Nasheman News :  In a bid to challenge the dominance of online fast moving consumer goods (FMCG) delivery platforms like Grofers and Big Basket, food delivery app Swiggy on Tuesday launched “Stores” – a platform to allow users to order groceries, medicines and other daily amenities.

“Swiggy ‘Stores’ extends the option of ordering food from nearby restaurants to ordering anything from any store across your city,” Sriharsha Majety, Co-Founder and CEO of Swiggy wrote in a blog-post. 

With “Stores”, Swiggy aims to connect people to every store, retailer or brand – both online and offline – and deliver goods to people’s doorsteps. 

“We’re taking our first step by launching across Gurugram and will deliver from over 3,500 stores across the city. We’ve already partnered with over 200 stores in categories such as fruits and vegetables to florists and pet care stores,” Majety added. 

“Stores” platform has been made available within the main Swiggy app itself. 

“We are launching ‘Stores’ in beta for now, while we fine-tune the service to make sure it meets the high standards that we at Swiggy hold ourselves to,” Majety noted.

Swiggy’s new platform comes amidst controversies ignited by hundreds of restaurant owners sending a petition to the Competition Commission of India (CCI) alleging wrongdoings by food delivery companies. 

The petition, first reported in January, accused Swiggy, Zomato, Uber Eats and Foodpanda of misusing their dominant positions by engaging in practices such as deep discounting, in-house kitchens and internal sourcing.

Nasheman News :A day before submission of the audit report on military procurement, including the Rafale jet deal, by the Comptroller and Auditor General (CAG) of India to the President, the Congress on Sunday citing a “conflict of interest” said the exercise is a cover-up of the “scam”.

Holding Prime Minister Narendra Modi “guilty” of compromising national security, the Congress also criticised the Bharatiya Janata Party (BJP)-led central government for being “opaque, intransient, obscure and obstinate to cover up the layers of corruption in the Rafale scam”.

In a memorandum to CAG Rajiv Meharishi, the Congress accused him of committing “gross impropriety” by auditing the Rafale deal, saying as the Finance Secretary he was involved in the deal announced by Modi in April 2015.

“You were the Finance Secretary from October 29, 2014 to August 30, 2015, including at the time of unilateral announcement for purchase of 36 Rafale aircraft. Even at the time of cancellation of the 126 aircraft MMRCA deal you were the Finance Secretary. 

“Consequently, you were directly involved in the Rafale deal on both these occasions as the Finance Secretary. Not only this, you were also involved in negotiations of the deal as a representatives of the Finance Ministry,” the Congress said in the memorandum. 

It accused Meharishi of being “complicit in the irregularities” in the deal and questioned his propriety to audit the deal as the CAG. 

“The irregularities, bungling and corruption were happening at the highest level with your direct or indirect complicity and consent. This reflects your direct collaboration in the entire matter. 

“There is no reason or occasion for you to audit the 36 Rafale aircraft deal as you can neither be a judge in your own cause (case) nor can sit in audit over your own actions to which you were a party.

“This conduct points to a direct conflict of interest, making you a judge in your own cause (case) and rendering you ineligible to conduct any audit on the Rafale deal as CAG,” the party said. 

Addressing the media later, Congress leader Kapil Sibal said the CAG report was yet another attempt of the Modi government to cover up the “Rafale scam”. 

“The CAG in his report, likely to be submitted on Monday, will not only defend his action in deal as then Finance Secretary but also do cover-up for the government. Despite all the irregularities happening before his eyes, the CAG will only come out defending the government and saying there is no corruption in the deal,” said Sibal.

“Being legally not entitled to audit the deal, the CAG should recuse and refrain from submitting a report on the deal,” said Sibal. The Congress has repeatedly demanded a probe by a Joint Parliamentary Committee (JPC) in to the “country’s biggest defence scam”. 

 Chief Minister HD  Kumaraswamy’s alliance has presented a huge budget of Rs 2,34,153 crore. 

Budget Highlights:

• Agriculture: 1. Agricultural Ratios, Organic Farming, Zero Investment, Agriculture and Israeli Minor Irrigation Programs Total Rs. 472 crore grant.
• Under the Minor Irrigation Scheme, 90 per cent incentive for all classes of farmers – Rs. 368 crores. Grant.
• 100 crores of drought-resistant watershed activities in 100 taluks with drought and high groundwater crunch – Rs. 100 crores
• Rs. 10 crore to be set up for promoting peasant growers
• Coastal coastal package to promote paddy cultivation for coastal and Malenadu population – Rs 5 crore.
• Rs 7,500 per hectare for farmers growing paddy Direct transfer.
• Rs.46,000 crore for farmers’ debt relief
• Arrangements to buy and sell agricultural produce by farmers
• Establishment of 600 sents per 1 crore cost
• Announcements of Rs
• Increase incentives for milk producers
• New Act to provide sugarcane growers’ balance
• Priority to agriculture related to zero capital
• A low cost-high production group is a agricultural plan
• Special Agricultural Package for Women Farmers
• Alternate Scheme for the Fasal Bhima Project
• State Government Sponsored Crop Insurance Scheme
• Israeli model agricultural technology enforcement
• Expansion of the poor of the poor in all cities
• Farmers’ Account Under Farmer Siri Scheme Direct Rs 10,000 Transfer.

Gardening:
1. Paddy and Grape grower special package for Rs.150 crore for improving the financial situation. 
2) Rs. 20 crore is set up for establishment of the International Standard Mango Product Processing Unit at Ramanagar and Dharwad Districts and the Tomato Products Processing Plant in Kolar. Grant. 

Silk:
1. The Karnataka Silk Sales Board has been strengthened to strengthen the stability of raw silk prices by Rs 10 crore. Grant. 

Animal Husbandry:
1. Milk Producers Incentives Increase to Rs. 6 per Liter. 
2. Milk Producers Welfare Rs. 2502 Crore Grant. 
Rs 5 crore to promote vaccine development in monkey disease Grant 

fishing:
1. Jetty Construction and Waste Management Unit and Sanitation facility for development of Malpe fishing activities – Rs. 15 crore Grant. 

Special package for school children

• Free bus pass for government school students
• Public School in Kendriya Vidyalaya Model
• The same school is from 1 to 10th standard
• 1000 school declaration likely in 4 years
• A secure school for the development of government schools
• Government schools are mandatory for English Medium
• A solid plan for the development of poor schools
• Chilli, Raincoat Bhagya for school students in Malnad

Special Scheme for Health & Rural Studies

• Government Ayurvedic homeopathy in all district
• Belgaum – Mother’s Children’s Hospital in Khanapur
• Cancer Hospital in Hubli
• 50,000 solutions to Asha workers who retire and retire 10 years
• Drugs in all districts are home to their own building
• Research Center to prevent mangoes in Shimoga

Increase incentives for home builders

• The existing ₹ 1.20 lakhs has been raised to 2.5 lakhs
• The cattle cottage is to build cows
• More money is spent on the development of the Muzirai shrines
• Helping priests in Muzrai temples
• Rs 48,000 a year to 60,000 a year

For Women and Child Welfare Department

• Special facility for women, children and senior citizens
• Gram panchayat program for unemployed youth
• 5,000 rupees to pay for planting per month
• Travel to Disneyland Model near KRS
• Additional money for the Maykatatu project
• Bumpers grant to farmers’ pump sets
• Water supply to clean drinking water for villages
• Water Resources Project

Social Welfare Department

• New Scheme for Scheduled Castes and Scheduled Tribes
• Grants to the Ganga welfare of borewell burning
• Public Works Department
• Grant for sewerage infrastructure development
• Grants to Metropolitan Corporation, Urban Affairs and Local Institutions

Bumper for government employees

• Increased grants to government employees
• Retirement age is 60 years instead of 65 years
• Government staff can be announced on 4th Saturday vacation
• The new pension plan is likely to be canceled
• Auradkar reportedly declared a similar salary to the police

Agriculture:
1. Agricultural Ratios, Organic Farming, Zero Investment, Agriculture and Israeli Minor Irrigation Programs Total Rs. 472 crore grant. 
2. Under the micro irrigation scheme, 90 per cent incentive for all classes of farmers – Rs. 368 crores. Grant. 
3. Implementation of Drought Reservoir Activities in 100 taluks with drought and high ground water fall – Rs.100 crores 
4. Farmer Siri Scheme for Strengthening Farmers – Rs 10 Crore 
5. The Coastal Package is a grant of `5 crore to encourage the coastal and Malnad people to grow rice. Rs 7,500 per hectare for farmers. Direct transfer. 

Nasheman News : Union Minister Arun Jaitley on Friday slammed the Congress for its promise to withdraw the Triple Talaq Bill, saying that 32 years after legislatively overturning the Supreme Court’s Shah Bano judgment, the party has taken another step to drive Muslim women to live a life which is an “antithesis of human existence”.

“History has repeated itself, neither as a satire nor as a tragedy. It has repeated itself with a mindset of cruelty. The late Rajiv Gandhi committed a monumental mistake in legislatively overturning the Shah Bano judgement of the Supreme Court which guaranteed maintenance to all Muslim women. He allowed deserted women to be driven to poverty and destitution,” the Minister said in a blog.

“Thirty-two years later, his son has taken another retrograde step to drive them not merely into destitution but also to live a life which is an antithesis of human existence. The Muslim woman in Bareilly has been forced into animal existence.”

He was referring to a case in Bareilly, Uttar Pradesh, where a Muslim woman was twice divorced by her husband through Triple Talaq.

“It has shocked my conscience. Unfortunately, when human conscience should have been repelled while reading this news in the morning newspapers, the AICC President Rahul Gandhi and his coterie, while addressing a minority convention promised to withdraw the Bill pending in the Parliament, penalising Triple Talaq,” he said.

He said some incidents are so unconscionable and repulsive that they shake the conscience of the society and compel it to take remedial measures.

“Injustice perpetuated by personal laws is a glaring example of this.”

The senior Bharatiya Janata Party (BJP) leader said that many communities, over the last several decades, have brought incremental but significant changes in their personal laws.

“The object and direction of these changes has been that gender equality is ensured, rights of women and children are protected and the right to live with dignity is ensured. Some practices which survived for centuries were so obnoxious (as Sati and untouchability) are now considered as unconstitutional,” he said.

Hitting out at the Opposition party, Jaitley said: “Votes are important, so is fairness. Political opportunists only look at the next day’s headlines. Nation-builders look at the next century.”

Jaitley’s remarks come a day after the Congress women wing chief Sushmita Dev promised to scrap the law banning Triple Talaq if the party comes to power in the coming Lok Sabha elections.

Addressing the party’s Minority Department convention, she also alleged that Prime Minister Narendra Modi had created an atmosphere pitting Muslim women against Muslim men through the law. 

The RBI cut policy rates by 25 bps to 6.25 per cent (voted 4-2) and changed the monetary policy stance from ‘calibrated tightening to ‘neutral (unanimous vote). Some key points from the Monetary Policy Committee (MPC) meet are as follows:

* The MPC cut its CPI forecasts, with Q4 FY19 now being forecast at 2.8 per cent year-on-year (versus the lower-than-expected actual print of 2.6 per cent in third quarter (Q3) financial year 2019 (FY19) and previous forecast of 2.7-3.2 per cent for second half or H2 FY19) and first half or H1 financial year 2020 (FY20) at 3.2-3.4 per cent (previously 3.8-4.2 per cent).

* Consumer Price Index (CPI) for Q3 FY20 is forecast at 3.9 per cent. It assessed the risks to be broadly balanced around the central trajectory versus ‘tilted to the upside’ earlier. The MPC noted its benign food inflation outlook, softer prices of items in the fuel-group, complete dissipation of the recent HRA hike and its current judgment of the recent jump in health and education CPI components to be a one-off phenomenon. 

* However, it highlighted the reversal in vegetable prices, unclear oil price outlook, rising trade tensions, volatility in financial markets and the impact of various budget announcements, although only over a period of time, on increasing disposable incomes as upside risks.

* On GDP growth, it noted slowing global growth/demand, rising trade tensions and the recent pickup in bank credit growth not being broad-based as headwinds. 

* It projected FY20 real GDP growth at 7.4 per cent (7.2-7.4 per cent in H1 and 7.5 per cent in Q3), with risks evenly balanced. Further, it mentioned the output gap has inched lower than potential — the earlier assessment was that it had closed — and the need to step up private investments and support consumption. On the global front, it acknowledged the recent moderation in economic activity in the US, Euro Area and China.

There are some significant takeaways. The rate cut decision taken by the MPC is understandable, although the market, including ourselves, had assigned a less-than-even chance of that happening today. 

This is largely owing to the context provided by the Budget and the expectation that the recent jump in core CPI, although owing largely to rural health and education, may cause RBI to take more time in its assessment. 

However, the cut can be justified owing to the persistent undershoot in headline CPI as well as more sanguine global environment, including worries on global growth. Indeed, that has been our framework for sometime now. 

What stands out, however, is that the assessment is considerably more sanguine on almost all aspects. As an example, the RBI Governor actually stepped in to defend the Goods and Services Tax (GST) collection targets set by the government in the new budget; one which has been viewed with suspicion by most. 

Also, the impression given is that the new revised CPI targets take into account the possible impact from the consumption stimulus offered by the government in the Budget.

The policy clearly has the stamp of the new Governor. Assessments are bolder and interpretations are more sanguine. There is clear benefit of the doubt for the Government. 

Also, the focus seems conclusively back on headline CPI. All this means that the market may look forward to at least one more rate cut, given that the near forecast for CPI remains sanguine.

Against this tailwind, however, the government is slated to borrow Rs 36,000 crore extra in this financial year and a higher than expected Rs 7,10,000 crore in the next financial year. The obvious implication is for the yield curve to steepen as the market is called upon to take higher supply at the duration part of the curve. 

In duration, our preference would be for quasi like SDL and corporate bonds rather than Government bonds. While in supply there is a near-term problem, it typically dissipates into the new financial year. Also, starting spreads there are already reflecting higher supply. The most sustainable trade, however, is in 2-5-year AAA corporate bonds.

Reserve Bank of India (RBI) has reduced its lending rate by 0.25 per cent to 6.25 per cent with the monetary policy committee voted 4:2 in the favour of a rate cut. The RBI has also changed its stance to “neutral” from existing “calibrated tightening”. The ‘repo rate is a key interest rate at which the Central Bank lends short-term funds to commercial banks.

RBI has received a proposal for an umbrella organisation for urban cooperative banks. RBI has decided on this positively. A decision on the specifics of the umbrella organisation proposal will be taken shortly, reported news agency.

According to Indian Express reports, the reverse repo rate under the LAF now stands adjusted to 6.0 per cent and the marginal standing facility (MSF) rate and the Bank Rate to 6.5 per cent.V

RBI has recieved a proposal for an umbrella organisation for urban cooperative banks. RBI has decided on this positively. A decision on the specifics of the umbrella organisation proposal will be taken shortly.4

The GDP projection for 2019-20 is 7.4 %. The inflation rate is estimated at 3.2-3.4% in the first half of the year 2019-20 and 3.9 % in the third quarter of 2019-20, said RBI Governor Shaktikanta Das.

“Headline inflation is expected to remain contained below or at its target of 4%. This has opened space for policy action. Investment activity is recovering supported mainly by public spending on infrastructure,” RBI Governor said.

Export growth on a year-on-year basis was almost flat in November and December 2018, primarily due to a high base effect and weak global demand.

RBI has decided enhancement of collateral free agriculture loan from Rs 1 lakh to Rs 1.6 lakhs. This enhancement Rs 60,000 has been taken in view of the overall rise in inflation, marginal agriculture input and benefit to small farmers.

RBI Governor Shaktikanta Das said, “we are constantly & continuously monitoring the liquidity situation and based on the requirement we will ensure that there is no liquidity scarcity.”

Agencies

Nasheman News :  Private airline Jet Airways on Wednesday introduced a staggered framework to reward its domestic guests with substantially lower penalties in exchange for advanced intimation for changes in their bookings including cancellations, changes.

The new policy would be implemented from February 7.

“As part of the new policy, charges for various changes including those for flight, date, sector, booking class, cabin and others and refund penalties for ticket cancellations at least seven days prior to the date of travel would attract lower penalties compared to those who undertake booking changes within seven days,” Jet Airways, said in a statement.

“The dynamic penalties will reward guests who plan in advance with substantial savings,” it added.

Nasheman News : The Reserve Bank of India (RBI) has imposed separate monetary penalties on lenders — UCO Bank, Axis Bank and Syndicate Bank — over deficiencies in complying with different regulatory norms.

The RBI imposed a penalty of Rs 2 crore each on UCO Bank and Axis Bank for non-compliance with its circular on ‘Collection of Account Payee Cheques – Prohibition on Crediting Proceeds to Third Party Account’ and Master Directions on ‘Frauds – Classification and Reporting by commercial banks and select FIs’.

In addition, a separate penalty of Rs 20 lakh was imposed on Axis Bank for contravention of the directions contained in ‘Master Circular on Detection and Impounding of Counterfeit Notes’ and, the ‘Circular on Sorting of Notes – Installation of Note Sorting Machines’.

In another statement, the RBI said it has imposed a penalty of Rs 1 crore on the government-owned Syndicate Bank for non-compliance with the directions contained in ‘Master Circular on Frauds – Classification and Reporting’ and ‘Circular on Risk Management Systems in Banks’.

Sheela Foam, makers of Sleepwell & market leader in Indian PU Foam industry, has today announced launch of its entry into home comfort segment with Sleepwell Home Comfort Product Range. The new range offers a bouquet of Concept Pillows, Bed sheets with enchanting design themes, Luxurious Comforters, Warm Blankets & Mattress Protectors thus offering consumers a “Total Sleep Solution” all under 1 roof along with its innovative range of mattresses & pillows.

 In line with vision of offering best in class sleep experience, Sleepwell Home Comfort Products would be available across all Sleepwell Outlets in India.

 Sleepwell’s Home Comfort Products are backed by its deep understanding of sleep science, rich experience of over decades, the use of finest quality materials & hi-tech product features. Every product in this range is designed with care & understanding of unique sleep & comfort requirements of individual consumers, to provide best in class comfort & sleeping experience. 

Addressing the press Rakesh Chahar, CEO & Director, Sheela Foam said that with launch of entire range of Home Comfort Products, Sleepwell brand is probably only 1 of its kind in the country that offers the customer a total sleep well solution.

 Naresh Mittal, MD of PMG, the distributor for Sleepwell products in Karnataka said that the launch of these products was a great boost for exclusive Sleepwell dealers & hoped that this will be an imetus for overall growth of the brand.

 Bhushan Pathak, Business Head, Home Comfort Products added that using Sleepwell’s unmatched knowledge of an individual’s sleep & comfort requirements, Sleepwell Home Comfort Products have been thoughtfully designed to enhance the overall sleeping experience of the consumers. These not only uplift the decor of the bedroom but also offer a blissful sleeping experience along with our mattress. 

The brand’s strength is not just dependent on its range of futuristic offerings for Mattress, Home Comfort Products & Furniture Cushioning applications, but is also a result of trust & security that its customers have invested in Sleepwell over last 5 decades. Sleepwell plans to introduce exciting themes, designs, colors & materials every quarter or season, depending on the product. The product offering is differentiated in the market by using finest quality in reactive prints, zero shrinkage combed cotton, softest & warmest materials & rich design & finish & scientifically designed products. 

Inspired by nature & science to offer health & hygiene, all sleepwell products are treated with unique Neem Fresche Technology that keeps the products fresh & safe by preventing breeding of dust mites, bacteria, fungi & it also eliminates bad odour. 

Sleepwell is a flagship brand of Sheela Group, India’s leading manufacturer of Polyurethane foam & an ISO 9001 certified company. It has 12 state of art manufacturing units, a strong support of over 100 plus distributors & over 6500 dealers in India. Sheela Group is a market leader in Indian P.U. Foam industry. 

Being one of Asia’s biggest Polyurethane Foam Manufacturer, it has over 4 & a half decade of extensive experience of making quality products backed by their state-of-the-art Research & Development labs.  

The revenue department will put in place within two years a mechanism to ensure that all returns are processed within 24 hours and refunds issued simultaneously, an official said.

The government has already sanctioned Rs 4,200 crore last month for upgradation of information technology infrastructure of Central Board of Direct Taxes (CBDT) for processing returns, refunds, faceless scrutiny and verification.

Revenue Secretary Ajay Bhushan Pandey said currently refunds are processed online in an automated manner. In the current year, refunds to the tune of Rs 1.50 lakh crore have been given directly in bank accounts.

Now the system is being further upgraded so that refunds can be received within 24 hours.

When asked about the timeline for implementing 24-hour refund, Pandey told media “We will try to do it as soon as possible, within the same time frame as faceless assessment, within two years”.

While presenting the 2019-20 interim Budget, temporary Finance Minister Piyush Goyal had said the Income Tax Department now functions online and returns, assessments, refunds and queries are all undertaken online.

“Last year, 99.54 per cent of income-tax returns were accepted as they were filed. Our government has now approved a path breaking, technology intensive project to transform the I-T Department into more assessee-friendly one. All returns will be processed in 24 hours and refunds issued simultaneously,” Goyal said.

The minister said within next two years, almost all verification and assessment of returns selected for scrutiny will be done electronically through anonymised back office, manned by tax experts and officials, without any personal interface between taxpayers and tax officers.

Anonymous returns scrutiny through back office, Pandey said “will also bring in transparency and minimise any subjectivity or human interface”.

Agencies