Yes, I am changing

By

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February 23, 2020

As I’ve aged, I’ve become kinder to, and less critical of myself. I’ve become my own friend. But I am what I am, I was. But age has transformed me that have even changed my outlook. So I have diverted.

Days slip into weeks, weeks turn into months and months transform into years. Calendars are changing and so am I.

As I am aging, I am getting tired. Earlier I had the habit of getting angry just for nothing. But not anymore. And I have now gradually changed and am doing so gradually.

Yes, I am changing. After loving my parents, my siblings, my spouse, my children, my friends, now I have started loving myself.

I just realised that I am not an ‘ Atlas’ and the world does not rest on my shoulders.

I have now stopped bargaining with poor vegetables and fruits vendors. After all, a few rupees more is not going to burn a hole in my pocket, but it might help the poor fellow save for his daughter’s school fees.

I pay the autowalla/cabbie and walk away without waiting for the change. The extra money might bring a smile on his face. After all he is toiling much harder for a living than me.

I have learnt not to correct people even when I know they are wrong. After all, the onus of making everyone perfect is not on me. Peace is more precious than perfection.

I give compliments freely and generously. After all it’s a mood enhancer not only for the recipient but also for me.

I have learnt not to bother about a crease on my shirt or a spot on it. After all, personality speaks louder than appearances*.

I walk away from people who don’t value me. After all, they might not know my worth, but I do.

I remain cool when someone plays dirty politics to outrun me in the rat race. After all, I am not a rat and neither am I in any race*.

I am learning not to be embarrassed by my emotions. After all, it’s my emotions that make me human.

I have learnt that its better to drop the ego than to break a relationship. After all, my ego will keep me aloof whereas with relationships I will never be alone*.

I’ve learnt to live each day as if it were the last. One day, it certainly would be the last.

I am doing what makes me happy. After all, I am responsible for my happiness and I owe it to me.

Am old but happy

As I’ve aged, I’ve become kinder to, and less critical of myself. I’ve become my own friend.

I have seen too many dear friends leave this world, too soon; before they understood the great freedom that comes with aging.

Whose business is it if I choose to read, or play on the computer until 4 am. I will dance with myself to those wonderful tunes of the 60s & 70s, and if I, at the same time, wish to weep over a lost love, I will.

I will walk the beach, in a swim suit that is stretched over a bulging body, and will dive into the waves, with abandon, if I choose to, despite the pitying glances from the jet set. They, too, will get old.

I know I am sometimes forgetful. But there again, some of life is just as well forgotten. And, eventually, we remember the important things.

Sure, over the years, my heart has been broken. How can your heart not break, when you lose a loved one, or when a child suffers, or even when somebody’s beloved pet gets hit by a car? But broken hearts are what give us strength understanding and compassion.

I am so blessed to have lived enough to have my hair turning gray, and to have my youthful laughs be forever etched into grooves on my face. So many have never laughed, and too many have died before their hair could turn silver.

As you get older, it is easier to be positive. You care less about what other people think. I don’t question myself anymore. I’ve even earned the right to be wrong.

So, to answer your question, I like being older. It has set me free. I like the person I have become. I am not going to live forever, but while I am still here, I will not waste time lamenting what could have been, or worrying about what will be. And I shall eat dessert every single day.

(The views expressed by the author in the article are his/her own.)

Namaste Trump

By

Vinod Dixit

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February 23, 2020

This is for the first time in the history of Gujarat that a sitting US President will be visiting here. In Ahmedabad, Donald Trump will address the ‘Namaste Trump‘ event jointly with PM Modi at the newly built Motera cricket stadium billed to be the world’s largest cricket stadium with over 1-lakh spectator capacity. Being built at an estimated cost of $100 million, the Motera Stadium will be the world’s largest cricket stadium overtaking the Melbourne Cricket Ground in Australia. They will participate in a roadshow themed ‘Unity in Diversity’ to the stadium where ‘Namaste Trump’ event is being organised. Around one lakh people from across Gujarat have been invited to welcome them. More than 100,000 participants have registered so far to greet Trump as he heads from the airport to the city centre.

This event is similar to the landmark ‘Howdy, Modi!’ (Here “Howdy” means Kem cho” in Gujarati) event hosted by the Indian-American community in honour of Prime Minister Modi during his visit to Houston in September 2019, in which President Trump participated. Around 28 stages representing the various parts of the country are being set up along the route, in what is being called the India Road Show and the route will also feature decorations depicting different events in the life of Gandhiji, whose association with the city is so well-known. It is said that the defence deal is likely to be the highlight of the visit given that a limited trade deal the two sides were looking to clinch is not expected to happen.

Donald Trump looks at this as a political opportunity to garner support from the Indian-Americans back home. One must remember President Trump who stated in his speech, after PM Modi welcomed him to speak, calling him “my friend, a friend of India, the great American President Donald Trump”, also appealed to the four-million strong Indian American community to vote for him, saying he was the best US president for strengthening India-US ties. An important constituency of Trump’s voters has been Hindu non-resident Indians, who made large donations and came out in strong support during the 2016 US presidential election. Similarly, the NRI vote is crucial, and of that pie, Gujaratis have a large share in it.

Trump’s visit will be brief but intense, with all essential elements of a State visit, and two additional legs in Ahmedabad and Agra, all squeezed into less than 36 hours. There is no doubt that the relations between India and the US are stronger than ever before. The visit of Donald Trump will more be grounded in our common values and our shared commitment to democracy when our PM Modi’s leadership in the world is being witnessed as a strong, driving and thriving republic of India. Both India and the US also understand that to keep our communities safe we must protect our borders.

In preparation of Trump’s visit, Gujarat government and the Ahmedabad administration have stepped up the renovation and the beautification process in the city. The leaders of China, Japan and Israel have all visited Ahmedabad since Modi became prime minister. Ahmedabad is the biggest city in Gujarat, the western state where Modi has made his mark as chief minister before his Hindu nationalist party swept to power in 2014. It is also reported that Modi and Trump will have lots to dialogue and debate about. India and USA share a common commitment to democracy and pluralism and there is no doubt that Donald Trump’s visit to India will strengthen India-US friendship.

Disclaimer: The opinions expressed within this article are the personal opinions of the author. The facts and opinions appearing in the article do not reflect the views of AFTERNOON VOICE and AFTERNOON VOICE does not assume any responsibility or liability for the same.

Letters to the Editor: 23 February, 2020

By

Web Team

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February 23, 2020

Anti-virus needed to contain Coronavirus

Dilip Piramal of VIP Industries made the shocking revelation that his economists friends from abroad have warned that 8 to 10 crore people across the globe can die of Coronavirus in the days to come. Bill Gates too had predicted of somewhat similar numbers sometime back and COVID-19 is more dangerous than people believe which should not be taken lightly. Hospital director in Wuhan too has died of the disease on Tuesday which should sound alarm bells globally.

Economic impact on account of Coronavirus is going to widen deeply and we urgently need an anti-virus to contain the epidemic. The world unfortunately is heading towards its worst recession ever as nothing can be as alarming as loss of human lives in lakhs and crores. WHO should issue warning bells and the globe should take a note of it. Checklist to prevent the spread of COVID-19 should be circulated and strictly followed. India is a populous country after China and we need to be extra careful to prevent the spread of the virus here which could be extremely dangerous on our shores.

S.N.Kabra

Issue series of commemorative postal-stamps in memory of selfless monks

Jainism is known for totally selfless spiritualism of its monks who at times lost affection to their wealth worth millions and billions before becoming monk. In recent past, a rich and extra-ordinary talented topper youngster became Jain monk in Gujarat with even his family-members whole-heartedly supporting him to go on path of spirituality. An extra-ordinary rich Jain family showered all their wealth before adopting path of spiritualism. Such monks are real saints in an era when many commercial self-acclaimed babas are now exposed with some of them even put behind bars.

Even there are real saints in Arya Samaj also like former Parliamentarian late Swamy Rameshwaranand, known for his indefinite fasts for public-cause, who even declined lunch and dinner at public-cost while attending to meetings of Parliamentary committees unlike many commercial ones adopting saffron clothes just for commercial purposes. Jain monk Tarun Sagar got special honours by being invited to address legislative-assemblies of Madhya Pradesh and Haryana that too in consensus of ruling and opposition parties. He was known for his Katu Pravachan (bitter talks for reforms). He kept best ideals of spiritualism by leaving the hospital towards end of his life. It is good that public has now started recognising commercial saints and at times humiliating them in public.

Department of Posts should make a survey about such real saints and monks like Jain monk Tarun Sagar and Arya Samaj saint Swamy Rameshwaranand who were totally devoted to spiritualism and public-interest without taking any advantage of their themselves being in politics or close to politicians, and issue a series of postal-stamps on such departed monks and saints of twentieth century. But all stamps of commemorative series should be in commonly used denominations. Followers of Jainism and Arya Samaj will purchase bulk of such postal-stamps giving postal-department huge revenue-earning besides popularising postal-service facing competition from private courier-agencies.

Subhash Chandra Agrawal

Cooking by menstruating women

It refers to sermon by Swami Krushnaswarup of Swaminarayan Temple of Bhuj wherein the seer said that menstruating women cooking food will be reborn in next birth as female dogs, while men consuming food cooked by menstruating women will be born as bullocks. If it would have been so, then population of non-Hindus not adopting this practice would be declining fast. It is noteworthy that it is the same Swaminarayan Temple which runs Shree Sahjanand Girls Institute (SSGI) where 66 girl-students were allegedly made to strip to check if they were menstruating.

Such statements by Hindu religious seers are totally unrealistic, and tend to defame Hindu religion. Rather such self-acclaimed preachers of Hindu religion are totally unaware of real facts about Hindu religion and its practices including like not cooking food by menstruating women. Practices of ancient-most Hindu religion of the world are based on basic principles of life, and are made religious rituals so that these may be adopted by people voluntarily and mandatorily.

Practice of menstruating women not cooking food was in fact adopted because women during this period are physically weak and require resting apart from hygienic aspects. If this practice would have been explained in such realistic manner, perhaps people of other religions would also have appreciated Hindu religion.

There are many other such practices like fasting etc on certain occasions which are good for health. In ancient times, people especially children from trains used to throw coins in rivers while the train crossing the river because coins usually used of copper at those times, and combination of copper with clean water used to further purify water. But this practice is now of no use because coins are not of copper, and river-water is as dirty as sewer-water.

Madhu Agrawal

(The views expressed by the author in the article are his/her own.)

Lord Ram and Hanuman new political lingo

By

Vaidehi Taman

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February 21, 2020

As leads turned into results at the Delhi Assembly polls, giving the Aam Aadmi Party (AAP) a near encore of its extraordinary electoral victory, Arvind Kejriwal said that the day, was blessed by Lord Hanuman. BJP was very upset when he recited the ‘Hanuman Chalisa’, because they were hell bent on proving him anti-Hindu and a Muslim supporter.

Kejriwal had stumped many including leaders of the BJP by declaring to a TV News channel that he was a “kattar Hanuman bhakt” following which he recited the Hanuman Chalisa. Days later, the Delhi CM paid a visit to a Hanuman temple, riling the Hindutvavadi BJP further. Since then, BJP stuck its Rama and Aam Aadmi Party is banking on Hanuman. Kejriwal’s Hanuman strategy really paid him off in endearing himself and his party to the BJP voter.

Recently, AAP MLA Saurabh Bhardwaj emphasised on building a Hanuman temple at Ayodhya when he said that Lord Hanuman was a symbol of selfless service. Bhardwaj also announced that the recitation of Ramayana’s ‘Sunder kand’ every month in different parts of his constituency. He said that it was to take the blessings of Lord Hanuman, BJP played its long political stint in the name of Lord Rama and the Ayodhya temple. They have reserved the building temple issue for 2024 elections, as they have already run out of topic whereas Aam Aadmi party got elected once again due to its performance and they really don’t need to hang on to any such agendas.

Delhi has voted them for better government schools, Mohalla clinics (mostly impressive). Some infra projects are definitely moving faster, auto drivers say that corruption is down. Just before the MCD elections, the BJP-run MCD actually stopped paying cleaning workers and made the city stink to make it feel like AAP was responsible. Basically there is the state govt., MCD and the lieutenant governor (Center). So, three entities determine Delhi’s fate. This is absolutely crazy and the current structure encourages everyone to pass the blame (in fact it encourages the BJP to be horrible and create a false narrative against AAP). Now, when AAP has successfully won the heart of the people of Delhi they should focus on MCD that is Hanuman. The MCD sanitation workers have gone on strike for non-payment of salaries as Government did not give sufficient funds to Municipal bodies. The Aam Aadmi Party can address each and every issue in Delhi as they all are educated leaders.

AAP has done extraordinary work despite the fact that the LG had constantly tried to delay the projects. Clean drinking water is the basic right of citizens. Since coming to power, the Kejriwal government has given and maintained 50 per cent subsidy on electricity bills without major hike in power tariff. Now, the electricity tariffs in Delhi are the lowest in the country. Free 20 kilolitre water scheme launched by Kejriwal government continues. The government is working towards bringing other areas into the water net. Over 8,000 classrooms have been constructed until April 2017 and over 10,000 more classrooms will be constructed over 2017-18. The Kejriwal government has already constructed 21 new schools since coming to power and will construct more in the years to come. From modernising infrastructure to building new schools to making school administration accountable to improve learning experience, the Delhi government under Kejriwal has achieved phenomenal success. With an aim to strengthen primary healthcare system and offer healthcare services to the urban poor the Delhi government under Kejriwal started a revolutionary Mohalla clinic project that reached millions of Delhi residents. To indicate the level of its requirement here are a few figures. In July 2016, nearly 1 million people had availed health services in six months. In 2017, between April and December, 110 clinics treated 1.5 million people.

The Delhi government, under Kejriwal, planned to open 1,000 such clinics by March 2017. Once all the clinics started running, most people had a clinic within a 5 km radius from their homes. Delhi has 180 clinics, 160 providing free healthcare. Here too BJP is doing everything in its capacity to stop Mohalla clinics. Minimum wages of unskilled workers have been increased from Rs 9,724 to Rs 13,350 per month for semi-skilled workers from Rs 10,764 to Rs 14,698 and for skilled labourers from Rs 11,830 to Rs 16,182. Disability pension, old age pension and widow pension have been increased by Rs 1,000 each. Rs 1 crore compensation for the family of security personnel’s in case of on-duty death. 200 categories of affidavits sought by various departments, local bodies and other organisations junked. Only self-certification is required now. VAT rates reduced in several categories from 12.5 per cent to 5 per cent. However, in July last year, the GST was implemented in Delhi.

Doorstep delivery (In Progress): Birth, death, income, caste certificates, driving licence and ration to be delivered on their doorsteps. 1,000 AC electric buses will be rolled out over the two years. 25 skill centers across Delhi to be opened in the next two years. One such center has been approved at Jonapur. Anganwadis will also be revamped. There are a lot of other things that the Delhi government under Kejriwal is doing. What they actually need is to focus on all these developments. If they do then not only Lord Hanuman but the people of Delhi will save them, if they shift their focus even Lord Hanuman may fail to get them votes.

(Any suggestions, comments or dispute with regards to this article send us on feedback@www.afternoonvoice.com)

BJP’s Ram vs AAP’s Hanuman: Development agendas replaces God?

By

Afternoon Voice

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February 21, 2020

All this while, BJP has baked politics on the Ram Temple at Ayodhya wherein the Aam Aadmi Party made Hanuman its saviour. AAP often invoked Lord Hanuman’s name during its campaigning exercises for the recently concluded Delhi assembly elections that was swept by the party. Two days ago, AAP MLA Saurabh Bharadwaj, as promised earlier, organised the recitation of ‘Sundar Kand’ at a Hanuman temple in South Delhi’s Chirag Dilli area that falls under his constituency of Greater Kailash. Bhardwaj has now suggested that a grand statue of Lord Hanuman be built at the Ram Temple premises. Both AAP and the BJP had sparred over related issues during the poll campaign. BJP had trolled Kejriwal’s frequent visits to the Hanuman temple while campaigning for Delhi assembly polls. While the BJP accused Kejriwal’s party of supporting Shaheen Bagh protestors by feeding them ‘Biryani’ and speaking in Pakistan’s language, Kejriwal termed the BJP leaders as “pseudo Hindus”.

Said AAP National Executive Member, Preeti Sharma Menon, “In our party, the are Hindus, Muslims whose religion is their private affairs. Yes, you will see their religious display sometimes in public because they are public figures. But religion is not a part of our politics. Our agendas are the same, ‘Bijli, Pani , Sadak, Ghar, Sehat and Sikhsha’, Kyuki hamari kaam ki rajneeti hain.’ That is why we are the only party in the country that has won on the basis of work.”

Bharadwaj’s suggestion for a Hanuman statue in the premises of the Ram Temple comes a day after Prime Minister Narendra Modi’s former principal secretary Nripendra Misra was appointed as the head of the Ram Temple trust formed to oversee the construction of the temple in Ayodhya. The trust also indicated on Thursday that the construction of the temple could start within 6 months’ time and take over two years to complete.

“I think a grand statue of Hanuman ji should be built in the Ram Temple premises as Hanuman ji was Lord Ram’s favourite. Hanuman ji is a symbol of selfless service,” Bharadwaj said without naming Ayodhya.

BJP leader Neeldaman Khatri said, “I don’t think so there is any problem if the AAP is following the Hanuman agenda. Infact, now the AAP is treading on the right path. Whether it is Ram or Lord Hanuman, everyone has a duty to worship them. I don’t think so they are doing anything wrong.”

Bharadwaj said a recitation of ‘Sunder Kand’ a chapter in Ramcharitmanas written by poet Tulsidas that talks about Hanuman’s visit to Lanka will be held on the first Tuesday of every month in many areas of his constituency.

AAP convenor and Delhi Chief Minister Arvind Kejriwal had recited ‘Hanuman Chalisa’ at several events before the elections and visited a famous temple dedicated to Lord Hanuman on the eve of the voting. It is expected that the temple at Ayodhya will be built on the lines of Vishwa Hindu Parishad (VHP)’s model.

Navi Mumbai better off than Mumbai city

By

C K Subramaniam

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February 21, 2020

Seniors in the satellite city Navi Mumbai are better off than their counterparts in Mumbai. People in the city rue about the kind of space available in the satellite city for seniors to go for a walk, meet their friends during birthdays and spend useful time in the evening with a purpose whereas the city being congested , there is hardly any place to have a free walk in fresh air.

The “Helping Hands” of the seniors spread to every nook and corner of the country. It helps to spread awareness about the needs of senior citizens and makes them know of their own rights. This includes how to make use of the pension amount to profitable investments and earning good returns. Such returns earned can be made use for the monthly medical expenses without pinching the pocket.

In Navi Mumbai, there are number of yoga centres to spend the fresh morning time doing some useful exercises in the company of other seniors as well youngsters. In every nook and corner of Navi Mumbai, there are parks to enjoy the greenery and get fresh air as well. As the city is catering to the needs of pensioners, it can be rightly be called as pensioner’s paradise. However, there is a dearth of frequency of buses and the height of the foot board of the buses gives the seniors a nightmarish experience to board and alight from a bus. More and more user-friendly buses with low foot boards can help out the cause as in the case of air conditioned buses plying in the city with high cost. Co-operative societies should be formed to sell household items at a cheaper rate for 60 plus citizens in the State.

Undoubtedly, pension is a great help to the retired. But in the recent times, the house rent, prices of essential commodities, high cost of hospitalisation has harmed the pensioners to a great extent. The value of the pension has been eroded greatly. As a result, we as pensioners find it very difficult to maintain a decent living.

The city is not bereft of drawbacks. Footpaths have virtually become extinct due to over height and piling of construction material or garbage. Street dogs pose another problem. One can even see more than a dozen dogs flocking together sometimes. Casualties due to dog bites are not uncommon. Another problem is the prices. Everything is costlier than other cities whether it is house rent, transportation or fruits and vegetables.

It is time to give pride of place to pensioners in the satellite city. Further safety and security of the seniors should be ensured as there are number of chain snatching and the lonely senior is a target even when staying at home. It is a clarion call to bring the problems of seniors to forefront and give them freedom to live rest of their life in peace and harmony.

(The views expressed by the author in the article are his/her own.)

Letters to the Editor: 21 February, 2020

By

Web Team

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February 21, 2020

Reuse treated water or face water cut

Despite satisfactory rainfall during this monsoon season, BMC is taking all precautions and made it mandatory for bulk water users to reuse recycled water from its waste water treatment facilities or face 25 per cent water cut. It is a remedial measure taken well in advance. Other Municipal Corporations in Maharashtra should also follow suit in implementing this immediate measure. After all, water is precious and such measures ought to have been taken in the past to preserve water. Down South India, people struggle to get drinking water and we in Maharashtra overspend water. It is time to take all the measures to save water and rain water harvesting should be made compulsory to all housing societies before granting occupancy certificate. Reuse and recycle water for best preservation water in case of monsoon failure in Maharashtra.

Nickhil Mani

Nehru didn’t want Patel in his cabinet

It refers to twitter-exchange between Union Foreign Minister and others including some Congress leaders and academicians when S Jaishanker quoting from a book, pointed that First Prime Minister Pandit Jawaharlal Nehru did not want Sardar Vallabhbhai Patel in his cabinet.

There is no logic in the argument that documents prove that name of Sardar Vallabhbhai Patel was there on top in the list submitted by the then Prime Minister for persons to be included in his cabinet. It is a formal practice to send such a list before oath-taking ceremony to the administrator, then Governor General of India (now President of India) even though Prime Minister might have to do so under political compulsion. Likewise formal invitations are to be sent to ministers by Prime Minister for their inclusion in the cabinet.

But bitter fact which cannot be denied by anyone is that Patel was not given free hand as Home Minister in tackling issue of Kashmir like was given for rest of the country including Hyderabad and Junagarh, a big blunder which is proving to be very-very costly for the nation even after more than seven decades of independence. It is also a historical fact that India unfortunately did not crown democratically elected Patel as first Prime Minister of India because of veto-power exercised by the king-maker MK Gandhi to favour Nehru.

Subhash Chandra Agrawal

(The views expressed by the author in the article are his/her own.)

IBC needs to focus on more recovery

By

Web Team

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February 21, 2020

Now positive results of Insolvency and Bankruptcy Code (IBC) are visible. However, it has faced many difficulties in its long journey. This is the culmination of long-term strategy. In other countries, it has taken a long time to bring IBC for insolvency resolution. For example, the first insolvency law in America came into existence on April 4, 1800.

Long Journey of IBC: –

Till 1985, only the Companies Act, 1956 existed to deal with Corporate Insolvency and Bankruptcy in India. The Sick Industrial Companies Act (SICA), 1985 was enacted in the year 1985. However, from its beginning, SICA was not effective due to some flawed provisions. Its section 22 was extensively misused. After this, the Banks and Financial Institutions Act, 1993 came into existence, but this law was also not successful in the matter of recovery. Therefore, a Debt Recovery Tribunal (DRT) was established under this Act. Initially a good recovery was made with the help of this law, but later it couldn’t give desired results. Then, the Securitization and Reconstruction of Financial Assets and Enforcement of Securities Interest Act 2002 (SARFAESI Act) came into existence. With the help of this law, good recovery was made in NPA accounts of home loans, but later became ineffective. In the year 2002, the Reserve Bank also introduced the Debt Restructuring Scheme (CDR), under which broad guidelines for debt restructuring were issued by banks. In the same sequence, IBC came into existence in the year 2016.

Good Recovery within three years: –

Within 3 years of its debut, IBC achieved significant success in NPA recovery. Prior to 2016, the recovery of corporate NPA was 16 per cent to 25 per cent, which increased to 43 per cent in FY 2016. This is 12 per cent more than FY15.

Current status of cases: –

As per the latest data, 2542 cases were accepted till September 2019, out of which 1045 cases were resolved through appeals, resolution, liquidation etc. and hearing of 1497 cases is under process.

Need to expedite the solution: –

At present, the cases are not settled within the time limit. Of the 1497 ongoing cases, 36 per cent of the claims are pending for more than 270 days from the date of their opening. As of March 2019, the average resolution time of the 94 cases resolved was 324 days, which is more than the prescribed insolvency resolution time frame of 270 days.

Delay in reconciliation with small amount cases: –

Even in NPA cases of one lakh rupees, operational corporate creditors are filing suit in NCLT. Due to this NCLT is not able to settle large NPA accounts in a timely manner.

Reduction of filed cases in Lok Adalat: –

Since 2016, the cases to be filed in Lok Adalat and their settlement have decreased. It seems that smaller creditors are preferring IBC over SARFAESI and DRT.

Solution on less than bankrupt amount: –

It has been observed that in 84 percent cases, the amount to be recovered is less than the bankrupt amount, which cannot be considered encouraging. More than twenty-three per cent of the accepted cases have been closed by companies, as buyers of stressed assets are not being found due to low demand and slowdown in the economy.

Expect a better recovery in the current financial year: –

Banks will be able to recover around Rs 80,000 crore from disposal of stressed assets under the IBC in the current financial year 2019-20. This estimate has been made in a study by rating agency ICRA. However, the recovery of more than ICRA estimates has been made through IBC till September 2019. Till the second quarter of the current financial year, 156 cases were resolved under IBC, amounting to Rs 3.32 lakh crore. Of this, the total recovery was Rs 1.38 lakh crore, which is 41.5 per cent. The liquidation value of 156 companies was 74997 crores, but the recovery was 184 percent more than the liquidation value.

Small corporate units more inclined for solutions: –

At the end of September 30, 2019, 498 corporate entities started the process of voluntary liquidation, most of which were small corporate units. Of these, 289 corporate units had a paid-up equity capital of less than Rs 1 crore, while 45 corporate units had a paid-up equity capital of over Rs 5 crore.

Amendment in IBC: –

To improve the insolvency resolution process, the Union Cabinet has approved amendments to the Insolvency and Bankruptcy Code (IBC). This amendment will be done through the Insolvency Disability and Bankruptcy Code (Second Amendment) Bill, 2019. The most important of these amendments is Section 32B, which provides for the protection of corporate debtors from past criminal acts.

Effective recovery by IBC: –

According to the latest survey by the industry body FICCI and Indian Banks Association (IBA), the implementation of IBC has accelerated the recovery process of stuck loans and improved the financial condition of banks.

Suggestion: –

In order to curb the trend of filing cases of one lakh or less in NCLT, the government should increase the minimum limit of Rs 1 lakh for starting litigation in NCLT under IBC as well as the number of NCLT benches in the country should be increased. It has been observed that smaller creditors are preferring IBC over SARFAESI and DRT. This trend is fatal for IBC. Currently, buyers of stressed assets are unable to find due to lack of demand in the market and sluggish economy. For example, 23 per cent of the accepted cases have not been settled due to this. It has been observed that companies like construction, electricity etc. do not have assets. Admission to the NCLT litigation is a waste of NCLT’s time and resources, which needs to be avoided.

Conclusion: –

It can be said that even though IBC could not produce the expected results in the initial days, but after the completion of 3 years, its positive results have started to come out. With this, the possibility of accelerating the recovery of large NPA accounts has increased, which can prove to be favourable for the health of banks and the economy.

-Sunil Kumar Pandey

Disclaimer: The opinions expressed within this article are the personal opinions of the author. The facts and opinions appearing in the article do not reflect the views of AFTERNOON VOICE and AFTERNOON VOICE does not assume any responsibility or liability for the same.

Loan waiver scheme: 28.5 lakh farmers found eligible

By

Afternoon Voice

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February 20, 2020

Uddhav Thackeray’s Maha Vikas Aghadi (MVA) government is ready to roll out its new farm loan waiver scheme from February 22. For this, about 28.5 lakh farmers have so far been found eligible for availing the scheme’s benefit which is estimated to cost Rs 18,000 crore in Maharashtra.

Of the 34.5 farm loan accounts shortlisted for the benefit, so far about 28.5 lakh accounts have been found to be eligible

Scrutiny of other applications is still on. At the cabinet meeting, Deputy Chief Minister Ajit Pawar also discussed plans to announce an incentive scheme for farmers who pay their loans regularly and a separate waiver scheme for those with arrears of above Rs 2 lakh.

The state cabinet raised the limit of the Contingency Fund (CF) of Maharashtra from Rs 150 crore to Rs 10,150 crore. The government has projected that about Rs 10,000 crore of loan waiver will have to be distributed under the new scheme before the year-end.

On Wednesday, the cabinet decided to withdraw the funds from the CF which would later be recouped. On December 27, the Shiv Sena-NCP-Congress government had announced that the Mahatma Jyotiba Phule Shetkari Karzmukti Yojana where a full loan waiver of agriculture crop loan availed between April 1, 2015 and March 31, 2019 and whose total arrears as on September-end stood at Rs 2 lakh or less is to be granted.
In order to curb bogus beneficiaries and track multiple accounts, the government has decided to link Aadhaar numbers of the beneficiary farmers to the loan account. Details like loan amount and loan account number will be reviewed. If there is any error in it farmers can file a complaint and resolve it. If the information is correct it will be authenticated using biometrics or one-time password (OTP) and the respective amount will be deposited in their account. Also unlike the previous loan waiver scheme implemented by Devendra Fadnavis-led government, a decision to directly deposit the waiver amount into beneficiary loan accounts has been taken.

The state government had announced in January that the farmers whose crop loan and restructured loan is above Rs 2 lakh will not be eligible for any benefit under the scheme. The government has also decided to withdraw Rs 10,000 crore from its contingency fund for the implementation of Mahatma Jyotiba Phule farm loan waiver scheme. A statement from Chief Minister’s Office (CMO) said that an ordinance to facilitate the withdrawal will be promulgated soon.

Maharashtra farmers have reason to smile

By

Vaidehi Taman

-

February 20, 2020

Since some time Maharashtra has been witnessing a lot of farmer suicides. The state has seen a steep rise in farmer suicides last year. For the first time in four years, farmer suicides crossed 300 cases in a month several times in 2015. The spurt in cases came immediately after unseasonal rains lashed the state from October destroying almost 70 per cent of kharif crop. Between October and November last year, the number of cases rose 61 per cent, the latest revenue department data shows. The state recorded 186 farmer suicides in October last year. The cases rose by another 114 in November. The drought-prone belt of Marathwada recorded the highest number of 120 cases in November 2019 while Vidarbha which usually sees the largest number of farmer suicides recorded 112 cases. While many farmers were agitated, many gave away their lives, made demands but hardly anything happened. The NDA government in Maharashtra did something but that was not enough. Now the Uddhav Thackeray-led ‘Maha Vikas Aghadi’ has announced loan waiver scheme. A Government Resolution (GR) states that “As per the Mahatma Jyotirao Phule Farmer Loan Waiver Scheme, loan up to Rs two lakh taken between April 1, 2015 and March 31, 2019 and which has not been repaid till September 30, 2019 will be eligible for waiver.” Farmers, whose crop loan and restructured loan is more than Rs two lakh will not be eligible for any benefit under the scheme, it added.

A committee of the Finance and Co-operation Department will take a decision on whether to include the (non-performing assets) accounts of farmers in nationalised, private and rural banks in the loan waiver scheme. Individual farmers will be considered for the loan waiver, the GR said adding that loan taken from nationalised, district, co-operative banks and co-operative societies will be considered. Others who will not get the benefit of the scheme are elected representatives including serving and former ministers, present and former MLAs, central and state government employees, whose monthly family income is more than Rs 25,000, excluding Class IV employees. Those who pay tax on the income incurred from non agriculture sector, pensioners whose monthly income is more than Rs 25,000, excluding former servicemen, will also not get the benefit.

Meanwhile, farmer leader Ajit Navale alleged that the GR issued by the state government was a “betrayal” of the farming community as majority of farmers will not get the benefit of the scheme as they have loan arrears of more than Rs 2 lakh. In the last loan waiver scheme, there was a provision of one-time settlement under which the government would pay Rs 1.5 lakh if the farmer deposits the remaining amount of the loan. Majority of farmers have loan arrears of more than Rs 2 lakh. So most of the farmers are out of scheme. However, the government had said that the loan waiver was unconditional. In such a case, the government should withdraw GR and the loan waiver should be made unconditionally. This loan waiver comes over two years after the Rs 34,000 crore loan waiver announced by the then BJP-Sena government in 2017. Maharashtra Chief Minister Uddhav Thackeray assured a complete farm loan waiver in the state. Thackeray’s statement came a day after the Shiv Sena- led government formally approved a loan waiver scheme under which short-term crop loan up to Rs 2 lakh taken by farmers between April 1, 2015-March 31, 2019 will be written off. Under the scheme, short-term restructured crop loan arrears up to September 30, 2019 will also be waived. The BJP and the Sena fought the October 21 assembly polls together, but their alliance collapsed after the latter walked out and joined hands with the Congress and the NCP. The three parties then formed the Maha Vikas Aghadi (MVA) government in November-end last year. Pawar is considered the chief architect of the ruling alliance, the first such political arrangement at the state-level in Maharashtra’s history.

Maha Vikas Aghadi government is ready to roll out its new farm loan waiver scheme from February 22. About 28.5 lakh farmers in Maharashtra have so far been found eligible for availing the scheme’s benefit which is estimated to cost Rs 18,000 crore. About 34.5 farm loan accounts were shortlisted for the benefit. Of which, sources confirmed, so far about 28.5 lakh accounts have been found eligible. Scrutiny of other applications is still on. At the cabinet meeting, Deputy Chief Minister Ajit Pawar also discussed plans to announce an incentive scheme for farmers who pay their loans regularly, and a separate waiver scheme for those with arrears above Rs 2 lakh. The state cabinet raised the limit of the Contingency Fund (CF) of Maharashtra from Rs 150 crore to Rs 10,150 crore. The government has projected that about Rs 10,000 crore of loan waiver will have to be distributed under the new scheme before the year-end. In order to curb bogus beneficiaries and track multiple accounts, the government has decided to link Aadhaar numbers of the beneficiary farmers to the loan account. Also unlike the previous loan waiver scheme, implemented by the Devendra Fadnavis-led government, a decision to directly deposit the waiver amount into beneficiary loan accounts has been taken.

Last year, over 40,000 farmers had marched from Nashik to Mumbai for six days to further their demands which included a loan waiver free of any conditions, implementation of the Forest Rights Act, fixed remunerative prices for agri-produce and implementation of the recommendations of the Swaminathan Commission. When the farmers’ long march was held from Nashik to Mumbai in March last year, the government had promised that all pending claims pertaining to FRA will be cleared in six months. But it has failed to keep its promise. In 2018, then the state government of BJP- Shiv Sena declared drought in 151 talukas. There are total 355 talukas in Maharashtra. The government has urged the Centre to provide Rs 7,000 crore aide for drought mitigation. But nothing much moved as promised, now the Shiv Sena is in alliance with Maha Vikas Aghadi, let’s see how much this government solaces the farmer of the state.

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