Anti-terror bill passed in LS; Amit Shah defends amendments

Agencies
July 24, 2019

New Delhi, Jul 24: Home Minister Amit Shah on Wednesday defended controversial amendments to an anti-terror law, saying they are was essential to keep law enforcement agencies one step ahead of terrorists.

Responding to a debate in Lok Sabha on a bill seeking to amend the Unlawful Activities Prevention Act, he asserted anti-terror laws would not be misused and used only to root out terrorism.

He said that provision in UAPA (amendment) bill, which was later passed in the Lower House by a voice vote, to designate a person suspected to have terror links as a terrorist is necessary to root out terror.

Hitting out at the Congress for opposing the amendment, he said if the UPA was correct in amending anti-terror laws in their tenure, then so is the NDA.

He said, in the name of ideology, some people promote urban Maoism and the government has no sympathy towards them.

The government fights terrorism and it should not matter which party is in power, Shah said, referring to amendments made in anti-terror laws by successive governments.

During a division of votes, demanded by AIMIM's Asaduddin Owaisi for consideration of the bill, as many as 287 MPs supported it and only eight opposed it.

Amendments brought in by some opposition members were also defeated by huge numbers during division of votes.

When the AIMIM member insisted on division of votes over amendments, Speaker Om Birla quoted rule to say that he can ask the members supporting or opposing them to stand up for counting, if he feels it appropriate.

In his speech, Shah lashed out at people behind urban Maoism, a term used by the BJP and its ideological allies for those it blames for supporting Maoists and said the government had no sympathy for them.

"In the name of idelogy, some people promote urban Maoism. We have no sympathy for them," he said.

Left-wing violence was initially considered an ideological and gullible people were misguided to kill others, he said.

"The only purpose of this law is to root out terrorism. We will ensure that this law will not be misused," he said. The Congress under the then Prime Minister Indira Gandhi had brought in UAPA, he said, targeting the opposition party, whose members earlier questioned the rationale behind the law. Radical preachers are propagating the ideology of hate and terrorism, Shah said, claiming that terrorism is born out of a person's mindset and is not about institutions.

"It is the priority of the government to root out terrorism," he said.

"Some (opposition) members said that we have destroyed the federal structure by bringing this amendment. If the federal structure has been destroyed then it was destroyed during the UPA time as the law was enacted then," he said. If somebody indulges in terrorist activities then definitely the NIA will seize his computers and other devices, he added.

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News Network
March 5,2020

New Delhi, Mar 5: Retirement fund body EPFO on Thursday lowered interest rate on provident fund deposits to 8.5 per cent for the current financial year, said Labour Minister Santosh Gangwar on Thursday.

The EPFO had provided 8.65 per cent rate of interest on EPF for 2018-19 to its around six crore subscribers. The decision was taken at a meeting of the the Employees' Provident Fund Organisation's (EPFO) apex decision making body -- the Central Board of Trustee.

"The EPFO has decided to provide 8.5 per cent interest rate on EPF deposits for 2019-20 in the Central Board of Trustees (CBT) meeting today," Gangwar told reporters after the meeting here.

Now, the labour ministry requires the finance ministry's concurrence on the matter. Since the Government of India is the guarantor, the finance ministry has to vet the proposal for EPF interest rate to avoid any liability on account of shortfall in the EPFO income for a fiscal.

The finance ministry has been nudging the labour ministry for aligning the EPF interest rate with other small saving schemes run by the government like the public provident fund and post office saving schemes.

The EPFO had provided 8.65 per cent rate of interest to its subscribers for 2016-17 and 8.55 per cent in 2017-18. The rate of interest was slightly higher at 8.8 per cent in 2015-16.

It had given 8.75 per cent rate of interest in 2013-14 as well as 2014-15, higher than 8.5 per cent for 2012-13.

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News Network
June 21,2020

New Delhi, June 21: India today recorded the highest single-day spike in infections so far with 15,413 new cases reported in the last 24 hours. The total number of positive cases in India touched 4.11 lakh on Sunday.

As per the Ministry of Health data, the total number of coronavirus cases stands at 4,10,461 cases which include 1,69,451 active cases, 2,27,756 recovered/migrated cases, and 13,254 deaths as per the Ministry of Health data.

With 1,28,205 confirmed cases of COVID-19 so far, Maharashtra remains the worst-affected state in the country, followed by Tamil Nadu with 56,845 and Delhi 56,746. 

Delhi reported its highest single-day increase of 3,630 new coronavirus cases. With this, the state’s tally rose to 56,746. The toll rose to 2,112 with 77 deaths. As many as 7,725 people recovered, taking the total recoveries to 31,294.

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News Network
March 6,2020

New Delhi, Mar 6: As panicky depositors rushed to withdraw money from Yes Bank whose control was seized by the RBI in a dramatic late-night move, Finance Minister Nirmala Sitharaman on Friday assured depositors that their money is safe and said the central bank was working for an early resolution of the crisis.

The Reserve Bank of India (RBI) on Thursday evening capped withdrawals at Rs 50,000 for the next one month and imposed strict limits on operations at the country's fourth-largest private lender that faced "regular outflow of liquidity" after an effort to raise new capital failed.

"I am in continuous interaction with the RBI. The RBI is fully seized of the matter and has assured they will give a quick resolution," Sitharaman said here.

She said no depositor will lose his or her money and insisted that the immediate priority is to ensure Yes Bank customers are able to withdraw money within the stipulated cap.

"I want to assure every depositor that their money shall be safe. Their monies are safe," she said. "I am constantly in contact with the RBI and the steps that are taken are taken in the interest of depositors, banks and economy. We are fully seized of the development."

She was talking to reporters after meeting State Bank of India (SBI) Chairman Rajnish Kumar. On Thursday, the SBI board gave its "in-principle" approval to exploring investment opportunities in Yes Bank.

"So I repeat, the depositors can be assured that their money is safe," she said.

Soon after the RBI takeover, depositors thronged Yes Bank ATMs to withdraw money and police had to be deployed in some places to control the crowds.

Yes Bank has 1,000 branches across the country.

Refusing to elaborate on her meeting with the SBI chairman, the minister said that "was on a completely different matter".

"RBI governor has given me assurance that there will be an appropriate resolution soon. No depositor will lose (money)," she said. "Reserve Bank has taken cognizance of the problem."

The central bank, she said, has gone through the "process over and over again to find out an amicable solution".

"And that has been over the last couple of months. So it is not as if they have come in suddenly now. We have been monitoring the situation," she said adding the RBI has appointed an administrator who previously was with the SBI.

"Both the RBI and the government are looking at this with all the details before them, not just today. I have personally monitored the situation over the last couple of months with the RBI. Therefore we have taken a course which will be in everybody's interest," she added.

Yes Bank had been seeking new capital since last year to bolster its ratios and quell questions about its stability due to its exposure to the non-banking finance industry entangled in a prolonged crunch in the local credit market.

The SBI chairman said the resolution to the Yes Bank crisis will come "very shortly".

"This is not a sectoral problem. It is a bank-specific problem," he said. "The RBI will take all steps to ensure financial stability."

On SBI picking up a stake in Yes Bank, he said the lender already has an in-principle approval for doing so.

"If SBI has to pick up a stake in Yes Bank, we have an in-principle approval for that," he said.

Commenting on the crisis at Yes Bank, Alka Anbarasu, Vice President – Senior Credit Officer, Financial Institutions, Moody's Investors Service, said: "RBI's moratorium on Yes Bank is credit negative as it affects timely repayment of bank depositors and creditors."

"While Moody's expects Indian authorities will take steps to prevent the weakness in the bank's viability from significantly impacting its depositors and senior creditors, the lack of a coordinated and timely action highlights continued uncertainty around bank resolutions in India," she said.

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