Prankster calls US President Donald Trump, White House puts him through

The president of the United States, one of the most protected people on the planet and among the least accessible to the public, would seem to be a long-shot target for a prank caller looking to have some fun.
But President Trump, who likes to field his own telephone calls and prefers spontaneity to protocol, is a different breed. So on Wednesday, when a radio shock jock and comedian dialled the White House switchboard impersonating a United States senator’s aide, he found himself — in between barely suppressed giggles and off-colour jokes with his producer — patched through to Trump on Air Force One.
The result was an impromptu six-minute conversation on immigration and the Supreme Court between the president and the radio host and comedian John Melendez, known to his listeners as “Stuttering John”.
“Are you ready for the call?” a White House mobile communications officer asked Melendez before connecting him with Trump. He was.
As far as Trump knew, he was taking a call from Senator Robert Menendez, Democrat of New Jersey, who seemed to have an urgent legislative matter he wanted to raise.
“Congratulations on everything — we’re proud of you,” Trump said by way of a greeting, apparently alluding to the real Menendez’s recent acquittal on corruption charges and a subsequent decision by the Justice Department not to pursue additional ones. “You went through a tough, tough situation, and I don’t think a very fair situation.”
He was actually speaking with Melendez, who had called the White House switchboard, affected a British accent and identified himself as Sean Moore (“S-E-A-N, as in Sean Connery, and Moore, as in Roger Moore”), an aide to Menendez who, he claimed, badly needed to speak to Trump.
White House officials did not respond on Friday to requests for comment on how the prankster had been allowed to get through to the president. But Melendez’s profanity-laced podcast indicates that the process was surprisingly easy.
The White House operator can be heard telling Melendez that the president was in Fargo, North Dakota, and unreachable. But when Melendez insisted that Trump had said he would speak to Menendez, the operator, somewhat reluctantly, said she would try to connect him.
“I don’t know how I’m going to do this,” the operator said with a heavy sigh. She suggested she would contact Trump’s assistant, but then decided to try to transmit the call “through signal,” a reference to the White House Communications Agency, originally known as the White House Signal Corps, which provides emergency mobile communications for the president wherever he goes.
The next audible voice is the signal officer, who can be heard telling Melendez that the president was onstage at his rally in Fargo, and would have to call back.
When he was a private citizen, Trump frequently called in to the shock jock Howard Stern’s bawdy radio programme — the same one that made Stuttering John, Stern’s sidekick on the show for more than 15 years, famous — and engaged in salty banter. But Melendez was plainly shocked at the president’s willingness to take his call in this case.
“I don’t even think they’re going to call me,” Melendez told his producer at one point, as he waited for the call from Trump.
The White House operator did call Melendez back at one point to verify that he was who he said he was, asking whether he was calling from a cellphone and why it appeared to be from a California area code. Posing as Moore, the senator’s aide, Melendez said he was on vacation.
Later, Melendez said that he received a call from Jared Kushner, the president’s son-in-law and senior adviser, arranging a callback time for him and the president and asking what topic he would like to raise with Trump.
When a mobile communications officer did call back and put Trump on the line, Melendez played the part of the senator, although his voice sounded nothing like Menendez’s. But he barrelled forward as he engaged Trump in a discussion about what he should say to his constituents in New Jersey about the Trump administration’s immigration policies that have led to migrant families being separated at the southwestern border.
“What could I tell them that you’re going to do in moving forward?” Melendez asked. Trump responded, as he has before, that he would like to pass a broad immigration bill, which he said would be good for both parties. “I’d like to do the larger solution, rather than the smaller solution,” Trump said. “We have to have security at the border — we have to have that.”

Melendez then raised the retirement of Justice Anthony M Kennedy from the Supreme Court, and asked whether Trump would consider naming a moderate rather that a conservative.
“I have a big list of people, Bob, and we’re going to take a look at it,” Trump replied, adding that he hoped to make a selection in 12 to 14 days. On Friday, he confirmed that timetable publicly and told reporters to expect an announcement on July 9.
The prank did not become public until Thursday afternoon, after Melendez posted the news on Twitter. “Tune into my new Podcast where I prank call the President & he calls me from Air Force One!” Melendez wrote. A short time later he tweeted out the audio. Neither tweet got much traction at first, which frustrated Melendez.
“I find it astounding that the news media’s not picking up the fact that I totally duped the President & got in touch” with him “in less than 2 hours while he was on Air Force One,” Melendez wrote Thursday night.
The Daily Mail finally noticed on Friday, followed quickly by BuzzFeed News, and soon enough the story had generated a chyron on CNN: “Who’s Calling?”

In a landmark deal, Tata Steel & ThyssenKrupp seal 50:50 JV agreement

Tata Steel has signed a definitive agreement with ThyssenKrupp AG to create a 50:50 joint venture that would be Europe’s second-largest steelmaker after ArcelorMittal. The deal is being touted as the biggest consolidation in the European steel market since the acquisition of Arcelor by Mittal Steel in 2006 and Corus by Tata Steel in 2007.
For Tata Steel, the deal valuations are better than what the Street was anticipating, following the underperformance of its Europe business in the past few quarters.

The joint venture, to be named ThyssenKrupp Tata Steel BV, will have a workforce of 48,000 employees across 34 sites, producing about 21 million tonnes of steel a year and generating revenues of around 17 billion euros.
The definitive agreement follows the signing of a memorandum of understanding (MoU) in September 2017. The transaction is subject to merger control clearance in several jurisdictions, and the Tata Steel management is hoping to close it by December 2018, which was the original deadline.
“The joint venture will create a strong pan-European steel company that is structurally robust and competitive. This is a significant milestone for Tata Steel and we remain fully committed to the long-term interest of the joint venture company. We are confident that this company will create value for all stakeholders,” N Chandrasekaran, chairman, Tata Steel, said in a company release.
A joint press conference will be addressed by Chandrasekaran and Heinrich Hiesinger, CEO of ThyssenKrupp AG, in Brussels on July 2. “We will create a highly competitive European steel player, based on a strong industrial logic and strategic rationale. We will secure jobs and contribute to maintaining value chains in European core industries,” Hiesinger said in a statement.
ALSO READ: Thyssenkrupp workers signal support for joint venture with Tata Steel
The JV will result in the deconsolidation of Tata Steel Europe from the Tata Steel group balance sheet and facilitate deleveraging. The Tata Steel management said in the analyst call that 2.5 billion euros (Rs 200 billion) debt would be transferred.
With this, Tata Steel has turned into an investor from an owner for this entity, in turn, insulating itself from the vagaries of the business cycle, said brokerages.
graph “The debt will move out of Tata Steel books at consolidated levels and the balance sheet should only look stronger,” said Giriraj Daga, portfolio manager at Visaria Securities.
The JV will be managed by a holding company located in the Amsterdam region. The future management board will have six members, who will be named at a later date. The management board will be overseen by a supervisory body comprising three representatives from each of the joint venture partners.
The co-determination structures will be retained. The new company will have a European Works Council. In addition, an Employee Executive Committee (EEC) will be established with three employee representatives each from ThyssenKrupp Steel Europe and Tata Steel Europe, which will regularly discuss strategic issues with the management board. Until closing, however, ThyssenKrupp Steel Europe and Tata Steel in Europe will operate as separate companies and as competitors.
ThyssenKrupp had been facing pressure from shareholders Elliott and Cevian to change the valuation of the joint venture since Tata Steel Europe had underperformed compared to ThyssenKrupp since the deal was first announced.
ALSO READ: ThyssenKrupp board approves Tata Steel deal, JV to have 48,000 workers
As a compromise, the joint venture will issue warrants equivalent to 10 per cent of equity capital to ThyssenKrupp subject to certain dilution provisions, which can be monetised through a secondary sale in the case of an IPO. With the cut in valuation not as steep as anticipated by the Street, expect some respite for the Tata Steel stock, which has underperformed vis-à-vis domestic peers, such as JSW Steel, Steel Authority of India and Jindal Steel in the past few months.
In the event of an IPO, ThyssenKrupp would receive a higher share of economic rights, reflecting a ratio of 55:45. ThyssenKrupp will have the exclusive rights to decide on the timing of the potential IPO, the company presentation said.
However, the warrants will be dormant and triggered only in the case of an IPO, Tata Steel told analysts.

'Ask for a bill': FM Goyal's suggestion to consumers to check GST evasion

Seeking consumers’ participation in curbing tax evasion, Finance Minister Piyush Goyal on the eve of the completion of one year of the goods and services tax (GST) rollout on Saturday, appealed to consumers to insist on a bill for every purchase. He said it would help the government check evasion and reduce tax rate on each item by as much as 4-5 per cent.

He further said the government would start a three-digit consumer helpline number to enable them to lodge complaint against erring traders or any other kind of tax evasion.

Touted as the biggest indirect tax reform since Independence, the GST was rolled out last year on July 1.

“I want to appeal to the people that they should demand a bill whenever they go to purchase any goods. If you start asking for a bill...if there's awareness about this, then we can reduce rates by 4-5 per cent for every item (under GST),” Goyal said.

If any shop says that they will sell at a lower price if the consumer does not demand a bill, then the consumer should immediately file a complaint, he said.

“We will soon provide a three-digit simple number which will work as a call centre where customers can complain. We will ensure full confidentiality of the complainant,” Goyal said.

ALSO READ: Modi govt to celebrate July 1 as 'GST Day' to mark one year of tax reform
The endeavour will be to start the helpline number within 15-20 days, he said. A nationwide campaign could be launched for creating consumer awareness about demanding bills for purchases made.

“If everyone starts giving bill then competition will be on quality and customer service and not on ability to cheat the system,” Goyal said.

He further said the government wants to reduce the burden of taxation on consumers but revenue needs to increase and support of states is also needed to cut rates where it is essential.

With formalisation of economy, the government will have more elbow room to reduce rates, he said.

Goyal also assured small businesses if they face any trouble, then they can write to him and it would be resolved.

He said amendments would be introduced to the GST law in monsoon session to increase composition scheme threshold from the current Rs 10 million.

The GST Council had last year decided to increase the threshold to Rs 15 million and also decided to amend the law to increase the statutory threshold to Rs 20 million.
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GST 2.0 may be reality by 2019, with changes in tax rates, clarity on cess

Goods and services tax (GST), which is turning one on Sunday, is likely to usher in significant reforms by 2019, experts and consultants believe. The changes could be in terms of tax rates, expansion of ambit, system of advance rulings, clarity on cess and procedural issues.
But, some tweaking is possible much sooner. For instance, minor rate cuts in the range of 1-2 percentage points may be announced to incentivise digitalisation, anti-profiteering authority is likely to start imposing fine on companies and the refunds process is expected to be more streamlined. Some of the major changes, ...

Aadhaar Virtual ID now operational with Authentication User Agencies: UIDAI

The Aadhaar issuing authority Unique Identification Authority of India (UIDAI) on Saturday said it has made Virtual ID (VID) system operational with its Authentication User Agencies (AUAs) which have migrated to VID and UID Token.
The Virtual ID is a 16-digit random number mapped with the Aadhaar number.

Meanwhile, UIDAI has also classified its AUAs in 'Global' and 'Local' categories for providing authentication facility for VID through UID Token and Limited KYC.
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Telecom companies and E-sign provider AUAs not using API version 2.5 and e-KYC API 2.5 starting July 1 shall be charged Rs. 0.20 for every transaction performed, read a statement.
However, as an incentive to expedite the migration process to VID (via Auth API 2.5), UIDAI has decided that in case an AUA has fully migrated to APIs 2.5 by July 31, then the authentication transaction charges imposed for the above said period of July 1-31 shall be waived off.
Also, for all the other AUAs including banks, it has been decided that they shall migrate to VID and UID Token using Auth API 2.5 and e-KYC API 2.5 by August 31.
In case of any failure, UIDAI shall be free to take actions under the Aadhaar Act including the imposition of financial disincentives and termination of license keys.
"It has been observed that a number of AUAs have already migrated to production environment using APIs 2.5 for VID implementation and most of the remaining AUAs have tested VID and UID Token in pre-production environment APIs 2.5. We are requesting with these agencies to fully migrate to production environment by the stipulated date," Dr Ajay Bhushan Pandey, CEO, UIDAI, said.
He further reiterated that VID is a critical security measure for protecting residents' privacy and their Aadhaar numbers. With the introduction of Virtual ID, an Aadhaar holder will have an option of not sharing his/her Aadhaar number and can generate a Virtual ID to share with AUAs to perform Aadhaar based authentication.
Pandey further explained that the authentication ecosystem varies from AUA to AUA.
It is observed that in certain AUAs, the authentication is always done in a controlled environment in the presence of their own regular staff while in case of some AUAs, the authentication is performed in the presence of their agents who many a time cater to more than one AUA.
Sometimes these agents in addition to AUA specific activity are also involved in other business activities.
Therefore, "it is imperative that on the basis of level of supervision in authentication ecosystem and the risk assessment, the VID/UID Token associated security features should be implemented in certain category of AUAs sooner without any delay", Pandey said.
He added that UIDAI is further in the process of review of the classification of Global and Local AUAs based on the security and risk assessment of the authentication process of the AUAs.
"UIDAI, in near future, proposes to introduce other forms of Aadhaar data verification and the same may be provided to AUAs for identity verification in lieu of global or local, as per our review and assessment," Pandey stated.
AUAs have been asked to make necessary changes in their front-end client application to accept Aadhaar number as well as Virtual ID and in Backend application to consume the UID Token and Limited KYC data immediately.

Women commandos to deal with women stone-pelters: CRPF readies J&K plan

The incidents of stone pelting in Jammu and Kashmir are on a rise with women too joining the pelters.
To tackle the situation, the Central Reserve Police Force (CRPF) has prepared a team of lady commandos.

These women commandos have been given rigorous training which includes being blindfolded to deal with night-time deployment and repairing weapons in under a minute in case of any malfunction.
The security forces have been repeatedly challenged by the incidents of stone pelting across the Valley in recent times.
Earlier on May 7, R. Thirumani (22), a tourist from Chennai, died in a hospital after being hit by a stone during clashes in Narbal area.
On May 2, a bus carrying school students was attacked by stone-pelters in Zawoora village of Shopian district. Also, seven tourists were injured when stone-throwers targeted vehicles in south Kashmir's Anantnag district on April 30.

Messi's Argentina out of World Cup as Mbappe-inspired France win 4-3

The first match of Group 16 in Russia promises to be a fascinating clash of two under-achieving sides who are supposedly on different trajectories. This also marks the debut of Adidas Telstar Metcha. The new red design on the ball has been produced to reflect the colour of host nation Russia, while capturing "the rising heat of knockout stage football".
Full-time report: At the end of the match, Lionel Messi stared into the abyss. Probably, that's what great men do when their greatest dream is over. So when the giant screen at the Kazan arena showed 'France 4-Argentina 3' at the full-time whistle, Messi stood and stared -- into nothingness, showed no emotion -- in a sort of way that numbness gives way to deep wounds and speechlessness to shock.
The match was lopsided from the very beginning. France, a team full of exuberant young talents eager to show their skills on the world stage and Argentina, an excuse of a team being shouldered by a little bit of fortune and Messi. Argentina's manager Jorge Sampaoli started with a defensive line-up, choosing to reinforce his midfield and defence at the cost of blunting the team's attack. France's Didier Deschamps named a strong line-up, a mixture of talented youth and experienced seniors.
France dominated from the very beginning. Mbappe, in particular, ran riot with his pace against the snail-paced Argentinian midfield and defence. A trailer of what was to come later in the match happened in the seventh minute when Mascherano brought Mbappe in front of the Argentinian box. Griezmann took the free-kick and clattered the crossbow. Not that France had to wait too long for their goal, as in the 10th minute, Mbappe ran through the entire Argentinian defence before Marcos Rojo fouled him inside the box in a desperate bid to stop him. Griezmann slotted home the penalty.
France continued to attack on the counter and Argentina, despite dominating the possession, played second-fiddle. Just before the half-time though, in the 41st minute to be precise, an inspired Angel Di Maria scored a stunner from 30 yards out. He received the ball in the middle outside the France box and sent his shot in a top-corner to Lloris'left.
Argentina had a great start to the second half and within three minutes of the start of the half, Argentina lead France 2-1, courtesy an accidental goal by Banega who deflected Messi shot, which might would have been otherwise saved. Argentina started to look confident and ventured into the France final third. But, in the 57th minute, France's right-back Pavard had a Di Maria sort of moment when he received the ball on the right and with the outside of his boot and a swivel of his hips, he sent his effort searing into the top left corner.
The goal inspired the French, and within the next ten minutes, Mbappe scored twice to basically seal the deal. The first came in the 64th minute when Mbappe received the ball inside the box after Matuidi's shot was blocked. Mbappe took it in his stride, ran to his left and drove a low shot underneath Armani to restore France's lead.
His second goal came in the 68th minute, after Giroud, who was surrounded by the Argentinian defenders, passed the ball to Mbappe and the 19-year-old finished the move with a clinical strike.
Argentina did have a goal back, late in the injury time. Messi curled in a ball into the box and the substitute Sergio Aguero flew to head the ball home to give Argentinians their last hurrah in the Fifa World Cup 2018.
This might be it for Messi, the Argentinian maestro, who has lost three major finals and now failed to progress from the Round of 16. Before the start of the 2018 World Cup, Messi had said the future of his international career would depend on how his team fares, and given how shambolic they have been and how he had to basically carry the entire team on his own, it might not be a surprise to hear him announce his retirement soon.
France, on the other hand, have been superb, and it's good that they have started to turn it on when it mattered the most, given that they were punching below their weight in the group stage despite qualifying. Mbappe has seemingly come of age. And it's just a cruel turn of fate's wheel, that a generational talent should shine in a match that might write the epitaph of the career of one of the greatest players of all time.
Here are the live updates:
Final whistle. It's all over for Argentina!
Minute 90+3 (GOAL!!)-- Aguero scores! The Manchester City striker heads home a Lionel Messi curling pass. But it's anyway over.
Minute 88 -- Mbappe substituted out for Thauvin
Minute 82 -- Substitution: Griezmann out for Nebil Fekir.
Minute 75:Substitutions: France make a change -- Corentin Tolisso replaces Blaise Matuidi. For Argentina, Maxi Meza comes in for Cristian Pavon.
Minute 72 -- Pavard booked.
Kylian Mbappe - The Man of the Match
Minute 68 (GOAL!!) -- France saunter through the middle, easily passing around their way across the Argentina midfielders. The ball's worked to Giroud, who has space in front of the Argentina defence and Mbappe unmarked to his right. Giroud’s pass is perfect. Mbappe doesn't have to break stride. He simply has to run on to the ball and fire it into the bottom-right corner!
Minute 64 (GOAL!!) -- Mbappe scores and France lead!! Pogba plays a pass out to Hernandez on the left. Nobody deals with the left-back's cross. Matuidi sees a shot blocked and the ball falls to Mbappe. He takes it in his stride, jigs to the left and drives a low shot underneath Armani to restore France’s lead!
Minute 57 (GOAL!!)-- France score!! Pavard scores a blinder. The right-back receives the ball on the right, lets it bounce once, and with the outside of his boot and a swivel of his hips, he sends his effort searing into the top left-corner.
Minute 49 -- Ever Banega booked for a lunge on Mbappe. he's out of the next game.
Argentina leadsMinute 48 (GOAL!!) -- Argentina lead!! And in the most unlikely way. Banega sends his free-kick from the left to the middle. Pogba clears it but it falls to Messi. He swivels and turns back on to his left foot and takes the shot but his effort is deflcted off Mercado and it goes past the helpless Lloris! Argentina 2-France 1
Substitution for Argentina: Fazio in for Rojo
Second-half begins.
Half-time report: Argentina struggled against France to begin with. To be more precise, they struggled against Kylian Mbappe. The pacey teenager ran the slow Argentinian defence to the ground through his searing pace and trickery. That also earned France their penalty in the 11th minute, after Marcus Rojo unable to catch Mbappe, who was running with invisible wings into the box, dragged him down. Griezmann took the penalty and slotted the ball down the middle while the Argentina goalkeeper dived down the right.
Moments later, Mbappe was again brought down, this time just outside the Argentinian box but Pogba couldn't keep his free-kick down. France had a free-kick from the similar distance in the ninth minute, when Griezmann slammed his dipping free-kick into the crossbar. Argentina struggled after conceding the goal, especially because of a lack of midfield that could compete with the formidable midfield of France and Mbappe's pace. It looked like France would put in some more goals but Argentina somehow survived. That was before Angel Di Maria, in a moment of sheer inspiration, received the ball outside the box in the 41st minute and scored a stunner into the top-right corner with his left leg from more than 32 yards away.
Although the score is level, Argentina will need to mind their midfield, the lack of which has seen Messi in the midfield more than the final third. Messi has tried to create but have been failed by a lack of a proven goalscorer in the box. Maybe a change in the personnel will do the trick.
Di Maria equalisesMinute 41 (GOAL!!)-- Di Maria scores a stunner!! The winger receives the ball in the middle outside the France box from Banega and sends in a top-corner shot to Lloris' left. What a goal!! Argentina level the scores.
Minute 38 -- Messi slides a pass down the right to Pavon, who pulls the ball back into the area. It’s an easy clearance for Pavard, though.
Minute 37 -- Di Maria clips a pass to Messi, who takes the ball in his stride before going down in the area. That was a tangle of legs.
Minute 30 -- Mbappe again drives into the box and looks to cut-back but Tagalfico manages to dispossess him and brings the ball to safety.
Minute 27 -- Mercado claims handball by Umtiti after his cross is blocked by the French defender's arm. The referee ignores his appeals though.
Minute 25 -- France nearly add to their tally! Griezmann goes down the right and skips past Rojo and sent a pass to the near post for Matuidi but the Argentinian goalkeeper smothers it.
Minute 18 -- Free-kick to France!! Tagalfico brings down Mbappe at the edge of the box after Mbappe again shows his pace and runs in between two defenders to receive a pass and drive forward. Pogba takes the free-kick but skies it. Yellow card to Tagalfico
France 1 Argentina 0Minute 10 (GOAL!!) -- Penalty for France!! Mbappe brings out his lightning pace and literally runs through the entire Argentinian defence. Marocs Rojo desperately tries to stop Mbappe and fouls him inside the box! Griezmann steps up to take the penalty and scores! He sends his penalty straight down the line while the goalkeeper dives on his right side.
Minute 7 -- Mascherano brings down Mbappe just in front of the Argentinian box. The teenager was running at the heart of the Argentinian defence and Mascherano, coming from behind throws in a tackle and brings down the player. Griezmann takes the free-kick and it's sweetly-struck but it clatters against the crossbar. Uff!
Minute 4 -- Angel de Maria is released down the left wing and he sprints to almost near the byline. He looks up but there's no Argentinian in the French box. He sends in a cross nevertheless but it's poor and flies out of the play.
Minute 3 -- Umtiti clips his Barcelona teammate Messi's toes and Argentina get a free-kick. Messi takes the free-kick, sends pings the ball into the box but it's defended well.
ALSO READ: Fifa World Cup 2018: Adidas announces new ball for knockout stage
Peeeeeeeeeeeeppppp.. And.. we're off....

Trivia: -- Didier Deschamps will take charge of his 80th game as France manager; a new record as he overtakes Raymond Domenech (79 games). (Source: OptaJoe)
-- France have won just 18% of their games against Argentina (2/11), their lowest rate against a current country played at least 10 times. (Source: OptaJoe)
-- Jorge Sampaoli has chosen his 15th different starting 11 for Argentina, in his 15th game as their coach. (Source: OptaJoe)
-- Angel Di Maria's goal at 30.2 yards is the longest range goal scored at the 2018 World Cup so far. (Source: OptaJoe)
-- Both of Angel Di Maria's World Cup goals have come in round of 16 matches (vs Switzerland in 2014 and vs France today). (Source: OptaJoe)
-- Argentina have conceded a penalty goal in a World Cup knockout game for the first time since 1998 v England. (Source: OptaJoe)
Here are the live updates:
Line-ups out:
France are back to full strength after resting players against Denmark. It’s the same 11 that beat Peru 1-0, with Blaise Matuidi, preferred to the skill of Ousmane Dembele.
Argentina make one change to the team that beat Nigeria. Cristian Pavon replaces Gonzalo Higuain.
France vs Argentina line-upFrance vs Argentina line-up
Argentina and Lionel Messi need to find form as soon as possible if they are to go any further in the World Cup when they meet a France team who have yet to live up to their billing.
All the flaws of an ageing and unbalanced Argentina team were ruthlessly exposed in the thrashing by Croatia in the group stage.
But, roared on by a pumped-up Diego Maradona, Messi finally opened his account in this tournament before Marcos Rojo volleyed in a stunning winner against Nigeria as the 2014 finalists punched their ticket to the knockout stage.
Didier Deschamps' France, meanwhile, among the pre-tournament favourites, have looked sluggish despite easing through the group stage unbeaten.
First-choice striker Antoine Griezmann has been unable to recapture his best form and the creativity has failed to flow from the midfield.
Deschamps is adamant that France will get it all right when the business end of the tournament kicks off today.
"A whole new competition begins now, direct elimination," Deschamps said.
"We got what we wanted. Now the mountain looms up in front of us, but we're there and we're aiming to get through to the next round after that."
Five-time Ballon d'Or winner Messi underlined his importance to Argentina with a sublime opening goal against Nigeria on Tuesday.
But it made little amends to the Barcelona icon's penalty miss against Iceland in a lacklustre 1-1 draw in their opening match of Fifa World Cup 2018.
Messi was then virtually missing in action when Jorge Sampaoli's men suffered the chastening defeat to Croatia.
The tension of the win over Nigeria had 1986 World Cup winner Maradona grimacing towards the sky with a crazed look in his eyes.
Maradona later played down concerns over his health after he was checked over by paramedics inside his VIP box.
Argentina and Messi's performances are under scrutiny too. The 'G.O.A.T' has never scored in the knockout stage of a World Cup and his recent show apart from that scintilating goal has been more or less average.
"We know Messi is great but we're confused and sad for him. He is such a pure Barcelona product but with Argentina right now, Messi's in a mess." "And let's face it, France have yet to show anything to make us feel optimistic, to give us hope," said Marcel Desailly, a World Cup winner with France in 1998.
With just three goals from three games, an attacking line featuring Griezmann, 145-million-euro teenage sensation Kylian Mbappe and Olivier Giroud has hardly set the tournament on fire.
Griezmann, particularly, is facing increasing scrutiny two years after his six-goal, seven-assist tally steered France to the final of Euro 2016, where France lost to Portugal.
His campaign so far has been more remarkable for the controversy caused by his decision to announce his commitment to Atletico Madrid, rejecting Barcelona in the process, in a 40-minute video aired on the eve of France's World Cup opener.
"He's fine, he's fine. You mustn't ever doubt one of the best players in the world," said his Atletico teammate Lucas Hernandez.
Les Bleus should have the measure of Messi, according to Marius Tresor, the former France defender who helped Les Bleus to a fourth-place finish at the 1982 World Cup.
"Against Messi, they (France) will have to play intelligently," Tresor told AFP. "If Messi comes through the middle we have a guy called N'Golo Kante who doesn't let people past him easily.
On Messi's right side there's Hernandez, who knows him well from the Spanish league.
"Messi likes to move around, so we have to try and control him." said Hernandez
Meanwhile, Argentina's World Cup squad focused on practising penalties in their final workout ahead of the knockout clash.
After missing Thursday's training session due to a hip injury, Enzo Perez rejoined his teammates on the field. Argentina's goalkeepers Franco Armani, Willy Caballero and Nahuel Guzman trained on blocking kicks from the 12-yard mark, in preparation for a possible penalty shootout against the Europeans.
The France national team are training at Central Stadium in Kazan while Argentina travel to Kazan later on Friday, but both the teams are not expected to train at the Kazan arena, the venue for their last-16 match.
The 23-member full squad of France:
Goalkeepers: Hugo Lloris, Steve Mandanda, Alphonse Areola.
Defenders: Layvin Kurzawa, Benjamin Mendy, Samuel Umtiti, Raphaël Varane, Lucas Hernandez, Benjamin Pavard, Adil Rami, Djibril Sidibé
Midfielders: Paul Pogba, Blaise Matuidi, Corentin Tolisso, N'Golo Kante, Steven Nzonzi.
Forwards: Kylian Mbappe, Olivier Giroud, Antoine Griezmann, Ousmane Dembele, Florian Thauvin, Thomas Lemar, Nabil Fekir.
The 23-member full squad of Argentina:
Goalkeepers: Nahuel Guzman, Wilfredo Caballero, Franco Armani
Defenders: Cristian Ansaldi, Gabriel Mercado, Nicolas Otamendi, Federico Fazio, Marcos Rojo, Marcos Acuna, Nicolas Tagliafico
Midfielders: Javier Mascherano, Cristian Pavon, Maximiliano Meza, Angel Di Maria, Giovani Lo Celso, Ever Banega, Lucas Biglia, Eduardo Salvio, Enzo Perez
Forwards: Paulo Dybala, Gonzalo Higuain, Lionel Messi, Sergio Aguero

RIL to acquire Radisys for $74 mn to accelerate Jio's 5G, IoT push

Reliance Industries has signed an agreement to acquire US-based open telecom solutions provider Radisys, according to a statement.
The cash acquisition is aimed at cementing Jio's position in futuristic areas such as 5G and Internet of Things (IoT).

Sources familiar with the development said that the deal involves a valuation of roughly $74 million, and that Radisys will be delisted post the acquisition.
With headquarters in Hillsboro, Oregon, Radisys has nearly 600 employees. The Nasdaq-listed company also has an engineering team in Bangalore, along with sales and support offices globally, a joint statement by the two companies said.
"Radisys Corporation... a global leader of open telecom solutions...and Reliance Industries Limited, India's largest private sector company have entered into a definitive agreement under which Reliance will acquire Radisys for $1.72 per share in cash," the statement said.
The deal is subject to statutory and regulatory approvals and nod of Radisys' shareholders. It is slated to close in the fourth quarter of 2018.
RIL plans to fund the transaction through its internal accruals, the statement added.
"Radisys' top-class management and engineering team offer Reliance rapid innovation and solution development expertise globally, which complements our work towards software-centric disaggregated networks and platforms, enhancing the value to customers across consumer and enterprise segments," Akash Ambani, Director of Reliance Jio said.
The acquisition is aimed at accelerating Jio's innovation and technology position in the areas of 5G, IOT and open source architecture adoption.
"The Radisys team will continue to work independently on driving its future growth, innovation and expansion. The addition of Reliance's visionary leadership and strong market position will enhance Radisys' ability to develop and integrate large-scale, disruptive, open-centric end-to-end solutions," Brian Bronson, CEO of the US-based company said.

Why Rahul's task is tougher than what Sonia faced in 2004 & Rajiv in 1984

Even as various formulas are being worked out by the opposition at the national level for taking on the Bharatiya Janata Party (BJP) in 2019, including forming alliances which may not be the same in every state, the first test as to whether such khichdi or hodge-podge groups can be politically effective will be the lifespan of the Janata Dal (Secular)-Congress government in Karnataka.
If it fails to survive at least till the next general election, then all the hopes of the non-BJP parties coming together against the BJP will evaporate. It is unfortunate for those planning a confrontation with the BJP that the current signs about the longevity of the H.D. Kumaraswamy government in Karnataka are not very reassuring.

Having been uncharacteristically magnanimous about letting Kumaraswamy of the JD-S become the Chief Minister although he is the junior partner in the coalition, the Congress now appears unable to accept the reality of its No. 2 position despite winning 78 seats in the 224-member assembly to the JD-S's 37.
Hence, the current differences between the two parties over the presentation of a full budget, which is what the Chief Minister wants, apparently to leave his personal stamp on the fiscal policy. The Congress, however, objects to it since the former Chief Minister, Siddaramaiah, had presented the state's budget earlier and evidently doesn't want his plans to be summarily brushed aside.
It is also no secret that relations between the present and former chief ministers have not been cordial ever since Siddaramaiah crossed over from the JD-S to the Congress on realising that Kumaraswamy was the former Prime Minister H.D. Deve Gowda's choice as his successor in the party.
Since there have been tussles between the two parties over ministerial berths as well, it is not surprising that Bengaluru was rife not long ago with rumours about the BJP toppling the Kumaraswamy government. It goes without saying that any impression about the instability of the ruling alliance will enable the BJP to mock the national opposition's efforts to combine against it.
As it is, ever since the Janata Party's collapse in the late 1970s, the idea has gained ground about the inherent fragility of coalitions at the national level although they have been quite successful in states like Kerala and earlier in West Bengal. In New Delhi, however, neither the Janata Party of Morarji Desai, Charan Singh and Jagjivan Ram of 1977, nor the Janata Dal of V.P. Singh, Devi Lal and Chandrashekhar of 1989, could last for any length of time
The machinations of the Congress were one reason for the short lifespan of these combines. It was the same in the 1990s when the Congress brought down the H.D. Deve Gowda government at the Centre and paved the way after I.K. Gujral's brief interregnum for the BJP to come to power.
Perhaps the time has come for the Congress to show that it has got over its self-perception of being the natural party of governance in Lutyens Delhi and let others also have their days in the sun. Whether or not such a change in the party's outlook has taken place will become clear by its role in Karnataka.
It is a test of leadership not only for the Congress as an organisation, but also for Rahul Gandhi, who has to show that he is not like his grandmother, Indira, or uncle, Sanjay, who conspired to seal the Janata Party's fate in 1979, or like his father, Rajiv, who pulled the rug from under V.P. Singh's feet with Chandrashekhar's help in 1990.
Since by his own admission, he aspires to be the Prime Minister if the Congress wins a sizeable number of seats, he has first to show his capability of controlling his notoriously fractious party and then of accommodating his allies. As far as groupism is concerned, Karnataka presents less of a challenge to the Congress president than, say, Madhya Pradesh where the number of heavyweights in the party is larger -- Kamal Nath, Digvijay Singh, Jyotiraditya Scindia -- but Rahul's success or failure in Karnataka will send the required message to the other states as well.
If he can ensure a measure of calm in Karnataka, it will signal his arrival as a person who has it in him to lead the 133-year-old Grand Old Party although it is known to be well beyond its prime at the moment. Unlike Madhya Pradesh or Rajasthan, where the Congress has been out of power for a decade and a half and, therefore, is in a chastened frame of mind, Karnataka is different because it was in power on its own till recently and is now in office with an ally. The attitudes and ambitions of the local Congress leaders are more assertive as a result.
The challenge for Rahul, therefore, will be greater than what he has faced so far. Moreover, it will serve no worthwhile purpose for him to depend on Sonia Gandhi to make any of the restive members fall in line. He has to demonstrate that he alone is at the helm. However, Rahul's task will be more difficult than either what Sonia Gandhi experienced when the Congress unexpectedly won the 2004 election or what Rajiv Gandhi faced when he became the Prime Minister after Indira's assassination in 1984.
(Amulya Ganguli is a political analyst. The views expressed are personal)

Mallya summoned by PMLA court on Aug 27 under fugitive offenders ordinance

A special PMLA court here today summoned beleaguered liquor baron Vijay Mallya to appear before it on August 27 on the Enforcement Directorate's plea seeking action against him under the fugitive economic offenders ordinance in the over Rs 90 bn bank fraud case.
Special judge M S Azmi, dealing with the Prevention of Money Laundering Act (PMLA) cases, issued the notice to Mallya after taking cognisance of the second ED charge sheet filed against him recently and a subsequent application by it on June 22 seeking a fugitive economic offenders tag.

This is the first time that action has been initiated under the ordinance recently promulgated by the Modi government to deal with fugitive bank loan defaulters.
The agency has also sought immediate confiscation of assets worth around Rs 125 bn of Mallya and other fugitive economic offenders, they said.
If Mallya does not appear before the court, he risks being declared a fugitive economic offender, besides properties linked to him being confiscated.
The court had earlier issued non-bailable warrants against the beleaguered businessman in the two cases filed by the ED.
Mallya, his now defunct venture Kingfisher Airlines Limited and others availed loans from various banks during the tenure of the UPA-I government and the outstanding amount, including interest, against him is Rs 99.90 bn at present, the officials said.
Mallya had recently said that he has become the "poster boy" of bank default and a lightning rod for public anger.
He said he had written letters to both the prime minister and the finance minister on April 15, 2016 to explain his side of the story.
"No response was received from either of them," Mallya, who is based in London, had said in a statement.
"I have been accused by politicians and the media alike of having stolen and run away with Rs 90 bn that was loaned to Kingfisher Airlines (KFA). Some of the lending banks have also labelled me a wilful defaulter," he said.
The ED has furnished evidences in its two charge sheets, filed under the Prevention of Money Laundering Act (PMLA) in the past, to make a case for seeking a fugitive offender tag for Mallya from the court.
Mallya is contesting the money laundering charges in London after India initiated extradition proceedings against the liquor baron to bring him back to the country.
Both the ED and the Central Bureau of Investigation (CBI) have filed cases for alleged loan default against him.
The Modi government brought the ordinance as "there have been instances of economic offenders fleeing the jurisdiction of Indian courts, anticipating the commencement, or during the pendency, of criminal proceedings".
The ordinance has provisions for special courts under the Prevention of Money Laundering Act, 2002 to declare a person as a fugitive economic offender and order immediate confiscation of assets.
"A fugitive economic offender is a person against whom an arrest warrant has been issued in respect of a scheduled offence and who has left India so as to avoid criminal prosecution, or being abroad, refuses to return to India to face criminal prosecution," the government said.
The cases of frauds, cheque dishonour or loan default of over Rs 1 bn would come under the ambit of the ordinance.
The measure offers necessary constitutional safeguards in terms of providing hearing to the person through counsel, allowing him time to file a reply, serving notice of summons to him, whether in India or abroad and appeal before a high court.

Fiscal deficit hits 55% of full-year target on the back of higher capex

The Centre’s fiscal deficit for the first two months of fiscal year 2018-19 stood at Rs 3.45 trillion, or 55 per cent of the full year target, on the back of higher capital expenditure.
However, the pace of spending in relative terms was slower than the same period last fiscal.

Fiscal deficit for April-May 2017 touched 68.3 per cent of the full year target.
The fiscal deficit target for 2018-19 is Rs 6.24 trillion, or 3.3 per cent of the gross domestic product (GDP).
“Fiscal deficit for April-May 2018 recorded a welcome year-on-year decline on the back of robust growth in indirect tax and non tax revenues as well as near stagnant revenue spending, allowing for a healthy rise in capital expenditure in the early part of the year,” said Aditi Nayar, principal economist at ICRA.
Net tax revenues for April-May 2018 was Rs 1.02 trillion, or 6.9 per cent of the full year target, compared with 5.5 per cent for the first two months of 2017-18. Non-tax revenue was Rs 240 billion, or 9.8 per cent of the full year target against 5.3 per cent for the same period last year. Total receipt was Rs 1.27 trillion, which is 7 per cent of the target compared to 5.4 per cent in the previous year.
ALSO READ: April-May fiscal deficit reaches 55.3% of budgeted target of FY19
graph Total expenditure till May 31 was Rs 4.73 trillion, or 19.4 per cent of the full year target compared to 21.4 per cent last year. Revenue expenditure was Rs 4.09 trillion, or 19 per cent compared to 21 per cent last year. Capital expenditure was Rs 638 billion, which is 21.3 per cent of the full year target compared with 17 per cent for the same period last year.
As Business Standard reported earlier, the Centre had to pay less amounts in food and fertiliser subsidy carryovers this year compared to last.
“In contrast to the stagnation in revenue expenditure, capital spending recorded a substantial 21 per cent growth in the first two months of this fiscal, led by sectors such as defence, roads, railways and transfers to states,” Nayar said.

N Korea making more nuclear bomb fuel despite talks, thinks US intelligence

US intelligence agencies believe North Korea has increased production of fuel for nuclear weapons at multiple secret sites in recent months and may try to hide these while seeking concessions in nuclear talks with the United States, NBC news quoted US officials as saying.
In a report on Friday, the network said what it described as the latest US intelligence assessment appeared to go counter to sentiments expressed by President Donald Trump, who tweeted after an unprecedented June 12 summit with North Korean leader Kim Jong Un that "there is no longer a nuclear threat from North Korea."
NBC quoted five unidentified U.S. officials as saying that in recent months North Korea had stepped up production of enriched uranium for nuclear weapons, even as it engaged in diplomacy with the United States.
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ALSO READ: Kim dumps denuclearisation? North Korea still upgrading nuclear site
The network cited US officials as saying that the intelligence assessment concludes that North Korea has more than one secret nuclear site in addition to its known nuclear fuel production facility at Yongbyon.
"There is absolutely unequivocal evidence that they are trying to deceive the US," NBC quoted one official as saying.
The CIA declined to comment on the NBC report. The State Department said it could not confirm it and did not comment on matters of intelligence. The White House did not respond to a request for comment.
The NBC report raises further questions about North Korea's readiness to enter serious negotiations about giving up a weapons program that now threatens the United States, in spite of Trump's enthusiastic portrayal of the summit outcome.
NBC quoted one senior U.S. intelligence official as saying that North Korea's decision ahead of the summit to suspend nuclear and missile tests was unexpected and the fact that the two sides were talking was a positive step.
However, he added: "Work is ongoing to deceive us on the number of facilities, the number of weapons, the number of missiles ... We are watching closely."
Jeffrey Lewis, director of the East Asia Nonproliferation Program at California's Middlebury Institute of International Studies, said there were two "bombshells" in the NBC report.
ALSO READ: US says will test North Korea's commitment with timeline of 'asks'
He said it had long been understood that North Korea had at least one undeclared facility to enrich nuclear fuel aside from Yongbyon.
"This assessment says there is more than one secret site.That means there are at least three, if not more sites," he said.
Lewis said the report also implied that U.S. intelligence had reporting to suggest North Korea did not intend to disclose one or more of the enrichment sites."Together, these two things would imply that North Korea intended to disclose some sites as part of the denuclearization process, while retaining others," he said.
North Korea agreed at the summit to "work toward denuclearization of the Korean Peninsula," but the joint statement signed by Kim and Trump gave no details on how or when Pyongyang might surrender its nuclear weapons.
US Secretary of State Mike Pompeo said last week he would likely go back to North Korea before long to try to flesh out commitments made at the Trump-Kim meeting.
On Thursday, the Financial Times quoted US officials as saying that Pompeo plans to travel to North Korea next week, but the State Department has declined to confirm this.
Ahead of the summit, North Korea rejected unilaterally abandoning an arsenal it has called an essential deterrent against U.S. aggression.
ALSO READ: Despite summit with Kim, Trump says North Korea still a nuclear threat
Trump said last week North Korea was blowing up four of its big test sites and that a process of "total denuclearization ...
has already started," but officials said there had been no such evidence since the summit.
This week, Washington-based North Korean monitoring project 38 North said recent satellite imagery showed North Korea had made rapid improvements to facilities at Yongbyon since May 6, but it could not say if such work had continued after June 12.

Sanju review: An unconvincing biopic but another good Rajkumar Hirani film

Sanju is writer, editor, director, Rajkumar Hirani’s fifth feature film and in four of these films, Abhijat Joshi has partnered him in writing the screenplay of the film. In one of their interviews, Hirani explained that they approached each scene with the LCD principle. A scene either ought to make you laugh, cry or should be dramatic enough for you to feel engaged with it. One could say that it is this principle and his editing skills which have made all his films special. They have been tightly scripted entertainers which have then found acceptance with the masses too.
Sanju, his latest and promoted as a biopic based on the life of actor Sanjay Dutt (star of Hirani’s first two films as director) continues this tradition of adhering to the LCD principle and starts off on a dramatic note and then continues to weave laughter, tears and drama through its 161-minute journey.
Sanjay Dutt has had a remarkably newsy and controversial life and it does make for an interesting story on its own. From his days as a drug addict to his time in jail after the Bombay blasts in 1993, to his recurring brushes with the underworld and then the long drawn court case, Dutt’s story makes for an arresting topic. While the world may have judged him differently, the film industry seems to dismiss all allegations against ‘Sanju Baba’ with a gentle wave of the hand and the movie Sanju seems no different.
One can view Sanju as a biopic and also as another Rajkumar Hirani film, starring Ranbir Kapoor. While the first prism may lead to disappointment, the second presents a much more fulfilling experience for a movie watcher. While it is true that it may not have been possible for the writers to shine a light on all of Sanjay Dutt’s life, the aspects they choose to depict are also presented with a very bright rose-tint. We may never know the reason Hirani chose to make a film on Dutt’s life, but we can rest assured that it wasn’t to present a wart and all picture. The film presents him as a kind-hearted victim and just like the film industry has done in the last three decades, dismisses any allegations of impropriety or wrong-doing with a gentle wave of the hand. Dutt is a nice guy who just falls prey to the circumstances. They pin the blame on the media and actually take a very strong line against newspapers, even adding a song with the real Sanjay Dutt and Ranbir Kapoor damning newspapers in the end-credits.
Sanju review: An unconvincing biopic but another good Rajkumar Hirani film
It is when you watch the film as a Hirani film and stop worrying about the biopic bit, does it become a fun ride. The first fifteen minutes of the film are probably Hirani’s weakest fifteen minutes of his career so far but the order is soon restored and a calm hand surfaces. This calm hand then guides the film and takes the viewer on a ride where the story is well told, brilliantly enacted and expertly woven. The film focuses on Dutt’s relationship with his illustrious parents, especially his father, actor-politician Sunil Dutt. Unlike some other famous Hindi film directors, Hirani isn’t given to a self-indulgent streak and keeps the focus on telling a good tale to the paying public. This serves Sanju well. While they cherry-pick aspects of Dutt’s life and then present it to us with their spin, one is thoroughly entertained. There is the familiar sense of humour that you find in all his previous films. There are the usual slightly over the top emotional scenes and then there are the dramatic moments which make Sanju an LCD success story. From his gait to little flourishes of his eyes to his dialogue delivery, Ranbir Kapoor’s impression of Sanjay Dutt is brilliant. The role offers him a range of shades to portray and he does it with elan. From being a drug-addled wreck to being a vulnerable son to a father, he does it beautifully. Paresh Rawal as Sunil Dutt is first rate. The film is actually more honest about the trouble Dutt Sr. had to go through because of his son. There are some misses though. While the film does mention how Dutt Senior may have been abandoned by his own party men when his son was arrested, it chooses to ignore that Sunil Dutt eventually had to seek the help of Bal Thackeray to get his son out of jail. Vicky Kaushal does a remarkably good job as Sanju’s closest friend, the Gujarati-NRI, Kamli.
While the music may not have been the best, it does fit well in the film.
Like this depiction or hate it, but you can’t fault it for its pace or its ability to hold your attention. There are no moments when you may be tempted to take out your mobile phone and check if you have any important message. It is an entertaining story, told well.
In his ability to bring laughter, emotions and drama together and to weave it into a tight story, Hirani is the Aamir Khan of directors.
If you are going to watch an honest Sanjay Dutt biopic, then you are likely to be disappointed but if you go to watch another Rajkumar Hirani film, then Sanju is a good way to spend 161 minutes of your time.

Harish Manwani, HUL's longest serving chairman, takes final bow at AGM

A 42-year-long career drew to an end on Friday as Harish Manwani, 65, chaired the annual general meeting of Hindustan Unilever (HUL), the country's largest consumer goods company, for the last time.
Addressing shareholders at the AGM, which was the company's 85th, Manwani, who was HUL's longest-serving chairman (appointed in 2005 in a non-executive capacity), said these were unpredictable times and that the nearly Rs 350-billion firm would have to respond with a new paradigm that was 'great to good'.

"Going from great to good requires businesses to embrace a larger purpose that goes beyond generating short-term financial results. A corporate purpose that is relatable, a purpose that goes beyond physical products and services, and makes a real difference to society," he said, acknowledging shareholder gratitude for his tenure at the company.
Manwani also reiterated the importance of digital and technology, saying they were key for the success of the company in the future. "We are leading the digital transformation with significant investment in automation, robotics and artificial intelligence across the value chain. Through advanced data analytics, we are reinventing the way we market our brands through digital media and our go-to-market models," Manwani said.
HUL, he said, was using GPS tagging technology to identify and prioritise markets for distribution among other its digital initiatives. And was also using technology to increase its presence in e-commerce, a small but growing channel.
Manwani also said that the company was working on a food strategy that was centred on building a platform of brands that were innovative and met consumer needs.
The statement acquires significance since earlier this month, HUL said it was bringing its food and refreshment verticals together, effective July 1, in keeping with global portfolio alignments.
The company had also said that the move would allow it to harness synergies and scale up the business as the combined vertical was a strategic priority for it.
Manwani also said that he saw no problem with HUL paying royalty to parent Unilever, since the subsidiary was paying for what it received.
"I am not at all concerned with what we pay them (Unilever) because a cost-benefit analysis of the royalty we give is done," he said while addressing a shareholder query on the subject.
HUL, has in the last five years, increased royalty to Unilever in a phased manner from 1.4 per cent to 3.15 per cent as the local portfolio has seen introduction of global brands from Unilever.
HUL also declared a total dividend of Rs 20 per share for the 2017-18 financial year though Manwani said there was no bonus issue in the offing.
"What we look at is total shareholder value versus a bonus issue. And the former includes dividend payout and capital appreciation, parameters on which we have done well," he said.
Manwani also said that the introduction of Goods & Services Tax in July 2017 had led to lower output tax on over half its portfolio and that the new tax regime was good for overall category and market growth.

Bank of Maharashtra board takes away Marathe, Gupta's executive powers

The board of Bank of Maharashtra (BoM) has taken away functional powers of its managing director and chief executive Ravindra Marathe and executive director R K Gupta to avoid reputation risks to public sector lender arising out of criminal cases against two executives.
A C Rout, existing executive director, will look after all the functional responsibilities of Marathe and Gupta.

On June 20, 2018, the Economic Offences Wing of the Pune police had arrested six persons, including Marathe and Gupta in a cheating case lodged against city-based real estate developer D S Kulkarni and his wife. On June 27, a special Pune court granted bail to Marathe in a case involving D S Kulkarni.
In view of the recent developments, the board, at its meeting, decided that MD&CEO and executive director be divested of all functional responsibilities of bank with immediate effect, state-owned bank said in filing with BSE.
ALSO READ: Bank of Maharashtra shareholders stand by CEO; shares slide 2%
Bank executives said the proposal was moved by representative of the government, which holds a majority stake in Pune-based bank. While the charges against bank officials are in the nature of allegations, it was thought that it would be prudent to keep the bank, listed entity, away from being under a cloud.

SpiceJet to diversify into freighter service with modified Boeing 737

Ajay Singh-owned SpiceJet is diversifying into the air cargo business, and will be the first among Indian airlines to start a dedicated freighter plane service. The airline, which will be using Boeing 737-800 BCF for freighter operations, will get its first plane in July.Ajay Singh-owned SpiceJet is diversifying into the air cargo business, and will be the first among Indian airlines to start a dedicated freighter plane service. The airline, which will be using Boeing 737-800 BCF for freighter operations, will get its first plane in July.
“We plan to start operations by July between the metro cities. Gradually we will be spreading the business to other cities including international destinations,” a senior SpiceJet official said.
ALSO READ: SpiceJet keen to run sea planes in Odisha to connect tourist hotspots
Sources said that retrofitting work in aircraft is underway at Boeing’s facilities in Shanghai and at Israel Aerospace Industries. “Two planes have already undergone conversion and will be joining our fleet by third week of July,” the Spicejet official said. The airline plans to have 20 freighter planes by 2022.
Through its freighter conversion program, US aircraft manufacturer Boeing transitions passenger airplanes into freighters. “The seats of the plane are removed creating space for cargo. Modifications also include installing a large main-deck cargo door, a cargo-handling system and accommodations for up to four non-flying crew members or passengers.
The 737-800BCF carries load of upto up to 23 tonnes and has a range of 2,000 nautical miles (3,750 km) which according to SpiceJet will help them to venture in new international markets. “The international destinations are still in planning stage but certainly we will expand gradually,” the official said.
The 737-800BCF freighter also offers operators newer technology, lower fuel consumption and better reliability than other standard-body freighters.
ALSO READ: SpiceJet hits 11-month low; down 21% in one month
A boost in e-commerce sales has increased the prospect of air cargo business in India. But while logistics pure play cargo players like Blue Dart operates six dedicated freighter planes, most of India's air cargo capacity is limited to belly space in commercial airlines, all of which are seeing a surge in cargo income.
The largest Indian airline, IndiGo, which operates 153 A320 planes, earned Rs 8,761 million from cargo operation in FY 16-17. Rating agency Icra said in a recent report, that air cargo volumes are expected to grow by 60 per cent over the next five years.
"Growing e-commerce, improving air connectivity across small airports in the country and growth in GDP are expected to result in growth in air cargo traffic. Infrastructure bottlenecks remain a major constraint to the growth prospects of air cargo and the same need to be addressed," Icra sector head for corporate ratings, Harsh Jagnani, said.
However, sector analysts warned that SpiceJet’s diversion may be a costly affair at a time when airlines are tackling the dual problem of a high fuel price and weaker currency. “Freighter business is a very tough sector, it’s extremely seasonal and logistics company like FedEx, Blue Dart which have expertise in such business makes life tougher. Getting into captive model with major e-commerce players like Amazon and Flipkart will help,” said an airline executive.
Veterans of the air cargo industry said that SpiceJet will initially face the hurdle to fill up space as other than high value items, the road and water mode is preferred. “Filling up space will be a challenge. Business between India and the neighbouring countries is not so robust to support dedicated freighter operations,” an executive of a air cargo company said.

Not talking about pulling US out of WTO: Trump denies media reports

President Donald Trump has denied he is planning to withdraw the United States from the World Trade Organization.
"I'm not talking about pulling out," he told reporters on Air Force One yesterday when asked about reports he was planning an exit from the the global trading body.

Trump has branded the WTO a "disaster" and flouted international trade norms by hitting key allies with stinging tariffs, and imposing crippling fees on Chinese goods in the name of US national security.
US news website Axios cited sources saying Trump has repeatedly told his top officials he wants to exit the world body, which Washington helped design and most often rules in favour of the United States when Washington brings cases before it.
But Treasury Secretary Steven Mnuchin said earlier it would be an "exaggeration" to say Trump is planning to quit the WTO.

ThyssenKrupp board approves Tata Steel deal, JV to have 48,000 workers

ThyssenKrupp's supervisory board on Friday gave the green light for a steel joint venture with Tata Steel , paving the way for the European steel sector's biggest shake-up in more than a decade.
The largest deal in Europe's steel industry since the takeover of Arcelor by Mittal in 2006, the 50-50 joint venture - to be named Thyssenkrupp Tata Steel - will have about 48,000 workers and about 15 billion euros ($17.5 billion) in sales.

Based in the Netherlands, it will be the continent's No 2 steelmaker after ArcelorMittal and forms the core of Thyssenkrupp CEO Heinrich Hiesinger's plan to turn the steel-to-submarines conglomerate into a technology company.
"The joint venture with Tata Steel is an important milestone for the transformation of Thyssenkrupp to an industrials and service group and will lead to a significant improvement of the financial figures of Thyssenkrupp, effective with closing," the group said in a statement.
The definite agreement would be signed shortly, it added.
The deal comes as European steel makers face stiff tariffs of 25 percent on their exports to the United States, their biggest market, fuelling fears the local market might be forced to absorb more volume as a result.
DETAILS
Since tariffs were announced in late May, shares in European steelmakers ArcelorMittal, ThyssenKrupp, Salzgitter and Voestalpine have lost 8 to 17 per cent.
Hiesinger had faced pressure from activist shareholders Cevian and Elliott to extract more commitments from Tata Steel, whose European business performed worse than Thyssen's since the deal was first announced in September, thus creating a valuation gap.
ThyssenKrupp said that in case of an initial public offering of the joint venture, which is widely expected by investors and has been flagged by both companies, it would get a bigger share of the proceeds "reflecting an economic ratio of 55-45."
The German group also said it now expects annual synergies of 400 million to 500 million euros from the transaction, having previously communicated a maximum of 600 million.
Markus Grolms, vice chairman of ThyssenKrupp's supervisory board, also said that Tata Steel would continue to remain liable for environmental risks in Britain, where its Port Talbot factory, the least profitable of the joint venture, is based.
He also said that Tata Steel's Dutch unit would be part of the joint venture's cash-pooling mechanism, which had been a key demand for German workers concerned that Tata would give its own workers better conditions in the new company.
"Yes, we do want to protect people. But we also want a company with better chances and less risks," Grolms said.
($1 = 0.8588 euros)

Kharif crop minimum support prices to be in place next week

Prime Minister Narendra Modi said on Friday the much-awaited minimum support prices (MSPs) for kharif crops for the 2018-19 season, to be fixed at least 1.5 times of the production cost, would be announced next week.Prime Minister Narendra Modi said on Friday the much-awaited minimum support prices (MSPs) for kharif crops for the 2018-19 season, to be fixed at least 1.5 times of the production cost, would be announced next week.
Addressing a group of sugarcane farmers at his residence, Modi said that in the next two weeks, the government would also announce the fair and remunerative price (FRP) for sugarcane.
This price will not only be higher than the FRP of the 2017-18 season, but will also incentivise those farmers whose recovery from sugarcane will be higher than 9.5 per cent. The sugar season starts from October onwards. For the 2017-18 season, the Centre had fixed a sugarcane FRP of Rs 255 a quintal, which was Rs 25 more than the previous year’s FRP.
Modi also apprised the 140-odd sugarcane farmers, who had come from sugarcane producing states, about the various steps taken by the government to ensure better incomes for them and also clear pending dues. He said that in the last 7-10 days itself, around Rs 40 billion of sugarcane dues had been cleared due to the new policy measures.
“I think it is much-awaited decision (on MSP), and should be good for farmers. As far as the impact of high inflation on farmers is concerned, I don’t think it would have any impact because in wheat and rice, PDS operations act as a buffer against rising prices. In other crops, too, it won’t push up wholesale prices,” said PK Joshi, South-Asia director of the International Food Policy Research Institute (IFPRI).
He said studies conducted by the IFPRI showed that in pulses and oilseeds, high MSPs had not pushed up prices at the retail level.
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“Inflation is more the work of rising incomes and dwindling supplies which isn’t the case anymore at least in case of supplies, therefore I don’t think that food inflation would rise due to hike in MSP,” Joshi said.
graph Though the MSP announcement is a routine exercise and has limited practical value for farmers except for those who grow wheat, rice and cotton to some extent, this time it has acquired added importance as the Budget 2018-19 had promised to mandatory fix it at 50 per cent over the cost of production for all the 23 notified crops.Not only this, the government has also promised to devise a fool-proof mechanism in consultation with the NITI Aayog to ensure that maximum procurement of crops takes place under MSP systems for crops other than wheat and rice.
Calculation of the cost for determining the MSP has been another contentious issue with some farmers group wanting it to fixed at over comprehensive cost (C2).
The Centre is expected to fix it at over A2+FL cost of production.
A2+FL broadly is all input cost plus own and family labour while comprehensive cost (C2) includes all paid out expenses incurred, plus imputed value of unpaid family labour along with rentals and interest foregone on owned land and fixed capital. MSP fixed on the basis of C2 cost is much higher than that fixed over A2+FL cost.
ALSO READ: What exactly would be the kharif MSP of 2018-19 remains a big question
Modi also told the farmers that the Centre had requested tate governments to take effective measures for liquidation of cane arrears. He also exhorted farmers to use sprinkler and drip irrigation, latest farming techniques, and solar pumps. Modi also apprised farmers of his recent interactions with corporates, where he has called for greater private sector investment for value addition, warehousing, storage facilities, better quality seeds, and market linkages for improving farmers’ income.

Ex-bureaucrat Girish Chandra Chaturvedi named ICICI Bank chairman

His former colleagues in the powerful Indian Administrative Service fraternity remember Girish Chandra Chaturvedi's unassuming ways that endeared him to everybody around him. ICICI Bank, which named him non-executive chairman on Friday, would hope that the 1977 batch IAS officer, who retired as petroleum secretary five years ago, still retains that trait of his personality to guide the bank in its deepest hour of crisis. The board is looking up to him to provide “maturity and sagacity” to its deliberations, the bank said in a statement.
The decision to have a new chairman comes at a time when the largest private sector bank in the country is facing an image crisis and an ongoing inquiry into the conflict of interest charges against its Managing Director and Chief Executive Officer Chanda Kochhar. The bank said this would ensure a seamless and smooth transition of leadership at the board and would address stakeholders concerns on this behalf.
His appointment for three years is effective from Sunday or “the date of receipt of RBI approval for such appointment, whichever is later," ICICI Bank said. The term of current Chairman MK Sharma expires on Saturday.
Chaturvedi worked as additional secretary in the department of financial services under the United Progressive Alliance government. From there in 2011, he moved to the ministry of petroleum and natural gas when Jaipal Reddy got his secretary S Sundareshan moved out during the peak of the Cairn-Vedanta buy-out controversy.
The Uttar Pradesh cadre bureaucrat was new in the ministry of petroleum and natural gas. So, for the first few days, he decided to knock on the doors of all joint secretaries and directors, and personally introduce himself — a rarity in hierarchy-conscious bureaucracy.
ALSO READ: ICICI Bank extends fall; stock down 11% in four days
Prior to that, he had spent around four years in the Union finance ministry, both as joint secretary and additional secretary in the department of financial services, thus giving him the required skills to oversee the troubled bank now. As someone who has been chairman of the Pension Fund Regulatory and Development Authority (PFRDA) and chairman of the Warehousing Development and Regulatory Authority (WDRA), the regulatory experience can come in handy at ICICI Bank, people who know him say.
He was also the special director-general in the Organising Committee of the Commonwealth Games when Jaipal Reddy was in the ministry of urban development.
Chaturvedi is a postgraduate in social policy from the London School of Economics and a masters in physics from Allahabad University when it was counted among the best in the country. Chaturvedi also holds a doctorate in economic history from the University of Oxford. His rich experience as government nominee director in many financial institutions should also come in handy for the bank.
“He is a very balanced person. We worked together on issues like bank capitalisation when he was in the department of financial services and I was in the budget division of the ministry of finance,” said one of his juniors in the IAS whose name was rumoured to have been discussed by the ICICI board.
Challenges before him
Enhance corporate governance
Manage reputation risk
Restore investor confidence
Rein in bad loans
Enhance profitability

Bank of Maharashtra divests CEO and executive director of their powers

In a major development, the board of Bank of Maharashtra (BoM) has divested managing director R P Marathe and executive director R K Gupta of their powers with immediate effect.
Both Marathe and Gupta, who were arrested by the Economic Offence wing of the Pune Police in an alleged cheating case, are currently on bail.

The board has asked the government to make suitable arrangement for smooth functioning of the bank.
The board of directors of the bank in its meeting held today decided that "R P Marathe, managing director and CEO, and R K Gupta executive director of bank be divested of all functional responsibilities with immediate effect," Bank of Maharashtra said in a regulatory filing to stock exchanges.
ALSO READ: DSK fraud case: Bank of Maharashtra MD and CEO Ravindra Marathe gets bail
Meanwhile, the board decided that executive director A C Rout to be entrusted with all functional responsibilities of managing director and CEO and other executive director.
Last week, Economic Offence Wing of Pune police arrested Bank of Maharashtra's MD and CEO Ravindra Marathe and other top officials of the bank in connection with a cheating case lodged against D S Kulkarni and his wife Hemanti.
ALSO READ: Bank of Maharashtra shareholders stand by CEO; shares slide 2%
In May, the city police had filed a 37,000-page chargesheet against DSK and his wife in the case.
According to the chargesheet, the total "scam" is worth Rs 20.43 billion, wherein the accused floated nine different firms to siphon off funds collected from 33,000 investors and fixed-deposit (FD) holders, who were promised good returns on their FDs.
ALSO READ: Bank of Maharashtra hits record low as CMD gets arrested in DSK Group scam
Former Chairman and Managing Director Sushil Muhnot who was arrested in the case too was granted bail.
Last month, the board of PNB divested executive directors K V Brahmaji Rao and Sanjiv Sharan of their powers in connection with the USD 2-billion fraud perpetrated by billionaire diamond jeweller Nirav Modi.
Allahabad Bank too take away all the powers of its CEO and MD Usha Ananthasubramanian, former chief of Punjab National Bank, in connection with the same fraud.
Ananthasubramanian was the MD and CEO of PNB from 2015 to 2017 and was questioned recently by the CBI in connection with the case.

Irdai permits LIC to pick up to 51% stake in debt ridden IDBI Bank

Insurance regulator Irdai on Friday permitted LIC to pick up to 51 per cent stake in the debt-ridden IDBI Bank, sources said.
The decision, they said was taken at a meeting of the Board of Directors of Insurance Regulatory and Development Authority of India (Irdai) at Hyderabad this afternoon.
LIC currently hold 11 per cent stake in the bank.
Sources added that if the deal goes through, the IDBI Bank will get the capital support of Rs 100-Rs 130 billion
ALSO READ: IDBI Bank gains 12% ahead of Irdai meeting
.
State-owned LIC has been looking to enter the banking space by acquiring majority stake in IDBI Bank as the deal is expected to provide business synergies despite the lender's stressed balance sheet.
"You will get to know whatever is the decision. You will get to know after the minutes of the Board meeting are approved. We will be posting it on our website," Irdai Chairman Subhash Chandra Khuntia told reporters after the Board meeting in Hyderabad.
However, according to sources the regulator has permitted the LIC to pick up to 51 per cent stake in IDBI Bank, thereby relaxing existing rules for investment.

ALSO READ: LIC may enter banking space; eyes majority stake in IDBI Bank
As per norms, an insurance company cannot hold more than 15 per cent stake in a company.
IDBI Bank is grappling with mounting toxic loans with gross non-performing assets rising to a staggering Rs 556 billion at the end of latest March quarter. During the three months, the lender's net loss stood at Rs 56.63 billion.

Market cap of top 100 global companies up by 15% to $20 trillion: Report

The total market capitalisation of the top 100 global companies has increased by 15 per cent since last year to $20 trillion, as the US retained the leading position with 54 companies in the list, says a survey.
According to PwC's Global Top 100 ranking, released today, the total capitalisation of the top 100 global companies has grown on a year-on-year basis, since the global financial crisis.

Amazon is the strongest performer in terms of absolute increase in market capitalisation, gaining $ 278 billion or 66 per cent in value compared to 2017.
It's followed by two Chinese companies - Tencent, up by $ 224 billion or 82 per cent, and Alibaba, rising by $ 201 billion or 75 per cent. The next three highest performers in absolute terms are all from the US Microsoft, Alphabet and Apple.
Others in the top 10 in terms of absolute increase in market capitalisation include Ping An Insurance (up by $ 90 billion), ICBC (up $ 89 billion), Boeing (up $ 85 billion), Berkshire Hathaway (up $ 81 billion).
According to the report for the fourth year running, the US accounts for more than half of the top 100 (54 companies, down from 55 in 2017). It also weighs in with 61 per cent of the overall market capitalisation, down from 63 per cent last year.
"48 per cent of growth in the past year has been contributed by US companies, on the back of strong economic conditions and their pre-eminent position in the technology sector," the report said.
Meanwhile, the market capitalisation of the companies from China in the top 100 leaped by 57 per cent compared to 2017, with 12 Chinese companies making the top 100, up from 10 last year. Hong Kong also contributed another two companies, up from one in 2017.
No Indian company made it to the list.
Meanwhile, despite coming sixth in terms of absolute growth in value, Apple retained pole position in terms of market capitalisation for the seventh year in a row.
Apple has also returned more cash to shareholders than any other company, handing back another $ 31 billion to investors in dividends and share repurchases in calendar year 2017 (having distributed $ 29 billion in calendar 2016), the report said.
Sector-wise, technology remains ahead of the financial sector in market capitalisation for the third successive year, with consumer goods in third place.
The global top three are still technology companies Apple, Alphabet, Microsoft followed by Tencent in fifth position and Facebook in eighth, down from sixth last year, the report said.

Damage control? Govt may put off impending higher tariff on some US goods

India could put off an impending hike in import tariffs on some US goods if New Delhi and Washington agree to resolve their trade differences, an Indian trade ministry official said on Thursday.
Trade differences between the United States and India are increasing and last week New Delhi raised duties on US farm products in retaliation against Trump's tariff hikes on steel and aluminum.

Earlier, US Ambassador to the United Nations Nikki Haley, who is visiting India, said that a top-level strategic dialogue with New Delhi India would take place as soon as possible.

India succumbs to US pressure; prepares for cut in oil imports from Iran

Oil ministry has asked refiners to prepare for a 'drastic reduction or zero' imports of Iranian oil from November, two industry sources said, the first sign that New Delhi is responding to a push by the United States to cut trade ties with Iran.
India has said it does not recognise unilateral restrictions imposed by the US, and instead follows UN sanctions. But the industry sources said India, the biggest buyer of Iranian oil after China, will be forced to take action to protect its exposure to the US financial system.

India's oil ministry held a meeting with refiners on Thursday, urging them to scout for alternatives to Iranian oil, the sources said.
"(India) has asked refiners to be prepared for any eventuality, since the situation is still evolving. There could be drastic reduction or there could be no import at all," said one of the sources, who has knowledge of the matter.
During the previous round of sanctions, India was one of the few countries that continued to buy Iranian oil, although it had to reduce imports as shipping, insurance and banking channels were choked due to the European and US sanctions.
The source said this time the situation is different.
"You have India, China and Europe on one side, and US on the other... At this moment we really don't know what to do, but at the same time we have to prepare ourselves to face any eventuality," said the source.
While a State Department official has said that Washington wants Iranian oil buyers to halt imports from November, US Ambassador to the United Nations Nikki Haley has told Prime Minister Narendra Modi to lessen dependence on Iranian oil.
Haley, currently in Delhi, spoke with US Secretary of State Mike Pompeo early on Wednesday, before meeting Modi.
The US push to curb countries' imports of Iranian oil comes after President Donald Trump withdrew from a 2015 deal between Iran and six world powers and ordered a reimposition of sanctions on Tehran.
Some sanctions take effect after a 90-day "wind-down" period ending on August 6, and the rest, notably in the petroleum sector, following a 180-day "wind-down period" ending on November 4.
OUTPUT BOOST FROM OPEC
Under pressure from the US sanctions, Reliance Industries Ltd, the operator of the world's biggest refining complex, has decided to halt imports.
Nayara Energy, an Indian company promoted by Russian oil major Rosneft, is also preparing to halt Iranian oil imports from November after a communication from the government, a second source said. The company has already started cutting its oil imports from this month.
Indian Oil Corp, Mangalore Refineries and Petrochemicals Ltd and Nayara Energy, the top three Indian buyers of Iranian oil, and the oil ministry did not respond to Reuters's request for comments.
Removing Iranian oil from the global market by November as called for by the United States is impossible, an Iranian oil official told the semi-official Tasnim news agency on Wednesday.
The options to find replacements to Iranian oil have widened after OPEC agreed with Russia and other oil-producing allies last week to raise output from July by about 1 million bpd, with Saudi Arabia pledging a "measurable" supply boost but giving no specific numbers.
Saudi Arabia's plans to pump up to 11 million barrels of oil per day (bpd) in July would mark a new record, an industry source familiar with Saudi oil production plans told Reuters on Tuesday.
The second source said there were plenty of options available in the market to replace Iranian oil. "There are companies and traders that are willing to give you a 60 day credit, crude is available in the market," the source said.
To boost its sales to India, Iran recently offered virtually free shipping and an extended credit period of 60 days.
"We can buy Basra Heavy, Saudi or Kuwait oil to replace Iran. Finding replacement barrels is not a problem, but it has to give the best economic value," a third source in New Delhi said.

Money held by Indians in Swiss banks rises 50% in 2017 to over Rs 70 bn

Money parked by Indians in Swiss banks rose over 50 per cent to CHF 1.01 billion (Rs 70 billion) in 2017, reversing a three-year downward trend amid India's clampdown on suspected black money stashed there.
In comparison, the total funds held by all foreign clients of Swiss banks rose about 3 per cent to CHF 1.46 trillion or about Rs 100 trillion in 2017, according to the official annual data released today by Swiss National Bank (SNB), the central banking authority of the Alpine nation.

The surge in Indian money held with Swiss banks comes as a surprise given India's continuing clampdown on suspected black money stashed abroad, including in banks of Switzerland that used to be known for their famed secrecy walls for years.
The Indian money in Swiss banks had fallen by 45 per cent in 2016, marking their biggest ever yearly plunge, to CHF 676 million (about Rs 45 billion) — the lowest ever since the European nation began making the data public in 1987.
According to the SNB data, the total funds held by Indians directly with Swiss banks rose to 999 million Swiss franc (Rs 68.91 billion) in 2017, while the same held through fiduciaries or wealth managers increased to CHF 16.2 million (Rs 1.12 billion). These figures stood at CHF 664.8 million and CHF 11 million, respectively, at the end of 2016.
As per the latest data, the Indian money in Swiss banks included CHF 464 million (Rs 32 billion) in the form of customer deposits, CHF 152 million (Rs 10.50 billion) through other banks and CHF 383 million (Rs 26.40 billion) as 'other liabilities' such as securities at the end of 2017.
The funds under all three heads have risen sharply, as against a huge plunge across all categories in the previous year, the SNB data showed.
The funds held through fiduciaries alone used to be in billions till 2007 but began falling after that amid fears of regulatory crackdown.
The total funds held by Indians with Swiss banks stood at a record high of CHF 6.5 billion (Rs 230 billion) at 2006-end, but came down to nearly one-tenth of that level in about a decade.
Since those record levels, this is only the third time when there has been a rise in Indians' money in Swiss banks -- in 2011 (12 per cent), 2013 (43 per cent) and now in 2017 by 50.2 per cent -- the maximum increase since 56 per cent way back in 2004.
The latest data from Zurich-based SNB comes months after a new framework having been put in place for automatic exchange of information between Switzerland and India to help check the black money menace.
While Switzerland has already begun sharing foreign client details on evidence of wrongdoing provided by India and some other countries, it has agreed to further expand its cooperation on India's fight against black money with a new pact for automatic information exchange.
There were several rounds of discussions between Indian and Swiss government officials on the new framework and also for expediting the pending information requests about suspected illicit accounts of Indians in Swiss banks.
The funds, described by SNB as 'liabilities' of Swiss banks or 'amounts due to' their clients, are the official figures disclosed by the Swiss authorities and do not indicate to the quantum of the much-debated alleged black money held by Indians there.
SNB's official figures also do not include the money that Indians, NRIs or others might have in Swiss banks in the names of entities from different countries.
Amid a decline seen in Indian money over the previous three years, there was a view that Indians who had allegedly parked their illicit money in Swiss banks in the past may have shifted the funds to other locations after a global crackdown began on the mighty banking secrecy practices in Switzerland.
Swiss banks have earlier said Indians have "few deposits" in Swiss banks compared to other global financial hubs like Singapore and Hong Kong amid stepped-up efforts to check the black money menace.
On directions of the Supreme Court, India had constituted a Special Investigation Team (SIT) to probe cases of alleged black money of Indians, including funds stashed abroad in places like Switzerland.
A number of strategies were deployed by the government to combat the stash-funds menace, in both overseas and domestic domain, which included enactment of a new law, amendments in the Anti-Money Laundering Act and compliance windows for people to declare their hidden assets.
The Tax department had detected suspected black money running into thousands of crores of rupees post investigations on global leaks about Indians stashing funds abroad and has launched prosecution against hundreds of them, including those with accounts in the Geneva branch of HSBC.
The issue of black money has always been a matter of big debate in India and Switzerland has been long perceived as one of the safest havens for such funds.
Earlier in 2015, the money held by Indians in Swiss banks had fallen by nearly one-third to CHF 1,217.6 million (over Rs 80 billion). Prior to that, these funds fell by 10 per cent to CHF 1.8 billion in 2014, after a rise of 43 per cent in 2013 to CHF 2.03 billion.
The total assets of Swiss banks in India, however, fell by about 18 per cent in 2017 to CHF 3.2 billion in second consecutive year of decline. This does not include any tangible assets like real estate and properties.
The amount owed by Indian clients to Swiss banks fell by 48 per cent in 2017 to CHF 210 million.

Rs 20 bn GST evasion in 2 months, less than 100,000 paying 80% of tax

The GST investigation wing has detected tax evasion of over Rs 20 bn in two months, and data analysis reveals that only 1 per cent of over 11.1 million registered businesses pay 80 per cent of the taxes, a senior official said today.
CBIC member John Joseph said alike small businesses who are making mistakes while filing GST returns, multinationals and big corporates too have slip-ups.

"If you look at the way tax revenues are paid, it gives an alarming picture. We have registration of more than 10 million businesses.
"But if you look at where the tax is coming from, it is less than 1 lakh people paying 80 per cent of the tax, one does not know what is happening in the system, it is an important thing to study," Joseph said at an Assocham event here.
Joseph, who is also the Director General of Goods and Services Tax Intelligence (DG GSTI), said the analysis of composition dealers data shows that most of them have an annual turnover of Rs 500,000. "This shows that a lot of compliance is required."
Under the composition scheme, traders and manufacturers are allowed to pay taxes at a reduced rate of 1 per cent, while restaurant owners have to pay at 5 per cent rate. The scheme is open for manufacturers, restaurateurs and traders whose turnover does not exceed Rs 10.5 million.
Joseph said investigation has revealed that a modus operandi is being followed whereby fake invoices are being generated for goods which have not been supplied at all.
Based on these invoices, some entities are claiming input tax credit. Besides, without actually exporting goods, some entities are claiming GST refunds based on fake invoices.
"Government revenue is being taken away. We in a short period of 1-2 months have detected over Rs 20 bn evasion which could be only the tip of the ice berg," Joseph said, adding the GST Intelligence wing will step up efforts in the days ahead.