Set up separate dept for logistics to improve transport sector: PM’s advisory panel

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January 13, 2019

Setting up a separate logistics department and introducing one permit-one tax system for trucks, among other measures, will boost the transport sector and improve ease of doing business, the Economic Advisory Council to the Prime Minister (EAC-PM) has suggested.

These suggestions form part of the Bibek Debroy-led Logistics Development Committee’s report titled ‘Key Challenges in Logistics Development and the Associated Commerce – Policy Reforms for Ease of Doing Business/Trade in India’ which was submitted to Prime Minister Narendra Modi recently.

Outlining the need for supporting the truck industry, the committee has suggested that the government should create an independent department focusing on logistics and trade facilitation space by upgrading the existing Logistics Division under the Ministry of Commerce and Industry.

“Introduce the One Nation, One Permit, One Tax system by amending Motor Vehicles Act as recommended by the Parliamentary Committee.

“Also suitably amend the provisions of Motor Transport Workers Act to incentive trucking industry to increase its scale and size,” the committee suggested.

As per the one permit-one tax system, all truck permits will be valid across the country.

It also pitched for reduction and rationalisation of rail freight tariff structure, at least on select pilot routes (Delhi-JNPT, Delhi-Mundra etc).

According to the report, the government should target increasing rail modal share by improving predictability in railway services, rationalising railway tariffs and expediting Dedicated Freight Corridor (DFC) commissioning.

The committee also pitched for developing Common Development Plans for revival of railway sidings near major airports for promoting multi-modal air-rail connectivity and easing last mile connectivity to the airports.

To improve trade facilitation at borders, it is said that the government should shift towards fully facilitated trust-based clearance processed through state of-the-art risk management system (RMS) and make physical examination an exception.

It pointed out that while the physical infrastructure augmentation projects (like Bharatmala, Sagarmala, DFC) are transformational in nature, some major governance and procedural reforms are incremental in nature.

Findings of the World Bank’s Doing Business (DB) report 2018 suggests that it took more than six days to export and more than 13 days to import in India, considerably higher than the time taken in the developed world.

Meanwhile, India saw a jump of 19 positions in the International Logistics Performance Index (LPI) — from 54th rank in 2014 to 35th position in 2016 out of 160 countries.

The prime minister has set an ambitious target to realise a quantum jump in Doing Business and LPI ranks within the next 2-3 years.

“This will be difficult to achieve if we fundamentally do not reorient the way we have looked at logistics and trade facilitation space,” the committee said.

It also noted that the requirement of physical paperwork and multiple documentation continues despite push towards digital governance.

Only 22% shareholders exit IDBI Bank following open offer by LIC

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January 13, 2019

Only 22 per cent of the minority shareholders of IDBI Bank exercised their option of exiting the company in the open offer floated by Life Insurance Corporation (LIC), which is taking majority stake in the debt ridden state-owned bank, sources said.

Bulk of the minority shareholders, however, continue to hold the shares of IDBI Bank indicating their faith in the new management, they said.

Existing shareholders feels that the value of their shares going up substantially in the future following management takeover by LIC, the sources added.

The open offer for 2,04,15,12,929 shares was made last month at a price of Rs 61.73.

LIC had already increased its holding beyond 44 per cent before the open option.

In August, the Cabinet approved the acquisition of controlling stake by LIC as a promoter in the bank through combination of preferential allotment and open offer of equity.

LIC has been looking to enter the banking space by acquiring a majority stake in IDBI Bank, as the deal is expected to provide business synergies despite the lender’s stressed balance sheet.

With the culmination of the deal, LIC will get about 2,000 branches through which it can sell its products, while the bank would get massive funds of LIC.

RBI net-seller of dollars in November, unwinding $644 million

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January 13, 2019

The Reserve Bank remained a net seller of dollars in November 2018, as it sold $644 million of the greenback on a net basis in the spot market, according to the latest data from the Central bank.

As against this, in November 2017, the Central bank had purchased $2.570 billion from the spot market and sold $1.706 billion, while in the reporting month, the monetary authority bought $3.127 billion from the spot market, and sold $3.771 billion, shows the data.

The rupee had a better run in the past fiscal, while it was one of the worst among its emerging market peers this fiscal year, which explains the reasons for the RBI intervention in the forex market.

In October 2018 also, the RBI was a net seller of dollars, after it purchased $945 million and sold $8.149 billion of the US currency in the spot market.

Normally, the central bank sells dollars to contain rupee volatility as it does not officially set a price level for the rupee, which is only partly fully floating as the country does not allow full capital account convertibility.

In first five months of this fiscal year, the central bank has sold a whopping $34 billion as the rupee was on a roller-coaster, plumbing a low of 74 to the American unit.

Between April and November 2108, the central bank has net sold $26.51 billion of dollars in the spot market. This compares with a net purchase of $18.017 billion made in the same period in 2017.

The RBI has, so far, remained a net-seller of the US currency in the current fiscal.

SP-BSP alliance will put tough fight in LS polls: BJP ally

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January 13, 2019

Suheldev Bhartiya Samaj Party (SBSP), an ally of the ruling BJP in Uttar Pradesh, on Sunday said that the newly formed SP-BSP alliance will put up a strong fight in the upcoming Lok Sabha elections.

The country is witnessing an era of coalition, and no party has the courage to go to the polls alone. The SP-BSP alliance is a strong alliance, and it will put up a strong contest in the elections, “UP Cabinet minister and SBSP chief Om Prakash Rajbhar told reporters here on Saturday.

Replying to another query on whether his party will go with the SP-BSP alliance, Rajbhar said that there was no truth in such rumours. However, taking a jibe at the BJP, he said that, the BJP feels there is a saffron wave across the state. The BJP is having the galatfahmi (wrong perception) that more than 60 per cent of the people are supporting it.

The party could see the result of this wrong perception during the Lok Sabha by polls when it lost the Gorakhpur, Phoolpur and Kairana, and Noorpur assembly seat, he said.

Rajbhar also said that, “If the alliance with the BJP has to continue, then there should be a division of reservation quota of the backward castes into three categories like: backward, very backward and most backward.

No one is born yet to trounce Shiv Sena: Uddhav Thackray

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January 13, 2019

While hitting out to the BJP chief Amit Shah for his remarks that the saffron party will thrash the former allies if a pre poll alliance is not materialised before the Lok Sabha election, Shiv Sena chief Uddhav Thackeray on Sunday said that “no one is born yet who can trounce Sena.”

In a veiled warning to the Sena, Shah had recently said that if an alliance happened, the BJP will ensure victory for its allies, but if it did not then the party will thrash its former allies in the coming Lok Sabha polls. While criticising the remarks, Thackeray, whose party is an ally of the ruling BJP at the Centre and in Maharashtra, said that, I have heard words like ‘patak denge’ from someone. One who will trounce the Shiv Sena is yet to be born.

While adressing to the public in a rally in Worli area, taking a swipe at the ‘Modi wave’ before the 2014 Lok Sabha elections, he said that, “The Sena has seen enough ‘waves’ in its journey.”

Unlike the BJP, he said, the Sena has raised the Ram temple construction issue before the polls to “expose” those who used the issue as a poll plank. I raise the Ram Mandir issue during elections only to expose others who always use it as an election plank,” the Sena chief said.

The Congress party was shown its place in 2014 for its deeds. The party even could not get the post of Leader of Opposition in the Lok Sabha then the BJP should tell me how the congress is hindering the construction of the Ram Mandir, he asked.

How the BJP could build the Ram temple when it has allies like Nitish Kumar of the JD (U) and Ram Vilas Paswan of the LJP opposing it. The BJP should come clean on it, he further added.

Bus overturned in Nepal, 31 injured

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January 13, 2019

At least 31 people were injured on Sunday when a bus they were travelling in overturned near a bridge in Nepal’s Dhading district, police said.

One of the injured is in critical condition has been sent to a hospital in Kathmandu. The bus carrying 41 passengers, which was en route Western Nepal’s Bardia district from Kathmandu, overturned when the driver was taking a turn near the Hugdi bridge at Beni Ghatrorang area in Dhading, police said.

At least 31 passengers were injured in the accident. They were rescued by the locals and police and are undergoing treatment at Malekhu and Gajuri primary health centres.

‘Simmba’ declared Blockbuster, crosses 350 crores in just 16 days

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January 13, 2019

Ranveer Singh-starrer “Simmba” has collected over Rs 350 crores at the global box office within 16 days of its release.

According to the makers, the film is on a record-breaking spree and now ranks among the top 10 Bollywood domestic box office hits of all time. The film is presented by Reliance Entertainment in association with Dharma Productions and Rohit Shetty Pictures.

Directed by Rohit Shetty, Ranveer plays a corrupt cop, Sangram ‘Simmba’ Bhalerao in the film, who chooses the righteous path after a life-changing event takes place. With “Simmba”, Shetty has become the first director to have eight consecutive films enter the Rs 100 crore net domestic box office clubs. He is the second director in India with three films to enter the Rs 200 crore clubs, according to the makers.

It feels incredible to see that the excitement and fabulous response of the audience for ‘Simmba’ in cinema halls everywhere. I am happy with the appreciation the film is garnering, the director said in a statement.

Shibasish Sarkar of Reliance Entertainment thanked his partners and Singh for “creating a hugely entertaining film that has delivered great joy to the audience throughout the holiday season and beyond”.

“Officially our biggest hit”. ‘Simmba’ marks the beginning of a solid professional bond between Rohit and me, Karan Johar said.

The film also featuring Sara Ali Khan, Sonu Sood, Siddharth Jadhav, Ashutosh Rana and Ajay Devgan, the film hit the screens on December 28.

TMC Commissioner thanks colleagues for four years- long fruitful association

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January 13, 2019

On Completion of four years, a meeting has been held to review the previous year’s achievements and for planning new schemes for the upcoming year by Thane Municipal Corporation. TMC commissioner Sanjeev Jaiswal said, “We are trying consistently to make this city better but we are still lagging behind in achieving our target. TMC has been trying to run various public welfare schemes in the last four years, some of them are running at slow pace while few of them have taken momentum. We are trying our bests to launch more innovative schemes for the development of the city. Our motto is to run maximum public welfare schemes as we are bound to the welfare and development of the society.”

He ordered TMC officials to concentrate on completion of current schemes. Follow ups and approval for new schemes has been scheduled for next meeting in February.

Namita Gokhale wins Sushila Devi Literature Award for her book “Things to Leave Behind”

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January 13, 2019

Writer Namita Gokhale has won the Sushila Devi Literature Award for her novel “Things to Leave Behind”. She was awarded in the ‘Best Book of Fiction Written by a Woman Author’ category at the inaugural edition of Bhopal Literature and Art Festival (BLF) that began here on Saturday.

The festival, a brainchild of former bureaucrat Raghav Chandra, is being held at the Multi Art Centre of the Bharat Bhawan here. Union Minister of State for Culture and Tourism K.J. Alphons and Madhya Pradesh Culture Minister Vijaylaxmi Sadho were among the eminent people present at the opening ceremony of the festival.

Praising the beauty of Bhopal’s Upper Lake, Alphons said that the tourist facilities should be developed around the lake without damaging the water body. Later, speaking at a panel discussion ‘The Path Ahead: Transformative Ideas for India’, Niti Aayog CEO Amitabh Kant stressed the need to focus on manufacturing products for the global market.

Comptroller and Auditor General of India Rajiv Mehrishi and economist Ila Patnaik were also part of the panel. The literary event will see participation by over 70 writers and artists attending the festival.

Teen raped in Thane, 3 arrested, one flees

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January 13, 2019

Three persons were arrested in Bhiwandi in Maharashtra’s Thane district for allegedly raping a teenage girl several times, police said Sunday.

Senior Inspector K D Jadhav of Shanti Nagar police station said that the 14 years old girl was acquainted with one of the accused, Jamil alias Bullan Vali Mohammad Khan (58) as she used to purchase cosmetics from his handcart.

Jamil along with his others friends raped the girl on multiple occasions between June last year to January 9 this year. She revealed her ordeal to her mother who filed a complaint on Friday,” Jadhav said.

He identified the others arrested, apart from Jamil, as Shahnavaz Khan (19) and Rizwan Khan (23), adding that a fourth person, Firoz Siddiqui, was wanted in the case.

We have charged the accused under relevant sections of the Protection of Children from Sexual Offences Act. They have been remanded in police custody for six days, he informed.