Indian citizen held in US, charged with insider trading Acting Manhattan

 US Attorney Joon Kim said Avaneesh Krishnamoorthy made approximately USD 48,000 in illicit profits through the insider trading scheme. A 41-year-old Indian citizen has been arrested on charges of insider trading and making thousands of dollars using confidential information of a private equity firm's acquisition of a technology company. Avaneesh Krishnamoorthy, who lives in New Jersey, served as a vice president and risk management specialist for a Manhattan-based investment bank from 2015 till this month. He is charged with one count of securities fraud, which carries a maximum sentence of 20 years in prison and a maximum fine of USD 5 million. Acting Manhattan US Attorney Joon Kim said Krishnamoorthy made approximately USD 48,000 in illicit profits through the insider trading scheme. The Securities and Exchange Commission filed a parallel civil complaint alleging that the accused learned that Golden Gate Capital planned to acquire publicly traded advertising technology company Neustar Inc.

DoT may set up task force to implement right of way rules in state

 ‘Right of way’ rules pertain to regulatory clearances needed by a telecom and infrastructure service provider to lay out infrastructure like telecom towers and optic fibre cables. The Department of Telecommunications may set up a task force to facilitate and oversee implementation of 'right of way' for erecting towers and laying optic fibre cable in states, according to an official familiar with the development ‘Right of way’ rules pertain to regulatory clearances needed by a telecom and infrastructure service provider to lay out infrastructure like telecom towers and optic fibre cables. The task force will be entrusted with the task of visiting every state and ensuring that the government there brings into force the right of way rules. "Industry associations and DoT have brainstormed over the solutions needed to remove the bottlenecks in implementation of the rules. DoT agrees with the idea of setting up a task force that will go to every state to talk to officials there and thrash out the problems in implementing the policy," the official said. The right of way rules were notified on November 15, 2016 but most states are yet to implement them.

NITI's 3-year agenda suggests key reforms to bolster economy 

Niti Aayog in its three-year draft action agenda today suggested a host of reforms in taxation, agriculture and energy sectors with the objective of accelerating growth and increasing employment opportunities Niti Aayog in its three-year draft action agenda today suggested a host of reforms in taxation, agriculture and energy sectors with the objective of accelerating growth and increasing employment opportunities. The draft agenda, released by Niti Aayog Vice Chairman Arvind Panagariya today, also underlined the need for recalibrating the role of the government by limiting its involvement in activities that do not serve a public purpose. Among other things, the Aayog has also suggested the closure of loss-making CPSEs and strategic disinvestment in 20 state-owned companies The three-year agenda (2017-18 to 2019-20) called for steps to check tax evasion, expand tax base and simplify taxation system through reforms. It suggested the government could consider consolidating existing custom duty rates to a unified rate.

Double-decker overnight AC train to be launched in July 

Equipped with comfortable reclining chairs, the 120- seater AC coach will have large automatic food and tea/cold drink vending machines for passengers. The Indian Railways will launch in July the Utkrisht Double-Decker AC Yatri (Uday) Express, a special class service for overnight journey that will ply on high-demand routes. Equipped with comfortable reclining chairs, the 120- seater AC coach will have large automatic food and tea/cold drink vending machines for passengers. Uday service will ply on high-demand routes like Delhi- Lucknow and the fare will be lower than that of 3AC class in regular mail/express trains. There will be large LCD screens in every coach with Wi- Fi speaker system. 

Reducing inequality necessary to ensure long term growth:

 World Bank The bank said further improvements in the global outlook will require policies that foster inclusive and sustainable growth, address financial vulnerabilities, said the communique issued by the Development Committee at the finance ministers and central bank governors who met here for the annual Spring Meeting of the International Monetary Fund and the World Bank. Reducing inequality is necessary to ensure long-term and sustainable growth, the World Bank has said, asserting that while the global economy is gaining momentum, risks remain tilted to the downside. The bank said further improvements in the global outlook will require policies that foster inclusive and sustainable growth, address financial vulnerabilities, said the communique issued by the Development Committee at the finance ministers and central bank governors who met here for the annual Spring Meeting of the International Monetary Fund and the World Bank. "The global economy is gaining momentum, but risks remain tilted to the downside. Further improvements in the global outlook will require policies that foster inclusive and sustainable growth, address financial vulnerabilities, and create jobs and economic opportunities for all," 

After attack, France looks toward weekend presidential vote 

One of the key questions was if, and how, the attack that killed one police officer and wounded three other people might impact voting intentions. The risk for the main candidates was that misjudging the public mood, making an ill-perceived gesture or comment, could damage their chances. France began picking itself up today from another shooting claimed by the Islamic State group, with President Francois Hollande calling together the government's security council and his would-be successors in the presidential election campaign treading carefully before voting this weekend. One of the key questions was if, and how, the attack that killed one police officer and wounded three other people might impact voting intentions. The risk for the main candidates was that misjudging the public mood, making an ill-perceived gesture or comment, could damage their chances. With polling just two days away, and campaigning banned from Friday at midnight, they would have no time to recover before polls open on Sunday. Candidates canceled or rescheduled final campaign events ahead of Sunday's first- round vote in the two-stage election. On the iconic avenue in the heart of Paris, municipal workers in white hygiene suits were out before dawn today to wash down the sidewalk where the assault took place a scene now depressingly familiar after multiple attacks that have killed more than 230 people in France in little over two years.

Brace for volatility as France votes in a four-way race to elect

 President on Sunday Investors ultimately expect victory from the centrist Emmanuel Macron but are fretting over the likelihood of a strong showing by either far-Right candidate Marine Le Pen or far-Left candidate Jean-Luc Mélenchon. Global markets, which have had to weather a Brexit and a Donald Trump victory, are now edgily watching the first round of the French elections slated for Sunday. The polls show a nail-bitingly close race between four candidates, setting the stage for heightened volatility. Investors ultimately expect victory from the centrist Emmanuel Macron but are fretting over the likelihood of a strong showing by either far-Right candidate Marine Le Pen or far-Left candidate Jean-Luc Mélenchon. Two candidates qualify for the second and final round on May 7. The main risk of Le Pen or Melenchon getting to the final runoff and coming to power is that it could spell the beginning of the end for the eurozone. Investors globally have been hedging ahead of the vote by piling into safe haven assets like US Treasury and gold, and buying yen against the euro. A surge in the polls by Melenchon has again reminded investors of the anti-establishment sentiment sweeping across large parts of the world, and underlines the fact that this feeling can be harnessed for their ends by the Left as well as the Right, even if the latter has been the bigger beneficiary in recent times. Le Pen is also doing well in the polls and has a high probability of getting one of the two spots in the runoff. 

BP oil spill did $17.2 bn of damage to natural resources' 

This is the first comprehensive appraisal of the financial value of the natural resources damaged by the 134- million-gallon Deepwater Horizon oil spill disaster on April 20, 2010 The 2010 BP oil spill caused damages worth USD 17.2 billion to the natural resources in the Gulf of Mexico, according to a new study released on the seventh anniversary of the largest oil spill in US history. This is the first comprehensive appraisal of the financial value of the natural resources damaged by the 134- million-gallon Deepwater Horizon oil spill disaster on April 20, 2010 that killed 11 people. "This is proof that our natural resources have an immense monetary value to citizens of the US who visit the Gulf and to those who simply care that this valuable resource is not damaged," said Kevin Boyle, professor in the Virginia Tech College of Agriculture and Life Science in the US.

Trump to order US Treasury to delve into taxes, post-crisis reforms 

A White House official said on Thursday that Trump will issue an executive order directing the Treasury on the tax issues. US President Donald Trump will order the Treasury on Friday to find and reduce tax burdens and review post-financial crisis reforms that banks and insurance companies have said hinder their ability to do business. A White House official said on Thursday that Trump will issue an executive order directing the Treasury on the tax issues. He will also issue two memoranda asking for reviews of two parts of the 2010 Dodd-Frank Wall Street reform law - the Orderly Liquidation Authority that sets out how big banks can wind down during a crisis and the Financial Stability Oversight Council (FSOC), which is made up of the country's top regulators. The orders, which Trump will sign at the Treasury Department, next door to the White House, comes as the president works toward making good on a major campaign promise to lower taxes. Treasury Secretary Steven Mnuchin will review significant tax regulations issued in 2016 to determine if any impose an undue financial burden on American taxpayers, add undue complexity or exceed statutory authority, the official's statement said. Mnuchin said earlier on Thursday that Treasury is working on tax reform "day and night" and will soon create a sweeping overhaul.

Need to sustain global growth momentum: Christine Lagarde 

The latest World Economic Report, she noted, has forecasted growth in 2017 at 3.5 per cent and in 2018 at 3.6 percent. Noting that the world economy is picking up momentum, IMF chief Christine Lagarde has underlined the need to sustain this growth and make it more inclusive. "We are finally seeing the global economy picking up the momentum that we hope is going to be sustained in the medium and longer term,” Lagarde said at a news conference here at the start of the annual Spring Meeting of the International Monetary Fund and the World Bank. The latest World Economic Report, she noted, has forecasted growth in 2017 at 3.5 per cent and in 2018 at 3.6 percent. "This is a significant uptick from 2016, which was only at 3.1 per cent, which is all good news," the IMF Managing Director said. "But we need to make sure that this momentum is sustained and that we continue to have that growth and more, and, importantly, that the growth is shared more equitably. Looking at the downside, as we always do, there are risks (tilted) to the downside, including political uncertainty.

India needs to accelerate investment in children, education:

 World Bank Lauding Narendra Modi for demonetisation and Swachh Bharat mission, Jim said the Prime Minister needs to accelerate things quickly in educational outcomes so that India as it marches on its fast pace growth can compete in the "economy of future". It is "extremely important" for India to increase and accelerate its investment in children and education as the country has a "very high" child stunting rate, World Bank President Jim Yong Kim said today. Lauding Narendra Modi for demonetisation and Swachh Bharat mission, Jim said the Prime Minister needs to accelerate things quickly in educational outcomes so that India as it marches on its fast pace growth can compete in the "economy of future". "I think it is extremely important for India to increase and accelerate its investment in children and education," Kim told reporters at a news conference at the start of the annual Spring Meeting of International Monetary Fund and World Bank. 

Banks may take a hit on higher provisioning to telcos, but extent of impact unclear 

The cancellation of 2G auctions and reallocation of 3G waves, all funded through bank loans, and the disruptive entry of Reliance Jio with free services has created major stress on the balance sheets of telecom companies. The RBI's latest diktat to banks asking them to increase their asset provisioning over the prescribed limit could end up hurting the lenders. The cancellation of 2G auctions and reallocation of 3G airwaves, all funded through bank loans, and the disruptive entry of Reliance Jio with free services has created major stress on the balance sheets of telecom companies. The Reserve Bank of India (RBI) is worried that banks may not have fully recognised stressed assets and hence on Tuesday advised banks to consider setting aside higher capital as provision even for good loans in stressed sectors. However, the central bank has not specified the extent of higher provisioning for good loans given to telecom or other stressed sectors. Under the current rules, most standard assets attract a provision of 0.4 percent.

IndusInd and Yes: Where should investors put their money after the disappointment?

 While IndusInd Bank's provisioning wasn't due to a new RBI regulation, the first victim of the same was Yes Bank. Its pristine asset quality amid the turmoil in Indian corporate lending space was always suspect. Yes Bank declared their numbers yesterday. Amid the otherwise picture perfect results the performance on the asset quality front came as a shocker and beckons attention. IndusInd Bank, despite a very strong core performance marked by 31 percent growth in net interest income (difference between interest income and interest expenses) and 33 percent surge in non-interest income reported a rather muted 21 percent growth in profit. The result was clearly marred by 101 percent rise in provision. The management mentioned that they provided Rs 122 crore on a bridge loan for a large M&A transaction in the cement space pursuant to specific RBI advice in this regard. The provision is expected to get reversed on closure of the deal. While this could have easily been ignored as a one-off, the RBI’s recent circular makes us a lot more cautious

Splendor no longer the hero, Activa snatches lead

 The gearless scooter clocked more sales than anybody else last year to emerge as the largest selling two-wheeler brand in India. This brings the curtains down on the dominance of Splendor, which has not just been the largest selling model for Hero MotoCorp but for India as well for more than a decade. Honda’s best-seller Activa has dethroned Hero's Splendor to take the Japanese company one step closer to attaining the numero uno position in India. The gearless scooter clocked more sales than its competition last year to emerge as the largest selling two-wheeler brand in India. This brings the curtains down on the dominance of Splendor, which has not just been the largest selling model for Hero MotoCorp but for India as well for more than a decade. While Activa had surpassed Splendor intermittently in some earlier months during 2016, this is the first time that the gearless scooter emerged on top for a full year. Activa clocked sales of 2.75 million units last year whereas Splendor managed sales of 2.55 million units, according to data collected by the Society of Indian Automobile Manufacturers. While Activa posted growth of 12 percent last year Splendor grew by just 2.6 percent during the same year compared to 2015-16.

Revolt in AIADMK against Sasikala, some loyalists back her 

"There was a consensus to delink the government and the party from TTV Dhinakaran and the family he belongs to. This is the view of the basic partymen, district secretaries, MLAs and Ministers," Finance Minister D Jayakumar told reporters after a "consultative" meeting chaired by Palaniswami and attended by several ministers. An influential section of Sasikala loyalists led by Chief Minister E K Palaniswami revolted against the AIADMK general secretary, resolving to "delink" the party and the government from her family, and extending a hand of friendship to the rival O Panneerselvam camp. "There was a consensus to delink the government and the party from TTV Dhinakaran and the family he belongs to. This is the view of the basic partymen, district secretaries, MLAs and Ministers," Finance Minister D Jayakumar told reporters after a "consultative" meeting chaired by Palaniswami and attended by several ministers. The development came on a day when Panneerselvam, a staunch loyalist of the late Chief Minister J Jayalalithaa and leader of the rival AIADMK faction, made merger talks between the two camps conditional to the ouster of V K Sasikala and her nephew Dhinakaran, who is standing-in for his jailed aunt as her deputy. Though Panneerselvam commanded the support of just about 12 of the party's 134 MLAs, there has been public anger among the AIADMK supporters who hold Sasikala responsible for Jayalalithaa's conviction in a disproportionate assets case.

Vijay Mallya arrest and bail: Why bankers should not rejoice yet 

Bankers among the 17 consortium of lenders to Mallya-owned now defunct Kingfisher Airlines are happy that he was undergoing the legal trial in the United Kingdom where is escaped last year in March to avoid being arrested in India. While the entire Indian media flashed the breaking news of Indian businessman Vijay Mallya’s arrest and subsequent bail after only three hours in London on Tuesday, bankers will still have to cross many hurdles before they can get their dues back. Bankers among the 17 consortium of lenders to Mallya-owned now defunct Kingfisher Airlines are happy that he was undergoing the much-awaited legal trial in the United Kingdom. Mallya fled to the UK in March last year to avoid getting arrested in India. The liquor baron Mallya owes banks and Service Tax Department a total of about Rs 9,000 crore including the principal loan amount, interest and penalties. However, it might be too early to cheer as there are many stages which an extradition request needs to pass through before an individual resident of the UK is handed over to India.

Iran opens new South Pars gas field phases worth $20 bn 

The ribbon-cutting of phases 17-21 pave the way for Iran to surpass the production levels of neighbouring Qatar, which shares half the offshore gas field, Iranian officials said. Iran's President Hassan Rouhani inaugurated five new phases of the South Pars gas field, the result of some USD 20 billion in investment, local media reported. The ribbon-cutting of phases 17-21 pave the way for Iran to surpass the production levels of neighbouring Qatar, which shares half the offshore gas field, Iranian officials said. "Our production has reached 575 million cubic metres per day," said Rouhani Iran's total gas production is 885 million cubic metres per day. "At the height of sanctions, with the help of Iranian engineers and workers, we succeeded in developing 11 phases of South Pars," added Oil Minister Bijan Namadar Zanganeh. South Pars is the largest known gas reservoir in the world. Iran has the second-largest gas reserves in the world after Russia, and the fourth-largest oil reserves.

Saudi prince remains on top of world's richest Arabs list: 

Forbes According to the list, the UAE's Majid Al Futtaim is placed at second position for the first time at USD 10.6 billion, followed by Saudi Arabia's Mohammed Al Amoudi who's worth USD 8.1 billion. Saudi Arabia's Prince Alwaleed bin Talal remains at the top of the Arab world's richest list with an estimated net worth of USD 18.7 billion, up by USD 1.4 billion, according to the latest Forbes' Middle East list The magazine unveiled its annual rankings of the World's Richest Arabs in its April issue According to the list, the UAE's Majid Al Futtaim is placed at second position for the first time at USD 10.6 billion, followed by Saudi Arabia's Mohammed Al Amoudi who's worth USD 8.1 billion. There are two new entrants this year: Qatar's former prime minister, Hamad bin Jassim bin Jaber Al Thani, who has an estimated net worth of USD 1.3 billion. He holds a 3 per cent stake in Deutsche Bank. Mohammed Serafi, also a newcomer, is one of the largest individual investors in the Saudi stock market, with a net worth of USD 1 billion. He has shares in real-estate company Taiba Holding and Makkah Construction and Development Company. Forbes ranked Indian-Omani businessman PNC Menon under Oman, since he's a citizen of that country. He hails from Thrissur in Kerala. The magazine did not say what was his ranking.

March 2017 second hottest on record:

 NASA Last month was 1.12 degrees Celsius warmer than the mean March temperature from 1951-1980. The two top March temperature anomalies have occurred during the past two years. Last month was the second warmest March in 137 years of modern record-keeping, according to a monthly analysis of global temperatures by NASA. Last month was 1.12 degrees Celsius warmer than the mean March temperature from 1951-1980. The two top March temperature anomalies have occurred during the past two years

BHIM app for Android, iOS gets an upgrade; three key features

 The app authenticates a customer’s biometric details linked to his Aadhaar account through fingerprint scanner. The app can thus does away with the need to remember banking details such as PINs and make cashless transactions simpler and hassle-free. National Payments Council of India on Friday launched an upgraded version of Bharat Interface for Money, or BHIM app for Android and iOS users. NPCI has refined the app to incorporate multiple languages such as Marathi, Punjabi and Assamese keeping in mind the regional users. Beside, Prime Minister Narendra Modi on Friday launched BHIM Aadhaar app for retailers and merchants which lets citizens make purchases without their smartphone or even credit/debit cards. The app authenticates a customer’s biometric details linked to his Aadhaar account through fingerprint scanner.

PM Narendra Modi launches BHIM-Aadhaar app; Here’s how it works 

The app authenticates a customer’s biometric details linked to his Aadhaar account through fingerprint scanner. The app can thus does away with the need to remember banking details such as PINs and make cashless transactions simpler and hassle-free.Prime Minister Narendra Modi on Friday launched BHIM Aadhaar app for retailers and merchants which lets citizens make purchases without their smartphone or even credit/debit cards. How BHIM Aadhaar app works The app authenticates a customer’s biometric details linked to his Aadhaar account through fingerprint scanner.

India’s smartphone market is seeing a huge shift but Apple might not see

 The benefits for at least 2 years Two in three of the over 1,500 Indian mobile users surveyed by Counterpoint, said they plan to upgrade within the next year. This is a shortening of the average 24 to 30-month upgrade cycle, to just under 20 months, the analyst firm concluded Most of India's mobile phone users are planning to upgrade to a new device in the next 12 months driven by consumers wanting 4G handsets, a trend that is positive for premium electronics giants like Apple and Samsung in the long-term, according to Counterpoint Research. Two in three of the over 1,500 Indian mobile users surveyed by Counterpoint, said they plan to upgrade within the next year. This is a shortening of the average 24 to 30-month upgrade cycle, to just under 20 months, the analyst firm concluded. Indian mobile users' desire for 4G capable phones with more advanced features is driving the trend. One in three respondents were considering phones with a fingerprint sensor and a better front-facing selfie camera. The trend is positive in the long-term for the likes of Apple and Samsung, which both offer premium handsets at a high price. But in the near-term neither will see a boost in India, a country seen as a driver of growth in a slowing smartphone market.

EPFO members to get loyalty-cum-life benefit of up to Rs 50,000 

The benefit will also be provided in case of permanent disability even if the members have contributed for less than 20 years, the EPFO board has decided. Retirement fund body EPFO's subscribers will get loyalty-cum-life benefit of up to Rs 50,000 at the time of retirement for contributing to the scheme for 20 years or more. The benefit will also be provided in case of permanent disability even if the members have contributed for less than 20 years, the EPFO board has decided. The Employees' Provident Fund Organisation's (EPFO) apex decision making body, the Central Board of Trustees (CBT), has recommended a minimum sum assured of Rs 2.5 lakh in the event of death of a subscriber. "The CBT has recommended amending the Employees' Deposit Linked Insurance Scheme (EDLI) to provide for minimum benefit of Rs 2.5 lakh and loyalty-cum-life benefit of up to Rs 50,000 at a meeting held yesterday," a senior official said. "The suggested benefits will be available to members after government approval. Initially, these will be provided for two years on a pilot basis and will be reviewed thereafter."

IDFC Alternatives eyes First Solar's assets in India for $200 million:

 Two sources privy to this development have told the newspaper that IDFC Alternatives is interested in acquiring First Solar's power generation assets. IDFC Alternatives is looking to buy First Solar's 200 MW worth of renewable power assets in India at a price valued at around Rs 200 million, Two sources privy to this development have told the newspaper that IDFC Alternatives is interested in acquiring First Solar's power generation assets. First Solar, an American photovoltaic (PV) manufacturer of solar panels, was among the first solar companies to enter the Indian market and in terms of total shipment counts India as its second largest market after the US. This news comes against the backdrop of falling solar tariffs. During the auction of a 250 MW project at Kadapa in Andhra Pradesh, the levelised solar power tariff dropped to an all-time low of Rs 3.15 per unit. The constant drop in tariff is due to the government's liberal policy interventions, such as waiver of transmission and wheeling costs along with other various subsidies. 

Ensure timely collection of taxes: Parliamentary panel to FinMin 

With reference to the Insurance Regulatory and Development Authority of India (Irdai) case (of April 2012) wherein recovery of Rs 22.58 crore service tax was delayed, the committee said officials concerned in the ministry as well as Irdai may be appropriately warned to be more careful in future. A parliamentary committee has underlined the need for effective coordination between various departments of the Finance Ministry to ensure that tax collection is not hampered due to procedural issues. With reference to the Insurance Regulatory and Development Authority of India (Irdai) case (of April 2012) wherein recovery of Rs 22.58 crore service tax was delayed, the committee said officials concerned in the ministry as well as Irdai may be appropriately warned to be more careful in future. "The ministry should adopt and apply electronic systems / approach to all its processes to streamline the methodology of clarifications and obtaining information to avoid instances of unconscionable delay," the Public Accounts Committee said in its report on 'Avoidable Expenditure on Service Tax by Irdai' tabled in Parliament today.

Flat solar power tariff drops to all time low of Rs 3.15/unit 

Earlier in February, the lower capital expenditure and cheaper credit had pulled down solar tariff to a new low of Rs 2.97 per unit for the first year in an auction conducted for 750 MW capacity in Rewa Solar Park in Madhya Pradesh. The levelised solar power tariff has dropped to all time low of Rs 3.15 per unit in an auction of a 250 MW project at Kadapa in Andhra Pradesh. Earlier in February, the lower capital expenditure and cheaper credit had pulled down solar tariff to a new low of Rs 2.97 per unit for the first year in an auction conducted for 750 MW capacity in Rewa Solar Park in Madhya Pradesh. However, the levelised tariff for Rewa project worked out to be Rs 3.30 per unit. 

Duty-free imports unlikely to bring down sugar prices 

"Duty-free import is unlikely to have any significant negative impact on the prices or profitability of sugar mills in the near-term. While raw sugar imports are unlikely to negatively impact domestic sugar prices, this may dampen prospects of a further price rise," Icra said in a report Duty-free import of raw sugar till June is unlikely to bring down retail prices in the near-term, says a report Recently government allowed duty-free import of raw sugar to the tune of 0.5 million tonne till June 12. "Duty-free import is unlikely to have any significant negative impact on the prices or profitability of sugar mills in the near-term. While raw sugar imports are unlikely to negatively impact domestic sugar prices, this may dampen prospects of a further price rise," Icra

In a first, legal summons sent via WhatsApp

 Summons in such cases are usually sent by registered post to the physical address of the respondents, but Khemka in his order observed that law follows technological advancements and is not fossilised. In a first, a court of financial commissioner in Haryana headed by IAS officer Ashok Khemka has ordered serving of summons in a property dispute case through WhatsApp to one of the respondents who shifted to Kathmandu. Summons in such cases are usually sent by registered post to the physical address of the respondents, but Khemka in his order observed that law follows technological advancements and is not fossilised. The summons were ordered to be served through Whatsapp messenger service on April 6 to the respondent in a case involving a property partition dispute among three brothers in a village in Hisar district of Haryana. The court of financial commissioner is a quasi-judicial body. In the case, the process server (court official) had submitted a report that one of the respondents no longer resides in the village and had shifted to Kathmandu, but his address there was not known. 

Why a printing error is causing anxiety amongst H1B visa holders

Suspension of premium processing and a small error in printing the current classifications of visas, is causing anxiousness amongst H1B workers employed by the IT outsourcing companies Even as the cap for this year’s quota of 65,000 H1B visas was reached in a matter of four days starting April 3, a printing error on visas issued or renewed this year is causing anxiousness in the Indian tech industry workers. A US printing press under the visa processing centres is mistakenly printing ‘1B1’ instead of H1B on approved petitions of many visa holders, which is making their travel plans go awry. The error is making difficult emergency travel out of the US for many H1B holders bound for their home country as they fear a problem in returning to the US after leaving its shores. The error has been especially noticed by foreign passport holders who recently applied for the now suspended premium processing programme for for renewals or restamping. Candidates are also finding it difficult as the USCIS by law does not entertain their enquiries. 

President Mukherjee calls Aadhaar a watershed event, praises

 Centre for digital push Aadhaar enabled payment system has made digital payments possible for even those who do not have mobile phones. President Pranab Mukherjee praised the Modi government for taking bold steps and promoting the culture of digital payments yesterday at a ceremony when he picked the lucky winner for the digital promotion scheme at Rashtrapati Bhavan. He stressed that country is on the cusp of a digital revolution with more than a billion Indians having a unique identity number with a biometric identifier which is unique in its own way. He highlighted the importance of the Aadhaar card initiative, saying it is a watershed event in development story of India. Mukherjee stated that India has a long way to go before it becomes a cashless society as predominantly the country remains primarily a cash-based economy with about 95 percent of the personal consumption and 86 percent of all transactions being in cash. India is still some distance away from being predominant cash-less society. 

Trump, Xi establish US-China Comprehensive Dialogue 

 US President Donald Trump and his Chinese counterpart Xi Jinping have established the US-China Comprehensive Dialogue. US President Donald Trump and his Chinese counterpart Xi Jinping have established the US-China Comprehensive Dialogue and agreed to expand areas of cooperation while managing differences based on mutual respect, the White House said today. "The two presidents agreed to elevate existing bilateral talks to reflect the importance of making progress on issues," White House Press Secretary Sean Spicer said at the conclusion of the Trump-Xi meeting at Mar-a-Lago resort in Florida. Trump and Xi also established a new and cabinet-level framework for negotiations, Spicer said. The United States-China Comprehensive Dialogue will be overseen by the two presidents and have four pillars: Diplomatic and Security Dialogue; Comprehensive Economic Dialogue; Law Enforcement and Cybersecurity Dialogue; and Social and Cultural Issues Dialogue. "The two sides agreed to undertake an ambitious agenda and meeting schedule to show progress and demonstrate meaningful results," he said They had several rounds of meetings over the last two days 

India's Internet economy to reach $250 bn by 2020:

 India's Internet economy is expected to grow from USD 100-130 billion (about 5 percent of GDP) to USD 215-265 billion (7.5 per cent) by 2020 with e-commerce and financial services projected to lead this growth, the report titled 'The USD 250 Billion Digital Volcano: Dormant No More' said. India's Internet economy is set to touch USD 250 billion, driven by strong addition in online users and explosive growth in data consumption, a BCG-TiE report today said. India's Internet economy is expected to grow from USD 100-130 billion (about 5 percent of GDP) to USD 215-265 billion (7.5 per cent) by 2020 with e-commerce and financial services projected to lead this growth, the report titled 'The USD 250 Billion Digital Volcano: Dormant No More' said.E-commerce and financial services is expected to comprise USD 40-50 billion, e-commerce products USD 45-50 billion and digital media and advertising at USD 5-8 billion, the report added.

HDFC Bank launches its UPI on Chillr Country's 

Second largest private sector lender HDFC Bank today launched its unified payment interface app on the fintech startup Chillr. HDFC Bank today launched its unified payment interface app on the fintech startup Chillr. "Our association with Chillr goes back to the start-up's early days. With this launch, we are taking it to the next level," its country head for digital banking Nitin Chugh said in a statement. The UPI on Chillr is in addition to the same facility available on the bank's mobile banking application. Chillr has been running on IMPS with 11 banks prior to the launch and has achieved a milestone of monthly transaction value of over Rs 500 crore, it said, adding customers of 33 more banks will be able to use its services after today's launch 

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US employment growth seen slowing as warm weather boost fades

 Non farm payrolls probably increased by 180,000 jobs last month, according to a Reuters survey of economists, near 2016's 187,000 monthly average job growth. The unemployment rate is forecast to be unchanged at 4.7 percent. US job growth likely slowed in March after unseasonably mild weather boosted hiring over the prior two months, but the pace of gains should underscore the economy's strength despite a recent slowdown in economic growth. Nonfarm payrolls probably increased by 180,000 jobs last month, according to a Reuters survey of economists, near 2016's 187,000 monthly average job growth. The unemployment rate is forecast to be unchanged at 4.7 percent. The Labor Department will release its closely watched employment report on Friday. Readings in line with expectations would reinforce views the economy's fundamentals remain solid despite gross domestic product appearing to have slowed to around a 1.0 percent annualized growth pace in the first quarter after rising at a 2.1 percent rate in the final three months of 2016.

Bangladesh PM Sheikh Hasinaembarks on four-day India visit

 During her visit, which comes after a gap of seven years, Hasina will hold wide-ranging talks with her Indian counterpart Narendra Modi tomorrow during which India is also set to announce a line of credit of USD 500 million to Bangladesh for military supplies. Bangladesh Prime Minister Sheikh Hasina today embarked on a four-day visit to India which will see signing of at least 25 bilateral agreements including in key areas of civil nuclear cooperation and defence. During her visit, which comes after a gap of seven years, Hasina will hold wide-ranging talks with her Indian counterpart Narendra Modi tomorrow during which India is also set to announce a line of credit of USD 500 million to Bangladesh for military supplies."The upcoming visit is expected to further expand the cordial and cooperative relationship between India and Bangladesh and build on the strong ties of friendship and trust between the two leaders," a joint statement issued by the two countries said earlier. Hasina will also call on President Pranab Mukherjee and meet opposition leader Sonia Gandhi. She will visit Ajmer on Sunday and will meet Indian business leaders on Monday. 

Indian state-run companies mull daily fuel price change: 

State-owned and India's biggest oil marketing company Indian Oil Corp Ltd and its two smaller peers Bharat Petroleum and Hindustan Petroleum are considering ways to roll out the plan to review petrol and diesel prices daily, executives from the firms told the daily hindustan petroleum corporation Hindustan Petroleum are considering ways to roll out the plan to review petrol and diesel prices daily, executives from the firms told the daily. The state-run companies declined to immediately comment The daily price change - also called dynamic fuel pricing - essentially means the companies will not wait for a fortnight to adjust the price of petrol and diesel in tandem with crude price as they do now. Instead, they will change the price everyday based on crude price movements. This will help India move to an international standard of fuel pricing "This will cushion the companies from any loss they face due to currency and crude movements over a 15-day period and will make their margins more predictable," said Dhaval Joshi, analyst with Emkay Global Financial Services.Reliance Industries, which currently follow the price set by state-owned companies, to also shift to a dynamic model 

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Jubilant Life gets USFDA nod for arthritis drug 

The company "has received Abbreviated New Drug Application (ANDA) final approval for Celecoxib Capsules, 50 mg, 100 mg, 200 mg, and 400 mg," Jubilant Life Sciences said in a BSE filing. Jubilant Life Sciences today said it has received final approval from the US health regulator for Celecoxib capsules used for the treatment of osteoarthritis and rheumatoid arthritis The company "has received Abbreviated New Drug Application (ANDA) final approval for Celecoxib Capsules, 50 mg, 100 mg, 200 mg, and 400 mg," Jubilant Life Sciences said in a BSE filing. The company's product is the generic version of Celebrex of GD Searle, which is used for the treatment of osteoarthritis and rheumatoid arthritis, it added. This is the first approval received by the company from the USFDA during the current financial year. As on December 31, 2016, Jubilant Life Sciences had a total of 73 ANDAs for oral solids filed in the US, of which 49 have been approved, the filing said. Shares of the company were trading at Rs 831.10 , down 0.41 per cent on BSE. 

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Flipkart is banking on AI technology to build sales strategy

 India’s e-commerce giant Flipkart is betting on an artificial intelligence (AI) solution that will use its vast data of online consumer market collected over 10 years to make smarter decisions to predict sales of product India’s e-commerce giant Flipkart is betting on an artificial intelligence (AI) solution that will use its vast data of online consumer market collected over 10 years to make smarter decisions to predict sales of products. "We are trying to predict how many units of what we will sell. This is a very complex thing that is dependent on a variety of inputs such as price, discount or if an event, such as Diwali or Christmas is coming up," Krishnendu Chaudhury, principal scientist and head of image sciences at Flipkart, was 10-year-data-to-build-ai-platform-for-sales-prediction-by Business Standard as saying. Although global player Amazon has been in the e-commerce space 10 years before Flipkart, it set foot in India only in 2013.

Veto will not preclude us from acting: US on terror sanctions 

The US said today that countries using veto to scuttle sanctioning of terrorists will not "preclude" it from taking actions, amid continued Chinese opposition to efforts to get Pakistan-based JeM chief Masood Azhar banned by the UN. The US said today that countries using veto to scuttle sanctioning of terrorists will not "preclude" it from taking actions, amid continued Chinese opposition to efforts to get Pakistan-based JeM chief Masood Azhar banned by the UN. "The administration very much is looking at all of these avenues and some of the things we have talked about is sanctions and who is on the list and how we have managed that," US' envoy to the UN Nikki Haley told reporters here. "And that is part of what we are going to try and find our place with is that we do want to make sure that we are calling out those that we need to call out," she said. Haley made the remarks while addressing a press conference after assuming role of President of the Security Council for the month of April. She was asked about efforts to get terrorists, particularly those in the South Asian region, sanctioned under UNSC's sanctions list and how another permanent member scuttles these efforts by using its veto power, a veiled reference to China blocking moves to ban Jaish-e-Mohammed chief Azhar. 

US approves ChemChina's $43 bn takeover of Syngent 

Under a preliminary settlement, the FTC yesterday said it required the divestitures to address a loss of competition over the herbicide paraquat and two other products in which the merger would have likely led to higher prices for consumers. US approves Chem China's $43 bn takeover of Syngenta" US antitrust regulators approved Chem China's USD 43 billion takeover of Swiss pesticide and seed giant Syngenta after they agreed the Chinese company must sell three products, the Federal Trade Commission has said. The deal would mark the largest foreign takeover by a Chinese firm. Under a preliminary settlement, the FTC yesterday said it required the divestitures to address a loss of competition over the herbicide paraquat and two other products in which the merger would have likely led to higher prices for consumers. The US federal agency said the deal, as originally proposed, created antitrust problems because Chem China's generics subsidiary ADAMA is either the first- or second-largest generics supplier in the United States for the three products in question. The other two products are the insecticide aba mectin, which protects primarily citrus and tree nut crops, and the fungicide chloro thalonil, which protects peanuts and potatoes.

US funding cut to UNFPA may have devastating effects: 

UN chief The UN chief said that cutting financial support for the UN Population Fund, formerly the United Nations Fund for Population Activities (UNFPA), which is active in more than 150 countries and territories, is based on a misinterpretation of the agency's work UN Secretary-General Antonio Guterres has voiced "deep regret" at the US' decision to cut financial support for the United Nations Population Fund, saying the move could have "devastating effects" on the health of vulnerable women and girls around the world The UN chief said that cutting financial support for the UN Population Fund, formerly the United Nations Fund for Population Activities (UNFPA), which is active in more than 150 countries and territories, is based on a misinterpretation of the agency's work. "The Secretary-General deeply regrets the decision by the United States to cut financial support for the UN Population Fund, which could have devastating effects on the health of vulnerable women and girls and their families around the world," a statement issued by Guterres' spokesperson here said yesterday.

PM Modi inaugurates India's longest road tunnel 

 The 9-km long 'Chenani–Nashri Tunnel', built at the cost of Rs 2,500 crore, was dedicated to the nation by the Prime Minister here in presence of Jammu and Kashmir Governor N N Vohra and Chief Minister Mehbooba Mufti. Prime Minister Narendra Modi inaugurated the country's longest road tunnel that links Kashmir Valley with Jammu by an all-weather route and reduces the distance by 31 kms. The 9-km long 'Chenani–Nashri Tunnel', built at the cost of Rs 2,500 crore, was dedicated to the nation by the Prime Minister here in presence of Jammu and Kashmir Governor N N Vohra and Chief Minister Mehbooba Mufti. After the inauguration, Modi, along with Vohra and Mehbooba, travelled in an open jeep through the tunnel for some distance. The Prime Minister, the Governor and the Chief Minister then posed for a photograph with the engineers who were involved in construction of the tunnel.

Indian markets bet on a hands-off RBI and stronger rupee

 Those modest measures have sparked a range of speculative theories, including a view that the RBI's reticence is intended to keep India from appearing on U.S. President Donald Trump's currency manipulator radar. The Reserve Bank of India's mysterious tolerance of a stronger rupee has completely upended market expectations, with traders who once braced for record lows becoming their most exuberantly bullish since Narendra Modi was elected Prime Minister in May 2014. Bullish bets are piling up, with the Reserve Bank of India surprising investors with only feeble attempts to curb a rupee rally. Those modest measures have sparked a range of speculative theories, including a view that the RBI's reticence is intended to keep India from appearing on U.S. President Donald Trump's currency manipulator radar. Regardless of the RBI's intentions, traders appear emboldened to aggressively short dollar/rupee in spot markets, even as the rupee has hit its strongest against the dollar since October 2015 at 64.7650, to become the best performer among Asian peers.

India factory activity at five-month high in March on strong demand:

 PMI The Nikkei Manufacturing Purchasing Managers' Index, compiled by IHS Markit, rose to 52.5 in March, from 50.7 in February, the third month in a row that is has been above the 50 mark that separates growth from contraction. Activity in India's manufacturing sector expanded at the fastest pace in five months in March as output and new orders accelerated, according to a private survey that also showed price pressures eased.

China March factory activity expands but at slower pace: 

 Caixin The Caixin/Markit Manufacturing Purchasing Managers' index (PMI) fell to 51.2 in March, missing economist forecasts' of 51.6 and down from February's 51.7. Activity at China's factories expanded for a ninth straight month in March but at a softer pace as new export orders slowed, a private survey showed, raising questions about whether a recent pickup in global demand is losing steam. The Caixin/Markit Manufacturing Purchasing Managers' index (PMI) fell to 51.2 in March, missing economist forecasts' of 51.6 and down from February's 51.7. While the index was still well above the 50.0 mark which separates expansion from contraction on a monthly basis, the rates of growth in output, total new orders, input and output prices all slipped in March from the previous month. Growth in export orders slowed sharply, falling to a three-month low of 51.9 from 53.8 in February. The findings contrast with those of China's official factory survey on Friday, which showed activity grew the fastest in nearly 5 years in March. It also showed orders improved from home and abroad But the Caixin/Markit survey tends to focus more on small and mid-sized manufacturers, which may be benefitting less from a months-long construction boom than big industrials such as steel mills. A sub-index of the official survey had showed small companies were still struggling, though conditions were slowly improving.

Will get down to 'serious business': Trump on meeting with Xi Jinping 

"Next week, as you know, in Florida at the southern White House, we're having the president of China and a large group from China, his representatives, and we're going to get down to some very serious business," Trump told reporters at an Oval Office ceremony to sign executive orders on trade. US President Donald Trump has said he will get down to some "very serious business" with his Chinese counterpart Xi Jinping when they meet next week for their first summit. "Next week, as you know, in Florida at the southern White House, we're having the president of China and a large group from China, his representatives, and we're going to get down to some very serious business," Trump told reporters at an Oval Office ceremony to sign executive orders on trade. On April 6 and 7, Trump and Xi would meet at the President's Mar-a-Lago residence in Florida, often described as the 'Southern White House'. "We look forward to it (meeting with Xi). I've spoken to him numerous times on the phone. We look very much forward to it," Trump said.