Centre lets land ordinance lapse, Opposition parties claim victory

August 31, 2015

New Delhi: Aug 31: Prime Minister Narendra Modi on Sunday announced that the controversial land acquisition ordinance would be allowed to lapse on Monday.

modiThis was viewed as an attempt to blunt the “anti-farmer” tag the Opposition has been politically cashing in on ahead of the Bihar Assembly polls.

In the absence of the ordinance re-promulgated thrice with some amendments that hit the Opposition wall, the UPA-drafted Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act of 2013 will become effective.

Opposition leaders hailed the rollback announcement as a victory at the JD(U)-RJD-Congress coalition’s Swabhiman rally in Patna on Sunday.

Modi, however, on his Mann Ki Baat radio programme defended his government’s proposal to amend certain provisions of the 2013 Act.

“I decide that (the land acquisition) ordinance we issued should be allowed to lapse on August 31 because I noted misinformation (about the changes) was spread to such an extent that it created fear and confusion in the minds of our farmers. The voice of farmers is the most important to me. Now, there is neither any need to be scared nor should anybody try to scare (farmers). There is no confusion now,” he said.

Though the ordinance is lapsing, 13 of its points, meant to provide direct financial benefit to farmers, are being brought under the rules effective from Sunday so farmers do not face financial loss, said Modi.

The 2013 Act required the government to equate its provisions for compensation and package with other 13 laws, including those meant for mining and railways, within a year of it coming to force so people losing their land for development projects under these laws also get compensation and rehabilitation packages assured under the Act.

“To me, every voice in my country is important but the voice of farmers is most important. There is controversy over the land acquisition bill, but the government’s mind is open to this issue. I have said time and again I am ready to accept any suggestion that is in farmers' interest,” said Modi.

The suggestions for the act’s amendment, he argued, came from states as all of them felt welfare measures had to be taken for betterment of farmers and villages, like canals to bring irrigation water, electric poles for electricity, roads and houses.

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News Network
May 5,2020

New Delhi, May 5: India registered the biggest jump in numbers of COVID-19 cases and deaths, with 3,900 new cases and 195 deaths being reported in the last 24 hours, according to the Ministry of Health and Family Welfare on Tuesday.

"3,900 COVID-19 cases and 195 deaths have been reported in the last 24 hours, the largest spike till now in both," according to the Ministry of Health and Family Welfare.

The total number of confirmed coronavirus cases in India reached 46,433, including 1,568 deaths, according to the Union Ministry of Health and Family Welfare on Tuesday.

According to the latest update by the MoHFW, 12,727 patients in the country have been cured and discharged, or have migrated, as of today morning. At present, there are 32,138 active cases in the country.

Maharashtra with 14,541 cases is the worst-affected state by the disease, while Gujarat with 5,804 cases is second on the list.

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January 7,2020

Jan 7: India’s monetary authority allowed banks to offer foreign-currency transactions outside of local market hours, a move aimed at boosting trading volumes at home.

Interbank deals, as well as those with customers in and outside India, can be undertaken by banks or their overseas branches and units at all times, the Reserve Bank of India said in a statement late Monday. It stopped short of saying whether the timing of the onshore over-the-counter market has been extended from the current 9 a.m. to 5 p.m.

The move is in line with recent recommendations to reverse the trend of the partially convertible rupee being traded more abroad than in India. London has overtaken Mumbai to become the top center for trading the rupee, adding to a sense of urgency among local authorities to deepen the onshore market.

Average daily volumes for rupee in the U.K. soared to $46.8 billion in April, a more than fivefold jump from $8.8 billion in 2016, according to a survey from the Bank for International Settlements published in September. That exceeded the $34.5 billion recorded in India.

Analysts say more trading abroad could amplify volatility in the domestic market and reduce the effectiveness of policy actions.

India’s decision comes as the London Stock Exchange Group Plc has started asking market participants if they want the bourse to function fewer hours, signaling it’s open to an argument driven by changing trading patterns and calls for a better work-life balance.

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News Network
June 10,2020

New Delhi, Jun 10: Delhi recorded 1,366 fresh cases of COVID-19 on Tuesday, taking the tally to 31,309, while the death toll mounted to 905, authorities said on Wednesday.

According to a health bulletin issued by the Delhi government's health department, there are 18,543 active cases, while 11,861 patients have either recovered, been discharged or migrated.

No health bulletin was issued on Tuesday.

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