Multiple shootings in Texas leave 5 dead, 21 injured; gunman killed

At least five persons were killed and 21 injured in US state of Texas after possibly two shooters, who hijacked a mail truck, allegedly opened fire on random people on Saturday, police said.
The incident happened in the area of Odessa and nearby Midland and police said at least one active shooter was shot dead near the Cinergy movie theatre.

The shooter was in his 30s, police said.
There are at least five deceased and 21 injured in the shooting, an official of the Odessa Police Department said at a press conference.
In a Facebook post, the Midland Police Department said: "There is no active shooter at this time. All agencies are investigating reports of possible suspects."
Earlier, two people were suspected to be involved in the shootings and police had said they were believed to be driving around separately in a gold/white-coloured Toyota vehicle and a stolen US Postal Service van.
Authorities have urged the public to get off the road "and use extreme caution".
President Donald Trump said he has been briefed about the incident by Attorney General William Barr. "FBI and Law Enforcement is fully engaged," he tweeted.
Texas Governor Greg Abbott described the incident as a "senseless and cowardly attack".
"The state of Texas and the Department of Public Safety are working closely with local law enforcement to provide resources as needed and deliver justice for this heinous attack," he said in a statement.
"I thank the first responders who have acted swiftly and admirably under pressure, and I want to remind all Texans that we will not allow the Lone Star State to be overrun by hatred and violence. We will unite, as Texans always do, to respond to this tragedy," he added.
The University of Texas campus in Permian Basin told students, staff and faculty to shelter in place.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Restrictions on movement of people lifted in most parts of Kashmir

Restrictions were lifted from most parts of Kashmir on Saturday, a day after strict curbs on the movement of people were imposed in view of Friday congregational prayers, officials said.
Restrictions have been lifted from most areas of the valley on Saturday morning, the officials said.

They said barricades have been removed from the roads in most areas of the city and elsewhere in the valley to allow the movement of people. However, deployment of security forces continued on the ground to maintain law and order, the officials said.
Strict restrictions on the movement of people were imposed across the valley on Friday in view of apprehensions of law and order problems after congregational prayers.
ALSO READ: War is not an option to deal with Kashmir issue: Pakistan FM Qureshi
Only ambulances and people in emergency situations were allowed to move. The officials said the situation remained peaceful on Friday and no untoward incident was reported from anywhere in the valley. However, normal life remained affected across the valley for the 27th consecutive day on Saturday.
The markets continued to remain shut, while public transport was off the roads, the officials said, adding schools also remained closed.
The officials said landline telephone services have been restored in most places across the valley in view of the improving situation, though the services continued to remain snapped in the commercial hub of Lal Chowk and Press Enclave here.
The mobile services and internet, including BSNL's Broadband and private leased-line internet, remained snapped since 5 August after the Centre announced its decision to abrogate Jammu and Kashmir's special status under Article 370 of the Constitution and reorganised the state into two Union territories.

Trump can just cut off China's easy access to US dollars to win trade war

If the trade war's objective is to even the playing field for American firms, President Donald Trump isn't going about it the right way. China’s easy access to US dollars over the past decade has fueled asset bubbles, driven an overseas debt binge and laid the groundwork for its low-cost, export-driven economy. Only cutting off the supply of cheap money will reverse this.
So while Trump is pressuring Federal Reserve Chairman Jerome Powell to cut interest rates – questioning the central bank chief's patriotism and calling him "a bigger enemy than Xi Jinping" – the way to wring equitable behavior out of China is for the Fed to hold the line.
Fundamentally, money will go where it can find yield. And however much capital the world has to spare, China has shown an appetite to absorb it. During the most expansive years of quantitative easing in the US, foreign money seeking yield went into China labeled as "trade" and "investment."
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ALSO READ: Trade war: China, US to collect additional tariffs on each other's goods
From 2009 to 2014, China may have taken in as much as $2 trillion in hot money spewing from the Federal Reserve's low interest-rate policy. My company looked at just one measure – the over-invoicing of exports via Hong Kong – in just one year, 2013, and found $390 billion of such flows into China.
Since Beijing's capital controls, at the time, aimed to shut out foreigners eager to bet on a steadily strengthening yuan, speculators looked for bypasses: For example, some trading companies in China would inflate the value of their exports, enabling more money to enter the country as “export receipts.” Exaggerated foreign direct investment was also a popular channel for incoming speculative money, as was debt.
China’s economic story begins and ends with liquidity; with so many dead assets that have to be refinanced every year, the country requires an ever-growing supply of capital. Much more than cheap labor, this cheap capital is what has created bargain-basement export goods. It also fosters anti-competitive behavior. Domestic companies can operate at a much lower cost than their US counterparts, and they are rewarded in capital markets, despite growing evidence of intellectual-property theft.
Consider what a decade of near-zero interest-rate policy has done for China:
IPOs: Chinese companies listed in the US now have a value of about $890 billion. Not even the high-profile delistings and fraud charges against China MediaExpress Holdings Inc. and Sino-Forest Corp. could drain the hype for the IPOs of Alibaba Group Holding Ltd., JD.com Inc. and Vipshop Holdings Ltd.
Bonds: Investors hungry for yield have lapped up bonds issued by China's riskiest companies. That's enabled firms such as junk-rated China Evergrande Group, one of the country's most indebted developers, to continue tapping US markets. Chinese firms have raised more than 90% of the high-yield Asian dollar debt issued this year. Mainland developers have about $110 billion in offshore junk-rated debt outstanding.

ALSO READ: US firms hurt by trade war, but 97% of them still find China ops profitable
Dumping: A steady flow of dollars into China fueled an investment splurge that supported the manufacturing of ultra-cheap exports, from DVD players and TV sets to solar panels. China's history of leniency toward borrowers – its first onshore default was in 2014 – meant firms were able to sell their goods at cut-rate prices without worrying about how they'd pay back their loans.
All this means that the best way to curb Chinese excess is to limit the availability of the dollar. Trump’s demand that Powell cut rates by one percentage point is counterproductive to what appears, anyway, to be the goal of the trade war.
There are other, more targeted measures that the US can pursue in tandem. These include:
Halting new Chinese IPOs in the US American regulators have already ramped up scrutiny over such listings, which have tumbled to $2.8 billion so far this year compared with $29.1 billion in 2014. The US needs to close the door to all share sales until China agrees to enable investigation and prosecution of fraud by listed companies.
Requiring that American auditors and stock regulators have access to the audit papers of Chinese companies that are part of US-listed entities, under penalty of delisting. The Public Company Accounting Oversight Board, a Washington-based non-profit that scrutinizes audits, also should be permitted to review its members in China, a goal the Securities and Exchange Commission highlighted in recent commentary.
ALSO READ: Could a US recession end the trade war?
Taxing incoming Chinese (and other foreign) investment. US Senators Tammy Baldwin and Josh Hawley in late July submitted a bill that would allow the Fed to impose a flexible tax on capital inflows. This measure would make it less attractive to park money in US assets, thereby shrinking the capital account imbalance, and by extension, the trade deficit.
Depending on whether Trump gets his rate cut, China’s slowdown will be fast or slow. By enabling new stimulus, cheap dollars would give the Chinese more rope to hang themselves with. Holding the line will mean Chinese austerity and unemployment. In that case, there would be no way out of economic recession other than an ambitious program of economic reform.

Changes in I-T rules kick in today; to help govt track taxpayers' income

The government will get more access to taxpayers’ income information from Sunday when a slew of Budget announcements such as a new levy on cash withdrawal and interchangeability of Aadhaar number and PAN comes into effect. Most of these changes, such as widening the scope of deduction at source, will help the government track income of assessees. An amnesty scheme to clear pending service tax and service duty, from before the introduction of the goods and services tax (GST), will also open for four months.
The Budget presented on July 1 introduced a levy of 2 per cent at source on cash withdrawals of Rs 1 crore and more. The new Section 194N has been introduced in the Income-Tax Act.

Also, 180 million, or half of all PAN cards, may be rendered invalid, so their owners will need to link their PAN to Aadhaar, or cite their Aadhaar number for purposes where PAN was required earlier. The Budget has made PAN and Aadhaar interchangeable, but both have to be linked by September 1. If one files I-T returns only with Aadhaar, without citing PAN, a new PAN will be generated.
As an anti-evasion measure, the Budget fine print revealed, the onus of PAN and Aadhaar authenticity was on the person receiving the documents for transactions.
Individuals or Hindu Undivided Families paying Rs 50,000 for renovation of homes or other services in a year will have to deduct 5 per cent tax. But they will not need to obtain a tax deduction account number.
There will also be a 5 per cent tax deducted at source on the net income proportion of life insurance maturity proceeds. Net income is the total sum received after deducting the total premium paid.
Till now, this was exempted from tax if the annual premium did not exceed 10 per cent of the sum assured.
The government has also expanded the scope of reporting requirement of financial transactions by removing the minimum threshold of Rs 50,000. From September 1, banks and financial institutions could be asked to report even small transactions to the tax department to verify tax returns.

After Thapar, fraud-hit CG Power sacks CFO Venkatesh for alleged misconduct

After removing founder Gautam Thapar as chairman of the company, the board of fraud-hit CG Power and Industrial Solutions has sacked the firm's CFO V R Venkatesh over alleged "misconduct" and breach of trust.
The board of the company at its meeting on Friday "terminated the employment of V R Venkatesh as the Chief Financial Officer of the company, for cause, with immediate effect," CG Power said in a regulatory filing.

"The termination of the employment of Venkatesh is due to the grave nature of the misconduct and breach of trust on his part and having knowingly undertaken actions which were detrimental to the interests of the company and its stakeholders," it said.
Venkatesh could not be contacted for comments.
Company CEO and Managing Director K N Neelkant, who was sent on leave on May 10 by the board to enable proper investigation into financial irregularities, continues in his role for now.
However, some investors and lenders have questioned his continuance given that the fraud involving some assets of the firm being provided as collateral and the money from the loans siphoned off by "identified company personnel, both current and past, including certain non-executive directors", happened under his watch.
The board-instituted investigation had also found some liabilities and advances to related and unrelated parties being understated.
The company has restated its financial results for the previous fiscal taking into account the unstated liabilities, the filing said.
"Certain unauthorized/unapproved banking transactions in the nature of loans (unauthorized transactions/ loans) taken from banks / financial institutions (lenders)/a connected party aggregating to Rs 635 crores were not disclosed in the Standalone Financial Results of prior years / periods by off-setting against certain related and unrelated party balances," the company's auditors said in the audit note furnished with the restated statement.
It said interest expenses of Rs 90.93 crore which were serviced by the company in relation to these unauthorized loans were accounted under different heads in the Standalone Statement of Profit and Loss and "were mispresented in the financial statements/ results of prior years / periods."
ALSO READ: CG Power board removes Gautam Thapar as chairman with immediate effect
"The company also has loans including interest receivables and advances recoverable from related and unrelated parties, as reinstated on March 31, 2019, aggregating to Rs 2,439.94 crore for which further interest income aggregating to Rs 337.61 crore is currently not recorded as at March 31, 2019," it said.
On August 29, the board has removed Thapar as the chairman of the company through a circular resolution approved by a majority of the members. Thapar opposed the resolution, while CEO and Managing Director K N Neelkant had abstained from voting.
Thapar, who had not commented on the issue since the company disclosed financial irregularities on August 20 after a marathon board meeting on the previous day, had in a statement after his removal said: "No promoter or promoter entity has derived any undue benefit. There is simply no fraud."
"The reports following the Board meeting of August 19, 2019 are disheartening. Indeed, I would say that the reports do not reflect facts.
"In the interests of all stakeholders, including banks and financial institutions, I must say that no funds lent by banks nor any funds of CG have been misappropriated. The money has been applied with due Board approval. All inter-corporate transactions have been fully authorised by the Board," he said.
The board was headed by him during that period.
Thapar would, however, continue to be a member of the board -- a position from which only shareholders can remove him.
Though a founder promoter of CG Power, Thapar lost almost all of his shares after lenders in past years invoked pledges he had created to borrow money. He currently has only 8,574 shares out of 62.6 crore shares of the company.

Last-minute travellers help railways earn Rs 25,000 cr in last 4 years: RTI

Last-minute travellers have helped railways earn a whopping Rs 25,392 crore in the last four years, an RTI has found.
The national transporter earned Rs 21,530 crore from Tatkal quota tickets and an additional Rs 3,862 crore from Tatkal Premium tickets between 2016 and 2019, with a massive 62 per cent increase in revenue from the latter during this period.
Tatkal booking was introduced in 1997 in select trains with an objective of providing accommodation for last-minute travellers and was extended across the country in 2004.
Tatkal ticket charges have been fixed as a percentage of fare at the rate of 10 per cent of basic fare for second class and 30 per cent of basic fare for all other classes subject to minimum and maximum.
Under the premium version, which was introduced in 2014 in select trains, 50 per cent of tatkal quota tickets are sold using the dynamic fare system.
In 2016-2017, the revenue from such tickets touched Rs 6,672 crore, going up to Rs 6,915 crore the following year.
In 2017-2018 railways' earning from Tatkal quota rose to Rs 6,952 crore, according to a RTI filed by Madhya Pradesh based RTI activist Chandrashekar Gaur.
However, it is in the Tatkal Premium quota tickets that railways saw a 62 per cent jump in its earnings from 2016-2017 to 2018-2019 to Rs 1608 crore. In 2016-2017, the amount was Rs 1,263 crore and in 2017-2018, the amount was Rs 991 crore.
The tatkal scheme currently covers around 2,677 trains. According to railway figures, around 1.71 lakh seats, of the 11.57 lakh available, are up for booking under the tatkal scheme.

Auto sales in August to be 'far worse' than July, analysts expect 30% fall

The slowdown nightmare for the automobile industry is expected to continue for August as analysts estimate an overall sales downfall of up to 30 per cent.
In a survey conducted by IANS, industry experts were quick to point out that August will be far worse in sales than July, especially due to havoc caused by Monsoon rains across India.
They estimated that sector might face an overall sales downfall of up to 30 per cent on a year-on-year basis, with passenger vehicle segment being the worst hit.
Interestingly, this year August came just ahead of the festive season and before the slew of growth inducing measures announced by the government.
ALSO READ: Slow down blues: Auto industries banking on new launches to revive demand
"The turnaround in the industry is months away since any of the measures recently taken to deal with the sales slowdown or to prop-up consumer sentiment will take time to bring a turnaround," Grant Thornton India LLP Partner, Sridhar V. told IANS.
"All in all, August seems to be a similar or even worse sales glide path than July."
At present, the sector has been impacted by a consumption slowdown which is a culmination of several factors like high GST rates, farm distress, stagnant wages and liquidity constraints.
Besides, inventory pile-up at the dealership level and stock management of unsold BS-IV vehicles have become a problem for the sector.
Consequently, the industry's production levels have also receded as demand plunged, eventually leading to job losses.
These factors led the Finance Minister last week to come out with a major economic booster package.
ALSO READ: Slow down blues: Auto industries banking on new launches to revive demand
"There might not be any major improvement in August sales numbers on the back of government's recent measures to improve liquidity and to revive demand, however, as months progress and we come closer to the main festive season (October) there might be some turnaround," Snehdeep Bohra, Associate Director with Fitch Ratings told IANS.
Lately, all major OEMs consisting of passenger, commercial, two and three wheeler manufacturers have reported a massive decline in domestic sales.
Figures from the Society of Indian Automobile Manufacturers (SIAM) showed that industry which has recorded an overall decline of 18.71 per cent in off-take for July, the highest monthly sales de-growth in the last 19 years.
"Sales deferment due to upcoming festival season and monsoons combined with flooding across several parts of the country will have an impact on August sales," Rahul Mishra Principal at A T Kearney told IANS.
"Except for two-wheeler and the SUV segment temporarily supported by incentive schemes and new launches respectively, there might not be any positive improvement in August retail sales."
ALSO READ: Automakers welcome govt sops but are divided on festival season impact
As per SIAM figures, domestic passenger car sales in July plunged by 35.95 per cent to 122,956 units against 191,979 units sold in July 2018.
Overall, passenger vehicle sales declined 30.98 per cent in July to 2,00,790 units against 2,90,931 units in the year-ago month. In the commercial vehicle segment, sales were down by 25.71 per cent to 56,866 units.
In case of two-wheelers, which include scooters, motorcycles and mopeds, the sale edged lower by 16.82 per cent to 15,11,692 units.
According to a research note by Motilal Oswal Financial Services: "Our interaction with leading PV or 2W or CV channel partners still indicates no signs of demand recovery at retail levels, as inquiries to sales remains tepid."
"Feedback on pre-festive demand is not very encouraging, partly impacted by floods in several parts of the country and demand deferment in anticipation of some sops from the government. Most OEMs continued their inventory cutting efforts through production cuts in August 2019."

A seven-decade timeline of events leading to release of NRC final list

Following is the timeline of the immigration issue in Assam since Independence to the publication of the final National Register of Citizens (NRC) on Saturday.
1950: Immigrants (Expulsion from Assam) Act comes into force following influx of refugees from then East Pakistan to Assam after partition.

1951: First Census of Independent India conducted.
Based on Census, first NRC compiled.
1957: Immigrants (Expulsion from Assam) Act repealed.
1964-1965: Influx of refugees from East Pakistan due to disturbances in that country.
1971: Fresh influx due to riot and war in East Pakistan. Independence Bangladesh comes into existence.
1979-1985: Six-year-long Assam agitation, spearheaded by the All Assam Students' Union (AASU) and All Assam Gana Sangram Parishad (AAGSP) for detection, disenfranchisement and deportation of foreigners.
1983: Massacre at Nellie in Central Assam which claimed the lives of over 3,000 people. Illegal Migrants (Determination by Tribunals) Act passed.
1985: Assam Accord signed by the Centre, the state, AASU and AAGSP in the presence of then Prime Minister Rajiv Gandhi. It stated, among other clauses, that foreigners who came to Assam on or after March 25, 1971 shall be expelled.
1997: Election Commission decides to add 'D' (doubtful) against names of voters whose claim to Indian citizenship is doubtful.
ALSO READ: 1.9 million left out of Assam's final NRC list, police on high alert
2005: Supreme Court strikes down IMDT Act as unconstitutional. Tripartite meeting among Centre, state government and AASU decides to update 1951 NRC. But no major development takes place.
2009: Assam Public Works (APW), an NGO, files case in Supreme Court praying for deletion of foreigners's name in electoral rolls and updation of NRC.
2010: Pilot project starts in Chaygaon, Barpeta to update NRC. Project successful in Chaygaon. Four killed in violence in Barpeta. Project shelved.
2013: Supreme Court takes up APW petition, directs Centre, state to begin the process for updating NRC. NRC State Coordinator's office set up.
2015: Updation of NRC process begins.
2017: On December 31 midnight, Draft NRC published with names of 1.9 crore of total 3.29 crore applicants.
July 30, 2018: Another Draft NRC published, 40 lakh of 2.9 crore people excluded.
June 26, 2019: Publication of Additional Draft Exclusion List of 1,02,462 released.
August 31, 2019: Final NRC released.

Pak national carrier PIA lays off nearly 1,000 'redundant staff'

Pakistan International Airlines has laid off nearly 1,000 "redundant staff" and has taken other measures to reduce the operational cost and increase revenues of the cash-strapped national carrier, a media report said on Saturday.
The development was confirmed by Pakistan International Airlines (PIA) president and Chief Executive Air Marshal Arshad Malik during a meeting with Adviser to the Prime Minister on Finance Abdul Hafeez Sheikh on Friday.

Malik apprised Sheikh on various activities and initiatives undertaken by the PIA to reduce its operational cost and increase revenues through better management and effective utilisation of available financial and human resources, the Dawn newspaper reported.
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Sheikh asked the PIA to pursue independent, sustainable business plan and said the government wanted the national flag carrier to effectively utilise its assets, improve revenue streams and ensure efficiency and financial discipline, it said.
Cash-strapped PIA has been running into huge financial losses. For years, the airline with 18,000 plus employee and a fleet of 32 airplanes has only been adding billions to its loss sheets.
Sheikh said the government was fully behind the PIA management and expected it to turn the national flag carrier into an economically stable, viable and dependable airline for local and international travellers.
Malik said the PIA management had been able to lay off nearly 1,000 "redundant staff" to save costs.
On Tuesday, Prime Minister Imran Khan had chaired a meeting of the Aviation Division in Islamabad to discuss PIA's business plan, requirements and other issues.
Khan directed the PIA chief executive to improve the performance of the airline and increase travel facilities. He also directed the finance ministry to cooperate with the PIA in the purchase of new aircraft.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

DGCA suspends SpiceJet pilot for mishearing ATC causing runway incursion

Aviation regulator DGCA on Saturday suspended a first officer of SpiceJet for three months for mishearing an Air Traffic Control clearance, due to which he gave incorrect direction to the pilot-in-command (PIC), causing runway incursion at Mumbai airport, said a source.
"DGCA probe found that Atul Yadav, who was first officer on Surat-Mumbai flight on July 5, told the PIC that their plane was cleared by ATC to cross runway 14. The truth is the clearance was given to the IndiGo plane that was ahead of his plane," the source told PTI.

The SpiceJet plane had the call sign SEJ2763.
When the regulator issued a show-cause notice to Yadav on August 19, he responded by admitting his mistake and stating the incursion happened on July 5 because another plane with a similar call sign which was ahead of their plane had received the ATC clearance to cross runway 14, the source said.
The aircraft ahead of the SpiceJet plane was of IndiGo and it had a call sign IGO063, the source said.
In the last few weeks, the Directorate General of Civil Aviation has suspended many pilots of SpiceJet and other airlines for similar runway incursion or excursion incidents.
"Yadav has been suspended for a period of three months. This period would be calculated from July 10, 2019," the official added.

At least 13 feared killed, 58 injured in Maharashtra factory explosion

At least 13 workers were killed and 58 injured in an explosion of gas cylinders at a chemical factory in Dhule district of Maharashtra on Saturday morning, police said.
100 workers were present in the factory in Waghadi village in Shirpur taluka when the explosion occurred around 9:45 a.m., a senior police officer told PTI.

Rescue operations at the spot is still going on, he said, adding that the fire triggered by the explosion has been brought under control.
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Several teams of police, disaster management, fire brigade were conducting rescue operations at the site.

Delhi Police urges court to prosecute Tharoor for murder of Sunanda Pushkar

Delhi Police on Saturday urged a city court to prosecute Congress MP Shashi Tharoor for abetment to suicide or "in alternative" on murder charge in the case of death of his wife Sunanda Pushkar in 2014.
"Please frame sections 498-A(husband or his relative subjecting a woman to cruelty), 306 (abetment of suicide) or in alternative 302 (murder) IPC against the accused (Tharoor)," the probe agency told special judge Ajay Kumar Kuhar.

Senior public prosecutor Atul Srivastava made the submissions during arguments on framing of charges in the case.
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The former Union minister, who is currently on bail in the case, was charged by Delhi Police under Sections 498-A and 306 of the Indian Penal Code.
Reading out a statement of the couple's domestics help, who is one of the witnesses in the case, the prosecutor said that the couple had fight over a girl named 'Katy' and some Blackberry messages.
The prosecutor said that before her death, Pushkar wanted to address a press conference on the IPL issue and had said "I will not leave him (Tharoor)".
The witness had told police that one year prior to the demise, the couple used to fight a lot.
The agency told the court that Pushkar was "distressed" and "felt betrayed" in her marital life.
Police told the court that Pushkar was suffering from mental agony due to a strained relationship with her husband. She had a scuffle with her husband and had various injury marks few days before her death, they said.
Police accused Tharoor of torturing his wife which abetted her to commit suicide.
The probe agency told the court that according to the post-mortem report, the cause of Pushkar's death was poisoning and 15 injury marks were found on various parts of her body, including in forearm, arms and legs.
The prosecutor further told the court that Tharoor's relation with Pakistani journalist Mehr Tarar also added to Pushkar's mental agony.
The prosecutor also apprised the court about Pushkar's friend and journalist Nalini Singh's statement, which is part of the charge sheet, that the relation between the couple was tense and bad.
"She (Pushkar) told she helped Tharoor a lot in IPL matter. She had found some messages between Tarar and Tharoor. She refused to go to their house and instead went to Leela hotel. The relation between the couple was very bad," Singh had said in her statement.
Senior advocate Vikas Pahwa, appearing for Tharoor, refuted the submissions, saying the arguments made by the prosecutor were contrary to the bare reading of the charge sheet and the charges pressed by him were "absurd and preposterous".
The case is now listed for the next hearing on October 17.
The case was earlier sent to the sessions court for further proceedings.
The maximum punishment for the offence listed in the charge sheet is 10 years of imprisonment. However, if convicted for 302 (murder), the maximum punishment is death penalty while the minimum is life imprisonment.
Pushkar's death had created a sensation as it came shortly after a bitter spat between the couple on Twitter over his alleged affair with Tarar.
Pushkar, 51, was found dead in a suite of luxury hotel Leela in Delhi's Chanakyapuri on the night of January 17, 2014.
The couple was staying at the hotel as the official bungalow of Tharoor was being renovated at that time.

Pay more for IRCTC tickets from Sep 1: Check service charges on AC, non-AC

E-tickets bought through IRCTC will get costlier as the Indian Railways has decided to restore service charges from September 1, according to an order.
The IRCTC will levy a service charge of Rs 15 per ticket for non-AC classes and Rs 30 for AC classes, including first class, according to the August 30 order issued by IRCTC.

Goods and Services Tax (GST) will be applicable separately.
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The service charges were withdrawn three years ago to promote digital payments, a pet project of the Narendra Modi-led BJP government.
IRCTC used to levy a service charge of Rs 20 on every non-AC e-ticket and Rs 40 for every AC ticket before it was withdrawn.
Earlier this month, the Railway Board had given its approval to the Indian Railway Catering and Tourism Corporation (IRCTC) to restore the mechanism of charging service charge from passengers booking online tickets.
In a letter dated August 30, the Board had said the IRCTC, railways ticketing and tourism arm, had made a "detailed case" for the restoration of service charge on booking of e-ticket and the matter has been examined by the "competent authority".
It further said the Finance Ministry has contended that the scheme of waiving of service charges was a temporary one and that the railway ministry could begin charging e-tickets.
Officials say that after service charges were discontinued, IRCTC saw a 26 per cent drop in Internet ticketing revenue in financial year 2016-17.

FDI reforms in single-brand retail a win-win for global firms: Deloitte

The government's announcement to allow single-brand retailers to sell goods online first before opening brick-and-mortar stores is a win-win for global players to tap the domestic market, consultancy firm Deloitte said on Saturday.
The government recently relaxed norms for single-brand retailers having foreign investment to attract global players. It has now permitted them to sell goods through online stores before opening brick-and-mortar stores within two years.

It has also relaxed certain provisions for complying with the mandatory 30 per cent local sourcing requirements.
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"A retail company can now start selling to the Indian consumers via online platform and open up a physical store later (within a period of two years). This is going to be a clear win-win for global retailers to tap the Indian market sitting overseas," Anil Talreja, Partner at Deloitte India, said.
He said the move would also give a boost to the pillars of the Indian retail industry in the form of transportation, payments, customer care and warehousing.
"The Indian customer stands to gain as he gets the goods before the opening of the store in India. The retailer stands to gain as he can tap the Indian market earlier than never before," he added.
On permitting 100 per cent foreign direct investment in contract manufacturing, Talreja said that with this the government has substantially expanded the arena for the foreign investors to play in India.

PNB to hold board meeting soon to consider merger with OBC, United Bank

Punjab National Bank (PNB) on Saturday said a board meeting will be held soon to consider amalgamation of Oriental Bank of Commerce and United Bank of India with itself.
The bank has received a communication from the Ministry of Finance that the Alternative Mechanism (AM), after consultation with Reserve Bank of India (RBI), has decided that Punjab National Bank, Oriental Bank of Commerce (OBC) and United Bank of India may consider amalgamation, it said in a regulatory filing.

"Accordingly, a meeting of board of directors to consider the amalgamation will be convened by the bank shortly," PNB said.
Meanwhile, Corporation Bank, which is going to be merged with Union Bank of India along with Andhra Bank, too said a board meeting will be held to consider the merger.
In a stock exchange filing, it said "a meeting of the Board of Directors of the Bank to consider the amalgamation will be convened by the Bank in due course".
The government on Friday unveiled a mega plan to merge 10 public sector banks into four as part of plans to create fewer and stronger global-sized lenders as it looks to boost economic growth from an over six-year low.
Finance Minister Nirmala Sitharaman, who had last week announced tax sops and measures for sectors such as auto, announced four new sets of mergers -- Punjab National Bank, Oriental Bank of Commerce and United Bank of India will combine to form the nation's second-largest lender; Canara Bank and Syndicate Bank will merge; Union Bank of India will amalgamate with Andhra Bank and Corporation Bank; and Indian Bank will merge with Allahabad Bank.
The exercise, seen together with the previous two rounds of bank consolidation, will bring down the number of nationalised public sector banks to 12 from 27 in 2017. This, the government feels, will make bank balance sheet stronger with greater capacity to lend.

1.9 million left out of Assam's final NRC list, police on high alert

The much-awaited final list of the Assam National Register of Citizens was announced today, even as security was beefed up in the state and the police was put on alert.

Prateek Hajela, State Coordinator, NRC, said a total of 3,11,21,004 persons were found eligible for inclusion in the final list and 19,06,657 persons including those who did not submit their claims, were left out.
Meanwhile, some 218 companies of the central paramilitary forces are on the ground, even as no untoward incident was reported immediately after the final list was out.
A press statement released by the NRC confirmed that after considering all those already included and after disposal of all claims and objections and proceedings under Clause 4(3), a total of 3,11,21,004 numbers of persons were found eligible for inclusion in Final NRC, while 19,06,657 persons, including those who did not submit claims, were left out.
The final NRC is a supplementary list that includes or leaves out those whose names were not included in earlier drafts, or against whom objections had been raised.
ALSO READ: A seven-decade timeline of events leading to release of NRC final list
Applicants can find out their status at NRC sewa kendras (NSKs) and offices of circle officers and deputy commissioners or log on to the NRC official site (nrcassam.nic.in).
NSKs across the state were flooded today with anxious applicants who wanted to find out whether or not they were included in the final list.
Prior to the announcement, Assam Chief Minister Sarbananda Sonowal had tried to assuage the people stating that those excluded will not be regarded as foreigners and will be given a chance to appeal.
What if your name doesn't feature?
You will not be declared a foreigner and will not be detained
You can appeal within 120 days in foreigners’ tribunals, which will ascertain your citizenship status on the basis of provisions of Foreigners Act, 1946, and Foreigner (Tribunals) Order, 1964
Various political parties are also ready to provide you free legal aid
You also have the option of appealing in HC and Supreme Court
Read the full press release by Office of State Coordinator, NRC:
1.9 million left out of Assam's final NRC list, police on high alert

GDP slump signals significant slide in investment, consumer demand: Ficci

India's economic growth dropping to an over six-year low of 5 per cent in April-June 2019 is indicating a "significant deceleration" in both investment and consumer demand, industry body Ficci said on Saturday.
Expressing "deep" concerns over sluggishness in the growth momentum, Ficci President Sandip Somany said "the latest GDP growth numbers are below expectations and point towards a significant deceleration in both consumption and investment demand."
He, however, hoped that a series of measures being taken by the government and the central bank to reverse this slowing trajectory would help improve economic situation in the subsequent quarters, according to a Ficci statement.
"The mega bank consolidation plan, liberalisation of FDI guidelines and the stimulus package are comprehensive and address the key pain areas of the economy," he added.
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With a mix of both broader measures and sector specific interventions, the Indian economy and the industry would come out of this weak patch soon, he said.
The PHD Chamber of Commerce and Industry said the recent economic reforms undertaken by the government and the RBI will create a strong and resilient economic environment in the country and rejuvenate GDP growth rate in the coming quarters.
PHDCCI President Rajeev Talwar said: "The big ticket economic reforms including recapitalisation of public sector banks, rollback of enhanced surcharge on foreign portfolio investors, payment of all pending GST refunds to MSMEs...are inspiring and would go a long way to foster strong, stable and inclusive growth environment in the country."

Going ahead, he said, further reforms in ease of doing business at the ground level especially for the small and medium sized businesses along with desired reforms in labour laws such as fixed term employment for flexibility in hiring by industry across the states would be crucial to strengthen the manufacturing sector.
India's economic growth has slumped for the fifth straight quarter to an over six-year low of 5 per cent in the three months ended June as consumer demand and private investment slowed amid deteriorating global environment.
Having lost the tag of the world's fastest-growing economy earlier this year, India's GDP growth was behind China's 6.2 per cent in April-June, its weakest pace in at least 27 years.

OMCs warn Air India of stopping supply at 2 more airports over unpaid bills

Flight services of flag carrier Air India, including those for Haj pilgrimage, might be hit partially following the IOC-led oil marketing companies (OMCs) threatening to suspend fuel supplies at two more airports -- Hyderabad and Raipur-- over non-payment of dues.
The state-owned oil marketing firms have already stopped supplying fuel to Air India flights at Pune, Vizag, Cochin, Patna, Ranchi and Mohali since August 22.

The three OMCs -- Indian Oil Corporation, Hindustan Petroleum Corp Ltd and Bharat Petroleum Corp Ltd -- together have around Rs 4,300 crore in dues from Air India.
Though Air India is on cash-and-carry mode since April this year and making a payment of Rs 18 crore per day towards daily jet fuel bill, the OMCs have sought clearance of all dues at the earliest.
"The OMCs have asked Air India to make a lump sum payment towards outstanding amount including interest at the earliest, saying if the carrier fails to do so, they will extend the suspension of fuel supplies to Hyderabad and Raipur airports as well from September 6," a source privy to the development told PTI.
He said that Air India does not have international operations from the six airports where the OMCs have not been supplying jet fuel to its flights since August 22.
"However, if it is stopped in Hyderabad as well, there will be severe impact on some of our overseas flights as well as Haj operations in addition to domestic operations," he said.
"Air India's total fuel bill dues were Rs 4,600 crore as of March 31, 2019 which came down to Rs 4,300 crore by July 31," the source said.
"Also, since April 1 this year, Air India is making a payment of Rs 18 crore per day for daily fuel intake," the source added.
An Air India spokesperson refused to comment.
The source said so far the national carrier was managing operations from the six airports by rescheduling flights, but if supplies are cut at two more airports, especially Hyderabad, it would have a big impact on its overall operations.
On Wednesday, Indian Oil had defended cutting jet fuel supplies to Air India.
"We ourselves are borrowing around Rs 75,000 crore annually, that means we are a net borrower and not a cash- surplus company. To support credit to Air India, we need to borrow from markets," IOC chairman Sanjiv Singh had said.
He said IOC provides 90 days credit to Air India but the dues have been mounting and this must be 240 days now.
"So the total dues to us, including interest, is more than Rs 2,900 crore. Although we don't take any formal bank guarantee from a public sector entity which we do from private airlines, now we are a little worried and cannot continuously support the airline," Singh had stated.

Bank employees stage protest against govt's decision to merge PSBs

Members of the All India Bank Employees' Association on Saturday staged a protest in Delhi against the Centre's decision to merge 10 public sector banks into four entities.
Employees of all public and private sector banks wore black badges to work as a mark of protest to the government's decision.
The Association's General Secretary, C H Venkatachalam said the government's move was "ill timed" and needs a review.
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A rally opposing it was also planned by the Association, Venkatachalam told PTI.
He alleged the merger of public sector banks would mean closure of six banks.
The BJP government at the Centre had on Friday unveiled a mega plan to merge 10 public sector banks into four, to create fewer and stronger global-sized bankers as it looks to revive economic growth.
Finance Minister Nirmala Sitharaman Friday said 10 public sector banks -- Punjab National Bank, Canara bank, Union Bank of India, Indian Bank, United Bank of India, Allahabad Bank, Syndicate Bank, Corporation Bank, Oriental Bank of Commerce and Andhra Bank would be merged.
"Government may call it a merger.. six banks which have been built up over the years will disappear from banking scenario", Venkatachalam said.
He recalled that when the financial recession was experienced world over in 2008, the domestic banking system was safe because of public sector banks.
On further course of action, he said the Union would meet in New Delhi on September 11 to decide on going on strike.

CreditAccess Grameen surges 12% in range-bound market, nears all-time high

CreditAccess Grameen shares surged 12 per cent to Rs 587 in intra-day trade on the BSE on Friday in an otherwise range-bound market on the back of heavy volumes. The non-banking housing finance company's (NBFC's) stock was trading close to its record high level of Rs 591, touched on June 11, 2019 in intra-day trade.
The microfinance institution (MFI) made stock market debut on August 2018.

In comparison, the benchmark S&P BSE Sensex was down 0.03 per cent at 37,057 levels at 10:56 am. The trading volumes on the counter jumped more than 10-fold with a combined 174,177 equity shares changing hands on the NSE and BSE so far.
For the April-June 2019 quarter (Q1FY20), CreditAccess Grameen posted 33 per cent year on year (YoY) growth in net profit at Rs 96 crore, backed by lower provisioning. Net interest income grew 32 per cent at Rs 247 crore on a YoY basis. Assets under management (AUM) grew at a rate of 39 per cent YoY driven by the income generation & retail finance segment.
The assets quality improved year-on-year as well as on a sequential basis. In Q1FY20, the company's gross non-performing assets (NPA) stood at 0.55 per cent against 0.88 per cent in the year-ago quarter and 0.61 per cent in March 2019 quarter, while net NPA stood at NIL on quarter on quarter (QoQ). Net interest margin (NIM) improved to 14.4 per cent from 13.7 per cent on a QoQ basis.
The management said the rural markets seem to be temporarily witnessing subdued consumption demand and slower growth particularly in asset-based investments compared to last year.
“The rural dominant MFI growth was primarily driven by limited competition and strong credit underwriting. Margins remain unhindered amid rising cost of borrowings as the rise in share by the foreign borrowings subsidized for the cost,” analysts at Narnolia Financial Advisors said in result update.

NTPC slips 6% after it incorporates subsidiary to take up coal mining

Shares of NTPC (National Thermal Power Corporation) slumped 6 per cent to Rs 116 on the BSE, in the intra-day trade on Friday, after the company announced incorporation of NTPC Mining, a wholly-owned subsidiary to take up coal mining business.
"We wish to inform that NTPC Limited has incorporated a wholly owned subsidiary in the name of 'NTPC Mining Limited' with Registrar of Companies, NCT of Delhi on 29th August 2019 for taking up coal mining business," it said in a BSE filing.

At 12:04 pm, the stock pared its losses partially, and was ruling 4.5 per cent lower at Rs 117 apiece. In comparison, the benchmark S&P BSE Sensex was trading 0.45 per cent lower at 36,901 level. Nearly 3 lakh shares exchanged hands on the BSE.
Meanwhile, shares of Coal India, the biggest supplier of coal to NTPC, were quoting 3 per cent lower at Rs 183 apiece.
If NTPC develops its own coal mining capability in the next 5-7 years, Coal India risks losing 100-120 million tonne (mt) of coal supply to NTPC, according to a Coal India official. Every year, Coal India supplies around 200 mt of coal to NTPC. READ REPORT HERE
On Wednesday, August 28, the government approved 100 per cent foreign direct investment (FDI) in the coal sector and allowed commercial mining of coal.
"It has been decided to permit 100 per cent FDI under automatic route for sale of coal, for coal mining activities including associated processing infrastructure... Associated Processing Infrastructure would include coal washery, crushing, coal handling, and separation (magnetic and non-magnetic)," the government said in a statement.

Ind vs WI 2nd test Day 2: Virat, Mayank stand tall as India post 264-5

Captain Virat Kohli's fighting 76 and opener Mayank Agarwal's half century helped India reach 264 for 5 on Day 1 to take a slight edge over the West Indies in their World Test Championships second match here.
Put into bat on a tricky Sabina Park pitch, India were reduced to 46 for 2 in the opening session but Kohli and Agarwal (55) work hard to rebuild the innings with a 69-run stand for the third wicket.
Kohli then had another 49-run partnership with first Test centurion Ajinkya Rahane (24) from 19 overs for the fourth wicket as India picked up the scoring rate in the second session which saw 85 runs being added from 29 overs.
But the two big wickets -- that of Kohli and Rahane -- in the final session put the brakes on India just when the visiting team was beginning to consolidate and push to a position of strength. Kohli faced 163 deliveries from which he hit 10 boundaries.
At the draw of stumps, Rishabh Pant and Hanuma Vihari were batting on 27 and 42 respectively, having stitched 62 runs from 17.5 overs for the unfinished sixth wicket. A lot will depend on the duo whether India can post a big total on the second day or not.
Pant, who has a tendency of throwing away wickets, was batting sensibly during his 64-ball unbeaten knock, hitting two fours and a six while Vihari was going strong in his 80-ball unbeaten innings which had eight boundaries in it.
Kohli, who worked hard in the first and second sessions, was beginning to impose himself on the West Indian bowlers and looked set for a bigger innings. But he fell to a peach of a delivery bowled by his West Indian counterpart Jason Holder.
The delivery, on a perfect length, pitched around the off and jagged away enough to take the outside edge of Kohli's bat and go through to the keeper.
The Indian captain was a bit lucky when on 55 as replays suggested he could have been out in the 62nd over bowled by Kemar Roach (1/47) but the West Indies had exhausted their quota of two reviews by then.
Rahane was out in the first over after tea as he dangled his bat outside off-stump for Jahmar Hamilton to take the catch. The India vice-captain was quite at ease during his stay at the middle but could not convert the start this time.
For the West Indies, Holder produced a brilliant pace-bowling spell by taking three wickets for 39 runs.
It was opener Agarwal who laid the foundation of the Indian fightback with a solid batting display. Playing in his fourth Test, the 28-year-old reached to his fifty as he edged a Roach delivery to the boundary ropes.
Agarwal fell inside the first hour of the post-lunch session after scoring his third career half century. His cut shot in the 41st over went straight to first slip fielder Rakheem Cornwall. His 55 came from 127-balls from which he hit seven boundaries.
Kohli took time to settle down as he took 16 balls to open his account during the morning session. He was tested by the tight bowling from the West Indians, especially by debutant off-spinner Cornwall (1/41).
The Indian captain gained in confidence as the match wore on and he hit two exquisite cover drives towards the end of the second session. He reached to his 22nd career half century off a single in the 55th over bowled by Shannon Gabriel.
Earlier, India laboured their way to 72 for 2 from 30 overs after opener KL Rahul (13) and Cheteshwar Pujara (6) were dismissed cheaply in the opening session on a pitch which had some grass on it.
Holder introduced himself in the seventh over and immediately got the breakthrough by having the wicket of Rahul to break the 32-run opening stand.
Pujara struggled again as he took 15 deliveries to open his account and was finally out for 6 (off 25 deliveries), giving Cornwall his first Test wicket.

Asia needs to manage its megacities better rather than build new ones

Asia's biggest cities, from Shanghai to Dhaka, are struggling to manage the impact of decades of growth. Some are sinking. Most are traffic-choked. And almost all struggle with chronic air pollution. Worst of all, coastal cities face the threat of being inundated by rising seas.
Indonesia’s capital Jakarta suffers these urban ills more acutely than most, which is why President Joko Widodo announced a plan last week to shift the government 900 miles away, to a relatively undeveloped section of Borneo. Indonesia isn’t the first Asian country to move its official capital and won’t be the last. But evacuating government officials and their families won’t solve the problems of Jakarta, Bangkok, Dhaka or any other megacity. Given how many people will continue to live in those urban conurbations, the focus has to remain on fixing what ails them.

The challenges faced by Jakarta and other developing Asian cities were seeded in the 1970s as countries across the region liberalized their economies. In Indonesia, land-use controls were aggressively deregulated in the 1980s while entire sectors of the economy were opened up to direct investment. Economically, the results were spectacular: Factories, shopping malls and housing developments sprouted up across Jakarta and the surrounding region.

Meanwhile, Indonesians, keen for opportunity, flocked to the city. Between 1970 and 2000, the population of the greater Jakarta region -- which now encompasses 12 municipalities or regencies -- grew from roughly 5 million people to over 20 million. And from 2000 to 2010, it added another 7 million people, making it the world's fastest-growing urban region outside of China. By 2030, greater Jakarta will be home to 35 million people, topping Tokyo for the title of world's most populous city.
The results are well-known. Jakarta is home to some of the world's worst traffic jams; drivers are accustomed to spending two hours to move three miles. That traffic accounts for 75 per cent of Jakarta's air pollution, which also happens to be among the world's worst. Jakarta’s metro only opened this year and isn't expected to make a noticeable impact for years, if ever.
Meanwhile, 60 per cent of Jakarta's residents rely upon often illegally pumped groundwater, in part because of how polluted other sources are. That’s caused the land to subside: Since the 1970s, parts of Jakarta have sunk as much as 13 feet, at a rate of almost 10 inches per year. Today, roughly 40 per cent of the city is below sea level and floods are a regular occurrence.
There’s little reason to think that relocating 1.5 million bureaucrats and their families -- as the current plan contemplates -- will relieve these problems for the tens of millions of people left behind in Jakarta. Indeed, the experience of other Asian countries suggests it will merely divert attention and resources. Malaysia's decision to relocate its capital from Kuala Lumpur to Putrajaya in the 1990s was partly intended to reduce traffic and pollution in the older city. Yet, 20 years on, both have gotten worse.
Like Malaysia and other countries, Indonesia has favored top-down technocratic solutions to Jakarta's problems, including building seawalls, clearing low-income communities from flood plains and now establishing a new capital. Indeed, the government recently announced that it plans to spend $40 billion on needed infrastructure improvements to Jakarta, in addition to the money promised to its new capital city.
Yet the real issue remains failures of governance in an era of fast urbanization. If the government can't effectively regulate real estate developers and land use, it certainly can't stop the city from sinking thanks to illegal groundwater pumping.
In this, Indonesia is hardly alone. In China, more than 50 cities, including Shanghai, are struggling to control land subsidence due to overuse of groundwater and uncontrolled development. Fast-growing Dhaka, Manila, and Bangkok are facing similar struggles. And it seems every up-and-coming Asian city confronts a crippling traffic and pollution problem as rising incomes increase the number of cars on the road.
To address these issues properly, Asia's governments need to be more responsive to voices beyond the vested interests that have been so crucial to building the region's economy. For example, in recent years slum communities along Jakarta's Ciliwung River have engaged in large-scale mapping of their environmental vulnerabilities, as well as local polluters. That should help efforts to clean up the river and ultimately reduce the use of groundwater.
Effective, responsive governments -- not new cities -- are what the denizens of Asia's megacities really need.

ICRA slides 5% after it terminates MD and Group CEO Naresh Takkar

Shares of ICRA, the Indian arm of global rating agency Moody's, declined around 5 per cent on the BSE in the intra-day trade on Friday after the company terminated its Managing Director (MD) and Group Chief Executive Officer (CEO) Naresh Takkar’s employment. The rating agency has attributed the unprecedented move to protect interests of the company and its shareholders.
According to the company, “ICRA remains committed to ensuring independence and integrity of its ratings process and sound corporate governance.”

Takkar had been on indefinite leave since July pending an inquiry by the Securities and Exchange Board of India (Sebi) after a whistle-blower alleged interference by top executives of the rating agency in issuing good ratings to Infrastructure Leasing & Financial Services (IL&FS) and its subsidiaries.
Without disclosing reasons, ICRA informed the stock exchanges on Thursday, “The board, after due consideration and taking into account the best interests of the company and its various stakeholders, has decided to terminate the employment of Takkar with immediate effect.” READ MORE
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The ICRA board said it would commence a search for Takkar’s replacement, adding that Vipul Agarwal, who was named interim chief operating officer on July 1, 2019, remains responsible for the day-to-day operations of the firm until a CEO is appointed.
Global rating agency Moody’s owns 51.87 per cent in ICRA.
At 1:26 pm, the stock was trading at Rs 2,691 apiece on the BSE, down around 4 per cent. During the session, the stock hit an intra-day low and high of Rs 2,661.10 and Rs 2,739.85, repectively. A total of 23.03 lakh shares changed hands on the BSE and NSE till the time of writing this report.
In comparison, the benchmark S&P BSE Sensex was trading at 36,957, down 112 points or 0.30 per cent.

Customs department seizes 23% more illegal consignments of gold in Q1

Clearly indicating a rise in gold smuggling, the Customs department has seized 23 per cent more illegal consignments of the precious metal in the April-June quarter compared to the same period last year. A rise in import duty could be a reason for this, said experts.
In the first quarter (Q1) of 2019-20 (FY20), the department seized 1,197 kg gold, compared to 972 kg in the April-June quarter last year.

The Directorate of Revenue Intelligence (DRI) said authorities had seized 4,058 kg (a little over 4 tonnes), worth Rs 1,500 crore, in the fiscal year 2018-19 (FY19) — 25 per cent more than what it seized the previous year.
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“The effect of the increase in duty will be seen more in the second quarter when demand increases and consumers have to shell out more for the precious metal,” said a custom official, who did not want to be named. He added the department anticipates this year it would seize double of what it did last year.
In the same period, the amount of bulk smuggling has also increased significantly. The department has seized foreign currency valued at Rs 164 crore. In 2017-18, the Customs seized Rs 89 crore worth of foreign currency.
ALSO READ: Gold smuggling in India slows due to election seizures of cash, bullion
Chart
Data suggests there is also a steep rise in cases of outright smuggling of gold and foreign currency by foreign nationals. About 210 foreign nationals were arrested by the department in FY19 for smuggling gold; in FY18, the number of arrests was 98. Thirty-five people were arrested in the same period for smuggling foreign currency, compared to only seven the previous year.
Most of those held are citizens of Bhutan, Taiwan, China, Afghanistan, South Korea Japan, and Dubai. The DRI interrogated five Taiwanese nationals and discovered a syndicate smuggling foreign gold into India and smuggling out proceeds from such sales.
The agency recovered $449,600 from these five people, who had now been sent to judicial custody.
Another Indian citizen travelled to Dubai about 20 times in a year, smuggling in currency worth Rs 110 crore. The DRI has seized Rs 4.5 crore.
Analysis by the agency reveals that in the past three years there has been a significant increase in the numbers people in gangs smuggling gold into India and currency out. In FY19, 1,102 Indians were arrested for smuggling in gold and 183 were held for smuggling out foreign currency.

Sebi letter ends MFs' hopes of joining DHFL resolution process

The mutual fund (MF) industry's hopes of becoming part of the resolution process of Dewan Housing Finance Corporation (DHFL) under the inter-creditor agreement (ICA) framework got quashed on Thursday with the Securities and Exchange Board of India (Sebi) clearly stating that only those MF schemes that have already side-pocketed the affected debt exposure can participate in any ICA process.
Sebi was replying to a representation made by the industry body Association of Mutual Funds in India (Amfi), which had asked the regulator if the action of joining DHFL-ICA can itself be sufficient condition to side-pocket exposure to the troubled housing finance company.
However, Sebi's response means that more than 100 open-end schemes exposed to DHFL's debt papers won't be able join DHFL's ICA as they are yet to complete the stipulated process before side-pocket option can be availed of. The MF industry's exposure to DHFL stood at over Rs 4,000 crore. Overall, the systemic exposure to DHFL is Rs 90,000 crore, which is similar quantum to that of IL&FS.
According to Sebi's letter, reviewed by Business Standard, "Segregation of portfolio pursuant to a credit event, in terms of Sebi circular dated December 28, 2018, should be pre-condition for signing ICA for the assets in the segregated portfolio."
"As per Sebi's direction, MFs can participate in future ICAs, but not DHFL. The same-day side-pocket rule has not been relaxed by the market regulator, so most of the exposed MFs will be out of this resolution process," said chief executive officer of a fund house, requesting anonymity.
As per Sebi's stance on ICA, only three schemes of Tata MF will be able to join DHFL's resolution process. Tata Corporate Bond Fund, Medium Term Fund and Treasury Advantage Fund are the only MF schemes that have so far side-pocketed the exposure. An email query sent to Tata MF on whether they would join the ICA framework for DHFL, didn't elicit any response at the time of going to press.
ALSO READ: Sebi asks mutual funds to shift all investments to listed securities
Meanwhile, legal route will continue to be an option on the table even for those MFs that initially opt for ICA framework for any distressed exposure.
"If the Resolution Plan (RP) imposes conditions on the asset management companies (AMCs), which are not in accordance with the provisions of Sebi (Mutual Funds) Regulations and circulars ... AMCs shall be free to exit the ICA altogether with the same right as if it had never signed the ICA," Sebi's letter read.
ALSO READ: Reader's corner: Mutual Funds
Amfi had sought clarity from Sebi on what should MFs do if RP terms restrict MFs from selling the debt securities or infuse further funds into the borrower.
While MFs can exit if terms are not in-line with Sebi norms, MFs can also exit ICA if the RP is not implemented within 180 days of the review period.
This provision is in-line with the Reserve Bank of India's (RBI) June 7 circular.
Subject to approval from board and trustees, MFs can at the most give extended timeline of 365 days for RP's implementation. As per RBI norms, the review period starts on the reference date, which is date when borrower is referred to ICA (i.e. June 29, 2019, in DHFL's case).
Earlier, the MFs holding debt papers of DHFL were seeking one-time relaxation from Sebi on various regulatory provisions to to side-pocket exposures to debt-riddled company.
The norms require MFs to take side-pocket decision on the day of the credit event. However, when DHFL was downgraded to below-investment grade on June 5, 2019, MFs were not in a position to use the option as they had not completed the due procedures required as per Sebi regulations.
Apart from taking decision to side-pocket on day of credit event, the provisions also require MFs to give a 30-day load-free exit window to investors. Further, MFs need to put in place a detailed policy on the creation of a segregated portfolio, which is approved by the trustees.
Earlier, Insurance Regulatory and Development Authority of India had allowed insurers exposed to DHFL to become part of the ICA. The move had made MFs cautiously positive that Sebi would also allow them to join DHFL-ICA.
Opening the gates
MFs can exit ICA in case resolution terms clash with Sebi regulations
Legal route remains open for fund houses that join ICA process in future
Only schemes that have side-pocketed affected exposure can participate in any ICA process
Fund houses have sought clarity on impact of ICA on fixed maturity plans
MFs instructed to keep investors’ interests in mind before any move
Only three schemes of Tata MF cleared to join DHFL resolution process

Nifty ends August with negative returns of 0.9%, falls 7.5% in 3 months

The benchmark Nifty ended August with negative returns of 0.9 per cent, taking the three-month market correction (between June and August) to 7.5 per cent.
Selling by FIIs after the announcement of the tax surcharge, combined with global headwinds, triggered a heavy sell-off, causing the broader indices to be the worst-hit. Between June and August, the Nifty Midcap ended 13 per cent lower while the Smallcap was down 18 per cent.

However, on Friday, the Nifty ended 0.7 per cent higher in anticipation of additional policy measures by Finance Minister Nirmala Sitharaman to give fillip to the economy. Market experts have warned that the market is likely to see continued selling pressure, given that measures by Centre have failed to cut ice with institutional investors.
“Nothing has really changed for FIIs. It goes back to pure fundamentals. Probably, they are waiting for the FM to come with a comprehensive package. There is no incentive for FIIs to rush back to the markets as corporate and economic fundamentals are in bad shape,” said Andrew Holland, CEO of Avendus Capital Public Markets Alternate Strategies.
June quarter (Q1) earnings by most firms failed to meet Street expectations, forcing analysts to cut their earnings growth targets for FY20. The macro picture also remains bleak. During Q1, India’s gross domestic product grew at 5 per cent, which was well below the median estimate of 5.7 per cent.
Chart
Mounting troubles for NBFCs, concerns over corporate debt, and uncertainty surrounding the US-China trade war have further contributed to the negative sentiment. In a recent note, ICICI Securities analysts said the consensus view has turned pessimistic since the Budget.
“Negative feedback loop from a sharp correction in stock prices is impacting the fundamental view, which has not changed materially over the past one month.” Market players said the Centre should announce more proactive measures to boost investor confidence beginning with more aggressive recapitalisation of PSU banks and steps to increase the liquidity.
“There has to be greater flow of money. Lots of refunds are stuck and the government has to start releasing it. Once that happens, people, the liquidity position will improve,”said Abhimanyu Sofat, head of research at IIFL.
On Friday, Finance Minsiter Nirmala Sitharman outlined Rs 70,000 crore of recapitalisation planned for PSBs in FY20. Market participants said that given the weak credit demand from corporates and the NBFC crisis, the recapitalisation package will not be able to meet the key objective of reviving lending and improving banks' fortunes.

Merger of PSBs: Move to improve efficiency, bargaining power, says industry

The government’s decision on four sets of mergers of public-sector banks (PSBs) will expand scale of operations, improve efficiency, and enhance competitive higher bargaining power, according to rating agencies and the industry.
However, benefits from these measure, being structural in nature, will accrue in the long term. Effective integration, corporate governance, and skilfully managing human resources have a greater bearing on outcomes, they added.

State Bank of India Chairman Rajnish Kumar said the announcements were a clear recognition that bigger banks had a greater ability to absorb shocks. It will help them reap economies of scale as well as raise the capacity to raise resources without depending unduly on the exchequer, he added.
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Srikanth Vadlamani, vice-president, Financial Institutions Group, Moody's Investors Service, said consolidating PSBs would improve scale of operations. But there will not be any immediate improvement in their credit metrics because all of them have relatively weak solvency profiles.
Merger of PSBs: Move to improve efficiency, bargaining power, says industry
It will help improve their competitive position in segments where their share of customer wallet tends to be low, he said.
Prakash Agarwal, head, Financial Institution, India Ratings and Research (Fitch Group), said: “Bank consolidation is a good move. The steps to improve corporate governance and grooming leadership, if followed through with the right intent, resources and commitment, can go a long way in addressing the challenges that PSBs are facing.”
Sandip Somany, president, Federation of Indian Chambers of Commerce and Industry, said this would enhance lending capacity, and enable deploying better technology, a larger branch network, and an enhanced national and global presence.
Anil Gupta, vice-president and sector head, ICRA, said recent precedents showed the amalgamation process took up to six months and the management bandwidth of the merging banks might get occupied amid this process. The choking of management bandwidth should not result in a slowdown in credit flow.
Of the five banks under prompt corrective action (PCA), capital has been announced for three banks, i.e. Indian Overseas Bank, Central Bank of India, and UCO bank. Capital infusion is unlikely to be sufficient for taking these banks out of PCA in the immediate future, he added.
P S Jayakumar, managing director and chief executive officer of Bank of Baroda, pointed out “the combined institutions will be better than the earlier ones, a sum of the whole. The acceptance for what is best for the breed and the employees, regardless of where the idea came from, is critical. The employees of the larger institutions, treating the other as equal, is very critical.”
Rashesh Shah, chairman and chief executive, Edelweiss Financial Services, said consolidation in the banking sector would create higher efficiencies through better utilisation of capital, higher profitability, greater credit disbursal, and focused customer service. Autonomy to banks will help them take efficient commercial decisions, improve risk management and governance, strengthen balance sheets, and enhance valuations.
Niranjan Hiranandani, senior vice-president, Association of Chambers of Commerce, said bank mergers and reforms showed the government’s resolve to revive sentiment.

GDP data confirms demand slowdown; consumption expenditure at 17-qtr low

The gross domestic product (GDP) data released on Friday confirmed distress stories emanating from different sectors. The private final consumption expenditure (PFCE), which reflects demand in the economy, grew 3.14 per cent in the first quarter (Q1) of 2019-20 (FY20) — a 17-quarter low.
The PFCE grew by 7.2 per cent in the previous quarter (January to March or Q4 of 2018-19 or FY19). In the year-ago period, PFCE growth was 7.31 per cent.

Economists and analysts identified this as the most distressing signal.
“Collapse of private consumption demand growth from 10.6 per cent in Q4FY18 to 3.1 per cent in Q1FY20 is the real cause of concern,” said Devendra Pant, chief economist at India Ratings.
He added, “Both structural and cyclical issues are plaguing the economy. In order to bring the economy back to a respectable growth path, both short- and long-term measures are required.”
Also, the PFCE’s share in GDP declined to a seven-quarter low of 57.7 per cent in Q1FY20. In Q4FY19, it was 59.3 per cent, and it was 58.7 per cent in Q1FY19.
Demand is a function of sentiments, said Ranen Banerjee, leader of public finance and economics at PwC India, adding that at the moment, it was negative because of slowdown and job losses. “When sentiments are negative, people spend less, at least their discretionary spending is less,” he said.
GDP data confirms demand slowdown; consumption expenditure at 17-qtr low Banerjee said negative sentiments feed into slowdown and this viscous cycle needed to be broken. “If only monetary stimulus is looked at to turn around the economy, I don’t think it will work,” he said.
Stories of slowdown in demand have been coming in from the auto and the fast-moving goods (FMCG) sectors for a while now. According to an ICRA note, passenger vehicle sales is likely to decline to 4-7 per cent this financial year.
The auto industry has already registered a 21.6 per cent de-growth in the first four months of 2019-20, ICRA said, adding in the short-term, prevailing subdued rural and urban sentiments would have an impact, besides the BS-VI emission norms.
Varun Berry, managing director at FMCG major Britannia, had earlier said if a customer needed to think twice before buying a product priced at Rs 5, there was some problem in the economy.
However, a look at the index of industrial production (IIP) data, growth in the FMCG sector was not really muted in Q1FY20. It stood at 7.3 per cent, compared to 1.8 per cent in Q1FY19.
Consumer durables, however, have suffered. The industry contracted 1.1 per cent in Q1FY20, against 8 per cent growth in Q1FY19. Motorcycles and two-wheeler production contributed 0.2 per cent contraction in the IIP in June. Auto components also pulled down the IIP by 0.2 per cent.

Assam on alert ahead of publication of NRC; CM asks people not to panic

Nabarun Guha shuffles uneasily in his chair, signs of worry writ large on his face.
The journalist has visited the NRC Sewa Kendra (NSK) twice for hearing after his name did not appear in the interim and final draft, and is uncertain whether he will be able to make it to the final Register of Citizens when it is published on Saturday.
Guha is a grandson of renowned historian, economist and poet of Assam Amalendu Guha and his family has lived in upscale Ulubari locality of Guwahati since 1930. All in the family but Nabarun figure in the draft NRC.
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"My parents have passed away, so the question of inclusion of their names does not arise. My father's name was in the electoral rolls of 1966 and 1970. I used his legacy codes and showed my linkage to him through my voter ID card. Still my name was not included," Guha said.
"It really baffles me. I don't know whether my name will be finally included or not. If a mistake can happen twice, it can happen for a third time as well," Guha told PTI, his furrowed forehead betraying the anxiety.
Guha is not alone. Lakhs of households across Assam are on edge a day before the publication of the hugely contentious NRC, which will determine bonafide Indian citizens as well identify illegal immigrants from Bangladesh.
National Register of Citizens in numbers
Mar 24, 1971, is the cut-off date for making legitimate claim to Indian citizenship

1951: NRC, unique to Assam, first published
2013: SC ordered updating the NRC
2015: Updating exercise began in February
2017: Part publication of draft NRC on Dec 31
2018: Complete draft published on July 30. Draft included names of 29 mn people out of the 33 mn applicants
2019: Additional draft exclusion list published on June 26 consisting of 102,462 persons, taking the number of those left out to 4,110,169 in the complete draft
Monowara Begum, 45, a domestic help, is waiting for the NRC on a wing and a prayer.
Though she and her husband Lal Bahadur Ali figured in the draft NRC, the names of all her four children--Laili, Anna, Monirul and Sahidul were missing.
"I am so worried that I cannot sleep at night. I just don't know what will happen if their names are not there in the final list," she said despairingly.
When reminded of the government's assurance that nobody whose name does not appear in the list will be detained and that they can appeal before a foreigners tribunal, a sob tore at her throat.
"We have already spent our hard earned money for attending hearings. If we have to go to tribunals now, we will have to sell our land and home," she said.
Ganesh Rai of Solmari Kalyanpur village in Goalpara district belongs to the indigenous ethnic Rajbangshi community but apprehends he would fail to make it to the final NRC as he has been declared a (doubtful) D-Voter.
He had voted in the 2016 assembly elections and never received any notice about his changed status, which was revealed to him during an inquiry at a NSK.
Many Bodos and tea tribe people in Bodoland Territorial Area Districts (BTAD) are not overly worried. They assert they are indigenous people of Assam and nobody can uproot them from their land.
"We are the sons of the soil. If we are not included in the NRC, then who will be?" is the comman refrain among the ethnic communities here.
Amid criticism from political parties over alleged faulty inclusions and exclusions, the NRC will be in public domain on Saturday, and state authorities have clamped prohibitory orders in vulnerable areas, including in Guwahati, under section 144 CrPC to enforce public order.
This has been done to ensure the normal functioning of offices, movement of public and traffic flow, officials said.
Section 144 Cr PC prohibits assembly of more than five persons, any agitation, demonstration or procession inciting communal violence, carrying of firearms, ammunition, explosive substances or weapons in public places or vehicles, as well as use of loud speakers.
Ahead of the publication of final NRC, Assam Chief Minister Sarbananda Sonowal on Friday asked people not to panic and said the state government will take all possible steps to help genuine Indians prove their citizenship and provide legal assistance.
"No one should be worried. No one should panic. Government is here to take care of everyone. Even those who will be excluded from final list will get enough opportunity to prove their Indian citizenship," he told PTI in an interview.
Assam has seen a huge influx from other places, particularly Bangladesh, since the early 20th century. It did not stop even after Independence, with a large number of illegal immigrants from Bangladesh, both Hindus and Muslims, settling there.
Identification, detention and deportation of such immigrants was a major demand over which the All Assam Students Union (AASU) launched a 6-year movement which ended with the signing of the Assam Accord in 1985.
Though the Supreme Court had ordered updating the NRC in 2013 to identify bonafide citizens and weed out illegal immigrants, the actual exercise began in February 2015.
The part publication of draft NRC was done on the midnight of December 31, 2017, and the complete draft was published on July 30, 2018. A total of 2,89,83,677 people out of 3,29,91,384 applicants were found eligible for inclusion in the register.
On June 26, 2019, the NRC authority published an additional draft exclusion list consisting of 1,02,462 persons, taking the number of those left out to 41,10,169 in the complete draft.
The NRC, unique to Assam, was first published in 1951, and the exercise is being monitored by the Supreme Court. March 24, 1971, is the cut-off date for making legitimate claim to Indian citizenship.
The NRC and its coordinator Prateek Hajela, an IAS officer, has received both bouquets and brickbats for the exercise.
Both the ruling BJP and opposition Congress have repeatedly voiced concern over "faulty" inclusions and exclusions in the register.
BJP state president Ranjit Dass said Hajela was preparing the NRC "unilaterally or in consultation with just 2-3 organisations". "In such a situation, it is difficult for Assam to come up with an error-free NRC," he said.
Ripun Bora, the state Congress chief, however, accused the BJP governments at the Centre and in the state of not being sincere about protecting the interests of genuine Indian citizens.
Opposition All India United Democratic Front (AIUDF) has also accused the state government of "plotting to drop" the names of lakhs of genuine Muslim citizens from the NRC.
The AASU, however, asserted it has "full faith" in the Supreme Court-monitored exercise.
"We have full faith as the updating exercise has been done under the supervision of the Supreme Court. The NRC will be the legal document of indigenous people of the state protecting their Indian citizenship. Stands are being taken according to Hindu or Muslim interests of different sections," AASU president Dipankar Kumar Nath said.
The AASU has persistently favoured a religion-neutral approach to identifying and deporting illegal immigrants.
However, a communal element was introduced when the Hindu right organisations began accusing the state's successive Congress governments of patronising illegal settlers for vote bank politics. The Congress also hit back, accusing the BJP government of being "soft" on illegal Hindu immigrants.

P K Sinha: A soft-spoken man, listener who cannot be 'accused of passion'

Cabinet Secretary Pradeep Kumar Sinha is moving to the Prime Minister’s Office (PMO) as an official on special duty at a time when reviving the economy has become the biggest challenge for the government.
A soft-spoken man, Sinha brings with him experience of not only leading two ministries as secretaries but also of balancing and coordinating views and plans of various government departments that are often contradictory to each other.

“It’s an appropriate decision, since he (Sinha) can bring in continuity because he has been Cabinet Secretary,” said Anil Razdan, a former power secretary, who worked with Sinha in the Ministry of Petroleum and Natural Gas.
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Razdan added, “One of his assets is that he is a patient listener who will decide after listening to all.”
Of his 42 years in Indian Administrative Service, Sinha has spent about 20 in the energy and infrastructure sectors. He moved from the petroleum ministry to head the shipping ministry and later the power ministry.
In 2015, he took over as Cabinet secretary from Ajit Seth. After two extensions, he got a third one for three months ending this September.
A retired IAS officer of 1977 batch, belonging to the Uttar Pradesh cadre, Sinha cracked the highly competitive civil services examination in the first attempt at the young age of 22 years.
A senior official, who interacted with him in the ministry of petroleum, said, “He cannot be accused of passion; he takes decisions after thinking through.” Sinha is a typical officer, who follows rules and “thinks the role is more important than the person”.
Sinha’s contemporaries describe him as an extremely pleasant person who is known to back his juniors to the hilt. “As the financial advisor in the ministry of petroleum and natural gas, I always found his inputs very useful. He was the government director on the board of many state-owned petroleum companies but unlike joint secretaries, who were also in the same positions, he had a grasp on the operational matters of the companies,” said S C Tripathi, former petroleum secretary.
Sinha’s appointment also indicates that there could be a complete overhaul of the team that looks at the country’s economy at the PMO. His experience as head of a high-level committee on stressed power assets could come in handy.
An economics graduate from Delhi University’s St Stephen’s College and a postgraduate from the Delhi School of Economics, he can now oversee the government’s ambitious plan of investing Rs 100 trillion in the infrastructure sector in the next five years as part of the plan to make the economy grow to $5 trillion by 2025.

Govt moves to reform bank boards: The six new rules you should know

The government on Friday moved to reform the boards of public sector banks (PSBs), but fell short of giving up control over the top management appointments — considered to be the key to efficient functioning of PSBs.
Finance Minister Nirmala Sitharaman on Friday announced a host of measures aimed at making PSBs more efficient. These included allowing banks’ boards to appraise the performance of the senior management —from the level of general manager to managing director (MD).
Under current practice, general managers are appraised by executive directors, who are assessed by the MD. But there is no formal appraisal process for the MD.
At the end of every financial year, the MD signs a memorandum of understanding (MoU) with the government. After a full year, MoU points are scored, and based on the scores, the bonuses of the MD are released by the board. The government now proposes that the board can appraise the MD directly.
However, experts say it won’t be easy to appraise general managers because the board won’t be knowledgeable enough to know all the functioning of the banks that they handle.
“It will be the EDs and MDs who would end up appraising the GMs,” said a former chairman and MD of a PSB. The Centre also gave the freedom to banks to appoint chief general managers, if required.
The concept of CGM is present in State Bank of India. As the government creates four more large PSBs, the need for CGMs would arise.
ALSO READ: NextGen PSBs: Govt unveils mega bank mergers to revive economic growth
“These are incremental changes, not radical,” said Ashvin Parekh, head of Ashvin Parekh Advisory Services, a management consultancy firm. “Unless the mandate of appointing the top management is given to an independent institution, free of government influence, the appointees would always be beholden to the government and shy away from taking independent decisions,” said Parekh. “This shows that the government is still hesitant in giving up total control to the Banks Board Bureau (BBB),” Parekh said.
Importantly, the finance minister said banks could recruit chief risk officers (CROs) from market, “at market-linked compensation to attract best available talent”.
This, according to experts, could be a game changer if the officer is also given adequate powers to take calls on loan decisions too. The Risk Management Committee will be given the mandate to fix accountability for compliance of the Risk Appetite Framework.
To enable succession planning, bank boards can decide the system of ‘Individual Development Plans’ for all senior executive positions. To ensure sufficient tenure, the boards have now been given flexibility to prescribe residual service of two years for the appointment of GM and above.
Large PSBs can now enhance sitting fees of non-official directors (NODs), who will also be evaluated annually on peer-review basis. NODs will perform a similar function as independent directors in the board.
The boards will be encouraged to give longer term to directors on the management committee of board (MCB) to enable them to contribute effectively. And this MCB will have loan-sanction thresholds doubled, “to enable focussed attention to higher value loan proposals”.
For better board committee functioning, the government said boards could reduce the number of committees.
“These measures would considerably strengthen the operational framework for PSBs and enable them to meet the requirements of a large and growing economy,” said Sandip Somany, president, Federation of Indian Chambers of Commerce and Industries (FICCI).
New Rules
• Bank board to appraise performance of general manager and above, including managing director • Chief general managers can be appointed for large PSBs • Chief risk officer can be hired at market compensation package • Longer term for directors on Management Committee of Board (MCB) • MCB loan-sanction thresholds enhanced by up to 100% • There can be four EDs in large banks, from the current two

INX media case: CBI court extends Chidambaram's custody till September 2

A Delhi Court extended by three days the CBI custody of P Chidambaram, arrested in a corruption case arising from the INX Media scam.
He will be in the CBI custody till September 2.

The order was passed by Special Judge Ajay Kumar Kuhar before whom Chidambaram was produced on expiry of four-day custodial interrogation granted on August 26.
He has already been subjected to custodial interrogation by the CBI for eight days since his arrest on August 21, after the Delhi High Court on August 20 dismissed his anticipatory bail plea.
"Investigation being the prerogative of the investigating officer and given the fact that the record is voluminous and accused needs to be confronted. Thus, more time is required. In view of the submissions made, the accused is sent to police custody remand till September 2," the judge said while pronouncing the order.