in its consortium - has filed a fraud monitoring report against the company and referred it to the investigation agencies, it added.
08:38 ED summons PNB MD; Nirav Modi, wife skip summons
The Enforcement Directorate summoned Punjab National Bank's Managing Director and CEO Sunil Mehta in connection with the PNB scam allegedly involving diamantaire Nirav Modi and owner of Gitanjali Gems Mehul Choksi, officials told PTI. The ED also examined the state-owned bank's Executive Director KV Brahmaji Rao on Monday to understanding how the alleged fraud was detected and other banking procedures.
Mehta, officials said, will be asked similar questions when he meets ED officials this week. They said the two officials are not being examined as an accused. The CBI had examined the two senior PNB officials last week in the same case.
Meanwhile, beleaguered diamond merchant Modi, his wife Ami and his uncle Choksi on Monday skipped their scheduled appearance before the ED in Mumbai. It was not immediately known if the agency will issue fresh dates to them. If it does not issue them fresh summons, it is understood, the ED is expected to move a special court in Mumbai seeking non-bailable arrest warrants against them.
08:04 Trump slams India again on Harley-Davidson issue
President Donald Trump once again raked up the issue of high import duty on Harley-Davidson motorcycles by India, saying the US was "getting nothing" with the New Delhi's recent announcement that it had slashed customs duty on imported motorcycles from high-end brands to 50%, reports PTI. He added the US wants fair and reciprocal trade deals. "When they (Harley Davidson) send a motorcycle to India, as an example, they have to pay 100% tax – 100%," Trump said in his remarks to a gathering of governors of all the states at the White House.
Referring to his recent conversation with Prime Minister Narendra Modi, he said the "fantastic man" informed him that India has reduced tariffs on imported motorcycles, but the US was "getting nothing". "Now, the prime minister, who I think is a fantastic man, called me the other day and said we are lowering it to 50%. I said okay, but so far we're getting nothing. So, we get nothing. He gets 50%, and they think we're doing - like they're doing us a favour. That's not a favour," he said.
"I wasn't sure - he said it so beautifully. He's a beautiful man. And he said, 'I just want to inform you that we have reduced it to 75%, but we have further reduced it to 50%'. And I said, huh. What do I say? Am I supposed to be thrilled? And that's not good for you people, especially as governors. It's just not right. And we have many deals like that,” Trump said. He said the US gets "zero" when it buys an Indian motorcycle.
"So when they have a motorbike - a big number, by the way - they have a company that does a lot of business. They have a motorcycle or a motorbike that comes into our country - the number is zero. We get zero. They get 100%, brought down to 75%; brought down, now, to 50%. Okay," Trump said.
07:52 I-T Dept seizes 173 paintings, art work in raids at premises linked with Nirav Modi
The Income Tax Department has seized a collection of 173 paintings and art works recovered during raids conducted at premises linked with diamantaire Nirav Modi in connection with a tax evasion probe, officials said on Monday. They said the paintings and art works are creations of "eminent artists" and have been recovered by tax sleuths after searches and surveys were conducted at four premises linked with Modi last week.
"The valuation of these art items is being done at present with the help of professionals from JJ School of Art in Mumbai," a senior official told PTI. Prohibitory orders against their sale and transfer has been placed under the Income Tax law. Meanwhile, the department said it has attached an additional 66 banks accounts, holding deposits of Rs 80.07 crore, of the Gitanjali group, owned by Modi's uncle Mehul Choksi.
07:37 Asian shares rise to three-week high ahead of Powell's testimony
Asian shares extended their recovery, hitting a three-week high as US borrowing costs eased ahead of Federal Reserve Chairman Jerome Powell’s highly-anticipated first congressional testimony later in the day. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.3%, building on its bounce from a two-month low touched on February 9. Japan's Nikkei rose 1% to three-week highs. The SGX Nifty is up 50.5 points at 10,648.
07:16 PNB says bank fraud amount could be Rs 1,323cr more
Amid the multi-agency probe into the PNB scam, the state-run bank said the amount of fraudulent transactions could be Rs 1,300 crore more than the current estimate of about Rs 11,400 crore. The latest announcement from the public sector lender assumes significance against the backdrop of the probe going on into the Rs 11,400 crore scam, which is already one of the biggest in the Indian banking sector.
On February 14, the bank had detected the fraud wherein billionaire jeweller Nirav Modi and associates had allegedly acquired fraudulent letters of undertaking (LoUs) from one of the branches of the PNB for overseas credit from other Indian lenders. In a filing to the BSE late on Monday night, the bank said the amount of unauthorised transactions could go up by more than Rs 1,300 crore.
"...We have to inform that quantum of reported unauthorised transactions can increase by $204.25 million (approximately)," the filing said. At the current exchange rate, the amount comes to around Rs 1,323 crore.
That's all for today, readers. Thanks for staying on with our coverage of the day's action. Your enthusiasm encourages us to better our coverage every day. Do come back tomorrow for more news, views and insights.
Intra-state network constraints affecting power supply in India: Power Secretary
India is a power surplus country but electricity does not reach all regions due to network constraints in some states, Power Secretary A K Bhalla said, reports PTI. "The installed power generation capacity is 330 GW. The available power is 220 GW. The peak rated requirement is about 155 GW. In term of power capacity and requirement, yes (India is a power surplus country)," the official said during a panel discussion here when asked whether it is an illusion that India is a power surplus state.
He said that the existing legal framework provides that the power cuts should be done only in case of technical faults or natural calamity. There is penal provision for unscheduled power cuts. But power regulators have rarely invoked that provision and penalised discoms.
Madhya Pradesh agriculture production dips in 2018 fiscal: Economic Survey
At a time when Shivraj Singh Chouhan government is claiming to have prepared a roadmap to double farmers' income by 2022, the agriculture production in Madhya Pradesh has recorded a dip in 2017-18 compared to the previous year, as per the state economic survey, reports PTI. Notably, Madhya Pradesh has been a recipient of the Krishi Karman Award for five successive years for the record agriculture production.
The state government on Tuesday released the Economic Survey 2017-18 data on the eve of the presentation of the Budget 2018-19.
BSNL to roll out 4G service across India by year-end
State-run telecom firm BSNL plans to roll out 4G services across India by the end of this year with an investment of about Rs 25,000 crore. "We are awaiting spectrum allocation from the government in 2100 MHz band to launch 4G VOLTE service. By the end of this year, we will roll out 4G services across the country where we operate," BSNL Chairman and Managing Director Anupam Shrivastava told PTI.
He said that BSNL has already started 4G services in parts of Kerala. BSNL has requested government for 5Mhz slot of 3G or spectrum in 2100 MHz band for deploying 4G services through equity investment route in the company. The company has awarded telecom network contract to Nokia Networks in 10 circles and to ZTE for the rest of 10 circles where it operates.
Exit polls predict BJP win in Tripura
Two exit polls predicted that the BJP will dethrone the Left Front from power in Tripura. According to the exit polls, the BJP will also consolidate its position in two other northeastern states of Meghalaya and Nagaland. JanKiBaat-NewsX has predicted that the BJP-IPFT alliance in Tripura will win 35-45 seats with a vote share of 51 percent, reports PTI.
While another exit poll by AxisMyIndia predicts 44-50 seats for the BJP-IPFT with a vote share of 49 percent and others may get 0-3 seats with a vote share of 11 percent. The ruling Left Front in Tripura is likely to get 14-23 seats with vote share of 45-46 percent, while AxisMyIndia poll predicted the Left to win 9-15 seats with a vote share of 40 percent.
PNB fraud: Banks seek forensic audit of Gitanjali Gems
More than two dozen banks have decided to seek a forensic audit to establish if Mehul Choksi-led Gitanjali Gems has indulged in fraud or not, bank officials said. A consortium of 31 lenders led by ICICI Bank, has an over Rs 6,000 crore exposure to the company and appointed TR Chadha & Co to determine if Gitanjali had indulged in any financial fraud, sources told PTI. Results of the audit will help these lenders in deciding on how to treat the account--either as standard or otherwise, they added.
As of now, Punjab National Bank has flagged its exposure to Gitanjali at under Rs 1,000 crore, a close associate of Nirav Modi-led companies as fraud, they said. The state-run bank has exposure of around Rs 13,000 crore to the three Nirav Modi held companies in the scam, though.
Court issues warrant against Nirav Modi in tax evasion case
A magistrate's court on Tuesday issued a bailable arrest warrant against diamond trader Nirav Modi in connection with a case of alleged tax evasion in the purchase of a property which turned out to be "benami", an Income Tax department official said.
Benami properties are those that are not bought and registered in the name of their real owner. Holding benami properties is an offence. Modi is also a key accused in the Rs 12,717 crore Punjab National Bank fraud case. "The court has issued a bailable warrant against Modi," the official said. He said the department was investigating the matter against Modi since 2017 but declined to disclose the details of the property. The Income Tax department had recorded the statements of Modi, who is said to be in the US and some of his employees. The official said the probe revealed that Modi had given a false statement to the department.— PTI
Will form social enterprise to bid for Rhythm House: Mahindra
Enthused by Twitterati's reaction over his proposal to crowd-fund the acquisition and restoration of the Nirav Modi-owned Rhythm House, Mahindra Group chairman Anand Mahindra said a social enterprise would be created to bid for the iconic facility in the city, reports PTI. "Let's use Twitter as the Townhall where ideas can be contributed and progress shared. A special handle will be created for this. Requesting my colleague Jay Shah, head, cultural outreach at the Mahindra Group along with his colleague to be the initial secretariat for this project. They will draw up a sequence of actions to be taken towards the goal of creating a social enterprise and bid for the facility," Mahindra said in a tweet.
PNB fraud: ED moves court for NBW against Nirav Modi
The Enforcement Directorate (ED) on Tuesday moved a special court here, seeking issuance of a non-bailable warrant (NBW) against diamond trader Nirav Modi, a key accused in the over Rs 11,000-crore PNB fraud case. On Monday, the court, set up under the Prevention of Money Laundering Act, had allowed the central agency's plea seeking issuance of Letters Rogatory (LRs) to six countries for obtaining information about the overseas businesses and assets of the diamantaire. Special PMLA Court Judge M S Azmi heard the arguments of ED's special counsel Hiten Venegoankar on the agency's plea seeking issuance of the NBW against Nirav Modi, who is believed to be in the US.
The judge will hear on Wednesday, Modi's lawyer Ashul Agarwal on the issue of his locus standi to address the court in the absence of his client. Venegoankar told the court that the ED registered a case against Nirav Modi on February 15 and from that time issued three summonses to him to appear before the agency.— PTI
Indian entertainment industry may touch USD 62.2 billion by FY25
The entertainment industry in the country is projected to be more than USD 62.2 billion by FY2025, according to a report. “While strong economic fundamentals continue to drive growth, the Indian media sector is on the cusp of rapid transformation with digital media taking centre stage across all sub-sectors," according to accounting, tax and advisory firm BDO's report on the media industry 'Mediatalk'.
It, however, did not mention the current size of the industry. The report expects that over the next five years, digital technologies will increase their influence across the sector, leading to a sea-change in consumer behaviour across all segments. Noting that India was a top target region for media acquisitions in 2017 and grew its deal share by 3 percent, it said merger and acquisition deals in 2017 have ranged from USD 24 million to USD 120 million, which included the acquisition of 9X Media and INX Music by Zee Entertainment, SVG Media by Dentsu Aegis Network and Zapr Media Labs by Hotstar.— PTI
After Finance Ministry’s nod, New Delhi’s Vehicle Scrapping Policy to go to GST Council
The finance ministry has approved the much-awaited policy to scrap vehicles that are more than 15 years old and the document will now go to the GST Council, a sourcetold PTI on Tuesday. The development comes barely a fortnight after Road, Transport and Highways Minister Nitin Gadkari has announced that Vehicles Scrapping Policy, aimed at curbing rising vehicular pollution in the country, has almost been finalised.
The Goods and Services Tax (GST) Council will decide the amount of concession that GoI and state governments will offer, the source said. The Road Transport and Highways Ministry is keen on implementing the Voluntary Vehicle Fleet Modernisation Programme (V-VMP) policy that aims at scrapping 15-year-old commercial vehicles in the first phase.
Honda crosses 35-million customer milestone
Honda Motorcycle & Scooter India (HMSI), which sells the world's largest two-wheeler brand under its flagship Activa scooter, added the 35 millionth customer today -- a milestone achieved in just 17 years. Honda started its independent operations in 2001 after breaking up with its long-time domestic partner Hero Motorcorp.— PTI
India comes close to Japan in crude steel output
India and Japan produced almostthe same amount of crude steel during January 2018 at 9.02 million tonne and 9.03 million tonne, respectively, World Steel Association said in a report. In January 2017, crude steel production in India stood at 8.81 MT. Steel Minister Chaudhary Birender Singh said in a tweet, "The increase in India’s crude steel production, at 9MT in January 2018... is a positive indication of the steel sector’s commitment to sustained growth."
Japan, the second largest steel producer, saw analmostflat output of 9.03 MT compared to the year-ago period. India, which overtook the US to become the world's third-largest steel producer, is now looking to bag the second spot from Japan. World leader China saw a marginal fall of 0.9 percent in crude steel production in January this year at 67 MT. It had produced 67.58 MT during the same month last year.- PTI
Have no role in deciding eligibility criteria for NEET: CBSE
The CBSE has clarified that it has no role in deciding eligibility criteria for medical entrance exam— NEET— and grievances, if any, should be submitted to the Medical Council of India (MCI). The clarification came following several complaints received by the Central Board of Secondary Education (CBSE) about barring open school candidates and those with biology as an additional subject in class 12 from appearing for the National Eligibility Entrance Test (NEET).
"The responsibility of CBSE is limited to holding the NEET (UG) examination, based on the eligibility criteria provided by MCI. CBSE has no role to play in deciding the eligibility conditions," the board said in an advisory.— PTI
Sebi imposes Rs 9 lakh fine on Inventure Growth and Securities
Sebi has imposed a penalty of Rs 9 lakh on Inventure Growth and Securities for violating capital market norms with regard to a transaction in the shares of GFL Financials. The Securities and Exchange Board of India (Sebi) had conducted an investigation in the matter of trading activities of certain entities in the scrip of GFL for the period from September 3, 2012, to May 15, 2013.
As per Sebi's findings, there were 17 off-market transactions between 12 suspected entities including Inventure. Inventure had received 8 lakh shares of GFL from one Naresh Shah in off-market transactions on March 25, 2013. For the said transactions, no consideration was paid, as required to be done as per spot delivery contract prescribed under the Securities Contracts (Regulation) Act (SCRA).— PTI
GST collection dips marginally in January to Rs 86,318 crore
The collection of Goods and Services Tax (GST) slipped marginally to Rs 86,318 crore in January, from Rs 86,703 crore in December. Total collections under the GST had registered an increase in December 2017 after declining in the two previous months of November and October following the decision of the GST Council to cut rates on more than 200 items.
The ministry said that 1.03 crore taxpayers have been registered under GST till February 25, of which 17.65 lakh are composition dealers who are required to file returns every quarter. Of the total, 1.23 lakh composition dealers have opted out of the scheme and have thus become regular taxpayers, it said, adding that "till February 25 there are 16.42 lakh composition dealers which are required to file returns every quarter and the rest of 87.03 lakh taxpayers are required to file monthly returns."— PTI
Probe NPAs above Rs 50 crore, report fraud to CBI: Finance Ministry to PSBs
Finance Ministry on Tuesday directed public sector banks (PSBs) to probe allNPAaccounts of over Rs 50 crore for possible fraud and accordingly report the cases to CBI. The direction comes amid state-owned lenderPNBreporting Rs 12,700 crore fraud through alleged fraudulent misuse of letters of undertaking (LoUs) by billionairejewellerNiravModiand associates.Besides, otherPSBstoo have approached investigating agencies as borrowers (as in the case ofRotomacGroup andSimbhaoliSugars) have not returned loans. Financial Services SecretaryRajivKumar,inatweet, informed that managing directors ofPSBshave been directed to detect bank frauds and refer cases to the CBI.— PTI
One GST rate not possible, next reform will come after compliance improves: FM Arun Jaitley
Finance Minister Arun Jaitley said it is not possible to have one GST rate as the country has vast disparities, but assured investors that government will undertake further reforms after an improvement in tax compliance standards. The next stage of reforms will start once India becomes a significant tax compliant society, Jaitley said. For example, we have two standard rates and in the long run, I do see them merging into one. For that to happen it will take some reasonable time that is when the compliance levels start moving up, said the Minister.
On the compliance burden of the GST, Jaitley said it was a little heavy but the process would ease on account of the initiatives being undertaken by the revenue department.— PTI
Ola ties up with railways for last mile connectivity at 5 stations
Railways has partnered with ride-sharing company Ola to facilitate last mile connectivity at its five key railway stations in Delhi, a statement from the national transporter said on Tuesday. Through this partnership, passengers at these stations will now be able to book cabs with the assistance of Ola representatives stationed at its kiosks within the station premises itself. Ola Zones have also been set up at each station, New Delhi, Old Delhi, Anand Vihar, Sarai Rohilla and Nizamuddin, providing dedicated parking to the cabs thereby helping in easing out the parking and traffic issues at the stations. These zones will work as a dedicated pickup and drop points and will bring down the expected time of arrival (ETA) of cabs to as low as two minutes.— PTI
Bharat Forge exits power equipment JV
Auto components major Bharat Forge said on Tuesday that it has completed thedivestment of balance 26 percent stake in power equipment JV with GE, Alstom Bharat Forge Power Pvt Ltd.The consideration received from the disposal was USD 35 million, which was received in March last year, the company said.Bharat Forge shares closed 0.58 percent up at Rs 772.55 on BSE.— PTI
Essel Infraprojects appoints Vinod Bhandawat as CFO
Essel Infraprojects Ltd (EIL) on Tuesday appointed Vinod Bhandawat as Chief Financial Officer(CFO) with effect from February 1. Bhandawat brings more than 26 years of varied experience across treasury, fund raising, IPO, mergers and acquisitions and secretarial functions in diversified manufacturing and infrastructure companies in India and abroad, the company said in a statement. Bhandawat has held pivotal positions in leading diversified companies like Adani Power and Vedanta Group, it added. "Bhandawat has had an exposure of working in leading manufacturing companies in India and abroad, in a multi-location and multi-cultural environment," the statement said. — PTI
That ends the PM's address to a farmer's rally in Karnataka.
By focussing on farmers and rural India, the NDA government is taking several steps for the transformation of the agriculture sector, says PM Modi
One family ruled the country for 48 years and one tea-seller ruled for 48 months. Born in rich houses, they could not care for farmers in 48 years. But in 48 months, we multiplied Minimum Support Price (MSP) 1.5 times for the farmers, says PM Modi.
Karnataka runs more on 'Seedha Rupaiyya' than CM Siddaramaiah: PM Modi
More than Chief Minister Siddaramaiah, it is 'Seedha Rupaiyya' that drives the working of the government in Karnataka. Everything seems to be happening at a price here. Karnataka needs freedom from such corruption, says PM Modi addressing a public rally in Davanagere, Karnataka.
In Karnataka alone, Rs 11,000 crore payment has been made to farmers under PM Fasal Bima Yojana, says PM Modi
As Gujarat Chief Minister, I took oath that I'll create tallest statue of Sardar Vallabhbhai Patel, PM Modi says. He terms the monument meant to celebrate Patel as Statue of Unity and says it will be twice taller than Statue of Liberty situated in the US.
PM targets Congress government in Karnataka
The Prime Minister is sharp in his attack on the Congress party. The Congress government in Karnataka will certainly be defeated, he says. Their misdeeds have made the government unpopular. As seen in the past few years, election after election, what have people done? They are removing Congress. When Congress goes, the harmful Congress culture also goes, he adds.
JUST IN | Prime Minister Narendra Modi is speaking at a public rally in Davanagere, Karnataka now.
AIIB approves $1.5bn in loans for infra projects
Beijing-based Asian Infrastructure Investment Bank (AIIB) has approved $1.5 billion in loans to India for infrastructure-related projects in 2018, reports Reuters. The funds would be used for investment in energy, roads and urban development projects, and the bank will examine allotting more funds for such projects next year, DJ Pandian, AIIB’s Chief Investment Officer, said.
Dubai Police give clean chit to Boney Kapoor in Sridevi death case, hand over body to family
Three days after Sridevi's demise, the actor's mortal remains has been handed over to the family. The same was claimed by Sridevi's nephew Mohit Marwah. It will now be sent to the embalming centre. Dubai police has closed Sridevi's case giving Boney Kapoor a clean chit, laying to rest all conspiracy theories.
Sensex down 99 points, Nifty below 10,600
A sharp fall in banks, especially state-run entities, along with weakness in metals as well as midcaps ensured that the market ended the day on a lower note, despite a strong start. The Sensex has ended around 99 points lower and the Nifty managed to close well below 10,600.
Sell-off in PSU banks was seen after Punjab National Bank fell around 14% as it clarified that the estimated amount of the scam could go up by another Rs 1,300 crore. Other banks such as Oriental Bank of Commerce, State Bank of India and Bank of India fell around 2-8%. Select auto names were in focus despite an overall downtrend day. Hero MotoCorp ended as an index gainer at 2%.
The government has issued a diktat to the Executive Directors and Chief Technology Officers to identify weaknesses, do comparative assessment of the best practices and make a blueprint to enhance preparedness for rising operational and technological risk challenges.
FinMin asks PSU banks to examine bad loans over Rs 50 crore for possible fraud
The Finance Ministry on Tuesday directed to public sector bank managing directors (MDs) to detect frauds and refer cases to CBI examining all non-performing assets (NPAs) over Rs 50 crore for possible fraud. The government has also given a 15-day deadline to the banks to take pre-emptive action and identify and address operational and technological risks.
India Inc's avg salary hike to be 9.4% this yr, says survey
Employees in India are likely to get an average salary hike of just 9.4% this year, same as last year, while key talent are expected to get appraisals of as much as 15.4% as companies increase focus on performance. HR consultancyAonHewitt's annual Salary Increase Survey, thatanalyseddata across more than 1,000 companies from over 20 industries, said the average salary for India Inc stands at 9.4% this year.
Aonbelieves average pay increases in India will remain between 9.4-9.6%. As per the survey, companies in India gave an average pay increase of 9.3% during 2017, marking a departure from the double digit increments given byorganisationssince the inception of this study. Even as salary hike remained at the same level on a year-on-year basis, India continues to lead the Asia-Pacific region.
China is expected to dole out a salary raise of 6.7%, Philippines 5.8%, Malaysia 5.1%, Singapore 4%, Australia 3.2% and Japan 2.5%. The survey noted that the focus on performance is getting sharperYoY. A top performer is getting an average salary hike of 15.4%, approximately 1.9 times the pay increase for an average performer.
Rahul Gandhi says Sohrabuddin case has claimed yet another judge
Congress President Rahul Gandhi raked up the Sohrabuddin Sheikh case saying it has claimed yet another judge, after the pleas in the matter were assigned to a new single-judge bench of the Bombay High Court, reports PTI. He also cited media reports that the judge hearing the case has been replaced, and tagged on Twitter the report entitled "Sohrabuddin Sheikh case: Fresh questions as judge who lifted media gag and slammed CBI is replaced".
He also referred to the issue of death of CBI judge BG Loya, who was earlier hearing the case and used the hashtag "#HowDidLoyaDie?" with his tweet. "The Sohrabuddin case claims yet another Judge. Justice Revati Dere, who challenged the CBI, has been removed. Judge JT Utpat, asked Amit Shah to appear, and was removed. Judge Loya asked tough questions. He died. #HowDidLoyaDie?," Gandhi said on Twitter.
Scooters India gets board nod to hive off non-core land
Scooters India said its board has approved to hive off 89.69 acres of its non-core land, reports PTI. Considering the strategic disinvestment process initiated by the government of India, the board at its meeting held on February 26, 2018, has accorded consent to hive off its 89.69 acres of non-core land, Scooters India said in a filing to BSE. Incorporated in 1972, Scooters India is engaged in designing, developing, manufacturing and marketing a broad spectrum of conventional and non-conventional fuel driven three-wheelers.
Trai to issue direction to Aircel to maintain service quality; to grant codes for port outs
Telecom regulator Trai will soon issue direction to troubled Aircel to keep service quality in check through intra circle roaming pacts, and grant it additional time and porting codes to enable its customers opt out to other networks.
Trai sources told PTI that the company wrote to the regulator late last week saying it is undergoing "deep financial stress" and the recent reports that it may file for bankruptcy have created a "chaotic situation" with its subscribers, distributors and retailers and partners, with whom the company has had a long standing relationship.
Aircel has approached the regulator for extending the validity of additional port out codes to enable subscribers to move on to other networks without changing their number under mobile number portability. Trai is expected to issue suitable direction in the matter shortly asking the company to ensure service quality by improving network and working out roaming pacts - counter measures that have been mentioned by Aircel in its letter. To ensure subscriber convenience, Trai is also likely to grant additional port out codes to Aircel with extended validity of 45 days instead of 15 days, which is the norm.
Replaced CVs under Vehicle Scrappage policy expected to be taxed at 18%
Purchasing new goods’ carrier could soon become cheaper as Union Ministry of Road Transport and Highways is expected to pitch for a lower Goods and Services Tax (GST) rate of 18% under the ‘Scrappage Policy'. Sources from the Ministry told Moneycontrol News’ Nikita Vashisht that the final issue that needs to be ironed out before presenting the policy draft for voluntary vehicle modernisation programme, or simply scrappage policy, relates to levying of a lower GST rate.
“The policy is ready… Only tax rate has to be decided on the replaced commercial vehicle,” a source said, adding, “The government is in talks with the GST Council to reduce rate on the replaced vehicle… (We need to look) whether we can tax them at 18% rather than 28%.” The move could be a breather for commercial vehicle owners who have been requesting for a lower GST rate.
Self-proclaimed bitcoin inventor accused of swindling $5bn of cryptocurrency
Craig Wright, the self-proclaimed inventor of bitcoin, is accused of swindling more than $5 billion worth of cryptocurrency and other assets from the estate of a computer-security expert, reports Bloomberg. Wright, who claimed in 2016 that he created the computer-based currency under the pseudonym Satoshi Nakamoto, allegedly schemed to use phony contracts and signatures to lay claim to bitcoins mined by colleague Dave Kleiman, another cryptocurrency adherent, who died in 2013, according to a lawsuit filed by Kleiman’s brother.
Kleiman’s family contends they own the rights to more than 1 million Bitcoins and blockchain technologies Kleiman mined and developed during his lifetime and that the assets’ value exceeds $5 billion, according to the February 14 filing in federal court in West Palm Beach, Florida. “Craig forged a series of contracts that purported to transfer Dave’s assets to Craig and/or companies controlled by him,’’ lawyers for Kleiman’s family said in the complaint. “Craig backdated these contracts and forged Dave’s signature on them.’’
Essar Steel auction: Increasing questions on eligibility of bids by ArcelorMittal,Numetal
Ahead of the crucial March 5 meeting between the resolution professional (RP) and Committee of Creditors on Essar Steel’s auction, murmurs of a possible delay in the process are getting louder, reports Moneycontrol News’ Prince Mathews Thomas. This follows increasing correspondence between the bidders and consultancy firm Grant Thornton and legal firm Cyril Amarchand Mangaldas, both of whom are evaluating the bids. The resolution professional has to present the eligible bids to the Committee on March 5. The Committee, which consists of lenders, then approves one of the bids.
RBI's full KYC rule for online wallets could put business worth Rs 12,000 crore at risk
Almost Rs 12,000 crore, or 80%, of online wallet transactions in the country are at risk of going back to cash, as online wallet players fear losing customersbecause of the Reserve Bank of India’s KYC rule, reports Moneycontrol News’ Beena Parmar. An RBI directive requires wallet companies like Paytm, Mobikwik, Ola Money, Amazon Pay and Sodexo to meet full KYC (know your customer) norms for all their customers on or before February 28. Minimum KYC comes with certain restrictions where the customer will not be able to send money to other wallets or bank accounts, or keep more than Rs 10,000 in their wallet.
Cadila Healthcare plans to file biosimilar Neulasta in US by 2019-end
Cadila Healthcare, part of Zydus Cadila group, said it is planning to file its first biosimilar Pegfilgrastim for approval in the US by 2019 end. If everything goes well, the company expects a possible approval from the US FDA a year after filing.
The management said the drug is currently undergoing Phase-I clinical trial, where it will be tested on healthy volunteers for safety. Pegfilgrastim is the biosimilar version of US biotech giant Amgen's blockbuster drug Neulasta. The drug raked in about $4.5 billion globally last year, of which four fifths came from the US alone.
BlackRock says get ready to 'stomach complete losses' in cryptocurrencies
Investors should only consider cryptocurrencies such as bitcoin if they are prepared to lose everything, BlackRock Investment Institute said in its weekly report Monday, reports CNBC. "We see cryptocurrencies potentially becoming more widely used in the future as the markets mature. Yet for now we believe they should only be considered by those who can stomach potentially complete losses," Richard Turnill, BlackRock's Global Chief Investment Strategist, said in the note.
Turnill noted cryptocurrencies' high volatility, fragmented markets and lack of regulation. "We don't see them becoming part of mainstream investment portfolios soon," he said, adding that their volatility makes US stock market turbulence during the financial crisis "almost look placid."
