Modi's Nepal visit: PM calls Oli 'bhai', draws on ties 'since Treta Yug'

On the eve of his visit to Nepal, Modi said India would remain a steadfast partner of the Himalayan nation in its quest for growth and development. Catch all the Modi Nepal visit updates here

Prime Minister Narendra Modi on Friday morning arrived in Nepal for a two-day state visit. Ahead of the visit, Modi had tweeted that the "visit reflects the high priority India attaches to friendly relations with Nepal". Further, Modi said India would remain a steadfast partner of Nepal in its quest for growth and development. Kicking off his tour, Modi offered prayers at the Ram Janaki temple in Nepal's Janakpur and inaugurated the Ramayan Circuit Bus Route, before addressing a civic reception. The prime minister is visiting the neighbouring country on an invitation from his Nepalese counterpart Khadga Prasad Oli.

Ministry of External Affairs (MEA) spokesperson Raveesh Kumar on Friday tweeted that Modi's Nepal visit would consolidate the principle of neighbourhood first and Sabka Saath, Sabka Vikas. He added that it would build on Prime Minister Oli's visit to India. The Nepalese Prime Minister was on a three-day visit to India in April this year, when the two sides signed a number of agreements, which were termed 'game-changing' by the MEA.

According to news agencies, Nepal is all set to welcome Modi, for whom this will be a third tour to the Himalayan nation. "As Nepal enters a new era of consolidating the gains of a democracy and achieving economic growth, India remains a steadfast partner of the Nepal government to implement their vision of 'Samriddha Nepal, Sukhi Nepali' (prosperous Nepal, happy Nepal)," tweeted Modi on the eve of his visit.

According to officials, certain agreements were expected to be signed between the two leaders. Security has been tightened in the country and as many as 11,000 security personnel from both countries have been deployed for the visit.

Here are the top 10 developments around Prime Minister Narendra Modi's two-day Nepal visit:

1) Modi addresses gathering at Rangabhoomi ground, says India's faith 'incomplete without Nepal': Prime Minister Modi was felicitated at a civic reception at the Bahrabigaha's Rangabhoomi ground, where he addressed the people gathered to welcome him. At the reception, Modi said it was his "long due wish to visit the land of Goddess Sita and offer his prayers".

"Today, I am extremely happy and grateful that I got this opportunity," said Modi. Further, the Prime Minister said that the Indo-Nepal relationship "dates back to Treta Yug".

Referring to the mythological epic Ramayana, Modi said, "King Janak and King Dasharath not only united Janakpur and Ayodhya but also India and Nepal."

Union Budget 2018 to bring income tax cheer? Here's why this EY survey thinks so

About 59% of the respondents were of the view that multiple outdated deductions would be replaced with a standard deduction in order to reduce the tax burden of employees

The government is likely to tweak income tax slabs and rates in Budget 2018-19 to bring down the burden on individuals, while there is unlikely to be any change in the current taxation of dividends, according to a survey by EY.

In a pre-Budget survey by tax consultant EY, a wide majority of 69 per cent of the respondents felt that the threshold limits for taxation would increase further in order to boost disposable income in the hands of the people.

About 59 per cent of the respondents were of the view that multiple outdated deductions would be replaced with a standard deduction in order to reduce the tax burden of employees.

The survey includes the views of 150 CFOs, tax heads, and senior finance professionals and was conducted in January.

About 48 per cent of the respondents said they expect the finance minister to lower corporate tax rate to 25 per cent but the surcharge would continue.

Most of the respondents (65 per cent) do not anticipate a change in the current taxation of dividends at this stage. About 24 per cent of the respondents feel that with a view to lowering the overall burden on the corporate sector, the government may lower the rate to 10 per cent.

"The pre-Budget 2018 EY Survey with business decision makers reveals a consensus amongst India Inc for stability and consistency in tax policies and a moderate tax structure. There seems to be little expectation of any major direct tax overhaul after the transformative introduction of GST earlier in the year," EY India National Tax Leader Sudhir Kapadia said.

Why Modi is keen on 3rd & 'final' cabinet reshuffle before 2019 polls

The long awaited cabinet reshuffle of the Narendra Modi government, its third and possibly its final before the 2019 Lok Sabha polls, is set to take place by Sunday afternoon.

Laggards among the ministers are being dropped. Performers among ministers of state, including those with independent charges, are set to be promoted. Some of the leaders who have excelled in organisational work will be included in the council of ministers, and some ministers asked to return to party work.

New ally Janata Dal (United) will get representation. Existing allies, who need to be placated in the run up to the 2019 polls, could get more ministerial berths. There is still no clarity on whether AIADMK might be included in the cabinet.

However, the shape of the forthcoming expansion and reshuffle would highlight the failures of the Modi government on some of its key promises – job growth and skill development, improvements promised in the farm sector and Ganga rejuvenation.

Also Read : Is Modi winning fake currency war? A data you shouldn't miss

In 2014 Lok Sabha polls, the Bharatiya Janata Party (BJP) had promised 20 million jobs a year if voted to power. However, job growth has been abysmal, and significantly lower than the last three years of the UPA 2 government. The PM and BJP chief Amit Shah have argued how the MUDRA Scheme has provided loans to over 80 million people, which in turn has provided employment in the informal sector.

But it's becoming increasingly apparent that the over two percent dip in GDP growth, the impact of demonetisation and inability of the industry to invest resulted in poor job growth. The Modi government’s plans to impart skills to a large section of the youths has fallen way short of its targets. Rajiv Pratap Rudy, despite his hard work in what was a newly carved out ministry in 2014, couldn’t meet the PM’s expectations as the minister of state (independent charge) for skill development and entrepreneurship. (more)

नोटों के नंबर कराएंगे अब अंदर

जब्त नोटों के नंबरों से जांच एजेंसियां पकड़ेंगी भ्रष्ट बैंक अधिकारी

प्रधानमंत्री नरेंद्र मोदी ने साल की अपनी आखिरी मन की बात में यूं ही नहीं कहा था कि भ्रष्टाचारियों को बख्शा नहीं जाएगा। यह कवायद पहले ही शुरू की जा चुकी है और इसमें काम आ रहे हैं उन नए नोटों के नंबर, जो देश भर में जब्त किए गए हैं। जब्त हुए इन नोटों में एक जैसा क्या है? अपनी ड्यूटी ठीक से नहीं निभाने वाले बैंक प्रबंधक, जिन्होंने रसूखदार और अमीर लोगों को खुश करने के लिए तय सीमा से बहुत ज्यादा रकम उन्हें दी और पुराने नोटों में उनकी बेनामी संपत्ति को भी नए नोटों में बदल दिया। बैंकों के भीतर यह सब तब किया गया, जब बाहर लाखों लोग दो-दो हजार रुपये के लिए दिन भर कतार में लगे रहे और बैंक नकदी नहीं होने की बात कहकर उन्हें वापस करते रहे। 

इसके बाद उन शाखाओं के प्रबंधकों और दूसरे वरिष्ठ अधिकारियों से पूछताछ की जाएगी। इन सीरियल नंबर के रिकॉर्ड को दो साल तक सुरक्षित रखना होगा। हालांकि बैंकों ने ये रिका सीसीटीवी फुटेज इस मामले में बहुत कम आएंगी। बैंकों के सूत्रों का कहना है कि जिस बैंक से नोट निकाले गए हैं, वहां उन्हें पहचानने का तरीका होता है। वास्तव में भारतीय रिजर्व बैंक करेंसी चेस्ट वाले बैंकों के संपर्क कार्यालयों से जानकारी मिलने के बाद उन्हें नए नोट जारी करता है। नोटों की गड्डियों वाले बक्से रिजर्व बैंक के प्रतिनिधि के जरिये करेंसी चेस्ट में भेजे जाते हैं। ये प्रतिनिधि पोतदार कहलाते हैं। गड्डियों को पोतदार और सुरक्षा दल की मौजूदगी में पन्नी फाड़े बगैर ही गिना जाता है। सुरक्षा दल में एक पुलिसकर्मी और अन्य कर्मचारी होता है। गड्डियों को गिनने और कटे-फटे नोटों की जांच करने के बाद पुलिसकर्मी के दस्तखत कराए जाते हैं और वह चला जाता है। उसके बाद पोतदार की मौजूदगी में एक दिन में 3 लाख नोट गिने जाते हैं।

जांचकर्ताओं का कहना है कि वे पोतदार और सुरक्षाकर्मी की भूमिका जांच रहे हैं ताकि पता चल सके कि करेंसी चेस्ट तक रकम पहुंचने से पहले तो नोट गायब नहीं हुए। यह भी देखा जा रहा है कि करेंसी चेस्ट के अधिकारियों और पोतदारों ने तो चेस्ट में कामकाज के दौरान नए नोट इधर-उधर नहीं कर दिए। ये तमाम बातें तब पता चलीं, जब केंद्रीय जांच ब्यूरो ने इसी महीने रिजर्व बैंक के वरिष्ठ विशेष सहायक के माइकल को धर दबोचा। उससे पूछताछ के बाद केंद्रीय बैंक के दो और अधिकारी पकड़े गए, जिन्होंने नियमों की धज्जियां उड़ाते हुए करीब 2 करोड़ रुपये के नोट बदलने में लोगों की मदद की थी। 

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• आईसीआईसीआई वेंचर का नया फंड

जनता की सहूलियत को ही नियमों की जुगत

जनता से संवाद स्थापित करने के अपने मासिक रेडियो प्रसारण 'मन की बात' में प्रधानमंत्री नरेंद्र मोदी ने एक बार फिर नोटबंदी का बचाव करते हुए इस दौरान बदले गए तमाम नियमों को भी जायज ठहराया। साथ ही उन्होंने संकेत दिए कि भ्रष्टïाचार के खिलाफ अपनी मुहिम को तेज करने के लिए सरकार जल्द ही बेनामी संपत्तियों पर भी शिंकजा कसने की तैयारी कर रही है। नोटबंदी के बाद कई बार बदले नियमों पर प्रधानमंत्री ने कहा कि जनता की ओर से मिली प्रतिक्रियाओं के बाद सहूलियत के लिए ही इतनी बार नियमों में बदलाव किया गया। बेईमानी और भ्रष्टाचार के काले कारोबार में लिप्त लोगों के खिलाफ सख्ती जारी रखने का संकल्प व्यक्त करते हुए मोदी ने पूर्ववर्ती कांग्रेस नीत सरकार पर बेनामी संपत्ति से जुड़े कानून को कई दशकों तक ठंडे बस्ते में डालने का आरोप लगाते हुए कहा कि वर्तमान सरकार ने बेनामी संपत्ति कानून को धारदार बनाया है और आने वाले दिनों में यह कानून अपना काम करेगा। आकाशवाणी पर प्रसारित संबोधन में मोदी ने कहा, 'मैंने 8 तारीख को (नोटबंदी की घोषणा के दिन) पहले ही दिन कहा था कि यह लड़ाई सामान्य नहीं है। 70 साल से बेईमानी और भ्रष्टाचार के काले कारोबार में कैसी शक्तियां जुड़ी हुई हैं? उनकी ताकत कितनी है? ऐसे लोगों से मैंने जब मुकाबला करना ठान लिया है तो वे भी सरकार को पराजित करने के लिए रोज नए तरीके अपनाते हैं।'

उन्होंने कहा कि जब वे नए तरीके अपनाते हैं तो हमें भी तो उनकी काट के लिए नया तरीका ही अपनाना पड़ता है। तू डाल-डाल, तो मैं पात-पात, क्योंकि हमने तय किया है कि भ्रष्टाचारियों को, काले कारोबारों को, काले धन को, मिटाना है। भ्रष्टाचार के खिलाफ कठोर कदम जारी रखने का संकल्प व्यक्त करते हुए मोदी ने कहा, 'मैं आपको विश्वास दिलाता हूं कि यह पूर्ण विराम नहीं है, यह तो अभी शुरुआत है। ये जंग जीतनी है और थकने का तो सवाल ही कहां उठता है, रुकने का तो सवाल ही नहीं उठता है।' उन्होंने कहा कि जिस बात पर सवा-सौ करोड़ देशवासियों का आशीर्वाद हो, उसमें तो पीछे हटने का कोई प्रश्न ही नहीं उठता है।' Read more

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Demonetisation trouble not over, to spill over into new year: Bankers

AIBEA GS expressed his anger at state of bank employees who are being targets of customers' wrath

Breaking News : A mere four days before the demonetisation deadline of December 30, by when the pains of customers are supposed to allay -- as Prime Minister Narendra Modi said -- bankers seemed to nurse no hopes of any comfort and expected long queues to slither into the new year and into the months that follow.

"The rush is still there and there's no hope of any respite. How can there be any when the RBI (Reserve Bank of India) is providing only 20-30 per cent of total cash required at the banks?" All India Bank Employees Association (AIBEA) General Secretary C.H. Venkatachalam told IANS.

"The situation has not improved much. We had written to even RBI Governor Urjit Patel, apprising him of the situation. But then this is India, you cannot expect a swift reply from anyone. There's no transperancy," he said.

Venkatachalam expressed his anger also at the sorry state of bank employees who are being targets of disillusioned customers' wrath for no fault of theirs.

He blamed RBI for eroding customers' confidence in the institution of banks by not coming up with any satisfactory answers for the instances of new currency being seized all over the country, while none of this is reaching the legitimate candidates.(more)

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• Strong law against benami property: Modi defends changes in note ban rules

'Demonetisation may have cost banks Rs 3,000 cr per day'

On Wednesday, the Reserve Bank of India (RBI) withdrew its previous directive that required deposits above Rs 5,000 in old currency notes be justified to two bank officers. To understand the impact of this move, Business Standard spoke to the HARVINDER SINGH, general secretary of the All India Bank Officers Confederation.

The Reserve Bank of India (RBI) has withdrawn its previous directive that required deposits above Rs 5,000 in old currency notes to be explained to bank officers. What do you make of this?

Breaking News : We have been pleading before RBI and Ministry of Finance that instructions issued for general public must be always clear. What was happening was that instructions issued through electronic media or notifications were reaching banks much later than when the people at large were coming to know. There was time gap between the implementation of the instructions issued by the RBI/government because when the instructions reach banks, they would have to modify their systems so that the instructions are implemented.

For example, one instruction came that we will permit withdrawal of 2.5 lakhs per family where there are marriages. Lot of conditionality were put. But these instructions were made viral during the mid of the day but actually these instructions were received by banks two days after. For these 2-3 days bank officers were facing a lot of problem.

Right from the day this policy of demonetization was declared we have been pleading with the RBI and government that you consult with us. We will give you the ground level problems. We will give you suggestions for smoother implementation. But no opportunity was ever granted to us.Read more.

Cost of demonetisation for India Inc: Stranded trucks, unpaid workers, cancelled bills

Like millions of Indians fed up with corruption and counterfeiting, Vimal Somani cheered Prime Minister Narendra Modi's shock move to replace all high-value banknotes. Two weeks on, his business is being hammered by the ensuing cash crunch.

Sales at Somani's aluminium foil maker, Rockdude Impex, have fallen by roughly a quarter in the past week, and the cash shortage that followed the "demonetisation" drive has left his supply chain in tatters: his trucks are stranded with no money for fuel, workers won't load goods for free, and distributors can't pay up.

Modi's move on Nov. 8 was aimed at cracking down on corruption and flushing out funds stashed away in India's "black economy". But the cancellation of 500 and 1,000 rupee notes ($7.3 and $14.7), more than 80 percent of currency in circulation, threatens to push Asia's third-largest economy into a liquidity crisis.

Consumer spending makes up 56 percent of India's $2 trillion economy. But with just the small stock of smaller Denomination notes available and a struggle to get hold of new bills, consumers are holding back.

The government has acknowledged that the disruption would last weeks because of delays in note printing and technical problems with ATM machines, but Modi has made a plea for patience until Dec. 30. The government said it could not have printed new notes or recalibrated cash machines in advance for fear of the move leaking out.

Meanwhile, supply chains at small, medium and even larger companies are breaking down, underlining just how much corporate India - not just the shadow economy - relies on hard cash.

"The entire supply chain has broken," said Somani, who employs 150 people across India from his base outside Mumbai.

Problems at Rockdude go from its network of suppliers to its 1,500 distributors and 150 stockists. Its sales team, spread from Delhi to Nagaland in the east and all the way to the south, is rapidly running short of cash to promote a planned new product, even for the rickshaw rides they use to travel.

Revenues have frozen, Somani says, but fixed costs continue, including wages. These are paid online, but his staff cannot get access without being given time off to queue at the bank.

"We are cutting production," he added. "If this goes on for two more months, then it will hit us very badly."

An executive at a mid-sized hair oil manufacturer, a beauty staple in India, said sales had crumpled as consumers simply stopped buying shampoos and lotions. Wholesale markets, which operate in cash, are shut. Distributors have no cash.

"We are planning to extend some discounts to the distributors so that they at least replenish the amount of stocks they are selling, instead of not buying from us at all," he said.

"We are cutting production every day," he added.

Like many of the businessmen interviewed by Reuters, he declined to be named, given the sensitivity of the issue.

CASH CRUNCHED

In the year to March 2017, the cash crunch is estimated to pull down India's gross domestic product (GDP) growth from last year's 7.6 percent by as much as 4.1 percentage points. Brokerage Ambit Capital says it does not rule out a contraction in the October-December quarter.

Corporate operating profits are tipped to fall by as much as 40 percent in the current quarter.

People ranging from taxi drivers and street hawkers to big consumer goods firms have seen their earnings plummet by as much as 80 percent in the first week of the swap alone, according to some analysts' estimates.Read more

Another set of rules: Govt limits bank exchange from Rs 4,500 to Rs 2,000

It also allowed withdrawal of upto Rs 2.5 lakh from bank accounts for the explicit purpose of weddings

The government, on Thursday, announced another set of changed rules as queues continued to day eight of its demonetisation drive. It reduced the limit of over-the-counter exchange of old notes for new ones to Rs 2,000 per person from Rs 4,500 earlier.

The centre has also given the option to its lower level employees up to Group C to draw an advance of Rs 10,000 from their November salaries.

Besides, it relaxed the weekly withdrawal limits for farmers and Agriculture Produce Market Committee (APMC) traders.

It also allowed withdrawal of up to Rs 2.5 lakh from bank accounts for the explicit purpose of weddings.

“To enable larger number of people to get benefit, with effect from Nov 18 the existing limit of Rs 4,500 will be reduced to Rs 2,000. This will be once per person. The usage of indelible ink continues. The move is to ensure that a larger number of people reach the exchange counters,” Economic Affairs Secretary Shaktikanta Das said at a media briefing.

To questions that this move implied a shortage of cash with the banks, Das said that that was a wrong assumption and that there was enough money in the system.

Central govt employees can get salary advance in cash

Das said that central government employees up to group C, including those of state-owned companies, military, railways and para-military organisations, will be given the option of taking salary advance up to Rs 10,000 in cash, which will be adjusted against their November salaries.

What's in to for farmers?

Given that crop sowing has slowed down at the commencement of Rabi Season due to a cash crunch, the centre will now also allow farmers farmers to draw Rs 25,000 per week against farm loans sanctioned or Kisan credit cards to meet their expenses. Farmers can also withdraw the same amount per week from their own accounts. Read more.

Comedian Kapil Sharma questions PM Modi's 'acche din', alleges he had to pay bribe

Comedian Kapil Sharma questions PM Modi's 'acche din', alleges he had to pay bribe

Comedian and actor Kapil Sharma on Friday morning hit out at Prime Minister Narendra Modi's ‘acche din’ slogan, after he alleged that he had to pay a bribe to a Brihanmumbai Municipal Corporation (BMC) official.

Sharma, of 'Comedy Nights With Kapil' fame, took to twitter to vent his ire. Shooting off two tweets, the comedian alleged that despite paying Rs 15 crore in income tax for the last five years, he had to pay Rs 5 lakh as a bribe to a BMC official to set up his office.

• KAPIL ✔@KapilSharmaK9

I am paying 15 cr income tax from last 5 year n still i have to pay 5 lacs bribe to BMC office for making my office@narendramodi

5:53 AM - 9 Sep 2016

• 5,2605,260 Retweets
• 7,0737,073 likes

• KAPIL ✔@KapilSharmaK9

Yeh hain aapke achhe din ? @narendramodi

6:14 AM - 9 Sep 2016

• 2,6732,673 Retweets
• 3,7313,731 likes

Business Standard could not independently verify whether or not Sharma actually did pay the bribe.

Sharma did not name the BMC official either.

However, the extent of Sharma's frustration was clear as he tagged the prime minister in both his tweets.

His second tweet asked the prime minister whether this was what he had meant when he had promised the people ‘acche din’ (good days) — which was the 2014 General Elections slogan of the Bharatiya Janata Party. (more)

PM Modi says those killed in Kashmir violence 'part of us', emphasises dialogue

PM Modi says those killed in Kashmir violence 'part of us', emphasises dialogue

Prime Minister Narendra Modi today expressed "deep pain" and concern over the prevailing situation in Kashmir Valley and emphasised on the need for dialogue to find a lasting solution within the framework of the Constitution.

He told a delegation of opposition leaders of Jammu and Kashmir that those who lost their lives during the recent disturbances are a "part of us" and it is a matter of "distress" whether the lives lost are of "our youth, security personnel or police," official sources said.

The Prime Minister said his government stands with the state of Jammu and Kashmir and suggested that all political parties should reach out to the people and convey the same.

During the meeting with the delegation led by former Chief Minister Omar Abdullah, the Prime Minister expressed "deep concern and pain" at the prevailing situation in the state and appealed for restoration of normalcy in the Valley which has been witnessing unrest for the last 44 days.(more)

Terror being 'incubated' in India's neighbourhood

Terror being 'incubated' in India's neighbourhood

With Pakistan obviously in mind, Prime Minister Narendra Modi on Wednesday said terrorism was being “incubated in India’s neighbourhood” and pressed for action without making any distinction against groups like Lashkar-e-Toiba, Taliban and ISIS who share the “same philosophy of hate, murder and killings”.

In his address to the joint sitting of US Congress here, he said terrorism has to be fought with “one voice” as he commended the American Parliament for sending out a clear message by refusing to “reward” those who preach and practice terrorism for political gains, an apparent reference to the blocking of sale of 8 F-16 fighter jets to Pakistan.

In the course of his 45-minute speech, he covered all major aspects of the growing relationship between India and the US, particularly strategic ties and civil nuclear cooperation, and emphasised that the two countries should leave “constraints of the past” behind as the “foundations of the future are firmly in place”.

“India lives as one; India grows as one and India celebrates as one,” Modi said. “For my government, the Constitution is its real holy book. And, in that holy book, freedom of faith, speech and franchise, and equality of all citizens, regardless of background, are enshrined as fundamental rights.”

Read more.

From tackling terror to NSG inclusion, Modi - Obama make headway on a range of issues

From tackling terror to NSG inclusion, Modi - Obama make headway on a range of issues

After Prime Minister Narendra Modi’s discussion on Tuesday with US President Barack Obama in Washington, a joint statement described what it billed as their “third major bilateral summit”, after earlier meetings in September 2014 and January 2015.

The statement noted a new military logistics agreement, made common cause in the South China Sea, revealed growing American involvement in helping India build an indigenous aircraft carrier, and announced additional co-development projects for defence equipment. There is a new agreement for sharing terrorist-related information. India will be buying six 1,000 MW nuclear power plants from Toshiba-Westinghouse, with the contract to be signed in 2017. And Washington has thrown its full weight behind India’s candidature for membership of the Nuclear Suppliers Group (NSG).

Asia-Pacific cooperation

US officials privately lament New Delhi’s poor follow-up of strategic agreements. This joint statement pins India down to specific action, announcing “a roadmap for cooperation under the 2015 US-India Joint Strategic Vision for the Asia-Pacific and Indian Ocean Region, which will serve as a guide for collaboration in the years to come.”

In a subtly-worded statement that takes the US-India partnership beyond the 2014 Vision Statement and 2015 Declaration of Friendship, Modi and Obama “resolved that the United States and India should look to each other as priority partners in the Asia-Pacific and the Indian Ocean region.”Read more.