RBI to get rates panel in policy shift

A view of the Indian parliament building is seen in New Delhi July 21, 2008.

The Rajya Sabha on Wednesday approved a bill that sets up a panel to decide interest rates, bringing the Reserve Bank of India's policymaking process in line with that of its major global counterparts.

The measure was part of a broader finance bill approved by the Lok Sabha last week, meaning it now becomes a law.

Currently, Reserve Bank of India (RBI) Governor Raghuram Rajan is the sole authority for monetary policy decisions, with assistance from a panel that is purely advisory.

Under the new law - and from a date that has yet to be set - a six-member monetary policy council will set interest rates by majority, with a casting vote for Rajan in the event of a tie.

Three members will be representatives from the government, and three from the RBI.

The bill also requires the RBI to review its inflation target every five years. There is currently no set timeframe for such reviews.

The reform is a big boost for Rajan, who since taking office in 2013 has been trying to align the manner in which India sets monetary policy with that of central banks in developed economies.

Lawmakers in the Rajya Sabha are also expected to pass a new bankruptcy code later on Wednesday designed to help debt-laden Indian banks dent a $120 billion pile of troubled loans that is hobbling a broader economic recovery.
(Reporting by Manoj Kumar; Editing by Malini Menon and John Stonestreet)

Rawat set to return as CM following SC's nod

Harish Rawat is set to be reinstated at the CM of Uttarakhand after he was ousted by the Centre. PTI Photo.

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  New Delhi/Dehradun: Congress leader Harish Rawat is all set to be reinstated as Chief Minister of Uttarakhand, over six weeks after he was ousted by the Centre, with the Supreme Court today putting its stamp of approval on the floor test in the Assembly yesterday.16:17 HRS IST

Panama Papers: 2,000 Indian links in fresh ICIJ leaks

New Delhi, May 10 (PTI) Nearly 2,000 individuals, entities and addresses with links to India figure in the latest edition of 'Panama Papers' giving information on offshore holding of companies in tax havens.

A random check of the database for India displays about 22 offshore entities, 1,046 officers or individual links, 42 intermediaries and as many as 828 addresses within the country.

These range from the tony and posh locations of metropolitan cities like Delhi, Mumbai, Kolkata and Chennai to mofussil locations like that in Haryana's Sirsa, Bihar's Muzaffarpur, Madhya Pradesh's Mandsaur and state capital Bhopal and those in North Eastern states.

"The International Consortium of Investigative Journalists (ICIJ) publishes today a searchable database that strips away the secrecy of nearly 2,14,000 offshore entities created in 21 jurisdictions, from Nevada to Hong Kong and the British Virgin Islands.

"The data, part of the Panama Papers investigation, is the largest ever release of information about offshore companies and the people behind them. This includes, when available, the names of the real owners of those opaque structures," the consortium said.

The global body that brought out last month the first edition of the 'Panama Papers', by way of secret offshore data sourced from a Panamanian law firm Mossack Fonseca, said the information about a particular country could have "duplicates" as it reiterated that "there are legitimate uses for offshore companies and trusts." 

"We do not intend to suggest or imply that any persons, companies or other entities included in the ICIJ Offshore Leaks Database have broken the law or otherwise acted improperly," the body said on its web portal as part of the disclaimer on the release of the offshore "leaks" database.

India, taking note of over 500 entities that surfaced in the first set of names released last month, had created a Multi-Agency Group (MAG) comprising officers from various central investigative agencies like the Income Tax department, FIU, RBI and Foreign Tax and Tax Research (FT and TR) under the Central Board of Direct Taxes apart from the Special Investigation Team (SIT) on black money reviewing probe in these cases.

Names and addresses put up on the website of the body not only shows identities of some individuals and addresses along with description of the companies held but also specifies the date of incorporation of the firms in some cases.

The database has around 30,000 documents listed with India links. 

Quality Check of Imported Food Items

A number of steps have been taken by Food Safety and Standards Authority of India (FSSAI) for quality control measure for imported food products which are:

       I.            Standards have been developed and regulations framed in different categories of food products and machinery created for their enforcement.

    II.            Pre-arrival Documents Scrutiny (PADS) has been implemented in online Food Clearance System (FICS) from 02.02.2016 which is currently operational in all non-single window ports namely Chennai, Kolkatta and Tuticorin.

 III.            Integrated Declaration form has been developed by Customs on the basis of inputs given by FSSAI.

 IV.            FSSAI has developed its Risk based import prioritisation system and is in touch with Customs, Department of Revenue for its integration with their  system.

The Food Safety and Standards Authority of India (FSSAI) has informed that on the basis of International Food Safety Authorities Network (INFOSAN) alert received on 21^st May, 2015, the matter was taken up by the FSSAI with various State Governments. As per data available in the Food Import Clearance System (FICS), no import of plastic/synthetic rice has been noticed during last three years. The State Governments have also informed that no incidence of imported plastic rice has been reported in their respective states.

Instances of use of calcium carbide for ripening of fruits have been brought to the notice of the FSSAI through Action Taken Reports from the Food Safety Departments of the States/UTs. Regulation 2.3.5 of Food Safety and Standards (Prohibition and Restriction to  Sales) Regulations, 2011 prohibits  use of Calcium Carbide in ripening of fruits. The health hazards reported due to use of Calcium Carbide in ripening of fruits include carcinogenic effect, neurological disorders and stomach disorders.

The steps taken for checking the use of such practices include:

i)                    All State/UT Governments have been well informed about the harmful effects of calcium carbide as well as the methodology for detection of Acetylene in godowns and storage chambers.

ii)                  All Commissioners of Food Safety have informed about the permitted concentration of ethylene for ripening of fruits.

iii)                 To increase  public awareness  regarding “consuming fruits ripened artificially by Calcium Carbide may pose health problems”, a note has been uploaded on FSSAI website viz. www.fssai.gov.in

The Minister of State (Health), Shri Shripad Yesso Naik stated this in a written reply in the Rajya Sabha here today.

India looks forward to its consultations with the United States at the WTO on 11th and 12th May, 2016

Hopes that recent U.S. trade restrictive measures which impair the ability of both U.S. based Indian companies and Indian professionals to supply services in the U.S., would be removed. 

The Government of India looks forward to the consultations with the United States at the WTO, scheduled for the 11th and 12th of May, 2016. India hopes that the United States will constructively engage with India to address its concerns regarding recent U.S. measures which impair the ability of both U.S. based Indian companies and Indian professionals to supply services in the U.S. The H-1B and L-1 categories of non-immigrants, for which there has been a significant fee hike, correspond with the categories of specialists and intra-corporate transferees, both of which are part of U.S.’ commitments under the WTO’s General Agreement on Trade in Services. These are also the same categories that are most extensively used by Indian service suppliers, especially in the IT sector, supplying services in the U.S. 

India and the U.S. share a mutually inter-dependent and beneficial relationship in trade in services, which is well-documented. While the U.S. accounts for close to 60% of software exports from India, Indian IT professionals have had a positive role in contributing to the competitiveness of the U.S. economy. The increasing volume of services trade has contributed to significant economic growth as well as creation of employment opportunities within the U.S. The situation therefore presents a win-win relationship for both nations. 

The U.S. fee hike measures for the H-1B and L-1 categories are not only adversely affecting the competitiveness of India’s services industry engaged in the U.S. market, but also creating uncertainties for Indian service suppliers. They also run counter to the basic principles of a transparent and predictable trading environment, which lies at the very heart of the WTO agreements. 

India is hopeful that deliberations during the WTO consultations shall be constructive and it would result in removal of these trade restrictive measures. 

PM Modi reviews progress of Aadhar and Direct Benefit Transfer programmes

The Prime Minister, Shri Narendra Modi, reviewed the progress of Aadhar and Direct Benefit Transfer programmes at a high level meeting on Monday. 

In the course of the two hour meeting, the Prime Minister was informed about the progress made in Aadhar number generation, and seeding of official databases with Aadhar numbers to streamline the process of identification of beneficiaries, and to ensure proper targeting of benefits to the people. It was informed that in 2015-16, an amount of over Rs. 61,000 crore was distributed to over 30 crore beneficiaries, using Direct Benefit Transfer. This includes over Rs. 25,000 crore in MGNREGS, and over Rs. 21,000 crore in PAHAL (for LPG). 

DBT has resulted in significant savings across welfare schemes. It has also resulted in weeding out of duplicate beneficiaries. For instance, over 1.6 crore bogus ration cards have been deleted, resulting in savings of about Rs. 10,000 crore. Similarly, 3.5 crore duplicate beneficiaries were weeded out in the PAHAL scheme, resulting in savings of over Rs. 14,000 crore in 2014-15 alone. In MGNREGS too, a saving of Rs. 3000 crore (roughly 10 per cent) has been estimated in 2015-16. Several States and Union Territories too have achieved significant savings through DBT. 

The Prime Minister emphasized the importance of creating a platform that is error-free, and would ensure that the targeted beneficiaries receive their benefits in time. He also asked all concerned departments to ensure that as the new mechanisms are put in place, they do not result in causing inconvenience to any beneficiary. The Prime Minister asked the officials to test their systems carefully before implementing them on a large scale. 

The Prime Minister was also informed of steps taken towards a unique identifier for NGOs. Over 71,000 NGOs are now registered with the NGO Darpan portal maintained by NITI Aayog. 

India Modi's education record made public to halt row

India's Prime Minister Narendra Modi addresses an election campaign rally in Kolkata, India, April 17, 2016.

Indian Prime Minister Narendra Modi's party on Monday made public his university degree certificates, in a bid to disprove allegations by a political opponent that he had fabricated his qualifications.

Since winning an election in the Indian capital last year, Arvind Kejriwal, the ambitious chief minister of the Delhi regional government, has stepped up his attacks on Modi.

Kejriwal has not said why Modi would want to claim a fake degree but the allegations, which set off frenzied speculation on social media, struck a nerve in the prime minister's Hindu nationalist party, upset about the risk to his reputation.

Modi has often cited the journey from his humble beginnings as a tea vendor's son to national leader to win support from the country's poor. Having a degree fits the narrative of a man with the grit and determination to succeed.

Senior leaders of the Bharatiya Janata Party (BJP) held aloft what they said were Modi's degrees, a Bachelor of Arts from Delhi University and a Master of Arts in Political Science from Gujarat University, in his western home state.

"It is very unfortunate that we have to clarify the prime minister's educational qualification," party president Amit Shah told a news conference in New Delhi at which he was flanked by Finance Minister Arun Jaitley.

Spokesmen for the two universities declined to comment on whether Modi's degree certificates were genuine.

Kejriwal says he has evidence Modi misappropriated the degrees of someone with the same name.

A spokesman for Kejriwal's party stood by the accusations, saying there were inconsistencies in the dates and names on Modi's degrees.

"We are happy to have an illiterate prime minister," said the spokesman, Vikas Yogi. "But not a prime minister who lies about his degrees."

Modi's party distributed photocopies of the certificates to journalists, with its officials saying Kejriwal should apologize to the country for doubting Modi's credentials.

"The degrees are in the public domain, but such allegations debase our political discourse," said party president Shah.

Kejriwal, a self-styled anti-graft crusader, has been at loggerheads with the BJP since last year.

In December he accused Jaitley of allowing fraud at a cricket association that he ran for a decade from 2003. Jaitley has denied any wrongdoing and sued Kejriwal for 100 million rupees ($1.5 million) for slander.

(Reporting by Rupam Jain; Editing by Tommy Wilkes and Clarence Fernandez)

Govt asks SPG,IB to take maximum precautions on Rahul security

Rahul is scheduled to address a rally of the Congress-DMK alliance tomorrow at Karaikal in Puducherry.

New Delhi: The Special Protection Group(SPG) and the Intelligence Bureau(IB) were today ordered by the Government to take maximum precautions for Rahul Gandhi's security after an anonymous letter threatening to kill him surfaced. The unsigned letter in Tamil threatening to kill the Congress Vice President at an election meeting in Puducherry was received by a senior Congress leader V Narayanasamy on May 5. Rahul is scheduled to address a rally of the Congress-DMK alliance tomorrow at Karaikal in Puducherry.

Trump picks NJ Governor Christie to head transition team

Republican U.S. presidential candidate Donald Trump (L) greets New Jersey Governor and former Republican presidential candidate Chris Christie at a town hall campaign event in Hickory, North Carolina. March 14, 2016.

Republican presidential candidate Donald Trump said on Monday he has chosen New Jersey Governor Chris Christie, a rival turned ally, to lead his White House transition team as he prepares for the general election campaign.

"Governor Christie is an extremely knowledgeable and loyal person with the tools and resources to put together an unparalleled Transition Team, one that will be prepared to take over the White House when we win in November," Trump said in a statement.

Trump, the presumptive Republican nominee in the Nov. 8 presidential election, said Christie will oversee an "extensive team."

Christie endorsed Trump after dropping out of the 2016 Republican primary race in February and has been campaigning with the New York billionaire.

Trump's campaign said the candidate was moving into a general election mode and "implementing an infrastructure capable of securing a victory including making key hires, building a finance operation to benefit the Republican Party and unifying the party by working with several Republican leaders now voicing their support for Mr. Trump and his candidacy."

(Reporting by Doina Chiacu; Editing by Chizu Nomiyama and Jonathan Oatis)

Russia marks WWII victory anniversary with military parade

Moscow, May 9 (AFP) Russia today staged a grandiose military parade through Moscow's Red Square as part of nationwide celebrations to mark 71 years since the Soviet Union's victory over Nazi Germany in World War II.

Some 10,000 troops, tanks and nuclear missile systems swept across Red Square's cobblestones in front of President Vladimir Putin, senior officials and a handful of war veterans.

Putin addressed the troops, congratulating them on a holiday that traditionally unites Russians across political divides.

The Kremlin strongman also took the opportunity to call for the international community to unite in the fight against global terrorism.

"We must overcome this evil, and Russia is open to uniting forces with other states, it is ready to work on the creation of a modern, non-aligned international security system," Putin said.

The parade on Red Square also saw military aircraft, including Su-35 fighter jets Russia uses in its bombing campaign in war-torn Syria, swoop over Moscow in a resounding fly-by.

A smaller-scale parade was held on Russia's Hmeimim airbase in Syria, where Moscow is conducting air strikes it says are aimed at extremist groups like the Islamic State.

May 9 festivities also took place in some former Soviet republics.

Kazakh President Nursultan Nazarbayev sat beside Putin at the Moscow parade, but other foreign leaders were not among the honoured guests.

Western leaders last year snubbed invitations to attend the 70th anniversary celebrations over the Ukraine crisis, leaving Putin to mark the day in the company of the leaders of China, Cuba and other Moscow-friendly figures.

An estimated 27 million of the former Soviet Union's soldiers and civilians were killed in World War II and the Red Army's triumph in the war is viewed as a huge source of pride in Russia.