5-member Rohingya family arrested in Kerala

New Delhi, Mar 4: The government on Wednesday permitted NRIs to own up to 100 per cent stake in disinvestment-bound Air India.

The decision comes at a time when the government is looking to sell 100 per cent stake sale in the national carrier.

Union minister Prakash Javadekar said the Cabinet has approved allowing Non-Residents Indians (NRIs) to hold up to 100 per cent stake in Air India.

Allowing 100 per cent investment by Non-Resident Indians (NRIs) in the carrier would also not be in violation of SOEC norms. NRI investments would be treated as domestic investments.

Under the Substantial Ownership and Effective Control (SOEC) framework, which is followed in the airline industry globally, a carrier that flies overseas from a particular country should be substantially owned by that country's government or its nationals.

Currently, NRIs can acquire only 49 per cent in Air India. Foreign Direct Investment (FDI) in the airline is also 49 per cent through the government approval route.

As per the existing norms, 100 per cent FDI is permitted in scheduled domestic carriers, subject to certain conditions, including that it would not be applicable for overseas airlines.

In the case of scheduled airlines, 49 per cent FDI is permitted through automatic approval route and any such investment beyond that level requires government nod.

On January 27, the government came out witha Preliminary Information Memorandum (PIM) for Air India disinvestment. It has proposed selling 100 per cent stake in Air India along with budget airline Air India Express and the national carrier's 50 per cent stake in AISATS, an equal joint venture with Singapore Airlines.

Under the latest disinvestment plan, the successful bidder would have to take over only debt worth Rs 23,286.5 crore while the liabilities would be decided depending on current assets at the time of closing of the transaction.

This is the second attempt by the government in as many years to divest Air India, which has been in the red for long.

Jan 31: President Ram Nath Kovind on Friday hailed the contentious Citizenship Amendment Act as "historic" in his address to joint sitting of both houses of Parliament, prompting protests by some opposition members.

He also said that debate and discussion on any issue strengthens democracy while violence during protests weaken it.

"The Citizenship Amendment Act is a historic law. It has fulfilled wishes of our founding fathers including Mahatma Gandhi," he said.

"Debate and discussions strengthen democracy, but violence during protests weaken democracy," he said without directly referring to the anti-CAA protests in the country some of which have witnessed violence.

In a reference to abrogation of Article 370, Kovind said there is happiness among people of India that people in Jammu and Kashmir and Ladakh have got rights on par with the rest of the country.

The president said Parliament has created record in the first seven months of the new government headed by Narendra Modi by enacting several landmark legislations.

"My government is taking strong steps for making this decade as India's decade and this century as India's century," he said.

New Delhi, Jun 16: Jet fuel or ATF price on Tuesday was hiked by 16.3 per cent while petrol price was increased by 47 paise per litre and that of diesel by a record 93 paise on the back of firming international oil rates.

Aviation turbine fuel (ATF) price was hiked by ₹5,494.5 per kilolitre (kl), or 16.3 per cent, to ₹39,069.87 per kl in the national capital, according to a price notification by state-owned oil marketing companies.

This is the second straight increase in ATF price this month. Rates were hiked by a record 56.5 per cent (₹12,126.75 per kl) on June 1.

Simultaneously, petrol and diesel prices were hiked for the 10th day in a row.

Petrol price in Delhi was hiked to ₹76.73 per litre from ₹76.26, while diesel rates were increased to ₹75.19 a litre from ₹74.26, the price notification said.

In 10 hikes, petrol price has gone up by ₹5.47 per litre and diesel by Rs 5.8 a litre.

Rates have been increased across the country and vary from state to state depending on the incidence of local sales tax or VAT.

The hike in diesel rates is the highest daily increase since the state-owned fuel retailers started daily revision in rates in May 2017.

Hike for 10th consecutive day

Tuesday’s increase in petrol and diesel price marks the 10th straight day of rise in rates since oil companies on June 7 restarted revising prices in line with costs, after ending an 82-day hiatus.

The freeze in rates was imposed in mid-March soon after the government hiked excise duty on petrol and diesel to shore up additional finances.

Oil PSUs Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) instead of passing on the excise duty hikes to customers adjusted them against the fall in the retail rates that was warranted because of fall in international oil prices.

The June 1 hike in jet fuel price had come after seven consecutive reductions in rates since February. ATF price in Delhi before the reduction cycle began in February was ₹64,323.76 per kilolitre, which got reduced to ₹21,448.62 last month.

Industry officials said the hike was necessitated because benchmark international rates have bounced back from a two-decade low.

While ATF prices are revised on 1st and 16th of every month, petrol and diesel prices are revised on a daily basis.

Oil companies used to revise ATF prices on the first of every month, but adopted fortnightly revisions on March 21 to pass on the benefit of falling international oil prices to airlines.