Don’t send 5 arrested activists to jail now; keep them in house arrest till Sept 6: SC

Kathmandu, June 18: Nepal's National Assembly on Thursday unanimously passed the Constitution Amendment Bill to update the country's political and administrative map incorporating three Indian territories. 

The new map also includes land controlled by India. It requires President Bidhya Devi Bhandari's approval.

India, which controls the region - a slice of land including Limpiyadhura, Lipulekh and Kalapani areas in the northwest - has rejected the map, saying it is not based on historical facts or evidence.

India has termed as untenable the "artificial enlargement" of territorial claims by Nepal after its lower house of parliament on Saturday unanimously approved the new political map of the country featuring areas which India maintains belong to it.

The National Assembly, or the upper house of the Nepalese parliament, unanimously passed the constitution amendment bill providing for inclusion of the country's new political map in its national emblem.

The bill was passed with all the 57 members present voting in its favour.

The dispute

The latest border dispute between the countries began last month after India inaugurated Himalayan link road built in a disputed region that lies at a strategic three-way junction with Tibet and China.

The 80km (50-mile) road, inaugurated by Indian Defence Minister Rajnath Singh, cuts through the Lipulekh Himalayan pass, considered one of the shortest and most feasible trade routes between India and China.

The road cuts the travel time and distance from India to Tibet's Mansarovar lake, considered holy by the Hindus.

But Nepal says about 19km of the road passes through its area and fiercely contested the inauguration of the road, viewing the alleged incursion as a stark example of bullying by its much larger neighbour.

Nepal, which was never under colonial rule, has long claimed the areas of Limpiyadhura, Kalapani and Lipulekh under the 1816 Sugauli treaty with the British East India Company, although these areas have remained under the control of Indian troops since India fought a war with China in 1962.

New Delhi, Apr 21: The historic rout in oil markets that sent US crude prices plummeting to as much as minus USD 40 a barrel is unlikely to translate into any big reduction in petrol and diesel prices in India as domestic pricing is based on different benchmark, and refineries are already filled up to brim and cannot buy US crude just yet.

With storage capacity already overflowing amid coronavirus-induced demand collapse, traders rushed to to get rid of unwanted stocks triggering the collapse of US West Texas Intermediate (WTI) crude for May delivery.

Indian Oil Corp (IOC) Chairman Sanjiv Singh said the collapse was triggered by traders unable to take deliveries of crude they had previously booked because of a demand collapse. And so they paid the seller to keep oil in their storage.

"If you look at June futures, it is trading in positive territory... around USD 20 per barrel," he said.

Low oil prices may seem good in short-term but in the long run it will hurt the oil economy as producers will have no surplus to invest in exploration and production which will lead to a drop in production, he said.

He did not comment on retail fuel prices that have been static since March 16.

Oil companies have not changed rates despite a fall in international prices as they first adjusted them against the increase that was warranted from a Rs 3 per litre hike in excise duty and close to Re 1 per litre additional cost of switching over to cleaner BS-VI grade fuel from April 1.

Petrol in Delhi is priced at Rs 69.59 a litre and diesel comes for Rs 62.29 per litre.

"The negative price has no direct impact on India or Indian oil prices, as this has taken place due to crude oil produced and traded within the US. India's prices are driven partly by another benchmark, the Brent, which is still trading at USD 25/barrel. Therefore, the retail price of fuels in India are unlikely to fall," said Amit Bhandari, Fellow, Energy and Environment Studies, Gateway House.

Also, Indian refineries are already overflowing as fuel demand has evaporated due to the unprecedented nationwide lockdown imposed to curb spread of COVID-19. So, they can't rush to buy US crude.

The refineries have already cut operating rate to half because the fuel they produce has not been sold yet.

India imports 4 million barrels/day (1.4 billion barrels/year) of oil. The country has been benefitting from the falling prices of oil for the last five years, when oil dropped from a peak of USD 110/barrel to USD 50-60/barrel last year, enabling India to invest in public service programmes.

"However, the additional USD 30 fall of this week is good for India - but there is also a downside. If oil prices are too low, the economies of oil-rich gulf countries will be hurt, threatening the job prospects of the 8 million Indians working in the Gulf countries. India is the largest recipient of foreign remittances due to these workers – very low oil prices will hurt this cash stream," Bhandari said.

He said the negative price of oil shows how much oil oversupply exists in international markets today. "Global oil consumption has fallen due to the COVID-19 pandemic that traders are willing to pay customers to get rid of the barrels they can't store. The world does not have enough storage capacity, and dumping the oil is an environmental crime."

The first half of April saw Brent crude oil prices plummet 63.6 per cent to USD 26.9 per barrel. Prices of Western Texas Intermediate (WTI), the American oil, had also fallen similarly by 63.1 per cent.

But on April 20, WTI prices turned rapidly negative because traders on the Nymex exchange rushed to offload their May futures positions a day before expiry of contracts (on April 21).

Such WTI futures are traded on the Nymex exchange with contracts settled in physical crude oil. Problem is, those who had gone long are unable to find storage facilities for the oil and had to liquidate their contracts before expiry. This caused the plunge in WTI prices.

Contrast to this, June WTI Nymex futures prices is hovering around USD 21, while Brent for June delivery is at USD 25.

Miren Lodha, Director, CRISIL Research said the demand for crude oil was declining already because of economic slowdown when the COVID-19 pandemic-driven lockdowns crushed it further.

Consequently, oil demand is expected to contract by 8-10 million barrels per day (mbpd) in 2020 assuming demand recovery begins from the third quarter of the year, he said, adding if recovery doesn't happen by then, further demand destruction could occur.

On the supply side, producers reining in output following a strategic deal between OPEC members, Russia and the US.

Under this agreement, OPEC+ would reduce oil production by 9.7 mbpd for May and June, but gradually ease the curb to 7.7 mbpd between July and December 2020, and to 5.8 mbpd till April 2022 to stabilise prices.

"This is expected to reduce some surplus in the market by the end of 2020," Lodha said.

Crude oil demand is expected to decline by over 20 mbpd in April alone. Typically, monthly global demand is about 100 mbpd. Given this scenario, supply curbs would have limited influence.

Consequently, Brent oil prices is expected to be in the USD 25-30 range for the second quarter while increasing marginally in the last 2 quarters of 2020.

"The gigantic inventory build-ups and lack of storage facilities would also put pressure on prices," he said, adding overall Brent could average USD 30-35 in 2020, with a strong downward bias.

New Delhi, Feb 5: Kapil Baisala who opened fired at the Shaheen Bagh protest site last week is a member of the Aam Aadmi Party, police said on Tuesday, sparking a war of words between the BJP and the AAP.

While the BJP accused Chief Minister Arvind Kejriwal of "playing" with the security of the country, the AAP hit back, stating the saffron party was indulging "dirty politics".

Deputy Commissioner of Police (Crime Branch) Rajesh Deo said that Baisala and his father joined the AAP in early 2019.

Baisala's family, however, refuted the police's claim.

Kapil Baisala's uncle Fatesh Singh told PTI, "I have no idea where these photographs are circulating from. My nephew Kapil had no association with any political party nor does any other member from the family. My brother, Gaje Singh, (Baisala's father) fought assembly elections in 2008 on a Bahujan Samaj Party ticket and lost. After that no one from our family had any links with any political party."

Singh added that Baisala also doesn't have friends associated with the AAP or any other political party.

Gaje had also contested the 2012 civic body polls from the BSP, the police said.

The police officer said they seized Baisala's mobile phone and retrieved WhatsApp data.

On Saturday, Baisala fired two rounds in air at Shaheen Bagh. According to eyewitnesses, the man shouted "Hindu Rashtra Zindabad" and fired two rounds.

He was overpowered by the police and later arrested.

In the pictures, it was seen that he and his father joined the party in the presence of Atishi Marlena, Sanjay Singh and other leaders, sources said.

The police said on Thursday, Baisala, along with his friend Sarthak Larolla, went to Shaheen Bagh from his village on a bike.

Through CCTV footage, it was found they took the DND flyover, Maharani Bagh, Sarai Jullena and reached Holy Family hospital, a senior police officer said.

"Baisala was not comfortable on the bike as he had hidden the pistol near his waist. They entered the hospital's parking where he adjusted the pistol, used the washroom and headed towards Shaheen Bagh," the senior official added.

When they reached the protest site, Larolla left the spot with the motorcycle and Baisala's mobile phone. Later, Baisala fired two rounds in the air and was apprehended. The weapon was recovered from near the spot, the police said.

Larolla joined the investigation and the mobile phone was seized from his residence.

Baisala has been remanded to police remand for two days.

He had bought the pistol around seven years ago for his brother's marriage. The source of the weapon from where he procured it is yet to identified, police said.

The sources said Baisala was previously also involved in firing incident but was never caught nor was a case registered against him.

Hitting out at the AAP, BJP president J P Nadda accused Kejriwal of playing with the security of the country and said that the people will give the party a befitting reply.

"I want to make clear to Kejriwal that this country is bigger than any election, any government, and the country will not forgive those who play with its security. The people of Delhi will give a befitting reply," Nadda tweeted.

Senior AAP leader Sanjay Singh asked on whose directions was the Delhi Police accusing his party.

"Before the police revealed it (Baisala being an AAP member), how did BJP's Delhi president Manoj Tiwari come to know about it," Singh asked and accused the police of maligning the party.