After death sentence, what are Kulbhushan Jadhav’s options under Pakistan laws?

(THIS ARTICLE IS COURTESY OF THE HINDUSTAN TIMES)

After death sentence, what are Kulbhushan Jadhav’s options under Pakistan laws?

INDIA Updated: Apr 15, 2017 08:36 IST

Rezaul H Laskar
Rezaul H Laskar
Hindustan Times, New Delhi
Kulbhushan Jadhav

People shout slogans during a protest against the conviction of Kulbhushan Jadhav, in Mumbai.(AP Photo)

Pakistan on Friday listed the options available to Indian national Kulbhushan Jadhav to appeal against the death sentence given to him by a military court on charges of espionage.Sartaj Aziz, the foreign affairs adviser to the prime minister, told a news briefing that the former Indian Navy officer was allegedly “responsible for espionage, sabotage and terrorism” and had been tried according to the law of the land.

Aziz, who read from a statement and did not take questions from the media, then listed the options available to Jadhav under Pakistani law.

“He has the right to appeal within 40 days to an appellate court. He may lodge a mercy petition to the (army chief) within 60 days of the decision by the appellate court,” Aziz said.

“He may lodge a mercy petition to the President of Pakistan within 90 days after the decision of (the army chief) on the mercy petition.”

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India has strongly criticised Pakistan for not sharing Jadhav’s whereabouts and details of his condition. It also criticised Pakistan for not adhering to the international norm of providing consular access to a prisoner despite the two countries having an agreement on the issue.

New Delhi has also said that if Islamabad goes ahead with the execution of Jadhav, it would be tantamount to premeditated murder.

Jadhav was reportedly captured in Balochistan in March last year. He was tried by a field general court martial or an army court under provisions of the Pakistan Army Act and the Official Secrets Act.

Aziz said Jhadav was provided with “legal counsel in accordance with provisions of our law” and that he reportedly confessed before a magistrate and the army court that he was tasked by Indian intelligence to “plan, coordinate and organise espionage and sabotage activities”.

Aziz said all political parties of Pakistan were unanimous that the death sentence given to Jadhav was “the correct decision” and the “whole nation is solidly united against any threat to Pakistan’s security”.

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India: No Plans To Demonetise Rs 2,000 Bank Notes

(THIS ARTICLE IS COURTESY OF THE TIMES OF INDIA)

No plans to demonetise Rs 2,000 notes: Government

PTI | Updated: Apr 5, 2017, 05.15 PM IST

HIGHLIGHTS
  • Counterfeit currency that came into the market after demonetisation were made of low quality paper which was easy to make out
  • The government is more alert and has taken many measures to curb fake currency: Kiren Rijiju

File photo used for representation. File photo used for representation.

NEW DELHI: There are no plans to demonetise the new Rs 2,000 currency notes, the government said on Wednesday, scotching “rumours” to this effect.

“We are seizing fake currency. As far as rumours in the market are concerned, we should not go by such rumours,” minister of state for home Kiren Rijiju said in the Rajya Sabha.

He was responding to a question by Congress member Madhusudan Mistry during Question Hour seeking to know if the government will demonetise Rs 2,000 currency notes as there were “strong rumours” in the market.

The minister said fake currency has mostly been seized from Gujarat and West Bengal. “But it is not correct that fake currencies cannot be identified. It is not true,” he said.

Counterfeit currency that came into the market after demonetisation were made of low quality paper which was easy to make out. But later fake currency notes with better quality paper started coming in, Rijiju said.

Stating that the government has adopted many new security features in the new currency notes, Rijiju said, “I can assure the House and the country that now no one can copy 100 per cent, as we have indigenous design and extra features.”
The government is more alert and has taken many measures to curb fake currency such and there were provisions for stringent action against those involved in fake currency, including setting up a coordinated committee of all intelligence agencies, providing training and creating awareness among the people, he said.

Top Comment

To have full effect, they should remove the 2000 Rs note. Crooks and hoarders have taken it directly from the bank during demonetization.

As per the data placed before the Upper House, Border Security Force has seized 378 new Rs 2,000 currency notes from Assam and West Bengal post demonetisation.

National Investigation Agency (NIA) has seized 22,677 new Rs 2,000 notes worth Rs 4.53 crore from Gujarat and West Bengal.

Demonetisation Be Damned! The Indian Rupee Is On A Tear

(THIS ARTICLE IS COURTESY OF QUARTZ INDIA)

LOOK AT IT FLY

Demonetisation be damned! The Indian rupee is on a tear

March 17, 2017 Quartz India

It’s been a great week for the Indian rupee.

On March 16, at Rs65.41 per US dollar, the currency hit a one-year high against the greenback.

Much of the strengthening has to do with the ruling Bharatiya Janata Party’s (BJP) recent electoral wins in Uttar Pradesh and Uttarakhandand solid performances in two other states. The strong showing reflects just how well the party is positioned to sweep the next general elections in 2019 and hand Narendra Modi a second term as prime minister. Some of that magic is rubbing off on the markets.

“Since the start of the week, equity markets and the Indian rupee have rallied sharply in response to the strong performance of the main ruling party in recent state elections,” DBS Bank said in a March 16 report.

So far, the Indian currency has been the third-best performing in Asia in 2017. The rupee has gained 3.4% this year against the US dollar, only trailing the South Korean won and the Taiwanese Dollar.

Meanwhile, the US Federal Reserve’s interest rate hike on March 15—only the third since the economic crisis of 2008—hit the dollar. When the US dollar falls, capital outflows from emerging markets are restricted, thus strengthening local currencies like the Indian rupee.

The rupee’s strengthening comes after a free fall triggered by Modi’s move to demonetise 86% of the currency notes (by value) in November 2016. Initially it had been estimated that the currency ban would dent the GDP and take a toll on the economy.

In January, a Reuters poll of some 30 foreign exchange strategists had estimated that the Indian currency could see a record fall this year because of the currency ban. But India’s Central Statistical Office’s estimates show that the economy grew at 7% during the October-December 2016 quarter, and the rupee is holding strong.

One reason for the rupee’s surge is also that the macro-economic factors that influence a currency—inflation and current account deficit (CAD)—are looking good for India at the moment. While inflation is being restricted in its safe zone of sub 6%, India’s CAD (the excess of imports over exports) has also been falling.

What next

A strong rupee is good news for corporate India. Many firms hold debt in foreign currencies, so a fall in the exchange rate means their interest outgo will reduce. “Many Indian entities including short-term trade finance people remain unhedged for their offshore liability. They (companies) are likely to have gained from the rupee’s sharp rise in the last few days. At least, interest liability has reduced, adding to balance sheet gains,” Jayesh Mehta, country treasurer at Bank of America told the Economic Times.

However, the Reserve Bank of India (RBI) could soon step in to stabilise the rupee’s movement. Some reports suggest that the central bank already is buying dollars through public sector banks.

“The rupee appreciation, we feel is not sustainable and would revert to the range of Rs66-66.5 range, to begin with as the fundamentals do not warrant such unbridled enthusiasm,” a report by CARE Ratings said. “The outcome of the elections has been the main driving force. A strong rupee may not be good for our exports and the RBI is cognizant of the same.”

Why These Indian State Elections Matter To The Whole World

(THIS ARTICLE IS COURTESY OF CNN)

Why these Indian state elections matter to the whole world

Indian Prime Minister Narendra Modi during a roadshow in support of state assembly election party candidates in Varanasi on March 4.

New Delhi (CNN) India’s ruling political party has won a crucial state election, strengthening its ability to push through a development agenda in the world’s fastest growing major economy.

As vote counts trickled in from five state elections on Saturday, one result loomed large: that of central India’s Uttar Pradesh, home to more than 200 million people. The staggered five-week vote in that state alone marks the biggest election in the world in 2017.
Modi’s ruling Bharatiya Janata Party, or the BJP, looks poised to take about 75% of the 403 seats on offer in Uttar Pradesh.
The clear majority means the BJP will be able to form a state government without the help of other parties. In the previous Uttar Pradesh election, in 2012, the BJP won only 47 seats. 2017’s vote marks a significant endorsement for Prime Minister Narendra Modi, the leader of the BJP, and the face of its campaign across state elections.
Four other, smaller states declared results on Saturday: Punjab, Goa, Uttarakhand, and Manipur. In Punjab, India’s storied but declining Congress Party emerged victorious. The BJP took Uttarakhand and was vying for dominance in close races in Goa and Manipur as results continued to be firmed up.
The state elections are crucial at national level because each state nominates a proportional number of representatives to India’s upper house of parliament.
While the BJP has a clear majority in the lower house — won in 2014’s national vote — it is underrepresented in the upper house, which has stymied some of its reform proposals.

A referendum on Modi

According to Shailesh Kumar of the political risk consultancy Eurasia Group, the Uttar Pradesh result was a referendum on Modi.
“Voters largely support his policies. The win indicates that Modi’s efforts to tackle corruption were a far bigger draw than any negative consequence attributed to demonetization.”
“Demonetization” refers to a shock move in November when Modi recalled all 500 and 1,000 rupee currency notes.
The two high-value notes represented 86% of all cash in circulation in India. The surprise recall, and the subsequent release of new 500 and 2000 rupee notes, led to weeks of long queues at banks and ATMs across the country.
At the time, Modi said the recall was aimed at cracking down on corrupt hoarders of untaxed cash. A number of reputed global economists, included Harvard’s Lawrence Summers and Ken Rogoff criticized Modi’s move as excessive.
On the campaign in Uttar Pradesh last month, Modi refuted their criticisms by saying “hard work beats Harvard.”

Economy and tackling corruption still the focus for now

The results themselves are not a great surprise, but the margin of the BJPs win in Uttar Pradesh is greater than predicted.
However, even with the landslide win in Uttar Pradesh, Modi will still fall short of enough support in the parliament’s upper house, says Eurasia’s Kumar.
“Modi’s national focus will still be economic development with an added focus on corruption. Changes to economic policies will be through executive action and tweaks to regulations that do not require legislative approval.”
Modi is also expected to double down on his plans to improve infrastructure.
“He is now well positioned for 2019,” Kumar said, referring to the next national elections.

India shows faith in Modi — can he now deliver?

At a time of global anger against elected leaders, India’s state elections represent a vote of confidence for the country’s Prime Minister, as well as a much-needed boost of morale.
Modi had previously lost an important election in Bihar, a state which shares a similar voter base to Uttar Pradesh. Modi also suffered in recent months with the chaos and fallout from his demonetization move.
With a cutback in consumer spending and economic activity, economists had predicted a fall of as much as one percentage point in India’s growth rate.
However, in India’s most recent GDP figures released last month, quarterly growth had slowed only slightly to 7%, which meant India once again edged ahead of China as the world’s fastest growing economy.
While India is still seen as a developing nation, its size and speed of expansion underscore its massive importance to the global economy. According to the consulting group PwC, India accounts for about one-sixth of the world’s GDP growth.
With Modi now firmly ensconced in power until at least 2019, and perhaps further ahead, the focus will now shift to whether Modi can deliver on his promises of rapid development.

President Trump Call India’s Prime Minister Modi “A True Friend And Partner”

(THIS ARTICLE IS COURTESY OF THE HINDUSTAN TIMES NEWS)

Trump tells Modi India ‘a true friend and partner’, invites PM to US ‘later this year’

WORLD Updated: Jan 25, 2017 07:26 IST

Yashwant Raj
Yashwant Raj
Hindustan Times, Washington

Highlight Story

US President Donald Trump and Prime Minister Narendra Modi had a scheduled telephonic conversation at 11:30pm IST on Tuesday.(Agencies File)

In a phone call with Prime Minister Narendra Modi on Tuesday, President Donald Trump said the US considers India a “true friend and partner in addressing challenges around the world”, according to a White House statement.The two leaders also discussed opportunities to “strengthen the partnership between the United States and India in broad areas such as the economy and defense”, the statement said without citing specific areas, sectors or goals.

Modi and Trump, who were speaking for the first time after the new US president took charge last Friday, also discussed “security in the region of South and Central Asia” and, once again the statement left out details.

South and Central Asia cover many areas of mutual interest to both India and the United States including Pakistan and Afghanistan and it could not be immediately confirmed if they discussed the drawdown of US troops in Afghanistan.

Read more

But the two leaders resolved, according to the White House statement, “that the United States and India stand shoulder to shoulder in the global fight against terrorism”, which has been a priority for both of them and both countries.

Trump is hosting Modi later in the year, but it was, once again, not immediately clear if that will be in September-October when the Indian prime minister comes to the US for the UN general assembly meeting, or some other time.

But the two, who first spoke in November when Modi was among the first foreign leaders to call Trump on his election, are likely to meet during the next meeting of the G-20, which is scheduled to take place in Hamburg, Germany in July.

Since that first call, India engaged with Trump on two separate occasions: The first was a meeting between Indian foreign secretary S Jaishankar and then Vice-President-elect Mike Pence, and the second on December 19 when Ajit Doval, national security adviser to PM Modi, met Trump’s NSA Michael Flynn.

Read more

And now the call. The US statement contained no details and it was not known if trade in services, read H-1B, came up during their phone call, as many had expected, since it being the one issue that had agitated New Delhi the most about Trump.

The fate of the temporary US visa programme for high-skilled foreign workers, which is at the heart to India’s burgeoning IT exports to the US, seemed uncertain, given the president’s own reservations about it, and those of leading members of his team.

They believe the H-1B programme is being abused by the US companies to outsource American jobs to temporary foreign workers, a large number of them from India, and they have been considering ways to make it harder for that to happen.

“There is no other area of potential dispute or differences with the United States under President Trump,” said an Indian official, who spoke strictly on background. He added, “H-1B is the only problem for us as of now.”

In response to a question about India-US relations, White House press secretary Sean Spicer had said Monday that as with other countries, the Trump administration is focussed on access to markets in manufacturing and services.

Since being sworn-in last Friday, the new president has begun engaging with world leaders and has spoken to prime minister and president of neighboring Canada and Mexico first — with whom he plans to renegotiate the NAFTA trade deal.

He has also talked since with Egypt’s Abdel Fattah el-Sisi and Israel’s Benjamin Netanyahu, who he has invited to to a meeting in early February. And he meets Teresa May, prime minister of America’s closest ally the United Kingdom, on Friday.

The Tuesday call with Modi, on the second day of Trump’s first week in office, is being taken as sign of the priority he is attaching to the relationship, after an unprecedented outreach to the Indian American community during election.

At an election rally in New Jersey, Trump had said on his watch as president that India and the US will be “best friends” and, added in a typically Trumpian hyperbole that “there will be no relationship more important to me”.

At the suggestion of the Republican Hindu Coalition founder Shalli Kumar, who had organised the rally, Trump recorded a campaign call modeled on Modi’s election slogan “Abki baar Modi sarkar”, replacing Modi with Trump.

Also, Prime Minister Modi appears to have an admirer in Steve Bannon, chief strategist and senior counseller to the president, who had in 2014 called Modi’s election a “great victory … very much based on … Reaganesque principles”.

Bannon was then chief executive officer of Breitbart News, a stridently conservative news publication, and would become in 2016 a leading and early supporter of Trump, and later went on to head his campaign in August.

PM Modi rings in new year with mini-budget of sops, focuses on poor

 

(THIS ARTICLE IS COURTESY OF THE HINDUSTAN TIMES)

PM Modi rings in new year with mini-budget of sops, focuses on poor

INDIA Updated: Dec 31, 2016 23:57 IST

HT Correspondent
HT Correspondent
Hindustan Times, New Delhi

Highlight Story

People watching live telecast of Prime Minister Narendra Modi’s speech at an electronic shop in Patna on Saturday. (PTI)

Prime Minister Narendra Modi announced a slew of schemes on Saturday evening to herald a prosperous 2017 for the urban and rural poor, farmers, small businessmen, senior citizens and pregnant women.Modi started on a sombre note. For the first 23 minutes, he mainly thanked his countrymen for braving the cash crunch, iterated why demonetisation was a necessary weapon in his fight against black money and corruption and warned of more action against the dishonest.

“The law will take its course with full force. The government will help the honest, protect them, and see that their difficulties are eased,” he said.

Read: Full transcript of PM Narendra Modi’s New Year’s eve speech

In his address made to the nation on the very day the demonetisation exercise ended, the Prime Minister did not say much about curbs on withdrawals. He only said everyone in the government has been told that banking operations must return to normal as soon as possible.

Then he switched to announcement mode, rattling out enough measures to make his speech sound like a mini-budget.

The first in his list for 2017 were two housing schemes under the Prime Minister Awas Yojana (PMAY). For the urban poor, home loans up to Rs 9 lakh will get 4% interest exemption, and loans up to Rs 12 lakh will get 3%. In villages, home loans up to Rs 2 lakh will get 3% interest exemption. This would apply not only to loans for building new houses but also those taken for renovating or expanding an existing one.

In all, Modi said 33% more homes will be built in rural areas under the PMAY.

There was more for the rural poor, who got the lion’s share of the announcements. The govt will pay interest for 60 days on loans taken by farmers for Rabi farming from district cooperative banks and societies. It will give the National Bank for Agricultural and Rural Development (Nabard) Rs 20,000 crore, which the bank will use for giving loans to cooperatives at low interest rates. Some 30 million kisan credit cards will be converted to RuPay cards, so their holders can make non-cash transactions at a large number of places.

Read: Focus on poor, small businesses: 5 highlights from PM Modi’s New Year’s eve speech

There was also a fair bit for small businessmen, generally referred to as MSMEs (micro, small and medium enterprises). In a scheme under which the government guarantees loans raised by them, the limit has been doubled to Rs 2 crore. This will also cover loans from NBFCs. Banks have been told to raise the cash credit limit to small businesses from 20% to 25%.

Banks, the Prime Minister noted, tend to decrease interest payable on deposits when they are flush with funds – as they are now. The government will not allow them to pay senior citizens anything less than 8% on deposits up to Rs 7.5 lakh made for 10 years.

To reduce deaths during child birth, the government will deposit Rs 6,000 into the accounts of pregnant women. It can be used for registration and vaccination, among other things.

Modi also packed a punch for his political rivals. “The time has come for all political parties and leaders to respect the feelings of honest citizens and understand their anger. I urge them to move away from their holier-than-thou approach, and take actual steps towards reforming the system and getting rid of black money and corruption,” he said.

Read: BJP compliments, rivals criticise PM Modi’s New Year’s eve address

China’s Government Showing Once Again They Are Hypocrites Concerning Terrorism?

 

(THIS ARTICLE IS COURTESY OF THE HINDUSTAN TIME NEWS PAPER)

China again blocks India’s bid to ban JeM chief Masood Azhar

INDIA Updated: Dec 30, 2016 18:10 IST

Rezaul H Laskar
Rezaul H Laskar
New Delhi

Highlight Story

File photo taken on August 26, 2001 shows Masood Azhar (right), the chief of the Jaish-e-Mohammed terror group. (AFP)

China has again blocked India’s bid to get the UN to list Jaish-e-Mohammed chief Masood Azhar as a terrorist, provoking an angry reaction from New Delhi which said it reflected “double standards” in the global fight against terrorism.Beijing’s “technical hold” on the listing of Azhar as a designated terrorist under the 1267 Sanctions Committee of the UN Security Council has emerged as a fresh irritant in bilateral ties. This was the third time China has blocked the move since March, apparently acting at the behest of its close ally Pakistan.

There was no statement on the development from Beijing, which earlier said its technical hold was meant to “allow more time for the (UN) committee to deliberate on the matter and for relevant parties (India and Pakistan) to have further consultations”.

Expressing concern at China’s decision, external affairs ministry spokesperson Vikas Swarup said: “The inability of the international community to list (JeM) leader Masood Azhar is an unfortunate blow to the concerted efforts to effectively counter all forms of terrorism, and confirms prevalence of double standards in the fight against terrorism.”

The proposal to sanction Azhar was presented nine months ago and received the “strong backing of all other members of the committee”, he said.

China was the only one of the 15 members of the UN committee that opposed the move. Listing by the committee would force Pakistan to impose an asset freeze and travel ban on Azhar.

Read | China to continue opposing UN ban on Masood Azhar, says position ‘unchanged’

Swarup said the world community was aware that the “Pakistan-based Jaish-e-Mohammed, which is proscribed by the United Nations, has been responsible for innumerable terrorist attacks on India, including the Pathankot airbase attack”.

China’s decision was also surprising as the country had been affected by terrorism and had declared opposition to all forms of terrorism, Swarup said. “As a consequence of this decision, the UN Security Council has again been prevented from acting against the leader of a listed terrorist organisation,” he said.

India had expected “more understanding” from China of the danger posed by terrorism, he said. “On our part, we will continue to push forward with resolute determination through the use of all options available with us to bring perpetrators of terrorist violence to justice,” Swarup added.

Besides the listing of Azhar, China also blocked India’s application to join the Nuclear Suppliers Group this year. Apparently acting at the behest of Pakistan, China said the entry of non-NPT nations would weaken the global anti-proliferation regime.

Read | China blocks India’s move to ban Jaish chief Masood Azhar, again

Benefits of Indian cash overhaul elusive as deadline passes

 

(THIS ARTICLE IS COURTESY OF FOX NEWS)

THE AMERICAS

Benefits of Indian cash overhaul elusive as deadline passes

  • In this Thursday, Dec. 29, 2016 photo, an Indian woman, who had come to deposit money, argues with a bank officer in New Delhi, India. On Nov. 8, India yanked most of its currency bills from circulation without warning, delivering a jolt to the country’s high-performing economy and leaving countless citizens scrambling for cash. Still, as Friday’s deadline for depositing old 500- and 1,000-rupee notes draws to a close, Prime Minister Narendra Modi’s government has called the demonetization drive a great success in drawing out tax dodgers and eliminating graft. (AP Photo/Altaf Qadri)

    In this Thursday, Dec. 29, 2016 photo, an Indian woman, who had come to deposit money, argues with a bank officer in New Delhi, India. On Nov. 8, India yanked most of its currency bills from circulation without warning, delivering a jolt to the country’s high-performing economy and leaving countless citizens scrambling for cash. Still, as Friday’s deadline for depositing old 500- and 1,000-rupee notes draws to a close, Prime Minister Narendra Modi’s government has called the demonetization drive a great success in drawing out tax dodgers and eliminating graft. (AP Photo/Altaf Qadri)  (The Associated Press)

Fifty days ago, India yanked most of its currency from circulation without warning, jolting the economy and leaving most citizens scrambling for cash. As the deadline for exchanging the devalued 500- and 1,000-rupee notes for new ones hits Friday, many Indians are still stuck waiting in long bank lines.

Empty ATMs and ever-changing rules are preventing people from withdrawing money, and many small, cash-reliant businesses from cinemas to neighborhood grocery stores are suffering huge losses or going under.

Despite those problems, Prime Minister Narendra Modi says his Nov. 8 demonetization decree has succeeded in uncovering tax evasion and cracking down on graft. The Indian government is urging patience, insisting it’s playing a long game that will eventually modernize Indian society and benefit the poor.

So far, despite the widespread inconvenience and costs, most of the country’s 1.25 billion citizens appear to be taking Modi’s word for it.

Here are a few things to know about India’s massive cash overhaul:

___

HARDSHIP FOR THE POOR

Modi’s announcement that 500 and 1,000 rupee bills — making up 86 percent of India’s currency — were no longer legal tender has posed an enormous hardship for millions of people who use cash for everything from salaries to cellphone charges.

Almost immediately, serpentine lines appeared at banks and ATMs as people waited hours to deposit or exchange old currency notes for new bills. Since authorities only began printing the new bills after the policy was announced, demand vastly exceeds supply and cash machines often run dry. Daily commerce in essentials including food, medicine and transportation screeched almost to a halt.

Worst affected were the country’s hundreds of millions of farmers, produce vendors, small shop owners and daily-wage laborers who usually are paid in cash at the end of a day’s work. Many lost their jobs as small businesses shut down, compounding their poverty.

Pankaj Aggarwal, owner of a clothing shop in the Old Delhi neighborhood of Chandni Chowk says his sales crashed by 70 percent.

“You can imagine what our business is like now. It will be some time before our sales normalize,” he said.

Modi appears to have succeeded in promoting the cash overhaul as a “pro-poor” policy, tapping into deep anger among the have-nots toward wealthy elites.

“The first two months have been so bad for us, we don’t even have enough money to buy food,” said daily wage laborer Neeraj Mishra, 35. “Overall, I think Modi has done some good. People with a lot of money are the ones who have been troubled. I don’t have enough cash for it to bother me much.”

Political scientist Sreeram Chaulia, dean of the Jindal School of International Affairs in New Delhi, describes the strategy as “classic populism.”

“Some people are outraged, but are hesitant to come out and say it because they don’t want to be branded as anti-national or self-centered,” he said.

___

A BRUISED ECONOMY

The wide impact of the demonetization won’t be known until the government issues its next quarterly GDP figures in February, but the Reserve Bank of India already has shaved half a percent from this year’s GDP growth forecast, to 7.1 percent.

Since domestic commerce drives most economic activity, analysts have expressed alarm over the scale of economic and social disruption and are warning a contraction is likely in coming quarters.

“The countless unpredictable consequences that will continue to show in the coming weeks and months mean that it is, in effect, a huge gamble,” said Jan Zalewski, an Asia expert with the Britain-based risk assessment firm Verisk Maplecroft. “Inflicting such huge costs for what is an uncertain outcome is problematic.”

Real estate, tourism, transportation and gold and gems have been hit the hardest, along with informal sectors that rely mostly on cash.

Prices are forecast to rise since the cash crunch is pinching supplies of all sorts of goods.

The country’s banks, however, are seeing banner business. The central bank said old notes worth 13 trillion rupees ($191 billion) had been deposited as of Dec. 10, with many more expected by Friday’s deadline.

That should improve bank liquidity and in turn encourage more lending to boost economic growth.

___

MIXED MESSAGES, CHAOTIC RULES

The Finance Ministry and central bank have issued at least 60 different directives, some of them contradictory, about such issues as how much money can be withdrawn from bank accounts and which documents are needed for depositing old cash. The mixed messages have compounded the overall chaos and shaken investors’ confidence.

“There appears to be less trust in many institutions, including the Reserve Bank and other banks. That is one important behavioral change that has been ushered in,” said Mihir Sharma, senior fellow at the Observer Research Foundation, a New Delhi based think tank.

Financial experts are baffled about how to evaluate the move.

“One of the major problems with the demonetization move is that success is so difficult to measure,” Zalewski said. “In and of itself, it can’t end black money, stop terrorism funding and the counterfeiting of notes.”

___

NEW BILLS, OLD HABITS

The idea that swapping old currency notes for new ones would wipe out tax evasion has already been proven naive. Over the last seven weeks, Indian income tax authorities uncovered more than 32 billion rupees ($477 million) in undeclared wealth held in new notes, foreign currency, gold and other commodities.

The Finance Ministry found enormous stashes of new currency bills secreted away by corrupt bank managers. Axis Bank’s CEO Shikha Sharma said she was “embarrassed and upset” after it was found managers at the bank had used the stolen funds to fake accounts and launder customers’ untaxed savings for a premium.

___

A GLOBAL TREND?

A month after Modi scrapped the high-denomination notes, Venezuela’s president announced that the 100-bolivar notes that account for more than three-quarters of the country’s cash would be taken out of circulation.

Skyrocketing inflation had taken the value of the Venezuelan notes to 2 U.S. cents from 10 cents in the past year.

But while India’s cash overhaul has been relatively peaceful, Venezuela’s was not.

When no new bolivar notes appeared to replace the old ones, riots and looting erupted in towns across Venezuela, whose economy was already in shambles. Hundreds of grocery stores were damaged or destroyed. Ultimately, the government extended use of the old 100-bolivar notes until Jan. 2.

Venezuelan President Nicolas Maduro declared the abrupt cash overhaul an economic triumph, claiming people were racing to deposit the old notes into banks. He did not say how much was deposited.

In Pakistan, opposition lawmakers passed a resolution last week calling for the withdrawal of the country’s highest-denomination note from circulation. The government rejected that move, saying there was no need to discontinue the country’s 5,000-rupee note, worth about $48.

“The very notion of cancellation of such convenience in transactions is preposterous and unequivocally denied,” the Finance Ministry said in a statement.

___

Associated Press writers Fabiola Sanchez in Caracas and Munir Ahmed in Islamabad contributed to this report.

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Follow Katy Daigle and Nirmala George at http://www.twitter.com/katydaigle and http://www.twitter.com/NirmalaGeorge1

Note ban a single strike on terrorism, drug mafia, human trafficking: PM Modi

(THIS ARTICLE IS COURTESY OF THE HINDUSTAN TIMES NEWS PAPER)

Note ban a single strike on terrorism, drug mafia, human trafficking: PM Modi

INDIA Updated: Dec 28, 2016 01:08 IST

HT Correspondent
HT Correspondent
Dehradun, Hindustan Times

Highlight Story

Prime Minister Narendra Modi addresses a rally at Parade Ground in Dehradun, on December 27, 2016. (Vinay Santosh Kumar/HT Photo)

Prime Minister Narendra Modi dismissed on Tuesday the charge that big businesses were benefitting from the demonetisation drive, and said the poor are happy but some people are upset because his move has hit the “ringleader of thieves”.A single stroke has destroyed terrorism, drug mafia, human trafficking and counterfeiting, he said at a BJP rally in Uttarakhand.“Did you give me a full mandate in 2014 only to cut ribbons and light ceremonial lamps at inauguration ceremonies? Didn’t you elect me to combat and end corruption? Shouldn’t we fight the evil with all our might?” he asked.

Read | Mayawati says cash in BSP account legal, asks BJP to come clean on deposits

He targeted the Congress for opposing his government’s decision to demonetise 500- and 1,000-rupee notes, a move that he called a campaign to rid the country of black money and corruption.

“Corruption has destroyed the country, which was known as a bird of gold. In some, corruption is in the blood. They used the backdoor to convert their money and thought Modi cannot see,” he said.

He alleged that the Harish Rawat-led Congress government has taken Uttarakhand to “a bottomless pit of corruption” and the BJP alone could bring it out if voted to power.

Read | ‘India robbed in the name of achche din’: Rahul, Mamata attack Modi’s demonetisation move

Drawing a metaphor for misappropriation of relief funds in the hill state, which was hit by a catastrophic cloud burst in 2013, he said even a scooter with tank for five litres could drink 35 litres.

“It is, in fact, so badly afflicted that one engine alone won’t suffice to take it out of that hellhole,” Modi said. “You will need to rev up another engine to rid the state of corruption.”

He urged people to vote the BJP to power so that “two engines” — the Centre and state governments — can work in tandem for the state’s development.

Modi also referred to the OROP (One-Rank-One-Pension) scheme for ex-servicemen and saluted the defence personnel for understanding the financial constraints of the Union government and for agreeing to take the arrears in four instalments.

Read | Rs 5,500 cr paid for implementing OROP; fulfilled promise: PM Modi

The Congress and BJP have been at loggerheads in Uttarakhand ever since the Centre brought the state under President’s rule on March 27 after nine MLAs of the ruling party revolted against the Rawat government and sided with the opposition. Rawat was reinstated after he won a Supreme Court-monitored trust vote on May 10.

The PM targeted the Congress while offering the Rs 12,000-crore Chardham highway project ahead of the assembly polls.

Also read | Short-term pain of demonetisation will pave way for long-term gains: PM Modi

India: Delhi’s Lieutenant Governor Najeeb Jung Resigns

(THIS ARTICLE IS COURTESY OF THE HINDUSTAN TIMES)

Najeeb Jung’s sudden exit as lieutenant governor keeps Delhi guessing

DELHI Updated: Dec 23, 2016 07:17 IST

Kumar Uttam
Kumar Uttam
Hindustan Times

Highlight Story

Delhi’s lieutenant governor Najeeb Jung resigned from the position on Thursday, saying he would return to academics, his ‘first love’. (HT File Photo)

Delhi lieutenant governor Najeeb Jung’s resignation on Thursday might have come as a surprise to many but official sources said that it was “in the offing”.The decision was seemingly already made a couple of weeks ago and the government was looking for his successor. “It was mutually agreed,” said sources.

A home ministry official attributed Jung’s decision to hang his boots to “war weariness”. He was tired of the endless feud with the Aam Admi Party (AAP) government and couldn’t take it anymore, he said.

Another source in the government confirmed, saying that the L-G was finding it “increasingly difficult” to live up to the NDA government’s “expectations”in the national capital where the BJP lost to the Aam Aadmi Party in 2015 assembly elections.

His tumultuous tenure was marked by a continuous standoff with the AAP government over jurisdictional issues, be it the transfer of bureaucrats or rolling out of schemes and projects. The Supreme Court is now seized with the matter.

Read | Najeeb Jung vs Kejriwal govt: 5 issues over which they fought over

Jung, said sources, intimated his desire to quit to the Prime Minister Narendra Modi some time back.

Modi, sources said, had a dinner meeting with home minister Rajnath Singh in the evening, where the matter was discussed.

The NDA government was also inclined to bring a new face to change the perception about the Centre’s nominee not allowing an elected government to work. “Jung was not wrong but he should have handled the AAP government better,” said a senior BJP functionary.

Home secretary Rajiv Mehrishi said on Thursday evening that the L-G had met him on Tuesday but gave no inkling of his intention to resign.

“I met him on Tuesday to discuss few issues of Delhi and he was supposed to come to meet me on Friday as all issues could not be discussed. During Tuesday’s meeting, the L-G didn’t give any clue about his intention to resign,” he said.

Sources said Jung had told a senior Rashtrapati Bhawan official last week, “I don’t think I would continue here for long.”

He was appointed by the UPA government and was among the very few who survived in the gubernatorial bungalows after the Narendra Modi came to power two and a half years back.

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