Isro's GSAT-17 launches successfully from French Guiana

Preliminary health checks of the satellite revealed it was functioning as expected

Today's Paper : India's GSAT-17 communication satellite was launched successfully from the French Guiana on Thursday.

The GSAT-17 became India’s third communication satellite to successfully reach orbit in the past two months. The satellite was launched in the early morning hours using the European Ariane 5 Launch Vehicle from Kourou, French Guiana.

The 3,477-Kg GSAT-17 carries communication payloads in C-band, extended C-band, and S-band for providing various services to the country.
The satellite also carries equipment for meteorological data relay and satellite-based search and rescue services.

After its lift-off at 0245 hrs (2:45 am) IST and a flight lasting about 39 minutes, GSAT-17 separated from the Ariane 5 upper stage in an elliptical geosynchronous transfer orbit with a perigee (nearest point to Earth) of 249 Km and an apogee (farthest point to Earth) of 35,920 Km, inclined at an angle of 3 degree to the equator.

Isro's Master Control Facility at Hassan in Karnataka took over the command and control of GSAT-17 immediately after its separation from the launch vehicle.

Preliminary health checks of the satellite revealed it was functioning as expected.
In the coming days, orbit raising manoeuvres will be performed to place the satellite in geostationary orbit (36,000 Km above the equator) by using the satellite’s propulsion system in steps.

During the final stages of its orbit-raising operations, the two solar arrays and both the antenna reflectors of the satellite will be deployed.

Following this, the satellite will be put in its final orbital configuration. The GSAT-17 will be positioned at its designated orbital slot in the geostationary orbit and will be co-located with some of the other operational Indian geostationary satellites. Subsequently, the communication payload of the satellite will be turned on.

After the successful completion of all the in-orbit tests, GSAT-17 will be ready for operational use, said Isro. 

Mired by ownership battle, McDonald's shuts 80% Delhi outlets as hygiene take toll

Ownership tussle between Vikram Bakshi & McD dented CPRL's growth, hurt profitability since 2013

Today's Paper : Fast food major McDonald's is shutting nearly 80 per cent of its stores across Delhi-NCR starting today. Connaught Plaza Restaurants Pvt Ltd (CPRL), which runs the McDonald's franchise for North and East India, has been forced to close down 43 of its 55 outlets in the region as it failed to secure regulatory health clearances to keep the business rolling.

While the move could prove to be lethal for the firm, maintenance of quality and hygiene at the stores had been an ongoing issue since mid-2013.

The decision comes at a time when the long-drawn battle over the ownership of CPRL between its founder Vikram Bakshi and McDonald's India has dislodged the company from the growth track.

The conflict has also hampered its profitability, while most other quick service restaurant chains have managed to grow. CPRL is a 50:50 joint venture between the two and is currently operated by four board members — Vikram Baksi, his wife, and two representatives of McDonald's.

According to data available at the Registrar of Companies, Ministry of Corporate Affairs, CPRL’s revenue growth fell to six per cent in 2014-15 compared 29 per cent in 2010-11 as investments came to a standstill. The slide being pronounced in 2014-15, when CPRL posted Rs 645 crore revenue compared to Rs 609 crore in the previous year.

In 2013-14, too, revenue growth halved to eight per cent from 16 per cent in 2012-13. In 2012-13, CPRL generated Rs 562 crore in revenues and in the previous year it stood at Rs 490 crore. Data has been sourced from the industry. | READMORE...

GST launch mock drill today: Know how Team Jaitley is preparing for July 1

GST war room is an important element in the government's launch effort

Today's Paper : With three more days to go before India's biggest tax reform in decades is implemented, the Narendra Modi-led government is all geared up to ensure that nothing goes amiss on July 1. For this, a mega rehearsal has been planned today in the Central Hall of Parliament. The rehearsal, scheduled to be held at 10 PM, may be supervised by either Parliamentary Affairs Minister Ananth Kumar, his deputies Mukhtar Abbas Naqvi and S S Ahluwalia, or Secretary Rajiv Yadav, official sources told Firstpost.

Officers from various departments including those from the finance ministry will be part of the rehearsal event, they said.

The GST Feedback and Action Room set up by the Central Board of Excise and Customs (CBEC) is keeping a close watch to ensure all processes are in place for a smooth rollout.

"A special war room has been created to address doubts arising over GST, beforehand," a senior government official told The Economics Times.

It will operate from eight in the morning to 10 in the evening, providing a single window for the resolution of any GST-related issue. | Read Full Article

Just two days left: Aadhaar-PAN linking mandatory from July 1 for taxpayers

As many as 2.07 crore taxpayers have already linked their Aadhaar with PAN

Today's Paper : The government has made it mandatory to link existing Aadhaar numbers with PAN of taxpayers with effect from July 1.

Amending income tax rules and notifying the same, the government has made quoting of the 12-digit biometric Aadhaar or the enrolment ID a must at the time of application of permanent account number (PAN).

Finance Minister Arun Jaitley through an amendment to tax proposals in the Finance Bill for 2017-18 had made Aadhaar mandatory for filing income tax returns and provided for linking of PAN with Aadhaar to check tax evasion through use of multiple PAN cards.

The revenue department said "every person who has been allotted PAN as on July 1, 2017, and who in accordance with the provisions of sub-section (2) of section 139AA is required to intimate his Aadhaar number, shall intimate his Aadhaar number to the principal director general of income tax (systems) or DGIT (systems)".

Besides, it entrusted principal DGIT (systems) or DGIT (systems) with specifying the formats and standards along with procedure for verification of documents filed with PAN application or intimation of Aadhaar number.

The rules will come into force from July 1, 2017, the revenue department said while amending Rule 114 of the I-T Act, which deals in application for allotment of PAN.

As many as 2.07 crore taxpayers have already linked their Aadhaar with PAN.

There are over 25 crore PAN card holders in the country while Aadhaar has been issued to 111 crore people.

Earlier this month, the Supreme Court had upheld the validity of an I-T Act provision making Aadhaar mandatory for allotment of PAN cards and ITR filing, but had put a partial stay on its implementation till a Constitution bench addressed the issue of right to privacy.

Pursuant to this, the Central Board of Direct Taxes (CBDT) had said the linking of Aadhaar and PAN will be a "must" for filing of income tax returns (ITR) and obtaining PAN from July 1.

While Aadhaar is a biometric authentication issued by the UIDAI, PAN is a 10-digit alphanumeric number alloted by the I-T department to individuals and entities.

Flipkart Lenovo mobile fest: Grab the best deals on smartphones

Interested consumers will also get the exchange offer as an add-on

Today's Paper : Flipkart, the e-commerce market leader, in collaboration with Consumer electronics major Lenovo, has launched the Lenovo Mobile Fest in India. They are offering discounts on some of the top Lenovo mobile phones, which are currently listed on Flipkart’s website. The fest will continue from June 26 to June 28. Also, further price cut is being promised under the exchange scheme.

Several smartphones by the Chinese company can be purchased at discounted prices, and interested consumers will also get the exchange offer as an add-on. Here is a look at the top offers on Lenovo Mobiles on Flipkart:

Lenovo K5 Note

16 per cent off on Lenovo K5 Note (4GB RAM + 32GB storage) MRP: Rs. 12,499; New offer: Rs. 10,499

16 per cent off on Lenovo K5 Note (3GB RAM + 32GB storage) MRP: Rs. 11,999; New offer: Rs. 9,999.

It flaunts full-metal body, with a fingerprint sensor and a 13MP ISOCELL camera with F2.2 Aperture, PDAF (Phase Detection Auto Focus), full HD recording, dual-LED flash on the back. It also comes with 5.5-inch full HD (1920x1080p) IPS screen, MediaTek P10 Octa-core CPU, a 3,500 mAh battery and an 8MP camera on the front.

Lenovo K5 Plus

16 per cent off on Lenovo K5 Plus (3GB RAM + 32GB storage) MRP: Rs. 8,499; New offer: Rs. 7,499.

It sports 5.0-inch full-HD display with a pixel density of 441 pixels per inch (ppi) on the front, premium aluminium cover with Radio Frequency (RF) radiation shield on the back, Qualcomm's 1.7GHz Snapdragon 616 octa-core SoC (System-on-Chip), 3GB RAM, 32GB inbuilt storage and a 2,750mAh battery. Other features include a 13MP primary shooter on the back, a 5MP snapper on the front and twin stereo speakers with Dolby Atmos technology. | READMORE...

Vodafone offers free Netflix for a year: Here is how to avail of the scheme

Here is how you can claim the free Netflix gift if you are a Vodafone RED subscriber

Today's Paper : Now, Vodafone customers can avail up to one year of free Netflix subscription. Exciting, right? Tapping on the popularity of Netflix in India, the telecom service provider, over the weekend, announced an all-new Netflix subscription benefit for its RED postpaid customers in India.

However, the plan is not for everyone. The company has also added the condition that postpaid subscribers on Vodafone RED Netflix plans of Rs 1,299 or higher value are eligible to get a free up to one-year Netflix subscription as a free gift, according to NDTV.

Here is how you can avail free Netflix subscription with Vodafone RED plans

— If you are a Vodafone RED subscriber, you can claim the Netflix gift by visiting the official website - https://shop.vodafone.in/shop/postpaid/buy-vodafone-red-plans.jsp.

— Vodafone customers can also SMS ‘Netflix’ to 199 to activate the eligible plan.

Netflix - Internet TV network giant.

Earlier in the year, global video streaming service Netflix had announced strategic partnerships with Airtel, Videocon d2h and Vodafone - making it the world's leading Internet TV network.

With these partnerships, Netflix's critically-acclaimed programmes like 'House of Cards' and 'Narcos and The Crown' will be easily accessible to consumers across direct-to-home and mobile platforms throughout the country.

"India is one of the most important and vibrant countries in the world and we are delighted to be teaming up with three of its leading companies to make it much easier for consumers to enjoy Netflix," Reed Hastings, Co-founder and CEO of Netflix, told Times of India. | READMORE...

Indrani Mukherjea booked for rioting, assault on police in Byculla Jail

Indrani Mukherjea is accused of strangling 24-year-old Sheena on April 24, 2012

Today's Paper : Nearly 200 Byculla Jail inmates, including Sheena Bora murder case accused Indrani Mukherjea, have been booked for rioting and other offences following the death of a woman convict.

Manju Govind Shette (45), a convict, died at the government-run J J Hospital on Friday night after allegedly being beaten up by a woman prison official.

Subsequently, six jail staffers were placed under suspension and yesterday police registered a case under IPC section 302 (punishment for murder) against them.

Following Shette's death, over 200 women inmates of the jail were up in arms since Saturday morning.

Some inmates on Saturday climbed atop the roof of the jail while newspapers were torched inside, a police official earlier said.

The inmates alleged that Shette was beaten up by a woman prison official. They wanted to present the issue before the media which is not permissible under prison rules, he said.

Indrani, who is lodged in the Byculla prison, is among the 200 inmates against whom a case was yesterday registered for rioting, unlawful assembly, assault on public servant and other relevant sections under the Indian Penal Code, a police official said today.

The jail houses around 251 women prisoners.

Indrani, her former husband Sanjeev Khanna and ex-driver Shyamvar Rai are accused of strangling 24-year-old Sheena - Indrani's daughter from a previous relationship - on April 24, 2012.

Sheena's burnt body was dumped in a bag at a forest in Raigad district near Mumbai.

Guess who's most followed Indian on Facebook after Modi: It's Virat Kohli

Virat Kohli is currently leading the Indian team in West Indies for the limited-overs series

Today's Paper : Despite the ongoing controversy surrounding Anil Kumble's exit from the post of the Indian cricket team's head coach, swashbuckling skipper Virat Kohli's popularity continues to grow.

The 28-year-old has added one more feather to his cap as he has become the second most followed Indian on Facebook with over 35 million followers to his name.

Kohli, who is currently leading the Indian team in West Indies for the limited-overs series, is now just behind Prime Minister Narendra Modi, who has 42.2 million Facebook followers.

He, however, is the most popular celebrity on Facebook in the country, surpassing Bollywood superstar Salman Khan by more than 6, 00,000 followers to surge to top of the list.

Fans have been supporting us, it is priceless.Keep supporting the team: Virat Kohli on becoming 2nd most followed Indian on FB after PM Modi pic.twitter.com/NaYm3OfRaC
— ANI (@ANI_news) June 26, 2017

Besides, the Royal Challengers Bangalore (RCB) skipper also has 16 million followers on Twitter and 14 million on Instagram to become the most famous cricketer of all times around the world.

After replacing Mahendra Singh Dhoni as skipper, Kohli guided India to Test series wins against New Zealand, England and Australia before leading RCB in the tenth season of the Indian Premier League (ISL).

Virat Kohli on Kumble: He's a great player; respect his decision to quit

Kohli was asked about Kumble's approach while coaching and he stoically maintained his stance

Today's Paper : Opening up for the first time, Virat Kohli on Thursday said that he will never reveal dressing-room details, in an apparent reference to the now retired coach Anil Kumble's statement that their partnership had become "untenable".

Kumble stepped down a couple of days back due to differences with the India captain.

Kohli said "he respects" Kumble's decision to quit and that there is highest regard for him as a player.
"Obviously Anil bhai has expressed his views and he has taken a decision to step out and we will respect that decision. It's something that has happened right after the tournament," Kohli said on the eve of the first ODI against the West Indies.

While he felt that Kumble is entitled to his opinion, in a roundabout manner, the skipper spoke about how dressing room details are sacred to him, which, at any cost, can't be shared with the public.

"One thing for sure is that I have had 11 press conferences that have happened during the Champions Trophy. We have created a culture over the last 3-4 years that whatever happens in the change room, we have tried to maintain the sanctity of the change room throughout. That is what the whole team believes in. For us that is paramount," Kohli stated.

The skipper said that he and his players respect Kumble's achievements as a player.

"I have total respect for him as a cricketer and what he has achieved for the nation. All the years that he has played. There's no taking away that aspect of him at all. And we all respect him totally," Kohli very consciously made it clear that he won't talk about coach Kumble's role.

He was asked about Kumble's approach while coaching and he stoically maintained his stance.

"Like I said, for me what's most important is to maintain the sanctity of the dressing-room and what happens in the change-room is something that's very sacred and private to all of us.

"... And something that I would not express in details in a public scenario. As I said, his point of view is out there and we respect that decision.

Cartosat-2 launch tomorrow: Countdown for Isro's 'eye in the sky' begins

When Indian Army soldiers conducted surgical strikes, they had help from an 'eye in the sky'

Today's Paper : The 28-hour countdown operation of the PSLV-C38/Cartosat-2 series satellite mission started on Thursday at 05:29 hours IST.

This comes after the Mission Readiness Review Committee and Launch Authorisation Board cleared the countdown on Wednesday.

The Indian Space Research Organisation (Isro) is gearing up to launch its Cartosat-2 series satellite for earth observation along with 30 co-passenger satellites.

Isro's workhorse, the Polar Satellite Launch Vehicle (PSLV), in its 40th flight (PSLV-C38), will carry these satellites into orbit. The rocket is scheduled to take off from the Sriharikota space port near Chennai at 9.29 am on Friday.

What does the Cartosat satellite do?

When Indian Army soldiers crossed the Line of Control last year to conduct surgical strikes against terrorists, they had help from an "eye in the sky". Now, the Indian Space Research Organisation (Isro) is strengthening this capability by launching an earth observation satellite belonging to the Cartosat-2 series tomorrow.

The mission's primary objective is to provide high-resolution, scene-specific spot imagery. This is similar in configuration to earlier satellites in the series.

The satellite, the seventh in the Cartosat series, is capable of along-track and across-track steering, up to 26 degree nominally. This will allow it to provide images in continuous imaging mode. | READMMORE...

Coach will be appointed before Sri Lanka tour, says BCCI's Shukla

It is not that captain is given all the importance, added Shukla

Today's Paper : The BCCI failed to resolve the differences between Anil Kumble and Virat Kohli despite its best efforts, said senior board official Rajeev Shukla before assuring that a new head coach will be appointed before India's tour of Sri Lanka next month.

"BCCI tried its level best to resolve the issue. The acting secretary, the CEO, they discussed the matter with Kumble and Kohli in great detail, the board consulted the chairman of the COA (Vinod Rai) also," Shukla told reporters here today.

"They tried to resolve the issues but eventually no outcome could be found out and Kumble decided to move on," he added.

Kumble, in his statement, said that Kohli had reservations about his coaching 'style' and there partnership was untenable.

"BCCI wishes Kumble best for the future. Meanwhile, BCCI has decided to search further for the coach. Before the Sri Lanka tour, the coach will be appointed and it will be the best coach for India," said Shukla.

When asked whether Virat Kohli was the only one who objected to Kumble as coach, he said: "All these are speculations.

"As I said, sometimes there are differences of opinion and BCCI tried its level best to resolve the whole issue but sometimes things don't work. Sometimes it happens that you can't get along with someone.

"It is not that captain is given all the importance. We give importance to everybody. There are differences sometimes. They are also human beings," Shukla added.

CT 2017: Pak cricketer Amir, once banned for spot-fixing, wanted to make up

'Amir, since completing his punishment, wanted to do something exceptional for Pakistan'

Today's Paper :Seven years after Muhammad Amir was banned for five years for spot-fixing, his family has finally heaved a sigh of relief.

His brothers, Naveed and Ejaz said Amir's brilliant new ball spell against India in the Champions Trophy final and the celebrations that have followed all over Pakistan have eased a big burden off them.

"Our family village, Changa Bungial is near Gujjar Khan near Rawalpindi and after the spot-fixing scandal happened, we were so ashamed and felt bad about facing people," Naveed told PTI on telephone from Lahore.

"Our family has now settled in Defence Lahore but our roots remain in our village and now when we go there we can proudly look up to our people again," he said.

"Amir, since completing his punishment, wanted to do something exceptional for Pakistan to make up for his wrong doing and I think he managed that on Sunday," he said.

Hailing from a poor family, Amir is the sixth child of seven children, six brothers and a sister, and Naveed says his kid brother has now started atoning for the mistake he made in 2010.
"Everyone is calling us from our village and congratulating us on Aamir's performance in the final," he said.

Left-armer, Amir who made a return to the Pakistan team after serving the five-year ban in January 2016, had struggled to leave an impact with his bowling since his comeback and many critics felt he was being unduly favoured by the national team's head coach Mickey Arthur. | READMORE...

Why NDA chose Bihar Governor Kovind, a Dalit leader, as President nominee

Kovind's name was a surprise to those who wanted somebody with a Hindutva image to be the candidate

Today's Paper : Bihar Governor Ram Nath Kovind, a Dalit leader of the Bharatiya Janata Party (BJP), will be the presidential candidate of the National Democratic Alliance (NDA), and in all likelihood the next President of India.

Presidential Elections 2017 : BJP Parliamentary Board decided Kovind's candidature at its meeting on Monday. Kovind is widely respected among political circles for his integrity and people remember his family to have led an abstemious lifestyle during his political career, including when he was a Rajya Sabha member from 1994 to 2006.

The BJP-led NDA has 48.6 per cent votes in the electoral college and has been promised support from regional parties like the Telangana Rashtra Samiti, YSR Congress Party, and All India Anna Dravida Munnetra Kazhagam.

BJP chief Amit Shah said his party has informed Opposition parties, including the Congress, about its decision. He said that Prime Minister Narendra Modi has spoken with Congress president Sonia Gandhi and former prime minister Manmohan Singh regarding the matter too. Shah expressed hope that other parties will support the NDA candidate. Kovind's name was a surprise to most, including those within the BJP and the Rashtriya Swayamsevak Sangh (RSS) who had been insisting that somebody with a Hindutva image be the NDA candidate. In the choice of Kovind, Modi and Shah seem to have outmanoeuvred not just the Opposition but also convinced the RSS leadership.

Who is Ram Nath Kovind

Kovind was born in village Paraunkh in district Kanpur Dehat, Uttar Pradesh, on October 1, 1945. He earned his Bachelor of Commerce degree, followed by his LLB degree, from Kanpur’s BNSD Intercollege and DAV College.

Kovind was the general secretary of the All India Koli Samaj from 1971 to 1975. He was the Union government advocate in the Delhi High Court from 1977 to 1979 and the central government advocate in Delhi High Court from 1982 to 1984. He was the general secretary of the Depressed Classes Legal Aid Bureau. | READMORE...

ICC Champions Trophy: Pakistan army mocks India after victory

Pakistan won the Champions Trophy cricket final on Sunday by defeating India by 180 runs

Today's Paper : Pakistan Army has mocked India after the country's resounding victory in the Champions Trophy cricket final, sharing photos of celebrations in restive Balochistan with a caption "To whom it may concern'. Lay off".

After posting photos of Army chief General Qamar Javed Bajwa with victory sign and soldiers dancing over Pakistani triumph over India at the Oval, military spokesman Major General Asif Ghafoor shared pictures from Balochistan where people were celebrating the victory.

"And this is Our Balochistan. 'To whom it may concern'. Lay off," he wrote along with photos.
The pictures were apparently in response to Prime Minister Narendra Modi's Independence Day speech last year in which he had raised the issue Pakistan's atrocities on people of Baluchistan and Pakistan-occupied Kashmir.

Ghafoor also posted a video showing people in Srinagar purportedly celebrating Pakistan's victory over India.

"And this is.........Srinagar!!" he wrote.

In another tweet, he said, "Valiant soldiers of Pakistan congrat Team Pak & Nation. United we shall defend Pak against all threats our enemies hatch."

Pakistan won the Champions Trophy cricket final on Sunday by defeating India by 180 runs.

Paytm GST clearance sale offers discount up to 80%, here are the best deals

You could win an Apple iPhone 7 on minimum purchase worth Rs 1,000 as well; sale ends on Thursday

Today's Paper : Paytm is running a pre-GST clearance sale on its e-commerce platform Paytm Mall. The three-day sale -- June 13 to June 15 – offers discounts, cashbacks and a chance to win Apple iPhone 7 in a bid to clear the stock before the final roll-out of Goods and Services Tax (GST) in the country on July 1.

Under the Paytm Mall pre-GST clearance sale, the e-commerce portal is offering up to 80 per cent off on products including TVs, laptops, phones, cameras, air-conditioners and refrigerators. The clearance sale also offers a cashback of up to Rs 20,000 on DSLRs, televisions, laptops and air conditioners.

Apart from all the discounts and cashbacks, the e-commerce portal is offering a chance to win Apple iPhone 7 on a minimum purchase amount of Rs 1,000.

Here are some of the best deals that the Paytm Mall is offering under pre-GST clearance sale:


The iPhone 7 with 32 GB storage, which has a maximum retail price of Rs 60,000, is currently going on sale at a discount of 24 per cent for Rs 45,366. Also, the e-commerce portal is offering a cashback of Rs 5,750 that brings down the overall selling price of the smartphone to Rs 39,616. At this price, the iPhone 7 is a great deal.

The iPhone 7 with 128 GB storage, which has a maximum retail price of Rs 82,000, is currently going on sale at a discount of 20 per cent for Rs 66,000. The e-commerce portal is also offering a cashback of Rs 7,000 in Paytm cash that brings down the overall selling price of the smartphone to Rs 59,000. | READMORE...

'Beheading' remark gets non-bailable warrant issued against Baba Ramdev

Ramdev had made remarks at a RSS-organised Sadbhawana Sammelan in Rohtak in April last year

Today's Paper : A non-bailable arrest warrant was issued against Yoga guru Baba Ramdev by a Rohtak court for his controversial ‘beheading’ remark made in April 2016. The order follows Ramdev’s failure to appear before the court again on Wednesday.

Ramdev had made the remarks at a RSS-organised Sadbhawana Sammelan in Rohtak in April last year, which was ironically called to promote peace in the city that witnessed violence during the Jat quota stir. Ramdev on April 3, 2016, said, "Koi aadmi topi pehan kar ke khada ho jaata hai, bolta Bharat Mata Ki Jai nahi bolunga, chahe meri gardan kaat do. Arrey is desh mein kanoon hai, nahi toh teri ek ki kya, hum toh lakhon ki gardan kaat sakte hain (Some person wearing a cap stands up and says that he will not say Bharat Mata Ki Jai even if you decapitate him. Look, there is rule of law in this country, otherwise let alone one, we can behead lakhs."

Ramdev was responding to the comment made by All India Majlis-e-Ittehadul Muslimeen (AIMIM) chief Asaduddin Owaisi, who said he will not chant ‘Bharat Mata Ki Jai’.
Ramdev was summoned under Sections 504 (intentional insult with intent to provoke breach of the peace) and 506 (punishment for criminal intimidation) of the Indian Penal Code (IPC) for his ‘beheading’remark.

The court of Additional Chief Judicial Magistrate of Rohtak (ACJM) Harish Goyal had earlier issued a bailable warrant against Ramdev but his failure to appear in court moved the court to issue the non-bailable warrant on Wednesday. | READMORE...

NPA problem: RBI identifies 12 mega defaulters for insolvency

The RBI will issue directives to banks on these large accounts

Today's Paper : The Reserve Bank of India (RBI) on Tuesday said its internal advisory committee (IAC) had identified 12 accounts that covered about 25 per cent of the banking system’s non-performing assets for immediate resolution under the Insolvency and Bankruptcy Code.

The gross bad debt of the Indian banking system as of March was at Rs 7.11 lakh crore, which means the 12 accounts would be responsible for about Rs 1.78 lakh crore.

The central bank did not give the names of the borrowers.

The government has amended the RBI Act, giving powers to the central bank to direct banks to take punitive action against individual accounts under the Code. Earlier the central bank could give directions only on an industry basis.

The process of appointing a professional to take over the management of a company and then come out with a solution to repay loans will take a long time and may not be a workable solution, say corporate lawyers.

The process begins with the banks approaching the National Company Law Tribunal (NCLT) to appoint a professional to manage a company even as the existing board gets suspended. The professional gets 180 days to come up with a workable solution for the company so that it can repay its loans. This timeline can be extended by another 90 days. If the company fails to come up with a solution within the 270 days, a liquidator is appointed.

Banks and workers will then have to submit their claims to the liquidator. “The difference between the new code and the Board of Industrial and Financial Reconstruction is that the former has stringent timelines. Meanwhile, a promoter can move the High Court on various grounds, thus delaying the process,” said RS Loona, managing partner, Alliance Corporate Lawyers. |READMORE...

Farmer is no fool, MP govt should put its money where its mouth is

More than the promises, it's there tardy implementation that is hurting the rural population more

Today's Paper : All along the Malwa region of Madhya Pradesh, a couple of things stood out during my two-day trip to the region in the midst of the state-wide farmers’ agitation.

First, unlike our common perception, farmers today are highly informed and well versed of their rights, government schemes and programmes and therefore will not shy away from claiming their due be it from the district administration, state or Centre.

The agitation that spread across Madhya Pradesh and has been gathering strength since June 1 is also on account of many unfulfilled promises of both the Central and State governments.

More than the promises, it’s there tardy implementation that is hurting the rural population more.
Central and state schemes look good on paper but when it comes to actual implementation many things are still riddled with inefficiency and corruption.

In fact, as a farmer told Business Standard, the Central government has enhanced the allocation for building houses under the Prime Minister’s Rural Housing Scheme from Rs 75,000 per unit to over Rs 125,000 per unit, but the local patwari or other block official demand a cut before approving the unit for central allocation.

It is here that the role of local administration and officials become important.
How the schemes or programmes or announcements can be of best use unless implementation of issues are addressed remains to be seen.

It is in this perspective that the Madhya Pradesh’s government’s recent announcement of banning purchase of any agriculture produce whose Minimum Support Price (MSP) has been determined by the Centre or state government in mandis should be seen.

The state government on Monday announced that all farm produce whose MSP has been determined by the Central government and the procurement process is on in mandis can’t be sold below MSP.
And in commodities where there is no procurement, the farm produce will have be sold at the maximum rate at determined through an open auction system.

The state also instructed all mandis to file a report with district agriculture marketing board if any farm produce is being sold below MSP for two consecutive dates.

This incidentally, also includes onion, where there is no Minimum Support Price (MSP). The state has also directed the mandi samitis to relax the quality parameters for procurement of farm produce. | READMORE...

RBI issues new Rs 500 notes with inset letter A, old notes to remain valid

This was in continuation of Rs 500 banknotes in Mahatma Gandhi (new) series notified on Nov 8, 2016

Today's Paper : The Reserve Bank of India (RBI) announced on Tuesday that it has issued Rs 500 denomination notes with inset letter A. However, the old notes, which were introduced after Prime Narendra Modi’s demonetisation drive in November, 2016 will continue to remain the legal tender.

The central bank, in a statement, said that this was in continuation of the issue of Rs 500 denomination banknotes in Mahatma Gandhi (new) series, which were notified on November 8, 2016. From time to time, the bank introduces new series of legal tender.

"In continuation of issuing of Rs 500 denomination banknotes in Mahatma Gandhi (new) series from time to time which are currently legal tender, a new batch of banknotes with inset letter "A" in both the number panels, bearing the signature of Urjit R Patel, governor, Reserve Bank of India; with the year of printing '2017' on the reverse, are being issued," an official statement said.

This comes after RBI Deputy Governor N S Vishwanathan said in March that the central bank did not have any plan to introduce new denomination currencies as it wanted to encourage cashless transactions in the country, according to IANS.

Arun Ram Meghwal, minister of state for finance, said that the government was not planning to print Rs 5,000 and Rs 10,000 currency notes, Financial Express reported.

The RBI had announced on 16 December, 2016 that it would issue Rs 500 notes with the inset letter ‘E’ in both the number panels, the report added.

Additionally, the central bank said that the notes will bear Swachh Bharat logo on the backside of the banknote and that some of the notes would carry and additional character in the space between the prefix and the number of the banknote. 

Champions Trophy 2017: Shikhar Dhawan breaks Sachin Tendulkar's record

Becomes the fastest Indian to reach the 1,000 run landmark in ICC matches

Today's Paper : India’s victory against South Africa at the Oval on Sunday was special, not only for the team and its billions of fans but also for opening batsman Shikhar Dhawan. Clearly, in the middle of a purple patch, the left-hander has continued his love affair with Champions Trophy. As he smashed yet another half-century, scoring 78 in India's chase of 192 runs, Dhawan broke the enviable record of master blaster Sachin Tendulkar and became the fastest batsman to score 1,000 runs in ICC one-day international matches.

While Tendulkar had taken 18 innings to reach the milestone, Dhawan did so in just 16. Former India captain Sourav Ganguly, who took 20 innings for 1,000 runs, is the third on the list.

While Dhawan has evidently raised his game in the present series, his relationship with ICC tournaments had begun way back in 2004, when he had scored 505 runs with three centuries in seven innings in the Under-19 World Cup.

His next world tournament was the 2013 Champions Trophy in England, where he averaged 90.75 at a strike rate of 101, with two hundreds in five innings. The leading run-getter in the tournament, he also won the Man-of-the-Series award. Then came the 2015 World Cup in Australia, where Dhawan scored 412 at an average of 51.50 and a strike rate of almost 92. His eight innings in the tournament included 73 against Pakistan and 137 against South Africa. He was India's highest run-getter in the tournament, and fifth overall.

Does he raise his game for big events?

Dhawan’s performance in World T20s has been quite ordinary – he averages 10.57. In ODIs, his overall average of 44.36 looks pale when compared with the brilliant 69.14 at which he has scored in big tournaments of 50-over games. Clearly, he doesn't perform above par in all big tournaments across formats.

Also, his form coming in the last two Champions Trophy competitions has been very good. He was the third-highest run-scorer in IPL 2017. Similarly, in 2013, he had played Champions Trophy after an impressive IPL show and a century on debut in Tests. So, for him, it seems more like continuing productive patches than lifting the performance. Before the 2015 World Cup, though, he had had a poor Test and ODI series in Australia. But he managed to improve dramatically during the World Cup, played under similar conditions. | READMORE...

Insulin, salt, set-top box: Full list of items that get cheaper under GST

GST rates for telecom services, marbles, granite, spectacles, among others, were retained

Today's Paper :The Goods and Services Tax (GST) Council on Sunday reduced rates for 66 items just two weeks ahead of the new tax regime's roll-out.

The Council also expanded the scope of the composition scheme for the benefit of small traders, manufacturers, and restaurateurs. The composition scheme is a presumptive taxation scheme allowing small traders, manufacturers, and restaurants to pay a one-five per cent GST rate on sales without tax credits. (Read the full notification here)

Among the 133 items whose rates were reviewed following industry representation, the GST rates for telecom services, marbles, granite, spectacles, among others, were retained.

Here is a list of all the items for which rates were slashed

1) Bones and horn cores, bone grist, bone meal, etc; hoof meal, horn meal, etc: Rate under GST revised to zero (nil-rated category) from five per cent.

2) Cashew nut: Rate under GST revised to five per cent from earlier rate of 12 per cent.

3) Cashew nut in shell: Rate under GST revised to five per cent (under reverse charge) from 12 per cent.

4) Raisin: Rate under GST revised to five per cent from 12 per cent.

5) Cereal grains hulled: Rate under GST revised to zero from five per cent.

6) Palmyra jaggery: Rate under GST revised to zero from 18 per cent.

7) Preparations of vegetables, fruits, nuts or other parts of plants, including pickle, murabba, chutney, jam, jelly: Rate under GST revised to 12 per cent for all products under the category from a previous mix of 12-18 per cent.

8) Ketchup & sauces (other than curry paste; mayonnaise and salad dressings; mixed condiments and mixed seasonings), mustard sauces: Rate under GST revised to 12 per cent from 18 per cent.
9) Curry paste; mayonnaise and salad dressings; mixed condiments and mixed seasonings: Rate under GST revised to 18 per cent from 28 per cent.

10) Bari made of pulses, including mungodi: Rate under GST revised to 12 per cent from 18 per cent.

11) Ice and snow: Rate under GST revised to five per cent from 12 per cent.

12) Salt (all types): Rate under GST revised to zero from five per cent.

13) Bio gas: Rate under GST revised to five per cent from 12 per cent.

14) Dicalcium phosphate (DCP) of animal feed grade (conforming to IS specification No 5470 : 2002):
Rate under GST revised to zero from 12 per cent.

15) Insulin: Rate under GST revised to five per cent from 12 per cent. | READMORE...

Indian army prepared for multi-front war, says Army Chief Gen Bipin Rawat

Says the new 17 Strike Corps is being raised specifically for mountain warfare

Today's Paper : Chief of Army Staff General Bipin Rawat, in an interaction with ANI, said that the Indian army is well prepared to face external, as well as internal threats to the country. Speaking to ANI General Bipin Rawat said, "Indian Army is fully ready for a two-and-a-half front war".

The Army Chief added that even though India is ready for a multi-front war, there are effective mechanisms available to defuse an adverse situation. "Even the PM has stated that for the last forty years not even a single bullet has been fired on the Indo-China border," said General Rawat.

In a freewheeling conversation with ANI, General Bipin Rawat also informed that a new strike corps, 17 Strike Corps, is being raised specifically for mountain warfare. On asking about the delay in its raising Army Chief said a process as complex as this takes time. He said, "It is being raised from scratch. The recruitments are on. As it is, to prepare an army soldier it takes about three years from recruitment process to training and then orienting and finally their deployment."

General Rawat went on to discuss modernisation plans of the army, saying that the government is aware of our all needs and is supporting us in every manner. "Make in India is a good initiative, it will give results in two to three years," said General Rawat.

General Rawat added that all armies across the world maintain an inventory in the ratio of the 30:40:30. In India, 30 percent equipment is of state-of-art technology; another 40 percent is undergoing modernisation and the remaining 30 percent is obsolete, which requires an upgrade.
General Bipin Rawat concluded by saying that the Indian Army's preparations are not against any specific country. | READMORE...

Uber fires APAC chief for accessing, sharing Delhi rape victim's records

Exec thought the incident was orchestrated by Ola; Founder Travis Kalanick knew of his actions

Today's Paper : US ride-hailing company Uber fired a senior executive who obtained medical records of a passenger who was raped by her Uber driver in India, on the pretext of investigating whether it was a ploy by competitor Ola to sabotage its India operations.

According to two reports by ReCode and The New York Times, Eric Alexander, who served as the President of Business for the Asia Pacific region, was terminated on Tuesday after reporters began contacting the company about the incident.

Alexander’s handling of the situation in India in December 2014 is the latest in a line of incidents that prove widespread dysfunction in the top management at San Francisco-based Uber.

News of the 26-year-old woman being raped by her Uber driver in Delhi had led to massive
repercussions for the company, which was later banned by the Delhi government. The issue had brought up serious questions about the safety of ride-hailing services, with people pointing fingers at Uber for being so lax about driver background checks.

While being publicly apologetic, some executives, including Alexander, believed that the incident was a ploy by Uber’s local rival Ola to sabotage its business in India. Sources at Uber told ReCode and NYT that Alexander was already in India at the time of the incident and obtained the medical records of the victim and ran his own parallel investigation.

Despite the case being a criminal investigation, Alexander kept the documents for over a year before other executives allegedly got to know of it and destroyed it. In that time, Alexander showed the report to CEO Travis Kalanick and SVP Emil Michael, apart from numerous other executives, who tried to poke holes in the woman’s claims of being raped by her Uber driver. | READMORE...

Flights to Doha longer as Indian carriers skip UAE; take Pak, Iran routes

Flights from Mumbai and Kerala will also have to transit through these routes due torestrictions

Current Affairs : Fliers from India will now spend an additional half hour on their flights to Doha, with the worsening crisis in the Persian Gulf prompting carriers to skip airspace over the UAE.

Air India Express, IndiGo and Jet Airways operate flights between Indian cities and Doha. Flights out of Delhi fly over Pakistan and Iran to reach the Qatari capital. Those from Mumbai and Kerala used to fly over Oman and the UAE. These will now also fly over Pakistan and Iran.

On Monday, Saudi Qatar Rift , the UAE, Bahrain, Egypt and Yemen severed diplomatic ties with Qatar, accusing Doha of supporting terrorism. They also suspended air, sea and land transport.

The UAE also asked all foreign airlines to obtain prior clearance to use its airspace for Doha flights. The situation worsened on Tuesday, with Bahrain and Saudi Arabia revoking the licence of Qatar Airways to operate in their territory.

With tension high, India airlines are preparing to deal with the crisis.

“All scheduled flights to and from Doha will operate on the alternative northern routes via Iran, avoiding the UAE airspace,” said a Jet Airways spokesperson. “As a result, flights will be 10 to 40 minutes longer.”

He added the airline was planning to augment its crew to deal with the additional flying time.

Jet is also trying to get clearance from the General Civil Aviation Authority (GCAA) of the UAE to fly over the country. “Our schedules have been provided to the GCAA. Once approved, we will be able to resume operating on the normal routes,” the airline said.

Last year, around 1.6 million passengers travelled between India and Doha, making it the fifth-busiest destination in the Gulf for travellers from here, after Dubai, Muscat, Kuwait and Jeddah. This figure does not include onward traffic.

Qatar Airways flies to 14 cities in India; 70-80 per cent of its passengers travel onward.

Aviation sources said Qatar Airways might drop fares to sustain its bookings. “Qatar relies on traffic from its neighbouring countries. Now, the airline will depend more on India and other such nations to fill up its flights to Europe and the US.”

Air traffic to the Gulf is thin during Ramzan, but domestic airways have experienced an increase in booking. This is because those who had booked one-stop flights, through Dubai or Sharjah, are now buying tickets on other flights, a sector executive said. Read More

Second suicide bombing reported at Iran shrine, IS claims responsibility

Till now, at least seven people are reported dead due to attacks

Today's Paper : A second suicide bomber detonated explosives outside the shrine of Iran's revolutionary founder Ruhollah Khomeini in south Tehran on Wednesday, state broadcaster IRIB reported.

Islamic State has claimed the responsibility for both the attacks on Wednesday, which killed at least seven people so far.

A woman had earlier blown herself up outside the shrine after three or four armed assailants stormed the site.

The iranattack was coordinated with an assault on the parliamentary complex in the centre of the city.

Islamic State has claimed the responsibility for both the attacks on Wednesday, which killed at least seven people so far.

Earlier, Iranian news agency Tasnim reported that four persons had been taken hostage by gunmen in the Parliament building's upper floors.

According to Fars news agency, there were guards and civilians among the wounded.
The Parliament building closed its doors and neither the deputies nor the journalists gathered there were allowed to leave.

Lawmaker Tayebeh Siavoshi told Efe that the situation was very confusing and sensitive, and denied preliminary information that everything was under control.

One of the assailants was arrested, while the other three remained inside the Parliament building.
Shortly after, a similar attack took place at the mausoleum of the Ayatollah Khomeini, leaving several persons injured. The number of those gunmen who opened fire at the mausoleum was still unknown, but the state-owned television said that one of them blew himself up.

The remaining two attackers were arrested, the Iranian Labour News Agency reported. |READMORE...

We will not succumb, says NDTV in a statement after CBI raids Prannoy Roy

CBI registered a case for causing an alleged loss to ICICI Bank to the tune of Rs 48 crore

The Central Bureau of Investigation on Monday registered a case against NDTV founder Prannoy Roy, his wife Radhika Roy, a private company and others for causing an alleged loss to ICICI Bank to the tune of Rs 48 crore, ANI reported.

Media reports said that according to the first information report (FIR) filed, the loan amount defaulted by Roy is for a company named RRPR holdings private limited.

The CBI also carried out searches at Roy's residence at Greater Kailash-I in New Delhi.

NDTV has released a statement after the raids that says:

This morning, the CBI stepped up the concerted harassment of NDTV and its promoters based on the same old endless false accusations.

NDTV and its promoters will fight tirelessly against this witch-hunt by multiple agencies. We will not succumb to these attempts to blatantly undermine democracy and free speech in India.

We have one message to those who are trying to destroy the institutions of India and everything it stands for: we will fight for our country and overcome these forces. | READMORE...

Infosys staffer found dead in firm’s Chennai premises, foulplay suspected

Body moved to Chengalpattu hospital, police registers case of suspicious death

 

 

A young software employee with Infosys was found dead in the company‘s office premises on the outskirts of Chennai.

According to police officials, a 30-year old Ilayaraja, hailing from Tindivanam, in Villupuram district, was found dead in the office premises in Mahindra World City, close to Chennai.

The body has been moved to Chengalpattu hospital. The police has registered a case of suspicious death and the investigation is going on, said an official from the Chengalpattu Taluk Police Station. The police also confirmed that no suicide note had been found.

“We are saddened by the loss of our employee in Chennai. Our deepest sympathies and prayers are with the family of the deceased. Infosys will provide all the necessary support to the family in their hour of grief,” said a statement from Infosys. (READ MORE)

How to link your Aadhaar with PAN through just an SMS

Link Aadhaar with PAN because from July 1, 2017 all tax returns will have to mention Aadhaar number

Now you can link your Aadhaar with PAN using just an SMS. Your mobile number and e-mail id will help you receive alerts related to your Aadhaar and to access Aadhaar services easily. The Income Tax Department on Wednesday issued advertisements and described how both the unique identity numbers of an individual can be linked by sending an SMS to either 567678 or 56161.

Here is how you can use the SMS facility to link Aadhaar with PAN

Send SMS to 567678 or 56161 in following format:

UIDPAN<SPACE><12 digit Aadhaar><Space><10 digit PAN>
Example:

UIDPAN 111133333321 AAAAAEEEEE

Why is it important to link Aadhaar with PAN?

The Income Tax Department is urging taxpayers to link their Aadhaar with their PAN, using an SMS-based facility because from July 1, 2017, all tax returns will have to mention the Aadhaar number.

If you have both the permanent account number (PAN) and Aadhaar, you need to link the two. If you fail to do so, your PAN number could become invalid.

How to link your Aadhaar to PAN online:

1. Log on to incometa-xindiaefiling.gov.in. (This step is not compulsory. You can directly jump to Step 2, if you do not wish to log in)

2. Click on 'Link Aadhaar'

3. A pop up window will appear. Enter your Aadhaar number, PAN number and name as per Aadhaar

4. Enter captcha and click on 'Link Aadhaar'. 

ALSO READ: Link Aadhaar with PAN using SMS: I-T dept

Linking mobile number with Aadhaar

You need to do this offline.

—Visit your nearest Aadhaar centre to get the Aadhar Update/Correction Form or download it from the UIDAI website.

— Fill out the form correctly; submit it to the concerned person at the centre and mention on the form that only mobile number is to be updated.

— While submitting the update form, along with photocopy of your Aadhaar card you also need to provide photocopy of an Identity proof document such as PAN Card, Passport, Voter ID card

— Following the submission, your biometrics will be verified at the enrolment centre. Your thumb impression will be verified. While applying for Aadhaar your biometrics were recorded and to authenticate the changes, they are verified.

— After verifying the biometrics, you will be given an acknowledgement slip. Usually, it takes 2-5 working days for the update to happen but as per the UIDAI helpline, the turnaround time for the update is 10 days. | READMORE...