The government has decided to set up a committee to look into all issues including foreign direct investment norms pertaining to the fast growing e-commerce industry in the country.
The committee will be headed by the NITI Aayog CEO. The other members in the panel includes officials from commerce and industry ministry and department of electronics and IT among others.
Representatives from four states including Maharashtraand Karnataka are also members of the panel. Some e-commerce firms are facing taxation related problems in few states.
Setting up of this panel also assumes significance as the government has recently permitted 100 per cent FDI in food processing sector. There is also an issues related to ecommerce players selling pharmaceuticals.
The Department of Industrial Policy and Promotion (DIPP) has allowed 100 per cent FDI through automatic route in the marketplace format of e-commerce retailing in March.
As per the guidelines, FDI has not been permitted in inventory-based model of e-commerce.
There are 909 entries of taxa (including species, families, genus, orders and classes) of animals, birds and plants in the various Schedules of the Wild Life (Protection) Act, 1972. Various steps have taken by the Union Ministry of Environment, Forest and Climate Change (MoEFCC) to protect these species. This information was given by Minister of State (Independent Charge) of Environment, Forest and Climate Change Anil Madhav Dave, in a written reply to a question in Lok Sabha.
Steps Taken : The names of protected species of animals, birds and plants have been mentioned at Schedule I of Wild Life (Protection) Act, 1972. The Union Government has established a country-wide protected area network for protection of these species and their habitats of threatened flora and fauna under Wild Life (Protection) Act, 1972. The network includes 730 Protected Areas including 103 National Parks, 535 Wildlife Sanctuaries, 26 Community Reserves and 66 Conservation Reserves in different bio-geographic regions. Legal protection has been provided to wild animals under the provisions of the Wild Life (Protection) Act, 1972 against hunting and commercial exploitation.
Special programmes like Project Elephant’ and ‘Project Tiger’ have been launched for conservation of these endangered species and their habitats. In Centrally Sponsored Scheme (CSC) of ‘Integrated Development of Wildlife Habitats’ a specific component of “Recovery programmes for saving critically endangered species and habitats’ is provided for focused conservation action on selected critically endangered species. Financial and technical assistance is provided to the State/ UTs under the CSCs for providing better protection to wildlife including endangered species and improvement of its habitat. Under the Wild Life (Protection) Act, 1972, the Central Bureau of Investigation (CBI) has been empowered to apprehend and prosecute wildlife offenders. The Wildlife Crime Control Bureau (WCCB) has been set up to ensure co-ordination among various officers and State Governments for the enforcement of law for control of poaching and illegal trade in wildlife and its products.
National Biological Diversity Act (NBA), 2002 has been enacted to ensure protection of threatened species and their habitats. Under the Section 38 of the NBA, 2002 the species which are on the verge of extinction or likely to become extinct in near future as threatened species, are notified. Botanical Survey of India (BSI) has brought a number of endemic/threatened plants under cultivation (ex-situ conservation) in its and associated botanic gardens.
The Iron Lady of Manipur Irom Chanu Sharmila (44) ended her 16-year-long hunger strike for repealing of the Armed Forces (Special Powers) Act (AFSPA) of 1958 from Manipur. After ending her16-year-long hunger strike, she announced that she wants bring some positive changes in the state by actively participating in politics and contesting elections.
Irom Chanu Sharmila Born on 14 March 1972 in Imphal, Manipur. She is a civil rights activist, political activist, and poet. She is famously known as the Iron Lady of Manipur and also as Mengoubi (the fair one).
She had started hunger-strike at the age of 28 following a massacre in Malom, Imphal in which innocent 10 persons were killed by the Assam Rifles in November 2000.
Her main demand was for repealing Armed AFSPA, 1958 from her state which provided immunity to armed forces with regard to their actions. Since November 2000, Sharmila was forcefully fed through nasal tube.
She is the world’s longest hunger striker, as she had refused food and water for more than 500 weeks. Awards and Honours: Gwangju Prize for Human Rights (2007), Mayillama Award (2009), lifetime achievement award (2010) from the Asian Human Rights Commission, Rabindranath Tagore Peace Prize (2010) etc.
Veteran film producer, script and screenplay writer Panchu Arunachalam passed away on 9 August 2016 following brief illness. He was 75. He is survived by his wife, two daughters and two sons.
He introduced Ilayaraja as music director in his film Annakili and made more films starring Kamal Hassan and Rajinikanth.
Panchu Arunachalam : He proved his mettle by penning super-hit songs including Manmagale Marumagale Vaa Vaa in Sharada and Pon Ezhil Poothathu Puthu Vaanil in Kalangarai Vilakkam and Poopola Poopala in Naanum Oru Penn. He also wrote dialogues for Sivaji starrer Avanthan Manithan.
He is popular for writing over 100 Tamil films, including hits like Murattu Kaalai, Sakalakala Vallavan and Apoorva Sagodhargal. While late filmmaker K.
He worked with Rajinikanth in 23 films, including Kazhugu, Pokkiri Raja and Paayum Puli among others.
Rajeev Krishnan was appointed as the Managing Director of Max Hypermarkets in India with effect from 1 August 2016 on 9 August 2016. Krishnan succeeds Viney Singh, outgoing Managing Director.
However, Singh will continue to be on the Board of the company as a Non-Executive Director.
As managing director, Krishnan will guide and direct the strategy and execution of the Hypermarket & Supermarket business of the SPAR brand in India, and will report to the board of Max Hypermarket, a franchisee of SPAR India.
Rajeev Krishnan : Prior to this appointment, Krishnan was the senior advisor for Mckinsey's retail and consumer practices. He also worked with Bharti Retail, part of the Bharti Wal-Mart joint venture in India, as an executive vice president and business head of retail operations. Krishnan has over 29 years of global experience with retail and consumer background at Target, Wal-Mart & Mckinsey & Company.
Before Bharti Retail, he was the group VP at Target Corporation in the US and spent 18 years with them.
Russia and Turkey has agreed to work toward restoring full relations on 9 August 2016. Russian President Vladimir Putin said rebuilding trade tied will be time consuming .
The agreement was reached at a meeting between the President Putin and Turkish President Tayyip Erdogan in Saint Petersburg.
Highlights of the meet : Both the leaders patched their relations and pledged to restore close economic relations.President Putin said Russian trade sanctions on Turkey would be phased out step by step.
President Erdogan said the two countries will restore their yearly bilateral trade target of 100 billion dollars and will speed up the resumption of charter flights from Russia to Turkey.Erdogan also said he is ready to build a natural gas pipeline with Russia and negotiate a deal to construct Turkey's first nuclear power plant.
The two agreed to meet later to seek common ground over how to resolve the crisis in Syria.
It was Erdogan's first visit to Putin's hometown of Saint Petersburg after the failed coup in Turkey in July 2016.
The diplomatic relations between the two nations went wrong in November 2015 when Turkey shot down a Russian bomber, the Su-24 jet, on the Syrian border. After this incident, Russia imposed trade sanctions and suspended Russian package tours to Turkey. The incident also put two energy projects, the TurkStream gas pipeline across the Black Sea and the Akkuyu nuclear plant being built by Russia's Rosatom in Turkey, on hold.
American swimmer Michael Phelps won his first gold medal on 7 August 2016, his 19th Olympic gold medal overall, in the 4 × 100 m freestyle relay of the 2016 Olympic Games.
In second event, the 200 meter butterfly, on 9 August 2016, Phelps became the first swimmer in history to make five finals in the same event, after finishing 5th in 2000, 1st in 2004 and 2008 and 2nd in 2012. He won the title (20th gold medal) that he lost in 2012 Summer Olympics, edging Masato Sakai by 0.04 seconds.
On 9 August 2016, Phelps won his 21st gold medal in the 4 × 200 m freestyle relay together with Conor Dwyer, Townley Haas and Ryan Lochte. For Phelps and Lochte, it is their 4th consecutive gold medal in this event, an all-time record in swimming for any event.
Michael Phelps : Michael Phelps is an American competition swimmer and the most decorated Olympian of all time, with a total of 25 medals.He also holds the all-time records for Olympic gold medals (21), Olympic gold medals in individual events (12), and Olympic medals in individual events (14, tied with Larisa Latynina).
In the 2012 Summer Olympics in London, he won four golds and two silver medals, making him the most successful athlete of the Games for the third Olympics in a row.He is the long course world record holder in the 100-meter butterfly, 200-meter butterfly and 400-meter individual medley.
His record-breaking performances have earned him the World Swimmer of the Year Award seven times and American Swimmer of the Year Award nine times.In 2012, he won the FINA Swimmer of the Year Award.He was chosen to be the flag bearer of the United States at the 2016 Summer Olympics Parade of Nations.
Operation Muskan-2, an initiative to trace missing and destitute children and reunite them with parents, was in news in first week of August 2016. It came into news after Odisha Crime Branch in its first phase of Operation traced and rescued about 1051 children.
The Operation Muskan which was started on 25 July 2016 jointly by the Crime Branch in association with Women and Child Development Department has rescued these children from various places across the state.
The southern Odisha district Ganjam topped the list with the rescue of 93 children followed by Jajpur (87), Dhenkanal (79), Kendrapara (69) and Nayagarh (65).
Special DG Crime branch B K Sharma said the next phase of operation will resume outside Odisha from 9 August 2016. Under the second phase, the police teams will go to 10 states, including Andhra Pradesh, Maharashtra, New Delhi, Jharkhand and Tamil Nadu, Bihar and trace out the missing children of Odisha. The second phase operation will end on August 24.
As per the direction of the Supreme Court for protection of missing children, the Odisha police have launched a month-long drive called 'Operation Muskan' each year in two phases since 2015. Notably, under Operation Muskan-I, the Odisha police have rescued 900 children in 2015 from both inside and outside Odisha.
Dinesh Kumar Khara was appointed Managing Director (MD) of State Bank of India (SBI) on 9 August 2016 .
The Appointments Committee of Cabinet (ACC) has appointed Khara for a period of three years, extendable by two years after review of his performance.
At present, Khara is working as MD and Chief Executive Officer of SBI Funds Management Pvt Ltd.
On the other hand, Ashok Kumar Garg and Raj Kamal Verma have been appointed as Executive Director (ED) of Bank of Baroda and Union Bank of India respectively. Gopal Murli Bhagat and Himanshu Joshi have been appointed as ED of Corporation Bank and Oriental Bank of Commerce respectively.
State Bank of India : State Bank of India is an Indian multinational, public sector banking and financial services company.It is a government-owned corporation.Its headquarters is located in Mumbai, Maharashtra.As of 2014-15, it had assets of 310 billion US dollar.
It is ranked 232nd on the Fortune Global 500 list of the world's biggest corporations as of 2016.It is one of the Big Four banks of India, along with ICICI Bank, Bank of Baroda and Punjab National Bank.
SBI’s roots lie in the first decade of the 19th century, when the Bank of Calcutta, later renamed the Bank of Bengal, was established on 2 June 1806. The Bank of Bengal was one of three Presidency banks, the other two being the Bank of Bombay, incorporated on 15 April 1840, and the Bank of Madras, which was incorporated on 1 July 1843.
The Presidency banks merged on 27 January 1921, and the re-organised banking entity took as its name Imperial Bank of India.On 1 July 1955, the Imperial Bank of India became the State Bank of India.
The board of HDFC has approved the merger of Max Life and Max Financial Services with its insurance arm HDFC Standard Life Insurance Company.
The total premium of the merged entity is expected to be nearly Rs 26,000 crore and assets under management will top Rs 1 lakh crore. In the private life insurance space, only ICICI Prudential Life Insurance had reported AUM of Rs 1 lakh crore.
As part of the proposed transaction, the non-life insurance business of Max Financial, currently held through Max Life, would be finally amalgamated into Max India Ltd .
HDFC also said that post-merger its shareholding in HDFC Standard Life would be 42.5 per cent and consequently the insurance firm would cease to be a subsidiary.
Edinburgh-based Standard Life Plc holds 35 per cent stake in HDFC Life, in which HDFC owns 61.63 per cent.
The shares of HDFC Life are proposed to be listed on BSE and the National Stock Exchange of India as a consequence of the scheme.
For HDFC, this will be the second merger announcement this month after HDFC Ergo General Insurance announced takeover of 100 per cent stake in L&T General Insurance. Owing to the Max deal, which would involve swap of shares without any cash changing hands, HDFC Life has put on hold its proposed IPO.
Max Life is a joint venture with Mitsui Sumitomo Insurance Company. Max Financial owns 68 per cent stake in Max Life, while Mitsui Sumitomo owns 26 per cent.
K M Hanumantharayappa has assumed charge as new Chairman of Central Silk Board, Union Ministry of Textiles, for a period of three years. He is the 25th Chairman of the Central Silk Board.
Hanumantharayappa is a sericulturist and a weaver and succeeds N S Bissegowda, and is a senior political leader from Bharatiya Janata Party and hails from Doddaballapura, a traditional silk weaving cluster in Karnataka.
He had served as a Member to the Central Silk Board during 2000-2002 and is the President of Karnataka State Nekarara Horata Samithi and also served as Chairman, Karnataka Silk Marketing Board (KSMB) during 2010-2013.
Mahindra Intertrade, a part of Mahindra Group has entered into a partnership with MSTC, a Government of India enterprise, to set-up country's first integrated auto recycling facility. The facility will have the first-of-its-kind Greenfield auto shredding and recycling capability to dispose of end of live vehicles.
The joint venture (JV) agreement was officially signed by Sumit Issar, Managing Director, Mahindra Intertrade, and B. B. Singh, Chairman & Managing Director, MSTC under the aegis of the Minister of Steel and Mines, Chaudhary Birender Singh.
The Mahindra Group is an Indian multinational conglomerate holding company headquartered at Mahindra Towers in Mumbai, India, with operations in over 100 countries around the globe.
The group has a presence in aerospace, agribusiness, aftermarket, automotive, components, construction equipment, defence, energy, farm equipment, finance and insurance, industrial equipment, information technology, leisure and hospitality, logistics, real estate, retail, and two wheelers.
Non-life insurer Reliance General Insurance Company Ltd has announced a bancassurance tie-up with Shamrao Vithal Co-operative Bank (SVCB).
According to Reliance General, it will distribute its insurance products to the customers of SVCB having a network of 194 branches.
This tie-up will enable RGI (Reliance General Insurance) to leverage SVC Bank's unparalleled retail and SME (small and medium enterprises) pan-India customer base, robust distribution network and strong brand name.
This is the fourth big partnership we have had in bancassurance. We have already tied-up with IndusInd Bank, Bank of India and Andhra Bank and expect to boost our top line by upto 10 per cent through these tie-ups and alliances.
Bancassurance tie-up forms an important part of Reliance General's growth strategy and the company has been forging strong alliances with various banks to enhance its distribution footprint in the country..
This move follows the recent IRDA guidelines that allow a bank to tie-up with multiple insurance companies as its bancassurance partners and help banks offer a well-rounded portfolio of insurance products to its customers.
The Board of Directors at Hero MotoCorp Ltd reappointed Pawan Munjal as the Chairman, Managing Director & Chief Executive Officer of the company for a period of five years with effect from 1st of October, 2016.
His current tenure comes to an end on 30th of September 2016.
The company also strengthened its senior leadership team and appointed Vikram Kasbekar - Head of Operations & Supply Chain - to the Board of Directors of Hero MotoCorp.
Hero MotoCorp has also appointed Ms Neerja Sharma as the Company Secretary and Chief Compliance Officer.
Hero Motocorp : Hero Motocorp Ltd., formerly Hero Honda, is an Indian motorcycle and scooter manufacturer based in New Delhi, India. The company is the largest two wheeler manufacturer in India. In India, it has a market share of about 46% share in 2-wheeler category. The 2006 Forbes 200 Most Respected companies list has Hero Honda Motors ranked at #108.
Vodafone India, the country’s second largest mobile operator, has renewed a multi-million dollar agreement with IBM to manage the latter’s IT services support for IT infrastructure and applications.
The contract, which has been signed for another five years, is an extension of an eight-year relationship between the two companies. However, the companies did not disclose the financial terms of the deal.
Partnering with IBM will help us enhance customer experience with intuitive capabilities and build a cost optimised, flexible and scalable IT infrastructure.
According to the deal, Vodafone India will launch new hybrid cloud platform. IBM will support Vodafone India’s IT environment transition into IBM hybrid cloud, allowing the company to leverage and integrate existing IT resources and data assets with private cloud environments.It will support Vodafone India’s speed to market and improve efficiency of its network and IT operations.IBM’s leading edge capabilities will help strengthen Vodafone India’s vision of delivering differentiated client experiences.
This deal is a significant renewal in Asia Pacific market looking at the sheer size and volume of business. Further to this, we see, IBM has reorganized internally which is expected to enable IBM to bring decision making much closer to the customer.
Tamil Nadu Chief Minister J Jayalalithaa has announced Rs 4126 crore worth schemes in the energy sector, including setting up of a 2x1500 MVA sub-station in Virudhunagar to transmit power generated from a 1600 mw power plant coming up in Ramanathapuram.
In Tamil Nadu Assembly, Jayalalithaa said works at the 2x800 mw thermal power station at Uppur in Ramanathapuram were underway and scheduled to be completed in 2020.
To transmit the electricity generated from this power station to rest of Tamil Nadu, a 2x1500 MVA, 765/400 kilovolt sub-station will be constructed at Virudhunagar at a cost of about Rs 2000 crore.
Further, steps will be taken to transmit the power generated from the second and third sections of Udankudi thermal power station to other parts of the state through this sub-station.
Also, 400 kv sub-stations covering solar and wind power units at Kayatharu, Kamuthi and Thappagundu will be connected with the Virudhunagar sub-station.
The 765 kv each Ariyalur and Coimbatore sub-stations will also be linked with the proposed Virudhunagar sub-station.
Further, Jayalalithaa announced Rs 80 crore towards the upgradation and modernisation of the Kodayar Hydel power station, which has been in operation since 1970.
Further, Jayalalithaa announced allocating Rs 1750 crore to replace over 17,500 existing transformers in Chennai and its surroundings with the more safe Ring Main Units.Its installed capacity will be enhanced to 70 mw from the existing 60 mw, while steps will be taken to expand its lifespan to another 25 years.
Besides, 38,000 pillar boxes in Chennai and its suburbs will be replaced with better quality six-way pillar boxes at cost of Rs 270 crore.
Israel’s Teva Pharmaceutical Industries Ltd has agreed to purchase Allergan’s Anda Inc, the fourth largest distributor of generic pharmaceuticals in the US, for $ 500 million.
Anda is a natural fit into our business in general and our extensive supply chain network in particular. We believe Anda is truly a unique company which further enhances the offerings that Teva can provide.
This strategic move enables us and our customers to improve capabilities and flexibility given the changes the pharmaceutical industry is currently undergoing, in order to provide access to more patients throughout the country.
Additionally, both Teva and Anda’s customers will benefit from our ability as the largest producer of medicines in the world to leverage our size and scale.
Anda distributes generic, brand, specialty and over-the-counter pharmaceutical products from more than 300 manufacturers to retail independent and chain pharmacies, nursing homes, mail order pharmacies, hospitals, clinics and physician offices across the US. For the full year 2016, Anda is expected to generate more than $ 1 billion in third-party net revenue.
As part of the deal, Teva will acquire three distribution centers in Olive Branch, MS; Weston, FL; and Groveport, OH, with a total of over 650 employees.
Anda will continue to operate as a stand-alone business and report directly to me. The addition of Anda and their ability to service over half of their 60,000 customers within 24 hours, combined with our existing offerings, will allow us to provide even better service to our customers.
Prime Minister Narendra Modi launched Yaad Karo Kurbani (remember the sacrifices) celebrations at birthplace of freedom fighter Chandra Shekhar Azad at Alirajpur, Madhya Pradesh. The Yaad Karo Kurbani is 15-day programme aimed to commemorate 75th anniversary of the Quit India Movement (QIM) and 70 years of Independence.
The 70 saal Azaadi, Yaad karo Qurbani campaign is aimed at developing a feeling in every person that nation is first and individual is secondary. It seeks to provide an opportunity for the people to recall the supreme sacrifices made by freedom fighters during freedom struggle.
Central ministers will visit various historic locations associated with freedom movement to rekindle the patriotism fervour in the country and ensure a festive atmosphere.
The focus of the campaign is to reach out to youngsters and inform them of the unsung heroes and the history of the freedom struggle. Commemoration events for freedom struggle heroes will also be organised at their hometowns and villages.
Quit India Movement : QIM is also known as Civil Disobedience or August Kranti movement. The mass movement was launched on 8th August 1942 at the Bombay session of All India Congress Committee (AICC). It launched after Mahatma Gandhi made a call to Do or Die in his Quit India speech delivered at the Gowalia Tank Maidan in Mumbai on 8th August 1942 after the Cripps Mission had failed.
The movement was started during the World War II demanding an end to the British rule in India. It demanded an orderly British withdrawal from India. Many Congressmen and other participating in the movement even Mahatma Gandhi were jailed and most remained in jail till the end of World war.
The Lok Sabha has unanimously passed the Employee’s Compensation (Amendment) Bill, 2016 to reduce litigation in cases of disputes arising over compensation to workers. The Bill seeks to amend the Employee’s Compensation Act, 1923. This law provides payment of compensation to employees and their dependents in the case of injury by industrial accidents, including occupational diseases.
Features of Bill : Duty to inform employee of right to compensation: Mandatory for employer to inform the employee of his right to compensation under the parent Act. Such information must be given in writing in Hindi, English, or the relevant official language at the time of employing him.
Penalty for failure to inform : If employer fails to inform his employee of his right to compensation he will be fined penalty between Rs. 50, 000 to Rs. 1 lakh.
Appeals from the Commissioner’s order : Any dispute related to an employee’s compensation will be heard by a Commissioner (with powers of a civil court) only if the amount in dispute is ten thousand rupees. It allows Union Government to further raise this amount. In parent Act, appeals related to a substantial question of law from the Commissioner’s order will lie before the High Court.
Deletion of withholding payments pending appeal provision : Earlier in the parent Act, any payments towards the employee can be temporarily withheld if an employer has appealed against a Commissioner’s order in High Court. This provision has been deleted.
Parliament has passed Enforcement of Security Interest and Recovery of Debts Laws Amendment Bill, 2016. It was first passed in Lok Sabha and later in Rajya Sabha. The Bill seeks to strengthen the debt recovery laws, improve financial health of the banks and lead to ease of doing business.
The Bill seeks to amend four laws: (i) Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002 (ii) Recovery of Debts due to Banks and Financial Institutions Act (RDDBFI), 1993 (iii) Depositories Act, 1996 and (iv) Indian Stamp Act, 1899.
Amendments to SARFAESI Act : It allows District Magistrate (DM) to take possession over collateral within 30 days for securing the creditors. It empowers DM to assist banks to take over the management of a company, in case the company is unable to repay loans.
It creates a central database to integrate records of property registered under various registration systems with central registry meant for maintaining records of transactions related to secured assets. Unless collateral is registered with the central registry, secured creditors will not be able to take possession over it.
Empowers the RBI to carry out audit and inspection of Asset Reconstruction Companies (ARCs) and penalize them if they fail to comply with any directions issued by it. Stamp duty will not be charged on transactions undertaken for transfer of financial assets (loans and collaterals) in favour of asset reconstruction companies.
Amendments to the RDDBFI Act : Increases the retirement age of Presiding Officers (PO) of Debt Recovery Tribunals (DRTs) to 65 years from 62 years. Increases the retirement age of Chairpersons of Appellate Tribunals to 67 years from 65 years. Allows PO and Chairpersons eligible for reappointment to their positions.
Allows banks to file cases in tribunals having jurisdiction over the area of bank branch where the debt is pending.
The Union Government has announced that the Non-Performing Assets (NPA) of commercial banks have increased by around 4% in the last one year (March 2015 to March 2016). It was announced by Union Minister of State for Finance (MoS) Santosh Gangwar in a written reply to the Rajya Sabha.
The NPA of banks was 5.43 percent in March 2015 which has risen to 9.32 percent in March 2016. The high incidences of NPAs are mainly related to power, road, steel, textiles and other sectors. NPA amounts are related to 417 stalled infrastructure projects where public sector banks have invested is over 66478 crore rupees.
Union Government has taken several steps to revive these stalled projects. Besides, the Reserve Bank of India (RBI) has also issued guidelines for restructuring of loans.
Non-Performing Assets (NPA’s) : NPAs (also called non-performing loans) are loans made by a bank or finance company on which repayments or interest payments are not being made on time.
The loan is considered to be a NPA once the borrower fails to make interest or principal payments for 90 days. In case of Agriculture/Farm Loans, the NPA varies for of Short duration crop loan (interest not paid for 2 crop seasons), Long Duration Crops (interest not paid for 1 Crop season).
Thus, NPA is any asset of a bank which is not producing any income. It affects the profitability & liquidity of the banks. It adversely affects the value of bank in terms of market credit and widens assets and liability mismatch.
It results in inflating the cost of capital for economic activities and banks may charge higher interest rates on some products to compensate NPAs.
India has approached United States (US) and select European countries part of the Financial Action Task Force (FATF) to crack terror fund trail details of the Al Rehmat Trust from Pakistan. Al Rehmat Trust is financer of terrorist outfit Jaish-e-Mohammad (JeM) which had carried out the attack at the Pathankot airbase (in Punjab) in January 2016.
India has alleged that Al Rehmat Trust, founded by JeM chief, Maulana Masood Azhar, uses its money for funding and training terrorist modules against India.
Financial Action Task Force (FATF) : FATF is an inter‐governmental policy making body with ministerial mandate to establish international standards for combating money laundering and terrorist financing. It was established in 1989 during the G7 Summit in Paris (France) to combat the growing problem of money laundering. It comprises over 36 countries including India. FATF Secretariat is housed at the headquarters of the OECD in Paris. Initially it was only dealing with developing policies to combat money laundering. But in 2001 its purpose was expanded to act against terrorism financing.
Set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system.
Functions : (i) Set international standards to combat money laundering and terrorist financing. (ii) Assess and monitor compliance with the FATF standards. (iii) Conduct studies of money laundering and terrorist financing methods, trends and techniques. (iv) Respond to new and emerging threats, such as proliferation financing (used for promoting proliferation of chemical, biological and nuclear weapons).
Maharashtra Government has launched Quit India 2 Swaraaj to Suraaj Movement against various social ills during commemoration of Platinum Jubilee anniversary of the Quit India Movement. It was launched by Chief Minister Devendra Fadnavis in the presence of Union Minister M Venkaiah Naidu at the historic August Kranti Maidan in Mumbai, Maharashtra. On 8th August 1942, Mahatma Gandhi had given the clarion call of Quit India at the historic August Kranti Maidan (then called as Gowalia Tank Maidan), Bomabay (now Mumbai).
Quit India 2 Swaraaj to Suraaj Movement : The awareness movement is an apparent attempt to link contemporary politics to pre-Independence history to rid itself of various social evils and convert ‘swaraj’ into ‘su-raj’. It would emphasize on freedom from social evils farmer suicide, illiteracy, wastage of water, malnutrition, addiction among youth and corruption in order to achieve faster all-inclusive progress on all fronts.
Besides, state government will commemorate the leaders who fought for freedom and pledge for holistic development of the nation.
During his speech Union Minister M Venkaiah Naidu asserted that providing education to all, creating employment, combining development with welfare measures are all part of the larger ‘Quit Poverty” campaign.
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