(First Post) The Supreme Court on Tuesday found Vijay Mallya guilty of contempt of court and directed him to appear in the court on 10 July for arguing on quantum of punishment in the matter. The liquor baron, who owes Indian banks Rs 9,000 crore, has been living in London and the Indian government is pressing with the UK government for his extradition. Mallya had fled to the UK on 2 March 2016 to pre-empt any chance of being arrested. Tuesday’s order pertains to Mallya’s disclosure of assets in the court. Earlier on 9 March, the court had asked the…
Author: Aruna Sharma
(FE) Deposits on employees’ provident fund may continue to fetch 8.65% returns for the second year in a row in the 2017-18 fiscal, labour minister Bandaru Dattatreya told FE. “It is very difficult to speak on the interest rate for the current fiscal. But I hope the 8.65% rate could be maintained,” Dattatreya, who’s also the head of Central Board of Trustees (CBT), the highest decision-making body of the Employees’ Provident Fund Organisation (EPFO), said. At 8.65%, returns on savings on EPF is its lowest in four years. However, it still remains the most attractive fixed-income investment option. The minister’s…
(PTI) Government decision to revise retail fuel prices daily is likely to result in improvement marketing margins for oil companies leading to better profitability, says a report. In a report, India Ratings today said the move, effective May 1 in select cities, is another positive structural change in the downstream sector after petrol price deregulation in 2010, diesel de-regulation in 2014, direct benefit transfer for LPG, give-it-up scheme for LPG,lowering PDS kerosene allocation and gradual hike in its prices. This has resulted in lower under-recoveries which in turn has led to the state-run oil marketers’ market borrowing to fall steeply.…
(IANS) After increasing the LPG coverage by oil marketing companies (OMCs) to 72.84 per cent in the last fiscal, the Petroleum Ministry plans to increase it to over 82 per cent by the current fiscal’s end and over 95 per cent by 2018-19, an official said on Monday. “The all India LPG coverage by OMCs in the country has risen sharply, contributed mainly by Pradhan Mantri Ujjwala Yojana (PMUY). The LPG coverage increased from 61.90 per cent as on April 1, 2016 to 72.84 per cent in 2016-17. The number of domestic customers increased from 16.63 crore as on April…
(FE) Uttar Pradesh Chief Minister Yogi Adityanath Sunday visited the Yamuna, between the two world heritage monuments – the Taj Mahal and the Agra Fort – and pulled up officials for letting raw sewage drain into the river. District authorities are collaborating with the Archaeological Survey of India to develop a park on the controversial Taj Heritage Corridor site, whose 80 acre chunk of the river bed is now being used as a dumping ground for waste. Efforts are now being made to green up the whole area in a phased manner. The Chief Minister was briefed about the details…
(FE) Yogi Adityanath has been in news ever since he took over the reins as Uttar Pradesh chief minister. From closure of illegal abattoirs and setting up of anti-Romeo squads to farm-loan waivers, government purchase of wheat and potatoes, and notice to sugar mills for clearance of farmer dues, all his moves have kept him in the limelight. Notwithstanding differences of opinion on all such moves, he seems unrelenting. Many of his actions show concern for farmers, who have been getting a raw deal for years. Should he intend to be in it for the long haul, he would be…
(Tribune) Even as Prime Minister Narendra Modi had the luxury of visiting the Kedarnath Temple in Uttarakhand last week on board an Indian Army helicopter, the chopper services for pilgrims to the revered shrine, part of the Chardham Yatra, have been suspended by the DGCA on orders from the NGT.Acting on a plea raising concern over the looming threat to the flora and fauna in the eco-sensitive zone in the state due to regular operation of helicopters, the National Green Tribunal (NGT) had issued orders for the suspension of the chopper services to Kedarnath Temple till further orders.Reports emerging from…
(FE) Under governor Urjit Patel, India’s central bank will target inflation of 4 percent, three officials familiar with its thinking said, adopting a narrower reading of its mandate than markets in a bid to stamp out rampant price rises of the past. The differing interpretations of amendments to last year’s Reserve Bank of India (RBI) Act reflect sometimes strained relations between the market and the central bank, and are proving a test for Patel some eight months into his tenure. The amendments were part of landmark changes to India’s monetary policy pushed by Patel, then deputy governor, and his predecessor…
(Tribune) Union Minister of State for Power (Independent Charge) Piyush Goel today said the Centre and state had decided to set up a hospitality university in Uttarakhand taking into account the contribution of Uttarakhandi people in hospitality sector in the country and abroad. Addressing a press conference here today shortly after his meeting with Chief Minister Trivendra Rawat, the Central minister said while 75 per cent of the total cost towards setting up of this university would be borne by Centre government’s various public sector undertakings, including Tehri Hydro Power Development Corporation (THDC), the rest of the 25 per cent would…
(BS) Union Finance Minister Arun Jaitley has urged the Asian Development Bank (ADB) to set up a regional hub in New Delhi for the South Asia region in order to keep pace with the growing aspirations of the people and expedite the process of project preparation and delivery for India and other countries in the region. Addressing the 50th Annual meeting of the ADB at Yokohama in Japan, he said that the bank should adopt a country system for procurement, social and environmental safeguards expeditiously. Lauding the efforts of the ADB in eliminating poverty in the region through development of physical…