s4.reutersmedia.netIndia's core consumer price inflation, which excludes food and energy prices, eased to around 4.2 percent in May from around 4.4-4.5 percent in April, according to estimates from three analysts.

Data earlier showed India's annual consumer price inflation eased to a lower-than-expected 2.18 percent in May from 2.99 percent in April, driven down by cooling food prices.

Posted On Tuesday, 13 June 2017 05:41

amit-shah.1jpgBJP president Amit Shah on Monday constituted a three-member committee to reach out to other political parties for a consensus on the National Democratic Alliance's candidate for the coming presidential poll. Union Ministers Rajnath Singh, Arun Jaitley and M. Venkaiah Naidu are its members.

The last date for nomination for the election is June 28 and voting is scheduled for July 17.

Mr. Shah had postponed a trip to Arunachal Pradesh, scheduled for June 12 as Prime Minister Narendra Modi has asked him to stay in Delhi for consultations. What is significant is that the committee's remit is to talk to all political parties, not just the NDA.Sources in the BJP said the committee would talk to Opposition leaders as "the name of the candidate fielded by us could be acceptable to people in that camp as well".

Among the NDA constituents, the Shiv Sena has been giving the BJP some jitters as their relationship has been strained, especially in Maharashtra. The BJP has claimed support from the YSR Congress, the Telangana Rashtra Samithi and both factions of the AIADMK, which it hopes will make up for any shortfall if the Shiv Sena defects.

Opposition parties have decided to field a common candidate and are waiting for the ruling party to announce its candidate.

News Source: The Hindu News

Posted On Tuesday, 13 June 2017 05:31

supreme-court 650x400 41487589850The Supreme Court today asked the CBSE to declare the results of the NEET examination for admission to MBBS and BDS courses by putting a stay on the Madras High Court order restraining publication of results. The apex court order comes as a relief for 12 lakh medical aspirants who had given the exam. The apex court directed the authorities concerned to proceed with the process of declaration of results, subsequent counselling and admission as per the schedule fixed by it earlier. However, a vacation bench of Justices P C Pant and Deepak Gupta said the declaration of results as well as the subsequent counselling and admission will be subject to the decision of the apex court in the matter pending before it.

The bench also requested all the high courts not to entertain petitions in the matters relating to the National Eligibility-cum-Entrance Test (NEET) examination 2017.

The order came on the plea by the Central Board of Secondary Education (CBSE) and others challenging the May 24 order of the Madras High Court which had restrained the Board from publishing the results of NEET examination 2017 in which around 12 lakh aspirants had appeared.

Additional Solicitor General (ASG) Maninder Singh, appearing for the CBSE, told the bench that due to high court's order the process of declaration of results and subsequent admission have stalled and the order was in conflict with the schedule fixed by the apex court earlier.

The bench also observed that the high court's order was "indirectly diluting the schedule" fixed by the apex court.

"On one ground we are inclined to stay the high court's order. What indirectly this order is doing is that it is diluting the schedule fixed by the Supreme Court",the bench said while staying the high court's order.

"In view of the above, the interim order is stayed and it is directed that the authorities concerned will proceed further with declaration of results for the NEET 2017 examination subject to decision of this court," the bench said while listing the matter for further proceedings after summer vacation.

The CBSE had on June 9 moved the Supreme Court seeking an immediate stay on the Madras High Court order.

The high court had on May 24 granted interim stay on the publication of NEET results on a batch of pleas alleging that a uniform question paper was not given in the examination and there was a vast difference between the ones in English and in Tamil.

The CBSE had said that due to the high court's order, the entire schedule of counselling and subsequent admission for medical courses through NEET has gone "haywire". ASG Singh had earlier told the apex court that out of 12 lakh aspirants who appeared in the NEET 2017, around 10.5 lakh students have given the exam in either Hindi or English while around 1.25 lakh to 1.50 lakh students have appeared in eight vernacular languages. He had said that a number of pleas have been filed in various high courts in NEET-related matters and high courts have entertained these petitions despite the apex court's order that no other court shall hear such matters.

He had also sought transfer of petitions from various high courts to the apex court which concerns the NEET for the academic year 2017-18. Singh had said that challenge to different sets of questions in vernacular languages were on wrong assumptions that they were difficult as the experts had examined that they were different from those in English or Hindi medium but the level of difficulty cannot be said to be different.

He had said that questions were different to keep the larger interest protected on the ground that if there was a leakage of a set of paper in a vernacular language, the majority of students would be protected as candidates appearing in any particular language were less than those opting for English or Hindi.

The Madras high court had also directed the Medical Council of India, the director of CBSE and the Union Health Ministry to file counter affidavits on these pleas pending before it.

The petitioners before the high court demanded that the NEET 2017 be cancelled and a fresh exam with a uniform question paper be conducted. They have claimed that different sets of question paper had been used at various places, though a common syllabus had been announced.

In Tamil Nadu, the question papers were different for those who opted English and Tamil and the one in Tamil was easier, they have claimed.

News Source: NDTV News

Posted On Tuesday, 13 June 2017 05:21

rbiWith ordinance in place, Finance Minister Arun Jaitley on Monday said the RBI is at a fairly advanced stage of preparing a list of borrowers where NPA resolution is required under the insolvency law and action on this front is expected soon.

The ordinance was promulgated last month amending the Banking Regulation Act, 1949, to empower the Reserve Bank of India to resolve the thorny issue of non-performing assets (NPAs) or bad loans.

The government empowered the RBI to ask banks to initiate insolvency proceedings to recover bad loans and promised more measures to resolve the NPA problem.

"Under the new ordinance issued, the RBI is at a fairly advanced stage of preparing a list of those debtors where a resolution is required through the Insolvency and Bankruptcy Code (IBC) process. You will be shortly hearing about it ... The RBI is actively working on that," he said after meeting heads of PSU banks here.

"Consolidation of banks was not on the agenda as far as this present meeting is concerned. But I can tell you, we are actively working in that direction," Jaitley told reporters.

He left no one in doubt that the Centre will not be part of a state's fiscal leverage in waiving farm loans and the cost has to be borne by the states.

This assumes significance against the backdrop of farm debt waiver announced by the Maharashtra government on Sunday even as farmers in Madhya Pradesh were up in arms demanding relief.

The finance minister pointed out that a few top bankers expressed apprehensions about the infrastructure available for enforcement under the NPA ordinance. He, however, did not go into the specifics.

According to RBI Deputy Governor SS Mundra, who was present, the ordinance on NPAs essentially involves 2-3 components.

"One of the important components was to enhance the size and scope of oversight committee. Also, the identification of the accounts which can be actively taken up under the process. So, on the second point, an internal advisory committee is constituted by the RBI," Mundra said.

RBI is discussing it, he said, adding that information has been collected from banks on certain large accounts, for which some additional details are being sought.

"So, there's active work going on it. I think soon some of the action points will emerge from that," he said.

News source: TOI

Posted On Monday, 12 June 2017 12:26

goods-trucksWith just a few days left for GST rollout, the Centre is in favor of postponing by a few months the implementation of the e-way bill, which requires movement of goods above Rs. 50,000 to be to pre-registered online.

However, with states unwilling to defer the provision, the GST Council agreed to rope in National Informatics Centre (NIC) to work along with GST-Network to assess if an all India e-way bill system can be created in a short time-frame, an official told PTI.

The GST Council, headed by Finance Minister Arun Jaitley and comprising representatives of all states, had in April come out with the draft e-way bill rules that made it necessary for any movement of goods, within or outside the state, having a value of more than Rs. 50,000 to be registered with the GST-Network (GSTN) website.

According to the draft, GSTN would generate e-way bills that would be valid for 1-15 days, depending on the distance to be traveled - one day for 100 km and 15 days for more than 1,000 km transit. The tax officials can inspect the 'e-way bill' anytime during the transit to check tax evasion.

The industry has, however, expressed concerns over this, saying that the Rs. 50,000 limit was too low and that the timeline for completion of transport operations was "impractical and removed from reality".

They also felt that the e-way bill would be applicable to the movement of all kinds of goods without making any distinction between goods that were evasion prone or not.

The official said that at the June 3 meeting of the GST Council, the Centre contended that GSTN will be busy in the first three months of GST rollout as it has to ensure that technology backbone for the new indirect tax regime is working fine and hence would take about 6 months to build the platform for 'e-way bill'.

The Centre also said that feedback from the industry was yet to be examined by the law committee and hence finalization of rules would take sometime.

Stating that the GSTN can start developing the software only after finalization of rules and forms, the Centre suggested that the "implementation of the 'e-way bill' system could be postponed by a few months," the official said.

However, states such as West Bengal, Kerala, Bihar, Odisha and Andhra Pradesh stated that they already had a robust e-way bill system, which should be continued as reverting to handbills would lead to "considerable loss of revenue".

New source: businesstoday

Posted On Monday, 12 June 2017 12:00
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