Nasheman News : Transport fuel rates were hiked sharply on Sunday as global crude oil rates continued to climb handsomely following the implementation of output cuts by global oil producers from January 1.

State-run oil marketing companies increased petrol rates by 23 paise per litre while diesel prices went up by 29-31 paise across the four major metros, making it among the sharpest hikes ever since rates had been rising this month following a prolonged period of fall. 

Petrol and diesel prices have increased by more than Rs 2 per litre each during January. 

As per data from Indian Oil Corp, petrol price in Delhi was increased to Rs 70.95 per litre on Sunday while in Kolkata, Mumbai and Chennai the fuel cost Rs 73.05, Rs 76.58 and Rs 73.65 respectively.

Similarly, the price of diesel went up on Sunday in the national capital to Rs 65.45 per litre.

In Kolkata, Mumbai and Chennai, diesel sold at Rs 67.23, Rs 68.53 and Rs 69.14 a litre respectively.

With petroleum products being outside the GST regime, prices vary as a result of local taxes. 

As per the country’s dynamic pricing mechanism, the domestic fuel prices depend upon international fuel prices on a 15-day average and the value of the rupee.

Following the implementation of production cuts by the Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC producers, global crude rates have been hardening and the UK Brent crude closed over the weekend at over $62 a barrel after having fallen below $50 last month. 

The agency is probing the case after taking cognisance of an FIR filed by the NIA against Naik, who is said to be based in Malaysia at present.

The ED has attached fresh assets worth Rs 16. 40 crore in connection with its money-laundering probe against controversial Islamic preacher Zakir Naik, it said on Saturday.

The Enforcement Directorate (ED), in a statement, said it had issued a provisional order for attachment of Naik’s assets, located in Mumbai and Pune, under the Prevention of Money Laundering Act (PMLA).

The estimated value of the immovable assets was Rs 16.40 crore, the central probe agency said.

This is the third such attachment in the case by the ED.

The agency is probing the case after taking cognisance of an FIR filed by the National Investigation Agency (NIA) against Naik, who is said to be based in Malaysia at present.

With the latest order, the total value of assets attached in the case by the ED stands at Rs 50.49 crore.

Nasheman News :Total liabilities of the government has increased 49 per cent to Rs 82 lakh crore in the last four-and-half years during the Narendra Modi government, as per the 8th Edition of the Status Paper on Government Debt released Friday.

Compared to the latest data available till September 2018 when the total debt of the Central government stood at Rs 82,03,253 crore, the corresponding amount till June 2014 was Rs 54,90,763 crore, the Finance Ministry’s data on government borrowings shows.

The huge surge in government’s debt has been propelled by 51.7 per cent growth in public debt from Rs 48 lakh crore to Rs 73 lakh crore in the four-and-half year period, which in turn was driven by 54 per cent rise in internal debt to about Rs 68 lakh crore.

Dependence on market loans show a similar rise of 47.5 per cent to more than Rs 52 lakh crore during the period. While debt raised through gold bonds was nil at the end of June 2014, it stood at Rs 9,089 crore including the gold monetisation scheme.

The Central government, in the status paper on government debt, gave a detailed analysis of the overall debt position of the government of India. It has been bringing out an annual status paper on government debt since 2010-11, the Finance Ministry said.

“The overall liabilities of the Central government are on a medium-term declining trajectory and government’s debt portfolio is characterised by prudent risk profile,” the paper, covering details of fiscal deficit financing operations of the government, however, said.

“Government is primarily resorting to market-linked borrowings for financing its fiscal deficit. Conventional indicators … indicate that debt profile of the government is comfortably placed in terms of debt sustainability parameters and is consistently improving,” it added.

While the country’s debt has been on the rise, little help is expected from the fiscal deficit side in the current financial year. The fiscal deficit in the first eight months till November stands at Rs 7.17 lakh crore, or 114.8 per cent of the Rs 6.24 lakh crore full year’s target.

By: Shaheen Raaj 

YES BANK SIGNS MOU WITH KIA MOTORS 

Yes Bank, India’s 4^th largest private sector Bank, recently signed a Memorandum of Understanding (MoU) with Kia Motors, world’s 8^th largest automaker, to enter into a strategic financing partnership, making itone of the 1^st ever Indian banks to become their preferred financier. The benefits of this partnership will be extended to the entire auto value chain, Auto dealers as well as customers, covering multiple car models offered by Kia Motors India. Kia Motors is all set to enter Indian market by 2^nd half of 2019 with an all-new mid-SUV which was previewed at 2018 Auto Expo. The partnership will utilize Yes Bank’s capabilities to provide a comprehensive range of attractive financing options for Kia Motors’ customers in India, helping support the company’s continued growth & expansion plans in different geographies. Through the partnership, Yes Bank will be able to provide end to end financial solutions to Kia Motors India. The Bank will offer financing & banking solutions to both the Kia car dealers with products such as Term Loans, Cash Credit, Inventory funding et al, as well as the end consumers. The Bank will work towards satisfying the customers’ needs through auto loans with easy monthly repayment plans best suited for individual consumers. Moreover, Yes Bank will also leverage its chat bot based platform, YES mPower bot, allowing it to deliver superior customer experience with 1 min loan approval across all the retail touch points. The partnership will focus on providing easy financing opportunities for the dealers & also make it easy for eligible buyers to acquire brand new Kia vehicles. Besides providing financing solutions, Yes Bank will also work towards developing exclusive digital banking solutions for Kia Motors in India.

Nasheman News : Customs officials on Thursday seized garments worth Rs 3 crore after intercepting a trawler which attempted to smuggle out goods to Bangladesh through the Sunderban riverine route.

An official said the department’s preventive and intelligence branch acted upon a report that fishing trawlers were being used to smuggle various goods to Bangladesh. 

“The route being taken by the smugglers was narrowed down to a specific area near Patharpratima zone in the Sunderbans,” said the official.

Acting on a tip-off, the department’s marine vessels with officers were deployed at Namkhana. They spotted the trawler early on Thursday.

After being chased by customs’ officials for about 12 km, the trawler moved towards the right bank of Ramganga river and its crew jumped off it and ran away into the forest.

“On a preliminary examination of the seized trawler, about 300 gunny bags containing garments worth Rs 3 crore were recovered,” official said.

He said efforts were on to trace the owner and crew of the trawler.

Nasheman News :  The design for the crew module and crew service module for India’s Gaganyaan first manned space mission, slated for launch in 2022, are in the finalisation process, a top official of the Indian space agency said.

“We have set up a new centre called Human Space Flight Centre and the work relating to Gaganyaan is being managed from there. 

“The design work relating to the proposed manned mission is underway and will be finalised soon,” K. Sivan, Chairman, Indian Space Research Organisation (ISRO) told media.

“The design for crew module (that would carry the Indian astronauts) and crew service module will be finalised soon,” Sivan said.

“We are not designing these for the first time. We already have the necessary infrastructure,” he added.

The ISRO had already flight tested its crew module and its recovery some years back.

Last year, ISRO tested the crew escape system. The test was over in 259 seconds, during which the crew escape system along with crew module soared skyward, then arced out over the Bay of Bengal and floated back to Earth under its parachutes about 2.9 km from Sriharikota.

The crew module reached an altitude of nearly 2.7 km under the power of its seven specifically designed quick acting solid motors to take away the crew module to a safe distance without exceeding the safe g-levels.

On the selection of astronauts, Sivan said that will be the responsibility of the Indian Air Force (IAF), but there is time as the manned mission is slated for 2022, he added.

The Delhi High Court has stayed the demand of Rs 462 crore made on Hindustan Unilever Ltd. by the National Anti-Profiteering Authority, which claimed that the consumer goods major failed to pass on the benefits of lower goods and service tax rate.

The court directed the authority that no coercive action be taken, and no penalty proceedings be continued against HUL until it makes a final determination on the matter.

Since the matter involves issues requiring detailed examination of contentions of both the parties, the court asked HUL to deposit Rs 90 crore in two installments (Rs 50 crore by March 15 and Rs 40 crore by May 15) to the Consumer Welfare Fund by May 15.

The authority ruled in December that HUL profiteered Rs 419.67 crore due to sales realisation following an increase in base prices after a GST rate cut in two slabs—from 28 percent to 18 percent and 18 percent to 12 percent.

HUL was also accused of availing transition credit of Rs 76.06 crore, which wasn’t passed to consumers by reducing prices. The company’s redistribution stockists wrongly availed input tax credit of Rs 36.19 crore at 28 percent GST, when it was cut, on several items, to 18 percent.

Nasheman News :A court-appointed auditors informed the Supreme Court that posh flats which were part of Amrapali Group were booked on sums as low as Re 1, Rs 5 and Rs 11 per sq.ft in the name of over 500 people.

The forensic auditors issued notices to 655 people on whose names “benami” flats were booked but no one was found in 122 such locations, the auditors told the top court while submitting an interim report.

Two audit forensic auditors — Pawan Kumar Agarwal and Ravi Bhatia — told a bench of Justice Arun Mishra and Justice Uday Umesh Lalit that it was found that 23 firms which were part of Amrapali consortium were floated in the name of office staff. These firms were fronts to divert home buyers’ money.

The auditors said that Chief Financial Officer Chander Wadhwa had transferred Rs 4.75 crore to “unidentified persons” on October 23, 2018.

On October 26, 2018, Wadhwa answered all questions of the bench and apologised for his early memory loss. On October 26, 2018, the top court had directed Wadhwa to extend full co-operation and directed Amrapali Group of companies to furnish details of all the bank accounts of its 46 companies.

The court warned Wadhwa of contempt proceedings for his action and said that he is putting spoke in the wheels of justice.

“You very well knew that questions will be asked by the court and hence you transferred the money. We want the entire tranche of money back in seven days’ time,” the bench said.

The auditor also told the bench that Amrapali Group had challenged the Income Tax order related to deleting of the paragraph which mentioned of Rs 200 bogus bills and vouchers for purchasing raw materials.

The court asked to present the orders of the Income Tax Department.

The agreement between JP Morgan Real Estate fund and Amrapali Group were in violation of the provisions of law, the auditors told the court.

The court warned that it may direct Serious Fraud Investigation Office (SFIO) to probe the matter.

However, JP Morgan counsel told the court that it would explain everything about the agreement.

The court has listed the matter for further hearing on January 24 and sought legal suggestions on the issue.

The court was hearing various petitions filed by home buyers seeking possession of over 40,000 flats booked in the projects of Amrapali Group.

By: Faizan Rizwan & Shaheen Raaj

What’s App Messages No Longer Need To Be Typed

What’s App user can now directly start dictating a message from within the app using a new mic icon on the keyboard. What’s App now has a mic feature that will let users   dictate messages & send to contacts. This means What’s App users will no longer need to type messages that can simply be dictated, though they will need to manually press send in order to send messages across. The dictation feature is available for What’s App for Android & iOS. The dictation feature is already available for smart voice assistants such as Google Assistant & Siri. However, the feature is now in-built in What’s App & users can directly start dictating a message from within the app using a new mic icon on the keyboard. To use the dictation feature, users will need to open What’s App & then the contact they wish to send message to, next, pull out the keyboard used for typing What’s App message. What’s App user on Android will find a black mic icon on top right, while this icon is present on bottom right for iOS users. Click on the mic icon to start dictating a message. It does seem to understand to put ‘,’ when one says “comma” & ‘?’ when “question mark” is said, but puts the “full stop” word itself instead of an actual ‘.’. Nevertheless, when done dictating a message, one will need to press the send button to finally send. What’s App user can edit the message before sending, though that will need to be done by typing. The feature might come in handy for long messages when one can just use their voice instead of fingers to frame a message. 

Nasheman News : The Union Cabinet on Wednesday approved capital infusion of Rs 6,000 crore in Export-Import Bank of India (EXIM Bank) through recapitalisation bonds to boost the bank’s capacity in export financing.

“The EXIM Bank will be infused with Rs 4,500 crore before March and Rs 1,500 crore in the next fiscal,” Union Minister Piyush Goyal told reporters after the Cabinet meeting chaired by Prime Minister Narendra Modi.

Goyal said the Cabinet has further approved raising the authorised share capital of the bank from Rs 10,000 crore to Rs 20,000 crore.

“The capital infusion will improve the bank’s capacity to support the exporters and importers. This will boost export financing,” he said.

The minister said India’s textile industry has huge export potential and that the government with this step will enable EXIM Bank to better support the textile exporters with adequate lines of credit.

Goyal also said the strengthening of EXIM Bank will help in achieving the strategic interests of the country.