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Fani hit Odisha seeks donation from foreigners, NRIs

Agencies
May 21, 2019

Bhubaneswar, May 21: Odisha government has sought donations from foreign nationals and NRIs to rebuild the state in the aftermath of cyclone Fani, saying their contribution will "heal many lives".

Cyclone Fani had ravaged the coastal districts of the state on May 3, resulting in an estimated loss of Rs 12,000 crore.

"#Odisha Chief Minister's Relief Fund now accepts donations from foreign nationals, Persons of Indian origin, overseas citizens of India and NRIs," the Chief Minister's Office tweeted on Monday.

People can donate by visiting cmrfodisha.gov.in/donation/onlinedonation.php.

Calling upon all to join hands to rebuild Odisha, the state government said, "Your contribution will heal many lives and also the state."

Separate phone lines have also been set up for donors from the US, Canada, UK, Australia, Singapore and UAE, among others.

Though the state government has spent more than Rs 6,000 crore in relief and restoration works within a fortnight of the calamity, the Centre has released Rs 1,341 crore so far, an official said.

The state government has sought Rs 12,000 crore from the Centre for the restoration work.

The state has so far received donations of about Rs 200 crore from different agencies, organisations, individuals, industries and others in the aftermath of the cyclone that wreaked havoc in the coastal districts, leaving at least 64 people dead and above 5 lakh houses damaged.

The condition of people in the worst-affected Puri district continues to be grim as they have no power in mid- summer. Of about 19 lakh electricity consumers in the district, power has been restored to only 19,000 even after 18 days of the calamity.

"In Puri, electricity restoration work is being carried out in full swing," an official said, adding that daily necessities of affected people have been met as relief assistance and monthly pensions have been disbursed.

The official said normalcy has returned to 90 per cent areas in the other 13 districts.

"It will take time to restore power in Puri because of the massive destruction of the infrastructure," he said.

More than 100 electricity towers have been uprooted in the cyclone in Puri. The cyclone, which made landfall in Puri with a wind speed of up to 240 kmph, also left at least 241 people injured.

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Agencies
August 6,2020

Mumbai, Aug 6: Former Reserve Bank of India governor Raghuram Rajan said on Thursday that overly focusing on what sovereign rating agencies think can take one's eyes off what needs to be done for the economy.

"It is also important to convince both domestic and international investors that after the crisis associated with the pandemic is over, we will return to fiscal responsibility over the medium term, and the government should do more to convince them of that," Rajan told the Global Markets Forum.

India was placed under one of the strictest lockdowns in the world in late March for more than two months to stem the spread of the coronavirus, but cases have continued to rise steadily since the government eased restrictions in June, stymieing hopes of an economic recovery.

The government has announced several initiatives to help the poor and small- and medium-size businesses, but actual cash outgo from the government's measures has been estimated at just about 1% of GDP.

Several attribute the fiscal prudence to fear of a downgrade after Moody's cut India's rating and outlook in early June followed closely by a change in outlook from Fitch.

The central bank on its part too has reduced the key lending rate by 115 basis points on top of the 135 bps last year and is widely expected to cut rates by another 25 bps later on Thursday.

"The RBI and government have certainly been cooperating, but it seems like it is elsewhere, the ball is in the government's court to do more," Rajan said.

He said the RBI needs to focus on whether credit is reaching the stressed areas of the economy and also if the viable firms were able to access credit and not the unviable ones.

"And I think that's where it has to focus its attentions, because resources, as you well know, are limited in India today."

Recently analysts, however, have cited the growing possibility the RBI may prefer to pause and cut rates only at its October meeting.

Government officials too have suggested the possibility of any more fiscal stimulus being announced, would only come in the second half of the fiscal year, once a recovery has taken root and coronavirus cases have peaked.

"What India should focus on at this point is protecting its economic capabilities, so that when it has dealt with the virus it can go resume activity in a reasonable way. That should be the focus," Rajan said.

"And if it does that, there is no reason why the rating agencies will not see that as an appropriate policy".

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News Network
June 25,2020

Ottawa, Jun 25: Prime Minister Justin Trudeau took his son out for ice cream on Wednesday in his first family outing since Canada started easing out of its pandemic lockdown.

It was also Saint-Jean-Baptiste Day in Quebec province.

Wearing masks, the Canadian leader and his six-year-old son Hadrien were cheered at Chocolats Favoris in Gatineau, Quebec.

According to a pool report, Trudeau said the shop tapped into a federal emergency wage subsidy and business loan in order to weather the pandemic, and "avoid being frozen out of the frozen treat market."

Hadrien is said to have bounced with excitement, settling on a vanilla cone with a cookie topping while dad bought a vanilla cone dipped in chocolate for himself.

Father and son then headed out to the patio, where they doffed their masks to eat their cones.

Canada's provinces and territories declared states of emergency mid-March, closing schools and non-essential businesses in response to the pandemic.

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Agencies
March 15,2020

New Delhi, Mar 15: The new rules for debit and credit cards to increase security and reduce frauds kick in from Monday. In January, the Reserve Bank of India (RBI) had issued new rules to improve user convenience and increase the security of card transactions. These rules will help in curbing the misuse of debit and credit cards.

RBI has directed banks to allow only domestic card transactions at ATMs and PoS terminals in India at the time of issuance/reissuance of card. For international transactions, online transactions, card-not-present transactions and contactless transactions, customers will have to separately set up services on their card.

These rules will be applicable for new cards from March 16. Those with old cards can decide whether to disable any of these features.

As per the existing rules, these services used to come automatically with the card, but now it will start at the request of the customer.

Debit or credit card customers who have not yet done any online transaction, contactless transaction or international transaction with the card, then these services on the card will automatically stop from March 16.

The Reserve Bank has asked all banks to provide mobile banking, net banking option to enable limit and enable and disable service 24 hours a day, seven days a week.

If the customer makes any change in the status of the card, the bank will alert the customer through SMS/email and send the information.

Issuers shall provide to all cardholders facility to switch on/off and set/modify transaction limits (within the overall card limit, if any, set by the issuer) for all types of transactions -- domestic and international, at PoS/ATMs/online transactions/contactless transactions, etc.,

The provisions, however, are not mandatory for prepaid gift cards and those used at mass transit systems.

The latest instructions come in the wake of rising instances of cyber frauds and the huge increase in the use of cards.

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