Exit polls not final decision, hints BJP's win: Gadkari

An Indian national was killed and four others injured in alleged firing by Nepal police personnel along the India-Nepal border in Bihar's Sitamarhi district today.

Sources said the firing took place after a clash between the Indians and personnel of Nepal police at the Lalbandi-Janki Nagar border in Pipra Parsain panchayat under Sonebarsha police station of the district.

Jitendra Kumar, the additional director general of police (headquarters), confirmed the death and injuries. The place of firing falls under Nepal jurisdiction.

Locals said Vikesh Kumar Rai, 25, died on the spot and Umesh Ram and Uday Thakur received bullet injuries when they were working in an agricultural field. Another person, Lagan Rai, is said to have been detained by the Nepali police.

Injured persons were rushed to Sitamarhi Sadar Hospital for better treatment.

Vikesh Kumar Rai’s father, Nageshwar Rai, said that his agriculture land falls under Narayanpur in Nepal where his son was working.

On May 17, Nepal police had fired blank rounds to disperse dozens of Indians trying to cross the border. It was not clear if they were also farmers.

The district magistrate and the superintendent of police of Sitamarhi have rushed to the spot.

Nepal shares a 1,850-kilometre (1,150-mile) open border with India and people travel across it for work and to visit family. It had closed its international borders on March 22 amid the coronavirus pandemic.

New Delhi, Jun 10: The Enforcement Directorate (ED) on Wednesday brought back over 2,300 kg of polished diamonds and pearls worth Rs 1,350 crore of firms belonging to Nirav Modi and Mehul Choksi from Hong Kong, officials said.

Out of the 108 consignments that landed at Mumbai, 32 belong to overseas entities "controlled" by Modi while the rest are of Mehul Choksi firms.

Both the businessmen are being probed by the ED under the Prevention of Money Laundering Act (PMLA) in connection with an over USD 2 billion alleged bank fraud at a PNB branch in Mumbai.

The valuables include polished diamonds, pearls and silver jewellery, and is worth Rs 1,350 crore. 

The ED completed "all legal formalities" with authorities in Hong Kong to bring back these valuables, the agency said.

These will formally seized under the PMLA now, it said.

New Delhi, May 24: The Indian economy is likely to slip into recession in the third quarter of this fiscal as loss in income and jobs and cautiousness among consumers will delay recovery in consumer demand even after the pandemic, says a report.

According to Dun & Bradstreet's latest Economic Observer, the country's economic recovery will depend on the efficacy and duration of implementation of the government's stimulus package.

"The multiplier effect of the stimulus measures on the economy will depend on three key aspects i.e. the time taken for effecting the withdrawal of the lockdown, the efficacy of implementation and duration of execution of the measures announced," Dun & Bradstreet India Chief Economist Arun Singh said.

The report noted that the government's larger-than-expected stimulus package is likely to re-start economic activities.

Besides, measures taken by the Reserve Bank of India like reducing the repo rate by a further 40 basis points to 4 per cent, extending the moratorium period by three months and facilitating working capital financing will also help stimulate the momentum.

Singh said while the measures announced by the government are "positive", most of them have been directed towards strengthening the supply side of the economy, and "it is to be noted that supply needs to be matched with demand", he said.

Besides, "in the absence of cash-in-hand benefits under the government's stimulus package, demand for goods and services is expected to remain depressed", he added.

He further said the loss in income and employment opportunities, and cautiousness among consumers, will lead to a delayed recovery in consumer demand, even after the pandemic. As debt and bad loan levels increase, the banking sector might face challenges.

The report further noted that even as the monetary stimulus is expected to inject liquidity and stimulate demand for a wider section of the economy, the channelisation of funds from the financial institutions will be subjected to several constraints.

The foremost concern being increase in risk averseness, as the balance sheets of firms, households, and banks/NBFCs have weakened considerably and low demand for funds by firms as production activities have been on a standstill during the lockdown period, Singh said.

India has been under lockdown since March 25 to contain the spread of the coronavirus, resulting in supply disruptions and demand compression.

Prime Minister Narendra Modi imposed a nationwide lockdown to control the spread of coronavirus on March 25. It has been extended thrice, with some relaxations. The fourth phase of the lockdown is set to expire on May 31.