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Current Currency giving shock after Demonetisation



ATM Van-wefornews

By Armaan Amrohvi

20 days after the Tuhghlaki Farman (Dictatorial Order) there is a big surprise that the new 500 note has two variants. Reserve Bank of India (RBI) says that due to rush in the printing this error has been carried! Just introspect that the currency is face value of the nation and under BJP governance same are being wrongly printed, is it not an insult to the nation!

Pradhan Mantri Jan Dhan Yojna (PMJDY) was launched on 28 August 2014, advocating that the new accounts can be zero balance. Some amount was deposited in these accounts with the gimmick of providing free insurance to the account holder at the minimal premium. These accounts suddenly swelled with the cash deposit worth of Rs.66,636 crores (Rs.666360 million) after the announcement of demonetisation. There is no mechanism to cross-check these accounts under the PMJDY scheme! In the month of May, the RBI has communicated to the government that PMJDY will be used by miscreants to convert their illegal wealth, which has now come to be true.

In these 20 days, there have been more than 100 directions from PMO, RBI and Finance Ministry which has been giving shocks to the people; which is indicative that there is no direction behind this sudden decision of Modi. No one is estimating the loss which the nation is incurring on daily basis when people are mostly standing in the queues to exchange their respective currency. No politician, celebrity, etc are to be seen in the queues, but the common Indian. The toll charges all across the country were exempted till 24 November but the time has been increased till 2 December 2016. Lately, the new direction has been announced that the toll collection could be done in Rs.500 (already discontinued as Legal Tender). There is a huge loss to the exchequer but who is bothered till the ego is being satisfied, no matter the cost of the life of common people or insult to the nation.

Read More: Demonetisation planned 9/11 attack!

Demonetisation of Modi is one scheme that has divided the nation into fragments. Female can deposit Rs.2.5 Lakhs (0.25 Million) in their accounts. The farmers can deposit and purchase the material for agriculture with the disowned legal tenders (Rs.1000 and Rs.500 notes) and withdraw Rs.25,000 on the weekly basis whereas others can only withdraw Rs. 24,000 per week. The small businessman can withdraw Rs. 50,000 from his current account, but there is no discloser for the big business houses. One can buy anything or pay the bill with old currency, but it should be done in rounded figures in the multiplication of 500, buy petrol not less than Rs.500, recharge mobile least for Rs.500. People are in rage standing in the queues to get their money exchanged. They are picking up fights with the bank employs at many places. Bank employs are concerned about their security. Wait for the salary day in the month of December which will be more violent when the people will not get their salaries as the currency is falling short to be dispersed.

Modi when came to power called for giving up subsidy on LPG but to promote his self-motivated scheme of Swachh Bharat Mission he has himself given the subsidy of Rs.4000 to the person who was planning to build the toilet at his home. All said and done, the government is doing whatever it is thinking to be right, with the slightest idea about the voters.

Read More: 9/11 the Indian version after Demonetisation!

In the following days, the Modi Bhakts will be spreading rumours that the opposition has given the country loss by not making the Parliament work. And this will be termed as HUGE LOSS.
Let’s now get to know the calculations of Parliament during the session just for one amount which is utilised during the session only:

10 days have passed since the Winter Session of the Parliament has started. In India Member of Parliament is getting an allowance of Rs.2000 per day during the Parliamentary sitting. Simple calculations are here:

Lok Sabha (Lower House) has 545 Members: 545 x Rs.2000= Rs. 10,90,000 per day.
Now multiply Rs.10,90,000 x 10 days= Rs. 1,09,00,000.

Rajya Sabha (Upper House) has 245 Members: 245 x Rs.2000= Rs. 4,90,000 per day.
Now multiply Rs.4,90,000 x 10 days= Rs. 49,00,000.

Total loss in ten days is Rs. 1,09,00,000 x 49,00,000= Rs.1,58,00,000 (Rs.1.58 crores)

It will be bragged that the opposition is responsible for generating this loss! Mind it there would not have been any problem if Modi would have come to the Parliament and given his explanation regarding demonetisation. But if all will end, what will the government have to keep their voice amongst the people, nothing; as they have nothing than to fool the people of India.

Disclaimer: These views are solely of the author.


Is Sonia the answer to ego hassles in non-BJP camp?



Sonia Gandhi

An indication as to how difficult it is going to be for the opposition at the national level to get its act together was available after K. Chandrashekar Rao met Mamata Banerjee in Kolkata to lay the foundation for a federal front.

However, even before the proposed alliance could get off the ground, the differences about its framework were visible. While the Telangana Chief Minister wanted it to be a non-Bharatiya Janata Party (BJP), non-Congress group, his West Bengal counterpart kept her options open about including the Congress.

A feature of these alliances is that each of their constituents is guided by the ground realities in their own states which may be at variance with the political condition in some other state. For instance, the Congress may be a more formidable adversary for Chandrashekhar Rao in his state, but it isn’t so for Mamata Banerjee. So, while the Telangana Chief Minister wants to keep the 133-year-old Grand Old Party at arm’s length, Mamata Banerjee, a former Congress person, is more accommodative.

Similar conflicting perceptions are known even within one party such as the Communist Party of India-Marxist (CPI-M) where the Kerala comrades are against any proximity to the Congress, obviously because the latter is a force to reckon with in the southern state, but the Marxists in West Bengal are keen on a tie-up with the Congress against the BJP since they no longer face any major threat from their old opponent in the state. Rahul Gandhi’s hope, therefore, of forming a “workable” anti-BJP alliance with other parties faces considerable roadblocks.

Yet, the BJP’s current vulnerability is obvious to its political enemies. At the same time, the non-BJP parties know that none of them is capable on its own of offering a serious challenge to the ruling party at the Centre. Banding them together is the only alternative. The egos of individual leaders are also a problem, for none of them will be willing to concede the role of a leader to another.

Difficulties of this nature have plagued earlier such formations. In the Janata Party (1977-80), the duel was between Morarji Desai, Charan Singh and Jagjivan Ram. In the Janata Dal (1989-91), it was between V.P. Singh, Devi Lal and Chandrashekhar.

It was to overcome similar confrontations in the confused post-1996 scene that the name of then West Bengal Chief Minister, Jyoti Basu, was proposed by United Front leaders like H.D. Deve Gowda, Mulayam Singh Yadav and others, but was rejected by the CPI-M. The BJP, on the other hand, has been fortunate in having an unchallenged leader like Atal Bihari Vajpayee in 1996 and in Narendra Modi now.

Who can be the unchallenged leader in the non-BJP camp at present? Although the leaders in a federal front are highly influential in their home provinces, none of them measures up to the popular image of a Prime Minister who is a sober, sophisticated, well-educated, widely respected, trustworthy and unbiased person with a clearly identifiable vision.

To start with Sharad Pawar, who is among those who have shown an interest in leading the charge against the BJP, there has been a question mark over his reliability ever since his party was seemingly regarded by the BJP as a prop against the Shiv Sena’s machinations in Maharashtra. He is generally seen as too clever by half and too much of a deal-maker to be trusted as the guiding light for the nation.

His age — Pawar is 78 — is also against him. India appears to be coming around to accepting Modi’s view, as articulated by senior BJP leader Yashwant Sinha, that a politician is “brain dead” after 75.

Rahul Gandhi at 48 is safe in this regard as is Mamata Banerjee (63), whose case is being energetically pushed by one of her lieutenants in Delhi. But while the Congress president is still considered not “grown-up” enough, the West Bengal Chief Minister is too immersed in her own province to be seen as a national leader.

Akhilesh Yadav (45) and Mayawati (62) have the same disadvantage of being rooted in the Hindi belt with its concomitant of casteism. Though also from the same region, 67-year-old Nitish Kumar was once considered a possible Prime Minister “material” before he shot himself in the foot with his politics of perambulation, forever looking for green pastures.

The bare cupboard of PM hopefuls leaves only 72-year-old Sonia Gandhi, who has been engaged in dinner diplomacy to cobble together an anti-BJP formation, as a possible candidate. But her minus points are obvious.

For one, she does not appear to be in the pink of health. For another, any whiff about her aspirations will make the Hindu Right revive the “foreigner” debate with great gusto with Sushma Swaraj perhaps once again threatening to shave her head as in 2004. For a third, she may not be interested as she is seemingly intent on paving the way for her son’s elevation.

Yet, the former Congress president is possibly the only one with a much wider acceptability in the non-BJP camp than anyone else and also among the Dalits, backward castes and minorities as well as a section of the traditional Congress supporters in the upper caste though not among the middle class. In a way, she offers the best of a bad bargain with the resultant turmoil proving to be one of the worst in recent years.

By : Amulya Ganguli

(Amulya Ganguli is a political analyst. The views expressed are personal. He can be reached at [email protected])

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Global sell-off drags Indian equities to 5-month lows




Mumbai, March 24 : A global sell-off triggered by trade protectionist measures imposed by major world economies unleashed the bears in the Indian equity markets during the week, pushing the key indices — NSE Nifty50 and BSE Sensex — to their 5-month lows.

Apart from the prospects of escalating trade wars, the risk-taking appetite of investors was marred by rising crude oil prices, the ongoing turmoil in the domestic banking system as well as the uncertainty on the political situation in the country.

On a weekly basis, the barometer 30-scrip Sensitive Index (Sensex) of the BSE shed 579.46 points or 1.75 per cent to close at 32,596.54 points — its lowest closing level since October 23, 2017.

On the National Stock Exchange (NSE), the wider Nifty50 ended below the psychologically important 10,000-mark and closed trade at 9,998.05 points — down 197.1 points or 1.93 per cent from its previous week’s close — its lowest closing level since October 11, 2017.

“Benchmark indices Sensex and Nifty fell 1.75 per cent and 1.93 per cent respectively during the week, posting their longest stretch of weekly losses in 16 months as the domestic market joined a global sell-off triggered by prospects of a trade war,” Arpit Jain, Assistant Vice President at Arihant Capital Markets, told IANS.

According to D.K. Aggarwal, Chairman and Managing Director of SMC Investments and Advisors, the global stock market traded lower after US President Donald Trump announced sweeping tariffs on Chinese goods, a move that has heightened concerns that the global trade war will escalate.

“Back at home, dragged by escalating trade tensions among global economies, the Indian stock market too witnessed selling pressure amid other domestic factors. Since the beginning of the year domestic market witnessed some hiccups on the back of imposition of LTCG (long term capital gains) tax, liquidity issues, rising bond yields and volatile global markets,” Aggarwal told IANS.

“Also, a surge in crude oil prices impacted the market sentiment. The Indian rupee, too, witnessed a volatile move ahead of Fed rate-hike and global trade war concerns,” he added.

On the currency front, the rupee weakened by eight paise to close at 65.01 against the US dollar from its previous week’s close at 64.93.

“Sentiments were affected by rising crude oil prices, bond yields and a troubled domestic banking system. Uncertainty around the political situation in the country added to the woes, and collectively dragged the sentiment across the street,” Gaurav Jain, Director at Hem Securities, told IANS.

Provisional figures from the stock exchanges showed that foreign institutional investors purchased scrips worth Rs 2,524.13 crore and the domestic institutional investors (DIIs) scrips worth Rs 211.91 crore during the week.

Figures from the National Securities Depository (NSDL) revealed that foreign portfolio investors invested in equities worth Rs 2,060.04 crore, or $316.99 million, during March 19-23.

“The market breadth was negative in three out of the five trading sessions of the week. The top sectoral losers were realty, metal, Bank Nifty and pharma indices. There were no gainers,” said Deepak Jasani, Head – Retail Research, HDFC Securities.

The top weekly Sensex gainers were: NTPC (up 2.90 per cent at Rs 170.15); IndusInd Bank (up 1.36 per cent at Rs 1,750.20); Power Grid (up 1.04 per cent at Rs 194.25); Hindustan Unilever (up 0.05 per cent at Rs 1,299.75); and Larsen and Toubro (up 0.01 per cent at Rs 1,267.75).

The losers were: Yes Bank (down 8.37 per cent at Rs 286.70); ICICI Bank (down 7.48 per cent at Rs 275.80); State Bank India (down 7.13 per cent at Rs 234.60); Tata Steel (down 5.65 per cent at Rs 566.60); and Axis Bank (down 4.29 per cent at Rs 501).

(Porisma P. Gogoi can be contacted at [email protected])

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Rahul sir said it’s all about mental preparation now: Shubman Gill



rahul dravid

Kolkata, March 24 : His U-19 World Cup heroics still fresh in memory, top-order batsman Shubman Gill is now looking to walk Rahul Dravid’s talk and be mentally strong as he gets ready to play against the “big boys” in the Indian Premier League (IPL) for the Kolkata Knight Riders.

“We all talked to him. He had a word with all of us before we dispersed after the tournament. He had a one-on-one chat with everyone. He told us that from here on, there will be more mental preparation.

“When you go to the higher level, there is a difference and it is more in the mind. You have to prepare yourself mentally,” Gill told IANS in an interview at KKR’s team hotel here.

“It’s more of a mental game now. Dravid sir told us that everybody has skills, but it’s how you prepare yourself mentally to execute at the stage and at that particular time,” the 18-year old Punjab right-hander added.

Under Dravid’s tutelage, Gill and his teammates claimed a record fourth U-19 World Cup, beating Australia in the final by eight wickets.

All through the tournament, India were not only unbeaten but utterly dominant, winning three matches by 100 or more runs and two by 10 wickets.

“It was a great experience for all of us in the U-19 World Cup in New Zealand,” Gill reminisced.

“Our bowlers did a great job, both the medium pacers and the spinners. We got great exposure and because of that opportunities have opened up for all of us. People have started recognising us. We get motivated by that and our chances to doing well are enhanced,” he said.

Soft-spoken and very articulate for his age, Gill finished the World Cup as the “Player of the Series” after scoring 372 runs in five matches at a whopping average of 124 and a strike rate of 112.38.

Asked about his stellar show at the showpiece event, Gill again credited Dravid.

“We were fortunate that we worked with him (Dravid) and that helped not only me but all of us play the way we did. He shared all his experiences of going to New Zealand with us before the World Cup, during our preparations. He is such a legend,” he said.

At KKR, there is a shortage of top-order batsmen and Gill could come in handy with his penchant for big runs. Gill, who had a base price of Rs 20 lakh in the IPL auctions, was roped in for Rs 1.8 crore by KKR.

“It’s a great opportunity for all of us to… play at such a high level. I am really looking forward to it. Our preparations are going well and we will try to deliver our best,” said Gill, who is more about textbook shots than big bat swings.

Against arch-rivals Pakistan, Gill underlined his potential with a classy 94-ball 102. Comparisons with India skipper Virat Kohli have already started doing the rounds but Gill, whose favourite cricketer is Kohli, wants to take it easy.

“I look up to Virat Kohli. But at the moment, my only goal is to make my team win every time. Our chances of taking the next step will only be enhanced if we win the IPL. I always think of how I can help the team and how I can contribute.

“If I do well for KKR, I will automatically do well for myself,” said Gill, who made his first-class debut before the World Cup for Punjab in the Ranji Trophy in late 2017 with a half-century in the game and 129 in the next match.

Not wanting to think too much about breaking into the senior team, Gill signed off by saying he admires each and every member of Kohli’s side and it is their fielding and fitness that attracts him the most.

“This Indian team has changed the trend in terms of their fielding and fitness standards,” Gill said.

“Now the Indian team is one of the best fielding sides in the world. The way they carry themselves, their attitude on and off the field, all the guys, I really admire them.”

(Debayan Mukherjee can be contacted at [email protected])

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