NPAs from MUDRA loans in Maharashtra at 16.32 pc till June 2022: Official data

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September 7, 2022

Pradhan Mantri Mud Yojana — Image: Wikipedia

Nearly Rs 5,000 crore of loans or 16.32 per cent of the total bank assets in Maharashtra under the Pradhan Mantri MUDRA Yojana to help small businesses are unpaid as of June 2022, as per official data.

Parbhani district in the backward Marathwada region of Maharashtra has the highest non-performing assets (NPAs) at 60.54 per cent, according to data released during the State Level Bankers Committee meeting held in Aurangabad on Monday.

The statistics illustrate the extent of hit taken by banks under these loans.

The Pradhan Mantri MUDRA Yojana was launched in April 2015 for providing loans to non-corporate and non-farm small/micro enterprises.

It can be noted that since the introduction of the scheme, many experts including former RBI Governor Raghuram Rajan had warned about the possibility of high NPAs under the scheme.

As per the data, Rs 30,019 crore was taken as loan under the MUDRA scheme as of June 2022 by more than 52 lakh borrowers in Maharashtra. Out of this Rs 4,898 crore taken by 6.19 lakh borrowers has been classified as NPAs.

The outstanding loan amount in Parbhani district is Rs 759 crore, of which Rs 459 crore constitutes the NPA, it said. Parbhani is followed by Hingoli having NPAs of 33.31 per cent with Rs 111 crore of loans being unpaid, as per the data.

The third highest MUDRA NPA is in the state capital Mumbai at 29.97 per cent and the amount unpaid is Rs 248 crore, the data said.

A dozen state-run banks account for a majority Rs 4,031 crore of the overall Rs 4,898 crore of sour loans, it said. The NPAs of private sector banks stood at Rs 435 crore. Two regional rural banks have Rs 325 crore of NPAs and eight small finance banks have Rs 104 crore of NPAs under the scheme, the data said.

Rupee falls 11 paise to 79.93 against US dollar in early trade

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PTI

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September 7, 2022

Rupee Value Down, Dollar, Rupee, Market — Copyright: Afternoon voice

The rupee depreciated by 11 paise to 79.93 against the US dollar in opening trade on Wednesday, tracking the strength of the American currency overseas.

At the interbank foreign exchange market, the rupee opened at 79.93 against the greenback, registering a decline of 11 paise over its last close. In initial deals, the local unit also touched 79.86 against the dollar.

On Tuesday, the rupee depreciated 4 paise to close at 79.82 against the dollar.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.37 per cent to 110.62.

The global oil benchmark Brent crude futures fell 1.33 per cent to USD 91.60 per barrel.

According to Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors, RBI keeps selling dollars to curb the rupee fall. “All eyes will be on the European Central Bank (ECB) meeting as a 75 basis points rate hike gets discussed to bring inflation down,” Bhansali said.

On the domestic equity market front, the 30-share BSE Sensex was trading 312.13 points or 0.53 per cent lower at 58,884.86, while the broader NSE Nifty was down 102.00 points or 0.58 per cent to 17,553.60.

Foreign institutional investors were net buyers in the capital market on Tuesday as they purchased shares worth Rs 1,144.53 crore, as per exchange data.

Coal scam case: CBI conducts raids at West Bengal Law Minister’s premises

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ANI

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September 7, 2022

MC leader Moloy Ghatak — Coal scam case: CBI conducts raids at West Bengal Law Minister's premises 4

Chinese companies are often found involved in malpractices that cause huge losses to several South Asian countries where they operate. Bangladesh is one such country that seems to have suffered from the unethical behaviour of the Chimese companies.

Bangladesh authorities have found many cases of tax evasion by Beijing-based companies or their subsidiaries in Dhaka, Bangladesh live news reported.

In a recent example, a case involving a Chinese company in tax evasion came to light. A Chinese company ‘Conda Art Materials Bangladesh Co. Limited’, subsidiary of Ningbo Conda Art Supplies Group Co Ltd. (China), supposedly imported goods labelled ‘Made in Bangladesh’ from China and evaded huge amounts of duty. Bangladesh authorities suspect evasion of more than 28 crore rupees in about 200 consignments, as per the publication.

It added that further investigation revealed that the company was violating the EPZ (Export Processing Zone) policy which stipulated that only raw materials could be imported. However, the company was importing finished products instead of raw materials and re-exporting the same products to other countries.

In April and May this year, authorities, on suspicion of duty evasion, seized about 10 vans and seven containers loaded with goods which the company apparently imported from China by manipulating and luring some Bangladesh Export Processing Zones Authority (BEPZA) officials.

In July, a large consignment of 2700 cartons of foreign liquor from China was seized on Chittagong-Dhaka highway in a special operation by authorities, as per Bangladesh live news. Back in January, a Chinese company, DG Anti-Fake Company, supplied fake bandrolls (a thin band wrapped around bidis and cigarette packets) leading to fraudulent tax evasion of Rs 250 crore for Bangladesh.

Bangladesh faces heavy losses due to tax evasion by Chinese companies

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ANI

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September 7, 2022

Chino bangladesh — Bangladesh faces heavy losses due to tax evasion by Chinese companies 6

Chinese companies are often found involved in malpractices that cause huge losses to several South Asian countries where they operate. Bangladesh is one such country that seems to have suffered from the unethical behaviour of the Chimese companies.

Bangladesh authorities have found many cases of tax evasion by Beijing-based companies or their subsidiaries in Dhaka, Bangladesh live news reported.

In a recent example, a case involving a Chinese company in tax evasion came to light. A Chinese company ‘Conda Art Materials Bangladesh Co. Limited’, subsidiary of Ningbo Conda Art Supplies Group Co Ltd. (China), supposedly imported goods labelled ‘Made in Bangladesh’ from China and evaded huge amounts of duty. Bangladesh authorities suspect evasion of more than 28 crore rupees in about 200 consignments, as per the publication.

It added that further investigation revealed that the company was violating the EPZ (Export Processing Zone) policy which stipulated that only raw materials could be imported. However, the company was importing finished products instead of raw materials and re-exporting the same products to other countries.

In April and May this year, authorities, on suspicion of duty evasion, seized about 10 vans and seven containers loaded with goods which the company apparently imported from China by manipulating and luring some Bangladesh Export Processing Zones Authority (BEPZA) officials.

In July, a large consignment of 2700 cartons of foreign liquor from China was seized on Chittagong-Dhaka highway in a special operation by authorities, as per Bangladesh live news. Back in January, a Chinese company, DG Anti-Fake Company, supplied fake bandrolls (a thin band wrapped around bidis and cigarette packets) leading to fraudulent tax evasion of Rs 250 crore for Bangladesh.

Jammu-Srinagar national highway blocked, traffic affected in Ramban due to landslide

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ANI

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September 7, 2022

Jammu-Srinagar National Highway (NH-44) was closed for vehicular traffic due to a fresh landslide on Wednesday morning. “Jammu Srinagar NHW (NH-44) blocked at Rampari, Banihal due to stone slide.

However, Mughal road, SSG road through for vehicular movement,” tweeted Jammu and Kashmir Traffic Police.

Earlier on Monday the highway was closed for vehicular traffic due to shooting stones in the Ramban district. The highway is the main road which connects the Union Territory with the rest of the country.

All essential supplies and vehicles pass through the highway. A cloudburst that struck the holy cave of Amarnath on July 8 resulted in a heavy discharge of water in the ‘Nallah’ adjoining the holy cave and claimed 16 lives.

In the tragic incident, at least 36 people were also reported missing. Amarnath Yatra was partially suspended after the cloudburst incident and was later resumed from the Nunwan Pahalgam side on July 11.

Another cloudburst triggered by heavy rains blocked the Srinagar-Leh highway on July 5, after flash floods occurred in central Kashmir’s Ganderbal district. Flash floods also occurred in the Shah Mohallah Kullan area of Kangan in the Ganderbal district on July 3, inundating several houses and causing damage.

India has markets that can help us grow in post-COVID world: Australian envoy Barry O’Farrell

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ANI

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September 7, 2022

9 7 22 9 02 AM India has markets that can help us grow in post COVID world Australian envoy Barry OFarrell https aninews.in news world asia india has markets that can help us grow in post covid world — Barry O’Farrell

Australian High Commissioner to India, Barry O’Farrell on Tuesday lauded India’s economic stability and said “India has markets that can help us grow in the postCOVID world.”

In an exclusive interview with ANI, the Australian High Commissioner congratulated India on becoming the 5th largest economy in the world.

“India and Australia are complementary economies. We have elements to assist India to grow, India has markets that can help us grow in the post-COVID world. For democracy, when you do trade deals.

There’s got to be benefits for both countries,” he said. Speaking about India-Australia 1.5 track dialogue, Barry O’Farrell said, “It’s an opportunity to bring together academics, business people and think tankers to discuss common problems and see greater cooperation between both countries as we are tackling similar issues.

Sharing his view on the next Quad hosting by Australia, Barry O’Farrell said, “I am delighted that Australia is hosting quad leaders meeting next year, which means PM Modi will visit Australia… India, Australia, Japan & US are focused on their region, security, health needs and climate change issues.”

Regarding Economic Cooperation and Trade Agreement (ECTA) and Double Taxation Avoidance Agreement (DTAA), he said that the commitments by the Australian Government will be delivered “but democratic countries have to go through a process and in our case, that’s happening as quickly as possible.”

India and Australia Saturday signed an Economic Cooperation and Trade Agreement (IndAus ECTA) which is set to provide zero-duty access to 96 per cent of India’s exports to Australia including shipments from key sectors such as engineering goods, gems and jewellery, textiles, apparel and leather.

Kakinada: 17 students hospitalised due to breathing-related complaints.

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ANI

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September 6, 2022

hospitalised representative — Representative Image by ANI

Seventeen students from Kendriya Vidyalaya, Kakinada, were admitted to a hospital following breathing-related complaints.

The students were admitted to the Government General Hospital of Kakinada.

“We have given oxygen support to students and their health condition is stable now and we have taken blood samples for testing to detect the reason, ” said Kakinada collector, Kritika Shukla.

Regarding the possible cause of breathlessness, Shukla, said, ‘’No chemical or gas leakage was detected in the school. Water samples from the school were also taken for testing. We are monitoring the situation closely.’’

Assam CM and Ministers met in Kokrajhar; took several decision to promote Bodi language and culture.

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ANI

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September 6, 2022

As part of its initiative to hold cabinet meetings in different districts, Assam Chief Minister Himanta Biswa Sarma and his ministers met in Kokrajhar where they took several decision to promote Bodi language and culture.

“We took several major decisions pertaining to the development of BTR, police accountability, repeal of obsolete Acts, new cultural university, sports varsity, etc,” tweeted Sarma.

Among the key decisions taken were to introduce Bodo as a medium of instruction in Class XI and XII in Bodo medium and mixed medium schools to promote advancement and development of the language.

Another decision taken was to appoint professors, assistant professors and associate professors for the Bodo language to be brought outside the ambit of reservation.

Students with requisite qualifications irrespective of their caste can now apply for the post of Bodo language teacher in colleges. The state Cabinet also decided to ensure accountability of Police by approving the Assam Police (Amendment) Bill, 2022.

The proposed amendment will look into the establishment of a District Accountability Authority in each Police District or group of districts in a Police Range to ensure accountability of the police further and to enquire into cases of complaints of serious misconduct against police personnel As part of an effort to correlate education with Indian classical tradition and value system, Auniati University is to be set up at Kaliapani Satra, Teok in Jorhat district under The Assam Private Universities Act, 2007, the state Cabinet decided.

It was also decided that ordinances are to be tabled in the upcoming Assembly session to ensure smooth administration of Sri Aniruddhadeva Sports University.

Fresh guidelines related to the implementation of schemes under Jal Jeevan Mission (JJM) vis-a-vis delegation of financial power at different administrative levels of PHE Dept to ensure smooth execution of works, was another decision taken.

Bangladesh PM meets President Murmu, Vice-President Dhankhar in New Delhi.

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ANI

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September 6, 2022

shekh haseena and murmu 1 — Image: Twitter/@rashtrapatibhvn

Bangladesh Prime Minister Sheikh Hasina on Tuesday met President Droupadi Murmu and Vice-President Jagdeep Dhankhar in New Delhi.

While welcoming Sheikh Hasina to Rashtrapati Bhavan, the President said that “our shared history, language and culture connect us with each other”, according to a statement released by Rashtrapati Bhavan.

President noted that under the leadership of Prime Minister Narendra Modi and Prime Minister Sheikh Hasina, bilateral ties between India and Bangladesh have grown immensely.

She further said that the way the two countries have celebrated the 50th year of Bangladesh’s independence and the golden jubilee of India-Bangladesh bilateral relations is truly special.

The visits of both the President and the Prime Minister of India to participate in these historic celebrations show India’s great importance to its relationship with Bangladesh.

The President was happy to note that Bangladesh has achieved great success in the socio-economic prosperity of its people. She assured that India will continue to be a reliable partner in the developmental journey of Bangladesh.

The President said, “our relations have always been guided by the spirit of cooperation and mutual trust. The pandemic and the current international situation demand that India and Bangladesh remain more economically connected to deal with the global crisis.”

She also expressed confidence that with this visit, the relations between the two countries will further mature and develop.

After meeting President, Bangladesh PM called on Vice President and both sides reiterated the shared commitment to take the relationship forward for the benefit of the people of both countries.

“Recalling the celebrations last year for the golden jubilee of Bangladesh’s independence, 50 years of diplomatic relations and Mujib Borsho, the Vice President appreciated the warmth and trust between the two countries,” Vice President said in a tweet.

“Both sides reiterated the shared commitment to take the relationship forward for the benefit of people of both countries,” he added.

Earlier today, Sheikh Hasina met Prime minister Narendra Modi and held bilateral talks to review and further strengthen the relationship between both countries at Hyderabad House.

After that, seven MoUs have been signed between India and Bangladesh during the visit of Sheikh Hasina to India.

Australian batter Marnus Labuschagne has signed a two-year deal with Glamorgan County Cricket Club

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ANI

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September 6, 2022

Glamorgan County Cricket Club announced on Tuesday that star Australian batter Marnus Labuschagne has signed a new two-year deal with the side that will see him staying with them at least till the end of the 2024 season.

The Australian has been at the Club since he first joined in 2019 and has amassed 1,114 first-class runs in just 10 matches.

He has gone on to score 1,719 runs in 21 first-class matches for Glamorgan and has scored 508 T20 runs in 14 games as well as playing a vital role with the ball for the club.

Marnus’ rise to prominence in 2019 also saw him play a key part in the Ashes when he became the first concussion substitute in Test match history, replacing Steve Smith at Lord’s.

He was Australia’s second-highest run-scorer in the series, averaging over 50. He has gone on to become a mainstay of the Australian Test team and has scored 2,539 runs at an average of 54 in his 28 Test appearances, with seven centuries and 13 half-centuries.

The 28-year-old rose to number one in the ICC Test batting rankings in December 2021 and currently occupies the number two position. On signing a new two-year deal, Marnus said in a statement: “I love playing for Glamorgan, and look forward to coming to Cardiff and Wales every year. It has become a second home for me and my family and I am rapt that I am coming back for another two years.” “Since the moment I got here, the Glamorgan players, staff and supporters have treated me like I was one of their own and I am extremely grateful for that. I cannot wait to return to Wales and help push the team forward to win more silverware,” he added. Director of cricket, Mark Wallace, added: “Marnus has been a wonderful addition to the dressing room, and it is amazing to be able to bring a world-class talent back to Glamorgan. His passion and love for the game is infectious and you only need to be around him for a couple of minutes to realise how much the Club and the supporters mean to him.”

“He has been an unbelievable player for us during his short time with us and has been a real role model for our younger players. We cannot wait to have him back in Wales for the next two years.”.